---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-031682"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2024-08-13T23:59:59+00:00"
generated_at: "2026-05-31T09:48:31.416007+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-031682
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2024-08-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 1.02, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000149315224031682/0001493152-24-031682-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000149315224031682/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-031682
- JSON: https://secwatch.observer/filing/0001493152-24-031682.json
- Plain text: https://secwatch.observer/filing/0001493152-24-031682.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.