VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows additional $630K under related-party convertible note; total $17.9M

VIP Play, Inc.

Borrowed $630,000 in three draws from Aug 27 to Sep 10, 2025 under demand note with Excel Family Partners.
Total outstanding principal balance now $17,920,665 as of Sep 12, 2025.
Note has 12% fixed interest, due on demand, convertible at 80% of lowest recent stock price.
Excel is controlled by Bruce Cassidy, Company's Secretary and sole board member.
No reborrowing after repayment; default interest rate rises to 14%.

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 revolving credit of $630,000 in three separate draws with Excel Family Partners, LLLP at 12.0% maturing due and payable upon demand.

Instrument: revolving credit
Principal: $630,000 in three separate draws
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: due and payable upon demand
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $630,000 in three separate draws under the Note from August 27, 2025 through September 10, 2025.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-013296

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