STOCK TITAN

Convertible note changes at VIP Play (VIPZ) with new $100k loan

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

VIP Play, Inc. reports that it has again modified its financing arrangements with three investors by extending the maturity of existing convertible promissory notes, revising their conversion terms, and receiving an additional loan.

The original notes totaled $200,000 from Rick Hackel, $500,000 from Dennis Colletti, and $150,000 from The Access Fund I, LP, all bearing 12% annual interest and previously extended to maturity dates in 2025. Under a Second Amendment dated September 8, 2025, the Hackel and Access notes now mature on August 31, 2026, while the Colletti note matures on October 1, 2025.

The amendments also reset the conversion price to the lower of $0.60 per share or 80% of the lowest common stock sale price in the twelve months before maturity. In addition, Colletti and Access consented to Hackel providing an extra $100,000 convertible loan maturing on August 31, 2026, further expanding VIP Play’s convertible debt obligations.

Positive

  • None.

Negative

  • None.

Insights

VIP Play extends and expands convertible debt, with a lower formula-based conversion price.

VIP Play, Inc. is relying on convertible promissory notes for funding, originally totaling $850,000 across three investors at 12% interest. The new Second Amendment pushes out maturity on the Hackel and Access notes to August 31, 2026 and sets the Colletti note maturity at October 1, 2025, giving the company more time before principal is due.

The revised conversion price definition makes the notes convertible at the lower of a fixed $0.60 or 80% of the lowest common stock sale price in the twelve months before maturity. This ties potential share issuance to future trading prices and can increase dilution if the stock trades below $0.60. Colletti and Access also consented to an additional $100,000 convertible loan from Hackel, maturing on August 31, 2026, which further adds to VIP Play’s interest-bearing, potentially dilutive obligations.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): September 8, 2025

 

VIP Play, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   000-56290   85-0738656

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

8400 W. Sunset Rd., Suite 300, Las Vegas, Nevada   89113
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (866) 783-9435

 

n/a

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

The disclosures set forth in Item 2.03 are incorporated by reference into this Item 1.01.

 

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 29, 2023, VIP Play, Inc., a Nevada corporation (the “Company,” “we” or “us”) disclosed that on: (i) August 23, 2023, we entered into a Convertible Note Purchase Agreement (the “Purchase Agreement”) and a Convertible Promissory Note with Rick Hackel (“Hackel”) in the principal amount of $200,000 (the “Hackel Note”); and (ii) August 28, 2023, we entered into a Purchase Agreement and a Convertible Promissory Note with Dennis Colletti (“Colletti”) in the principal amount of $500,000 (the “Colletti Note”). On September 1, 2023, we entered into one additional Purchase Agreement and Convertible Promissory Note with The Access Fund I, LP, a Delaware limited partnership (“Access,” and together with Hackel and Colletti, the “Investors”) in the principal amount of $150,000 (the “Access Note,” and together with the Hackel Note and the Colletti Note, the “Notes”).

 

The outstanding principal under the Notes, which accrue interest at a rate equal to twelve percent (12%) per annum, is due and payable in a single balloon payment by us on the date that is one year following the date of issuance of each of the Notes (the “Original Maturity Date”). On September 19, 2024, the Investors and the Company entered into a First Amendment to Convertible Note Purchase Agreement dated July 25, 2024 (the “First Amendment”) for the purpose of extending the Original Maturity Date of each of the Notes for an additional one-year period. Pursuant to the First Amendment, the new maturity date (the “Amended Maturity Date”) of: (i) the Hackel Note was August 23, 2025; (ii) the Colletti Note was August 28, 2025; and (iii) the Access Note was September 1, 2025.

 

Each of the Investors and the Company entered into a Second Amendment to Convertible Note Purchase Agreement dated September 8, 2025 (the “Second Amendment”) for the purpose of extending the Amended Maturity Date of each of the Notes for an additional time period, and revising the definition of “Conversion Price” in Section 6.1 of the Purchase Agreement. The Second Amendment to the Hackel Note is effective August 23, 2025. The Second Amendment to the Colletti Note is effective August 28, 2025. The Second Amendment to the Access Note is effective September 1, 2025.

