---
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"
generated_at: "2026-05-26T17:23:00.408157+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# VIP Play borrows additional $400K under convertible note from CEO, total $10.17M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-007050
- JSON: https://secwatch.observer/filing/0001493152-25-007050.json
- Plain text: https://secwatch.observer/filing/0001493152-25-007050.txt

## Key facts
- Debt Financings
  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
  source text: We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/0001493152-25-007050-index.htm
- Debt Financings
  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
  source text: We borrowed an additional $190,000 and $210,000 under the Note on February 3, 2025 and February 12, 2025, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315225007050/0001493152-25-007050-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.