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

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Borealis Foods Inc. incurred loan of $980,000 with Chairman of the Company’s Board of Directors at 10% per annum maturing due on demand.

Instrument: loan
Principal: $980,000
Counterparty: Chairman of the Company’s Board of Directors
Rate: 10% per annum
Maturity: due on demand
Event: incurrence

Exact text from the filing

issued promissory notes to the Company’s Chairman of the Company’s Board of Directors (the “Chairman”) in the aggregate principal amount of $980,000 (the “Promissory Notes”). The Promissory Notes bears interest at a rate of 10% per annum and are due on demand.

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Borealis Foods Inc. filing history →

Source: SEC EDGAR

accession 0001213900-25-078601

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