Borealis Foods borrows $980k from Chairman at 10%; CEO salary deferred from Feb 2025

Borealis Foods Inc.

Issued promissory notes to Chairman for $980k aggregate principal, 10% interest, due on demand.
Chairman had advanced $980k in funds from June 5 to Aug 14, 2025, now formalized.
CEO salary accrued but not paid from Feb 1, 2025; $125k accrued payroll expense recorded in Q2.
Notes may be prepaid without penalty; default rate increases to 15%.

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