Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 77

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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,720 
  
    Total other receivables 
    $479,514  
    $302,424 

The
Company paid $106,846 of 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 Company as of each of September 30, 2025 and June 30, 2025 was $94,454.

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 $2.9 million. The remaining balance of the ERTC receivable as of September 30, 2025 and June 30, 2025was
$37,720.

Note
9 – Accounts Payable and Accrued Liabilities

Accounts
payable and accrued expenses as of September 30, 2025 and June 30, 2025 consist of the following:

Schedule
of Accounts Payable and Accrued Expenses

    September
                                            30,
                                                                               2025  
    June 30,
                                                                               2025 
  
    Accounts payable 
    $1,714,314  
    $1,391,620 
  
    Accrued payroll and payroll taxes 
     693,644  
     1,081,600 
  
    Accrued vacation 
     621,878  
     611,136 
  
    Accrued bonuses 
     2,122,704  
     1,710,204 
  
    Accrued other expenses 
     142,136  
     134,970 
  
    Total 
    $5,294,676  
    $4,929,530 

    F-15

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

For
the three months ended September 30, 2025 and 2024

Note
10 - Debts and Other Liabilities

    (1)
    Promissory
    Notes and Related Parties Debt

The
Company received $750,000 in proceeds from several creditors, including $150,000 from related parties in the form of unsecured promissory
notes. Under the terms of the unsecured promissory notes, the principal shall be due and payable on the earlier to occur (i) the 9-month
ann