Form 8-K
8-K — Glimpse Group, Inc.
Accession: 0001493152-26-032261
Filed: 2026-07-07
Period: 2026-06-30
CIK: 0001854445
SIC: 7371 (SERVICES-COMPUTER PROGRAMMING SERVICES)
Item: Entry into a Material Definitive Agreement
Item: Completion of Acquisition or Disposition of Assets
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — form8-k.htm (Primary)
EX-10.1 (ex10-1.htm)
EX-99.1 (ex99-1.htm)
EX-99.2 (ex99-2.htm)
GRAPHIC (ex99-1_001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: form8-k.htm · Sequence: 1
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0001854445
0001854445
2026-06-30
2026-06-30
iso4217:USD
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xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 30, 2026
THE
GLIMPSE GROUP, INC.
(Exact name of registrant
as specified in its charter)
Nevada
001-40556
81-2958271
(State
or other jurisdiction
of
incorporation)
(Commission
File
Number)
(IRS
Employer
Identification
No.)
15
West 38th St., 12th Floor
New
York, NY 10018
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (703)-594-7496
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbol(s)
Name
of each exchange on which registered
Common
Stock, par value $0.001 per share
GGRP
The
Nasdaq Stock Market LLC
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry into a Material Definitive Agreement.
Master
Purchase Agreement
On
June 30, 2026, The Glimpse Group, Inc. (the “Company”) entered into a Master Purchase Agreement (the “Purchase Agreement”)
with Glimpse Learning, Inc., a newly-formed Wyoming company (the “Buyer”), pursuant to which the Company agreed to sell to
Buyer all of the issued and outstanding membership interests (the “Shares”) in Glimpse Learning, LLC, a Nevada limited liability
company and wholly owned subsidiary of the Company (the “Subsidiary”), together with certain assigned assets used exclusively
in the Subsidiary’s business. Lyron Bentovim, the Company’s former President and Chief Executive Officer, former Chairperson
of the Company’s Board of Directors, and current beneficial owner of approximately 5% of the Company’s outstanding common
stock, is the largest shareholder of the Buyer owning approximately 50.6% of the Buyer’s outstanding common stock prior to entry
into the Purchase Agreement. No other material relationships exist between the Company and the Buyer.
The
purchase price for the Shares and assigned assets consists of: (i) the issuance to the Company of 1,999,999 shares of common stock of
Buyer, representing a 19.99% equity interest in Buyer on a fully diluted basis; (ii) ongoing royalty payments as described below; and
(iii) the assumption by Buyer of certain specified liabilities associated with the assigned assets. The purchase price of the Shares
and assigned assets was determined by arm’s length negotiations between Buyer and the Company following Mr. Bentovim’s departure
from the Company.
The
assigned assets include: (a) certain technology, embodiments, and all intellectual property rights related thereto, including four U.S.
patents and various software platforms and solutions; (b) business assets exclusively used in the business, including computers, office
equipment, and other tangible personal property; and (c) all of the Company’s rights under assigned contracts exclusive to the
business.
Under
the Purchase Agreement, Buyer is obligated to pay the Company: (a) seven percent (7%) of all revenue collected by Buyer, the Subsidiary,
or their affiliates from July 1, 2027 through December 31, 2027; and (b) ten percent (10%) of all revenue collected by Buyer, the Subsidiary,
or their affiliates on or after January 1, 2028. Royalty payments will cease once the Company has received an aggregate of $1,200,000
in royalty payments. Buyer has the option, at its sole discretion, to buy out the royalty obligation on December 30, 2027, by paying
the Company $1,000,000 in cash, less any royalty payments previously made. In the event of a Change of Control of Buyer (as defined in
the Purchase Agreement) or upon a violation of certain covenants, Buyer is required to pay the Company an amount equal to $1,200,000
minus any royalty payments previously made, within 60 days of the occurrence of the Change of Control.
The
Company has agreed to pay Buyer: (i) a revenue share payment of $58,000 on or before September 30, 2026, representing a portion of an
invoice to the National Institutes of Health for services to be provided after closing; and (ii) payments of $18,000 each on December
1, 2026 and March 1, 2027. As an agreed working capital adjustment, the Company paid the Buyer $200,000 on June 30, 2026 in connection
with the closing of the transaction.
The
Purchase Agreement contains customary representations and warranties, covenants and agreements of the Company and Buyer. The representations
and warranties in the Purchase Agreement should not be relied upon as characterizations of the actual state of facts about the Company
or any of the parties to the Purchase Agreement.
The
foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase
Agreement, a copy of which is attached hereto as Exhibit 10.1, and incorporated herein by reference.
Item
2.01. Completion of Acquisition or Disposition of Assets.
To
the extent required by Item 2.01 of Form 8-K, the information contained in Item 1.01 of this Current Report is incorporated herein by
reference.
Item
7.01 Regulation FD Disclosure.
On
July 7, 2026, the Company issued a press release announcing the above reference transaction. A Copy of the press release is attached
hereto as Exhibit 99.1.
The information in this Item
7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(b) Pro Forma Financial
Information
The
following unaudited pro forma condensed consolidated financial statements of the Company reflecting the sale of Glimpse Learning, LLC
are filed as Exhibit 99.2 to this Current Report and are incorporated herein by reference:
● Unaudited
Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2026;
● Unaudited
Pro Forma Condensed Consolidated Statements of Operations for the nine months ended March
31, 2026 and for the year ended June 30, 2025;
● Notes
to the Unaudited Pro Forma Condensed Consolidated Financial Statements.
(d)
Exhibits
Exhibit
No.
Description
10.1
Master Purchase Agreement, dated as of June 30, 2026, by and between the Company and Glimpse Learning, Inc.
99.1
Press Release, dated July 7, 2026.
99.2
Unaudited Pro Forma Condensed Consolidated Financial Information of the Company.
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
THE
GLIMPSE GROUP, INC.
Date:
July 7, 2026
/s/
Tyler Gates
Name:
Tyler
Gates
Title:
President
and Chief Executive Officer
EX-10.1
EX-10.1
Filename: ex10-1.htm · Sequence: 2
Exhibit
10.1
Execution
Version
MASTER
PURCHASE AGREEMENT
Dated
as of June 30, 2026
This
Master Purchase Agreement (the “Agreement”) is made and entered into as of the date set forth above (the “Effective
Date”) by and among: (1) The Glimpse Group, Inc., a Nevada corporation (“Seller”) and (2) Glimpse Learning,
Inc (“Buyer”), a Wyoming company; each a Party and jointly the Parties.
RECITALS
WHEREAS
Seller owns all the issued and outstanding membership interests (the “Shares”) in Glimpse Learning, LLC a Nevada
Limited Liability company (the “Subsidiary”);
WHEREAS
the Subsidiary is a provider of immersive software and related services as detailed in Exhibit 1; and
WHEREAS
Seller wishes to sell to Buyer, and Buyer desires to purchase from Seller, the Shares subject to the terms and conditions set forth herein.
NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants, and conditions set forth herein, and the performance of each,
the parties hereto, intending to be legally bound, agree as follows:
Article
1
Definitions
Section
1.1 Certain Definitions. In addition to the terms defined elsewhere in this Agreement, as used herein, the following terms shall
have the following respective meanings:
“Action”
means
any action, suit, proceeding, complaint, claim, charge, hearing, labor dispute, inquiry or
investigation before or by a Governmental Authority or an arbitrator.
