secwatch.observer — SEC 8-K summary
======================================

Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2023-05-08T23:59:59+00:00
Accession:  0001393905-23-000212
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000139390523000212/0001393905-23-000212-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000139390523000212/keyr-20230505.htm
  HTML page:      https://secwatch.observer/filing/0001393905-23-000212

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer