VIP Play, Inc. (VIPZ): debt financing — KeyStar borrows additional $475K at 15% under amended credit line with Excel Family Partners

VIP Play, Inc.

Borrowed $475,000 on April 24, 2024 under Fifth Amended Note; total outstanding principal now $5,685,000.
Interest fixed at 15% per annum, payable monthly in arrears; principal and accrued interest due on demand.
Lender may convert debt to common shares at 80% of the lowest price per share sold in prior 24 months.
Company retains right to prepay without penalty with prior written notice and accrued interest.

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 credit facility of $5,685,000 aggregate outstanding principal balance as of April 25, 2024 (including additional borrowing of $475,000 on A with Excel Family Partners, LLLP at 15.0% fixed per annum maturing Due upon demand.

Instrument: credit facility
Principal: $5,685,000 aggregate outstanding principal balance as of April 25, 2024 (including additional borrowing of $475,000 on A
Counterparty: Excel Family Partners, LLLP
Rate: 15.0% fixed per annum
Maturity: Due upon demand
Event: incurrence

Exact text from the filing

On April 24, 2024, we borrowed an additional $475,000 under the Note. As of April 25, 2024, the aggregate outstanding principal balance of all loans under the Note is $5,685,000.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-015913

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