Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 578

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1C
Chunk 578
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000 
  
    Promissory note issued on December 30, 2019, related party 
     50,000  
     50,000 
  
    Total other debt 
    $550,000  
    $550,000 

A
further note issued on February 6, 2020 in the amount of $100,000 was repaid in cash in September 2023.

  (2)
  Equipment Loan

In
January 2023, the Company entered into an equipment loan for $30,744. The note accrues interest at a rate of 6.0% per annum and requires
48 equal monthly payments. As of June 30, 2025 and June 30, 2024, the principal balance of the promissory note was $13,015 and $20,929,
respectively.

In
August 2023, the Company entered into an equipment loan for $35,580. The note accrues interest at a rate of 10.14% per annum and requires
48 equal monthly payments. As of June 30, 2025 and June 30, 2024, the principal balance of the promissory note was $19,660 and $27,723,
respectively.

In
November 2023, the Company entered into an equipment loan for $14,610. The note accrues interest at a rate of 10.72% per annum and requires
48 equal monthly payments. As of June 30, 2025 and June 30, 2024, the principal balance of the promissory note was $9,265 and $12,582,
respectively.

In
December 2023, the Company entered into an equipment loan for $11,920. The note accrues interest at a rate of 13.53% per annum and requires
36 equal monthly payments. As of June 30, 2025 and June 30, 2024, the principal balance of the promissory note was $6,160 and $9,853,
respectively.

    F-16

 Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

In
February 2024, the Company entered into an equipment loan for $35,612. The note accrues interest at a rate of 8% per annum and requires
36 equal monthly payments. The