Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 129

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 129
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 30, 2024 consist of the following:

 Schedule
of Accounts Payable and Accrued Expenses

    March
    31, 2025  
    June
    30, 2024 
  
    Accounts
    payable 
    $1,115,155  
    $1,532,576 
  
    Accrued
    payroll and payroll taxes 
     801,395  
     641,594 
  
    Accrued
    vacation 
     545,429  
     447,482 
  
    Accrued
    bonuses 
     1,377,001  
     1,200,000 
  
    Accrued
    other expenses 
     30,187  
     41,243 
  
    Total 
    $3,869,167  
    $3,862,895 

Note
10 - Debts and Other Liabilities

    (1)
    Promissory
    Notes and Related Parties Debt

The
Company received $750,000 in proceeds from several creditors, including $150,000 from related parties. Under the unsecured promissory
notes, the principal shall be due and payable on the earlier to occur (i) the 9-month anniversary of the first advance under each promissory
note; or (ii) the completion of an initial public offering by payee (“Maturity Date”), and the promissory note shall bear
interest at a monthly rate of 1% based upon the amount outstanding as of any calculation date. Interest shall be payable monthly commencing
on the 15th day of each calendar month following the date funds are first advanced. The maturity dates on these promissory notes were
extended to March 31, 2021. The noteholders agreed to defer the repayment of the principal balance until the completion of a future Initial
Public Offering.

 Schedule
of Carrying Amount of Promissory Note

    March
    31, 2025  
    June
    30, 2024 
  
    Promissory
    note issued on November 12, 2019 
    $500,000  
    $500,000 
  
    Promissory
    note issued on December 30, 2019, related party 
     50,000  
     50,000 
  
    Total
    other debt 
    $550