Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 219

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 219
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 the balance sheet. As of April 26, 2022, the date
the Company assumed the lease, the operating lease right of use asset and operating lease liability amounted to $98,736 with no cumulative-effect
adjustment.

    F-14

EIGHTCO
HOLDINGS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

For
the Years ended December 31, 2024 and 2023

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent
Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses
(Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently
issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets
that have the contractual right to receive cash. The ASU requires an entity to recognize expected 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