Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 26

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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69,
    due in 110 months, effective interest rate 6.44% 
    $21,188  
    $24,447 
  
    Bank loan #2, monthly
    payment $5,672.86 start on November 23, 2020, due in 48 months 
     1,884  
     21,495 
  
    Total bank loans 
    $23,072  
    $45,942 

Future
maturities over the remaining term of total debt for (1) to (3) are as follows:

 Schedule
of Future Maturities over  Remaining Term of Debt

    2025 (1) 
    $983,943 
  
    2026 
     67,118 
  
    2027 
     60,664 
  
    2028 
     27,024 
  
    Long-term debt 
     1,138,749 
  
    Less:
    current portion (1) 
     (1,015,546)
  
    Long-term portion of
    debt 
    $123,203 

    (1)
    Includes
    $50,000 related party debt

Note
11 - Related Party Transactions

A
shareholder of the Company was paid $22,500 and $45,000 as consulting fees in each of the three and six months ended December 31, 2024 and 2023.

A
director of the Company was paid $59,700 and $79,200, respectively, as consulting fees in the three and six months ended December 31, 2024 and was paid $19,200 and $39,000, respectively, as consulting fees in the three
and six months ended December 31, 2023.

A
director of the Company was paid $60,495 and $86,445, respectively, in the three and six months ended December 31, 2024 and $37,016 and $76,070,
respectively in the three and six months ended December 31, 2023 as consulting fees.

In
December 2019, the Company received $50,000 of proceeds from a promissory note, entered into with an executive of the Company, which
bears interest at the rate of 12% per annum and matures on the earlier of the nine-month anniversary of the loan or the completion of
an initial public offering. The balance of this