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Borealis Exploration Limited Management Report for the Six Months Ended 30 September 2015 - Part II

30.11.2015 17:41:00 | Borealis Exploration Limited

Significant changes to key financial information

The significant changes to the Group’s consolidated financial data and operating results during or subsequent to the period covered by the audited Consolidated Financial Statements are:

For the six months ended 30 September 2015

Borealis spent US$1,772,000 on its operations for the six months ended 30 September 2015 and US$977,005 for the same period in 2014. This amounts to a US$795,248 increase in operating expenditure in the six months ended 30 September 2015 versus the same period in 2014. This is mainly attributable to the increase in marketing expenses for the Chorus Motors/WheelTug project.

For the six months ended 30 September 2015, Borealis incurred administrative expenses of US$1,239,140, US$56,640 in corporate fees, US$92,867 in legal fees, US$117,870 in rent and US$41,575 in travel compared to administrative expenses of US$977,005, US$42,312 in corporate fees, US$48,511 in legal fees, US$147,368 in rent and US$117,898 in travel in the same period in 2014. The changes in the foregoing expenses in the six months ended 30 September 2015 over the same period in 2014 are attributable to different needs and focus in the various activities in the business of the Borealis family of companies. The increases in administrative expenses and in corporate and legal fees are primarily attributable the varying needs, priorities and focus in activities, as well as varying treatment of expenditures during the two periods. Travel was a lot less in the six months to 30 September 2015, compared to that of the same period in 2014 which explains the reduction in travel costs.

In the six months ended 30 September 2015, Borealis spent US$821,501 on compensation to directors and officers versus US$902,550 in the same period in 2014.

In the six months ended 30 September 2015, Borealis incurred and capitalised development expenses amounting to US$694,922 relating to the Chorus Motors/WheelTug technology compared to US$582,148 in the same period in 2014.

For the six months ended 30 September 2015, the accumulated loss carried forward for Borealis was US$26,764,279 compared to US$27,436,998 for the same period in 2014. The decrease in accumulated loss carried forward in the six months ended 30 September 2015 versus the same period in 2014 is mainly attributable to profits on sale of shares of the subsidiaries exceeding the operating costs of the family of companies.

In the six months ended 30 September 2015, the Borealis family of companies sold US$6,404 in marketable securities of the Borealis family of companies to third-parties versus US$122,458 in the same period in 2014. The six-months on six-months decrease in 2015 versus 2014 in the amount realized from the disposal of marketable securities is attributable to weaker market conditions in the six months ended 30 September 2015 versus the same period in 2014.

For the six months ended on 30 September 2015, intangible assets increased to US$13,127,989 from US$11,901,903 for the same period in 2014. Intangible assets consist of (i) patents and (ii) the capitalization of Chorus Motors and WheelTug research and development expenses. The increase in the six months ended 30 September 2015 was attributable to more development work on the Chorus/Wheeltug project, and the registration of additional patents.

Expected Future Development of Borealis’s Business and Economic Results

Borealis intends to continue an 80% focus of its management time and 90% focus of its financial resources on commercializing the Chorus Motors and WheelTug technologies with the balance of its time and financial resources focused primarily on its other technology companies, including Avto Metals plc, Power Chips plc, Cool Chips plc, and, to a lesser extent, on certain of its other companies. Each of these technologies has successfully undergone tests in the six months ended 30 September 2015 and, subject to receipt of additional funds, will undergo further testing and development the last two quarters of fiscal 2016 with a view toward commercialization in fiscal 2017.

Segment Reporting

The projects of the Borealis family of companies are all in development stage and, as such, no segment, division, subsidiary or other component has earned any revenue whatsoever.

Related Party Transactions

For the period ended 30 September 2015, there were no related party transactions that substantially influenced the economic results of Borealis or the Borealis family of companies. Nor were there any changes in related party transactions, which were mentioned in the consolidated annual report of Borealis for the year ended 31 March 2015 that could significantly affect the economic results of Borealis and its consolidated group in the six months ended 30 September 2015.

Financial Position

Borealis did not have sufficient financing and facilities available for the foreseeable future as at 30 September 2015 and there have been no material changes in financial arrangements since the beginning of the financial year 2016 (i.e., 1 April 2015).

As at the date of this interim management statement, there have been no material events, transactions or changes regarding the financial position of Borealis other than those outlined in this interim management statement. Furthermore, the Board of Directors is not aware of any material events, transactions or changes regarding the financial position of Borealis, which have occurred since 1 April 2015 up to and including 27 November 2015, which is the date of publication of this report.

Change of Accounting Reference Period

On 1 September 2015, Borealis changed its accounting reference period from 31 March to 30 September. This means that, going forward, (i) the fiscal year end for Borealis and the Borealis family of companies will be 30 September of each calendar year and (ii) the next audit will be performed after the 30 September 2016 fiscal year end.

Borealis Statement

According to my best knowledge, this Semi-Annual Report for the six months ended 30 September 2015 provides a true and fair view of the financial situation, business activities and the economic results of Borealis and of its consolidated group for the past six months and about the prospects of the future development of the financial situation, business activities and the economic results of Borealis and of its consolidated group.

Borealis Exploration Limited

/s/ Dr. Rodney T. Cox

____________________________________

By: Dr. Rodney T. Cox

Title: Chief Executive Officer and Chairman of the Board

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