Virtual Interactive Technologies (VRVR) 10-Q 24 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	9 Months Ended
	Aug. 31, 2017	May 31, 2017
Document and Entity Information:
Entity Registrant Name	MASCOTA RESOURCES CORP.
Document Type	10-Q
Document Period End Date	Aug. 31, 2017
Trading Symbol	masr
Amendment Flag	false
Entity Central Index Key	1,536,089
Current Fiscal Year End Date	--11-30
Entity Common Stock, Shares Outstanding		3,100,000
Entity Public Float		$ 31,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited for August 31, 2017) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Current Assets
Cash	$ 2,546	$ 1,172
Total Current Assets	2,546	1,172
Total Assets	2,546	1,172
Current Liabilities
Accounts Payable	4,762	9,016
Accrued Interest	76	0
Accrued Interest, Related Party	438	0
Convertible Note Payable	5,000	0
Convertible Note Payable, Related Party	10,000	0
Total Current Liabilities	20,276	9,016
Total Liabilities	20,276	9,016
STOCKHOLDERS' DEFICIT
Preferred Stock	500	500
Common Stock	3,891	3,891
Additional paid-in capital	156,003	156,003
Accumulated deficit	(178,124)	(168,238)
Total Stockholders' Deficit	(17,730)	(7,844)
Total Liabilities and Stockholders' Deficit	$ 2,546	$ 1,172

Statement of Financial Position

Statement of Financial Position - Parenthetical - $ / shares	Aug. 31, 2017	Nov. 30, 2016
Statement of Financial Position
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	50,000	50,000
Preferred Stock, Shares Outstanding	50,000	50,000
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares Issued	3,890,750	3,890,750
Common Stock, Shares Outstanding	3,890,750	3,890,750

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Statement of Income
Revenue	$ 0	$ 0	$ 0	$ 0
Operating Expenses
General and administrative	2,032	10,806	9,372	11,017
Total Operating Expenses	2,032	10,806	9,372	11,017
Operating loss	(2,032)	(10,806)	(9,372)	(11,017)
Interest expense	227	316	514	2,295
Net loss	$ (2,259)	$ (11,122)	$ (9,886)	$ (13,312)
Loss per share, basic and fully diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares outstanding - basic and fully diluted	3,890,750	3,497,913	3,890,750	3,233,120

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Cash Flows from Operating Activities
Net loss	$ (9,886)	$ (13,312)
Change in operating assets and liabilities:
Accounts payable and accrued liabilities (increase/decrease)	(4,254)	(4,751)
Accrued interest (increase/decrease)	76	0
Accrued interest, related parties (increase/decrease)	438	2,298
Net Cash (Used by) Operating Activities	(13,626)	(15,765)
Cash Flows from Financing Activities
Convertible note payable	5,000	0
Convertible note payable, related party	10,000	20,150
Net Cash Provided by Financing Activities	15,000	20,150
Net increase in cash	1,374	4,385
Cash at beginning of period	1,172	3,600
Cash at end of period	2,546	7,985
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Conversion of shareholders notes into common and preferred stock	0	71,254
Forgiveness of accrued interest on shareholder notes	$ 0	$ 4,708

Note 1 Basis of Presentation

Note 1 Basis of Presentation	9 Months Ended
	Aug. 31, 2017
Notes
Note 1 Basis of Presentation	Note 1 Basis of presentation While the information presented in the accompanying August 31, 2017 financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the period presented in accordance with the accounting principles generally accepted in the United State of America. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustment are of a normal recurring nature. These financial statements should be read in conjunction with the Company's November 30, 2016 financial statements (and notes thereto). Operating results for the nine months ended August 31, 2017 are not necessarily indicative of the results that can be expected for the year ending November 30, 2017.

