$13 million owed Samsung On January 6, 2022, 19
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Posted On: 03/31/2022 7:49:12 PM
$13 million owed Samsung
On January 6, 2022, 19 days before nada got the boot,
Samsung provided written notice to the Company of the Company’s material breach of the parties’ Master Services and Project Specific Agreements for failure to pay approximately $13.5 million due on December 31, 2021. This amount was included in accounts payable at November 30, 2021. Under the agreements, the Company has 45 days to make commercially reasonable efforts to commence curing the breach. If such steps have not been taken during the cure period, Samsung may terminate the agreements upon 45 days’ notice. Management has communicated to Samsung its intent to commence curing the breach prior to the expiration of the cure period. The future commitments pursuant to these agreements are estimated as follows:
Fiscal Year (in thousands)
2022 (6 months remaining) $21,271
2023 $113,790
2024 $106,140
2025 $14,400
On January 6, 2022, 19 days before nada got the boot,
Samsung provided written notice to the Company of the Company’s material breach of the parties’ Master Services and Project Specific Agreements for failure to pay approximately $13.5 million due on December 31, 2021. This amount was included in accounts payable at November 30, 2021. Under the agreements, the Company has 45 days to make commercially reasonable efforts to commence curing the breach. If such steps have not been taken during the cure period, Samsung may terminate the agreements upon 45 days’ notice. Management has communicated to Samsung its intent to commence curing the breach prior to the expiration of the cure period. The future commitments pursuant to these agreements are estimated as follows:
Fiscal Year (in thousands)
2022 (6 months remaining) $21,271
2023 $113,790
2024 $106,140
2025 $14,400
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