VPR Brands borrows $100k from CEO at 24% interest with daily ACH repayment

VPR Brands, LP.

Issued $100,001 promissory note to CEO Kevin Frija on January 25, 2022.
Interest rate of 24% per annum, unsecured, maturity January 25, 2023.
CEO may deduct $500 per business day via ACH from company account until repaid.
Related-party transaction; Frija serves as CEO, President, CFO, and Chairman.
Proceeds provide working capital; note carries high cost and daily cash impact.

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