Document Entity and Information
Document Entity and Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 28, 2020 | Mar. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | VIRTUAL INTERACTIVE TECHNOLOGIES CORP. | ||
Entity Central Index Key | 0001536089 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 16,567,215 | ||
Entity Common Stock, Shares Outstanding | 6,817,784 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 36,244 | $ 36,136 |
Royalties receivable | 171,096 | 269,594 |
Interest receivable | 1,586 | |
Notes receivable | 25,000 | |
Notes receivable, related party | 8,970 | |
Other assets | 2,660 | |
Total current assets | 233,926 | 317,360 |
Land and improvements | 36,195 | |
TOTAL ASSETS | 233,926 | 353,555 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 7,070 | 94,407 |
Accounts payable, related party | 9,994 | |
Notes payable, related party | 50,900 | |
Interest payable, related party | 3,371 | |
Notes payable, current maturities | 10,000 | 10,000 |
Interest payable | 921 | 5,484 |
Total current liabilities | 27,985 | 164,162 |
LONG-TERM LIABILITIES: | ||
Note payable, related party | 741,030 | 759,000 |
Interest payable, related party | 118,263 | 69,341 |
Notes payable | 45,000 | |
Total long-term liabilities | 859,293 | 873,341 |
Total liabilities | 887,278 | 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 September 30, 2020 and September 30, 2019, respectively | 6,817 | 6,817 |
Additional paid-in-capital | 4,353,430 | 4,313,011 |
Accumulated deficit | (5,020,055) | (5,010,232) |
Total stockholders' equity (deficit) | (653,352) | (683,948) |
Total liabilities and stockholders' equity (deficit) | 233,926 | 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||
Revenue - royalties | $ 256,396 | $ 334,394 |
Operating expenses: | ||
General, administrative and selling | 274,094 | 334,515 |
Research and development | 23,035 | 208,116 |
Amortization | 625,000 | |
Total operating expenses | 297,129 | 1,167,631 |
Loss before other income (expense) | (40,733) | (833,237) |
Other income (expense) | ||
Other income | 3,130 | |
Gain on settlement of debt | 77,118 | |
Interest expense | (49,669) | (182,333) |
Gain (loss) on foreign currency transactions | 331 | (7,517) |
Total other income (expense) | 30,910 | (189,850) |
Net loss | $ (9,823) | $ (1,023,087) |
Loss per share, basic and fully diluted | $ 0 | $ (0.15) |
Weighted average number of shares outstanding, basic and fully diluted | 6,817,784 | 6,909,240 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - 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 | ||||
Stock issued for notes payable, related party | $ 4,993 | 2,010,970 | 2,015,963 | |||
Stock issued for notes payable, related party, shares | 499,286 | |||||
Stock issued for accrued interest payable, related party | $ 963 | 387,974 | 388,937 | |||
Stock issued for accrued interest payable, related party, shares | 96,326 | |||||
Recapitalization | $ 500 | $ (11) | $ 66 | (108,012) | 240,000 | 132,543 |
Recapitalization, shares | 50,000 | (1,000,000) | (27,297,516) | |||
Stock issued in reverse merger | $ 6,175 | (6,175) | ||||
Stock issued in reverse merger, shares | 6,175,000 | |||||
Stock issued for services | $ 300 | 900 | 1,200 | |||
Stock issued for services, shares | 300,000 | |||||
Net loss | (1,023,087) | (1,023,087) | ||||
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 services | 300 | |||||
Stock issued for notes payable | 333 | 333 | ||||
Stock issued for notes payable, shares | 238 | |||||
Stock issued for accrued interest payable | 86 | 86 | ||||
Stock issued for accrued interest payable, shares | 62 | |||||
Forgiveness of accruals, related party | 40,000 | 40,000 | ||||
Net loss | (9,823) | (9,823) | ||||
Balance at Sep. 30, 2020 | $ 500 | $ 5,956 | $ 6,817 | $ 4,353,430 | $ (5,020,055) | $ (653,352) |
Balance, shares at Sep. 30, 2020 | 50,000 | 595,612 | 6,817,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (9,823) | $ (1,023,087) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization | 625,000 | |
Stock issued for services | 1,200 | |
Gain on settlement of debt | (77,118) | |
Changes in operating assets and operating liabilities: | ||
Other assets | 2,660 | 4,460 |
Royalties receivable | 98,498 | (91,414) |
Accounts payable and accrued liabilities | (87,337) | 12,178 |
Accounts payable, related parties | 49,994 | (40,000) |
Accrued interest note receivable | (1,586) | |
Accrued interest payable, related parties | 50,129 | 182,272 |
Accrued interest payable | (504) | |
Net cash provided by (used in) operating activities | 24,913 | (329,391) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sale of land | 36,195 | |
