Company: ATLN
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001605888-25-000031
Chunk: 141

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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 June 30, 2025 compared to the six months ended June 30, 2024.

Depreciation and Amortization

Depreciation and amortization expense for the three months ended June 30, 2025 and 2024 was $1,232,750 and $1,249,054, respectively, a decrease of $16,304 or 1.3%, which was slightly lower on a year-over year basis primarily due to more of the Company’s computer software being fully depreciated at the end of 2024.

Depreciation and amortization expense for the six months ended June 30, 2025 and 2024 was $2,469,139 and $2,508,608, respectively, a decrease of $39,469 or 1.6%, which was slightly lower on a year-over year basis primarily due to more of the Company’s computer software being fully depreciated at the end of 2024.

Loss on Debt Extinguishment

Loss on debt extinguishment, for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Loss on debt extinguishment$— $1,213,379 $— $1,213,379 

Loss on debt extinguishment during the three and six months ended June 30, 2024 relate to the Seventh Amendment and Forbearance Agreement to the Revolver being treated as a debt extinguishment after the Company’s analysis of Accounting Standards Codification (“ASC”) Topic 470 – Debt.

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Advisory Fees Paid in the Merger

Advisory fees paid in merger for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Advisory fees paid in the merger$— $43,000,000 $— $43,000,000 

Certain shareholders of Atlantic Acquisition Corp. were issued an aggregate of 18,220,338 shares of Company’s common stock at a market value of $2.36 per share or $43,000,000 in the aggregate on the date of the Merger.

Interest Expense

Interest expense for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months