{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-000322","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2026-01-05T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.435754+00:00","generated_at":"2026-05-16T11:42:45.470475+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 reports $21.8M outstanding on related-party convertible note at 12%, convertible at 80% of lowest price","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-000322","json":"https://secwatch.observer/filing/0001493152-26-000322.json","markdown":"https://secwatch.observer/filing/0001493152-26-000322.md","text":"https://secwatch.observer/filing/0001493152-26-000322.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/0001493152-26-000322-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T11:42:45.470475+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":"c2f49d957ae478401db5573d1cd952dda0d58781","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/0001493152-26-000322-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"an additional aggregate amount of $1,121,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"upon demand"},{"label":"Event","value":"incurrence"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}