---
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"
generated_at: "2026-05-25T07:27:58.972888+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# VIP Play borrows $773K more under convertible note; total debt hits $10.9M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-009360
- JSON: https://secwatch.observer/filing/0001493152-25-009360.json
- Plain text: https://secwatch.observer/filing/0001493152-25-009360.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315225009360/0001493152-25-009360-index.htm

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