Company: ATLN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001605888-25-000031
Chunk: 47

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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- - - - - -- 15,284,178 - 15,284,178 Advisory fees paid in merger- - - - - 18,220,338182 42,999,818 - 43,000,000 Balance - June 30, 2024$- $- $- $- $- 44,024,715$440 $82,766,531 $(59,778,563)$22,988,408 

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

3

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) 

Six Months EndedJune 30,20252024Net loss$(21,462,354)$(59,778,563)Adjustments to reconcile net loss to net cash provided by operating activities:Amortization, deferred financing cost91,108 538,840 Interest paid in kind— 1,239,373 Loss on debt extinguishment— 1,213,379 Deferred income taxes— (18,547,562)Settlement claim to be paid in shares— 11,101,671 Shares issued for services326,400 43,000,000 Depreciation and amortization expense2,469,138 2,508,608 Right-of-use asset amortization867,432 535,921 Share based compensation12,309,724 4,506,066 Changes in operating assets and liabilities:  Accounts receivable17,356,622 8,380,018 Unbilled accounts receivable(44,838)(2,281,284)Prepaid expenses and other current assets(715,739)(883,934)Due from related parties(6,067,963)— Other assets101,536 (115,369)Accounts payable1,129,291 (365,907)Due to related parties(2,091,035)(178,707)Income taxes payable— 13,913 Accrued expenses and other current liabilities1,630,927 12,372,620 Contingent consideration liability— (6,941,521)Operating lease liability(863,020)(534,828)Net cash provided by (used in) operating