Loan & DebtJun 22, 2026, 05:26 PM
VIP Play's Convertible Debt Balance Rises to $25.67M
AI Summary
VIP Play, Inc. reported a significant increase in its outstanding debt under a convertible revolving line of credit with Excel Family Partners, LLLP, an entity controlled by an insider. The aggregate outstanding principal balance rose to $25,670,626 as of June 22, 2026, from $12,097,000 as of March 31, 2025, following additional borrowings of $1,170,000. The Note carries a fixed interest rate of 12.0% and allows the lender to convert debt into common stock at a discounted price, potentially leading to dilution.
Key Highlights
- VIP Play's outstanding convertible debt balance increased to $25,670,626 as of June 22, 2026.
- The company borrowed an additional $1,170,000 in five draws between April 27, 2026, and June 17, 2026.
- The aggregate outstanding principal balance was $12,097,000 as of March 31, 2025.
- The First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note is for up to $14,000,000.
- The Note accrues interest at a fixed rate of 12.0% per annum.
- In case of default, the interest rate increases by 2.00% to 14.0%.
- The lender, Excel Family Partners, LLLP, can convert debt into common stock at 80% of the Lowest Recent Price.
- Excel Family Partners, LLLP is controlled by Mr. Bruce Cassidy, the company's Secretary and sole board member.
Price Impact
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