OTHER INFORMATION
−Removed: On September 30, 2025, Educational
−Removed: Development Corporation (the “Company”) received a Notice of Default and Reservation of Rights Letter (the “Notice”)
−Removed: from BOKF, NA (the “Lender”) under the Company’s existing Credit Agreement (the “Credit Agreement”), dated
−Removed: as of August 9, 2022.
−Removed: The Notice indicated that an event of default had occurred and is continuing under the Credit Agreement (the “Existing
−Removed: See Exhibit 10.20 under Item 6 filed herewith.
−Removed: Under the terms of the Notice,
−Removed: the lender has the right, among other remedies listed, to demand payment or repossess and liquidate the Company’s assets used as
−Removed: collateral for the loans.
−Removed: Additionally, under the terms of the credit agreement, there is an additional 2% default interest rate added
−Removed: to the existing borrowing rates defined in the Credit Agreement and Amendments.
−Removed: The bank has taken no action other than to deliver the
−Removed: Reservation of Rights notice, and the Company continues to work with its lender on ongoing operations.
−Removed: The total outstanding principal
−Removed: balance under the Credit Agreement is approximately $29,949,100 as of September 30, 2025.
Restated Certificate of Incorporation dated April 26, 1968 and Certificate of Amendment thereto dated June 21, 1968 are incorporated herein by reference to Exhibit 1 to Registration Statement on Form 10-K (File No.
19 unchanged sentences
Ninth Amendment to Credit Agreement, effective July 11, 2025 by and between the Company and BOKF, NA, Tulsa, OK is incorporated herein by reference to Exhibit 10.01 to Form 8-K dated August 12, 2025 (File No.
−Removed: Notice of Default and Reservation of Rights, dated September 30, 2025, from BOKF, NA, Tulsa, OK.
+Added: Notice of Default and Reservation of Rights, dated September 30, 2025, from BOKF, NA, Tulsa, OK is incorporated herein by reference to Exhibit 10.20 to Form 10-Q dated August 31, 2025 (File No.
Certification of the Chief Executive Officer of Educational Development Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
9 unchanged sentences
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
−Removed: Filed Herewith
−Removed: Pursuant to the requirements
−Removed: of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
−Removed: duly authorized.
−Removed: EDUCATIONAL DEVELOPMENT CORPORATION
−Removed: October 9, 2025
−Removed: President, Chief Executive Officer, and
+Added: to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
+Added: the undersigned thereunto duly authorized.
+Added: DEVELOPMENT CORPORATION
+Added: January 13, 2026
+Added: Chief Executive Officer, and
Chairman of the Board
(Principal Executive Officer)
−Removed: October 9, 2025
+Added: January 13, 2026
Chief Financial Officer and Corporate Secretary
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.