---
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"
generated_at: "2026-05-21T05:37:32.415813+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# VIP Play borrows additional $1.009M under convertible note with CEO-related entity, total $13.631M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-010705
- JSON: https://secwatch.observer/filing/0001641172-25-010705.json
- Plain text: https://secwatch.observer/filing/0001641172-25-010705.txt

## Key facts
- Debt Financings
  VIP Play, Inc. incurred convertible notes of $1,009,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.
  - Instrument: convertible notes
  - Principal: $1,009,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: 12.0%
  - Maturity: upon demand
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/0001641172-25-010705-index.htm
- Debt Financings
  VIP Play, Inc. incurred convertible notes of $13,631,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.
  - Instrument: convertible notes
  - Principal: $13,631,000
  - Counterparty: Excel Family Partners, LLLP
  - Rate: 12.0%
  - Maturity: upon demand
  - Event: incurrence
  source text: As of May 15, 2025, the aggregate outstanding principal balance of all loans under the Note is $13,631,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225010705/0001641172-25-010705-index.htm

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