Company: MYND
Filing Date: 2025-03-26
Form Type: 20-F
Source: 0001628280-25-014832
Chunk: 105

Company: Mynd.ai, Inc.
Filing Date: 2025-03-26
Form: 20-F
Item: Item 18
Chunk 105
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 operations, financial position and cash flows of the GEH Singapore segment as discontinued operations in the financial statements as of and for the year ended December 31, 2023. The Company's balance sheet does not include any assets and liabilities of the GEH Singapore segment as of December 31, 2024.

Revision for Correction of Immaterial Error

In connection with the preparation of its financial statements for the year ended December 31, 2024, the Company determined that it had understated certain liabilities and cost of revenue related to its core hardware products during the periods of 2019 through 2024. Correcting this error would have the effect of increasing accrued expenses and other current liabilities, as well as inventories and cost of revenue, based on the amount of hardware inventory sold each year, for all affected years.

Based on the guidance in Accounting Standards Codification (ASC) Topic 250, Accounting Changes and Error Corrections, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the additional liability to be recorded and determined that the related impact was immaterial to the previously issued financial statements. However, correcting for the liability in the current period would have a material impact on the current period financial statements. Therefore, the Company, in consultation with the Audit Committee of the Company’s Board of Directors, concluded that the affected periods should be revised to present the identified adjustments. The Company has not filed, and does not intend to file, an amendment to the previously filed Annual Report on Form 20-F for the year ended December 31, 2023, but instead is revising its previously reported financial statements in this Annual Report on Form 20-F. As result of revising its previously issued financial statements, the Company determined it erroneously awarded $ 194

Table of contents

Mynd. ai. Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of U. S. dollars, except share and per share data, or otherwise noted)

The Company corrected the relevant prior periods of the consolidated financial statements and related footnotes for this immaterial error for comparative purposes and will also correct previously reported financial information for the immaterial error in future filings, as applicable. A summary of the corrections, including the income tax effects relating to all corrections, are as follows:

Consolidated balance sheets2

                                                        December 31,