Virtual Interactive Technologies (VRVR) 10-Q 9 Jun 20 2020 Q2 Quarterly report Financial data

Document Entity and Information

Document Entity and Information - shares	6 Months Ended
	Mar. 31, 2020	Jun. 09, 2020
Document Entity And Information
Entity Registrant Name	VIRTUAL INTERACTIVE TECHNOLOGIES CORP.
Entity Central Index Key	0001536089
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,817,784
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 33,857	$ 36,136
Royalties receivable	143,699	269,594
Interest receivable	830
Notes receivable	25,000
Notes receivable, related party		8,970
Other assets		2,660
Total current assets	203,386	317,360
Land and improvements		36,195
TOTAL ASSETS	203,386	353,555
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	71,505	94,407
Accounts payable, related party	40,000
Notes payable, related party		50,900
Interest payable, related party		3,371
Notes payable	10,000	10,000
Interest payable	620	5,484
Total current liabilities	122,125	164,162
LONG-TERM LIABILITIES:
Note payable, related party	750,000	759,000
Interest payable, related party	92,930	69,341
Notes payable		45,000
Total liabilities	965,055	1,037,503
Commitments and contingencies
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $ 0.001 par value; 90,000,000 shares authorized, 6,817,784 and 6,817,484 shares issued and outstanding as of March 31, 2020 and September 30, 2019, respectively	6,817	6,817
Additional paid-in-capital	4,313,430	4,313,011
Accumulated deficit	(5,088,372)	(5,010,232)
Total stockholders' equity (deficit)	(761,669)	(683,948)
Total liabilities and stockholders' equity (deficit)	203,386	353,555
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, value	500	500
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, value	$ 5,956	$ 5,956

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Sep. 30, 2019
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	6,817,784	6,817,484
Common stock, shares outstanding	6,817,784	6,817,484
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
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
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	595,612	595,612
Preferred stock, shares outstanding	595,612	595,612

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue - royalties	$ 51,938	$ 74,863	$ 76,982	$ 175,141
Operating expenses:
General, administrative and selling	90,011	86,900	152,413	167,260
Research and development	8,905	26,957	48,906	105,398
Amortization		208,333		416,666
Total operating expenses	98,916	322,190	201,319	689,324
Loss before other income (expense)	(46,978)	(247,327)	(124,337)	(514,183)
Other expense
Other income	830		2,373
Gain on extinguishment of debt			77,118
Interest expense, related party	(11,730)	(45,937)		(90,726)
Interest expense	(150)		(402)
Bad debt expense			(8,970)
Loss from foreign currency transactions	144	(4,121)	(333)	(5,843)
Total other income (expense)	(10,906)	(50,058)	46,197	(96,569)
Net loss	$ (57,884)	$ (297,385)	$ (78,140)	$ (610,752)
Loss per share, basic and fully diluted	$ (0.01)	$ (0.04)	$ (0.01)	$ (0.09)
Weighted average number of shares outstanding - basic and fully diluted	6,817,784	6,817,484	6,817,736	6,817,484

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock Series A Convertible [Member]	Preferred Stock Series B Convertible [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Sep. 30, 2018		$ 11	$ 276	$ 2,027,354	$ (4,227,145)	$ (2,199,504)
Balance, shares at Sep. 30, 2018		1,000,000	27,640,000
Preferred stock series B dividend					(60,000)	(60,000)
Net loss					(610,752)	(610,752)
Balance at Mar. 31, 2019		$ 11	$ 276	2,027,354	(4,897,897)	(2,870,256)
Balance, shares at Mar. 31, 2019		1,000,000	27,640,000
Balance at Dec. 31, 2018		$ 11	$ 276	2,027,354	(4,570,512)	(2,542,871)
Balance, shares at Dec. 31, 2018		1,000,000	27,640,000
Preferred stock series B dividend					(30,000)	(30,000)
Net loss					(297,385)	(297,385)
Balance at Mar. 31, 2019		$ 11	$ 276	2,027,354	(4,897,897)	(2,870,256)
Balance, shares at Mar. 31, 2019		1,000,000	27,640,000
Balance at Sep. 30, 2019	$ 500	$ 5,956	$ 6,817	4,313,011	(5,010,232)	(683,948)
Balance, shares at Sep. 30, 2019	50,000	595,612	6,817,484
Stock issued for notes payable, related party				131		131
Stock issued for notes payable, related party, shares			94
Stock issued for accrued interest payable, related party				8		8
Stock issued for accrued interest payable, related party, shares			6
Stock issued for notes payable				202		202
Stock issued for notes payable, shares			144
Stock issued for accrued interest payable				78		78
Stock issued for accrued interest payable, shares			56
Net loss					(78,140)	(78,140)
Balance at Mar. 31, 2020	$ 500	$ 5,956	$ 6,817	4,313,430	(5,088,372)	(761,669)
Balance, shares at Mar. 31, 2020	50,000	595,612	6,817,784
Balance at Dec. 31, 2019	$ 500	$ 5,956	$ 6,817	4,313,430	(5,030,488)	(703,785)
Balance, shares at Dec. 31, 2019	50,000	595,612	6,817,784
Net loss					(57,884)	(57,884)
Balance at Mar. 31, 2020	$ 500	$ 5,956	$ 6,817	$ 4,313,430	$ (5,088,372)	$ (761,669)
Balance, shares at Mar. 31, 2020	50,000	595,612	6,817,784

