{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-020852","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-07-24T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.213469+00:00","generated_at":"2026-05-18T02:32:52.744567+00:00","sec_items":["2.03","5.02","7.01","9.01"],"event_type":"leadership","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"VIP Play CFO resigns effective Aug 8; convertible note balance rises to $16.5M","bullets":["CFO James Mackey resigning effective August 8, 2025; no separation agreement; CEO Les Ottolenghi thanks him.","Company reaffirms prior financial guidance and is searching for a successor.","Outstanding principal under Excel Family Partners convertible note now $16,466,000 after $790k in additional draws.","Note bears 12% fixed interest, due on demand, convertible at 80% of lowest recent price per share ($0.50 floor).","Note is controlled by board secretary Bruce Cassidy; original maximum was $14M."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-020852","json":"https://secwatch.observer/filing/0001641172-25-020852.json","markdown":"https://secwatch.observer/filing/0001641172-25-020852.md","text":"https://secwatch.observer/filing/0001641172-25-020852.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/0001641172-25-020852-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T02:32:52.744567+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":"19bd36850385589e2ca38034c8b20ff11d054198","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% maturing due and payable upon demand.","evidence_excerpt":"the Company entered into a First Amended and Restated Discretionary Convertible Revolving 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 ”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225020852/0001641172-25-020852-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":"Maturity","value":"due and payable upon demand"},{"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"}