“Affiliate”
means,
a
subsidiary or related entity, or, with respect to any Person, any (a) officer or director
of such Person, (b) spouse, parent, sibling or descendant (including adopted or stepchildren)
of such Person (or a spouse, parent, sibling or descendant (including adopted or stepchildren)
of any director or officer of such Person) and (c) any other Person that, directly or indirectly,
through one or more intermediaries, controls, or is controlled by, or is under common control
with, such Person. The terms “control” and “controlled”
include, without limitation, the possession, directly or indirectly, of the power to direct
the management and policies of a Person, whether through the ownership of voting securities,
board of directors membership, by contract or otherwise.
“Assigned
Assets & Liabilities”
has
the meaning set forth in Section 2.1(a).
“Assigned
Assets”
refers
to (a) the Technology and Embodiments and all Intellectual Property Rights related thereto, (b)
Business Assets, and (c) all of Seller’s rights under the Assigned Contracts, collectively.
“Assigned
Contracts”
means
all the Contracts exclusive to the Business at Closing that are listed on Exhibit 5.
“Bill
of Sale”
means
that certain Bill of Sale between Seller and Buyer, substantially in the form attached hereto as
Exhibit 3.
“Business”
means
the
of immersive technology software and services business of the Subsidiary focused primarily
on the higher education and healthcare segments as conducted on the Closing Date.
“Business
Assets”
means
the following assets that are exclusively used in the Business that exist on the Closing Date: (a) all business and
marketing plans, worldwide marketing rights, software, websites, customer and supplier records (b) computers, office
equipment and other tangible personal property owned (i.e., not leased), in each case of (a) and (b) that are listed
in Exhibit 2.
1
“Closing
Date”
has
the meaning set forth in Section 2.4.
“Embodiment(s)”
mean
all documentation, drafts, papers, designs, schematics, diagrams, models, prototypes, source
and object code (in any form or format and for all hardware and software platforms), computer-stored
data, diskettes, manuscripts and other items describing Technology.
“Fundamental
Documents”
mean
the documents by which any Person (other than an individual) establishes its legal existence, or which govern its
internal affairs, as in effect from time to time including any amendments thereto. For example, the “Fundamental
Documents” of a corporation would be its certificate or articles of incorporation and bylaws, each as
may be amended from time to time.
“Governmental
Authority”
Means
any court, administrative agency, tribunal, department, bureau or commission or other governmental authority or
instrumentality, domestic or foreign, federal, state, municipal or local subject to the laws of the state of New
York, USA.
“Intellectual
Property Rights”
means,
collectively, all worldwide patents, patents, patent applications, patent rights, copyrights, copyright registrations,
common law rights, moral rights, trade names, trademarks, service marks, domain names and registrations and/or
applications for all the foregoing, trade secrets, know-how, mask work rights, rights in trade dress and packaging,
goodwill and all other intellectual property rights and proprietary rights
“Knowledge”
means
the actual knowledge of Tyler Gates in the case of Seller, and Lyron Bentovim, in the case
of Buyer, and the knowledge that such persons would reasonably be expected to obtain in the
course of diligently performing his or her duties, including the knowledge that they would
have obtained if they had made reasonable inquiry of their direct subordinates or reports
or such other persons who would be expected to have knowledge of the matter in question.
“Law”
means
any constitution, law, statute, treaty, rule, directive, requirement, regulation or order
of, or promulgated by, any Governmental Authority.
“Liability”
or “Liabilities”
mean
any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent,
accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when
asserted
“Lien”
means
any lien, security interest, pledge, bailment (in the nature of a pledge or for purposes
of security), mortgage, deed of trust, the grant of a power to confess judgment, conditional
sale or title retention agreement (including any lease in the nature thereof), claim, charge,
encumbrance, encroachment, right-of-way, easement, reservation, restriction, cloud, right
of first refusal or first offer, option, or other similar arrangement or rights (including
any restriction on (a) the voting of any security or the transfer of any security or other
asset, (b) the receipt of any income derived from any asset, (c) the use of any asset, and
(d) the possession, exercise or transfer of any other attribute of ownership of any asset).
“Loss”
or “Losses”
means
any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest,
awards, penalties, fines, costs or expenses of whatever kind, including reasonable attorneys’ fees
and the cost of enforcing any right to indemnification hereunder.
“NIH”
has
the meaning set forth in Section 2.6.
“NIH
Invoice”
has
the meaning set forth in Section 2.6.
“NIH
Revenue Share”
has
the meaning set forth in Section 2.6.
2
“Non-Assignable
Contract”
has
the meaning set forth in Section 2.3.
“Person”
shall
be construed broadly and shall include an individual, a partnership (general or limited),
a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, any other entity and any Governmental Authority
(or any department, agency or political subdivision thereof).
“Representative(s)”
means,
with respect to any Person, each of such Person’s Affiliates and its and their respective
directors (and Persons in similar positions), officers, and employees, shareholders (if such
Person is a corporation, a company limited by shares or similar entity), participants or
members (if such Person is a limited liability company or similar entity), partners (if such
Person is a partnership or similar entity), attorneys-in-fact, financial advisers, counsel,
and other agents and third-party representatives, including independent contractors such
as sales representatives, consultants, intermediaries, contractors, and distributors and
anyone acting on behalf of the Person.
“Tax”
or “Taxes”
means
all U.S. federal, state, local or non-U.S. taxes, including, but not limited to, income, gross income, gross
receipts, capital, production, excise, employment, sales, use, transfer, transfer gain, ad valorem, premium,
profits, license, capital stock, franchise, severance, stamp, withholding, Social Security, employment, unemployment,
disability, worker’s compensation, payroll, utility, windfall profit, custom duties, personal property,
real property, escheat, unclaimed property, environmental, registration, alternative or add-on minimum, estimated
and other taxes, governmental fees or like charges of any kind whatsoever, including any interest, penalties
or additions thereto whether disputed or not (whether payable directly or by withholding and whether or not
requiring the filing of a Tax Return), and shall include any liability for such amounts as a transferee or
a result either of being a member of a combined, consolidated, unitary or affiliated group or of a contractual
obligation to indemnify any person or other entity.
“Tax
Return”
means
any return, report, information return or other document (including any related or supporting information) filed or
required to be filed with any governmental body in connection with the determination, assessment, collection or administration
of any Taxes.
“Technology”
means
all
inventions, technology, algorithms, ideas, concepts, processes, business plans, documentation,
financial projections, models and any other items that are exclusively used in the Business
on the Closing Date and that are listed on Exhibit 1 of this Agreement.
“Third
Party”
means
any Person or group other than Buyer and its Affiliates or Seller and its Affiliates
“Transaction
Agreements”
means
this Agreement and the separate agreements of which a sample is provided in the Exhibits hereto.
3
Article
2
Sale
and Purchase
Section
2.1 Sale and Purchase. Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell to Buyer, and Buyer
shall purchase from Seller, the Shares, free and clear of any Lien, all of Seller’s right title and interest in and to the following:
(a) the
Shares; and
(b) the
Assigned Assets; and
(c) the
NIH Revenue Share.
Section
2.2 Assumption of Liabilities. Subject to the terms and conditions set forth herein, at the Closing, Buyer shall assume and discharge
or perform when due, the liabilities associated with the Assigned Assets including, without limitation, the following (collectively,
the “Assumed Liabilities”):
(a) all
obligations and liabilities related to the Assigned Assets arising after Closing; and
(b) Seller’s
obligations and liabilities under the Assigned Contracts.
