{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-025623","form_type":"8-K","ticker":"VIPZ","cik":"0001832161","company_name":"VIP Play, Inc.","filed_at":"2025-08-27T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.213670+00:00","generated_at":"2026-05-17T09:46:31.300187+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"VIP Play borrows additional $824,665 under convertible note from related party; total outstanding $17.3M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-025623","json":"https://secwatch.observer/filing/0001641172-25-025623.json","markdown":"https://secwatch.observer/filing/0001641172-25-025623.md","text":"https://secwatch.observer/filing/0001641172-25-025623.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225025623/0001641172-25-025623-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225025623/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T09:46:31.300187+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":"3ff96b02bd8c044ece317da53e1f336cd42ee723","claim":"VIP Play, Inc. incurred convertible notes of $824,665 with Excel Family Partners, LLLP at 12.0% maturing upon demand.","evidence_excerpt":"We borrowed an additional aggregate amount of $824,665 in four separate draws under the Note from August 1, 2025 through August 20, 2025.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1832161/000164117225025623/0001641172-25-025623-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$824,665"},{"label":"Counterparty","value":"Excel Family Partners, LLLP"},{"label":"Rate","value":"12.0%"},{"label":"Maturity","value":"upon demand"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}