Company: ATLN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001605888-25-000031
Chunk: 43

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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Item 1. Financial Statements.

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30,2025December 31,2024(Unaudited) AssetsCurrent assetsCash and cash equivalents $374,745 $678,676 Accounts receivable, net of allowance of $2,205,540 and $2,726,107 46,717,715 64,074,337 Unbilled accounts receivable 9,413,403 9,368,565 Prepaid expenses and other current assets 3,614,154 2,898,415 Deposits, current 8,000,000 8,000,000 Total current assets 68,120,017 85,019,993 Non-current assets Property and equipment, net 265,221 307,620 Right-of-use assets 2,452,484 2,067,906 Intangible assets, net 28,998,890 31,395,556 Due from related parties6,067,963 — Other assets 859,065 960,601 Total non-current assets 38,643,623 34,731,683 Total assets $106,763,640 $119,751,676 Liabilities and stockholders’ equity (deficit) Current liabilities Accounts payable $3,157,391 $2,028,100 Accrued expenses and other current liabilities 44,185,971 44,933,515 Due to related parties — 2,091,035 Current operating lease liabilities 1,284,340 1,313,128 Line of credit, current portion1,950,000 42,508,379 Notes payable, current portion 1,375,000 1,375,000 Total current liabilities 51,952,702 94,249,157 Non-current liabilities Line of credit, net of current portion 37,208,102 1,950,000 Notes payable, net of current portion - related parties34,835,733 34,755,435 Non-current operating lease liabilities 1,231,518 813,740 Total non-current liabilities 73,275,353 37,519,175 Total liabilities 125,228,055 131,768,332 Commitments and contingencies Stock