{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-010705","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-05-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.016804+00:00","generated_at":"2026-05-21T05:37:32.415813+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"VIP Play borrows additional $1.009M under convertible note with CEO-related entity, total $13.631M","bullets":["As of May 15, 2025, aggregate outstanding principal under convertible note with Excel Family Partners is $13,631,000.","From April 17 to May 13, 2025, the company borrowed an additional $1,009,000 in four separate draws.","Note carries 12% fixed interest, due on demand, convertible at 80% of lowest recent price (floor $0.50 per share).","Excel Family Partners is controlled by CEO Bruce Cassidy; the note is non-committed and non-reborrowable.","Total borrowings increased from $12,097,000 (as of March 31) to $13,631,000."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-010705","json":"https://secwatch.observer/filing/0001641172-25-010705.json","markdown":"https://secwatch.observer/filing/0001641172-25-010705.md","text":"https://secwatch.observer/filing/0001641172-25-010705.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/0001641172-25-010705-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-21T05:37:32.415813+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":"3bedf3d2d8292b20837015caca1cabcd47ee2709","claim":"VIP Play, Inc. incurred convertible notes of $1,009,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"We borrowed an additional aggregate amount of $1,009,000 in four separate draws under the Note from April 17, 2025 through May 13, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/0001641172-25-010705-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$1,009,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"upon demand"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"c5677dfe5da6cdc500ca2f2fc08868f3bcbd125c","claim":"VIP Play, Inc. incurred convertible notes of $13,631,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"As of May 15, 2025, the aggregate outstanding principal balance of all loans under the Note is $13,631,000.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/0001641172-25-010705-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$13,631,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"upon demand"},{"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"}