Section
2.3 Purchase Price. Upon the terms and subject to the conditions set forth in this Agreement, in consideration of the sale and
transfer of the Assigned Assets, at the Closing, Buyer shall (a) issue to the Seller 1,999,999 shares of common stock of the Buyer representing
a 19.99% equity interest in Buyer on a fully diluted basis (the “Stock Consideration”); (b) pay to the Seller
the royalties specified on Exhibit 6 and, (c) assume the Assumed Liabilities (collectively, the “Purchase Price”)
Section
2.4 Sale at Closing Date. The sale, transfer, assignment and delivery by Seller and its Affiliates of the Assigned Assets and
Assumed Liabilities to Buyer, as herein provided, shall be affected on the Closing Date in accordance with the terms of this Agreement
and of the Transaction Agreements.
Section
2.5 Assignability and Consents. Seller shall, and shall cause its Affiliates (as applicable) to, assign to Buyer all of Seller’s
and each applicable Affiliate’s rights under the Assigned Contracts. Notwithstanding the foregoing, no Assigned Contract shall
be assigned contrary to Law or, in the event any applicable consent or approval is not obtained, contrary to the terms of such Assigned
Contract (any such Assigned Contract, a “Non-Assignable Contract”). The performance obligations of Seller or
its applicable Affiliate under a Non-Assignable Contract shall, unless prohibited by Law or by the terms of such Non-Assignable Contract,
be deemed to be subleased or subcontracted to Buyer at Buyer’s sole cost and expense until such Non-Assignable Contract has expired
or has been assigned to Buyer. With respect to Non-Assignable Contracts, Seller shall, and shall cause its Affiliates (as applicable)
to for 180 days after Closing (or such longer period as the Parties may agree in writing with respect to any specific Non-Assignable
Contract), use commercially reasonable efforts to (a) obtain all necessary consents and approvals and to deliver all required notices
to effect assignment thereof to Buyer, (b) until any necessary consent or approval is obtained, provide Buyer (pursuant to any arrangement
acceptable to Buyer (including a transition services arrangement) the full benefits (including the exercise of rights) and burdens under
any such Non-Assignable Contracts, including enforcement for the benefit of Buyer of any and all rights of Seller or any of its Affiliates
(as applicable) against a third party arising out of the breach or cancellation of any such Non-Assignable Contract or otherwise, (c)
hold all monies paid thereunder in trust for the account and benefit of Buyer and (d) remit all such monies related to the period after
Closing without set-off of any kind whatsoever to Buyer as promptly as possible.
Section
2.6 NIH and Other Payments.
(a) The
Parties acknowledge that the Seller will invoice the National Institutes of Health (NIH)
$167,963 on or about the Closing Date for services to be provided to NIH after Closing (the
“NIH Invoice”). If and when the Seller receives payment of the NIH Invoice,
it will pay the Buyer $58,000 on or before September 30, 2026 (the “NIH Revenue
Share”). The Seller will be responsible to pay Yale University, New Jersey
Institute of Technology and Drexel University any amounts owed to them based on the NIH Invoice.
(b) Seller
will pay the Buyer $18,000 on each of December 1, 2026 and March 1, 2027.
Section
2.7 Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take
place simultaneously with the execution of this Agreement on the date hereof (the “Closing Date”) and shall
be conducted remotely via the electronic exchange of documents and signatures. The consummation of the transactions contemplated by this
Agreement shall be deemed to occur at 11:59 p.m. Eastern time on the Closing Date.
Section
2.8 Closing Deliverables.
(a) Seller
Closing Deliverables. At the Closing, Seller shall deliver (or cause to be delivered)
to Buyer or its designee:
(i) a
membership interest power transferring the Shares to the Buyer;
4
(ii) a
counterpart of the Bill of Sale duly executed by Seller (and, as applicable, its Affiliates);
(iii) a
counterpart of an Assignment and Assumption Agreement with respect to the Assumed Liabilities
duly executed by Seller (the “Assignment and Assumption Agreement”)
(iv) delivery
of the Assigned Assets; and
(v) a
counterpart to the Shareholder Agreement duly executed by Seller (and, as applicable, its
Affiliates).
(b) At
the Closing, Buyer shall deliver (or cause to be delivered) to Seller:
(i) issuance
of the Stock Consideration to the Seller;
(ii) proof
that the Buyer has issued 50,000 shares of Common Stock to each of Woodrow Proctor and Joao
Morais;
(iii) a
counterpart of the Bill of Sale duly executed by Buyer;
(iv) a
counterpart of the Assignment and Assumption Agreement duly executed by Buyer; and
(v) a
counterpart to the Shareholder Agreement duly executed by Buyer and the other parties thereto.
Article
3
As
an inducement to, and to obtain the reliance of Buyer, Seller represents and warrants to Buyer, as of the date hereof and as of the Closing
Date, as follows:
Section
3.1 Organization; Good Standing; and Power. Seller is duly organized, validly existing and in good standing under the Laws of
its jurisdiction of incorporation or formation, as the case may be, with full power and authority to enter into this Agreement and perform
its obligations hereunder.
Section
3.2 Title to Assets. Seller and Affiliates thereof own and have, and Buyer at the Closing will acquire, good title to, to the
Shares and each of the Assigned Assets, free and clear of all Liens. Title to all the Assigned Assets currently owned or purported to
be owned by Seller is freely transferable by Seller to Buyer without the consent of any other Person and will be transferred to Buyer
or one of its Affiliates upon the Closing. No licenses or consents from, or payments to, any other Person are or shall be necessary for
Buyer or any of its Affiliates to use any of the Assigned Assets upon and after the Closing in substantially the same manner in which
Seller has used such Assigned Assets prior to the Closing.
Article
4
Representations
and Warranties of Buyer
Buyer
represents and warrants to Seller, as of the date hereof and as of the Closing Date, as follows:
Section
4.1 Organization; Good Standing; Qualification and Power. Buyer is duly organized, validly existing and in good standing under
the Laws of the United States of America, State of Wyoming, and has all requisite corporate power to carry on its business as presently
being conducted and as contemplated to be conducted. The Buyer has had no operations and was formed solely for purposes of engaging in
the transactions contemplated hereby
Section
4.2 Authorization. Buyer has the requisite corporate power and authority to enter into this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby by Buyer
have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement has been duly executed and delivered
by Buyer and, assuming this Agreement constitutes the valid and binding obligation of each of the other parties hereto, constitutes the
valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms except as limited by Laws relating to the
availability of specific performance, injunctive relief or other equitable remedies.
5
Section
4.3 Non-contravention. The execution, delivery and performance of this Agreement by Buyer and the consummation of the transactions
contemplated hereby and compliance with the provisions hereof do not and will not (a) violate any Law to which Buyer or any of its assets
are subject, (b) violate any provision of the Fundamental Documents of Buyer or (c) violate, conflict with, result in a breach of, constitute
(with due notice or lapse of time or both) a default under, result in the acceleration of, create in any Person the right to accelerate,
terminate, modify or cancel, require any notice or consent under, or otherwise give rise to any Liability under, any material Contract
to which Buyer is a party or by which it is bound or to which the properties or Assets of Buyer is subject to.
Section
4.4 Litigation. There is no basis for any Person to assert a claim against Buyer based upon Buyer entering into this Agreement
or the other Transaction Agreements or the consummation of the transactions contemplated by this Agreement or the other Transaction Agreements.
Section
4.5 Capitalization. The authorized capital stock of the Buyer consists of 100,000,000 shares of common stock, $0.0001 par value,
and 10,000,000 of undesignated preferred stock, $0.0001 par value, of which 10,000,000 shares are issued and outstanding immediately
prior to the issuance of the Stock Consideration. All the outstanding shares of capital stock of the Buyer have been duly authorized,
are and will be validly issued, fully paid and non-assessable, and are owned of record and beneficially at Closing as set forth on Schedule
4.5. At Closing, all the Stock Consideration will have been duly authorized, will be validly issued, fully paid and non-assessable. All
the outstanding shares of capital stock of the Buyer were, and the Stock Consideration will be at Closing, issued in compliance with
applicable Laws. No shares of the capital stock of the Buyer have violated, and the issuance of the Stock Consideration will not violate,
any agreement, arrangement or commitment to which Buyer is a party or is subject to or in violation of any preemptive or similar rights
of any Person. There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements
or commitments of any character relating to the capital stock of the Buyer or obligating Buyer to issue or sell any shares of capital
stock of, or any other interest in, the Buyer. The Buyer does not have outstanding or authorized any stock appreciation, phantom stock,
profit participation or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings
in effect with respect to the voting or transfer of any of capital stick of the Buyer.
