VIP Play, Inc. (VIPZ): debt financing — KeyStar Corp. repurchases 3.3M Series C Preferred shares from former CEO for $2M, issues $1.7M promissory note

VIP Play, Inc.

Repurchased 3,313,333 Series C Preferred shares from former CEO John Linss and Corespeed, LLC for $2,000,000.
Paid $300,000 cash at closing; issued 5% promissory note for $1,700,000 balance.
Note requires at least $850,000 payment by 12-month anniversary; balloon due by 24-month anniversary or 5 days after listing on Nasdaq/NYSE/NYSE American.
Transaction stems from Separation Agreement dated January 10, 2023, following Linss's resignation as CEO and board member.

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

VIP Play, Inc. incurred loan of $1,700,000 with John Linss at 5% per annum maturing the earlier of the 24-month anniversary of the Note or five days after the Company's common stock is listed for public trading on either the Nasdaq Stock Market.

Instrument: loan
Principal: $1,700,000
Counterparty: John Linss
Rate: 5% per annum
Maturity: the earlier of the 24-month anniversary of the Note or five days after the Company's common stock is listed for public trading on either the Nasdaq Stock Market
Event: incurrence

Exact text from the filing

“ Purchase Agreements ”) for the purchase of the Shares. The Company paid $300,000 at the closing and entered into a promissory note (the “ Note ”) with Linss for the remaining $1,700,000 of the purchase price. The Note bears interest at a rate of 5% per annum, does not include early prepayment penalties, and requires the following payments: (i) no less than

View on SEC.gov

222 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001393905-23-000102

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.