Company: KODK
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000950170-25-067006
Chunk: 9

Company: EASTMAN KODAK CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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NOTE 1: BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTSBASIS OF PRESENTATIONThe consolidated interim financial statements are unaudited, and certain information and footnote disclosures related thereto normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows of Eastman Kodak Company and all companies directly or indirectly controlled, either through majority ownership or otherwise (“Kodak” or the “Company”). The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. These consolidated interim statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).RISK AND UNCERTAINTIES:As of March 31, 2025 and December 31, 2024, Kodak had approximately $158 million and $201 million, respectively, of cash and cash equivalents. Of these amounts, $65 million and $118 million of cash and cash equivalents were held within the U.S. as of March 31, 2025 and December 31, 2024, respectively. Kodak has not extended or refinanced the existing Series B and Series C Preferred Stock past their current mandatory redemption date of May 28, 2026. Kodak has debt coming due on May 22, 2026 and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms.  Kodak’s ability to adequately fund its existing preferred stock and debt obligations when they come due are dependent on obtaining sufficient proceeds from the expected reversion of cash to the Company upon settlement of obligations under the KRIP to reduce the amount of the Term Loans (as defined below) and to (i) convert, redeem, extend or refinance the existing Series B and Series C Preferred Stock past their current maturities of May 28, 2026, (ii) amend, extend or refinance the remaining outstanding Term Loans past the current maturity date of May 22, 2026,