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.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations (Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |
| Gross sales | $8,075,788 | $8,264,745 | $22,036,285 | $23,870,009 |
| Sales discounts & allowances | (387,889) | (539,392) | (1,127,673) | (1,342,799) |
| Revenue, net | 7,687,899 | 7,725,353 | 20,908,612 | 22,527,210 |
| Cost of goods sold | 5,953,089 | 7,205,527 | 17,109,095 | 21,449,469 |
| Depreciation | 461,540 | 996,625 | 1,861,351 | 2,938,098 |
| Total cost of goods sold | 6,414,629 | 8,202,152 | 18,970,446 | 24,387,567 |
| Gross profit (loss) | 1,273,270 | (476,799) | 1,938,166 | (1,860,357) |
| Sales & marketing | 1,123,460 | 312,289 | 5,073,810 | 1,677,316 |
| Business development | 1,306,589 | 196,243 | 2,475,764 | 435,015 |
| Training | 477,752 | 651,500 | 1,364,149 | 2,130,207 |
| General & administrative expenses | 1,986,517 | 2,786,155 | 8,807,852 | 9,332,345 |
| Total sales, general & administrative expenses | 4,894,318 | 3,946,187 | 17,721,575 | 13,574,883 |
| Loss from operations | (3,621,048) | (4,422,986) | (15,783,409) | (15,435,240) |
| Other income expense | ||||
| Other income (expense) | (2,765) | 4,298 | 3,368 | 163,588 |
| Interest expense | (1,207,524) | (2,166,413) | (3,766,542) | (5,535,932) |
| Total other expense | (1,210,289) | (2,162,115) | (3,763,174) | (5,372,344) |
| Loss before income taxes | (4,831,337) | (6,585,101) | (19,546,583) | (20,807,584) |
| Income tax expense | (832) | — | (14,948) | (15,092) |
| Net loss | $(4,832,169) | $(6,585,101) | $(19,561,531) | $(20,822,676) |
| Earnings per share from net loss | ||||
| Basic | $(0.23) | $(0.61) | $(0.98) | $(1.94) |
| Diluted | $(0.23) | $(0.61) | $(0.98) | $(1.94) |
| Weighted average shares outstanding | ||||
| Basic | 21,378,890 | 10,731,583 | 19,951,016 | 10,731,583 |
| Diluted | 21,378,890 | 10,731,583 | 19,951,016 | 10,731,583 |
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