Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 192

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 192
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 the
cash proceeds, with future cash flow impacts dependent on collection of the seller note and potential earnout realization. The sale
aligns with the Company’s strategic decision to focus resources on scaling Forever 8, the Company’s inventory
funding platform.

Cash
Flows for the Years Ended December 31, 2024 and 2023

Since
inception, Eightco Holdings Inc. and its subsidiaries have primarily used its available cash to fund its operations. The following table
sets forth a summary of cash flows for the periods presented:

    For the Years Ended December 31, 

    2024  
    2023 
  
    Cash (used in) provided by: 

    Operating Activities 
    $(6,637,101) 
    $(6,399,079)
  
    Investing Activities 
     (70,098) 
     (295,150)
  
    Financing Activities 
     1,698,550  
     6,361,634 
  
    Net increase in cash and restricted cash 
    $(5,008,649) 
    $(332,595)

38

Operating
Activities

Net
cash (used in) operating activities was ($6,637,101) during the year ended December 31, 2024, which consisted primarily of a net income
from continuing operations of $289,811 and net income from discontinued operations of $418,716 offset by non-cash depreciation expense
of $2,454,661, amortization of debt issuance costs of $1,337,750, share based compensation of $573,788 and changes in assets and liabilities
of $1,815,366 offset by gain on extinguishment of liabilities of $7,427,193 and gain on forgiveness of earnout of $6,100,000. Net cash
(used in) operating activities was ($6,399,079) during the year ended December 31, 2023, which consisted primarily of a net loss of $68,320,414
offset by non-cash depreciation expense of $3,044,531, amortization of debt issuance costs of $8,109,078, impairment charges of $292,748,
share-based compensation of ($358,937), loss on issuance of warrants of $46,928,815 and changes in assets and liabilities of $3,899,203.

Investing
Activities

Net
cash provided by (used in) investing activities was ($