VIP Play, Inc. (VIPZ): debt financing — KeyStar amends $1.7M promissory note with former CEO Linss; new monthly payment schedule

VIP Play, Inc.

Promissory note amended Feb 19, 2024; $425,000 paid on or before Feb 27, 2024.
Monthly principal+interest payments of $59,665.09 begin April 1, 2024.
Maturity date is earliest of April 1, 2026, uplisting, or change of control.
Original note dated Feb 27, 2023 for $1.7M at 5% interest from stock redemption of 3,313,333 Series C shares.

item 1.01 item 2.03 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

VIP Play, Inc. amended loan of $1,700,000 with John Linss at 5% per annum maturing April 1, 2026.

Instrument: loan
Principal: $1,700,000
Counterparty: John Linss
Rate: 5% per annum
Maturity: April 1, 2026
Event: amendment

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

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Source: SEC EDGAR

accession 0001493152-24-008219

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