Virtual Interactive Technologies (VRVR) 10-Q 17 May 21 2021 Q2 Quarterly report Financial data

Document Entity and Information

Document Entity and Information - shares	6 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Entity Registrant Name	VIRTUAL INTERACTIVE TECHNOLOGIES CORP.
Entity Central Index Key	0001536089
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 33,008	$ 36,244
Royalties receivable	131,092	171,096
Interest receivable	2,438	1,586
Notes receivable	25,000	25,000
Convertible note receivable	7,500
Total current assets	199,038	233,926
TOTAL ASSETS	199,038	233,926
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	4,100	7,070
Accounts payable, related party	8,500	9,994
Notes payable	10,000	10,000
Interest payable	1,220	921
Total current liabilities	23,820	27,985
LONG-TERM LIABILITIES:
Note payable, related party	741,030	741,030
Interest payable, related party	142,862	118,263
Total liabilities	907,712	887,278
Commitments and contingencies
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $ 0.001 par value; 90,000,000 shares authorized, 6,817,784 shares issued and outstanding	6,817	6,817
Additional paid-in-capital	4,353,430	4,353,430
Accumulated deficit	(5,075,377)	(5,020,055)
Total stockholders' equity (deficit)	(708,674)	(653,352)
Total liabilities and stockholders' equity (deficit)	199,038	233,926
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 (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Sep. 30, 2020
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	6,817,784
Common stock, shares outstanding	6,817,784	6,817,784
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, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue - royalties	$ 61,726	$ 51,938	$ 95,131	$ 76,982
Operating expenses:
General, administrative and selling	45,334	90,011	127,031	152,413
Research and development		8,905		48,906
Total operating expenses	45,334	98,916	127,031	201,319
Income (loss) from operations	16,392	(46,978)	(31,900)	(124,337)
Other income (expense)
Other income	443	830	851	2,373
Gain on extinguishment of debt				77,118
Interest expense, related party	(12,164)	(11,730)	(24,599)	(23,589)
Interest expense	(148)	(150)	(299)	(402)
Bad debt expense				(8,970)
Gain (loss) from foreign currency transactions	(90)	144	625	(333)
Total other income (expense)	(11,959)	(10,906)	(23,422)	46,197
Net income (loss)	$ 4,433	$ (57,884)	$ (55,322)	$ (78,140)
Income (loss) per share attributable to common shareholders - Basic	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Diluted	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding - Basic	6,817,784	6,817,784	6,817,784	6,817,786
Weighted average number of shares outstanding - Diluted	7,413,396	6,817,784	6,817,784	6,817,736

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, 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 income 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 income 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
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
Net income loss					(55,322)	(55,322)
Balance at Mar. 31, 2021	$ 500	$ 5,956	$ 6,817	4,353,430	(5,075,377)	(708,674)
Balance, shares at Mar. 31, 2021	50,000	595,612	6,817,784
Balance at Dec. 31, 2020	$ 500	$ 5,956	$ 6,817	4,353,430	(5,079,810)	(713,107)
Balance, shares at Dec. 31, 2020	50,000	595,612	6,817,784
Net income loss					4,433	4,433
Balance at Mar. 31, 2021	$ 500	$ 5,956	$ 6,817	$ 4,353,430	$ (5,075,377)	$ (708,674)
Balance, shares at Mar. 31, 2021	50,000	595,612	6,817,784

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (55,322)	$ (78,140)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on extinguishment of debt		(77,118)
Bad debt expense		8,970
Changes in operating assets and operating liabilities:
Other assets		2,660
Royalty receivable	40,004	125,895
Accounts payable and accrued liabilities	(2,970)	(22,902)
Accounts payable, related parties	(1,494)	40,000
Accrued interest note receivable	(852)	(830)
Accrued interest payable, related parties	24,599	23,874
Accrued interest payable	299	117
Net cash provided by operating activities	4,264	22,526
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of land		36,195
Advances to non-related party	(7,500)
Advances to related parties		(25,000)
Net cash (used in) provided by investing activities	(7,500)	11,195
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment to notes payable		(32,000)
Payment to notes payable, related parties		(4,000)
Net cash used in financing activities		(36,000)
Net change in cash and cash equivalents	(3,236)	(2,279)
Cash and cash equivalents, beginning of period	36,244	36,136
Cash and cash equivalents, end of period	33,008	33,857
Supplemental disclosure of cash flow information:
Interest paid		248
Income taxes paid
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

