---
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"
generated_at: "2026-05-18T09:30:20.180949+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# VIP Play draws additional $515K under convertible note; total principal $15.7M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-017747
- JSON: https://secwatch.observer/filing/0001641172-25-017747.json
- Plain text: https://secwatch.observer/filing/0001641172-25-017747.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1832161/000164117225017747/0001641172-25-017747-index.htm

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