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (78,140)	$ (610,752)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization		416,666
Gain on extinguishment of debt	(77,118)
Bad debt expense	8,970
Changes in operating assets and operating liabilities:
Other assets	2,660	3,112
Royalty receivable	125,895	(60,022)
Accounts payable and accrued liabilities	(22,902)	(23,321)
Accounts payable, related parties	40,000	10,000
Accrued interest note receivable	(830)
Accrued interest payable, related parties	23,874	90,726
Accrued interest payable	117
Net cash provided by (used in) operating activities	22,526	(173,591)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of land	36,195
Advances to related parties	(25,000)
Net cash provided by investing activities	11,195
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment to notes payable	(32,000)
Payment to notes payable, related parties	(4,000)	(10,000)
Net cash used in financing activities	(36,000)	(10,000)
Net change in cash and cash equivalents	(2,279)	(183,591)
Cash and cash equivalents, beginning of period	36,136	375,855
Cash and cash equivalents, end of period	33,857	192,264
Supplemental disclosure of cash flow information:
Interest paid	248
Income taxes paid		8,970
Non-cash Investing and Financing Activities:
Stock issued for note payable, related parties	131
Stock issued for accrued interest, related parties	8
Stock issued for note payable	202
Stock issued for accrued interest	78
Accrued preferred stock dividends		$ 60,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Note 1. Basis of Presentation While the information presented in the accompanying March 31, 2020 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 periods presented in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). 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 adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. These financial statements should be read in conjunction with the Company’s September 30, 2019 audited financial statements (and notes thereto). Operating results for the three and six months ended March 31, 2020 are not necessarily indicative of the results that can be expected for the year ending September 30, 2020. The accompanying unaudited condensed consolidated financial statements herein contain the operations of Virtual Interactive Technologies Corp (“VIT”), and its wholly-owned subsidiaries Advanced Interactive Gaming Inc. (“AIG Inc.”) and Advanced Interactive Gaming Ltd. (“AIG Ltd”) (collectively, the “Company”). All significant intercompany amounts have been eliminated.

