secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2024-10-30T23:59:59+00:00
Accession:  0001493152-24-043072
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224043072/0001493152-24-043072-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224043072/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-043072

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