Note 2 Nature of Operations

Note 2 Nature of Operations	9 Months Ended
	Aug. 31, 2017
Notes
Note 2 Nature of Operations	Note 2 Nature of Operations Mascota Resources Corp. ("the Company," "we," "us," or "our") was incorporated in the state of Nevada on November 3, 2011. The Company is an exploration stage company and was formed for the purpose of acquiring exploration and development stage mineral properties. On November 9, 2011, the Company incorporated a wholly-owned subsidiary, MRC Exploration LLC ("MRC"), in the State of Nevada for the purpose of mineral exploration. During May 2013, MRC acquired a Uranium mineral claim located in the Athabasca Basin, within the Province of Saskatchewan, Canada (the "Claim"). Subsequently, the required exploration and development expenditures were not made and the ownership interest in the Claim lapsed on May 3, 2015 and as of that date, the Company no longer held a beneficial interest in the Claim. The Company's business plan is to proceed with the acquisition and exploration of feasible mineral claims to determine whether there are commercially exploitable reserves of gold, silver and uranium. The Company's geological consulting firm is well-experienced in the mineral exploration business and will provide us with the expected costs of exploration to determine the commercial viability of the prospect.

Note 3 Going Concern

Note 3 Going Concern	9 Months Ended
	Aug. 31, 2017
Notes
Note 3 Going Concern	Note 3 Going Concern These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations in the ordinary course of business. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has not yet achieved profitable operations, has accumulated losses of $178,124, since its inception through August 31, 2017 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company may be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

Note 4 Summary of Significant A

Note 4 Summary of Significant Accounting Policies	9 Months Ended
	Aug. 31, 2017
Notes
Note 4 Summary of Significant Accounting Policies	Note 4 Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in US dollars. The Company has adopted a November 30 year end. Consolidated Statements These consolidated financial statements include the accounts of the Company and MRC Exploration LLC., a wholly owned subsidiary incorporated in Nevada, USA on November 9, 2011. All significant inter-company transactions and balances have been eliminated. Foreign Currency Translation The Company's functional currency is the United States dollar as substantially all of the Company's operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission ("SEC"). Assets and Liabilities Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period, if applicable. Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders' Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations (no comprehensive loss shown in Statement of Operations). Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated. Cash Equivalents The Company considers all short term investments purchased with an original maturity of three months or less to be cash equivalents. Income Taxes We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Current tax benefits are offset by a valuation reserve as they are considered not likely to be realized in the foreseeable future. Net Income (Loss) Per Share In accordance with FASB ASC Topic 260, "Earnings per Share," basic earnings per share ("EPS") is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the period ended August 31, 2017. New Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

Note 5 Related Party Transactio

Note 5 Related Party Transactions	9 Months Ended
	Aug. 31, 2017
Notes
Note 5 Related Party Transactions	Note 5 Related Party Transactions In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. As detailed in Note 7, amounts previously owed to the Company's President, Dale Rasmussen, and Secretary, Mark Rodenbeck, were converted into the Company's common stock on June 28, 2016. On December 14, 2016, the Company's Secretary, Mark Rodenbeck, advanced the Company $10,000 pursuant to an unsecured, 6% promissory note due on December 14, 2018. Principal and interest are convertible at Mr. Rodenbeck's option into the Company's common stock in $100 increments at a fixed rate of $.02 per share. Accrued interest and interest expense on this note as of and for the nine months ended August 31, 2017 totaled $438.

Note 6 Convertible Notes Payabl

Note 6 Convertible Notes Payable	9 Months Ended
	Aug. 31, 2017
Notes
Note 6 Convertible Notes Payable	Note 6 Convertible Notes Payable On May 18, 2017, an unaffiliated investor advanced the company $5,000 pursuant to an unsecured, 6% promissory note due on May 18, 2018. The note and accrued interest are convertible at the investor's option into the Company's common stock in $100 increments at a fixed rate of $.02 per share. Accrued interest and interest expense on this note as of and for the period of May 18, 2017 through August 31, 2017 totaled $76.

