Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 294

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 294
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 companies. Changes to input assumptions used in the analysis could result in materially different evaluations of goodwill impairment.

F-22

STAFFING 360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FISCAL YEARS ENDED DECEMBER 30, 2023 AND DECEMBER 31, 2022
(All amounts in thousands)

NOTE 8 —ACCOUNTS PAYABLE AND ACCRUED EXPENSES

|                             |     |   | December 30, 
         2023 |     |   | December 31, 
         2022 |
|:----------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Accounts payable            |     | $ |        4,630 |     | $ |        4,147 |
| Accrued payroll and bonuses |     |   |        3,596 |     |   |        4,139 |
| Other accrued expenses      |     |   |        5,750 |     |   |        2,448 |
| Total                       |     | $ |       13,976 |     | $ |       10,734 |

|                                    |     |   | December 30, 
         2023 |     |   | December 31, 
         2022 |
|:-----------------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Accrued Taxes Payable              |     | $ |        5,499 |     | $ |        3,189 |
| Interest on Payroll Taxes Payable  |     |   |          107 |     |   |            — |
| Penalties on Payroll Taxes Payable |     |   |          587 |     |   |            — |
| Total                              |     | $ |        6,193 |     | $ |        3,189 |

NOTE 9 — ACCOUNTS RECEIVABLE FINANCING Midcap Funding X Trust On October 27, 2022, the Company entered into Amendment No. 27 and Joinder Agreement to the Credit and Security Agreement (“Amendment No. 27”) with MidCap Funding IV Trust as successor by assignment to MidCap, dated April 8, 2015, which amended the Credit and Security Agreement. Amendment No.27, among other things, (i) increases the