---
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"
generated_at: "2026-05-17T04:48:41.897885+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# VIP Play borrows additional $926k under convertible note; total outstanding $18.8M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-016796
- JSON: https://secwatch.observer/filing/0001493152-25-016796.json
- Plain text: https://secwatch.observer/filing/0001493152-25-016796.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/0001493152-25-016796-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.