Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 308

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 308
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 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 financial statements.

Revenue and operating results
from Ferguson Containers are excluded from continuing operations and presented as a single line item in the consolidated statements of
operations. Ferguson Containers generated revenues of $6.8 million and $7.7 million and operating income of $0.4 million and $0.7 million
for the years ended December 31, 2024 and 2023, respectively.

The Company expects the sale to close in the second
quarter of 2025, subject to customary closing conditions.

The
following table sets forth information comparing the components of net (loss)