Borealis Foods Inc
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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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.
Jun 30, 2024 · Filed Aug 14, 2024
BRLS$0.95-5.0%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows (Unaudited)
| Borealis Foods, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) | ||
|---|---|---|
| For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(14,729,362) | $(14,237,575) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Non-cash compensation expense related to stock options | 1,273,053 | 291,990 |
| Depreciation and amortization | 1,410,197 | 1,941,473 |
| Amortization of loan costs | 154,633 | — |
| Provision for credit losses | 58,726 | — |
| Provision for inventory reserve | (21,165) | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (828,256) | (251,051) |
| Inventories | (694,403) | (1,136,973) |
| Prepaid expenses and other | (965,538) | 462,067 |
| Operating lease payable | (14,790) | — |
| Accounts payable and accrued expenses | 3,353,414 | 1,720,815 |
| Net cash used in operating activities | (11,003,491) | (11,209,254) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (1,065,305) | (2,854,647) |
| Purchases of intangible assets | (210,078) | — |
| Proceeds from reverse capitalization | 63,575 | — |
| Net cash used in investing activities | (1,211,808) | (2,854,647) |
| Cash flows from financing activities | ||
| Net payments to related parties | — | (500,000) |
| Proceeds from convertible notes payable | 3,000,000 | 25,000,000 |
| Payments on finance leases payable | (271,591) | (240,796) |
| Payments on notes payable | — | (2,630,000) |
| Borrowings on line of credit | 5,000,000 | — |
| Net cash provided by financing activities | 7,728,409 | 21,629,204 |
| Net change in cash | (4,486,890) | 7,565,303 |
| Cash, beginning of period | 7,615,630 | 5,146,616 |
| Cash, end of period | $3,128,740 | $12,711,919 |
| Supplemental cash flow data | ||
| Cash paid during the period for: | ||
| Interest | $1,560,746 | $1,195,439 |
| Income taxes | 14,116 | 15,092 |
| Non-cash investing and financing activities | ||
| Conversion of notes payable into Class A shares | (54,991,472) | — |
| Note payable supplier finance | 2,747,833 | — |
| Note payable accounted for as due to related party | 7,601,661 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.