---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-007540"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2026-02-20T23:59:59+00:00"
generated_at: "2026-05-16T01:32:19.087234+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# VIP Play borrows additional $1.5M under related-party convertible note; total outstanding $23.3M

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-26-007540
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2026-02-20T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000149315226007540/0001493152-26-007540-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000149315226007540/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-007540
- JSON: https://secwatch.observer/filing/0001493152-26-007540.json
- Plain text: https://secwatch.observer/filing/0001493152-26-007540.txt

## Source-grounded claims
- claim_id: 017ac30213426bfdcfae081ef45cd0ba2f3e38c5
  claim: 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.
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315226007540/0001493152-26-007540-index.htm

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