KeyStar Corp. Restates Financials
Ticker: VIPZ · Form: 8-K · Filed: Jun 25, 2024 · CIK: 1832161
| Field | Detail |
|---|---|
| Company | Keystar Corp. (VIPZ) |
| Form Type | 8-K |
| Filed Date | Jun 25, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $747,102 |
| Sentiment | bearish |
Sentiment: bearish
Topics: financial-restatement, internal-controls, accounting-issues
TL;DR
KeyStar Corp. is ditching old financials due to reporting issues. Big red flag!
AI Summary
KeyStar Corp. announced on February 15, 2024, that it will not rely on previously issued financial statements for periods ending on or before February 15, 2024. This decision stems from an ongoing review of its financial reporting and internal controls.
Why It Matters
This filing indicates potential issues with KeyStar Corp.'s financial reporting and internal controls, which could impact investor confidence and the accuracy of past financial performance.
Risk Assessment
Risk Level: high — The non-reliance on previously issued financial statements suggests significant accounting or internal control weaknesses that could lead to restatements and uncertainty.
Key Players & Entities
- KeyStar Corp. (company) — Registrant
- February 15, 2024 (date) — Date of earliest event reported
- 000-56290 (other) — Commission File Number
- 85-0738656 (other) — I.R.S. Employer Identification No.
- Nevada (other) — State of incorporation
- Sarasota, Florida (location) — Address of principal executive offices
FAQ
What specific periods do the previously issued financial statements that KeyStar Corp. will not rely on cover?
The filing states that KeyStar Corp. will not rely on previously issued financial statements for periods ending on or before February 15, 2024.
What is the primary reason cited for KeyStar Corp.'s decision regarding its financial statements?
The filing indicates that the decision is due to an ongoing review of the company's financial reporting and internal controls.
When was the earliest event reported in this Form 8-K filing?
The earliest event reported is dated February 15, 2024.
What is KeyStar Corp.'s state of incorporation?
KeyStar Corp. is incorporated in Nevada.
What is the business address of KeyStar Corp.?
The business address is 1645 Pine Tree Ln, Suite 2, Sarasota, Florida 34236.
Filing Stats: 1,230 words · 5 min read · ~4 pages · Grade level 14.1 · Accepted 2024-06-25 15:04:26
Key Financial Figures
- $747,102 — bt extinguishment was overstated by the $747,102. To correct this accounting error, the
Filing Documents
- form8-k.htm (8-K) — 42KB
- 0001493152-24-025074.txt ( ) — 209KB
- keyr-20240215.xsd (EX-101.SCH) — 3KB
- keyr-20240215_lab.xml (EX-101.LAB) — 33KB
- keyr-20240215_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
SIGNATURES
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: June 25, 2024 KEYSTAR CORP. By: /s/ James Mackey James Mackey, CFO 4