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 Statements of Cash Flows
| Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net loss | $(4,187,588) | $(8,431,622) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Non-cash compensation expense related to stock options | 58,166 | 1,273,053 |
| Depreciation and amortization | 480,554 | 994,202 |
| Amortization of loan costs | 76,466 | 77,316 |
| Provision for credit losses | (47,653) | 306,000 |
| Provision for inventory reserve | (126,323) | 42,449 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 234,308 | (3,300,756) |
| Inventories | 421,189 | 99,097 |
| Operating lease | (624) | (7,395) |
| Prepaid expenses and other current assets | 201,262 | (1,551,597) |
| Accounts payable and accrued expenses | 1,517,638 | 3,729,820 |
| Net cash used in operating activities | (1,372,605) | (6,769,433) |
| Cash flows from investing activities | ||
| Purchases of intangible assets | (9,515) | - |
| Proceeds from reverse capitalization | - | 63,575 |
| Purchases of property, plant and equipment, net | (16,229) | (550,984) |
| Net cash used in investing activities | (25,744) | (487,409) |
| Cash flows from financing activities | ||
| Proceeds from related parties | 1,085,000 | - |
| Proceeds from convertible notes payable | - | 3,000,000 |
| Payments on finance leases payable | (147,080) | (147,738) |
| Borrowings on line of credit | - | 5,000,000 |
| Net cash provided by financing activities | 937,920 | 7,852,262 |
| Net change in cash | (460,429) | 595,420 |
| Cash, beginning of period | 652,965 | 7,615,630 |
| Cash, end of period | $192,536 | $8,211,050 |
| Supplemental cash flow data | ||
| Cash paid during the period for: | ||
| Interest | $243,500 | $651,208 |
| Non-cash investing and financing activities | ||
| Conversion of notes payable into Class A shares (Note 4) | - | (54,991,472) |
| Note payable supplier finance (Note 4) | - | 10,349,494 |
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