Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 47

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 47
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 in salaries and professional
fees offset by an increase in fees for investor relations.

Restructuring
and severance expenses were $1,414,838 and $2,133,982 for the years ended December 31, 2024 and 2023, respectively, representing a decrease
of $719,144, or 33.70%. The decrease was largely attributable to the completion of the restructuring plan.

Interest
Expense

Interest
expense was $5,287,920 for the year ended December 31, 2024, versus $11,553,477 for the year ended December 31, 2023. The decrease in
interest expense was largely attributable to the full amortization of debt issuance costs related to borrowings under the convertible
notes payable.

Total
other (expense) income

Total
other (expense) income was $8,347,033 for the year ended December 31, 2024 versus ($58,377,298) for the year ended December 31, 2023.
The increase in total other income (expense) was largely attributable to no further charges for the loss on issuance of warrants and
amortized interest expense under the convertible notes payable.

Income
tax benefit

Income
tax benefit was $(135,337) for the year ended December 31, 2024, versus an income tax expense benefit of $0 for the year ended
December 31, 2023, respectively. The increase in income tax benefit for the year ended December 31, 2024 was a result of recovery
for foreign taxes related to Forever 8 EU for the year ended December 31, 2024.

36

Net
income (loss) from continuing operations

Net
income (loss) from continuing operations was $289,811 for the year ended December 31, 2024, versus a net loss of ($69,057,115) for the
year ended December 31, 2023. The improvment in net income (loss) was largely attributable to no further charges for the loss on issuance
of warrants and amortized interest expense under the convertible notes payable.

Discontinued
Operations

On November 22, 2024,
the Company entered into an Asset Purchase Agreement to sell substantially all of the assets of Ferguson Containers, Inc., the
Company’s Corrugated Packaging Business. As a result of this agreement, Ferguson Containers has been classified as a
discontinued operation for all periods presented in the consolidated