secwatch.observer — SEC 8-K summary
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Issuer:     VIP Play, Inc. (VIPZ)
CIK:        0001832161
Form:       8-K
Filed at:   2025-08-27T23:59:59+00:00
Accession:  0001641172-25-025623
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

VIP Play borrows additional $824,665 under convertible note from related party; total outstanding $17.3M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832161/000164117225025623/0001641172-25-025623-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832161/000164117225025623/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-025623

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