Note 7 Stockholders' Deficit

Note 7 Stockholders' Deficit	9 Months Ended
	Aug. 31, 2017
Notes
Note 7 Stockholders' Deficit	Note 7 Stockholders' Deficit Authorized Share Capital The authorized share capital of the Company consists of 90,000,000 shares of common stock with par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. Preferred Stock On June 28, 2016, the Company issued 50,000 shares of its preferred stock to Dale Rasmussen in satisfaction of his $15,436 loan made to the Company. As of August 31, 2017 and November 30, 2016 the Company had 50,000 shares of preferred stock issued and outstanding. Common Stock On June 21, 2016, 2,000,000 shares of common stock owned by Maria Ponce, the Company's former President, were canceled and returned to treasury. On June 28, 2016, the Company issued 50,000 common shares to Dale Rasmussen in satisfaction of Mr. Rasmussen's remaining loans of $1,000 made to the Company. Also on June 28, 2016, the Company issued 2,740,750 common shares to Mark Rodenbeck in satisfaction of loans totaling $54,818 made to the Company. Mr. Rasmussen and Mr. Rodenbeck also agreed to forgive the accrued interest totaling $4,708 due on those loans, which is reflected as an addition to paid-in capital. As of August 31, 2017 and November 30 2016, the Company had 3,890,750 shares of common stock issued and outstanding.

Note 8 Subsequent Events

Note 8 Subsequent Events	9 Months Ended
	Aug. 31, 2017
Notes
Note 8 Subsequent Events	Note 8 Subsequent Events On September 25, 2017, an unaffiliated investor advanced the Company $5,000 pursuant to an unsecured, 6% promissory note due on September 25, 2018. The note and accrued interest are convertible at the investor's option into the Company's common stock in $100 increments at a fixed rate of $.02 per share. The Company evaluated subsequent events through the date these financial statements were issued. There have been no subsequent events after August 31, 2017 for which disclosure is required.

Note 4 Summary of Significant14

Note 4 Summary of Significant Accounting Policies: Basis of Presentation (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in US dollars. The Company has adopted a November 30 year end.

Note 4 Summary of Significant15

Note 4 Summary of Significant Accounting Policies: Consolidated Statements (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Consolidated Statements	Consolidated Statements These consolidated financial statements include the accounts of the Company and MRC Exploration LLC., a wholly owned subsidiary incorporated in Nevada, USA on November 9, 2011. All significant inter-company transactions and balances have been eliminated.

Note 4 Summary of Significant16

Note 4 Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Foreign Currency Translation	Foreign Currency Translation The Company's functional currency is the United States dollar as substantially all of the Company's operations are in the USA. The Company uses the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission ("SEC"). Assets and Liabilities Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period, if applicable. Translation adjustments from the use of different exchange rates from period to period are included in the Accumulated Other Comprehensive Income account in Stockholders' Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations (no comprehensive loss shown in Statement of Operations).

Note 4 Summary of Significant17

Note 4 Summary of Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated.

Note 4 Summary of Significant18

Note 4 Summary of Significant Accounting Policies: Cash Equivalents (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Cash Equivalents	Cash Equivalents The Company considers all short term investments purchased with an original maturity of three months or less to be cash equivalents.

Note 4 Summary of Significant19

Note 4 Summary of Significant Accounting Policies: Income Taxes (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Income Taxes	Income Taxes We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Current tax benefits are offset by a valuation reserve as they are considered not likely to be realized in the foreseeable future.

Note 4 Summary of Significant20

Note 4 Summary of Significant Accounting Policies: Net Income (Loss) Per Share (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
Net Income (Loss) Per Share	Net Income (Loss) Per Share In accordance with FASB ASC Topic 260, "Earnings per Share," basic earnings per share ("EPS") is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the period ended August 31, 2017.

Note 4 Summary of Significant21

Note 4 Summary of Significant Accounting Policies: New Accounting Pronouncements (Policies)	9 Months Ended
	Aug. 31, 2017
Policies
New Accounting Pronouncements	New Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

Note 3 Going Concern (Details)

Note 3 Going Concern (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Details
Accumulated deficit	$ 178,124	$ 168,238

Note 5 Related Party Transact23

Note 5 Related Party Transactions (Details) - USD ($)	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Details
Accrued interest, related parties (increase/decrease)	$ 438	$ 2,298

Note 6 Convertible Notes Paya24

Note 6 Convertible Notes Payable (Details) - USD ($)	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Details
Accrued interest (increase/decrease)	$ 76	$ 0

Note 7 Stockholders' Deficit (D

Note 7 Stockholders' Deficit (Details) - $ / shares	Aug. 31, 2017	Nov. 30, 2016
Details
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, No Par Value	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Outstanding	50,000	50,000
Common Stock, Shares Outstanding	3,890,750	3,890,750