Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 334

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 334
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. One customer represented 75% of total
revenues for the year ended December 31, 2024.

Disaggregation
of Revenue. The Company’s primary revenue streams include the sale of consumer goods through our inventory management solutions
business and the sale of corrugated packaging materials. There are no other material operations that were separately disaggregated for
segment purposes.

    F-11

EIGHTCO
HOLDINGS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

For
the Years ended December 31, 2024 and 2023

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Cost
of Revenues. Cost of revenues includes freight charges, purchasing and receiving costs, depreciation and inspection costs.

Comprehensive
income. The Company follows Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income. Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically
has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments.
Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.

Foreign
Currency Transactions and Translation. Eightco’s functional currency is the United States Dollar (“USD”) and the
Forever 8 functional currency in which it operates is the Euro (“EUR”).

For
the purpose of presenting these consolidated financial statements the reporting currency is USD. Forever 8 assets and liabilities
are expressed in USDs at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income
and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported
under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.

Transactions
in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.
At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end
of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end
are included in statement of comprehensive loss.

Exchange
rate used for the translation as follows:

 SCHEDULE
OF EXCHANGE RATE 

    December 31,
                                                                                2024  
    December 31,
                                                                                2023 
  
    Spot 

    USD to EUR 
    $0.9615  
    $0