VIP Play, Inc. Reports New Financial Obligation

TL;DR

VIP Play just took on a new debt, filing 8-K today.

AI Summary

On January 9, 2025, VIP Play, Inc. reported the creation of a direct financial obligation. The filing does not specify the exact nature or amount of this obligation, but it falls under Item 2.03 of the 8-K reporting requirements.

Why It Matters

This filing indicates VIP Play, Inc. has entered into a new financial commitment, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation can introduce financial risk if not managed properly.

Key Players & Entities

• VIP Play, Inc. (company) — Registrant
• January 9, 2025 (date) — Date of earliest event reported
• Nevada (jurisdiction) — State of incorporation
• Sarasota, Florida (location) — Address of principal executive offices

FAQ

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. We borrowed an additional $375,000 and
• $375,000 — s $4,410,000. We borrowed an additional $375,000 and $275,000 under the Note on January
• $275,000 — We borrowed an additional $375,000 and $275,000 under the Note on January 9, 2025 and J
• $9,315,000 — balance of all loans under the Note is $9,315,000. 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) — 39KB
• 0001493152-25-002142.txt ( ) — 207KB
• vipz-20250109.xsd (EX-101.SCH) — 3KB
• vipz-20250109_lab.xml (EX-101.LAB) — 33KB
• vipz-20250109_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. In a Current Report on Form 8-K filed on August 13, 2024, VIP Play, Inc., a Nevada corporation f/k/a KeyStar Corp. (the " Company, " " we " or " our ") disclosed that on August 7, 2024 we entered into a 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 $5,000,000 (the " Note "). Excel is controlled by Mr. Bruce Cassidy, our Chief Executive Officer, Secretary and sole member of our board of directors. The Note does not constitute a committed line of credit. Loans under the Note are made by Excel in its sole and absolute discretion. Upon repayment of any amount of principal or interest under the Note, we may not reborrow under the Note. The aggregate outstanding principal balance of all loans under the Note as of the date we entered into the Note was $4,410,000. We borrowed an additional $375,000 and $275,000 under the Note on January 9, 2025 and January 14, 2025, respectively. As of January 14, 2025, the aggregate outstanding principal balance of all loans under the Note is $9,315,000. All loans made under the Note accrue interest at a fixed rate per annum equal to 12.0% (the " Fixed Rate "). Beginning October 1, 2024, and continuing on the first day of each month to the earlier of: (i) the date on which Excel demands payment of the Note; or (ii) April 1, 2025, we are required to pay Excel interest, in arrears, on the aggregate outstanding principal balance of the Note at the Fixed Rate. While the outstanding principal and accrued and unpaid interest are due and payable upon demand, the Note has a maturity date of April 1, 2025. We have the right to prepay the Note, in whole or in part, at any time; provided, however, we must: (i) provide Excel prior written notice of our intention to make

Financial Statements and Exhibits

Financial Statements and Exhibits Exhibit No. Description 10.1 Discretionary Convertible Revolving Line Of Credit Demand Note dated as of August 6, 2024 made by VIP Play, Inc. f/k/a KeyStar Corp. (incorporated by reference to Exhibit 10.2 to VIP Play, Inc. Current Report on Form 8-K filed on August 13, 2024) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3

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: January 14, 2025 VIP PLAY, INC. By: /s/ James Mackey James Mackey, CFO 4

View Full Filing

View this 8-K filing on SEC EDGAR