secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2026-02-20T23:59:59+00:00
Accession:  0001493152-26-007540
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000149315226007540/0001493152-26-007540-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000149315226007540/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-007540

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer