Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 30

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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673 and $3,365,947, respectively. Total rent expense and related taxes and operating expenses under operating leases for the three
and nine months ended March 31, 2024 were $877,410 and $2,585,060, respectively.

Supplemental
balance sheet information related to leases was as follows:

 Schedule
of Balance Sheet Information Related to Leases

    March
    31, 2025  
    June
    30, 2024 

    Operating
    lease right-of-use assets 
    $16,409,741  
    $3,575,369 

    Operating
    lease liability - current 
    $2,424,490  
    $1,868,560 
  
    Operating
    lease liability – non-current 
     14,244,357  
     1,947,620 
  
    Total
    operating lease liability 
    $16,668,847  
    $3,816,180 

Other
supplemental information:

 Schedule
of Other supplemental Information

    2025  
    2024 

    For
    the nine months ended March 31, 

    2025  
    2024 
  
    Cash
    paid for operating lease 
    $2,125,126  
    $1,418,542 

Note
13 – Stockholders’ Equity

Reverse
Stock Split

On
September 9, 2024, our stockholders approved an amendment to our articles of incorporation to effect a 1-for-2 reverse split of our common
stock. The amendment to our certificate of incorporation was filed with the Nevada Secretary of State on September 9, 2024. The consolidated
financial statements, and all share and per share information contained herein, have been retroactively adjusted to reflect the reverse
stock split.

As
of March 31, 2025 and June 30, 2024, the Company had 110,000,000 shares of authorized capital, par value $0.001, of which 100,000,000
shares are designated as common stock, and 10,000,000 shares are designated as preferred stock, which have liquidation preference over
the common stock and are non-voting.

Equity
Transactions

In
August 2024, 76,000 stock options were exercised at $0.52 per share of common stock