Loan & DebtMay 12, 2026, 11:51 AM
VIP Play's Convertible Debt Rises to $23.28M; 3.7M Stock Options Pending
AI Summary
VIP Play, Inc. reported a significant increase in its outstanding principal balance under a discretionary convertible revolving line of credit with Excel Family Partners, LLLP, reaching $23,286,313 as of February 19, 2026. This represents a substantial rise from the initial $12,097,000 balance and the $14,000,000 maximum principal amount of the note. Additionally, the company's board approved granting 3.7 million stock options on February 13, 2026, including 1.5 million for its VP of Operations, though these options have not yet been formally granted.
Key Highlights
- Outstanding principal balance of convertible debt reached $23,286,313 as of February 19, 2026.
- Initial outstanding balance on March 31, 2025, was $12,097,000 under the $14,000,000 note.
- Company borrowed an additional $1,500,000 in six draws from January 9 to February 13, 2026.
- The debt accrues interest at a fixed rate of 12.0% per annum and is due upon demand.
- Debt is convertible into common stock at 80% of the lowest recent price.
- Board approved granting 3.7 million stock options on February 13, 2026.
- 1,500,000 options were approved for Mr. John Dermody, VP of Operations.
- The approved stock options have not yet been formally granted as of May 11, 2026.
Price Impact
More from VIPZ