secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2025-09-15T23:59:59+00:00
Accession:  0001493152-25-013296
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VIP Play borrows additional $630K under related-party convertible note; total $17.9M
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225013296/0001493152-25-013296-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225013296/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-013296

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