VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows $773K more under convertible note; total debt hits $10.9M

VIP Play, Inc.

Borrowed $773K in four draws (Feb 20–Mar 5, 2025) under $5M discretionary convertible note from Excel Family Partners, controlled by CEO Bruce Cassidy.
Total outstanding principal rose to $10.943M, exceeding the original $5M limit, up from $4.41M in August 2024.
Note matures April 1, 2025, carries 12% fixed interest, and is convertible at 80% of the lowest stock price in prior 12 months.
Note is due on demand; related-party transaction as Excel is controlled by CEO and sole director Bruce Cassidy.

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 $773,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.

Instrument: convertible notes
Principal: $773,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: April 1, 2025
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $773,000 in four separate draws under the Note from February 20, 2025 through March 5, 2025.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-009360

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