VIP Play borrows additional $650K under related-party convertible note; total outstanding exceeds $15M

VIP Play, Inc.

Borrowed $650K in two draws on June 10 and June 18, 2025 under existing note with Excel Family Partners (controlled by director Bruce Cassidy).
Aggregate outstanding principal now $15.16M, exceeding the $14M stated maximum under the note.
Note carries 12% fixed interest, convertible into common shares at 80% of the lowest recent price (floor $0.50/share).
Note is a related-party demand obligation; Excel may demand repayment at any time.

item 2.03item 9.01

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