VIP Play, Inc. (VIPZ): debt financing — VIP Play draws additional $515K under convertible note; total principal $15.7M

VIP Play, Inc.

Aggregate outstanding principal under note is $15,676,000 as of July 3, 2025, up $515,000 from two draws in late June/early July.
Note accrues interest at 12% fixed per annum; principal and accrued interest due on demand.
Excel Family Partners (related party controlled by director/secretary Bruce Cassidy) may convert debt to common stock at 80% of lowest recent price (floor $0.50/share).
Outstanding principal exceeds the note's stated maximum of $14,000,000, indicating potential amendment or waiver.

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. amended convertible notes of principal amount of not more than $14,000,000 with Excel Family Partners, LLLP at fixed rate per annum equal to 12.0%.

Instrument: convertible notes
Principal: principal amount of not more than $14,000,000
Counterparty: Excel Family Partners, LLLP
Rate: fixed rate per annum equal to 12.0%
Event: amendment

Exact text from the filing

Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $14,000,000 (the “ Note ”). Excel is controlled by Mr. Bruce Cassidy, our Secretary and sole member of our board of directors. The Note does not constitute a committed line of credit. Loans

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-017747

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