Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 328

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 328
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2021, the Former Parent announced it plans to spin-off (the “Separation”) certain of its businesses. The Former Parent has
included Ferguson Containers as well as other subsidiaries of the Former Parent (the “Eightco Businesses”) as part of the
spin-off. In anticipation of the Separation, the Former Parent contributed its assets and legal entities comprising the Eightco Businesses
to facilitate the Separation. As a result of the Separation, the Company became an independent, publicly traded company comprised
of the Eightco Businesses on June 30, 2022.

On
March 29, 2022, Ferguson Containers ownership was assigned by the Former Parent to the Company. This transaction between entities under
common control resulted in a change in reporting entity and required retrospective combination of the entities for all periods presented,
as if the combination had been in effect since the inception of common control. Accordingly, the consolidated financial statements
of the Company reflect the accounting of the combined acquired subsidiaries at historical carrying values, except that equity reflects
the equity of Eightco.

Basis
of Presentation.

The
accompanying audited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally
accepted in the United States of America (“US GAAP”). All significant intercompany transactions and balances have been eliminated
in consolidation.

The
Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has
elected to comply with certain reduced public company reporting requirements.

    F-8

EIGHTCO
HOLDINGS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

For
the Years ended December 31, 2024 and 2023

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reverse
Stock Split: On April 3, 2023, the Company filed a Certificate of Amendment to the Company’s Certificate of
Incorporation (the “Certificate of Incorporation”) with the Secretary of State of Delaware (1) to effect a 1-for-50
reverse stock split of the shares of the Company’s common stock, par value $0.001
per share (the “Common Stock”), either issued and outstanding or held by the Company as treasury stock (the “2023
Reverse Stock Split”) and (2) to change the name of the Company from “Cryptyde, Inc.” to “Eightco Holdings
Inc.”