Borealis Foods Inc. (BRLS): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Borealis Foods Inc. incurred loan of aggregate principal amount of $2,785,000 with Chief Executive Officer and Chairman of the Board of Directors at 10% per annum maturing due on demand.

Instrument: loan
Principal: aggregate principal amount of $2,785,000
Counterparty: Chief Executive Officer and Chairman of the Board of Directors
Rate: 10% per annum
Maturity: due on demand
Event: incurrence

Exact text from the filing

On May 20, 2025, Borealis Foods Inc. (the "Company") issued promissory notes to the Company's Chief Executive Officer (the "CEO") and Chairman of the Company's Board of Directors (the "Chairman") in the aggregate principal amount of $2,785,000 (the "Promissory Notes"). The Promissory Notes bears interest at a rate of 10% per annum and are due on demand.

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Source: SEC EDGAR

accession 0001213900-25-045949

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