Cash acquired in reverse merger | 1,812 | |
Advances to related parties | (25,000) | |
Net cash provided by investing activities | 11,195 | 1,812 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of common stock in subsidiary | (22,740) | |
Redemption of preferred stock in subsidiary | (100) | |
Proceeds from sale of common stock in subsidiary | 20,700 | |
Payments on notes payable | (32,000) | |
Payments on notes payable, related parties | (4,000) | (10,000) |
Net cash used in financing activities | (36,000) | (12,140) |
Net change in cash and cash equivalents | 108 | (339,719) |
Cash and cash equivalents, beginning of period | 36,136 | 375,855 |
Cash and cash equivalents, end of period | 35,199 | 36,136 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 248 | |
Income taxes paid | ||
Non-cash Investing and Financing Activities: | ||
Forgiveness of accruals, related party | 40,000 | |
Stock issued for note payable, related parties | 2,015,963 | |
Stock issued for accrued interest, related parties | 388,937 | |
Stock issued for note payable | 333 | |
Stock issued for accrued interest | 86 | |
Net effect of recapitalization - reverse merger | $ 132,543 |
Nature of Business
Nature of Business | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1 – Nature of Business Nature of Business Advanced Interactive Gaming, Ltd. (“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 past three years. On September 24, 2019, AIG Ltd was acquired by Advanced Interactive Gaming, Inc. (“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. Virtual Interactive Technologies Corp. (f/k/a Mascota Resources, Corp.) 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. Plan of Operations The Company has incurred losses since its inception, has limited cash on hand at September 30, 2020, and negative equity. The Company’s plan is to grow significantly over the next few years through strategic game development partnerships, through internal game development and through the acquisition of independent game development companies globally. The Company has taken much of the cash flow from its first royalty agreement and has invested in royalty agreements for the development of several other video games. By continuing to reinvest these royalties into agreements to develop new games, along with actively managing corporate overhead, management’s plan is to substantially increase its video game royalty portfolio and cash flow over the next several years. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements herein contain the operations of VIT and its wholly-owned subsidiaries AIG Inc and AIG Ltd (collectively, the “Company”) for the periods ended September 30. 2020 and 2019. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). All intercompany transactions have been eliminated. The Company’s headquarters are located in Denver, Colorado and substantially all of its customers are outside the United States. 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, royalties receivable, notes receivable and related accrued interest 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. Cash and 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 September 30, 2020 or 2019. 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 September 30, 2020 or 2019. Royalty Contracts and Research and Development Costs The Company enters into agreements with third-party developers that require us to make payments for game development and production services. In exchange for our payments, we receive the exclusive publishing and distribution rights to the finished game titles as well as, in some cases, the underlying intellectual property rights. Such agreements typically allow us to fully recover these payments, plus a profit, to the developers at an agreed-upon royalty rate earned on the subsequent sales of such software, net of any agreed-upon costs. Prior to establishing technological feasibility of a product, we record any costs incurred by third-party developers as research and development expenses. Subsequent to establishing technological feasibility of a product, we capitalize all development and production service payments to third-party developers as royalty contracts. The Company had no capitalizable research and development costs during the years ended September 30, 2020 or 2019. Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company compares the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. During the periods ended September 30, 2020 and September 30, 2019, the Company recorded impairment charges on royalty contracts of $0 and $0, respectively. 