secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2024-11-27T23:59:59+00:00
Accession:  0001493152-24-047972
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VIP Play borrows additional $725K under convertible note; total outstanding $7.685M
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- Borrowed additional $725,000 on Nov 22, 2024 under existing $5M convertible revolving line of credit.
- Aggregate outstanding principal now $7,685,000; note matures April 1, 2025.
- Interest at 12% per annum; conversion price at 80% of lowest recent stock sale price.
- Lender Excel Family Partners is controlled by CEO Bruce Cassidy (related party).
- Potential dilutive impact from conversion at discount to market price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224047972/0001493152-24-047972-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224047972/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-047972

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