---
schema_version: "secwatch.filing_event.v1"
accession: "0001393905-23-000090"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2023-02-28T23:59:59+00:00"
generated_at: "2026-06-18T22:39:45.321188+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# KeyStar Corp. increases related-party credit line to $4M, issues warrant for 4M shares

## Summary
- Entered Second Amended Note with Excel Family Partners (controlled by sole director Bruce Cassidy) increasing maximum principal from $2M to $4M.
- Outstanding balance as of Feb 28, 2023: $3,776,876.51; interest at 15% fixed per annum.
- Issued warrant to purchase 4,000,000 shares at $0.25 per share, exercisable through Feb 1, 2028.
- Note is convertible at 80% of lowest recent price; lender may convert debt to common stock.
- Note is non-revolving, discretionary, and due on demand; no committed line.

## SEC filing metadata
- accession: 0001393905-23-000090
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2023-02-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000090/0001393905-23-000090-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000090/keyr-20230224.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001393905-23-000090
- JSON: https://secwatch.observer/filing/0001393905-23-000090.json
- Plain text: https://secwatch.observer/filing/0001393905-23-000090.txt

## Key facts
- Debt Financings
  VIP Play, Inc. amended revolving credit of not more than $4,000,000 with Excel Family Partners, LLLP at a fixed rate per annum equal to 15.0% maturing due and payable upon demand.
  - Instrument: revolving credit
  - Principal: not more than $4,000,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: a fixed rate per annum equal to 15.0%
  - Maturity: due and payable upon demand
  - Event: amendment
  source text: On February 24, 2023, KeyStar Corp., a Nevada corporation (the “ Company ,” “ we ” or “ our ”), entered into a Second Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $4,000,000 (the “ Note ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000090/0001393905-23-000090-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.