Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 22

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 ended December 31, 2023, 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
$1,712,828 and $1,381,194 as of December 31, 2024 and June 30, 2024, respectively.

Note
7 – Prepaid Expenses

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

 Schedule
of Prepaid Expenses

    December
    31, 2024  
    June
    30, 2024 
  
    Books 
    $221,677  
    $199,122 
  
    Supplies and other prepaid
    expenses 
     1,061,275  
     833,203 
  
    Total prepaid expenses 
    $1,282,952  
    $1,032,325 

Note
8 – Other Receivables

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

 Schedule
of Other Receivables

    December
    31, 2024  
    June
    30, 2024 
  
    Other advance 
     94,454  
     94,454 
  
    Receivable from CCMCC Seller 
     24,754  
     - 
  
    Employee retention credit 
     37,720  
     46,440 
  
    Total other receivables 
    $156,928  
    $140,894 

The
Company paid $106,846 federal income taxes on behalf of a foreign investor in Legacy, and the amount due back to the Company was $94,454
as of December 31 2024 and June 30, 2024.

During
the fiscal year ended June 30, 2021, the Company applied for certain Employee Retention Credits (“ERTC”) under the CARES
Act in the approximate amount of $2