Section
4.6 Brokers or Finders. There are no claims, and will not be any claims, for brokerage commissions or finder’s fees or similar
compensation in connection with the transactions contemplated by this Agreement based on any arrangement made by or on behalf of Buyer.
Article
5
Covenants
Section
5.1 Non-Disparagement and Release.
(a)
From and after the Closing Date, neither Party nor any of its Affiliates or Representatives who are a party hereto shall in any way to
any Person or Governmental Authority, denigrate or derogate the other party or any of their Affiliates or Representatives, or any product
or service or procedure of any of the foregoing. A statement shall be deemed denigrating or derogatory to any Person if it adversely
affects the regard or esteem in which such Person is held by customers, investors, lenders or licensing, rating, or regulatory entities.
Notwithstanding the foregoing, nothing in this Section shall prohibit any Party from (a) making truthful statements in connection with
any legal proceeding, governmental investigation, or regulatory filing, (b) responding to a subpoena or other legal process, (c) making
truthful statements to any governmental authority in connection with any investigation or inquiry, or (d) enforcing its rights under
this Agreement or any Transaction Agreement.
6
Section
5.2 Confidential Information. Neither Party shall, directly or indirectly, disclose to any Person or use any information not in
the public domain or generally known in the industry, in any form, whether acquired prior to or after the Closing Date, relating to the
business and operations of the Assigned Assets (or any portion thereof), the other Party or any of its Subsidiaries, including but not
limited to information regarding customers, vendors, suppliers, trade secrets, training programs, manuals or materials, technical information,
contracts, systems, procedures, mailing lists, know-how, trade names, improvements, price lists, financial or other data (including the
revenues, costs or profits associated with the Assigned Assets), business plans, code books, invoices and other financial statements,
computer programs, software systems, databases, discs and printouts, plans (business, technical or otherwise), customer and industry
lists, correspondence, internal reports, personnel files, sales and advertising material, telephone numbers, names, addresses or any
other compilation of information, written or unwritten, which is or was used in connection with the Assigned Asset or the business of
the other Party or any of its Affiliates.
Section
5.3 Certain Payments or Instruments Received from Third Parties. To the extent that, after the Closing, a party receives any payment
that is for the account of the other according to the terms of this Agreement, the party receiving the payment will promptly deliver
such amount or instrument to the other, as applicable. Notwithstanding the foregoing, each party hereby undertakes to promptly direct
or forward all bills, invoices or similar instruments to the appropriate party.
Section
5.4 Publicity. Buyer shall not issue or cause the publication of any press release or other public announcement with respect to
the transactions contemplated herein without the prior written consent of Seller until after the Closing Date, after which the Seller
shall have the right, but not the obligation, to first issue a public company press release regarding the transaction before buyer can
issue a press release.
Section
5.5 Tax Returns and Tax Liability. Seller will be responsible for the preparation and filing of all Tax Returns for Taxes with
respect to Seller for any Tax period and with respect to the Assigned Assets for any period ending on or before the Closing Date, and
such Tax Returns shall be prepared in accordance with applicable Law and consistent with past practice. Seller will be responsible for
and will pay all Taxes required with respect to any such Tax Returns. Seller shall pay any Tax liability, including, for the avoidance
of doubt, any interest, penalties, or additions thereto, attributable to the Assigned Assets for any period up to the Closing. Buyer
will be responsible for the preparation and filing of all Tax Returns for Taxes with respect to Buyer for any Tax period and with respect
to the Assigned Assets for any period ending after the Closing Date, and such Tax Returns shall be prepared in accordance with applicable
Law and consistent with past practice. Buyer will be responsible for and will pay all Taxes required with respect to any such Tax Returns.
Buyer shall pay any Tax liability, including, for the avoidance of doubt, any interest, penalties, or additions thereto, attributable
to the Assigned Assets for any period from and after the Closing. All transfer, documentary, sales, use, stamp, registration, value added
and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement (including any real property
transfer Tax and any other similar Tax) shall be borne and paid by Buyer when due. Buyer shall, at its own expense, timely file any Tax
Return or other document with respect to such Taxes or fees (and Seller shall cooperate with respect thereto as necessary).
Section
5.6 Exclusive Dealing. During the period from the date of this Agreement to the earlier of the Closing or the termination of this
Agreement in accordance with its terms, Seller shall not take, and shall direct and cause its Representatives to refrain from taking,
any action to, directly or indirectly, encourage, initiate, solicit or engage in discussions or negotiations with, or provide any information
to, any Person, other than Buyer (and its Affiliates and Representatives), concerning any material asset of any of the Assigned Assets
or any merger, contribution, recapitalization or similar transaction involving the Assigned Assets. Immediately following the execution
of this Agreement, Seller will, and will direct each of its Representatives to, terminate any existing discussions or negotiations with
any Persons, other than Buyer (and its Affiliates and Representatives), concerning Assigned Assets or any investment in or any merger,
contribution, recapitalization or similar transaction involving any Assigned Asset.
Section
5.7 Notice of Certain Events. Each Party shall give notice to the other Party of any breach by such Party of its representations,
warranties, covenants or agreements hereunder.
Section
5.8 Non-Solicitation. After the Closing date, and for a period of the following 3 years Seller and its subsidiary companies shall
not, directly or indirectly, solicit for employment any employees, contractors, or customers of Buyer; provided, however, that general
solicitations of employment not directed at employees of the Buyer will not be deemed a violation of this provision.
7
Section
5.9 Further Assurances. Each Party agrees that from time to time, whether before, at or after the Closing, the other Party will
take such other actions as reasonably necessary to: (i) furnish, upon request to a Party such information as a Party may reasonably request;
(ii) execute, acknowledge and deliver such contracts, deeds, or other documents as may be reasonably requested and necessary or appropriate
to carry out the purposes and intent of this Agreement, (iii) effectuate the assignment of the Assigned Assets by Seller to Buyer, and
(iv) perform any other acts deemed necessary to carry out the intent of this Agreement.
Article
6
Employees
and Consultants
Section
6.1 Employees and Consultants. As a condition to Closing, Buyer shall secure the resignation of each employee and Consultant
listed on Exhibit 4 (the “Employees”) effective on July 1, 2026, shall assume any cost, obligations or expenses of
such employees from and after July 1, 2026, and shall indemnify Seller for any claims made by any such employee or Consultant arising
in connection with the Closing. For the avoidance of doubt, Seller shall remain responsible for all claims by any employee or Consultant
arising from acts, omissions, or conditions occurring or existing prior to the Closing Date, regardless of when such claims are asserted.
If needed, Seller shall take all actions necessary to terminate the employment of each Employee effective as of the date immediately
following the Closing Date and hereby waives all restrictive covenants with respect to each Employee’s service to Buyer and its
Affiliates following the Closing Date. The Buyer will hire as employees or Consultants all of the Employees effective as of July 1, 2026
and will provide substantially similar compensation and benefits to the Employees; provided, however, that if the Buyer does not have
group health care benefits in place as of Closing, the Buyer will pay 100% of each Employee’s cost for any benefits they elect
to continue under COBRA.
