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 Statements of Cash Flows (Unaudited)
| Borealis Foods Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) | ||
|---|---|---|
| For the Nine Months Ended September 30, 2024 | For the Nine Months Ended September 30, 2023 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(19,561,531) | $(20,822,676) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Non-cash compensation expense related to stock options | 1,273,053 | 392,141 |
| Depreciation and amortization | 1,861,351 | 2,938,098 |
| Amortization of loan costs | 232,798 | 28,266 |
| Provision for credit losses | 96,217 | 49,642 |
| Provision for inventory reserve | (33,534) | (141,440) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,228,251) | (726,552) |
| Inventories | (1,771,837) | (389,911) |
| Prepaid expenses and other | (202,151) | 119,921 |
| Operating lease payable | (22,185) | — |
| Accounts payable and accrued expenses | 5,085,952 | 2,497,246 |
| Net cash used in operating activities | (14,270,118) | (16,055,265) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (1,519,208) | (3,516,490) |
| Purchases of intangible assets | (253,017) | — |
| Proceeds from reverse capitalization | 63,575 | — |
| Net cash used in investing activities | (1,708,650) | (3,516,490) |
| 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 convertible notes payable | — | (4,500,000) |
| Payments on finance leases payable | (415,320) | (366,846) |
| Borrowings on line of credit | 6,500,000 | — |
| Payments on line of credit | — | (10,630,000) |
| Proceeds from notes payable | — | 15,000,000 |
| Payments on loan fees | — | (607,436) |
| Net cash provided by financing activities | 9,084,680 | 23,395,718 |
| Net change in cash | (6,894,088) | 3,823,963 |
| Cash, beginning of period | 7,615,630 | 5,146,616 |
| Cash, end of period | $721,542 | $8,970,579 |
| Supplemental cash flow data | ||
| Cash paid during the period for: | ||
| Interest | $2,314,683 | $2,540,446 |
| 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.