BRLSWHIGH SIGNALFINANCIAL10-K

BRLSW shows severe financial deterioration with net losses expanding 761% to $25.3M while operating cash flow declined 545% to negative $15.1M, indicating significant operational distress.

The company is experiencing a dramatic financial crisis with massive loss expansion, deteriorating cash generation, and substantially increased current liabilities of $25.4M against minimal current assets. The 90% improvement in stockholders' equity from deeply negative levels provides limited comfort given the overall trajectory of financial performance.

Comparing 2025-04-15 vs 2024-04-15View on EDGAR →
FINANCIAL ANALYSIS

BRLSW's financials reveal a company in severe distress, with net losses exploding from $2.9M to $25.3M while operating cash flow hemorrhaged from negative $2.3M to negative $15.1M. While total assets grew 172% to $60M and current assets surged to $11.8M, this was overshadowed by current liabilities ballooning 239% to $25.4M and the massive decline in total deposits from $153M to $21.9M. The overall picture signals acute liquidity pressure and operational challenges that pose significant risks to business continuity.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+9515.4%
$123K$11.8M

Current assets grew 9515.4% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
-761.1%
-$2.9M-$25.3M

Net income declined 761.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-545.2%
-$2.3M-$15.1M

Operating cash flow fell 545.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-297.7%
-$5.1M-$20.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Gross Profit
P&L
+267.9%
-$1.3M$2.2M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Liabilities
Balance Sheet
+239.3%
$7.5M$25.4M

Current liabilities surged 239.3% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+172.2%
$22.0M$60.0M

Asset base grew 172.2% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+90.6%
-$7.4M-$696K

Equity base grew 90.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Deposits
Balance Sheet
-85.7%
$153.0M$21.9M

Deposits declined 85.7% — significant outflows warrant immediate investigation into funding stability.

Capital Expenditure
Cash Flow
-63%
$4.5M$1.7M

Capex reduced 63% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2025-04-15
PRIOR — 2024-04-15
ADDED
As of April 15, 2025, 21,378,890 Common Shares of the registrant, no par value, were issued and outstanding.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 ii Item 9.A.
As a result, although we believe our sources are reliable, we have not independently verified the information and cannot guarantee, or otherwise provide assurance on, its accuracy and completeness.
(the Company or Borealis Foods our, us or we ) contains statements that are forward-looking and as such are not historical facts.
This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
#104 Oakville , Ontario L6J 7W5 (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (905) 278-2200 Oxus Acquisition Corp.
As of March 22, 2024, 21,378,890 Common Shares of the registrant, no par, value were issued and outstanding.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27 Item 9.A.
Principal Accountant Fees and Services 39 PART IV Item 15 Exhibits and Financial Statements Schedules 40 Item 16 Form 10-K Summary 41 Signatures 42 i BASIS OF PRESENTATION Borealis Foods Inc.
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