VIP Play borrows additional $455K under convertible note with CEO; total outstanding $9.77M

VIP Play, Inc.

Borrowed $150,000 on Jan 21 and $305,000 on Jan 29, 2025 under convertible note with Excel Family Partners (CEO-controlled)
Total outstanding principal as of Jan 30, 2025 is $9.77M, up from $4.41M in Aug 2024
Note matures April 1, 2025; 12% fixed interest; convertible at 80% of lowest recent price (floor $0.50 per share)
Note is a discretionary demand facility; Excel may convert debt into common stock at any time

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