Having project files is a way of grouping your storyboards together. You'll see your projects when you visit the Project Dashboard. A project can be made up of various storyboards. 

Open the side navigation bar to view all of your projects. To create a new one, select + Create a new project.

A sub-project is a mini project within a bigger one, helping to organize tasks and keep things manageable. It lets teams tackle specific parts while still working towards the main project’s goals.

Click + New > Create sub-project.

This sub-project will be nested within the main project.

A storyboard is a collection of frames. In Boords, you'll spend most of your time creating & editing storyboards. 
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To create a new storyboard, click + New > Create storyboard.

Frames are the individual panels within a storyboard. They are made up of an image, a label, voiceover, action (and/or many other) notes.