secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2025-10-03T23:59:59+00:00
Accession:  0001493152-25-016796
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/0001493152-25-016796-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315225016796/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-016796

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