{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-010888","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-03-19T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.158177+00:00","generated_at":"2026-05-24T12:05:53.872873+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"VIP Play draws additional $740K from CEO affiliate note; balance rises to $11.68M","bullets":["Borrowings under convertible note with CEO's affiliate Excel reach $11.68M, up from $4.41M at inception.","Interest fixed at 12% p.a.; note matures April 1, 2025; conversion at 80% of lowest recent stock sale price.","Four draws totaling $740,000 occurred between March 7-14, 2025.","The note is uncommitted; Excel may demand payment at any time, with optional conversion to common stock."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-010888","json":"https://secwatch.observer/filing/0001493152-25-010888.json","markdown":"https://secwatch.observer/filing/0001493152-25-010888.md","text":"https://secwatch.observer/filing/0001493152-25-010888.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225010888/0001493152-25-010888-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225010888/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T12:05:53.872873+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":"f56ae6233da7ef2d7a19aad615aa2dbe0148b61e","claim":"VIP Play, Inc. incurred convertible notes of $740,000 with Excel Family Partners, LLLP at 12.0% maturing April 1, 2025.","evidence_excerpt":"We borrowed an additional aggregate amount of $740,000 in four separate draws under the Note from March 7, 2025 through March 14, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225010888/0001493152-25-010888-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$740,000"},{"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"}