VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows additional $400K under convertible note from CEO, total $10.17M

VIP Play, Inc.

Borrowed $190K on Feb 3 and $210K on Feb 12, 2025 under discretionary line of credit with Excel Family Partners, controlled by CEO Bruce Cassidy.
Aggregate outstanding principal now $10,170,000; interest at fixed 12% per annum.
Maturity date April 1, 2025; loan is payable on demand with acceleration upon default plus 2% penalty.
Excel may convert debt into common stock at 80% of the lowest share price in prior 12 months, floor $0.50.

item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VIP Play, Inc. incurred convertible notes of $190,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.

Instrument: convertible notes
Principal: $190,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: April 1, 2025
Event: incurrence

Exact text from the filing

We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VIP Play, Inc. incurred convertible notes of $210,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.

Instrument: convertible notes
Principal: $210,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: April 1, 2025
Event: incurrence

Exact text from the filing

We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.

View on SEC.gov

225 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-007050

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