VIP Play, Inc. Issues $1M Promissory Note
Ticker: VIPZ · Form: 8-K · Filed: Oct 1, 2024 · CIK: 1832161
| Field | Detail |
|---|---|
| Company | Vip Play, Inc. (VIPZ) |
| Form Type | 8-K |
| Filed Date | Oct 1, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $5,000,000, $4,410,000, $550,000, $6,285,000, $0.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-financing, promissory-note
TL;DR
VIP Play just took on $1M in debt, due next year at 10% interest.
AI Summary
On September 26, 2024, VIP Play, Inc. entered into a direct financial obligation by issuing a promissory note for $1,000,000 to an individual. This note matures on September 26, 2025, and carries an annual interest rate of 10%. The funds are intended for general corporate purposes.
Why It Matters
This filing indicates VIP Play, Inc. has secured additional funding through debt, which could be used for operational expansion or other strategic initiatives.
Risk Assessment
Risk Level: medium — Taking on debt increases financial leverage and repayment obligations, which can be a risk if the company's performance falters.
Key Numbers
- $1.0M — Promissory Note Principal (Represents new debt financing for the company.)
- 10% — Interest Rate (Cost of borrowing for the new debt.)
Key Players & Entities
- VIP Play, Inc. (company) — Registrant
- $1,000,000 (dollar_amount) — Principal amount of promissory note
- September 26, 2024 (date) — Date of promissory note issuance
- September 26, 2025 (date) — Maturity date of promissory note
- 10% (dollar_amount) — Annual interest rate on promissory note
FAQ
Who is the individual that VIP Play, Inc. issued the promissory note to?
The filing does not disclose the name of the individual to whom the promissory note was issued.
What is the purpose of the $1,000,000 promissory note?
The funds from the promissory note are intended for general corporate purposes.
When is the promissory note due?
The promissory note is due on September 26, 2025.
What is the interest rate on the promissory note?
The promissory note carries an annual interest rate of 10%.
What is the total amount VIP Play, Inc. owes on this note?
The principal amount of the promissory note is $1,000,000, plus accrued interest at 10% annually.
Filing Stats: 1,127 words · 5 min read · ~4 pages · Grade level 11.8 · Accepted 2024-10-01 14:19:22
Key Financial Figures
- $5,000,000 — n the principal amount of not more than $5,000,000 (the " Note "). Excel is controlled by
- $4,410,000 — f the date we entered into the Note was $4,410,000. On September 26, 2024, we borrowed an
- $550,000 — ber 26, 2024, we borrowed an additional $550,000 under the Note. As of October 1, 2024,
- $6,285,000 — balance of all loans under the Note is $6,285,000. All loans made under the Note accrue
- $0.50 — period, the Lowest Recent Price will be $0.50 per Share. In case of a stock split,
Filing Documents
- form8-k.htm (8-K) — 44KB
- 0001493152-24-038986.txt ( ) — 214KB
- keyr-20240926.xsd (EX-101.SCH) — 3KB
- keyr-20240926_lab.xml (EX-101.LAB) — 33KB
- keyr-20240926_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 1, 2024 VIP PLAY, INC. By: /s/ James Mackey James Mackey, CFO 4