Article
7
Indemnification
Section
7.1 Survival of Representations and Warranties. Each of the representations and warranties made by Seller and Buyer in this Agreement
and in any schedule, instrument or other document delivered pursuant to this Agreement shall survive the Closing for 24 months. All claims
for fraud, willful misconduct or intentional misrepresentation shall survive indefinitely. The parties further acknowledge that the time
periods set forth in this Section 7.1 for the survival of representations, warranties and covenants and the assertion of claims
under this Agreement are the result of arms’-length negotiation among the parties and that they intend for the time periods to
be enforced as agreed by the parties.
Section
7.2 Indemnification by Seller.
(a)
From and after the Closing, Seller shall indemnify, defend and hold harmless Buyer and its Representatives (collectively, the “Purchaser
Indemnified Parties”) from and against, and save and hold each of them harmless from and against, and pay on behalf of or reimburse
such Purchaser Indemnified Party for, any Loss which any such Purchaser Indemnified Party may suffer, sustain or become subject to, as
a result of, in connection with, relating or incidental to or by virtue of:
(i)
any misrepresentation or breach of a representation or warranty of Seller (or, as applicable, its Affiliates) set forth in this Agreement
or any certificate, schedule, exhibit or annex or other document furnished by Seller (or, as applicable, its Affiliates) pursuant to
this Agreement or the other Transaction Agreements;
(ii)
any failure of Seller (or, as applicable, its Affiliates) to perform or observe any term, provision, covenant or agreement contained
in this Agreement or the other Transaction Agreements, or in any other agreement contemplated hereby or thereby;
(iii)
fraud, willful breach or intentional misrepresentation on the part of Seller or, as applicable, its Affiliates.
(b)
All indemnification rights hereunder shall survive the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby
8
Section
7.3 Indemnification by Buyer.
(a)
From and after the Closing, Buyer shall indemnify, defend and hold harmless Seller and its Representatives (collectively, the “Seller
Indemnified Parties”) from and against, and save and hold each of them harmless from and against, and pay on behalf of or reimburse
such Seller Indemnified Party for, any Loss which any such Seller Indemnified Party may suffer, sustain or become subject to, as a result
of, in connection with, relating or incidental to or by virtue of:
(i)
any misrepresentation or breach of a representation or warranty of Buyer (or, as applicable, its Affiliates) set forth in this Agreement
or any certificate, schedule, exhibit or annex or other document furnished by Buyer (or, as applicable, its Affiliates) pursuant to this
Agreement or the other Transaction Agreements;
(ii)
any failure of Buyer (or, as applicable, its Affiliates) to perform or observe any term, provision, covenant or agreement contained in
this Agreement or the other Transaction Agreements, or in any other agreement contemplated hereby or thereby; or
(iii)
fraud, willful breach or intentional misrepresentation on the part of Buyer or, as applicable, its Affiliates.
(c)
All indemnification rights hereunder shall survive the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby.
Article
8
General
Section
8.1 Entire Agreement. This Agreement and the other Transaction Agreements constitute the entire agreement among the parties hereto
and supersede any prior understandings, agreements or representations by or among such parties, written or oral, that may have related
in any way to the subject matter of this Agreement among any of Seller or Buyer or its Affiliates.
Section
8.2 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Seller, unless acquired by a third party, may not assign this Agreement or any of its rights,
interests, or obligations hereunder without the prior written approval of Buyer hereto.
Section
8.3 Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile or other electronic method),
each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument.
Section
8.4 Amendments and Waivers. No amendment or waiver of any provision of this Agreement shall be valid unless the same shall be
in writing and signed by each of Buyer and Seller. No waiver by any party hereto of any default, misrepresentation, or breach of warranty
or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or
breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to this Agreement, whether or not
such party has signed such amendment or waiver.
Section
8.5 Incorporation of Annexes, Disclosure Schedule and Exhibits. The schedules and annexes attached hereto, and the exhibits identified
in this Agreement are incorporated herein by reference and made a part hereof.
Section
8.6 Independence of Representations and Warranties. All representations and warranties hereunder shall be given independent effect
so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty
concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of or a breach of a representation
and warranty hereunder.
9
Section
8.7 Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this
Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision
in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited
or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions
of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Section
8.8 Relationship of the Parties. This Agreement has been negotiated on an arm’s length basis between the parties and is
not intended to create a partnership, joint venture or agency relationship between the parties.
Section
8.9 Expenses. Except as otherwise expressly provided herein, all costs and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.
Section
8.10 No Further Representations. Except for the specific representations and warranties expressly made by Seller in Article 3,
Seller does not make and has not made any representation or warranty, express or implied, at Law or in equity, in respect of the Subsidiary,
the Business, the Assigned Assets, the Assumed Liabilities, or any other or related assets, liabilities, operations, prospects or conditions
(financial or otherwise), including with respect to merchantability or fitness for any particular purpose of any assets Buyer is acquiring
the Assigned Assets, assuming the Assumed Liabilities and otherwise engaging in the Transaction subject only to the specific representations
and warranties contained in Article 3. Seller disclaims any representation or warranty made by any Person that is not contained in Article
3. Buyer disclaims that it relies upon or has relied upon any representations or warranties not contained in Article 3.
Section
8.11 Exhibit List. The following Exhibits are incorporated into the Agreement.
Exhibit
1 – Technology
Exhibit
2 –Business Assets
Exhibit
3 – Bill of Sale
Exhibit
4 – Transferred Employees and Consultants
Exhibit
5 – Assigned Contracts
Exhibit
6 – Royalties
Signature
page to follow
10
IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed, by their duly authorized officers or agents where applicable,
as of the Effective Date.
SELLER
THE
GLIMPSE GROUP, INC.
By:
/s/
Tyler Gates
Name:
Tyler
Gates
Title:
President
& CEO
Address
for Notices:
THE
GLIMPSE GROUP, INC.
15
West 38th St, 12th Floor
New
York, NY 10018, USA
Email:
Tyler@brightlineinteractive.com
BUYER
Glimpse
Learning, Inc.
By:
/s/
Lyron L. Bentovim
Name:
Lyron
L. Bentovim
Title:
President
& CEO
Address
for Notices:
Glimpse
Learning, Inc.
