Company: ATLN
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001605888-25-000055
Chunk: 145

Company: ATLANTIC INTERNATIONAL CORP.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 with the Merger for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Advisory fees paid in the merger$— $— $— $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 nine months ended September 30, 2025 and 2024 were as follows:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Interest expense$2,094,177 $1,472,564 $5,402,959 $10,494,818 

Interest expense for the three months ended September 30, 2025 and 2024 was $2,094,177 and $1,472,564, respectively. The increase of $621,613, or 42.2%, in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily attributed  to the Company incurring interest expense related to an agreement with a professional employer organization (“PEO”) who processes the payroll for the Company, related to the unpaid balance, partially offset by the Company deconsolidating the joint and several debt obligations as of the Merger date and a lower interest rate from the previous Revolver as compared to the new Revolver entered into on April 29, 2025.

Interest expense for the nine months ended September 30, 2025 and 2024 was $5,402,959 and $10,494,818, respectively. The decrease of $5,091,859, or 48.5%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was attributed  to the Company deconsolidating the joint and several debt obligations as of the Merger date and a lower interest rate from the previous Revolver as compared to the new Revolver entered into on April 29, 2025.

Other Expense

Other expense for the three and nine months ended September 30, 2025 and 2024