Company: ATLN
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001605888-25-000006
Chunk: 111

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 111
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bt issuance costs payment(319,500)(40,000)Transaction consideration paid on behalf of Parent— — Net cash provided by financing activities5,384,241 8,793,074 Net decrease in cash and cash equivalents(674,251)(363,234)Cash and Cash Equivalents – Beginning of period1,352,927 1,716,161 Cash and Cash Equivalents – End of period$678,676 $1,352,927 Supplemental Disclosures of Cash Flow Information Cash paid during the year for: Interest$6,926,853 $9,150,636 State Income Taxes, net of refunds received$17,100 $73,541 Non-cash investing and financing activities: Derecognition of debt, net related to debt deconsolidation$(68,946,155)$— Accretion of redeemable units to redemption value$133,162 $498,750 Unpaid interest added to Term Note$— $357,500 Unpaid debt issuance costs added to Term Note$600,000 $— Notes payable issued for amounts due under contingent consideration arrangements$6,941,521 $— Deemed capital contribution$1,033,969 $3,200,464 Change in related parties$(6,338,027)$— Deemed capital contribution from Merger$8,617,962 $— Liabilities assumed in Merger$1,703,193 $— Recapitalization of equity as a result of the Merger$73,580,989 $— 

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

41

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Note 1: Organization, Nature of Operations and Basis of Presentation

On June 18, 2024 (the “Closing Date”), Atlantic International Corp. (“Atlantic” or the “Company,” formerly known as SeqLL Inc.) completed the acquisition (the “Merger”) of Lyneer Investments LLC and its operating subsidiaries, including Lyneer Staffing Solutions, LLC (collectively, “Lyneer”). See Note 2: Merger and Acquisition for further information.The Company was incorporated in Delaware under the name SeqLL Inc. on April 1, 2014. The Company historically operated as a commercial-stage life science instrumentation