{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-005235","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-04-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.016402+00:00","generated_at":"2026-05-23T12:16:51.022735+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"VIP Play enters convertible note with CEO-controlled entity; $12.6M outstanding at 12% interest","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-005235","json":"https://secwatch.observer/filing/0001641172-25-005235.json","markdown":"https://secwatch.observer/filing/0001641172-25-005235.md","text":"https://secwatch.observer/filing/0001641172-25-005235.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225005235/0001641172-25-005235-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225005235/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-23T12:16:51.022735+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"d95a6e142af0f147bfe0565e3fc1c5e7038b96e5","claim":"VIP Play, Inc. incurred convertible notes of principal amount of not more than $14,000,000 with Excel Family Partners, LLLP at 12.0%.","evidence_excerpt":"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 ”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225005235/0001641172-25-005235-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"principal amount of not more than $14,000,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}