{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-007050","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-02-18T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.157680+00:00","generated_at":"2026-05-26T17:23:00.408157+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"VIP Play borrows additional $400K under convertible note from CEO, total $10.17M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-007050","json":"https://secwatch.observer/filing/0001493152-25-007050.json","markdown":"https://secwatch.observer/filing/0001493152-25-007050.md","text":"https://secwatch.observer/filing/0001493152-25-007050.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/0001493152-25-007050-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-26T17:23:00.408157+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"100050ead6adfd0f08f7a5a43a010bf97476d53a","claim":"VIP Play, Inc. incurred convertible notes of $190,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.","evidence_excerpt":"We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/0001493152-25-007050-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$190,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"April 1, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"4ec9ff1894c14fed005449e00d1953c07723a411","claim":"VIP Play, Inc. incurred convertible notes of $210,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.","evidence_excerpt":"We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/0001493152-25-007050-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$210,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"April 1, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}