BRLSWHIGH SIGNALFINANCIAL10-K

BRLSW experienced a dramatic reduction in total deposits from $153M to $21.9M alongside meaningful improvements in equity position and substantially reduced R&D spending.

The massive 85.7% decline in total deposits represents a fundamental change in the company's financial structure, potentially indicating a major business model shift or unwinding of previous arrangements. While the substantial improvement in stockholders' equity from -$7.4M to -$696K shows progress toward financial stability, the overall liquidity position appears weakened with lower cash reserves.

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

The financial picture reveals a company undergoing significant structural changes, with total deposits collapsing by $131M while stockholders' equity improved meaningfully though remaining negative. Operating expenses show mixed signals - SG&A increased modestly to $22.6M while R&D spending was substantially reduced to $197K, suggesting potential cost optimization efforts. The combination of reduced cash reserves, lower capital expenditures, and the dramatic deposit decline indicates either a major business restructuring or fundamental shift in operations that warrants close investor scrutiny.

FINANCIAL STATEMENT CHANGES
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.

R&D Expense
P&L
-57.2%
$460K→$197K

R&D spending cut 57.2% — could signal cost discipline or concerning reduction in innovation investment.

Cash & Equivalents
Balance Sheet
-39.4%
$1.1M→$681K

Cash declined 39.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-30.3%
$87.1M→$60.7M

Liabilities reduced 30.3% — deleveraging improves balance sheet strength and financial flexibility.

SG&A Expense
P&L
+21.2%
$18.6M→$22.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Inventory
Balance Sheet
+15.9%
$6.9M→$8.0M

Inventory built 15.9% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+10.7%
$1.8M→$2.0M

Receivables grew 10.7% — monitor days sales outstanding for collection efficiency.

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.
These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance.
Such statements can be identified by the fact that they do not relate strictly to historical or current facts.
When we discuss our strategies or plans, we are making projections, forecasts, or forward-looking statements.
Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, Borealis Foods management.
As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our Common Shares; a significant portion of our revenue is concentrated with a limited number of customers; adverse climate conditions may have an adverse effect on our business.
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.
or Oxus ) was a blank check company originally incorporated on February 3, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities.
On September 2, 2021, the registration statement relating to an initial public offering ( IPO ) was declared effective by the Securities and Exchange Commission (the SEC ).
On September 8, 2021, Oxus consummated the IPO of 15,000,000 units at $10.00 per unit and the sale of 8,400,000 warrants at a price of $1.00 per private warrant in a private placement to Oxus Capital Pte.
( EarlyBirdCapital ), and Sova Capital Limited (together with EarlyBirdCapital, the Underwriters ) for the IPO that closed simultaneously with the closing of the IPO.
The units were listed on the Nasdaq Capital Market ( Nasdaq ).
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