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 September 30, 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. 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 September 30, 2020 and 2019, the Euro account had a balance of $0 and $0 Euros. Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based 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 years ended September 30, 2020 and 2019, as all financial statement items were denominated in the US dollar. Gains (losses) from foreign currency transactions during the years ended September 30, 2020 and 2019 totaled $331 and ($7,517), respectively. Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses reported for the period presented. The most significant estimates relate to the useful life and impairment of intangible assets and allowance for doubtful accounts. The Company regularly will assess these estimates and, while actual results may differ, management believes that the estimates are reasonable. Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of September 30, 2020 and 2019, uninsured deposits in the Bermuda bank totaled $20,649 and $27,612, respectively. 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. Income Taxes The Company did not accrue corporate income taxes for AIG Ltd during the year ended September 30, 2019, as it is incorporated in the country of Bermuda where there is no corporate income tax. The Company is subject to US Federal and state income taxes commencing the year ended September 30, 2020 due to its business combinations with two US companies in September 2019. Deferred taxes for the VIT (Nevada) and AIG Inc (Colorado) are provided on a liability method in accordance with ASC 740, “Income Taxes,” Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” September 30, 2020 September 30, 2019 Basic weighted average shares outstanding 6,817,784 6,909,959 If-converted shares, Series B preferred shares 595,612 595,612 Diluted weighted average common shares outstanding 7,413,096 7,505,571 Stock-Based Compensation The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718, “Stock Compensation.” Recent Account Pronouncements The Company has evaluated all other 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. 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. |
Royalty Contracts
Royalty Contracts | 12 Months Ended |
Sep. 30, 2020 | |
Royalty Contracts | |
Royalty Contracts | Note 3 - 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 years ended September 30, 2020 and 2019, the Company recognized an impairment on royalty contracts in the amount of $0 and $0. Amortization expense on royalty contracts during the years ended September 30, 2020 and 2019 totaled $0 and $625,000, respectively. Net book value of royalty contract assets at September 30, 2020 and 2019 totaled $0 and $0, respectively. The Company has three major royalty agreements (Customer A, Customer B and Customer C). Customer A represented approximately 30% and 30% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2019. Customer B represented approximately 54% and 48% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2019. Customer C represented approximately 16% and 22% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2019. Customer A represented approximately 31% and 31% of revenues and royalty receivables as of and for the year ended September 30, 2020. Customer B represented approximately 46% and 14% of revenues and royalty receivables as of and for the year ended September 30, 2020. Customer C represented approximately 22% and 54% of revenues and royalty receivables as of and for the year ended September 30, 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions Accounts Payable, Related Party During the years ended September 30, 2020 and September 30, 2019, the Company incurred $35,000 and $120,000, respectively, in contract management services rendered by an affiliate of our CEO. As of September 30, 2020 and September 30, 2019, the Company owed $0 and $0, respectively, for these services. During the year ended September 30, 2019 the Company had accrued $40,000 of contract management services payable to our CEO that was forgiven and was written off against additional paid in capital as of September 30, 2020. During the years ended September 30, 2020 and 2019, the Company incurred $96,000 and $60,000, respectively, in contract management services rendered by an affiliate of our CFO. As of September 30, 2020 and 2019, the Company owed $9,994 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 September 30, 2020, the Company applied the $8,970 that was recorded as a note receivable to the outstanding