Company: ATLN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001605888-25-000055
Chunk: 49

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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,509,168 $5,437,928 Federal Income Taxes, net of refunds received$(201,384)$— State Income Taxes, net of refunds received$154,351 $17,100 Non-cash investing and financing activities:Settlement shares issued to legacy stockholders$2,378,471 $— Derecognition of debt, net related to debt deconsolidation$— $(68,946,155)Accretion of redeemable units to redemption value$— $133,162 Unpaid debt issuance costs added to Term Note$— $600,000 Notes payable issued for amounts due under contingent consideration arrangements$— $6,941,521 Deemed capital contribution$— $1,033,969 Change in related parties$— $(6,338,027)Deemed capital contribution from merger$— $8,617,962 Liabilities assumed in merger$— $1,703,193 Recapitalization of equity as a result of the Merger$— $73,580,989 

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

5

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1: Organization and Nature of OperationsOn 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 and research services company engaged in development of scientific assets and novel intellectual property across multiple “Omics” fields. Pursuant to the terms and Conditions of the Amended and Restated Agreement and Plan of Reorganization dated as of June 4, 2024, as amended (the “Merger Agreement”), all of our current business operations have been sold to SeqLL Omics, a newly formed company owned by our former employees and management, our operating business is now that of Lyneer. Our corporate headquarters have been relocated to