Company: CELH
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001341766-25-000080
Chunk: 14

Company: Celsius Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 14
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0.2 million and $0.1 million, respectively. Amortization expense is included in selling, general and administrative expenses.The following table reflects the future estimated annualized amortization expense related to definite-lived intangible assets:2025$642 2026856 2027829 2028690 2029690 Thereafter8,284 Total$11,991 

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Celsius Holdings, Inc.Notes to the Condensed Consolidated Financial Statements (Unaudited)March 31, 2025(Tabular dollars in thousands, except per share amounts)

9.    ACCOUNTS PAYABLE AND ACCRUED EXPENSES

As of March 31, 2025 and December 31, 2024, accounts payable was approximately $61.1 million and $41.3 million, respectively.Accrued expenses consisted of the following:March 31,2025December 31,2024Accrued legal$67,669 $63,328 Accrued marketing30,240 34,774 Unbilled purchases23,370 13,754 Accrued freight7,077 5,098 Contractual co-packer obligations1,980 9,350 Other accrued expenses21,710 22,476 Accrued expenses$152,046 $148,780 As of March 31, 2025 and December 31, 2024, accrued legal included $55.9 million and $54.9 million, respectively, related to ongoing litigation, refer to Note 14. Commitments and Contingencies.

10.    RELATED PARTY TRANSACTIONS

Transactions with PepsiAs further described in Note 11. Mezzanine Equity, on August 1, 2022, the Company issued approximately 1.5 million shares of non-voting Series A Preferred Stock to Pepsi. The shares accounted for approximately 8.5% of the Company’s outstanding common stock on the date of issuance, on an if-converted method. The securities purchase agreement (the "Purchase Agreement"), pursuant to which Pepsi acquired the Series A Preferred Stock, grants Pepsi the right to designate a nominee for election to the Company’s Board of Directors (the "Board"), provided that Pepsi meets certain ownership requirements.Pepsi provided the Company $227.8 million in cash under the Transition Agreement in 2022. This amount was used to settle termination fees with former distributors, and any