Mynd.ai, Inc. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

Ticker: MYND · Form: 20-F · Filed: Mar 27, 2024 · CIK: 1708441

Mynd.Ai, Inc. 20-F Filing Summary
FieldDetail
CompanyMynd.Ai, Inc. (MYND)
Form Type20-F
Filed DateMar 27, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: Mynd.ai, 20-F, Annual Report, Financials, Education Services

TL;DR

<b>Mynd.ai, Inc. has filed its 2023 annual report on Form 20-F, detailing its financial performance and corporate history.</b>

AI Summary

Mynd.ai, Inc. (MYND) filed a Foreign Annual Report (20-F) with the SEC on March 27, 2024. Mynd.ai, Inc. (formerly Gravitas Education Holdings, Inc.) filed its 20-F annual report on March 27, 2024. The report covers the fiscal year ended December 31, 2023. The company's principal executive offices are located in Seattle, WA. Mynd.ai, Inc. was previously known as RYB Education, Inc. and Top Margin Ltd. The filing includes financial data for the fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Mynd.ai, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Mynd.ai's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The report's historical data and corporate name changes offer insight into the company's evolution and strategic shifts within the educational services sector.

Risk Assessment

Risk Level: low — Mynd.ai, Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) with no immediate red flags or significant negative disclosures, indicating a routine update for investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Mynd.ai's current financial position and strategic direction.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-03-27 — Filing Date (Date the 20-F was filed)
  • 2022-06-02 — Name Change Date (Date Mynd.ai, Inc. was formerly Gravitas Education Holdings, Inc.)
  • 2017-06-19 — Name Change Date (Date Gravitas Education Holdings, Inc. was formerly RYB Education, Inc.)
  • 2017-06-05 — Name Change Date (Date RYB Education, Inc. was formerly Top Margin Ltd)

Key Players & Entities

  • Mynd.ai, Inc. (company) — Filer name
  • Gravitas Education Holdings, Inc. (company) — Former company name
  • RYB Education, Inc. (company) — Former company name
  • Top Margin Ltd (company) — Former company name
  • Seattle, WA (location) — Business address

FAQ

When did Mynd.ai, Inc. file this 20-F?

Mynd.ai, Inc. filed this Foreign Annual Report (20-F) with the SEC on March 27, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Mynd.ai, Inc. (MYND).

Where can I read the original 20-F filing from Mynd.ai, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Mynd.ai, Inc..

What are the key takeaways from Mynd.ai, Inc.'s 20-F?

Mynd.ai, Inc. filed this 20-F on March 27, 2024. Key takeaways: Mynd.ai, Inc. (formerly Gravitas Education Holdings, Inc.) filed its 20-F annual report on March 27, 2024.. The report covers the fiscal year ended December 31, 2023.. The company's principal executive offices are located in Seattle, WA..

Is Mynd.ai, Inc. a risky investment based on this filing?

Based on this 20-F, Mynd.ai, Inc. presents a relatively low-risk profile. The filing is a standard annual report (20-F) with no immediate red flags or significant negative disclosures, indicating a routine update for investors.

What should investors do after reading Mynd.ai, Inc.'s 20-F?

Investors should review the detailed financial statements and risk factors within the 20-F to understand Mynd.ai's current financial position and strategic direction. The overall sentiment from this filing is neutral.

How does Mynd.ai, Inc. compare to its industry peers?

Mynd.ai, Inc. operates within the educational services sector, as indicated by its SIC code 8200.

Are there regulatory concerns for Mynd.ai, Inc.?

As a foreign private issuer, Mynd.ai, Inc. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

Industry Context

Mynd.ai, Inc. operates within the educational services sector, as indicated by its SIC code 8200.

Regulatory Implications

As a foreign private issuer, Mynd.ai, Inc. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

  1. Review Mynd.ai's detailed financial statements for FY 2023.
  2. Analyze any disclosed risk factors and their potential impact.
  3. Research the company's historical performance and strategic changes based on past name changes.

Key Dates

  • 2024-03-27: Filing of 20-F — Annual report for fiscal year 2023

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023, providing a baseline for future comparisons.

Filing Stats: 4,615 words · 18 min read · ~15 pages · Grade level 13.4 · Accepted 2024-03-26 21:37:47

Key Financial Figures

  • $0.001 — senting 10 ordinary shares par value US$0.001 per share* MYND NYSE American Securi

Filing Documents

FORWARD-LOOKING STATEMENTS 4

FORWARD-LOOKING STATEMENTS 4 PART I 5 I TEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVIS O RS 5 I TEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5 I TEM 3. KEY INFO RMATION 5 A. Reserved 5 B. Capitalization and Indebtedness 5 C. Reasons for the Offer and Use of Proceeds 5 D. Risk Factors 5 I TEM 4. INFORMATION ON THE COMPANY 25 A. History and Development of the Company 25 B. Business Overview 26 C. Organizational Structure 33 D. Property, Plant and Equipment 34

