Company: ATLN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001605888-25-000019
Chunk: 44

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
---
 loss- - - - - -- - (4,866,844)(4,866,844)Capital contribution- - 1,033,969 - 1,033,969 -- 1,033,969 - 1,033,969 Accretion to redemption value133,162 133,162 (133,162)- (133,162)-- - - - Redemption of redeemable interests(10,796,912)(10,796,912)10,796,912 - 10,796,912 -- - - - Effect from merger- - (23,484,032)61,804,116 38,320,084 -- (1,804,116)61,804,116 60,000,000 Balance - March 31, 2024$- $- $- $- $- 25,423,729$254 $21,679,662 $(4,866,844)$16,813,072 

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

3

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) 

Three Months EndedMarch 31,20252024Net loss$(10,744,185)$(4,866,844)Adjustments to reconcile net loss to net cash provided by operating activities:Amortization, deferred financing cost48,913 305,250 Interest paid in kind— 616,163 Deferred income taxes— (1,308,089)Shares issued for services326,400 — Depreciation and amortization expense1,236,389 1,259,553 Right-of-use asset amortization453,530 392,019 Share based compensation6,039,973 — Expenses paid by IDC— 2,550,970 Changes in operating assets and liabilities:  Accounts receivable17,967,783 13,352,938 Unbilled accounts receivable(407,456)(2,302,753)Prepaid expenses and other current assets(1,434,026)(255,627)Due from related parties— (375,000)Other assets22,435 (120