secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2026-01-05T23:59:59+00:00
Accession:  0001493152-26-000322
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/0001493152-26-000322-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315226000322/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-000322

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