Basis of Presentation and Conso

Basis of Presentation and Consolidation	6 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Note 1. Basis of Presentation and Consolidation While the information presented in the accompanying March 31, 2021 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, 2020 audited financial statements (and notes thereto). Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that can be expected for the year ending September 30, 2021. 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, 2021
Accounting Policies [Abstract]
Business	Note 2. Business Nature of Operations Virtual Interactive Technologies Corp. was incorporated in Nevada on November 3, 2011 under the name Mascota Resources Corp. On November 25, 2019 the following became effective on the over-the-counter market ● a 1-for-20 reverse split of the Company’s common stock, and ● the Company’s name was changed to Virtual Interactive Technologies Corp. On September 27, 2019, Virtual Interactive Technologies Corp merged with Advanced Interactive Gaming Inc, and its subsidiary Advanced Interactive Gaming Ltd. (collectively “Advanced Interactive Gaming” or “AIG”), through a reverse merger transaction. Advanced Interactive Gaming was founded in 2016 to provide financing solutions for independent video game developers globally. Advanced Interactive Gaming was deemed to be the accounting acquirer of the transaction and will be the operating entity moving forward under the name of Virtual Interactive Technologies Corp (“VIT,” “the Company” or “we”). VIT finances the development of video game projects to be released on various popular gaming platforms in exchange for a royalty stream on the games. To date the Company has financed several gaming titles including Carmageddon Max Damage, Carmageddon Crashers, Interplanetary: Enhanced Edition, Catch & Release and Worbital. Collectively these games are distributed world-wide on various gaming platforms including Sony PlayStation, Xbox, Steam and Oculus among others. In addition to financing solutions, VIT offers expertise in development solutions, publishing and marketing video game products and is actively involved in the early stages of VR/AR game development. VIT continues to reinvest its royalty income into growing its royalty contracts and intellectual property in the video game development industry. The Company’s strategy moving forward is to continue to invest in new game development through partnerships and royalty contracts. Management believes that there is significant opportunity in VR games given the relatively early stage in the product cycle and the growing need for content to support VR hardware sales. While the Company has historically participated mostly in the PC and console market, it will continue to explore addition opportunities in the gaming space as they present themselves. In addition, the VIT may explore strategic alliances and acquisitions in order to expand its business. 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, 2021 or September 30, 2020. 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. 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, 2021 or September 30, 2020. 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, 2021 and September 30, 2020, the Euro account had a balance of $-0-. 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 three months ended March 31, 2021 and 2020, as all financial statement items were denominated in the US dollar. Gains and losses from foreign currency transactions during the three months ended March 31, 2021 and 2020 totaled $90 loss and $144 gain, 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, 2021 and September 30, 2020, uninsured deposits in the Bermuda bank totaled $20,583 and $20,649, 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. Revenue Recognition The Company follows 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, 2021, 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 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.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity (Deficit)	Note 3. 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, 2021 and September 30, 2020, 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. To date, no dividends have been declared. Common Stock The Company is authorized to issue 90,000,000 shares of common stock at par value of $0.001. At March 31, 2021 and September 30, 2020, the Company had 6,817,784 shares of common stock issued and outstanding.

Note Payable

Note Payable	6 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Note Payable	Note 4. Note Payable On March 20, 2019, an unrelated individual loaned VIT $10,000. The note carries 6% interest rate and is payable March 20, 2020. The Company is negotiating new terms on this note. As of March 31, 2021 and September 30, 2020 the notes balance was $10,000. As of March 31, 2021 and September 30, 2020, the accrued interest on the note totaled $1,220 and $921, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions During the three and six months ended March 31, 2021 the Company incurred $0 and $0, respectively, in contract management services rendered by an affiliate of our CEO. During the three and six months ended March 31, 2020 the Company incurred $30,000 and $60,000, respectively, in contract management services rendered by an affiliate of our CEO. As of March 31, 2021 and September 30, 2020, the Company owed $0 and $35,000, respectively, for these services. Note 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, 2020. 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 March 31, 2021 and September 30, 2020, total balance on the debt was $741,030 and accrued interest totaled $142,862 and $118,263, respectively.

Note Receivable

Note Receivable	6 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Note Receivable	Note 6. 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, 2021 and September 30, 2020, accrued interest was $2,334 and $1,586, respectively.

