Company: MYND
Filing Date: 2025-03-26
Form Type: 20-F
Source: 0001628280-25-014832
Chunk: 59

Company: Mynd.ai, Inc.
Filing Date: 2025-03-26
Form: 20-F
Item: Item 7
Chunk 59
---
 related to certain administrative and financial services, (ii) effective January 1, 2025, $237,500 per quarter, for costs incurred by us in connection with our current annual audit and (iii) reimbursement of actual costs incurred by us in connection with any complex accounting issues that may arise that, for NetDragon’s reporting purposes, must be analyzed under IFRS accounting standards. For the year ended December 31, 2024, we were entitled to receive $284,633 under this agreement which was offset against monies we owed to Elernity under our independent contractor agreements described above in this Item 7B.

As of December 31, 2024, certain historical net payable balances of $2,412,052 owed by Edmodo to subsidiaries of NetDragon were forgiven, as a result of the formal dissolution of Edmodo LLC. The resulting benefit from the forgiveness of these payables has been presented as an increase to additional paid-in capital in the consolidated statements of changes in shareholders' equity.

Tab l e of contents

The Merger Transactions

On April 18, 2023, we entered into an agreement and plan of merger among Bright Sunlight Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of the Company (the “ Merger Sub”), Best Assistant Education Online Limited, a Cayman Islands exempted company (“ Best Assistant”) and a controlled subsidiary of NetDragon Websoft Holdings Limited (HKEX: 0777, “ NetDragon”), a Cayman Islands exempted company, and solely for purposes of certain named sections thereof, NetDragon (the "Original Merger Agreement") as amended via a certain Omnibus Amendment and Waiver dated as of October 18, 2023 (the “ First Amendment”); and as further amended via a Second Omnibus Amendment and Waiver, dated as of December 7, 2023 (the “ Second Amendment”) (both the First Amendment and the Second Amendment, together with the Original Merger Agreement, are collectively referred to herein as the “ Merger Agreement”). The Merger Agreement contemplated that Best Assistant would transfer the education business of NetDragon outside of the Peoples Republic of China ("PRC") to Elmtree Inc., a Cayman Islands exempted company limited by shares and wholly-owned by Best Assistant who became a party to the Merger Agreement by executing a joinder on August 18, 2023 (“eLMTree”), and Merger Sub would merge with and into eLMTree with eLMTree