Company: ATLN
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001605888-25-000006
Chunk: 106

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 106
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 the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RBSM LLP

We have served as the Company’s auditor since 2022.

Las Vegas, Nevada

March 28, 2025

PCAOB ID Number 587

37

Table of Contents

ATLANTIC INTERNATIONAL CORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31,2024December 31,2023AssetsCurrent assetsCash and cash equivalents$678,676 $1,352,927 Accounts receivable, net of allowance of $2,726,107 and $1,902,14064,074,337 58,818,832 Unbilled accounts receivable9,368,565 5,660,753 Prepaid income taxes1,202,405 1,281,925 Prepaid expenses and other current assets4,696,010 3,684,011 Deposits, current8,000,000 8,000,000 Total current assets88,019,993 78,798,448 Non-current assetsProperty and equipment, net307,620 432,695 Right-of-use assets2,067,906 2,368,677 Intangible assets, net31,395,556 36,188,889 Due from related parties— 1,150,000 Deferred tax assets, net— 5,242,610 Deposits, long-term271,318 276,367 Other assets689,283 2,208,923 Total non-current assets34,731,683 47,868,161 Total assets$122,751,676 $126,666,609 Liabilities and stockholders' equity (deficit)Current liabilitiesAccounts payable$2,028,100 $799,568 Accrued expenses and other current liabilities50,024,550 16,044,095 Due to related parties— 4,384,178 Current operating lease liabilities1,313,128 1,436,813 Line of credit, current portion42,508,379 85,092,695 Notes payable, current portion1,375,000 48,680,290 Notes payable, current portion – related parties— 5,127,218 Total current liabilities97,249,157 161,564,857