VIP Play, Inc. (VIPZ): debt financing — KeyStar borrows additional $325K under line of credit; total outstanding $6.01M

VIP Play, Inc.

Borrowed $325,000 on May 13, 2024 under existing Fifth Amended Note with Excel Family Partners.
Aggregate outstanding principal balance under the Note increased to $6,010,000 as of May 17, 2024.
Loans accrue interest at a fixed rate of 15% per annum; principal and interest due on demand.
Excel may convert debt into shares at 80% of the lowest recent price per share over prior 24 months.
Original Note authorized up to $2,000,000; current balance exceeds that authorized amount.

item 2.03 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 0.9

VIP Play, Inc. incurred debt of an additional $325,000 with Excel Family Partners, LLLP at 15.0% maturing upon demand.

Principal: an additional $325,000
Counterparty: Excel Family Partners, LLLP
Rate: 15.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

ine Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”)

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310 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-020380

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