PO
Box 675
North
Woodstock, NH 03262
Email:
Lyron@GlimpseLearning.com
11
Exhibit
1
Transferred
IP, Technology, Copyrights, Trademark List
1- Patents
a. US
11,294,453 SIMULATED REALITY CROSS PLATFORM SYSTEM
b. US
10,445,941 INTERACTIVE MIXED REALITY SYSTEM FOR A REAL-WORLD EVENT
c. US
10,764,553 IMMERSIVE DISPLAY SYSTEM WITH ADJUSTABLE PERSPECTIVE
d. US
11,288,868 SIMULATED REALITY ADAPTIVE USER SPACE
2- Technology
a. “Foretell
Social” Platform
b. “Foretell
AI” Platform
c. “Foretell”
Admin Panel
d. “Clinic
Immersives” Platform
e. “Post
Reality” software (originally part of S5D but is needed to fulfil a commitment to CSI
until September of 2027)
f. All
Software, solutions and derivatives of these platforms created to serve customers of Glimpse
Learning (including its predecessor subsidiaries: Foretell, Adept Reality, D6, IHG, XRTerra,
Mezmos and Early Adopter)
g. The
AWS and Git accounts where all the above software resides
12
Exhibit
2
Transferred
Assets/Liabilities
1- Hardware
ZSpace
Dev Machine (Portugal)
João
- Lent to Rúben for development (Home)
Suitcase
of Meta Quest headsets
Hakan
(Home)
Suitcase
of Pico headsets
Hakan
(Home)
Laptop
DJ
(Home)
Apple
Vision Pro
DJ
(Home)
Meta
Quest 3
DJ
(Home)
Meta
Quest 2
Hazal
(Home)
Meta
Quest 2
Gregory
(Home)
Insta360
OneX 360 camera
Gregory
(Home)
ZSpace
Remote Machine
Gregory
(Home)
Meta
Quest 2
Joe
(Home)
Laptop
Lyron
(Home)
10x
Meta Quest 2
Glimpse
Group Office
Woodrow’s
PC + 2 Monitors
+
Peripherals (Keyboard, mouse, headset)
Glimpse
Group Office - Used by Woodrow and any dev making production Unity Builds
Meta
Quest 2
Glimpse
Group Office - Used by Woodrow
Pico
4 Headset
Glimpse
Group Office - Used by Woodrow
Mac
Glimpse
Group Office
Art
Machine
Glimpse
Group Office
2x
Gaming Laptop
Glimpse
Group Office
PC
Build Signing Machine
Glimpse
Group Office
2- Trademarks
and Copyrights None
3- Domains
a. Adeptreality.com
b. Foretellreality.com
c. Clinicimmersives.com
d. Immersivehealthgroup.com
e. Xrterra.io
f. GlimpseLearning.com
4- Working
Capital Adjustments at Closing: Seller will wire Buyer $200,000 on closing day as an agreed
adjustment to working capital.
13
Exhibit
3
BILL
OF SALE
June
30, 2026 (the “Effective Date”)
WHEREAS,
pursuant to that certain Master Purchase Agreement, dated as of June 30, 2026 (this “Agreement,” and all capitalized
terms not otherwise defined herein shall have the meanings assigned to them in the Agreement), between Glimpse Learning, Inc. a Wyoming
company (“Buyer”) and The Glimpse Group, Inc., a Nevada corporation (“Seller”) and its wholly owned subsidiary
company Glimpse Learning, LLC a Nevada Limited Liability company (the “Subsidiary”), Seller has agreed to sell, assign, transfer,
convey and deliver to Buyer all the Assigned Assets for the consideration set forth in the Agreement.
NOW,
THEREFORE, Seller for good and valuable consideration, receipt of which is hereby acknowledged, and pursuant to the Agreement, does
hereby sell, assign, transfer, convey and deliver to Buyer and Buyer shall accept, all of Seller’s or Seller’s
Affiliates (including the Designated Subsidiary), in each case, right, title and interest in and to the Assigned Assets, free and clear
of all Liens.
This
Bill of Sale is subject in all respects to the terms and conditions of the Agreement. If any conflict exists between the terms of this
Bill of Sale and the Agreement, the terms of the Agreement shall govern and control. Neither the representations and warranties of Seller,
nor the rights, remedies and obligations of any party, under the Agreement shall be deemed to be enlarged, limited, modified or altered
in any way by this Bill of Sale.
IN
WITNESS WHEREOF, the parties hereto have signed this instrument as of the Effective Date.
SELLER:
The
Glimpse Group, Inc.
By:
Name:
Title:
ACCEPTED:
Glimpse
Learning, Inc.
By:
Name:
Lyron
L. Bentovim
Title:
President
& CEO
14
Exhibit
4
Transferred
Employees and Consultants
Employees:
David
J. Smith
Craig
Herndon
Woodrow
Proctor
Joseph
Unander
Gregory
Osborne
Hazal
Uzunkaya-Pearson
Consultants:
João
Morais
Paulo
Martins
Sérgio
Azevedo
Diana
Valente
Hakan
Satiroglu
15
Exhibit
5
Assigned
Contracts
Contracts
to be assigned on the Closing Date
Boston
Medical (BMC)
NIH
(Yale 100.4)
College
of Staten Island (CSI)
Zspace
Wall-Redstone
USA
Sierra
High School
Harrison
High School
Exertis
– Almo
CHIS
Dighton-Rehobeth
McMaster
Montefiore
NYU
Langone
Fordham
CDW
AGFD
Hiking
Days
Edstutia
Feaster
Kaye
Muenster
NSU
Wayne
Yale
Northstar
Care (NSC)
Neao
Scared
Heart (SHU)
SickKids
VM
People
Inspirit
Prosper
TX
TechVR
Uchida
Lisboa
Fullerton
Helix
Randolph
RTC
Antwerpen
NIH
● Seller
will support Buyer by submitting the request for funding for 2nd year of NIH program and
submitting any reports that are required by the NIH during or after the completion of the
program.
● The
non-financial interaction with the NIH, as well as the preparation of any reports and documents
for the NIH, will be the sole responsibility of Buyer.
16
Exhibit
6
Royalties
1. Royalty
Payments. The Buyer will or will cause the Subsidiary and their Affiliates to pay
to the Seller: (1) seven percent (7%) of all revenue collected by the Buyer, the Subsidiary
or their Affiliates on or after July 1, 2027 until January 1, 2028 and (2) ten percent (10%)
of all revenue collected by the Buyer, the Subsidiary or their Affiliates on or after January
1, 2028 ((1) and (2), collectively the “Royalty Payments”). Notwithstanding
the foregoing, once the Seller has received $1,200,000 (the “Maximum Payment
Amount”) in Royalty Payment no further royalty payments will be owed to the
Seller hereunder.
2. Royalty
Statements and Payments. Within ten (10) business days following the end of each
calendar quarter, Buyer shall (a) provide Seller with a written royalty statement setting
forth all revenue collected by the Buyer, the Subsidiary or their Affiliates during the immediately
prior quarter; and (b) pay the applicable Royalty Payment to the Seller in immediately available
funds. If no royalty has accrued hereunder during any such calendar quarter, the statement
shall indicate as much.
3. Interest.
If any Royalty Payment is not paid when due, Licensee shall also pay interest on such amount
for the period from the date payment was due to the date such payment is actually made computed
at the rate of one percent (1%) per month.
4. Record
Retention and Inspection Rights. Buyer shall maintain complete and accurate records
as to revenues collected by the Buyer, the Subsidiary or their Affiliates and the royalties
due hereunder, and shall retain such records for three (3) years following the reporting
period to which they pertain. Such records may, upon Seller’s request, be inspected
during business hours at Buyer’s principal office or other mutually agreed upon location
by an independent auditor engaged by Seller (the “Auditor”)
and agreeable to the buyer. If any such inspection reveals that Buyer owes Seller additional
royalties, such additional royalties plus interest as specified in Section 3 shall be paid
within five (5) days following completion of the respective inspection in immediately available
funds. If the inspection report reflects that Buyer underpaid the royalties due by ten percent
(10%) or more, Buyer shall bear the reasonable expenses incurred by Seller in connection
with such inspection.
5. Buy-Out.
At the sole discretion of the Buyer, on December 30, 2027, the Buyer shall have to option
to pay the Seller an additional $1,000,000 in cash minus any Royalty Payment made
previously (“Royalty Payments Buyout”) in immediately available
funds and in full satisfaction of the Buyer’s obligations to make Royalty Payments
If such payment is made, then no additional Revenue Royalty payments shall be due after the
prepayment.
6. Covenants.
The Buyer will not and will cause the Subsidiary and its Affiliates to not take any action
with respect to the collection of revenue (including, without limitation, by accelerating,
delaying, assigning or transferring any revenue or related receivables) in a manner that
reduces the amount of the Royalty Payments owed hereunder unless such action is done in the
normal course of the Buyer’s business.