Business

Business	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Business	Note 2. Business Nature of Operations AIG Ltd was incorporated in Bermuda on September 19, 2016, and is in the business of assisting in the development of video games through investments and royalty contracts. AIG Ltd had several royalty contracts with video game development companies during the three and six months ended March 31, 2020 and 2019, with more games expected to be rolled out during 2020. On September 24, 2019, AIG Ltd was acquired by AIG Inc, a Colorado Corporation, through a reverse recapitalization and share exchange agreement. After the transaction, AIG Ltd became a wholly owned subsidiary of AIG Inc. VIT was incorporated in the State of Nevada on November 3, 2011. On September 25, 2019, Mascota Resources, Corp. effected a name change to Virtual Interactive Technologies Corp. (“VIT”), and a 20:1 reverse stock split applicable to all existing VIT shareholders of record. The effects of the split have been retroactively applied to all periods presented. On September 27, 2019, AIG Inc effected a reverse recapitalization via a share exchange agreement with VIT, resulting in AIG Inc becoming a wholly-owned subsidiary of VIT. Use of Estimates The preparation of financial statements in conformity with US GAAP 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 highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 or September 30, 2019. Fair Value of Financial Instruments The Company accounts for fair value measurements in accordance with accounting standard ASC 820-10-50, “ Fair Value Measurements.” - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The Company’s financial instruments consist of cash, accounts receivable, accounts payable and accrued expenses, and notes payable. The carrying value of these financial instruments approximates fair value due to the short-term nature of the instruments. Royalties Receivable The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience and a review of the current status of accounts receivable. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change and that losses ultimately incurred could differ materially from the amounts estimated in determining the allowance. The Company has determined that no allowance is necessary as of March 31, 2020 or September 30, 2019. Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” Foreign Currency The Company’s functional currency is the US dollar. With the exception of stockholders’ equity (deficit), all transactions that are originally denominated in foreign currency are translated to US dollars by our international customers, on a monthly basis, when recognized by them and prior to paying royalties to the Company. All royalty revenues that are received and recognized by the Company are recorded in US dollars. The Company has a Euro currency bank account located in Bermuda. This account is used for payments to vendors that bill the Company in a currency other than US dollars and for funds received from shareholders located outside the United States. As of March 31, 2020 and September 30, 2019, the Euro account had a balance of $-0-. Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based on exchange rates prevalent on reporting dates for balance sheet items, and at weighted average exchange rates during the reporting period for the statement of operations. Foreign currency transaction gains/losses are recorded as other expense in the period of settlement. No AOCI items were present during the three and six months ended March 31, 2020 and 2019, as all financial statement items were denominated in the US dollar. Gains (losses) from foreign currency transactions during the three and six months ended March 31, 2020 totaled $145 and ($333), respectively. Gains (losses) from foreign currency transactions during the three and six months ended March 31, 2019 totaled ($4,121) and ($5,843), respectively. Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of March 31, 2020, and September 30, 2019, uninsured deposits in the Bermuda bank totaled $-0-. Our management believes that the financial institution is financially sound, and the risk of loss is low. The Company is in the process of migrating its banking to the institutions in the United States, which are insured by the FDIC up to $250,000. Revenue Recognition On October 1, 2018, the Company adopted guidance contained in ASC 606, “Revenue Recognition The Company has several contracts with video game developers that entitle us to royalty streams as a percentage of revenues generated by the game sales, which vary from contract to contract. As of March 31, 2020, the Company has four royalty contracts with three developers that are generating royalty revenue, and two royalty contracts for games that are in development. Once a game has been developed and has met the terms of the underlying royalty agreement, the game is released for commercial sales. Per each contract, the Company will receive reports on a regular basis from the game developers’ sales platforms that identify the amount of game sales, from which consideration expected to be collected from the commercial customers is computed based on the applicable royalty percentages. Royalty revenue is based on a percentage of net receipts as defined in each customer agreement, and is recognized in accordance with the sale-based royalty provisions of ASC 606, which requires revenue recognition after the subsequent sales occur. The Company’s performance obligation under each royalty contract as an investor in the game is complete once funds are advanced to the gaming developer. Subsequent consideration is then received by the Company from the developers in the amount of the Company’s percentage fee of royalty income (net receipts) received by the customer. Net receipts include all gross revenues received by the customer as a result of sales of the games or related exploitation less certain taxes, refunds, manufacturing costs, freight, and other items specified in the underlying contract. New Accounting Pronouncements The Company has evaluated recently issued or enacted accounting pronouncements, and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements. Employees At this time, we have no full time or part time employees. Jason Garber is our current CEO and Director and acts as a contract employee. James W. Creamer III is our current CFO and Director and acts as a contract employee. The Company has two other contractors it utilizes for accounting and operations. COVID-19 Uncertainties The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time.

Long-Lived Assets

Long-Lived Assets	6 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Long-Lived Assets	Note 3. Long-Lived Assets As part of the reverse merger between VIT and AIG Inc, the Company acquired a parcel of undeveloped land from VIT in Anchorage, Alaska with a fair market value on the merger date of $36,195. On October 23, 2019 the Company sold its property in Anchorage, Alaska for $36,195. At March 31, 2020 and September 30, 2019, the total value of land and improvements was $-0- and $36,195, respectively. No gain or loss was recognized on the sale of the land and improvements at March 31, 2020 due to the land selling at book value. Funds received from the sale of the Company asset was used to pay notes payable, notes payable, related parties and the respective accrued interest payable and accrued interest payable, related parties. (See Note 5 & 6)