Convertible Note Receivable

Convertible Note Receivable	6 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Note Receivable	Note 7. Convertible Note Receivable On November 20, 2020, the Company invested $7,500 in a Convertible Note from an unrelated entity developing a freemium gaming concept that combines online auctions and gift card purchasing. The note matures on November 20, 2022. The note carries an interest rate of 4% per annum and is convertible into 1.25% of the entity’s stock at the Company’s option. As of March 31, 2021, accrued interest was $104.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 8. 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, 2021
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Virtual Interactive Technologies Corp. was incorporated in Nevada on November 3, 2011 under the name Mascota Resources Corp. On November 25, 2019 the following became effective on the over-the-counter market ● a 1-for-20 reverse split of the Company’s common stock, and ● the Company’s name was changed to Virtual Interactive Technologies Corp. On September 27, 2019, Virtual Interactive Technologies Corp merged with Advanced Interactive Gaming Inc, and its subsidiary Advanced Interactive Gaming Ltd. (collectively “Advanced Interactive Gaming” or “AIG”), through a reverse merger transaction. Advanced Interactive Gaming was founded in 2016 to provide financing solutions for independent video game developers globally. Advanced Interactive Gaming was deemed to be the accounting acquirer of the transaction and will be the operating entity moving forward under the name of Virtual Interactive Technologies Corp (“VIT,” “the Company” or “we”). VIT finances the development of video game projects to be released on various popular gaming platforms in exchange for a royalty stream on the games. To date the Company has financed several gaming titles including Carmageddon Max Damage, Carmageddon Crashers, Interplanetary: Enhanced Edition, Catch & Release and Worbital. Collectively these games are distributed world-wide on various gaming platforms including Sony PlayStation, Xbox, Steam and Oculus among others. In addition to financing solutions, VIT offers expertise in development solutions, publishing and marketing video game products and is actively involved in the early stages of VR/AR game development. VIT continues to reinvest its royalty income into growing its royalty contracts and intellectual property in the video game development industry. The Company’s strategy moving forward is to continue to invest in new game development through partnerships and royalty contracts. Management believes that there is significant opportunity in VR games given the relatively early stage in the product cycle and the growing need for content to support VR hardware sales. While the Company has historically participated mostly in the PC and console market, it will continue to explore addition opportunities in the gaming space as they present themselves. In addition, the VIT may explore strategic alliances and acquisitions in order to expand its business.
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, 2021 or September 30, 2020.
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.
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, 2021 or September 30, 2020.
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, 2021 and September 30, 2020, the Euro account had a balance of $-0-. 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 three months ended March 31, 2021 and 2020, as all financial statement items were denominated in the US dollar. Gains and losses from foreign currency transactions during the three months ended March 31, 2021 and 2020 totaled $90 loss and $144 gain, 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, 2021 and September 30, 2020, uninsured deposits in the Bermuda bank totaled $20,583 and $20,649, 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.
Revenue Recognition	Revenue Recognition The Company follows 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, 2021, 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 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.

Business (Details Narrative)

Business (Details Narrative)	Nov. 25, 2019	Nov. 03, 2011	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)shares	Mar. 31, 2021EUR (€)shares	Mar. 31, 2020USD ($)	Sep. 30, 2020EUR (€)shares	Sep. 30, 2020USD ($)
Reverse stock split	1-for-20 reverse split
Cash equivalents
Royalties receivable, allowance
Gain and losses from foreign currency transactions			(90)	$ 144	625		$ (333)
Maximum [Member]
Cash, FDIC insured amount			250,000		250,000
Bermuda Bank [Member]
Cash, uninsured deposits			$ 20,583		$ 20,583				$ 20,649
Euro [Member]
Gain and losses from foreign currency transactions | €						€ 0		€ 0
Series B Convertible Preferred Stock [Member]
Antidilutive securities excluded from computation of earnings per shares | shares					595,612	595,612		595,612
Mascota Resources Corp. [Member]
Entity incorporation, state name		Nevada

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details Narrative) - $ / shares	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020
Preferred 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
Preferred stock, options of convertible	convertible into common stock on a 1:1 basis at the option of the holder.
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	6,817,784
Common stock, shares outstanding	6,817,784	6,817,784
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

Note Payable (Details Narrative

Note Payable (Details Narrative) - USD ($)	Mar. 20, 2019	Mar. 31, 2021	Sep. 30, 2020
Notes payable		$ 10,000	$ 10,000
Interest payable		$ 1,220	$ 921
Unrelated Individuals [Member]
Debt face amount	$ 10,000
Debt instrument interest rate	6.00%
Maturity date	Mar. 20, 2020

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Mar. 29, 2018
Related party transaction expenses	$ 0				$ 35,000
Notes payable, related party	741,030		$ 741,030		741,030
Interest payable, related party	142,862		142,862		118,263
Chief Executive Officer [Member]
Related party transaction expenses	$ 0	$ 30,000	$ 0	$ 60,000
Chief Executive Officer [Member] | Unsecured Promissory Note [Member]
Debt instrument, face amount					741,030	$ 750,000
Notes receivable, related parties					$ 8,970
Debt instrument, interest rate	6.00%		6.00%
Debt instrument, maturity date			Dec. 31, 2022

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($)	Mar. 31, 2021	Sep. 30, 2020	Dec. 11, 2019
Interest receivable	$ 2,438	$ 1,586
Unsecured Promissory Note Receivable [Member]
Debt instrument, face amount			$ 25,000
Debt instrument, interest rate			6.00%
Interest receivable	$ 2,334	$ 1,586

Convertible Note Receivable (De

Convertible Note Receivable (Details Narrative) - Convertible Note Receivable [Member] - USD ($)	Nov. 20, 2020	Mar. 31, 2021
Payment to convertible note from and unrelated entity	$ 7,500
Debt, maturity date	Nov. 20, 2022
Debt instrument interest rate	4.00%
Eligibility of convertible note into entity stock	1.25%
Interest receivable		$ 104