7. Acceleration.
a. “Change
of Control” means (i) a sale, merger or similar transaction in which the equity
holders of the Buyer immediately prior to the transaction cease to own more than ten percent
(10%) of the voting power of the surviving or parent entity immediately following the transaction,
or (ii) the sale or other disposition of all or substantially all of the Buyer’s or
the Subsidiary’s assets.
b. Simultaneously
with the occurrence of a Change of Control or upon a violation of the covenants in Section
6, the Buyer will and/or will cause the Subsidiary or its Affiliates to pay to the Seller
an amount equal to the Maximum Payment Amount minus any Royalty Payment made previously
within 60 days of the occurrence of the change of control.
17
Schedule
4.5
Capitalization
Shares
of Common Stock
Percent
Lyron Bentovim
4,000,000
40.00 %
DJ Smith
3,000,000
30.00 %
Craig Herndon
900,001
9.00 %
Joao Morais
50,000
0.50 %
Woodrow Proctor
50,000
0.50 %
The Glimpse Group
1,999,999
20.00 %
Total Outstanding
10,000,000
18
EX-99.1
EX-99.1
Filename: ex99-1.htm · Sequence: 3
Exhibit
99.1
The
Glimpse Group Sharpens Focus as a Pureplay Physical AI Company with Strategic Divestment
Transition
reflects the strategic direction set with the appointment of CEO Tyler Gates and the Company’s new board
ASHBURN,
VA – July 7, 2026 — The Glimpse Group, Inc. (NASDAQ: GGRP) (“Glimpse” or the “Company”) today
announced the sale of Glimpse Learning, LLC, a non-core legacy asset, continuing the Company’s transformation into a pureplay Physical
AI infrastructure company anchored by its subsidiary, Brightline Interactive (“Brightline”), and its SpatialCore platform.
The
divestment is the latest step in a strategic shift Glimpse began earlier this year, when it named Tyler Gates as Chief Executive Officer,
seated a new board chaired by Ret. Admiral Scott Swift and received a $1.85-million capital infusion.
A
Streamlined, Mission-Focused Company
Glimpse
is directing its resources and management’s attention toward Brightline and SpatialCore, the open standards-based interoperability
and operational-context platform that gives technologies like drones, robotics, autonomous vehicles, digital twins and AI models a shared,
real-time understanding of the physical world.
Traditional
methods for integrating autonomous systems often require nearly a year of development; however, SpatialCore is designed to reduce this
timeline to just several weeks. It was designed in partnership with the US Navy and is used in live operations.
“Our
strategic focus as a company is pointed at a key opportunity: giving autonomous systems a shared, governed understanding of the physical
world they operate in,” said Tyler Gates, Chief Executive Officer of The Glimpse Group. “Glimpse’s strategy
remains sequenced around deepening its footprint within the Department of War, extending into the defense-industrial base through OEM
partnerships, and addressing the broader commercial autonomy market.
“Physical
AI will require the kind of common operational framework that Brightline has spent over a decade building,” said Ret. Admiral Scott
Swift, Chairman of the Board. “One that lets machines and decision-makers operate off the same picture of reality, in whatever
domain they compete in. Speed matters in this environment, and a focused company is a faster company.”
21745 Red Rum Dr., Suite 242, Ashburn, VA 20147 || brightlineinteractive.com
About
Brightline Interactive and The Glimpse Group
Brightline
Interactive is the Physical AI and spatial computing subsidiary of The Glimpse Group, Inc. (NASDAQ:GGRP). Brightline builds SpatialCore,
an open standards-based interoperability and operational context platform that enables autonomous systems, AI agents, sensors and digital
twins to operate from a shared understanding of the physical world. SpatialCore is deployed in live U.S. Navy operations and is built
on open data standards backed by NVIDIA, Apple, and the major robotics and simulation platforms. Brightline holds Cooperative Research
and Development Agreements with both the U.S. Navy and U.S. Army. For more information, visit brightlineinteractive.com.
Cautionary
Statement on Forward-Looking Statements
This
press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act
of 1995, including statements related to Brightline Interactive’s strategy, market position, product development, partnership activities,
and business expansion plans. The word “will,” “strategy,” or the negative of this word or other similar terms
are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any
forward-looking statements in this press release are based upon current plans and strategies of The Glimpse Group, Inc. and Brightline
Interactive and reflect their current assessment of the risks and uncertainties related to their business as of the date of this press
release. The Glimpse Group assumes no obligation to update any forward-looking statements contained in this press release. Such statements
are subject to known and unknown risks, uncertainties, and assumptions, and actual results could differ materially from those expressed
or implied. Factors that may cause actual results to differ materially include, without limitation, market conditions, competitive developments,
and the other risks detailed in The Glimpse Group’s periodic reports filed with the SEC, including its most recent Annual Report
on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Company
Contact
Tyler
Gates, CEO, The Glimpse Group
(703) 594-7496
tyler@brightlineinteractive.com
Media
Contact
brightline@samsonpr.com
21745 Red Rum Dr., Suite 242, Ashburn, VA 20147 || brightlineinteractive.com
EX-99.2
EX-99.2
Filename: ex99-2.htm · Sequence: 4
Exhibit
99.2
Unaudited
Pro Forma Condensed Consolidated Financial Statements
On
June 30, 2026, The Glimpse Group, Inc. (“the Company”) completed the sale of all of the assets and liabilities exclusively
related to the Company’s Glimpse Learning business and wholly-owned subsidiary (the “Divesture”) pursuant to the Master
Purchase Agreement reported in the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (the
“SEC”) on July 7, 2026.
The
unaudited pro forma condensed consolidated financial statements have been developed by applying pro forma adjustments to the Company’s
historical consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”)
and give effect to the Divesture.
The
unaudited pro forma condensed consolidated statements of operations for the nine months ended March 31, 2026, and for the year ended
June 30, 2025, assume that the Divesture occurred as of July 1, 2024.
The
unaudited pro forma condensed consolidated balance sheet as of March 31, 2026, assumes that the Divesture occurred on that date. The
unaudited pro forma condensed consolidated financial statements are presented based on currently available information and are intended
for informational purposes only.
These
unaudited pro forma condensed consolidated financial statements are not necessarily indicative of what the Company’s results of
operations or financial condition would have been had the Divesture been completed on the dates assumed. In addition, they are not necessarily
indicative of the Company’s future results of operations or financial condition. Beginning in the fourth quarter of 2026, the historical
financial results of Glimpse Learning for periods prior to the Divestures will be reflected in the Company’s consolidated financial
statements as discontinued operations.
The
unaudited pro forma condensed consolidated financial statements have been derived from historical financial statements prepared in accordance
with US GAAP and are presented based on assumptions, adjustments, and currently available information described in the accompanying notes.
They are intended for informational purposes only and are not intended to represent the Company’s financial position or results
of operations had the Divesture occurred on the dates indicated, or to project the Company’s financial performance for any future
period. Pro forma adjustments have been made for events that are directly attributable to the Divesture and factually supportable.
Article
11 of Regulation S-X requires that pro forma financial information include the following pro forma adjustments to the historical financial
statements of the registrant as follows:
●
Transaction Accounting Adjustments – Adjustments that reflect only the application of required accounting to the acquisition, disposition,
or other transaction.
●
Autonomous Entity Adjustments – Adjustments that are necessary to reflect the operations and financial position of the registrant
as an autonomous entity when the registrant was previously part of another entity.
In
addition, Regulation S-X permits registrants to reflect adjustments that depict synergies and dis-synergies of the acquisitions and dispositions
for which pro forma effect is being given in our disclosures as management adjustments.
