---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-001027"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2024-01-04T23:59:59+00:00"
generated_at: "2026-06-07T04:11:22.814265+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# KeyStar restructures debt: converts $10.4M to shares, reduces note to $2M max

## Summary
- Converted $10,366,653 of debt under former note into 25,916,632 shares at $0.40/share; outstanding shares rise to 67,821,632.
- New $2M demand note from Excel (controlled by sole director) bears 15% interest; no committed line.
- $1,540,000 of principal assigned to eight third parties and also converted into 3,850,000 shares.
- Outstanding debt after conversion reduced to $1,135,000; note may be converted at 80% of lowest recent price.
- Note automatically accelerates on default with 2% interest penalty.

## SEC filing metadata
- accession: 0001493152-24-001027
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2024-01-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 1.02, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000149315224001027/0001493152-24-001027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000149315224001027/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-001027
- JSON: https://secwatch.observer/filing/0001493152-24-001027.json
- Plain text: https://secwatch.observer/filing/0001493152-24-001027.txt

## Key facts
- Debt Financings
  VIP Play, Inc. incurred credit facility of principal amount of not more than $2,000,000 with Excel Family Partners, LLLP at fixed rate per annum equal to 15.0% maturing upon demand.
  - Instrument: credit facility
  - Principal: principal amount of not more than $2,000,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: fixed rate per annum equal to 15.0%
  - Maturity: upon demand
  - Event: incurrence
  source text: On December 29, 2023, KeyStar Corp., a Nevada corporation (the “ Company, ” “ we ” or “ our ”), entered into a Fifth 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 $2,000,000 (the “ Note ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315224001027/0001493152-24-001027-index.htm

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