Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 193

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 193
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70,098) during the year ended December 31, 2024 compared to ($295,150) for the
year ended December 31, 2023. The decrease was primarily due to lower purchases of property and equipment.

Financing
Activities

Net
cash provided by financing activities was $1,698,550 during the year ended December 31, 2024 compared to $2,989,800 for the year ended
December 31, 2023. This decrease was largely attributable to repayments of $4,915,000 under convertible notes payable, offset by
proceeds from the issuance of common stock of $3,064,067 and borrowings under lines of credit of $3,750,000 as compared to the year ended
December 31, 2023.

Eightco
Holdings Inc. has required funding from the Former Parent to launch operations. Ferguson Containers has historically had positive cash
flows from operations. Since inception, Ferguson Containers Inc.’s operations have been funded principally through its operations.

Going
Concern

The
financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge
its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting
in an accumulated deficit of $112,570,049 as of December 31, 2024 and further losses are anticipated in the development of its business.
Further, the Company has current liabilities in excess of current assets and has a stockholders’ deficit at December 31, 2024.
These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from
the issuance of these financial statements.

As
of December 31, 2024, the Company had approximately $0.2 million in cash and cash equivalents as compared to $5.2 million at
December 31, 2023. The Company expects that its current cash and cash equivalents, approximately $0.2 million as of the date of this
annual report, will not be sufficient to support its projected operating requirements for at least the next 12 months from this
date.

The
Company expects to need additional capital in order to increase revenues above current levels. Any additional equity financing, if available,
may not be on favorable terms and would likely be significantly dilutive to the Company’s current stockholders, and debt financing,
if available, may involve restrictive covenants. The