promissory note. The Company amended the note payable principal to $741,030 to correspond with the funds actually received. The note carries an interest rate of 6% per annum, compounding annually, and matures on December 31, 2022. All principal and interest are due at maturity and there is no prepayment penalty for early repayment of the note. As of September 30, 2020 and September 30, 2019, total balance on the debt was $741,030 and $750,000 and accrued interest of $118,263 and $69,341, respectively. From 2017 to 2019, a former executive member of VIT, (not considered a related party as of September 30, 2020), loaned VIT a total of $59,900. The notes carried a 6% interest rate and matured through October 2022, on which dates principal and interest payments were 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 $3,656. The fair value of the 100 shares of stock was approximately $1.40 a share, or $139. 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 September 30, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - December 31, 2022 $ - $ - 741,030 $ 118,263 859,292 Total Notes Payable, Related Party $ - $ - $ - $ 741,030 $ 118,263 $ 859,292 As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - December 31, 2022 $ - - $ 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 |
Notes Payable
Notes Payable | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 5 - Notes Payable On November 20, 2017, VIT issued $45,000 in unsecured notes payable to two unrelated individuals. The notes carried a 6% interest rate and were 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. 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 through September 30, 2020. Accrued interest on the note totaled $921 and $718 at September 30, 2020 and September 30, 2019, respectively. Notes payable summary: As of September 30, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 921 10,921 $ - $ - $ - Total Notes Payable $ 10,000 $ 921 $ 10,921 $ - $ - $ - 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 Our future maturities under our debt obligations as of September 30, 2020 are as follows: Contract Less than More Than Name Amount Term 1 Year 5 Years Promissory Notes $ 10,000 1 - 5 10,000 - |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 6 – Stockholders’ Equity Common Stock The Company is authorized to issue 90,000,000 shares of common stock at par value of $0.001. At September 30, 2020 and 2019, the Company had 6,817,784 and 6,817,484, respectively, shares of common stock issued and outstanding. During the year ended September 30, 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. 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 September 30, 2020 and September 30, 2019, the Company had 50,000 of Series A preferred shares 595,612 shares of preferred B stock issued and outstanding. The 50,000 Series A preferred shares currently outstanding are not convertible. |
Long-Lived Assets
Long-Lived Assets | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | Note 7 – Long-Lived Assets As part of the reverse merger between VIT and AIG Inc (Note 8), 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. In October 2019, the Company sold the property for $36,195. |
Business Combination
Business Combination | 12 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination | Note 8 – Business Combination On September 27, 2019, AIG Inc and VIT executed an agreement to exchange 6,175,000 shares of VIT for all of its outstanding shares of AIG Inc on a 1:1 basis, thus making AIG a wholly-owned subsidiary of VIT. The quoted price of VIT’s common stock on the purchase date was $.05 per share, or $308,750 total value. The acquisition was accounted for as a reverse merger because (1) AIG has the ability to elect majority of the members of the Board of Directors, (2) the management of the combined entity will consist primarily of management of AIG, and (3) the operations of AIG will be the operations of the combined entity moving forward. The pre-merger assets and liabilities of VIT were brought forward at their fair value which approximated the purchase price. As there was deminimus excess purchase price due to the control premium obtained by VIT stock exchanges between the companies and commensurate deemed values thereof, no intangibles or goodwill were recorded in connection with the business combination. In conjunction with the reverse merger, VIT issued 300,000 shares of common stock to AIG’s CFO for services valued at $1,200, as well as 595,612 shares of Series B preferred stock valued at $4.04 per share to Velocity Capital, Ltd., in satisfaction of $2,404,900 in debts owed by AIG Ltd to Velocity. |