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 34 I TEM 5. O PERATING AND FINANCIAL REVIEW A ND PRO S PEC TS 34 A. Operating Results 35 B. Liquidity and Capital Resources 43 C. Research and Development, Patents and Licenses 45 D. Trend Information 45 E. Critical Accounting Estimates 45 I TEM 6. D IRECT ORS, SE NIOR MANAGEMENT AND EMPLOYEES 48 A. Directors and Senior Management 48 B. Compensation 51 C. Board Practices 52 D. Employees 54 E. Share Ownership 54 F. Disclosure of registrant's action to recover erroneously awarded compensation 54

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 54 A. Major Shareholders 54 B. Related Party Transactions 56 C. Interests of Experts and Counsel 58 I TEM 8. F INANCIAL INFORMA TION 58 A. Consolidated Statements and Other Financial Information 58 B. Significant Changes 58 I TEM 9. T HE OFFER AND LISTING 58 I TEM 10. A DDITIONAL INFORMATION 59 I TEM 11. Q U ANTITATIVE AND QUA LITATIVE DISCLOSURES ABOUT MARKET RIS K 66 I TEM 12. D ESCRIPTION OF SECURITIES OTHER THAN EQUITY SEC URITIES 66 PART II 67 I TEM 13. D EFAULTS, DIVIDEN D A RREARAGES AND D ELINQUENCIES 67 2 I TEM 14. M ATERIAL MODI FICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 67 I TEM 15. C ONTROLS AND PROCEDURES 67 A. Disclosure Controls and Procedures 67 B. Management's Annual Report on Internal Control over Financial Reporting 69 C. Attestation Report of the Registered Public Accounting Firm 69 D. Changes in Internal Control Over Financial Reporting 69 I TEM 16. [R ESERVED ] 70 I TEM 16A. A UDIT COMMITTEE FINANCIAL EXPERT 70 I TEM 16B. C ODE OF ETHICS 70 I TEM 16C. P RINCIPAL ACCOUNTANT FEES AND SERVICES 70 I TEM 16D. E XEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT C OMMITTEES 71 I TEM 16E. P URCHA SES OF EQUITY SECU RITIES BY THE ISSUER AND AFF I LIATED PURCHASERS 71 I TEM 16F. C HANGE IN THE RE GISTRANT'S CERTIFYING ACCOU NTANT 71 I TEM 16G. C ORPORATE GOVERN ANCE 72 I TEM 16H. M INE SAFETY DIS CLOSURE 73 I TEM 16I. D ISCLOSURE REGARDING FOREIGN JU RISDICTIONS THAT PREVENT INSPECTIONS 73 I TEM 16J. I NSIDER TRADING POL ICIES 73 I TEM 16K. C YBERSECURITY 73 PART III 75 I TEM 17. F INANCIAL STATEMENTS 75 I TEM 18. F INANCIAL STATEMENTS 75 I TEM 19. E X H IBITS 113

SIGNATURES

SIGNATURES 114 3 Table of contents INTRODUCTION As used in this Annual Report on Form 20-F (this "Annual Report"), unless the context otherwise requires or otherwise states, references to the "Company," "Mynd," "we," "us," "our," and similar references refer to Mynd.ai, Inc., a company formed under the laws of the Cayman Islands, and its subsidiaries.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. These statements relate to our current expectations and views of future events, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements relating to: our goals and strategies; our future business development, financial conditions and results of operations; our expectations regarding demand for our educational products and services; our ability to attract and retain customers; our ability to develop new products and improve and enhance our existing solutions to address additional applications and markets; our competitiveness and ability to adapt to technological developments in the use of artificial intelligence; our ability to attract, retain and motivate qualified personnel; the effect of the recent Merger (hereinafter defined) on our ability to maintain relationships with our customers and business partners, or on our operating results and business generally; our cash needs and financing plans; competition in our industry; our ability to protect ourselves against cybersecurity risks and threats; our ability to protect or monetize our intellec

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Corporate Overview and Structure Mynd.ai, Inc. ("Mynd" or the "Company") is a Cayman Islands exempted company and conducts its business through various subsidiaries. Our operations are principally focused in the United States ("U.S."), Europe, the United Kingdom ("U.K."), and Singapore. Unless otherwise indicated, all references to the "Company", "we", "us", our" shall mean the Company and its subsidiaries. For more information on our subsidiaries, please see Item 4C below. A. [Reserved] B. Capitalization and Indebtedness Not Applicable. C. Reasons for the Offer and Use of Proceeds Not Applicable D. Risk Factors The following discussion summarizes material factors that could make an investment in us speculative or risky and should be considered carefully. These risks are interrelated and you should treat them as a whole. Additional risks and uncertainties not presently known to us may also materially and adversely affect our business operations, the value of our ordinary shares/American Depository Shares ("ADS") and our ability to pay dividends to our shareholders. In connection with the forward-looking statements that appear in this Annual Report, in these risk factors and elsewhere, you should carefully review the section above entitled "Forward-Looking Statements." Risks Related to our Business and Industry We generate a substantial portion of our revenue from the sale of large format interactive display products, and any significant reduction in the sales of these products would materially harm our business. We currently generate a majority of our revenue from the sale of large format Interactive Flat Panel Display (IFPD) products. A decrease in demand for our interactive flat panel displays would significantly reduce our revenue. If any of our competitors introduce attractive alternatives to their interactive flat panel displays, we could experience a significant decrease in our sales as customers migrate to those

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