Company: ATLN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001605888-25-000019
Chunk: 41

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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Item 1. Financial Statements.

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31,2025December 31,2024(Unaudited) AssetsCurrent assetsCash and cash equivalents $1,466,012 $678,676 Accounts receivable, net of allowance of $2,726,107 and $2,726,107 46,106,554 64,074,337 Unbilled accounts receivable 9,776,021 9,368,565 Prepaid expenses and other current assets 7,332,441 5,898,415 Deposits, current 8,000,000 8,000,000 Total current assets 72,681,028 88,019,993 Non-current assets Property and equipment, net 281,643 307,620 Right-of-use assets 2,376,433 2,067,906 Intangible assets, net 30,197,223 31,395,556 Other assets 938,166 960,601 Total non-current assets 33,793,465 34,731,683 Total assets $106,474,493 $122,751,676 Liabilities and stockholders’ equity (deficit) Current liabilities Accounts payable $1,897,512 $2,028,100 Accrued expenses and other current liabilities 47,928,374 47,933,515 Due to related parties 1,379,210 2,091,035 Current operating lease liabilities 1,315,063 1,313,128 Line of credit, current portion28,739,104 42,508,379 Notes payable, current portion – related parties 34,804,348 — Notes payable, current portion 1,375,000 1,375,000 Total current liabilities 117,438,611 97,249,157 Non-current liabilities Line of credit, net of current portion 1,950,000 1,950,000 Notes payable, net of current portion - related parties— 34,755,435 Non-current operating lease liabilities 1,121,079 813,740 Total non-current liabilities 3,071,079 37,519,175 Total liabilities 120,509,690 134,768,