Note Receivable
Note Receivable | 12 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Note Receivable | Note 9. 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. Accrued interest on the note totaled $1,586 at September 30, 2020. |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Note 10 – Provision for Income Taxes The Company provides for income taxes under ASC 740, ”Income Taxes.” The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% to the net loss before provision for income taxes for the following reasons: Net deferred tax assets consist of the following components as of: Period Ended September 30, 2020 Income tax expense at statutory rate $ 2,063 Valuation allowance (2,063 ) Income tax expense per books $ - Period Ended September 30, 2020 NOL Carryover $ 2,063 Valuation allowance (2,063 ) Net deferred tax asset $ - As of September 30, 2020, the Company had approximately $2,063 of net operating losses (“NOL”) carried forward to offset taxable income in future years which expire commencing in fiscal 2039. There were no NOLs generated in tax years prior to September 30, 2019. NOLs generated after September 30, 2019 can be carried forward indefinitely. NOL carry forwards may be subject to an annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). These ownership changes may limit the amount of the NOL carry forwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events On November 20, 2020, the Company invested $7,500 in a Convertible Note from 3GTK, LLC, a Delaware Company developing The Mine Life, a freemium gaming concept that combines online auctions and gift card purchasing. The note matures on November 20, 2022, carries a 4% interest rate and is convertible into 1.25% of 3GTK, LLC at the Company’s option. The Company has evaluated events occurring from September 30, 2020 through the date of the issuance of these financial statements, and noted no additional events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements herein contain the operations of VIT and its wholly-owned subsidiaries AIG Inc and AIG Ltd (collectively, the “Company”) for the periods ended September 30. 2020 and 2019. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). All intercompany transactions have been eliminated. The Company’s headquarters are located in Denver, Colorado and substantially all of its customers are outside the United States. |
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, royalties receivable, notes receivable and related accrued interest 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. |
Cash and Cash Equivalents | Cash and 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 September 30, 2020 or 2019. |
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 September 30, 2020 or 2019. |
Royalty Contracts and Research and Development Costs | Royalty Contracts and Research and Development Costs The Company enters into agreements with third-party developers that require us to make payments for game development and production services. In exchange for our payments, we receive the exclusive publishing and distribution rights to the finished game titles as well as, in some cases, the underlying intellectual property rights. Such agreements typically allow us to fully recover these payments, plus a profit, to the developers at an agreed-upon royalty rate earned on the subsequent sales of such software, net of any agreed-upon costs. Prior to establishing technological feasibility of a product, we record any costs incurred by third-party developers as research and development expenses. Subsequent to establishing technological feasibility of a product, we capitalize all development and production service payments to third-party developers as royalty contracts. The Company had no capitalizable research and development costs during the years ended September 30, 2020 or 2019. |
Long-Lived Assets | Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company compares the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. During the periods ended September 30, 2020 and September 30, 2019, the Company recorded impairment charges on royalty contracts of $0 and $0, respectively. |
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 September 30, 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. |
