Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 896

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 6
Chunk 896
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     821,531 
  
    Current income tax expense 
     2,986,142  
     2,600,610 
  
    Deferred: 

    Federal 
     403,941  
     (513,740)
  
    State 
     98,514  
     (216,260)
  
    Deferred income tax expense 
     502,455  
     (730,000)
  
    Total income tax expense 
    $3,488,597  
    $1,870,610 

Income
tax expense differed from the amount computed using the U.S. federal income tax rate of 21% for June 30, 2025 and 2024 as follows:

Schedule of Federal Income Tax Expense

    June 30, 2025  
    June 30, 2024 
  
    Statutory U.S. federal income tax 
    $2,314,794  
    $1,466,947 
  
    Non-deductible items 
     (123,961) 
     57,841 
  
    Change in deferred items 
     417,037  
     (303,187)
  
    Provision to return 
     -  
     (151,584)
  
    State income taxes, net of federal benefit 
     769,790  
     821,531 
  
    Other 
     110,937  
     (20,938)
  
    Income tax expense 
    $3,488,597  
    $1,870,610 

Significant
components of the Company’s deferred income tax assets included in deferred income taxes, non-current on the balance sheets are
as follows:

Schedule of Deferred Income Tax Assets and Liabilities

    June 30, 2025  
    June 30, 2024 
  
    Deferred tax assets: 

    Lease liability and deferred rent 
    $4,492,549  
    $72,000 
  
    Allowance for doubtful accounts 
     503,900  
     206,000 
  
    Accrued bonuses and vacation 
     582,994  
     492,000 
  
    Non-cash compensation 
     109,633  
     562,000 
  
    Deferred tax assets gross 
     5,689,076  
     1,332,000