---
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"
generated_at: "2026-05-16T11:42:45.470475+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-000322
- JSON: https://secwatch.observer/filing/0001493152-26-000322.json
- Plain text: https://secwatch.observer/filing/0001493152-26-000322.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/0001493152-26-000322-index.htm

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