VIP Play increases related-party convertible note to $6.785M; borrows additional $275K

VIP Play, Inc.

Outstanding principal under convertible demand note with Excel Family Partners (controlled by CEO) now $6,785,000 as of Oct 30, 2024.
Borrowed $175,000 on Oct 25 and $100,000 on Oct 30 at 12% fixed interest; note matures April 1, 2025.
Conversion price: 80% of lowest recent share price in prior 12 months, floor $0.50 per share, at Excel's option.
Note is demand and uncommitted; no reborrowing after repayment of principal or interest.
All loans are from related party—CEO Bruce Cassidy controls Excel Family Partners.

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