{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-016796","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-10-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.694712+00:00","generated_at":"2026-05-17T04:48:41.897885+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"VIP Play borrows additional $926k under convertible note; total outstanding $18.8M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-016796","json":"https://secwatch.observer/filing/0001493152-25-016796.json","markdown":"https://secwatch.observer/filing/0001493152-25-016796.md","text":"https://secwatch.observer/filing/0001493152-25-016796.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/0001493152-25-016796-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:48:41.897885+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":"46d6d7d8fc14b861c88a930348ace5bfe8b0722f","claim":"VIP Play, Inc. incurred convertible notes of $926,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"We borrowed an additional aggregate amount of $926,000 in three separate draws under the Note from September 19, 2025 through October 1, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/0001493152-25-016796-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$926,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"upon demand"},{"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"}