Borealis Foods Inc. (BRLS)
Borealis Foods Inc. (BRLS)
| Balance Sheets | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Cash | 479,857 | 63,859 | 128,869 | 206,579 |
| Accounts receivable, net of allowance for credit losses of 197,003 and 230,000 as of march 31, 2026 and december 31, 2025, respectively | 1,742,569 | 2,648,229 | 2,574,783 | 2,319,901 |
| Inventories, net | 3,532,536 | 4,582,576 | 5,997,898 | 7,001,994 |
| Prepaid expenses and other current assets | 1,069,601 | 760,616 | 769,073 | 402,200 |
| Total current assets | 6,824,563 | 8,055,280 | 9,470,623 | 9,930,674 |
| Property, plant and equipment, gross | 59,503,560 | 59,503,560 | NaN | NaN |
| Less accumulated depreciation | 15,997,641 | 15,611,596 | NaN | NaN |
| Property, plant and equipment, net | 43,505,919 | 43,891,964 | 44,325,607 | 44,778,821 |
| Intangible assets | 298,041 | 298,041 | 383,710 | 351,009 |
| Right - of-use asset, net | 148,371 | 158,361 | 30,615 | 42,090 |
| Goodwill | NaN | NaN | 1,917,356 | 1,917,356 |
| Other non-current assets | 169,685 | 169,685 | 169,685 | 254,685 |
| Total assets | 50,946,579 | 52,573,331 | 56,297,596 | 57,274,635 |
| Convertible notes payable, current portion | NaN | NaN | NaN | 0 |
| Accounts payable and accrued expenses | 17,363,227 | 16,046,886 | 14,030,501 | 13,990,784 |
| Due to related parties | 28,717,709 | 27,295,885 | 19,134,580 | 18,854,580 |
| Line of credit, current portion | 2,209,383 | 2,691,096 | 10,149,641 | 0 |
| Convertible notes payable, current portion | 3,000,000 | 3,000,000 | NaN | NaN |
| Notes payable, current portion, net of capitalized loan costs | 19,850,380 | 20,100,380 | 20,166,932 | 5,956,085 |
| Operating lease payable, current portion | 37,912 | 39,982 | 31,710 | 44,008 |
| Finance leases payable, current portion | 668,338 | 642,474 | 606,031 | 578,082 |
| Total current liabilities | 71,846,949 | 69,816,703 | 64,119,395 | 39,423,539 |
| Due to related parties, net of current portion-Related Party | NaN | NaN | NaN | 0 |
| Operating lease payable, net of current portion | 110,928 | 118,528 | NaN | 0 |
| Notes payable, net of current portion | NaN | NaN | NaN | 14,132,682 |
| Line of credit | NaN | NaN | NaN | 7,600,000 |
| Convertible notes payable, net of current portion | NaN | NaN | 3,000,000 | 3,000,000 |
| Finance leases payable, net of current portion | 312,356 | 489,461 | 666,856 | 829,247 |
| Deferred tax liability | 1,379,226 | 1,379,226 | 1,459,923 | 1,459,923 |
| Common shares, no par value | NaN | NaN | NaN | 0 |
| Total liabilities | 73,649,459 | 71,803,918 | 69,246,174 | 66,445,391 |
| Additional paid-in capital | 90,580,730 | 90,540,605 | 90,412,531 | 90,409,532 |
| Accumulated deficit | -113,283,610 | -109,771,192 | -103,361,109 | -99,580,288 |
| Total shareholders (deficit) | -22,702,880 | -19,230,587 | -12,948,578 | -9,170,756 |
| Total liabilities and shareholders (deficit) | 50,946,579 | 52,573,331 | 56,297,596 | 57,274,635 |