secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2025-01-03T23:59:59+00:00
Accession:  0001493152-25-000206
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VIP Play borrows additional $480k under convertible note; total $8.67M
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- Borrowed $250k on Dec 27, 2024 and $230k on Jan 2, 2025 under convertible line with Excel Family Partners.
- Total principal outstanding as of Jan 3, 2025 is $8.665 million; note matures April 1, 2025.
- Note bears 12% fixed interest; convertible at 80% of lowest share price in prior 12 months.
- Excel is controlled by CEO Bruce Cassidy, making the transaction a related-party debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225000206/0001493152-25-000206-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225000206/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-000206

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