LINES OF CREDIT – RELATED PARTIES |
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| LINES OF CREDIT – RELATED PARTIES | 16. LINES OF CREDIT – RELATED PARTIES
Principal due under the lines of credit – related parties was as follows at June 30, 2026 and December 31, 2025: SCHEDULE OF LINE OF CREDIT - RELATED PARTIES
During the six months ended June 30, 2026, certain counterparties previously classified as related parties ceased to meet the definition of a related party under ASC 850 in connection with changes in the Company’s management and the settlement of a seller note. Accordingly, amounts previously classified as related-party balances were reclassified to third-party balances during the period.
For the three months ended June 30, 2026 and 2025, interest expense under lines of credit – related parties was $14,959 and $134,887, respectively. For the six months ended June 30, 2026 and 2025, interest expense under lines of credit – related parties was $29,753 and $270,812, respectively.
The lines of credit were previously secured by the Company’s inventory. Following the disposition of the Company’s inventory during the six months ended June 30, 2026, the lines of credit are currently unsecured.
EIGHTCO HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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