Company: ATLN
Filing Date: 2025-01-23
Form Type: S-4/A
Source: 0001213900-25-006032
Chunk: 123

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-01-23
Form: S-4/A
Chunk 123
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|:----|:--|-----------:|:--|
| Net cash (used in)/provided by operating activities  |     | $                 | (5,558,718 | ) |     | $ |  2,626,303 |   |
| Net cash used in investing activities                |     |                   |    (50,372 | ) |     |   |    (76,312 | ) |
| Net cash provided by/(used in) financing activities  |     |                   |  5,653,923 |   |     |   | (3,077,175 | ) |
| Net increase/(decrease) in cash and cash equivalents |     | $                 |     44,833 |   |     | $ |   (527,184 | ) |

Cash flows provided by operating activities for the nine months ended September 30, 2024 compared to the nine months September 30, 2023 was lower due to an increase in accounts receivable and accrued expenses and other current liabilities and due to related parties. Investing Activities Cash used in investing activities for the nine months ended September 30, 2024 decreased compared to September 30, 2023 and consisted entirely of purchases of property and equipment. Financing Activities Cash used in financing activities increased for the nine months ended September 30, 2024 compared to September 30, 2023 and consisted of borrowings and payments under the Company’s debt arrangements of the Revolver and Seller Notes (as described below). Additionally, during the nine months ended September 30, 2024, the Company issued shares, entered into additional debt obligations, and had a deemed contribution as a result of the Merger. Revolver The Company currently maintains the Revolver as a co -borrowerwith IDC with an available borrowing capacity of up to $60,000,000. The facility was partially used to finance the acquisition of Lyneer by IDC in August 2021, with additional borrowing capacity available under the Revolver to finance Lyneer’s working capital. All of Lyneer’s cash collections and disbursements are currently linked with bank accounts associated with the lender and funded using the Revolver. These borrowings are determined by Lyneer’s availability based on a formula of billed and unbilled accounts receivable as defined in the loan agreement. As of September 30, 2024 and December 31, 2023, the total balance on the Revolver was $53,337,869