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VIP Play Inc. (VIPZ-3.77%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing gaming revenues of $22,181, compared to negative gaming revenues of $610,199 in the same quarter the previous year. This increase is attributed to operational improvements and a revamped marketing program.
The company reported a net gaming loss of $86,251 for the quarter, compared to a net gaming loss of $1,114,948 in the previous year.
Operating expenses for the quarter totaled $8,510,818, up from $4,753,515 in the previous year, due to increased salaries, depreciation, and marketing costs.
The company recorded an impairment charge of $5,909,318 related to intangible assets, impacting the quarterly results.
A gain of $3,679,000 was recorded from a change in the fair value of derivative liabilities.
Net loss for the quarter was $5,863,947, compared to a net loss of $8,788,233 in the previous year.
Cash used in operating activities was $4,814,929, while cash provided by financing activities was $4,835,873.
VIP Play had a working capital deficit of $23,923,191 as of December 31, 2024. The company is dependent on additional financing to meet future obligations.
The filing also details agreements with sports betting service providers and a new Casino and Sportsbook Online Operations Agreement in West Virginia.
The company identified material weaknesses in its internal controls over financial reporting and is working on remediation plans.
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 February 10, 2025. To report an error, please email earnings@qz.com.