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 September 30, 2020 and 2019, the Euro account had a balance of $0 and $0 Euros. Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based 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 years ended September 30, 2020 and 2019, as all financial statement items were denominated in the US dollar. Gains (losses) from foreign currency transactions during the years ended September 30, 2020 and 2019 totaled $331 and ($7,517), respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses reported for the period presented. The most significant estimates relate to the useful life and impairment of intangible assets and allowance for doubtful accounts. The Company regularly will assess these estimates and, while actual results may differ, management believes that the estimates are reasonable. |
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 September 30, 2020 and 2019, uninsured deposits in the Bermuda bank totaled $20,649 and $27,612, respectively. 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. |
Income Taxes | Income Taxes The Company did not accrue corporate income taxes for AIG Ltd during the year ended September 30, 2019, as it is incorporated in the country of Bermuda where there is no corporate income tax. The Company is subject to US Federal and state income taxes commencing the year ended September 30, 2020 due to its business combinations with two US companies in September 2019. Deferred taxes for the VIT (Nevada) and AIG Inc (Colorado) are provided on a liability method in accordance with ASC 740, “Income Taxes,” |
Net Income (Loss) Per Share | Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” September 30, 2020 September 30, 2019 Basic weighted average shares outstanding 6,817,784 6,909,959 If-converted shares, Series B preferred shares 595,612 595,612 Diluted weighted average common shares outstanding 7,413,096 7,505,571 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718, “Stock Compensation.” |
Recent Account Pronouncements | Recent Account Pronouncements The Company has evaluated all other 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. |
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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Anti-dilutive Securities from Computation of Common Shares | These potentially dilutive securities were excluded from the EPS computation due to their anti-dilutive effect resulting from the Company’s net losses. September 30, 2020 September 30, 2019 Basic weighted average shares outstanding 6,817,784 6,909,959 If-converted shares, Series B preferred shares 595,612 595,612 Diluted weighted average common shares outstanding 7,413,096 7,505,571 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Notes Payable Related Party | Notes payable, related party summary: As of September 30, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - December 31, 2022 $ - $ - 741,030 $ 118,263 859,292 Total Notes Payable, Related Party $ - $ - $ - $ 741,030 $ 118,263 $ 859,292 As of September 30, 2019 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable, Related Party Promissory Note - December 31, 2022 $ - - $ 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 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable Outstanding | Notes payable summary: As of September 30, 2020 Short Term Long Term Principal Accrued Interest Total Principal Accrued Interest Total Notes Payable Promissory Note - March 20, 2019 $ 10,000 $ 921 10,921 $ - $ - $ - Total Notes Payable $ 10,000 $ 921 $ 10,921 $ - $ - $ - 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 |
Schedule of Debt Obligations of Future Maturities | Our future maturities under our debt obligations as of September 30, 2020 are as follows: Contract Less than More Than Name Amount Term 1 Year 5 Years Promissory Notes $ 10,000 1 - 5 10,000 - |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | Net deferred tax assets consist of the following components as of: Period Ended September 30, 2020 Income tax expense at statutory rate $ 2,063 Valuation allowance (2,063 ) Income tax expense per books $ - Period Ended September 30, 2020 NOL Carryover $ 2,063 Valuation allowance (2,063 ) Net deferred tax asset $ - |
Nature of Business (Details Nar
Nature of Business (Details Narrative) | Sep. 25, 2019 | Sep. 19, 2016 | Nov. 03, 2011 |
Reverse stock split | 20:1 reverse stock split | ||
Mascota Resources Corp. [Member] | |||
Entity incorporation, state name | State of Nevada | ||
Advanced Interactive Gaming, Inc. [Member] | |||
Entity incorporation, state name | Bermuda |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |||
Sep. 30, 2020USD ($)shares | Sep. 30, 2020EUR (€)shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2019EUR (€)shares | |
Cash equivalents | ||||
Royalties receivable, allowance | ||||
Charges on royalty contract | ||||
Impairment charges on royalty contracts | 0 | 0 | ||
