VIP Play borrows additional $180K under convertible note with CEO-controlled entity; total outstanding $7.865M

VIP Play, Inc.

Borrowed $180,000 on Dec 10, 2024 under existing $5M Note with Excel Family Partners (controlled by CEO Bruce Cassidy).
Total outstanding principal as of Dec 13, 2024 is $7,865,000, exceeding original $5M limit.
Note carries 12% fixed interest, convertible at 80% of lowest recent price (floor $0.50), matures April 1, 2025.
Related-party transaction as Excel is controlled by CEO and sole board member Bruce Cassidy.
No use of proceeds specified; funds likely for working capital.

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