secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2024-12-23T23:59:59+00:00
Accession:  0001493152-24-051843
Event type: debt
Sentiment:  negative
Materiality: 0.55
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VIP Play borrows additional $320K under convertible note from CEO's entity; total $8.185M
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- Borrowed $320,000 on Dec 19, 2024 from Excel Family Partners (controlled by CEO Bruce Cassidy) under existing discretionary convertible note.
- Total outstanding principal on the note is $8,185,000 as of Dec 23, 2024; interest at 12% fixed per annum.
- Note matures April 1, 2025; convertible at 80% of the lowest recent share price in prior 12 months (floor $0.50).
- Repayment is on demand by lender; company may prepay with accrued interest only.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224051843/0001493152-24-051843-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315224051843/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-051843

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