VIP Play, Inc. (VIPZ): debt financing — 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 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VIP Play, Inc. incurred loan of $15,161,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.

Instrument: loan
Principal: $15,161,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

As of June 19, 2025, the aggregate outstanding principal balance of all loans under the Note is $15,161,000.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VIP Play, Inc. incurred debt of $650,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.

Principal: $650,000
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $650,000 in two separate draws under the Note on June 10, 2025 and June 18, 2025.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-015689

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