{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-017747","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-07-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.213271+00:00","generated_at":"2026-05-18T09:30:20.180949+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"VIP Play draws additional $515K under convertible note; total principal $15.7M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-017747","json":"https://secwatch.observer/filing/0001641172-25-017747.json","markdown":"https://secwatch.observer/filing/0001641172-25-017747.md","text":"https://secwatch.observer/filing/0001641172-25-017747.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225017747/0001641172-25-017747-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225017747/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T09:30:20.180949+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":"f522a56338fa34c2df561af67deda5994b3ec63c","claim":"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%.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225017747/0001641172-25-017747-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"principal amount of not more than $14,000,000"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"fixed rate per annum equal to 12.0%"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}