Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 188

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 188
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2024 and 2023, respectively, related to its BTC Mining Equipment Business. The Company no longer generates revenues related
to CW Machines.

Operating
Expenses

Selling,
general and administrative expenses were $12,759,719 and $14,805,627 for the years ended December 31, 2024 and 2023, respectively,
representing a decrease of $2,045,908, or 13.82%. The decrease was largely attributable to the decrease in salaries and professional
fees offset by an increase in fees for investor relations.

Restructuring
and severance expenses were $1,414,838 and $2,133,982 for the years ended December 31, 2024 and 2023, respectively, representing a decrease
of $719,144, or 33.70%. The decrease was largely attributable to the completion of the restructuring plan.

Interest
Expense

Interest
expense was $5,287,920 for the year ended December 31, 2024, versus $11,553,477 for the year ended December 31, 2023. The decrease in
interest expense was largely attributable to the full amortization of debt issuance costs related to borrowings under the convertible
notes payable.

Total
other (expense) income

Total
other (expense) income was $8,347,033 for the year ended December 31, 2024 versus ($58,377,298) for the year ended December 31, 2023.
The increase in total other income (expense) was largely attributable to no further charges for the loss on issuance of warrants and
amortized interest expense under the convertible notes payable.

Income
tax benefit

Income
tax benefit was $(135,337) for the year ended December 31, 2024, versus an income tax expense benefit of $0 for the year ended
December 31, 2023, respectively. The increase in income tax benefit for the year ended December 31, 2024 was a result of recovery
for foreign taxes related to Forever 8 EU for the year ended December 31, 2024.

36

Net
income (loss) from continuing operations

Net
income (loss) from continuing operations was $289,811 for the year ended December 31, 2024, versus a net loss of ($69,057,115) for the
year ended December 31, 2023. The improvment in net income