Borealis Foods issues $2.79M demand promissory notes to CEO/Chairman; CEO salary unpaid

Borealis Foods Inc.

Borrowed $2,785,000 from CEO and Chairman via demand promissory notes bearing 10% annual interest.
Notes due on demand; funds advanced between Jan 15 and May 2, 2025.
CEO salary not paid since Feb 1, 2025; $169,000 accrued as payroll expense.
Default interest rate of 15% if unpaid; notes may be prepaid without penalty.

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