Gain and losses from foreign currency transactions | $ 331 | $ (7,517) | ||
Series B Preferred Stock [Member] | ||||
Antidilutive securities excluded from computation of earnings per shares | shares | 595,612 | 595,612 | 1,000,000 | 1,000,000 |
Maximum [Member] | ||||
Cash, FDIC insured amount | $ 250,000 | |||
Bermuda Bank [Member] | ||||
Cash, uninsured deposits | $ 20,649 | $ 27,612 | ||
Euro [Member] | ||||
Gain and losses from foreign currency transactions | € | € 0 | € 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies -Schedule of Anti-dilutive Securities from Computation of Common Shares (Details) - shares | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Basic weighted average shares outstanding | 6,817,784 | 6,909,959 |
If-converted shares, Series B preferred shares | 595,612 | 595,612 |
Diluted weighted average common shares outstanding | 7,413,096 | 7,505,571 |
Royalty Contracts (Details Narr
Royalty Contracts (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Impairment charges on royalty contracts | $ 0 | $ 0 |
Amortization on royalty contracts | 625,000 | |
Net book value of royalty contract | $ 0 | $ 0 |
Customer A [Member] | Revenues [Member] | ||
Concentration of risk, percentage | 31.00% | 30.00% |
Customer A [Member] | Royalty Receivables [Member] | ||
Concentration of risk, percentage | 31.00% | 30.00% |
Customer B [Member] | Revenues [Member] | ||
Concentration of risk, percentage | 46.00% | 54.00% |
Customer B [Member] | Royalty Receivables [Member] | ||
Concentration of risk, percentage | 14.00% | 48.00% |
Customer C [Member] | Revenues [Member] | ||
Concentration of risk, percentage | 54.00% | 22.00% |
Customer C [Member] | Royalty Receivables [Member] | ||
Concentration of risk, percentage | 22.00% | 16.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Oct. 29, 2019 | Oct. 23, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2019 | Mar. 29, 2018 |
Forgiveness of accruals | $ 40,000 | |||||
Accounts payable, related party | 9,994 | |||||
Unsecured promissory note | $ 55,900 | |||||
Debt instrument, face amount | 741,030 | 750,000 | 750,000 | |||
Notes receivable, related parties | $ 8,970 | |||||
Debt instrument, interest rate | 6.00% | |||||
Debt instrument, maturity date | Dec. 31, 2022 | |||||
Accrued interest | 3,656 | $ 118,263 | 69,341 | 69,341 | ||
Notes payable, related party, current | 50,900 | 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 | $ 139 | |||||
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 | 35,000 | 120,000 | ||||
Forgiveness of accruals | 40,000 | |||||
Unsecured promissory note | $ 750,000 | |||||
Debt instrument, face amount | $ 741,030 | |||||
Notes receivable, related parties | 8,970 | $ 8,970 | ||||
Chief Financial Officer [Member] | ||||||
Related party transaction expenses | $ 96,000 | $ 60,000 | ||||
Former Executive [Member] | ||||||
Debt instrument, interest rate | 6.00% | 6.00% | ||||
Accrued interest | $ 3,371 | $ 3,371 | ||||
Notes payable, related party, current | $ 59,900 | $ 59,900 | ||||
Debt instrument, maturity date, description | Matured through October 2022 |
Related Party Transactions - Su
Related Party Transactions - Summary of Notes Payable Related Parties (Details) - USD ($) | Sep. 30, 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 | 741,030 | 759,000 |
Note payable, related party, Accrued Interest, Long term | 118,263 | 69,341 |
Note payable, related party, Total, Long term | 859,292 | 828,341 |
Promissory Note - December 31, 2022 [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 | 741,030 | 750,000 |
Note payable, related party, Accrued Interest, Long term | 118,263 | 69,341 |
Note payable, related party, Total, Long term | $ 859,292 | 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 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Oct. 31, 2019 | Oct. 29, 2019 | Oct. 23, 2019 | Mar. 20, 2019 | Nov. 20, 2017 | Sep. 30, 2020 | Sep. 30, 2019 |
Debt instrument interest rate | 6.00% | ||||||
Maturity date | Dec. 31, 2022 | ||||||
Proceeds from sale of property | $ 36,195 | ||||||
Shares issued for conversion of debt | 100 | ||||||
Accrued interest | 921 | 5,484 | |||||
Shares issued price per share | $ 1.40 | ||||||
Shares issued for conversion of debt, value | $ 139 | ||||||
Gain on extinguishment of debt | 59,417 | 77,118 | |||||
Anchorage Alaska [Member] | |||||||
Proceeds from sale of property | $ 36,195 | $ 36,195 | |||||
Unsecured Notes Payable [Member] | |||||||
Notes payables | 13,000 | ||||||
Cash paid for debt | $ 32,000 | ||||||
Shares issued for conversion of debt | 200 | ||||||
Accrued interest | $ 4,981 | ||||||
Shares issued price per share | $ 1.40 | ||||||
