VIP Play, Inc. (VIPZ): debt financing — VIP Play enters convertible note with CEO-controlled entity; $12.6M outstanding at 12% interest

VIP Play, Inc.

Note with Excel Family Partners (controlled by CEO Bruce Cassidy) for up to $14M; outstanding $12.6M as of Apr 17.
Interest 12% fixed per annum; due on demand; default rate 14%.
Conversion price at 80% of lowest recent share price over prior 12 months, with floor of $0.50 per share.
Additional $525,000 drawn on Apr 2 and Apr 11, 2025; no reborrowing after repayment.
Convertible feature may cause dilution for existing shareholders.

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. incurred convertible notes of principal amount of not more than $14,000,000 with Excel Family Partners, LLLP at 12.0%.

Instrument: convertible notes
Principal: principal amount of not more than $14,000,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Event: incurrence

Exact text from the filing

In a Current Report on Form 8-K filed on April 2, 2025, VIP Play, Inc., a Nevada corporation (the “ Company, ” “ we ” or “ our ”) disclosed that on March 31, 2025 the Company entered into a First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $14,000,000 (the “ Note ”).

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-005235

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