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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2025
COMMITMENTS AND CONTINGENCIES. |
COMMITMENTS AND CONTINGENCIES |
11. | COMMITMENTS AND CONTINGENCIES
Litigation From time to time, the Company may be involved in lawsuits, claims, investigations, and proceedings consisting of intellectual property, commercial, employment, and other matters, which arise in the ordinary course of business. In accordance with ASC Topic 450, Contingencies, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of December 31, 2025 and 2024, there were no matters pending that required provision. The Original Merger Agreement with Edtech was terminated on June 21, 2023. On July 12, 2024, EdtechX filed a complaint in the Superior Court of the State of Delaware in connection with the termination of the EdtechX Merger Agreement, claiming breaches of contract and the implied covenant of good faith and fair dealing. On September 20, 2024, the Company filed a motion to dismiss the complaint in Delaware Superior Court. At this time, the Company is not aware of any pending litigation related to this matter and as such has not recorded any provision for loss. Purchase Obligations The Company has agreements with hardware suppliers to purchase inventory. As of December 31, 2025, the Company had $10.4 million in purchase obligations outstanding, all of which are scheduled to come due on or before December 31, 2026. Employment Agreements The Company has employment agreements in place with three of its key executives. These executive employment agreements provide, among other things, for the payment of up to eighteen months of severance compensation for terminations under certain circumstances. As of December 31, 2025, with respect to these agreements, aggregated annual salaries was $1.3 million and potential severance payments to these key executives was $1.4 million, if triggered. ​

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