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity (Deficit)	Note 4. Stockholders’ Equity (Deficit) The Company’s common stock is quoted under the symbol “VRVR” on the OTC Pink tier operated by OTC Markets Group, Inc. To date, an active trading market for the Company’s common stock has not developed. Preferred Stock The Company is authorized to issue 10,000,000 each of Series A and B preferred shares at a par value of $0.01, respectively. At March 31, 2020 and September 30, 2019, the Company had 50,000 shares of Series A preferred stock and 595,612 shares of Series B preferred stock issued and outstanding. The holders of the Series B preferred stock are entitled to dividends (which are not guaranteed), carry one vote per share, and are convertible into common stock on a 1:1 basis at the option of the holder. The 50,000 shares of Series A preferred stock currently outstanding are not convertible. Common Stock The Company is authorized to issue 90,000,000 shares of common stock at par value of $0.001. At March 31, 2020 and September 30, 2019, the Company had 6,817,784 shares of common stock issued and outstanding. During the six months ended March 31, 2020, the Company issued 300 shares of common stock as part of a payoff on notes payable and accrued interest. Of the 300 shares issued, 100 shares were issued to a related party for notes payable and accrued interest.

Notes Payable

Notes Payable	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Notes Payable	Note 5. Notes Payable On March 20, 2019, an unrelated individual loaned VIT $10,000. The note carries 6% interest rate and is payable March 20, 2020. No payments had been made on the note at March 31, 2020, on which date accrued interest on the note totaled $620. On November 20, 2017, VIT issued $45,000 in unsecured notes payable to two unrelated individuals. The notes carry a 6% interest rate and are payable upon the earlier of October 31, 2022 or the sale of the Company’s Anchorage, Alaska property. On October 23, 2019 the Company sold its property in Anchorage, Alaska for $36,195. On October 29, 2019, the Company paid $32,000 in cash and issued 200 shares of common stock for the remaining balance on the notes payable of $13,000 and accrued interest of $4,981. The fair value of the 200 shares of stock was $1.40 a share or $280. This resulted in a gain on extinguishment of debt of $17,701. Notes payable summary: As of March 31, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 620 10,620 $ - $ - $ - Total Notes Payable $ 10,000 $ 620 $ 10,620 $ - $ - $ - As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 718 10,718 $ - $ - $ - Promissory Note - November 20, 2017 - 2,383 2,383 22,500 - 22,500 Promissory Note - November 20, 2017 - 2,383 2,383 22,500 - 22,500 Total Notes Payable $ 10,000 $ 5,484 $ 15,484 $ 45,000 $ - $ 45,000

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions Accounts Payable, Related Party During the three and six months ended March 31, 2020, the Company incurred $20,000 and $40,000, respectively, in contract management services rendered by an affiliate of our CEO. During the three and six months ended March 31, 2019, the Company incurred $-0- and $-0-, respectively, in services rendered by the affiliate. As of March 31, 2020 and September 30, 2019, the Company owed $40,000 and $-0-, respectively, for these services. Notes Payable, Related Party On March 29, 2018, the Company issued a $750,000, unsecured promissory note to the Company’s CEO for a potential acquisition and working capital. The actual funds received by the Company were $741,030, with $8,970 recorded under note receivable, related party as of September 30, 2019. As of March 31, 2020, the Company recognized bad debt expense for the receivable totaling $8,970. The note carries an interest rate of 6% per annum, compounding annually, and was set to mature on March 29, 2021. The Company is currently working on extending the terms. All principal and interest are due at maturity and there is no prepayment penalty for early repayment of the note. As of March 31, 2020, and September 30, 2019, total balance on the debt was $750,000 and accrued interest on the note totaled $92,930 and $69,341, respectively. From 2017 to 2019, a former executive member of VIT, (not considered a related party as of March 31, 2020), loaned VIT a total of $59,900. The notes carry a 6% interest rate and mature through October 2022, on which dates principal and interest payments are due in full. At September 30, 2019 accrued interest on the notes totaled $3,371. On October 23, 2019 the Company sold its property in Anchorage, Alaska for $36,195. On October 29, 2019, the Company paid $4,000 in cash and issued 100 shares of common stock for the remaining balance of the notes payable of $55,900 and accrued interest of $3,657. The fair value of the 100 shares of stock was $1.40 a share or $140. This resulted in a gain on forgiveness of debt of $59,417. Due to the former executive no longer being a related party of the Company on date the note was paid off, the gain was recognized in other income. Notes payable, related party summary: As of March 31, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - March 29, 2021 $ - $ - 750,000 $ 92,930 842,930 Total Notes Payable, Related Party $ - $ - $ - $ 750,000 $ 92,930 $ 842,930 As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - March 29, 2021 $ - - $ 750,000 $ 69,341 819,341 Promissory Note - August 20, 2018 6,900 428 7,328 - - - Promissory Note - September 10, 2018 44,000 2,418 46,418 - - - Promissory Note - November 5, 2018 - - - 4,000 - 4,000 Promissory Note - November 20, 2018 - 525 525 5,000 - 5,000 Total Notes Payable, Related Party $ 50,900 $ 3,371 $ 54,271 $ 759,000 $ 69,341 $ 828,341

