RESTRUCTURING AND SEVERANCE

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND SEVERANCE

4. RESTRUCTURING AND SEVERANCE

Restructuring and severance charges consist of the following for the nine months ended September 30, 2024 and 2023, respectively:

	September 30, 2024		September 30, 2023
Severance expense	$	1,404,038	$	940,000
Rent expense		10,800		614,658
Impairment		-		292,748
Total restructuring and severance	$	1,414,838	$	1,847,406

The changes in the carrying amount of restructuring and severance liabilities for the period from January 1, 2024 through September 30, 2024 consisted of the following:

Balance, January 1, 2024	$	2,250,000
Additions and adjustments		1,485,000
Payments and adjustments		(1,202,844	)
Balance, September 30, 2024	$	2,532,156

The carry amount of $2,532,156 of restructuring and severance liabilities in included in accrued expenses on the condensed consolidated balance sheets.

EIGHTCO HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)