Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 131

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 131
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 principal balance
of the promissory note was $24,669 and $32,950, respectively.

In
June 2024, the Company entered into an equipment loan for $48,966. The note accrues interest at a rate of 11.16% per annum and requires
48 equal monthly payments. The first payment will be on June 1, 2024. As of March 31, 2025 and June 30, 2024, the principal balance of
the promissory note was $40,458 and $48,125, respectively.

In
July 2024, the Company entered into an equipment loan for $39,189. The note accrues interest at a rate of 11.15% per annum and requires
48 equal monthly payments. The first payment will be on July 1, 2024. As of March 31, 2025 and June 30, 2024, the principal balance of
the promissory note was $33,092 and $0, respectively.

    (3)
    CCMCC
    acquisition Seller Loan

As
part of the acquisition described in Note 3, the Company entered into a $400,000 promissory note with the seller of CCMCC. Under the
terms of the note, interest shall accrue at 6% and shall be repaid in twelve equal monthly payments of principal and interest. As of
March 31, 2025, the principal balance of the promissory note $302,233 is presented as current on the accompanying consolidated balance
sheet.

    (4)
    Bank
    Loan

On
December 31, 2019, the Company acquired Integrity, assuming its two bank loans, which are secured by all business assets of the Company.

 Schedule
of Bank Loans

    March
    31, 2025  
    June
    30, 2024 
  
    Bank
    loan #1, monthly payment $803.69, due in 110 months, effective interest rate 6.44% 
    $19,604  
    $24,447 
  
    Bank
    loan #2, monthly payment $5,672.86 start on November 23, 2020, due in 48 months 
     -  
     21,495 
  
    Total
    bank loans 
    $19,604  
    $45,942