DUE TO AND FROM FORMER PARENT

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

DUE TO AND FROM FORMER PARENT

13. DUE TO AND FROM FORMER PARENT

As of September 30, 2024, and December 31, 2023, the amount due to Vinco consists of net amounts related to management fees and borrowings for working capital and financing needs of Eightco as well as other operating expenses that were paid for on behalf of one to the other. As of September 30, 2024, and December 31, 2023, the net amount due to Former Parent was $480,000 and $6,977,193, respectively. The Company entered into an agreement with Vinco on the amounts owed related to the spinoff.

On June 20, 2024, the Company and Vinco, its former parent, entered into an agreement (the “Vinco Amendment”) whereby Vinco agreed to accept the following payment terms to resolve all outstanding liabilities of the Company under the Vinco Agreement:

● On the first of each month from July 1, 2024 through September 1, 2024, the Company is to deliver to Vinco $15,000, or an aggregate of $45,000;

● On the first of each month starting October 1, 2024 through December 1, 2024, the Company will deliver to Vinco $25,000, or an aggregate of $75,000; and

● On the first of each month starting January 1, 2025 through December 31, 2025, the Company will deliver to Vinco $30,000, or an aggregate of $360,000; provided that, in the Company’s sole discretion, it may satisfy this 2025 payment obligation through the issuance to Vinco of an aggregate of 144,000 shares of common stock of the Company (the “Shares”) on January 15, 2025.

In the event the Company determines to satisfy the 2025 payment obligation through the issuance of the Shares, the Company will ensure that such Shares are registered for resale with the Securities and Exchange Commission such that such Shares may be freely traded by Vinco after their issuance.

EIGHTCO HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

13. DUE TO AND FROM FORMER PARENT (continued)

Upon payment of the amounts referenced above, the remaining amounts owed and due under the Vinco Agreement will be cancelled and all obligations of both the Company and Vinco pursuant to the Agreement will be deemed fully satisfied.

Forgiveness of the amount due to former parent for the three months ended September 30, 2024 and 2023 was $0 and $0, respectively, and $6,497,193 and $0 for the nine months ended September 30, 2024 and 2023, respectively.