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VIP Play Inc (VIPZ0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing negative gaming revenues of $3,337, compared to negative gaming revenues of $218,624 in the same quarter the previous year. The decrease is attributed to lower marketing expenses and betting limits.
Operating expenses for the quarter totaled $2,502,950, compared to $3,171,837 in the same quarter of the previous year. The decrease is due to reduced marketing expenses.
The company reported a net loss of $5,269,382 for the quarter, compared to $5,058,302 in the previous year, with the loss attributed to changes in fair value of derivatives and increased salaries and wages.
Interest expense for the quarter was $61,408, compared to $39,252 in the previous year. Interest expense related to related parties was $953,455, compared to $1,552,580 in the previous year.
Cash used in operating activities was $2,290,520, while cash used in investing activities was $111,604. Cash provided by financing activities was $2,496,735.
VIP Play had a working capital deficit of $25,168,876 as of September 30, 2024. The company acknowledges its dependence on additional capital to continue operations.
The filing details various financial agreements, including a discretionary non-revolving line of credit with Excel Family Partners, LLLP.
VIP Play does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
VIP Play continues to focus on its sports betting operations in Tennessee and highlights its dependence on successful licensing and regulatory compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VIP Play Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.