Company: ATLN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001605888-25-000031
Chunk: 115

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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 December 31, 2024. 

10

Note 5: Property and EquipmentProperty and equipment consisted of the following: June 30,2025December 31,2024Estimated Useful LifeComputer equipment and software$833,990 $803,917 3 yearsOffice equipment94,876 94,876 5 yearsFurniture and fixtures169,258 169,258 7 yearsLeasehold improvements18,420 18,420 Lesser of lease term or asset lifeTotal$1,116,544 $1,086,471 Less: accumulated depreciation and amortization(851,323)(778,851)Property and equipment, net$265,221 $307,620 Total depreciation expense of $34,416 and $50,722 was recorded during the three months ended June 30, 2025 and 2024, respectively and $72,472 and $111,942 was recorded during the six months ended June 30, 2025 and 2024, respectively and is included in “depreciation and amortization” in the accompanying consolidated condensed statements of operations.

Note 6: Intangible AssetsIntangible assets consisted of the following:June 30, 2025December 31, 2024Gross Carrying AmountAccumulated Amortization Net Carrying AmountGross Carrying AmountAccumulated Amortization Net Carrying AmountCustomer Relationships$35,000,000 $(8,951,110)$26,048,890 $35,000,000 $(7,784,444)$27,215,556 Trade Name12,400,000 (9,450,000)2,950,000 12,400,000 (8,220,000)4,180,000 Total intangible assets$47,400,000 $(18,401,110)$28,998,890 $47,400,000 $(16,004,444)$31,395,556 Total amortization expense of $1,198,333 was recorded during each of the three months ended June 30, 2025 and 2024 and $2,396,666 was recorded during each of the six months ended June 30, 2025 and 2024. The Company continuously monitors for events and circumstances that could indicate that it is more likely than not that its finite lived intangible assets and other long-lived assets are impaired or not