$BLNE

Eurocan Holdings Ltd.

CIK:0001534708|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income (expense)
Total net revenues	$ 2,625	$ 1,676	$ 5,321	$ 2,923
Operating Expenses
Compensation, commissions and benefits	3,038	2,139	6,054	4,227
General and administrative expenses	1,185	1,360	3,115	3,235
Depreciation and amortization	806	836	1,621	1,656
Marketing and advertising	1,128	787	2,170	1,312
Other operating expenses	958	450	2,018	1,144
Total operating expenses	7,115	5,572	14,978	11,574
Loss from operations	(4,490)	(3,896)	(9,657)	(8,651)
Other income (expense), net
Interest income	7		13	1
Interest expense		(388)		(2,277)
Gain on extinguishment of debt		75		75
Change in equity method investment	(31)	205	(148)	129
Gain on remeasurement of previously held equity interest	480		480
Other income (expense), net				14
Total other income (expense), net	456	(108)	345	(2,058)
Loss before income taxes	(4,034)	(4,004)	(9,312)	(10,709)
Provision for income taxes
Net loss from continuing operations	(4,034)	(4,004)	(9,312)	(10,709)
Net loss from discontinued operations		(136)		(358)
Net loss	(4,034)	(4,140)	(9,312)	(11,067)
Net loss attributable to non-controlling interests (related to discontinued operations)		(65)		(170)
Net loss attributable to common stockholders before preferred stock dividends	(4,034)	(4,075)	(9,312)	(10,897)
Preferred stock dividends	(37)	(37)	(75)	(75)
Deemed dividend - Preferred stock Series G and warrant price protection		(2,178)		(6,766)
Net loss attributable to common stockholders	(4,071)	(6,290)	(9,387)	(17,738)
Comprehensive loss
Net loss	(4,034)	(4,140)	(9,312)	(11,067)
Unrealized foreign currency translation gain (loss)	(1)	37	6	54
Total comprehensive loss	(4,035)	(4,103)	(9,306)	(11,013)
Comprehensive loss attributable to non-controlling interests (related to discontinued operations)		(65)		(170)
Comprehensive loss attributable to common stockholders	$ (4,035)	$ (4,038)	$ (9,306)	$ (10,843)
Basic net loss from continuing operations per common share	$ (0.13)	$ (0.41)	$ (0.31)	$ (1.83)
Diluted net loss from continuing operations per common share	(0.13)	(0.41)	(0.31)	(1.83)
Basic net loss from discontinued operations per common share		(0.01)		(0.06)
Diluted net loss from discontinued operations per common share		(0.01)		(0.06)
Basic net loss per common share attributable to common stockholders	(0.13)	(0.64)	(0.31)	(3.03)
Diluted net loss per common share attributable to common stockholders	$ (0.13)	$ (0.64)	$ (0.31)	$ (3.03)
Basic weighted average common shares outstanding	31,409,219	9,802,147	30,363,795	5,855,397
Diluted weighted average common shares outstanding	31,409,219	9,802,147	30,363,795	5,855,397
Gain on Sale of Loan [Member]
Revenues
Other revenues (includes related party fees of $50 and $100 for the three and six months ended June 30, 2026, respectively)	$ 1,752	$ 1,112	$ 3,597	$ 1,927
Loan Origination Fees [Member]
Revenues
Other revenues (includes related party fees of $50 and $100 for the three and six months ended June 30, 2026, respectively)	381	186	776	336
Interest Incomes [Member]
Interest income (expense)
Interest income	160	71	337	142
Interest Expenses [Member]
Interest income (expense)
Interest expense	(160)	(64)	(349)	(129)
Interest Income Net [Member]
Interest income (expense)
Interest income (expense), net		7	(12)	13
Title Fees [Member]
Revenues
Other revenues (includes related party fees of $50 and $100 for the three and six months ended June 30, 2026, respectively)	407	365	787	637
Fractional Equity [Member]
Revenues
Other revenues (includes related party fees of $50 and $100 for the three and six months ended June 30, 2026, respectively)	21		58
Other Revenues [Member]
Revenues
Other revenues (includes related party fees of $50 and $100 for the three and six months ended June 30, 2026, respectively)	$ 64	$ 6	$ 115	$ 10