 

Pursuant to the Second Amendment: (1) the new maturity date of: (i) the Hackel Note and the Access Note is August 31, 2026; and (ii) the Colletti Note is October 1, 2025; and (2) the term “Conversion Price” shall mean the lower of $0.60 or an amount equal to 80% of the lowest price per share that the Company has sold shares of its common stock in the twelve-month period before the Maturity Date; provided, however, that if no shares were sold during such twelve-month period, the Conversion Price shall be $0.60.

 

Furthermore, the Second Amendment entered into by Colletti and Access contains a consent to Hackel loaning an additional $100,000 to us, which Hackel did on September 9, 2025. Hackel’s additional $100,000 loan is evidenced by the same Form of Convertible Promissory Note used for the Notes, with a maturity date of August 31, 2026. The full text of the Form of Convertible Promissory Note is attached hereto as Exhibit 4.1. You are urged to read said exhibit in its entirety.

 

Except as amended by the Second Amendment, all of the terms and conditions of the Purchase Agreement with each of the Investors remains in full force and effect.

 

The foregoing summary of the Second Amendment to Convertible Note Purchase Agreement is qualified in its entirety by reference to the full text of the Second Amendment to Convertible Note Purchase Agreement for each of the Investors attached as Exhibits 10.1, 10.2 and 10.3 hereto and incorporated by reference herein. You are urged to read said exhibits attached hereto in their entirety.

 

1

 

 

Item 9.01 Financial Statements and Exhibits

 

Exhibit No.   Description
4.1   Form of Convertible Promissory Note of VIP Play, Inc. (incorporated by reference to Exhibit 4.1 to VIP Play, Inc. Current Report on Form 8-K filed on August 29, 2023)
10.1   Second Amendment to Convertible Note Purchase Agreement of VIP Play, Inc. with The Access Fund I, LP, dated September 8, 2025.
10.2   Second Amendment to Convertible Note Purchase Agreement of VIP Play, Inc. with Dennis Colletti, dated September 8, 2025
10.3   Second Amendment to Convertible Note Purchase Agreement of VIP Play, Inc. with Rick Hackel, dated September 8, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

 

 

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: September 12, 2025   VIP PLAY, INC.
     
  By: /s/ Les Ottolenghi
    Les Ottolenghi, CEO

 

3

 

FAQ

What did VIP Play (VIPZ) change in its convertible notes on September 8, 2025?

VIP Play entered into a Second Amendment to its Convertible Note Purchase Agreements with Rick Hackel, Dennis Colletti, and The Access Fund I, LP, extending the notes’ maturity dates and revising the definition of the conversion price.

How much convertible debt does VIP Play (VIPZ) have under these amended notes?

The company previously issued convertible promissory notes of $200,000 to Rick Hackel, $500,000 to Dennis Colletti, and $150,000 to The Access Fund I, LP, and Hackel has now provided an additional $100,000 convertible loan.

What are the new maturity dates for VIP Play’s (VIPZ) convertible notes?

After the Second Amendment, the Hackel and Access notes now mature on August 31, 2026, while the Colletti note matures on October 1, 2025.

How is the conversion price determined for VIP Play’s (VIPZ) amended convertible notes?

The conversion price is now the lower of $0.60 per share or an amount equal to 80% of the lowest price per share at which VIP Play sold common stock in the twelve-month period before the note’s maturity date; if no shares were sold in that period, the price is $0.60.

What additional financing did VIP Play (VIPZ) receive from Rick Hackel?

With the consent of Dennis Colletti and The Access Fund I, LP, Rick Hackel loaned VIP Play an additional $100,000 on September 9, 2025, documented by a convertible promissory note maturing on August 31, 2026.

Where can investors find the full terms of VIP Play’s (VIPZ) amended notes?

The full Second Amendments to the Convertible Note Purchase Agreements are filed as Exhibits 10.1, 10.2, and 10.3, and the Form of Convertible Promissory Note is filed as Exhibit 4.1.