secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2024-08-30T23:59:59+00:00
Accession:  0001493152-24-034544
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

KeyStar borrows additional $475K from related-party convertible note; total $5.285M outstanding
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- Borrowed $475,000 on Aug 28, 2024 under convertible note from Excel Family Partners (CEO Bruce Cassidy's entity).
- Aggregate outstanding principal now $5,285,000, exceeding original $5,000,000 note cap.
- Note has 12% fixed interest, maturity April 1, 2025, convertible at 80% of lowest prior share price (floor $0.50).
- Note is a demand obligation; no reborrowing allowed after any repayment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224034544/0001493152-24-034544-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224034544/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-034544

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