Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 23

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 31, 2024, respectively.

Note
6 – Accounts Receivable, Long-Term

TuitionFlex

The
TuitionFlex Program is designed to create a flexible tuition credit program for students and families to help bridge the financial gap,
all in accordance with applicable federal Truth-In-Lending regulations. Through this program, we offer payment plans to all students,
regardless of financial need, for up to 5 years. The long-term portion of student receivables utilizing the Tuition Flex program was
$1,478,082 and $1,381,194 as of March 31, 2025 and June 30, 2024, respectively.

Note
7 – Prepaid Expenses

The
prepaid expenses consist of the following as of March 31, 2025 and June 30, 2024:

 Schedule
of Prepaid Expenses

    March
    31, 2025  
    June
    30, 2024 
  
    Books 
    $194,896  
    $199,122 
  
    Supplies
    and other prepaid expenses 
     1,123,225  
     833,203 
  
    Total
    prepaid expenses 
    $1,318,121  
    $1,032,325 

    F-14

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

For
The Three and Nine Months ended March 31, 2025 and 2024

(Unaudited)

Note
8 – Other Receivables

The
other receivables consist of the following as of March 31, 2025 and June 30, 2024:

 Schedule
of Other Receivables

    March
    31, 2025  
    June
    30, 2024 
  
    Other
    advance 
     94,454  
     94,454 
  
    Receivable
    from CCMCC Seller 
     665,060  
     - 
  
    Employee
    retention credit 
     37,720  
     46,440 
  
    Total
    other receivables 
    $797,234  
    $140,894 

The
Company paid $106,846 federal
income taxes on behalf of a foreign investor in Legacy in the year ended June 30, 2020, and the amount due back to the