VIP Play, Inc. (VIPZ): debt financing — VIP Play borrows additional $824,665 under convertible note from related party; total outstanding $17.3M

VIP Play, Inc.

Borrowed $824,665 in four draws from Aug 1-20, 2025 under discretionary convertible note from Excel Family Partners.
As of Aug 25, 2025, total outstanding principal is $17,290,665, up from $12,097,000 at inception.
Note bears 12% fixed interest; convertible into common stock at 80% of Lowest Recent Price (floor $0.50 per share).
Excel is controlled by Bruce Cassidy, company's Secretary and sole board member (related-party transaction).
Note does not constitute a committed line; borrowings at Excel's sole discretion.

item 2.03 item 9.01

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. incurred convertible notes of $824,665 with Excel Family Partners, LLLP at 12.0% maturing upon demand.

Instrument: convertible notes
Principal: $824,665
Counterparty: Excel Family Partners, LLLP
Rate: 12.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

We borrowed an additional aggregate amount of $824,665 in four separate draws under the Note from August 1, 2025 through August 20, 2025.

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-025623

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