Royalty Contracts

Royalty Contracts	6 Months Ended
	Mar. 31, 2020
Royalty Contracts
Royalty Contracts	Note 7. Royalty Contracts The Company has valued their acquired royalty contracts with customers using the “lower of cost or net realizable value” method. Ultimately the market value of the contracts is equal to the present value of the anticipated future cash flow. Royalty contracts are amortized over the life of the contact (generally three-to-five years). Management assesses the value of each royalty contract asset on an annual basis and should it be apparent that the market value of the royalty contract becomes less than the carrying value, the Company would then recognize an impairment of the asset at that time. During the three and six months ended March 31, 2020 and 2018, there was no impairment on royalty contracts. Amortization expense on royalty contracts during the three and six months ended March 31, 2020 totaled $-0- for both periods presented. Amortization expense on royalty contracts during the three and six months ended March 31, 2019 totaled $208,333 and $416,666, respectively. Net book value of royalty contract assets at March 31, 2020 and September 30, 2019 totaled $-0-.

Note Receivable

Note Receivable	6 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Note Receivable	Note 8. Note Receivable On December 11, 2019, the Company issued a $25,000, unsecured promissory note receivable to a non-related entity. The note carries an interest rate of 6% per annum and is due on demand. There is no prepayment penalty for early repayment of the note. As of March 31, 2020 and September 30, 2019, principal balance on the debt was $25,000 and $0, respectively. Accrued interest on the note totaled $830 and $0 at March 31, 2020 and September 30, 2019, respectively. Interest income on the note for the three and six months ended March 31, 2020 totaled $830 and $830, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events The Company has evaluated events subsequent to the balance sheet date through the date these financial statements were issued and determined that there are no events requiring disclosure.

Business (Policies)

