Note 10 — Commitments and Contingencies

Litigation

The Company may be involved from time to time in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no material claims, assessments, or litigation against the Company as of June 30, 2026.

Operating and Financial Leases

The Company had a lease agreement for its corporate headquarters in Boston, Massachusetts, which expired in January 2025 and had a lease agreement for office space in Fort Worth, TX. which expired December 2025. In August 2024, the Company entered into a lease agreement for a new corporate headquarters and manufacturing facility in Burlington, Massachusetts. The Company began relocating operations in December 2024 and completed the move in January 2025. The term of the lease is 88 months following the rent commencement date, which was May 11, 2025. The Company has the option to extend the new lease for an additional five years, subject to certain conditions being satisfied. Under the new lease, the Company provided a security deposit to the landlord in the form of a letter of credit for $375,000. The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as long-term restricted cash on the condensed consolidated balance sheet. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. The Company recognizes rent expense on a straight-line basis over the lease term.

The Company entered into a new financial lease for its 3D printing machines in May of 2026. The initial lease liability was for approximately $197,000. The Company will make monthly equal payments of approximately $4,100 for a 60 month term.

As of June 30, 2026, total lease assets were approximately $6,514,100. The amount and the maturity of the Company’s operating lease and financing lease liabilities as of June 30, 2026, are as follows:

Insurance Obligations

The Company finances the insurance policies of its directors and officers, which requires the Company to make a down payment, followed by equal payments over a defined term. The Company then entered into a financing arrangement covering the twelve-month period ending in June 2025. Under this financing arrangement, the Company made a down payment of approximately $39,000 during the three months ended June 30, 2024, and made nine equal monthly payments of approximately $39,000, ending in March 2025. The Company then entered into a new financing arrangement for its 2025-2026 insurance policies covering the twelve-month period ending in June 2026. The Company made a down payment of $68,400 during the three months ended June 30, 2025 and made 10 equal monthly payments of approximately $40,300, starting in July 2025. The Company then entered into a new financing arrangement for its 2026-2027 insurance policies covering the twelve-month period ending in June 2027. The Company made a down payment of $68,400 during the three months ended June 30, 2026 and is making 10 equal monthly payments of approximately $40,200, starting in July 2026.

The Company also finances its property and casualty insurance policies, which require the Company to make a down payment, followed by equal payments over a defined term. During the three months ended September 30, 2025, the Company entered in a new financing arrangement for its 2025-2026 policy covering the twelve months ended July 2026. The Company made a down payment of $55,400 and made 8 equal payments of approximately $24,300, starting in August 2025.

Changes in the Company's supplier finance obligations were as follows:

No assets are pledged as security under this arrangement.