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net loss	$ (9,312)	$ (11,067)
Net loss from discontinued operations		358
Adjustments to reconcile net loss to net cash used in operating activities
Gain on sale mortgage loans held for sale, net of direct costs	(3,597)	(1,927)
Recovery for credit losses		(29)
Depreciation and amortization	1,621	1,656
Gain on extinguishment of debt		(75)
Amortization of debt discount	12	1,722
Stock compensation expense	1,713
Issuance of restricted stock awards	327
Preferred stock dividends	(75)	(75)
Change in equity method investment	148	(129)
Gain on remeasurement of previously held equity interest	(480)
Issuance of common stock for services by third parties	15
Issuance of common stock for services by related parties		130
Noncash lease expense	(18)	(4)
Changes in operating assets and liabilities:
Proceeds from principal payments and sales of loans held for sale	133,084	54,898
Originations of mortgage loans held for sale	(125,253)	(52,216)
Interest rate lock commitment derivative	(53)	(97)
Prepaid expenses and other current assets	141	47
Accounts receivables, net		273
Other receivable	(40)	(327)
Due from affiliate	202
Other assets, net	137	327
Accounts payable	123	234
Accrued liabilities	(111)	512
Accrued interest, net	8	238
Other noncurrent liabilities	(57)	(11)
Net cash used in operating activities	(1,472)	(5,562)
Net cash used in operating activities of discontinued operations		(37)
Net cash used in operating activities	(1,472)	(5,599)
Cash Flows From Investing Activities:
Purchases of property and equipment	(1)
Purchase of internal-use software	(174)	(134)
Net cash used in investing activities of continuing operations	(175)	(134)
Net cash provided by investing activities of discontinued operations		193
Net cash (used in) provided by investing activities	(175)	59
Cash Flows From Financing Activities:
Net repayments/borrowings under warehouse lines of credit	(4,145)	(895)
ELOC shares issued for cash, net of offering costs	3,059	5,867
ATM shares issued for cash, net of offering costs	778	6,721
Series G Preferred Stock issued for cash, net of offering costs		3,266
Proceeds from warrant exercise	232
Proceeds from issuance of stock for option exercises	2
Payments of principal on secured credit facilities		(4,140)
Proceeds from notes payable, related party		672
Payments of principal on notes payable, related party		(430)
Proceeds from notes payable		250
Payments of principal on notes payable		(375)
Net cash (used in) provided by financing activities	(74)	10,936
Net (decrease) increase in cash	(1,721)	5,396
Effect of exchange rate changes on cash	6	54
Cash and restricted cash at the beginning of the period	3,195	872
Cash and restricted cash at the end of the period	1,480	6,322
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest		183
Cash paid during the period for income taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Note payable, related party converted to Preferred stock Series G		700
Conversion of preferred shares	1	6
Issued common stock as consideration for the acquisition in a business combination	258
Shares surrendered in settlement of debt, related party	132
Deemed dividend - Preferred stock Series G and warrant price protection		6,766
Secured credit facilities converted to common shares		986
Cash and cash equivalents	1,407	6,277
Restricted cash	73	45
Total cash and cash equivalents and restricted cash	1,480	6,322
Related Party [Member]
Changes in operating assets and liabilities:
Accounts receivables, net	$ (7)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,407	$ 3,064
Restricted cash	73	131
Mortgage loans held for sale, net, at fair value	10,838	15,072
Interest rate lock commitment derivative	285	232
Accounts receivable, net (includes related party receivables of $16 as of December 31, 2025)	28	20
Other receivable	40
Prepaid expenses and other current assets	305	459
Due from affiliate	198	400
Total current assets	13,174	19,378
Goodwill	33,310	33,310
Property and equipment, net	11,052	11,710
Intangible assets, net	4,780	4,829
Right-of-use assets	297	401
Simple Agreements for Future Equity (“SAFEs”), related party		148
Other assets, net	304	441
Total Assets	62,917	70,217
Current liabilities:
Warehouse lines of credit and accrued interest	10,408	14,544
Accounts payable	848	645
Accrued liabilities	844	903
Current portion of lease liabilities	252	239
Total current liabilities	12,352	16,331
Lease liabilities, net of current portion	86	221
Other noncurrent liabilities		57
Total liabilities	12,438	16,609
Commitments and contingencies (Note 16)
Shareholders’ Equity:
Common stock, $0.0001 par value; 100,000,000 shares authorized and 32,730,069 and 27,904,433 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	185,607	179,354
Accumulated other comprehensive loss	(42)	(48)
Accumulated deficit	(135,089)	(125,702)
Total Shareholders’ Equity	50,479	53,608
Total Liabilities and Shareholders’ Equity	62,917	70,217
Series A Preferred Stock [Member]
Shareholders’ Equity:
Preferred stock value		1
Series B Preferred Stock [Member]
Shareholders’ Equity:
Preferred stock value
Series F Preferred Stock [Member]
Shareholders’ Equity:
Preferred stock value
Series F-1 Preferred Stock [Member]
Shareholders’ Equity:
Preferred stock value
Series G Preferred Stock [Member]
Shareholders’ Equity:
Preferred stock value