Business (Policies)	6 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations AIG Ltd was incorporated in Bermuda on September 19, 2016, and is in the business of assisting in the development of video games through investments and royalty contracts. AIG Ltd had several royalty contracts with video game development companies during the three and six months ended March 31, 2020 and 2019, with more games expected to be rolled out during 2020. On September 24, 2019, AIG Ltd was acquired by AIG Inc, a Colorado Corporation, through a reverse recapitalization and share exchange agreement. After the transaction, AIG Ltd became a wholly owned subsidiary of AIG Inc. VIT was incorporated in the State of Nevada on November 3, 2011. On September 25, 2019, Mascota Resources, Corp. effected a name change to Virtual Interactive Technologies Corp. (“VIT”), and a 20:1 reverse stock split applicable to all existing VIT shareholders of record. The effects of the split have been retroactively applied to all periods presented. On September 27, 2019, AIG Inc effected a reverse recapitalization via a share exchange agreement with VIT, resulting in AIG Inc becoming a wholly-owned subsidiary of VIT.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP 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	Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. The Company had no cash equivalents at March 31, 2020 or September 30, 2019.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company accounts for fair value measurements in accordance with accounting standard ASC 820-10-50, “ Fair Value Measurements.” - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The Company’s financial instruments consist of cash, accounts receivable, accounts payable and accrued expenses, and notes payable. The carrying value of these financial instruments approximates fair value due to the short-term nature of the instruments.
Royalties Receivable	Royalties Receivable The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. The Company’s estimate is based on historical collection experience and a review of the current status of accounts receivable. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change and that losses ultimately incurred could differ materially from the amounts estimated in determining the allowance. The Company has determined that no allowance is necessary as of March 31, 2020 or September 30, 2019.
Net Income (Loss) Per Share	Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,”
Foreign Currency	Foreign Currency The Company’s functional currency is the US dollar. With the exception of stockholders’ equity (deficit), all transactions that are originally denominated in foreign currency are translated to US dollars by our international customers, on a monthly basis, when recognized by them and prior to paying royalties to the Company. All royalty revenues that are received and recognized by the Company are recorded in US dollars. The Company has a Euro currency bank account located in Bermuda. This account is used for payments to vendors that bill the Company in a currency other than US dollars and for funds received from shareholders located outside the United States. As of March 31, 2020 and September 30, 2019, the Euro account had a balance of $-0-. Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based on exchange rates prevalent on reporting dates for balance sheet items, and at weighted average exchange rates during the reporting period for the statement of operations. Foreign currency transaction gains/losses are recorded as other expense in the period of settlement. No AOCI items were present during the three and six months ended March 31, 2020 and 2019, as all financial statement items were denominated in the US dollar. Gains (losses) from foreign currency transactions during the three and six months ended March 31, 2020 totaled $145 and ($333), respectively. Gains (losses) from foreign currency transactions during the three and six months ended March 31, 2019 totaled ($4,121) and ($5,843), respectively.
Concentration of Credit Risk	Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of March 31, 2020, and September 30, 2019, uninsured deposits in the Bermuda bank totaled $-0-. Our management believes that the financial institution is financially sound, and the risk of loss is low. The Company is in the process of migrating its banking to the institutions in the United States, which are insured by the FDIC up to $250,000.
Revenue Recognition	Revenue Recognition On October 1, 2018, the Company adopted guidance contained in ASC 606, “Revenue Recognition The Company has several contracts with video game developers that entitle us to royalty streams as a percentage of revenues generated by the game sales, which vary from contract to contract. As of March 31, 2020, the Company has four royalty contracts with three developers that are generating royalty revenue, and two royalty contracts for games that are in development. Once a game has been developed and has met the terms of the underlying royalty agreement, the game is released for commercial sales. Per each contract, the Company will receive reports on a regular basis from the game developers’ sales platforms that identify the amount of game sales, from which consideration expected to be collected from the commercial customers is computed based on the applicable royalty percentages. Royalty revenue is based on a percentage of net receipts as defined in each customer agreement, and is recognized in accordance with the sale-based royalty provisions of ASC 606, which requires revenue recognition after the subsequent sales occur. The Company’s performance obligation under each royalty contract as an investor in the game is complete once funds are advanced to the gaming developer. Subsequent consideration is then received by the Company from the developers in the amount of the Company’s percentage fee of royalty income (net receipts) received by the customer. Net receipts include all gross revenues received by the customer as a result of sales of the games or related exploitation less certain taxes, refunds, manufacturing costs, freight, and other items specified in the underlying contract.
New Accounting Pronouncements	New Accounting Pronouncements The Company has evaluated recently issued or enacted accounting pronouncements, and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.
Employees	Employees At this time, we have no full time or part time employees. Jason Garber is our current CEO and Director and acts as a contract employee. James W. Creamer III is our current CFO and Director and acts as a contract employee. The Company has two other contractors it utilizes for accounting and operations.
COVID-19 Uncertainties	COVID-19 Uncertainties The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Notes Payable Outstanding	Notes payable summary: As of March 31, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 620 10,620 $ - $ - $ - Total Notes Payable $ 10,000 $ 620 $ 10,620 $ - $ - $ - As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 718 10,718 $ - $ - $ - Promissory Note - November 20, 2017 - 2,383 2,383 22,500 - 22,500 Promissory Note - November 20, 2017 - 2,383 2,383 22,500 - 22,500 Total Notes Payable $ 10,000 $ 5,484 $ 15,484 $ 45,000 $ - $ 45,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Summary of Notes Payable Related Parties	Notes payable, related party summary: As of March 31, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - March 29, 2021 $ - $ - 750,000 $ 92,930 842,930 Total Notes Payable, Related Party $ - $ - $ - $ 750,000 $ 92,930 $ 842,930 As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - March 29, 2021 $ - - $ 750,000 $ 69,341 819,341 Promissory Note - August 20, 2018 6,900 428 7,328 - - - Promissory Note - September 10, 2018 44,000 2,418 46,418 - - - Promissory Note - November 5, 2018 - - - 4,000 - 4,000 Promissory Note - November 20, 2018 - 525 525 5,000 - 5,000 Total Notes Payable, Related Party $ 50,900 $ 3,371 $ 54,271 $ 759,000 $ 69,341 $ 828,341

Business (Details Narrative)

