Company: ORBS
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023549
Chunk: 26

Company: Eightco Holdings Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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INGS INC.

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recently
Issued Accounting Pronouncements Adopted. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements
to Reportable Segment Disclosures. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment
information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses.
The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively
to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in
the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.

In December 2023, the FASB also issued ASU 2023-08, Intangibles—Goodwill
and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which requires public entities to
measure in-scope cryptocurrency assets at fair value in the statement of financial position, and to recognize gains and losses from changes
in the fair value of cryptocurrency in net income each reporting period. ASU 2023-08 will also require entities to provide certain interim
and annual disclosures with respect to their cryptocurrency holdings. The standard is effective for interim and annual periods beginning
January 1, 2025, with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting
period in which we adopt the guidance. The Company adopted ASU 2023-08 on January 1, 2025. Because the Company did not acquire cryptocurrency
assets until September 2025, there was no cumulative-effect adjustment upon adoption; however, the guidance changed the Company’s
accounting for such assets on a prospective basis.

Recent
Accounting Pronouncements. Management does not believe that any other recently issued, but not yet effective, accounting standards
are expected to have a material effect on the Company’s condensed consolidated financial statements. As new accounting pronouncements
are issued, the Company will adopt those that are applicable under