Eightco (OCTO)

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Eightco (OCTO) - 2023 Q4 - Annual Report
2024-04-02 01:56
Financing Activities - Eightco Holdings Inc. completed a reverse stock split at a ratio of 1-for-50, effective April 3, 2023, and changed its trading symbol to "OCTO" on the Nasdaq Capital Market[172]. - The Company raised approximately $0.71 million from a private placement of 865,856 shares at a price of $0.82 per share on February 26, 2024[173]. - As of the date of filing, $3,425,000 has been committed by lenders under the Series A financing agreement[178]. - The Company entered into a Series B financing agreement on October 6, 2023, with $275,000 committed by lenders as of the filing date[183]. - Under the Series C financing agreement dated October 19, 2023, $2,900,000 has been committed by lenders as of the filing date[188]. - The Series D financing agreement allows for up to $5,000,000, with $600,000 committed by lenders as of the filing date[191]. - The Company entered into a Securities Purchase Agreement for a Senior Secured Convertible Note with an initial principal amount of $5,555,000 at a conversion price of $6.245 per share[193]. - The Note is due and payable in full on January 15, 2024, and does not bear interest unless an event of default occurs, triggering an 18% per annum interest rate[197]. - The Warrant issued allows the Investor to purchase up to 889,512 shares of Common Stock at an initial exercise price of $6.245 per share[210]. - The Company is obligated to file a registration statement covering 250% of the maximum number of shares underlying the Note and 150% of the shares underlying the Warrant within 45 days of closing[216]. - The Company redeemed all Warrants related to the Investor for $660,000 on October 23, 2023[215]. - The principal of the New Notes issued under the Debt Exchange Agreement is $1,650,000[192]. - The Note contains anti-dilution provisions that adjust the conversion price if the Company issues securities at a price lower than the then applicable conversion price[202]. - The Company must indemnify the Investor for certain losses resulting from misrepresentations or breaches of the Securities Purchase Agreement[196]. - The Note prohibits the Company from entering into certain transactions involving a change of control without the successor entity assuming all obligations[206]. - The Company must maintain a reserve of 250% of the shares issuable upon conversion of the Note[204]. Compliance and Regulatory Matters - The Company received a Nasdaq deficiency notice on September 29, 2023, for not meeting the minimum bid price requirement of $1.00 per share[236]. - The Company has until March 27, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2) by achieving a closing bid price of at least $1.00 for a minimum of 10 consecutive business days[238]. - As of March 28, 2024, the Company has not regained compliance and is not eligible for a second 180-day period[239]. - The Company intends to appeal the determination to a Hearings Panel, which will stay the suspension of its securities pending the Panel's decision[241]. - The Company has been provided 180 days to regain compliance with Nasdaq rules, with the possibility of delisting if compliance is not achieved[240]. Business Operations and Strategy - Eightco's business includes the Forever 8 Inventory Cash Flow Solution and a Packaging Business, focusing on e-commerce retailers and custom packaging[168]. - The Company no longer intends to generate revenue from its Web 3 Business following its strategic shift[168]. - Eightco separated from Vinco Ventures Inc. on June 29, 2022, and is now an independent publicly traded company[169]. - The Company has established a framework for its relationship with Vinco post-separation through various agreements, including a Tax Matters Agreement[170]. - The Company entered into a Membership Interest Purchase Agreement to acquire 100% of Forever 8 on October 1, 2022[221]. - The Sellers received $4.6 million in cash as part of the acquisition consideration[222]. - The Purchase Agreement includes potential earnout payments based on cumulative collected revenues, with a total potential of up to $15 million for the first earnout target[224]. Financial Performance - For the year ended December 31, 2023, total revenues increased by $43,476,705 or 136.63%, primarily driven by inventory management solutions revenues of $67,568,353 compared to $23,785,070 in 2022[259][261]. - Cost of revenues for the year ended December 31, 2023, increased by $37,178,154 or 125.49%, largely due to increased sales and associated costs in the inventory management solutions business[262]. - Gross profit for the year ended December 31, 2023, rose by $6,298,551 or 287.09%, attributed to higher sales through the Forever 8 Fund[263]. - Selling, general and administrative expenses decreased by $65,763 or 0.40%, totaling $16,335,561 for the year ended December 31, 2023[264]. - Restructuring and severance expenses increased by $833,982 or 64.15%, amounting to $2,133,982 for the year ended December 31, 2023, due to headcount reductions[265]. - Interest expense for the year ended December 31, 2023, was $11,553,589, an increase of $4,586,983 or 65.84% compared to 2022, primarily due to amortization of debt issuance costs[266]. - Total other expense was ($58,343,242) for the year ended December 31, 2023, compared to ($32,111,553) in 2022, largely due to losses on warrant issuance[267]. - Net loss for the year ended December 31, 2023, was ($68,320,414), an increase of $20,874,354 or 44.00% from the net loss of ($47,446,060) in 2022[269]. Cash Flow and Capital Needs - The company has approximately $500,000 in cash and expects to need additional capital to fund operations and increase revenues[270]. - Net cash used in operating activities was ($6,399,079) for the year ended December 31, 2023, compared to ($16,719,389) in 2022, reflecting a significant reduction in cash outflow[272]. - Net cash provided by financing activities decreased to $6,361,634 in 2023 from $20,920,207 in 2022, primarily due to lower proceeds from common stock issuance and convertible notes[274]. - The company has an accumulated deficit of $113,278,588 as of December 31, 2023, with further losses anticipated in business development[276]. - Current cash and cash equivalents are approximately $5.2 million, down from $5.6 million in 2022, and are insufficient to support projected operating requirements for the next 12 months[277]. - The company expects to need additional capital to increase revenues, with potential equity financing likely to be significantly dilutive to current stockholders[278]. - In 2023, the company began reducing headcount to lower corporate overhead and plans to continue cost reduction efforts in 2024[279].
Eightco (OCTO) - 2023 Q3 - Quarterly Report
2023-11-14 22:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-41033 EIGHTCO HOLDINGS INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2755739 (State or Oth ...
Eightco (OCTO) - 2023 Q2 - Quarterly Report
2023-08-11 01:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-41033 EIGHTCO HOLDINGS INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2755739 (State or Other Jurisdiction (I.R.S. Employer of Incorporation or Organization) Identification No.) 200 9 Avenue North, Suite 220 Safety Harbor, Florida ...
Eightco (OCTO) - 2023 Q1 - Quarterly Report
2023-05-16 01:58
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-41033 EIGHTCO HOLDINGS INC. (f/k/a Cryptyde, Inc.) (Exact Name of Registrant as Specified in its Charter) Delaware 87-27 ...
Eightco (OCTO) - 2022 Q4 - Annual Report
2023-04-17 21:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- ...
Eightco (OCTO) - 2022 Q3 - Quarterly Report
2022-11-14 22:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-41033 CRYPTYDE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2755739 (State or Other Juri ...
Eightco (OCTO) - 2022 Q2 - Quarterly Report
2022-08-19 21:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 333-264777 CRYPTYDE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2755739 (State or Other Jurisdic ...
Eightco (OCTO) - 2022 Q1 - Quarterly Report
2022-06-30 20:30
FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 333-264777 CRYPTYDE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2755739 (State or Other Jurisdi ...