Business (Details Narrative) - USD ($)	Sep. 25, 2019	Sep. 19, 2016	Nov. 03, 2011	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Reverse stock split	20:1 reverse stock split
Cash equivalents
Royalties receivable, allowance
Net income (loss) per share, description						To reflect the economics of the merger transaction on September 27, 2019, for the purposes of calculating the weighted average shares outstanding, the 2018 shares of common stock have been adjusted to account for a 1:4 reverse split.
Gain and losses from foreign currency transactions				144	$ (4,121)	$ (333)	$ (5,843)
Maximum [Member]
Cash, FDIC insured amount				250,000		250,000
Euro [Member]
Gain and losses from foreign currency transactions						$ 0		$ 0
Series B Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per shares						595,612		595,612
Mascota Resources Corp. [Member]
Entity incorporation, state name			State of Nevada
Advanced Interactive Gaming, Inc. [Member]
Entity incorporation, state name		Bermuda
Bermuda Bank [Member]
Cash, uninsured deposits				$ 0		$ 0		$ 0

Long-Lived Assets (Details Narr

Long-Lived Assets (Details Narrative) - USD ($)	Oct. 23, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Fair market value of land improvements				$ 36,195
Proceeds from sale of property		36,195
Long lived assets, property held		$ 0		$ 36,195
Anchorage Alaska [Member]
Proceeds from sale of property	$ 36,195

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details Narrative) - $ / shares	6 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Common stock voting per shares, description	The holders of the Series B preferred stock are entitled to dividends (which are not guaranteed), carry one vote per share, and are convertible into common stock on a 1:1 basis at the option of the holder. The 50,000 shares of Series A preferred stock currently outstanding are not convertible.
Common stock, shares authorized	90,000,000	90,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	6,817,784	6,817,484
Common stock, shares outstanding	6,817,784	6,817,484
Number of shares issued for notes payable	300
Related Party [Member]
Number of shares issued for notes payable	100
Series A Preferred Stock [Member]
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	50,000	50,000
Preferred stock, shares outstanding	50,000	50,000
Series B Convertible Preferred Stock [Member]
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	595,612	595,612
Preferred stock, shares outstanding	595,612	595,612

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Oct. 29, 2019	Oct. 23, 2019	Mar. 20, 2019	Nov. 20, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 11, 2019	Sep. 30, 2019
Debt instrument interest rate					6.00%		6.00%		6.00%
Maturity date							Mar. 29, 2021
Accrued interest					$ 620		$ 620			$ 5,484
Proceeds from sale of property							36,195
Shares issued for conversion of debt	100
Shares issued price per share	$ 1.40
Shares issued for conversion of debt, value	$ 140
Gain on extinguishment of debt	59,417						77,118
Anchorage Alaska [Member]
Proceeds from sale of property		$ 36,195
Unsecured Notes Payable [Member]
Accrued interest	4,981
Notes payable	13,000
Cash paid for debt	$ 32,000
Shares issued for conversion of debt	200
Shares issued price per share	$ 1.40
Shares issued for conversion of debt, value	$ 280
Gain on extinguishment of debt	$ 17,701
Unrelated Individuals [Member]
Proceeds from loan			$ 10,000
Debt instrument interest rate			6.00%
Maturity date			Mar. 20, 2020
Accrued interest					$ 620		$ 620
Two Unrelated Individuals [Member] | Unsecured Notes Payable [Member]
Debt instrument interest rate				6.00%
Maturity date				Oct. 31, 2022
Notes payable				$ 45,000

Notes Payable - Summary of Note

Notes Payable - Summary of Notes Payable Outstanding (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Note payable, Principal, Short Term	$ 10,000	$ 10,000
Note payable, Accrued Interest, Short Term	620	5,484
Notes payable, Total, Short Term	10,620	15,484
Note payable, Principal, Long Term		45,000
Note payable, Accrued Interest, Long Term
Notes payable, Total, Long Term		45,000
Promissory Note - March 20, 2019 [Member]
Note payable, Principal, Short Term	10,000	10,000
Note payable, Accrued Interest, Short Term	620	718
Notes payable, Total, Short Term	10,620	10,718
Note payable, Principal, Long Term
Note payable, Accrued Interest, Long Term
Notes payable, Total, Long Term
Promissory Note - November 20, 2017 [Member]
Note payable, Principal, Short Term
Note payable, Accrued Interest, Short Term		2,383
Notes payable, Total, Short Term		2,383
Note payable, Principal, Long Term		22,500
Note payable, Accrued Interest, Long Term
Notes payable, Total, Long Term		22,500
Promissory Note - November 20, 2017 Two [Member]
Note payable, Principal, Short Term
Note payable, Accrued Interest, Short Term		2,383
Notes payable, Total, Short Term		2,383
Note payable, Principal, Long Term		22,500
Note payable, Accrued Interest, Long Term
Notes payable, Total, Long Term		$ 22,500

