KeyStar Corp. Files 10-Q for Period Ending September 30, 2023

TL;DR

<b>KeyStar Corp. has filed its quarterly report (10-Q) for the period ending September 30, 2023, detailing its financial activities and corporate information.</b>

AI Summary

KeyStar Corp. (VIPZ) filed a Quarterly Report (10-Q) with the SEC on April 19, 2024. KeyStar Corp. filed a 10-Q report for the quarterly period ended September 30, 2023. The filing covers the period from July 1, 2023, to September 30, 2023. The company's fiscal year ends on June 30. KeyStar Corp. is incorporated in Nevada. The company's business address is 78 SW 7th Street, Suite 500, Miami, FL 33130.

Why It Matters

For investors and stakeholders tracking KeyStar Corp., this filing contains several important signals. This filing provides investors and analysts with the latest financial performance data for KeyStar Corp., crucial for evaluating the company's current health and future prospects. Understanding the details within this 10-Q is essential for making informed investment decisions regarding KeyStar Corp. stock.

Risk Assessment

Risk Level: low — KeyStar Corp. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Monitor future filings for revenue growth, profitability trends, and any changes in debt or equity structure.

Key Numbers

• 2023-09-30 — Reporting Period End Date (Conformed period of report)
• 2024-04-19 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• KeyStar Corp. (company) — Filer name and company name
• 2023-09-30 (date) — Conformed period of report
• 2024-04-19 (date) — Filed as of date
• NV (state) — State of incorporation
• 866-783-9435 (phone) — Business phone number
• Miami (city) — Business address city
• FL (state) — Business address state
• 33130 (zip) — Business address zip

FAQ

Industry Context

KeyStar Corp. operates in the Miscellaneous Retail sector, as indicated by its SIC code 5900.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare KeyStar Corp.'s performance in this quarter to previous periods and industry benchmarks.
3. Note any disclosures regarding risks, legal proceedings, or significant business developments.

Key Dates

• 2023-09-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-19: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing for the first quarter of the fiscal year ending June 30, 2024, reporting on the period ending September 30, 2023.

Key Financial Figures

• $0.0001 — hange Act: Common Stock, par value of $0.0001 (Title of each class) Indicate by c
• $1.00 — r Value Preferred Shares Series B $1.00 Par Value Preferred Shares Series

Filing Documents

• form10-q.htm (10-Q) — 1146KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-015324.txt (&nbsp;) — 6582KB
• keyr-20230930.xsd (EX-101.SCH) — 42KB
• keyr-20230930_cal.xml (EX-101.CAL) — 53KB
• keyr-20230930_def.xml (EX-101.DEF) — 330KB
• keyr-20230930_lab.xml (EX-101.LAB) — 379KB
• keyr-20230930_pre.xml (EX-101.PRE) — 359KB
• form10-q_htm.xml (XML) — 944KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS 5

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 5

- OTHER INFORMATION

PART II - OTHER INFORMATION 6

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 6

SIGNATURES

SIGNATURES 7 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Our

financial statements included in this Form 10-Q are as follows

financial statements included in this Form 10-Q are as follows: F-1 Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited), and June 30, 2023; F-3 Condensed Consolidated Statements of Operations for the three months ended September 30, 2023, and 2022 (unaudited); F-4 Condensed Consolidated Statement of Stockholders' Equity (Deficit) for the three month period ended September 30, 2023, and 2022 (unaudited); F-6 Condensed Consolidated Statements of Cash Flow for the three months ended September 30, 2023, and 2022 (unaudited); F-7 Notes to Condensed Consolidated Financial Statements. 1 KEYSTAR CORP. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2023 June 30, 2023 (unaudited) ASSETS Current assets: Cash $ 113,593 $ 333,974 Cash reserved for users 1,043,424 21,422 Prepaid expenses and other current assets 861,410 1,194,288 Total current assets 2,018,427 1,549,684 Other assets: Equipment, net 3,398 3,813 Intangible assets, net 7,746,186 8,067,198 Debt issuance costs, net 6,489,941 5,672,151 Security deposit 9,683 9,683 Total other assets 14,249,208 13,752,845 Total assets $ 16,267,635 $ 15,302,529 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 1,662,649 $ 1,219,018 Accrued expenses - related party 80,967 323,904 Players balances 1,424,090 134,946 Notes payable – current 1,076,472 1,189,694 Notes payable - related party, net of discount 30,000 1,306,655 Notes payable 30,000 1,306,655 Convertible notes – current 85,407 - Line of credit - related party 7,388,801 3,851,877 Derivative liability 7,294,811 6,859,452 Total current liabilities 19,043,197 14,885,546 Long-term liabilities: Notes payable - long-term 850,000 850,000 Total long-term liabilities 850,000 850,000 Total liabilities 19,893,197 15,735,546 Commitments and contingencies - - The accompanying notes are

financial statements

financial statements. Restatement of Previously Issued Financials During fiscal 2023, the Company completed its final valuation of the assets purchased from ZenSports on August 26, 2022. Management determined that the value of the assets purchased were understated during the three months ended September 30, 2022 for asset acquisition costs initially expensed, and overstated during the three months ended September 30, 2022 for expenses that were initially included as part of the asset purchase. The value of the assets reflected in the June 30, 2023 audited financial statements was recorded based on this final valuation. See below for adjustments needed for the interim three month period ended September 30, 2022. In evaluating whether the previously issued Consolidated Financial Statements were materially misstated for the interim period ending September 30, 2022, the Company applied the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections, SEC Staff Accounting Bulletin ("SAB") Topic 1.M, Assessing Materiality, and SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial in SAB Topic 1.N. the Company has restated the September 30, 2022 consolidated financial statements in accordance with FASB ASC 250-10-45-23. SCHEDULE OF CONSOLIDATED FINANCIAL STATEMENT For the three months ended For the three months ended September 30, 2022 September 30, 2022 As Previously Reported Adjustments As Revised Salaries and wages $ 833,050 $ 1,030,593 $ 1,863,643 General and administrative $ 488,500 $ ( 186,765 ) $ 301,735 Total net loss $ ( 1,411,055 ) $ ( 940,611 ) $ ( 2,351,666 ) Net loss per common share – basic and diluted $ ( 0.04 ) $ ( 0.02 ) $ ( 0.06

View Full Filing

View this 10-Q filing on SEC EDGAR