VIP Play, Inc. Files 10-Q for Period Ending 12/31/2024

TL;DR

VIP Play (VIP) filed its Q2 2025 10-Q. Financials are in.

AI Summary

VIP Play, Inc. filed its 10-Q for the period ending December 31, 2024. The company, formerly known as KeyStar Corp., is incorporated in Nevada and operates in the miscellaneous retail sector. Its principal executive offices are located in Miami, Florida.

Why It Matters

This filing provides investors with an update on VIP Play, Inc.'s financial performance and operational status for the second quarter of its fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information and does not indicate any immediate or significant risks.

Key Numbers

• 20241231 — Period End Date (The filing covers financial data up to this date.)
• 20250210 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• VIP Play, Inc. (company) — Filer
• KeyStar Corp. (company) — Former company name
• 20241231 (date) — Period of report
• 20250210 (date) — Filing date
• Miami, Florida (location) — Business address

FAQ

Key Financial Figures

• $0.001 — hange Act: Common Stock, par value of $0.001 (Title of each class) Indicate by c
• $0.0001 — eficit) Preferred Shares Series A $0.0001 Par Value Preferred Shares Series B
• $1.00 — r Value Preferred Shares Series B $1.00 Par Value Preferred Shares Series C

Filing Documents

• form10-q.htm (10-Q) — 1055KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-25-005670.txt ( ) — 6327KB
• vipz-20241231.xsd (EX-101.SCH) — 41KB
• vipz-20241231_cal.xml (EX-101.CAL) — 53KB
• vipz-20241231_def.xml (EX-101.DEF) — 289KB
• vipz-20241231_lab.xml (EX-101.LAB) — 355KB
• vipz-20241231_pre.xml (EX-101.PRE) — 349KB
• form10-q_htm.xml (XML) — 934KB

- 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

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 December 31, 2024 (unaudited), and June 30, 2024; F-3 Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2024, and 2023 (unaudited); F-4 Condensed Consolidated Statement of Stockholders' Deficit for the three and six month periods ended December 31, 2024, and 2023 (unaudited); F-6 Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2024, and 2023 (unaudited); F-7 Notes to Condensed Consolidated Financial Statements. 1 VIP PLAY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2024 June 30, 2024 (unaudited) ASSETS Current assets: Cash $ 73,580 $ 221,754 Cash reserved for users 158,578 228,009 Prepaid expenses and other current assets 684,524 795,663 Total current assets 916,682 1,245,426 Other assets: Equipment, net 1,323 2,153 Intangible assets, net 135,837 6,760,295 Debt issuance costs, net 173,779 1,330,173 Security deposit 4,076 12,236 Total other assets 315,015 8,104,857 Total assets $ 1,231,697 $ 9,350,283 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 1,076,713 $ 1,408,729 Accrued expenses - related party 826,595 371,598 Players balances 207,032 313,758 Notes payable – current 823,126 875,828 Notes payable - related party, net of discount 30,000 30,000 Notes payable 30,000 30,000 Convertible notes, net 85,407 85,407 Line of credit - related party 12,545,000 7,670,000 Derivative liability 9,246,000 11,273,000 Total current liabilities 24,839,873 22,028,320 Long-term liabilities: Notes payable - long-term 175,673 512,527 Total long-term liabilities 175,673 512,527 Total liabilities 25,015,546 22,540,847 Commitments and contingencies - - The accompanying notes are an integral part of

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