Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 229

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 229
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,078, of which $277,750 and $7,109,078 was related to amortization of the debt discount, for the years ended December
31, 2024 and 2023, respectively.

During
2023, the Company had two senior secured convertible notes outstanding with an accredited investor (the “Note Investor”):
a note issued in January 2022 with an original principal amount of $33,333,333 (the “January 2022 Note”) and a note issued
in March 2023 with an original principal amount of $5,555,000 (the “March 2023 Note”). Both notes were issued at an original
issue discount and included embedded conversion features and detachable warrants, which resulted in the recognition of significant debt
discounts and warrant-related expenses in prior periods.

On
October 23, 2023, the Company entered into a Prepayment and Redemption Agreement with the Note Investor, pursuant to which it agreed
to repay in full the outstanding principal of both convertible notes and to redeem all related warrants. The agreement required aggregate
payments of $8,215,000, which were remitted in installments from October 2023 through March 2024. Upon receipt of these payments, all
obligations under the January 2022 Note, March 2023 Note, and associated warrants were satisfied in full and the instruments were extinguished
during the year ended December 31, 2024.

No
convertible notes or related instruments were outstanding as of December 31, 2024 with the Note Investor.

    F-21

EIGHTCO
HOLDINGS INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

For
the Years ended December 31, 2024 and 2023

17.
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES

The
convertible notes payable, related party were issued as part of consideration for the acquisition of Forever 8. The discount was
calculated based on the fair value of the instrument as of October 1, 2022. Please see Note 3. Acquisitions for
further information. Principal due under the convertible note payable – related parties was as follows at December 31, 2024
and 2023:

 SCHEDULE OF CONVERTIBLE NOTES PAYABLE RELATED PARTIES 

    December 31,  2024   
    December 31,  2023  

    Notes payable, 12%