Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 180

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 180
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  Remaining Term of Debt

    2026 (1) 
    $925,350 
  
    2027 
     178,687 
  
    2028 
     164,600 
  
    2029 
     137,977 
  
    Long-term debt 
     1,406,614 
  
    Less: current portion (1) 
     (925,350)
  
    Long-term portion of debt 
    $481,264 

  (1)
  Includes $50,000 related party debt

Note
11 - Related Party Transactions

A
shareholder of the Company was paid $90,000 and $90,000 as consulting fees in the years ended June 30, 2025 and 2024, respectively.

A
director of the Company was paid $135,875 and $78,000, respectively, as consulting fees in the years ended June 30, 2025 and 2024, respectively.

    F-17

 Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

A
company controlled by a director of the Company was paid $152,279 and $127,970, respectively, as consulting fees during the years ended
June 30, 2025 and 2024, respectively.

Director’s fees of $35,500, $33,750, and $28,000, respectively, were paid to 3 individual directors in the year ended June 30, 2025. During the year ended June
30, 2024, one director received $18,000 and two directors each received $4,500.

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
Company completed an initial public offering in September 2024, and the parties agreed to carry the note as due on demand.
The balance of this note was $50,000
and $50,000 as of June 30, 2025 and June 30, 2024, respectively.

Note
12 – Lease Commitments

Finance
Leases

In
July 2023, the Company entered into an equipment lease for