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Lease Commitments | 3 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Lease Commitments | Note 12 – Lease Commitments Finance Leases In July 2023, the Company entered into an equipment lease for $340,048. The related finance liability has an implied interest rate of 11.16% per annum and requires 5 equal annual payments due on September 1 of each year. As of September 30, 2025 and June 30, 2025, the balance of the finance liability was $139,346 and $215,409, respectively. The present value of future minimum lease payments due at September 30, 2025, was as follows: Schedule of Future Minimum Capital Lease Payments
2026 |  | $ | - |
2027 |  |  | 81,459 |
2028 |  |  | 81,458 |
Total minimum payments |  |  | 162,917 |
Less: amount representing interest |  |  | (23,572 | )
Present value of minimum payments |  | $ | 139,345 |
Less: current portion |  |  | (65,806 | )
Long term portion |  | $ | 73,539 |
Legacy Education Inc. Notes to Condensed Consolidated Financial Statements For the three months ended September 30, 2025 and 2024 The Company has determined to amortize the lease over the useful life of the equipment or ten years and put the equipment into service in September 2024. The Company recorded amortization of $8,501 and $0 in the three months ended September 30, 2025 and 2024, respectively. Operating Leases The Company leases its instructional facilities under non-cancelable operating leases expiring at various dates through 2034. In most cases, the facility leases require the Company to pay various operating expenses of the facilities in addition to base monthly lease payments. In certain cases, the Company has options available under its leases to renew, and certain leases contain ordinary rental escalations on the space. Rent expense for the certain leases described above is recorded evenly over each lease term. The difference between rent expense recorded and the amount paid is reflected as deferred rent on the accompanying balance sheets for those leases with rent escalation clauses. The Company uses its incremental borrowing rate based on the information available at the commencement to determine the present value of lease payments over the lease term. As of September 30, 2025, the weighted average incremental borrowing rate used by the Company was approximately 6.7%, and the weighted average remaining years left on outstanding leases was 7.33 years. The present value of future minimum lease payments due at September 30, 2025 was as follows: Schedule of Future Minimum Operating Lease Payments
2026 |  | $ | 2,423,874 |
2027 |  |  | 2,591,045 |
2028 |  |  | 2,525,777 |
2029 |  |  | 2,414,604 |
2030 |  |  | 2,475,882 |
After 2030 |  |  | 7,336,011 |
Total future minimum operating lease payments |  |  | 19,767,193 |
Less: imputed interest |  |  | (4,291,581 | )
Total |  |  | 15,475,612 |
Current portion of operating lease |  |  | 2,159,041 |
Long term portion of operating lease |  | $ | 13,316,571 |
Total rent expense and related taxes and operating expenses under operating leases for the three months ended September 30, 2025 and 2024 were $1,335,350 and $999,115, respectively. Supplemental balance sheet information related to leases was as follows: Schedule of Balance Sheet Information Related to Leases
|  | September 30, 2025 |  |  | June 30, 2025 |
Operating lease right-of-use assets |  | $ | 15,147,699 |  |  | $ | 15,781,177 |
Operating lease liability - current |  | $ | 2,159,041 |  |  | $ | 2,306,061 |
Operating lease liability – non-current |  |  | 13,316,571 |  |  |  | 13,748,161 |
Total operating lease liability |  | $ | 15,475,612 |  |  | $ | 16,054,222 |
Other supplemental information: Schedule of Other supplemental Information
|  | For the three months ended September 30, |
|  | 2025 |  |  | 2024 |
Cash paid for operating lease |  | $ | 832,580 |  |  | $ | 782,273 |
Legacy Education Inc. Notes to Condensed Consolidated Financial Statements For the three months ended September 30, 2025 and 2024

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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