Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 1055

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1055
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 credit losses rather than incurred
losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years. The Company adopted this new guidance effective January 1, 2023 utilizing the
modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s
consolidated financial statements, but did change how the allowance for credit losses is determined.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic
280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other
segment items on an interim and annual basis and provide in interim periods all disclosures about a reportable segment’s profit or loss
and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates
them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable
to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December
15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the annual
reporting period ended December 31, 2024. There was no impact on the Company’s reportable segments identified.

Segment
Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach
considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions
and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating
decision maker is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make
decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue streams include
inventory management solutions and the sale of corrugated packaging materials. Based on the CODM's evaluation and internal reporting, the Company has
two reportable segments: Inventory Management Solutions and Corrugated Packaging.

Reclassifications.
Certain prior period amounts have been reclassified to conform to the current period presentation, including amounts related to the
Corrugated Packaging Business, which was classified as a discontinued operation as of December 31, 2024. These reclassifications had
no impact on previously reported