The
transaction accounting adjustments to reflect the business in the unaudited pro forma condensed consolidated financial statements include:
●
The Divesture of the assets and liabilities of Glimpse Learning pursuant to the Master Purchase Agreement
●
Estimated impact of the cash paid in connection with the Divesture
There
are no autonomous entity adjustments included in the pro forma financial information.
Additionally,
the unaudited pro forma condensed consolidated financial statements do not include management adjustments to reflect any potential synergies
that may be achievable, or dis-synergy costs that may occur, in connection with the Divesture.
The
unaudited pro forma condensed consolidated financial statements have been prepared in accordance with Article 11 of Regulation S-X and
should be read in conjunction with (i) the accompanying notes to the unaudited pro forma condensed consolidated financial statements,
(ii) the audited consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” included in the Company’s Form 10-K as of June 30, 2025, and for the year then ended,
filed with the SEC on September 25, 2025, and (iii) the unaudited condensed consolidated financial statements and accompanying notes
and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” included in the Company’s
Form 10-Q as of March 31, 2026, and for the nine months then ended, filed with the SEC on May 14, 2026.
THE
GLIMPSE GROUP, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
For
the Nine Months Ended March 31, 2026
(Unaudited)
As Reported
Glimpse Learning, LLC
ProForma after Glimpse Learning
Divestiture
Revenue
Software services
$ 2,866,391
$ 428,926 (a)
$ 2,437,465
Software license/software as a service
461,159
461,159 (a)
-
Royalty income
28,258
-
28,258
Total Revenue
3,355,808
890,085
2,465,723
Cost of goods sold
974,471
243,825 (b)
730,646
Gross profit
2,381,337
646,260
1,735,077
Operating expenses:
Research and development expenses
3,400,149
497,873 (c)
2,902,276
General and administrative expenses
2,449,194
773,433 (c)
1,675,761
Sales and marketing expenses
901,640
246,389 (c)
655,251
Amortization of acquisition intangible assets
60,717
36,270 (c)
24,447
Goodwill impairment
10,857,600
300,000 (c)
10,557,600
Change in fair value of acquisition contingent consideration
16,417
- (c)
16,417
Total operating expenses
17,685,717
1,853,965
15,831,752
Loss from operations before other income
(15,304,380 )
(1,207,705 )
(14,096,675 )
Other income:
Gain on sale of business
240,000
-
240,000
Interest income
122,251
-
122,251
Net loss
$ (14,942,129 )
$ (1,207,705 )
$ (13,734,424 )
Basic and diluted net loss per share
$ (0.71 )
$ (0.65 )
Weighted average common shares to compute basic and
diluted net loss per share
21,072,444
21,072,444
THE
GLIMPSE GROUP, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
For
the For the Year Ended June 30, 2025
(Unaudited)
As Reported
Glimpse Learning, LLC
ProForma after Glimpse Learning
Divestiture
Revenue
Software services
$ 9,996,491
$ 730,567 (a)
$ 9,265,924
Software license/software as a service
503,734
384,897 (a)
118,837
Royalty income
27,700
-
27,700
Total Revenue
10,527,925
1,115,464
9,412,461
Cost of goods sold
3,407,946
178,461 (b)
3,229,485
Gross profit
7,119,979
937,003
6,182,976
Operating expenses:
Research and development expenses
3,494,731
729,788 (c)
2,764,943
General and administrative expenses
3,636,266
765,598 (c)
2,870,668
Sales and marketing expenses
2,201,754
559,021 (c)
1,642,733
Amortization of acquisition intangible assets
427,150
133,817 (c)
293,333
Change in fair value of acquisition contingent consideration
102,412
(35,714 )(c)
138,126
Total operating expenses
9,862,313
2,152,510
7,709,803
Loss from operations before other income
(2,742,334 )
(1,215,507 )
(1,526,827 )
Other income
Interest income
189,683
-
189,683
Net loss
$ (2,552,651 )
$ (1,215,507 )(d)
$ (1,337,144 )
Basic and diluted net loss per share
$ (0.13 )
$ (0.07 )
Weighted average common shares to compute basic and
diluted net loss per share
19,633,374
19,633,374
THE
GLIMPSE GROUP, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
As
of March 31, 2026
(Unaudited)
As Reported
Glimpse Learning, LLC
ProForma after Glimpse Learning
Divestiture
ASSETS
Cash and cash equivalents
$ 2,151,320
$ 200,000 (e)
$ 1,951,320
Accounts receivable
662,201
96,480 (e)
565,721
Deferred costs
2,129
1,859 (e)
270
Notes receivable
50,832
-
50,832
Prepaid expenses and other current assets
674,497
191,195 (e)
483,302
Total current assets
3,540,979
489,534
3,051,445
Equipment and leasehold improvements, net
41,278
-
41,278
Right-of-use assets, net
161,160
-
161,160
Other assets
11,100
-
11,100
Total assets
$ 3,754,517
$ 489,534
$ 3,264,983
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$ 215,386
$ 54,394 (f)
160,992
Accrued liabilities
364,136
101,169 (f)
262,967
Deferred revenue
306,418
296,417 (f)
10,001
Lease liabilities, current portion
149,959
-
149,959
Total current liabilities
1,035,899
451,980
583,919
Long term liabilities
Lease liabilities, net of current portion
12,371
-
12,371
Total liabilities
1,048,270
451,980
596,290
Commitments and contingencies
Stockholders’ Equity
Preferred Stock, par value $0.001 per share, 20,000,000 shares authorized; 0 shares issued and outstanding
-
-
-
Common Stock, par value $0.001 per share, 300,000,000 shares authorized; 21,076,506 and 21,055,506 issued and outstanding, respectively
21,077
-
21,077
Additional paid-in capital
83,219,223
8,004,125 (g)
75,215,098
Accumulated deficit
(80,534,053 )
(8,004,125 )(g)
(72,529,928 )
Loss on divestiture
37,554 (h)
(37,554 )
Total stockholders’ equity
2,706,247
37,554
2,668,693
Total liabilities and stockholders’ equity
$ 3,754,517
$ 489,534
$ 3,264,983
The
Glimpse Group, Inc.
Notes
to the Unaudited Pro Forma Condensed Consolidated Financial Statements
The
unaudited pro forma condensed consolidated financial statements give effect to the Divesture of Glimpse Learning in accordance with
Article 11 of Regulation of S-X.
The
unaudited pro forma condensed consolidated statements of operations for the nine months ended March 31, 2026 and for the year ended
June 30, 2025 are presented as if the Divesture occurred as of July 1, 2024.
The
unaudited pro forma condensed consolidated balance sheet as of March 31, 2026 is presented as if the Divesture occurred on that
date.
(a)
This adjustment reflects the elimination of the Glimpse Learning
revenues
(b)
This adjustment reflects the elimination of the Glimpse Learning
cost of goods sold
(c)
This adjustment reflects the elimination of the Glimpse Learning
operating expenses and includes within general and administrative expense both:
The compensation
expense of the Glimpse Learning Managing Director
Allocation of
corporate overhead based upon the Glimpse Learning percentage of total consolidated revenue
(d)
No income tax adjustment has been made based upon the Company’s
existing full U.S net operating loss valuation allowance
(e)
This adjustment reflects the Divesture of the Glimpse Learning
assets
(f)
This adjustment reflects the Divesture of the Glimpse Learning
liabilities
(g)
APIC adjustment reflects net advances from Glimpse parent to
Glimpse Learning to cover accumulated losses since inception.
(h)
This adjustment reflects the estimated loss on of the Divesture
of Glimpse Learning assuming it occurred on March 31, 2026. This will differ from the actual gain or loss to be reported by the Company as of June 30, 2026, the actual Divesture date.
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Jun. 30, 2026
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THE
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Entity Tax Identification Number
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