VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows additional $1.5M under related-party convertible note; total outstanding $23.3M

VIP Play, Inc.

As of Feb 19, 2026, aggregate outstanding principal under convertible note with Excel Family Partners (related party) is $23,286,313.
Note carries 12% fixed interest; convertible at 80% of lowest 12-month share price (floor $0.50).
John Dermody, VP of Operations, awarded options to purchase 1.5M shares (1.08M incentive, 0.42M nonstatutory) under 2023 Plan.
Options vest 1/4 on first anniversary of Feb 13, 2026, then monthly 1/48 for 36 months.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

VIP Play, Inc. amended convertible notes of $1,500,000 in six separate draws with Excel Family Partners, LLLP at fixed rate per annum equal to 12.0% maturing due and payable upon demand.

Instrument: convertible notes
Principal: $1,500,000 in six separate draws
Counterparty: Excel Family Partners, LLLP
Rate: fixed rate per annum equal to 12.0%
Maturity: due and payable upon demand
Event: amendment

Exact text from the filing

We borrowed an additional aggregate amount of $1,500,000 in six separate draws under the Note from January 9, 2026 through February 13, 2026.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-26-007540

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