Shares issued for conversion of debt, value | $ 280 | ||||||
Gain on extinguishment of debt | $ 17,701 | ||||||
Two Unrelated Individuals [Member] | Unsecured Notes Payable [Member] | |||||||
Notes payables | $ 45,000 | ||||||
Debt instrument interest rate | 6.00% | ||||||
Maturity date | Oct. 31, 2022 | ||||||
Unrelated Individuals [Member] | |||||||
Debt instrument interest rate | 6.00% | ||||||
Maturity date | Mar. 20, 2020 | ||||||
Accrued interest | $ 921 | $ 718 | |||||
Proceeds from loan | $ 10,000 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable Outstanding (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Note payable, Principal, Short Term | $ 10,000 | $ 10,000 |
Note payable, Accrued Interest, Short Term | 921 | 5,484 |
Notes payable, Total, Short Term | 10,921 | 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 | 921 | 718 |
Notes payable, Total, Short Term | 10,921 | 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 |
Notes Payable - Schedule of Deb
Notes Payable - Schedule of Debt Obligations of Future Maturities (Details) - Promissory Notes [Member] | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Promissory notes, contract amount | $ 10,000 |
Promissory notes, future maturities, less than 1 year | 10,000 |
Promissory notes, future maturities, more than 5 Years | |
Minimum [Member] | |
Promissory notes, term | 1 year |
Maximum [Member] | |
Promissory notes, term | 5 years |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
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 |
Stock issued for notes payable and accrued interest | $ 300 | $ 1,200 |
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 |
Related Party [Member] | ||
Stock issued for notes payable and accrued interest | $ 100 |
Long-Lived Assets (Details Narr
Long-Lived Assets (Details Narrative) - USD ($) | Oct. 31, 2019 | Oct. 23, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Fair market value of land improvements | $ 36,195 | |||
Proceeds from sale of property | 36,195 | |||
Anchorage Alaska [Member] | ||||
Fair market value of land improvements | $ 36,195 | |||
Proceeds from sale of property | $ 36,195 | $ 36,195 |
Business Combination (Details N
Business Combination (Details Narrative) - USD ($) | Sep. 27, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 29, 2019 |
Shares issued for services, values | $ 300 | $ 1,200 | ||
Share issued price per share | $ 1.40 | |||
Advanced Interactive Gaming, Inc. [Member] | Chief Financial Officer [Member] | ||||
Shares issued for services, shares | 300,000 | |||
Shares issued for services, values | $ 1,200 | |||
Advanced Interactive Gaming, Inc. [Member] | Share Exchange Agreement [Member] | ||||
Number of common stock shares issued | 6,175,000 | |||
Outstanding shares description | On September 27, 2019, AIG Inc and VIT executed an agreement to exchange 6,175,000 shares of VIT for all of its outstanding shares of AIG Inc on a 1:1 basis, thus making AIG a wholly-owned subsidiary of VIT. | |||
Purchase price per share | $ 0.05 | |||
Business combimation total value | $ 308,750 | |||
Velocity Capital Ltd [Member] | Series B Preferred Stock [Member] | ||||
Number of common stock shares issued | 595,612 | |||
Share issued price per share | $ 4.04 | |||
Shares issued during period, values | $ 2,404,900 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 11, 2019 | Sep. 30, 2019 |
Note receivable | $ 25,000 | ||
Note interest rate | 6.00% | ||
Accrued interest | $ 921 | $ 5,484 | |
Unsecured Promissory Note [Member] | |||
Note receivable | $ 25,000 | ||
Note interest rate | 6.00% | ||
Accrued interest | $ 1,586 |
Provision for Income Taxes (Det
Provision for Income Taxes (Details Narrative) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Fedral Tax Rate | 21.00% |
Net Operating Losses | $ 2,063 |
Income Tax Expiration Description | Expire commencing in fiscal 2039. |
Ownership Percentage | 50.00% |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Deferred Tax Assets (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax expense at statutory rate | $ 2,063 |
Valuation allowance | (2,063) |
Income tax expense per books | |
NOL Carryover | 2,063 |
Valuation allowance | (2,063) |
Net deferred tax asset |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 20, 2020 | Sep. 30, 2020 |
Debt maturity date | Dec. 31, 2022 | |
Debt instrument interest rate | 6.00% | |
Subsequent Event [Member] | 3GTK, LLC [Member] | Convertible Note [Member] | ||
Convertible note | $ 7,500 | |
Debt maturity date | Nov. 20, 2022 | |
Debt instrument interest rate | 4.00% | |
Convertible debt instrument interest rate | 1.25% |