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Note 15 - Subsequent Events | 3 Months Ended
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Apr. 30, 2025
Notes to Financial Statements |
Subsequent Events [Text Block] | (15) Subsequent Events Effective as of May 15, 2025, John Frederick was appointed as Skillsoft’s Chief Financial Officer (“CFO”). For additional information, refer to Mr. Frederick’s Offer Letter, a copy of which has been included in this Form 10-Q as Exhibit 10.1. Rich Walker ceased to serve as Skillsoft’s CFO effective as of May 15, 2025, and entered into a transition and separation agreement with Skillsoft (the “Walker Separation Agreement”), pursuant to which Mr. Walker is expected to serve as an Advisor to us until July 4, 2025. A copy of the Walker Separation Agreement has been included in this Form 10-Q as Exhibit 10.2. Pursuant to the terms of Ronald W. Hovsepian’s letter agreement with Skillsoft to act as our Executive Chair and Chief Executive Officer (the “CEO Employment Agreement”), Mr. Hovsepian was granted a performance-based award which is eligible to be earned based on our 30-consecutive trading day volume-weighted average trading stock price (“30-day VWAP”) prior to specified dates. During the second quarter of fiscal 2026, in accordance with the terms of the CEO Employment Agreement, the Board of Directors certified the achievement of the first 30-day VWAP hurdle for a total award of $6,000,000. The award is divided into two, equal 50% tranches, each valued at $3.0 million. The first 50% of the award was settled in shares during the second quarter of fiscal 2026. The second 50% of the award will be settled after the required service period. In addition to the above, we have completed an evaluation of all subsequent events after the balance sheet date of April 30, 2025 through the date this Form 10-Q was filed with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of April 30, 2025, and events which occurred subsequently but were not recognized in the financial statements. We have concluded that no subsequent events have occurred that require disclosure, except as disclosed within these financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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