KeyStar restates Q1 2024; $4.4M derivative error; new $5M credit line from CEO affiliate

VIP Play, Inc.

Derivative liability understated by $4,388,883 for three and nine months ended March 31, 2024; loss on change in fair value also understated.
Company will amend its Q1 2024 10-Q by August 23, 2024; prior financial statements should no longer be relied upon.
Entered $4.11M Sixth Amended Note and $5M New LOC with Excel Family Partners (controlled by CEO Bruce Cassidy); $4.81M outstanding under New LOC as of Aug 13.
New LOC interest rate reduced to 12.0% vs 15.0% on prior note; both convertible at 80% of the lowest recent price.
Error identified on August 9, 2024; management discussed with independent auditor; restatement expected.

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