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Oct. 29, 2019	Oct. 23, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 11, 2019	Sep. 30, 2019	Mar. 29, 2018
Related parties payable			$ 40,000		$ 40,000		$ 40,000
Unsecured promissory note	$ 55,900
Debt instrument, face amount			750,000		750,000		750,000		750,000
Notes receivable, related parties			$ 8,970		$ 8,970		$ 8,970
Debt instrument, interest rate			6.00%		6.00%		6.00%	6.00%
Debt instrument, maturity date					Mar. 29, 2021
Accrued interest	3,657		$ 92,930		$ 92,930		$ 92,930		69,341
Notes payable, related party, current									50,900
Proceeds from sale of property					36,195
Payment of notes payable related parties	$ 4,000				4,000	10,000
Shares issued for conversion of debt	100
Shares issued price per share	$ 1.40
Shares issued for conversion of debt, value	$ 140
Gain on extinguishment of debt	$ 59,417				77,118
ALASKA [Member]
Proceeds from sale of property		$ 36,195
Chief Executive Officer [Member]
Related party transaction expenses			$ 20,000	$ 0	$ 40,000	$ 0
Unsecured promissory note										$ 750,000
Debt instrument, face amount										741,030
Notes receivable, related parties										$ 8,970
Former Executive [Member]
Debt instrument, interest rate			6.00%		6.00%		6.00%
Accrued interest									$ 3,371
Notes payable, related party, current			$ 59,900		$ 59,900		$ 59,900
Debt instrument, maturity date, description							Mature through October 2022.

Related Party Transactions - Su

Related Party Transactions - Summary of Notes Payable Related Parties (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Note payable, related party, Principal, Short Term		$ 50,900
Note payable, related party, Accrued Interest, Short Term		3,371
Note payable, related party, Total, Short Term		54,271
Note payable, related party, Principal, Long term	750,000	759,000
Note payable, related party, Accrued Interest, Long term	92,930	69,341
Note payable, related party, Total, Long term	842,930	828,341
Promissory Note - March 29, 2021 [Member]
Note payable, related party, Principal, Short Term
Note payable, related party, Accrued Interest, Short Term
Note payable, related party, Total, Short Term
Note payable, related party, Principal, Long term	750,000	750,000
Note payable, related party, Accrued Interest, Long term	92,930	69,341
Note payable, related party, Total, Long term	$ 842,930	819,341
Promissory Note - August 20, 2018 [Member]
Note payable, related party, Principal, Short Term		6,900
Note payable, related party, Accrued Interest, Short Term		428
Note payable, related party, Total, Short Term		7,328
Note payable, related party, Principal, Long term
Note payable, related party, Accrued Interest, Long term
Note payable, related party, Total, Long term
Promissory Note - September 10, 2018 [Member]
Note payable, related party, Principal, Short Term		44,000
Note payable, related party, Accrued Interest, Short Term		2,418
Note payable, related party, Total, Short Term		46,418
Note payable, related party, Principal, Long term
Note payable, related party, Accrued Interest, Long term
Note payable, related party, Total, Long term
Promissory Note - November 5, 2018 [Member]
Note payable, related party, Principal, Short Term
Note payable, related party, Accrued Interest, Short Term
Note payable, related party, Total, Short Term
Note payable, related party, Principal, Long term		4,000
Note payable, related party, Accrued Interest, Long term
Note payable, related party, Total, Long term		4,000
Promissory Note - November 20, 2018 [Member]
Note payable, related party, Principal, Short Term
Note payable, related party, Accrued Interest, Short Term		525
Note payable, related party, Total, Short Term		525
Note payable, related party, Principal, Long term		5,000
Note payable, related party, Accrued Interest, Long term
Note payable, related party, Total, Long term		$ 5,000

Royalty Contracts (Details Narr

Royalty Contracts (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Royalty Contracts
Amortization on royalty contracts		$ 208,333		$ 416,666
Net book value of royalty contract	$ 0		$ 0		$ 0

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 11, 2019	Sep. 30, 2019
Receivables [Abstract]
Promissory notes receivable	$ 25,000	$ 25,000
Interest rate	6.00%	6.00%
Accrued interest	$ 830
Interest income	$ 830