{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-015689","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-06-20T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.017213+00:00","generated_at":"2026-05-19T01:44:22.468299+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"VIP Play borrows additional $650K under related-party convertible note; total outstanding exceeds $15M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-015689","json":"https://secwatch.observer/filing/0001641172-25-015689.json","markdown":"https://secwatch.observer/filing/0001641172-25-015689.md","text":"https://secwatch.observer/filing/0001641172-25-015689.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/0001641172-25-015689-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-19T01:44:22.468299+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":"268667887eccd08fa57efb2732e8ada14339fccf","claim":"VIP Play, Inc. incurred loan of $15,161,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"As of June 19, 2025, the aggregate outstanding principal balance of all loans under the Note is $15,161,000.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/0001641172-25-015689-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$15,161,000"},{"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":"c119aacebe1292b4e6a873229344ca5fba310b34","claim":"VIP Play, Inc. incurred debt of $650,000 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"We borrowed an additional aggregate amount of $650,000 in two separate draws under the Note on June 10, 2025 and June 18, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/0001641172-25-015689-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Principal","value":"$650,000"},{"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"}