Related Party Transactions

12 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 10 - Related Party Transactions

A shareholder of the Company was paid $90,000 and $90,000 as consulting fees in the years ended June 30, 2024 and 2023, respectively.

A director of the Company was paid $78,000 and $83,000 in consulting fees in the years ended June 30, 2024 and 2023, respectively.

A director of the Company was paid $132,988 in consulting fees in the years ended June 30, 2024.

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 balance of this note was $50,000 as of June 30, 2024 and June 30, 2023.

As of June 30, 2024 and June 30, 2023, the Company had a balance due from a shareholder, who is also the President of the Company, totaling $0 and $69,975. This amount was included in the related party receivable on the balance sheet.

Legacy Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2024 and 2023