Company: ATLN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001605888-25-000019
Chunk: 45

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---
,020)Accounts payable(130,588)(212,985)Due to related parties(711,825)(36,848)Income taxes payable— 6,957 Accrued expenses and other current liabilities2,354,130 2,626,366 Operating lease liability(452,783)(397,276)Net cash provided by operating activities14,568,690 11,234,774 Cash flows from investing activities  Purchase of property and equipment(12,079)(14,623)Net cash (used in) investing activities(12,079)(14,623)Cash flows from financing activities  Borrowings on revolving line of credit107,630,000 102,704,746 Payments on revolving line of credit(121,399,275)(114,284,438)Debt issuance costs payment— (19,500)Net cash (used in) financing activities(13,769,275)(11,599,192)Net increase/(decrease) in cash and cash equivalents787,336 (379,041)Cash and Cash Equivalents – Beginning of period678,676 1,352,927 Cash and Cash Equivalents – End of period$1,466,012 $973,886 Supplemental Disclosures of Cash Flow InformationCash paid during the period for:Interest$1,458,889 $2,306,490 Federal Income Taxes, net of refunds received$(558,566)$— State Income Taxes, net of refunds received$3,573 $16,775 Non-cash investing and financing activities:Settlement shares issued to legacy stockholders$2,359,271 $— Accretion of redeemable units to redemption value$— $133,162 Unpaid debt issuance costs added to Term Note$— $600,000 Notes payable issued for amounts due under contingent consideration arrangements$— $6,941,521 Deemed capital contribution$— $2,684,018 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1: Organization and Nature of OperationsOn June 18, 2024 (the “Closing Date”), Atlantic International Corp. (“Atlantic” or the “Company,” formerly known as SeqLL Inc.)