VIP Play borrows additional $650K under CEO-controlled convertible note; total debt $9.315M

VIP Play, Inc.

Borrowed $375,000 on Jan 9, 2025 and $275,000 on Jan 14, 2025 from Excel Family Partners (Bruce Cassidy, CEO/Chairman).
Total outstanding principal under the 12% convertible demand note now $9,315,000 as of Jan 14, 2025.
Maturity April 1, 2025; interest payable monthly at 12% fixed rate; conversion at 80% of lowest recent price (floor $0.50).
Note is with related party (Excel controlled by CEO); no committed line, loans at lender's discretion.
Company cannot reborrow after repayment; prepayment permitted with notice and accrued interest.

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