Company: ATLN
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001605888-25-000006
Chunk: 107

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 107
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Non-current liabilitiesLine of credit, net of current portion1,950,000 — Notes payable, net of current34,755,435 — Non-current operating lease liabilities813,740 980,851 Other liabilities— 3,474,954 Total non-current liabilities37,519,175 4,455,805 Total liabilities134,768,332 166,020,662 Commitments and contingenciesStockholders’ equity (deficit)Common stock, $0.00001 par value; 300,000,000 shares authorized; 53,130,946 and 25,423,729 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively531 254 Preferred stock, $0.00001 par value; 20,000,000 shares authorized and none issued at December 31, 2024 and December 31, 2023, respectively— — Additional paid-in capital123,462,703 22,449,809 Accumulated deficit(135,479,890)(61,804,116)Total stockholders’ equity (deficit)(12,016,656)(39,354,053)Total liabilities and stockholders’ equity (deficit)$122,751,676 $126,666,609 

The accompanying notes are an integral part of these consolidated financial statements.

38

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December 31,20242023Service revenue, net$442,609,814 $401,374,701 Cost of revenue395,431,491 354,496,441 Gross profit47,178,323 46,878,260 Selling, general and administrative64,021,052 45,441,659 Change in fair value of contingent consideration liabilities— (150,093)Depreciation and amortization4,991,863 5,038,218 (Loss) income from operations(21,834,592)(3,451,524)Loss on debt extinguishment1,213,379 189,951 Advisory fees paid in merger43,000,000 — Interest expense12,004,860 17,538,816 Other expense52,047,957 — Net loss before (provision for)/benefit from