---
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"
generated_at: "2026-05-19T01:44:22.468299+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-015689
- JSON: https://secwatch.observer/filing/0001641172-25-015689.json
- Plain text: https://secwatch.observer/filing/0001641172-25-015689.txt

## Key facts
- Debt Financings
  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
  source text: As of June 19, 2025, the aggregate outstanding principal balance of all loans under the Note is $15,161,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/0001641172-25-015689-index.htm
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225015689/0001641172-25-015689-index.htm

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