VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows additional $926k under convertible note; total outstanding $18.8M

VIP Play, Inc.

Outstanding principal on convertible note to Excel Family Partners rose to $18,846,665 as of Oct 3, 2025, after $926k in draws Sept 19-Oct 1.
Note bears fixed interest at 12% per annum, due on demand; conversion price equals 80% of lowest prior 12-month share sale price (floor $0.50).
Note is from Excel Family Partners, controlled by Secretary and sole director Bruce Cassidy.
Original note amount was up to $14M; current outstanding exceeds that limit, indicating additional borrowing capacity.

item 2.03 item 9.01

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 convertible notes of $926,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.

Instrument: convertible notes
Principal: $926,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $926,000 in three separate draws under the Note from September 19, 2025 through October 1, 2025.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-016796

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