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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies  
Commitments and Contingencies

8. Commitments and Contingencies

 

Commitments


On June 3, 2022, the Company entered into a Stock Investment Agreement with MetCom Inc., a Japanese joint stock company (kabushiki kaisha) ("MetCom", an equity method investment of the Company) to purchase 333,334 shares of MetCom's Class B2 (non-voting) Preferred Stock at a purchase price of JPY450 per share (or the approximate total purchase price of $1.1 million), one of a series of agreements the Company has entered into with MetCom, a strategic partner of the Company, for the purpose of commercializing terrestrial positioning technology (both TerraPoiNT and Pinnacle) in Japan. The purchase was subsequently closed on July 15, 2022, and the purchase consideration of $1.1 million was paid.


Contingencies


From time to time, the Company may be party to litigation and other legal matters incidental to the conduct of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of June 30, 2022, the Company was not involved in any such matters, individually or in the aggregate, which management believes would have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.