VIPZ — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-15

• VIP Play, Inc. (the “Company,” “we”, “us” and “our”), formerly known as KeyStar Corp. prior to September 20, 2024, was incorporated on April 16, 2020, under the laws of the State of Nevada. We are a mobile technology company that has historically focused on delivering digital sports wagering experie…

• We previously operated a mobile sportsbook platform in Tennessee, where we were licensed to offer mobile sports betting. In West Virginia, we previously received interim approval for an iGaming and mobile sports betting license in connection with a potential expansion of our gaming operations; howev…

• Subsequent to March 31, 2026, we initiated a wind-down of our sports wagering operations following regulatory approval from the Tennessee Sports Wagering Council (“SWC”). These operations represent substantially all of our historical revenue. We expect to complete the wind-down of these operations b…

• In connection with this transition, we currently estimate that we will incur costs of $2.0 million to $2.5 million, primarily related to contractual termination costs associated with technology and service provider agreements. These estimates are preliminary and subject to change as the wind-down pr…

• Following the wind-down of our sportsbook operations, we intend to transition our business model toward enterprise-focused offerings, including artificial intelligence consulting services, development of a fan engagement and data intelligence platform, and data analytics and marketing optimization s…

Text removed vs the prior filing · source: 10-Q · 2026-02-17

• VIP Play, Inc. (the “Company,” “we”, “us” and “our”), formerly known as KeyStar Corp. prior to September 20, 2024, was incorporated on April 16, 2020, under the laws of the State of Nevada. We are a next-generation mobile sports wagering company focused on delivering secure, innovative, and engaging…

• Our product offering includes a modern sportsbook with differentiated wager types, sweepstakes contests, and socially integrated features designed to enhance player engagement. We are committed to responsible gaming and operate in full compliance with applicable regulatory frameworks in each jurisdi…

• We recently began exploring opportunities in the non-gaming digital entertainment space as part of our long-term growth strategy. These initiatives are in the early stages, have not generated revenue to date, and are not material to our current financial results. Accordingly, we continue to view our…

• On December 10, 2024, we entered into a Casino and Sportsbook Online Operations Agreement with a license holder in West Virginia. This agreement grants us the right to seek and obtain licenses from the appropriate governing authority to offer and operate interactive online gaming services in West Vi…

• On May 7, 2025, we received regulatory approval from the state of Tennessee to launch our new VIP Play brand application. On May 8, 2025 we began a “soft launch” of the VIP Play application and on May 12, 2025, we executed our official VIP Play app launch. The ZenSports brand and app were discontinu…

Text added vs the prior filing · source: 10-Q · 2026-05-15

• We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2026. This evaluation was carried out under the supervision and with the participation of our Chief Execu…

• Based upon that evaluation, our Chief Executive Officer and Chief Accounting Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were not effective due to the previously identified material weakness in internal control over financial reporting.

• Material Weakness in Internal Control over Financial Reporting

• As previously disclosed in our Form 10-K for the fiscal year ended June 30, 2025, management identified a material weakness in internal control over financial reporting related to:

• ● Limited segregation of duties due to the size of the accounting staff;

Text removed vs the prior filing · source: 10-Q · 2026-02-17

• We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025. This evaluation was carried out under the supervision and with the participation of our Chief Ex…

• - Limited segregation of duties as a result of the size of the accounting staff;

• - Insufficient review controls over certain complex accounting estimates; and

• - Insufficient information technology controls to prevent or detect, on a timely basis, unauthorized access to certain of its financial reporting systems.

• During the three months ended December 31, 2025, management continued remediation efforts to address this material weakness. These efforts include: