Company: ATLN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001605888-25-000031
Chunk: 87

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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000,024 $3,308,782 $9,022,254 

Interest expense for the three months ended June 30, 2025 and 2024 was $2,023,960 and $4,000,024, respectively. The decrease of $1,976,064, or 49.4%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily attributed  to the Company deconsolidating the joint and several debt obligations as of the Merger date and a lower interest rate of the previous Revolver as compared to the new Revolver entered into on April 29,2025.

Interest expense for the six months ended June 30, 2025 and 2024 was $3,308,782 and $9,022,254, respectively. The decrease of $5,713,472, or 63.3%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was attributed  to the Company deconsolidating the joint and several debt obligations as of the Merger date and a lower interest rate of the previous Revolver as compared to the new Revolver entered into on April 29,2025.

Other Expense

Other expense for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Other expense$— $15,607,737 $— $15,607,737 

Other expense for the three and six months ended June 30, 2024 related to accrued amounts pertaining to a potential settlement for legacy shareholders and stock compensation expense related to third parties as advisors to the Company.

Income Tax (Expense)/Benefit

Provision for income taxes for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Income tax (expense)/benefit$(9,618)$17,221,979 $(19,235)$18,512,574 

Income tax (expense)/benefit for the three months ended June 30, 2025 and 2024 was $(9,618) and $17,221,979, respectively. The change between the periods was