{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-25-025923","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-12-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.696204+00:00","generated_at":"2026-05-16T15:25:27.019925+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"VIP Play draws additional $1M under convertible note; total outstanding $20.7M as of Dec 3, 2025","bullets":["Aggregate outstanding principal under convertible note with Excel Family Partners reached $20,665,313 as of Dec 3, 2025.","Borrowed total of $1,008,270 in five draws from Oct 31 to Nov 26, 2025.","Note bears 12% fixed interest and is due on demand; Excel may convert debt into common stock at 80% of lowest recent price (floor $0.50).","Excel is controlled by Bruce Cassidy, Company's Secretary and sole board member, making this a related-party transaction."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-25-025923","json":"https://secwatch.observer/filing/0001493152-25-025923.json","markdown":"https://secwatch.observer/filing/0001493152-25-025923.md","text":"https://secwatch.observer/filing/0001493152-25-025923.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225025923/0001493152-25-025923-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225025923/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T15:25:27.019925+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":"6b7531af4e572b52a81e2c1c3c9b90dc9b59eb04","claim":"VIP Play, Inc. incurred convertible notes of $1,008,270 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"We borrowed an additional aggregate amount of $1,008,270 in five separate draws under the Note from October 31, 2025 through November 26, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315225025923/0001493152-25-025923-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$1,008,270"},{"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"}