Borealis Foods Inc.
For the period ended Mar 31, 2025. Filed May 20, 2025.
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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.
Mar 31, 2025 · Filed May 20, 2025
BRLS$0.95-5.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Balance Sheets
| March 31, 2025 | December 31, 2024 (Audited) | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash | $192,536 | $652,965 |
| Accounts receivable, net of allowance for credit losses of $200,000 and $247,653 as of March 31, 2025 and December 31, 2024, respectively | 1,779,092 | 1,965,748 |
| Inventories, net | 7,751,394 | 8,046,259 |
| Prepaid expenses and other current assets | 848,349 | 1,134,611 |
| Total current assets | 10,571,371 | 11,799,583 |
| Property, plant and equipment, net | 45,272,000 | 45,736,326 |
| Intangible assets | 328,822 | 319,307 |
| Right - of-use asset, net | 53,323 | 63,826 |
| Goodwill | 1,917,356 | 1,917,356 |
| Other non-current assets | 254,685 | 169,685 |
| Total assets | $58,397,557 | $60,006,083 |
| Liabilities and Shareholders' (deficit) | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $13,047,438 | $11,529,803 |
| Due to related parties | 16,512,453 | 7,825,792 |
| Notes payable, current portion, net of capitalized loan costs | 5,706,085 | 5,456,934 |
| Operating lease payable, current portion | 51,822 | 55,116 |
| Finance leases payable, current portion | 551,428 | 538,845 |
| Total current liabilities | 35,869,226 | 25,406,490 |
| Due to related parties, net of current portion | - | 7,601,661 |
| Line of credit | 7,600,000 | 7,600,000 |
| Convertible notes payable, net of current portion | 3,000,000 | 3,000,000 |
| Notes payable, net of current portion | 14,305,366 | 14,478,051 |
| Operating lease payable, net of current portion | 4,183 | 12,015 |
| Finance leases payable, net of current portion | 984,167 | 1,143,829 |
| Deferred tax liability | 1,459,923 | 1,459,923 |
| Total liabilities | 63,222,865 | 60,701,969 |
| Shareholders' (deficit) | ||
| Common shares, no par value | - | - |
| Additional paid-in capital | 90,154,854 | 90,096,688 |
| Accumulated deficit | (94,980,162) | (90,792,574) |
| Total shareholders' (deficit) | (4,825,308) | (695,886) |
| Total liabilities and shareholders' (deficit) | $58,397,557 | $60,006,083 |
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