---
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"
generated_at: "2026-05-23T12:16:51.022735+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# VIP Play enters convertible note with CEO-controlled entity; $12.6M outstanding at 12% interest

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-005235
- JSON: https://secwatch.observer/filing/0001641172-25-005235.json
- Plain text: https://secwatch.observer/filing/0001641172-25-005235.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225005235/0001641172-25-005235-index.htm

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