Company: ATLN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001605888-25-000055
Chunk: 43

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
---
Item 1. Financial Statements.

1

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,2025December 31,2024(Unaudited) AssetsCurrent assetsCash and cash equivalents $83,406 $678,676 Accounts receivable, net of allowance of $2,640,971 and $2,726,107 47,451,447 64,074,337 Unbilled accounts receivable 12,406,011 9,368,565 Prepaid expenses and other current assets 3,758,015 2,898,415 Deposits, current 8,000,000 8,000,000 Total current assets 71,698,879 85,019,993 Non-current assets Property and equipment, net 247,669 307,620 Right-of-use assets 2,157,827 2,067,906 Intangible assets, net 27,800,556 31,395,556 Due from related parties7,417,863 — Other assets 933,973 960,601 Total non-current assets 38,557,888 34,731,683 Total assets $110,256,767 $119,751,676 Liabilities and stockholders’ (deficit) Current liabilities Accounts payable $5,298,358 $2,028,100 Accrued expenses and other current liabilities 19,602,641 21,612,253 PEO liability and accrued interest28,813,099 23,321,262 Due to related parties — 2,091,035 Current operating lease liabilities 1,153,020 1,313,128 Line of credit, current portion1,950,000 42,508,379 Notes payable, current portion 1,375,000 1,375,000 Total current liabilities 58,192,118 94,249,157 Non-current liabilities Line of credit, net of current portion 38,202,060 1,950,000 Notes payable, net of current portion - related parties34,859,199 34,755,435 Non-current operating lease liabilities 1,068,388 813,740 Total non-current liabilities 74,129,647 37,519,175 Total liabilities