{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-009360","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-03-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.157916+00:00","generated_at":"2026-05-25T07:27:58.972888+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"VIP Play borrows $773K more under convertible note; total debt hits $10.9M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-009360","json":"https://secwatch.observer/filing/0001493152-25-009360.json","markdown":"https://secwatch.observer/filing/0001493152-25-009360.md","text":"https://secwatch.observer/filing/0001493152-25-009360.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225009360/0001493152-25-009360-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225009360/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-25T07:27:58.972888+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":"37c3c5341ca65298e10f3bcd5839a67429c7495c","claim":"VIP Play, Inc. incurred convertible notes of $773,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.","evidence_excerpt":"We borrowed an additional aggregate amount of $773,000 in four separate draws under the Note from February 20, 2025 through March 5, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225009360/0001493152-25-009360-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$773,000"},{"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"}