---
schema_version: "secwatch.filing_event.v1"
accession: "0001393905-23-000212"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T14:18:04.827550+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# KeyStar Corp. issues $1.6M promissory note to related party Excel, with warrant for 1.6M shares at $0.25

## Summary
- Principal $1.6M, flat fee $160k, maturity Nov 4, 2023; prepayment before Aug 4 reduces fee to $140k.
- Excel controlled by Bruce Cassidy (Secretary and sole board member); transaction is a related party deal.
- Warrant to purchase 1.6M shares at $0.25/share, exercisable through May 4, 2028, on cash or cashless basis.
- Note is unsecured; default triggers 25% annual interest on unpaid principal.
- Warrant issued under Rule 506(b)/Section 4(a)(2) exemption; Excel is an accredited investor.

## SEC filing metadata
- accession: 0001393905-23-000212
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000212/0001393905-23-000212-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000212/keyr-20230505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001393905-23-000212
- JSON: https://secwatch.observer/filing/0001393905-23-000212.json
- Plain text: https://secwatch.observer/filing/0001393905-23-000212.txt

## Key facts
- Debt Financings
  VIP Play, Inc. incurred loan of $1,600,000 with Excel Family Partners, LLLP at twenty-five percent (25%) per annum maturing 2023-11-04.
  - Instrument: loan
  - Principal: $1,600,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: twenty-five percent (25%) per annum
  - Maturity: 2023-11-04
  - Event: incurrence
  source text: On May 5, 2023, KeyStar Corp., a Nevada corporation (the “ Company ,” “ we ” or “ our ”), entered into a Promissory Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of $1,600,000 (the “ Note ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000139390523000212/0001393905-23-000212-index.htm

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