ATLANTIC INTERNATIONAL CORP
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
CIRC$0.18-13.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net loss | $(66,828,192) | $(9,865,327) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Bad debt expense | 957,031 | — |
| Amortization, deferred financing cost | 545,362 | 424,000 |
| Interest paid in kind | 1,239,373 | 1,114,625 |
| Loss on debt extinguishment | 1,213,379 | — |
| Change in estimated fair value of contingent consideration | — | (150,093) |
| Deferred income taxes | (19,776,767) | (3,791,387) |
| Settlement claim to be paid in shares | 11,101,671 | — |
| Shares issued for services | 43,000,000 | — |
| Depreciation and amortization expense | 3,754,165 | 3,784,625 |
| Share based compensation | 4,791,549 | — |
| Expenses paid by IDC | — | 1,544,398 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 9,048,158 | 15,323,744 |
| Unbilled accounts receivable | (5,264,240) | (1,904,548) |
| Prepaid expenses and other current assets | (377,531) | (3,421,238) |
| Due from related parties | — | (3,371,874) |
| Other assets | (179,645) | (759,661) |
| Right of use assets | 62,525 | 1,284,007 |
| Accounts payable | 585,409 | 705,385 |
| Due to related parties | (117,040) | (2,231,830) |
| Income taxes payable | 13,913 | (1,000) |
| Accrued expenses and other current liabilities | 17,672,122 | 5,222,060 |
| Contingent consideration liability | (6,941,521) | — |
| Operating lease liability | (58,439) | (1,279,583) |
| Net cash (used in)/provided by operating activities | (5,558,718) | 2,626,303 |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (50,372) | (76,312) |
| Net cash used in investing activities | (50,372) | (76,312) |
| Cash flows from financing activities | ||
| Borrowings on revolving line of credit | 316,548,608 | 284,996,365 |
| Payments on revolving line of credit | (319,191,401) | (288,033,540) |
| Borrowing on credit agreement | 1,950,000 | — |
| Deemed capital contribution from recapitalization | 6,666,216 | — |
| Debt issuance costs payment | (319,500) | (40,000) |
| Net cash provided by/(used in) financing activities | 5,653,923 | (3,077,175) |
| Net increase/(decrease) in cash and cash equivalents | 44,833 | (527,184) |
| Cash and Cash Equivalents – Beginning of period | 1,352,927 | 1,716,161 |
| Cash and Cash Equivalents – End of period | $1,397,760 | $1,188,977 |
| Supplemental Disclosures of Cash Flow Information | ||
| Cash paid during the period for: | ||
| Interest | $5,437,928 | $9,021,326 |
| Income Taxes, net of refunds received | $17,100 | $73,541 |
| Non-cash investing and financing activities: | ||
| Derecognition of debt, net related to debt deconsolidation | $(68,946,155) | $— |
| Accretion of redeemable units to redemption value | $133,162 | $374,063 |
| 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 | $1,033,969 | $2,869,008 |
| Change in related parties | $(6,338,027) | $— |
| Deemed capital contribution from merger | $8,617,962 | $— |
| Liabilities assumed in merger | $1,703,193 | $— |
| Recapitalization of equity as a result of the Merger | $73,580,989 | $— |
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