Company: ATLN
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001605888-25-000006
Chunk: 128

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 128
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 during the years ended December 31, 2024 and 2023, respectively.

None of the Company’s customers accounted for more than 10% of the Company’s accounts receivable as of December 31, 2024 and December 31, 2023. 

Note 5: Property and Equipment

Property and equipment consisted of the following:December 31, 2024December 31, 2023Estimated Useful LifeComputer equipment and software$803,917 $730,941 3 yearsOffice equipment94,876  94,876 5 yearsFurniture and fixtures169,258  168,778 7 yearsLeasehold improvements18,420  18,420 Lesser of lease term or asset lifeTotal$1,086,471 $1,013,015 Less: accumulated depreciation and amortization(778,851) (580,320)Property and equipment, net$307,620 $432,695 Total depreciation expense of $198,531 and $244,885 was recorded during the years ended December 31, 2024 and 2023, respectively and is included in “depreciation and amortization” in the accompanying consolidated statements of operations.

51

The carrying value of the Company’s property and equipment serving as collateral for the Company’s outstanding indebtedness amounted to $305,922 and $426,920 as of December 31, 2024 and 2023, respectively.

Note 6: Intangible Assets

Intangible assets consisted of the following:December 31, 2024December 31, 2023Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountCustomer Relationships$35,000,000 $(7,784,444)$27,215,556 $35,000,000 $(5,451,111)$29,548,889 Trade Name12,400,000 (8,220,000)4,180,000 12,400,000 (5,760,000)6,640,000 Total intangible assets$47,400,000 $(16,004,444)$31,395,556 $47,400,000 $(11,211,111)$36,188,889 Total amortization expense of $4,793,333 was recorded during both the years ended December 31,