Borealis Foods Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 14, 2024
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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Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets
| September 30,2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current Assets | ||
| Cash | $721,542 | $7,615,630 |
| Accounts receivable, net of allowance for credit losses of $320,650 as of September 30, 2024 and $224,433 as of December 31, 2023 | 2,907,790 | 1,775,756 |
| Inventories, net | 8,750,399 | 6,945,028 |
| Prepaid expenses | 1,048,029 | 845,878 |
| Total current assets | 13,427,760 | 17,182,292 |
| Property, plant and equipment, net | 46,066,397 | 46,408,540 |
| Intangible assets | 253,017 | — |
| Right - of-use asset, net | 77,311 | 108,469 |
| Goodwill | 1,917,356 | 1,917,356 |
| Other non-current assets | 169,685 | 169,685 |
| Total assets | $61,911,526 | $65,786,342 |
| Liabilities and Shareholders' equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $8,596,330 | $10,887,730 |
| Due to related parties | 15,427,453 | 7,825,790 |
| Convertible notes payable, current portion | — | 47,300,000 |
| Notes payable, current portion, net of capitalized loan costs | 5,706,934 | 681,121 |
| Operating lease payable, current portion | 17,776 | 43,794 |
| Finance leases payable, current portion | 550,212 | 565,353 |
| Total current liabilities | 30,298,705 | 67,303,788 |
| Line of credit | 6,500,000 | — |
| Convertible notes payable, net of current portion | 3,000,000 | 3,000,000 |
| Notes payable, net of current portion | 14,149,885 | 13,509,189 |
| Operating lease payable, net of current portion | 43,793 | 71,119 |
| Finance leases payable, net of current portion | 1,283,129 | 1,683,308 |
| Deferred tax liability | 1,566,233 | 1,566,233 |
| Total liabilities | 56,841,745 | 87,133,637 |
| Shareholders' equity (deficit) | ||
| Common shares, no par value | — | — |
| Additional paid-in capital | 90,096,688 | 44,118,081 |
| Accumulated deficit | (85,026,907) | (65,465,376) |
| Total shareholders' equity (deficit) | 5,069,781 | (21,347,295) |
| Total liabilities and shareholders' equity (deficit) | $61,911,526 | $65,786,342 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.