VIP Play reports $21.8M outstanding on related-party convertible note at 12%, convertible at 80% of lowest price

VIP Play, Inc.

Outstanding principal on convertible demand note from Excel Family Partners (related party) is $21,786,313 as of Jan 5, 2026.
Note bears 12% fixed interest, due on demand, and is not a committed line; no reborrowing after repayment.
Conversion feature allows Excel to convert at 80% of the lowest price per share sold in prior 12 months (floor $0.50).
Company borrowed $1,121,000 in five draws from Dec 12, 2025 through Jan 2, 2026.
Note is controlled by Bruce Cassidy (Secretary and sole board member), a related party.

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 an additional aggregate amount of $1,121,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.

Instrument: convertible notes
Principal: an additional aggregate amount of $1,121,000
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 $1,121,000 in five separate draws under the Note from December 12, 2025 through January 2, 2026.

View on SEC.gov

307 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-26-000322

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.