Virtual Interactive Technologies (VRVR) 10-Q 15 Aug 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--09-30
Entity Registrant Name	VIRTUAL INTERACTIVE TECHNOLOGIES CORP.
Entity Central Index Key	0001536089
Entity Tax Identification Number	36-4752858
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	600 17th Street
Entity Address, Address Line Two	Suite 2800 South
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(303)
Local Phone Number	228-7120
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,609,034

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 72,684	$ 251,064
Royalties receivable	89,628	115,830
Convertible note receivable	7,500
Interest receivable	4,687	3,340
Note receivable	25,000	25,000
Total current assets	199,499	395,234
Convertible note receivable		7,500
Total non-current assets		7,500
TOTAL ASSETS	199,499	402,734
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	2,300	37,014
Note payable, related party	741,030
Interest payable, related party	209,969
Notes payable, net of discounts	149,828	62,375
Interest payable	18,138	2,091
Total current liabilities	1,121,265	101,480
LONG-TERM LIABILITIES:
Note payable, related party		741,030
Interest payable, related party		167,597
Note payable	10,000
Interest payable	1,969
Total long-term liabilities	11,969	908,627
Total liabilities	1,133,234	1,010,107
Commitments and contingencies
STOCKHOLDERS’ DEFICIT
Common stock, $ 0.001 par value; 90,000,000 shares authorized, 7,640,284 shares issued and 7,599,034 shares outstanding at June 30, 2022, and 6,900,284 shares issued and outstanding as of September 30, 2021	7,599	6,900
Additional paid-in-capital	5,351,898	4,518,347
Treasury stock (41,250 and 0 shares at June 30, 2022 and September 30, 2021 respectively, $0 cost)
Accumulated deficit	(6,296,438)	(5,139,076)
Total stockholders’ deficit	(933,735)	(607,373)
Total liabilities and stockholders’ deficit	199,499	402,734
Series A Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock, value	500	500
Series B Preferred Stock [Member]
STOCKHOLDERS’ DEFICIT
Preferred stock, value	$ 2,706	$ 5,956

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	7,640,284	6,900,284
Common stock, shares outstanding	7,599,034	6,900,284
Treasury stock, shares	41,250	0
Treasury stock, cumulative cost	$ 0	$ 0
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	270,612	595,612	595,612
Preferred stock, shares outstanding	270,612	595,612	595,612

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue – royalties	$ 20,689	$ 35,767	$ 80,719	$ 130,898
Operating expenses:
General, administrative and selling	523,282	48,352	836,879	175,383
Research and development	16,539		16,539
Total operating expenses	539,821	48,352	853,418	175,383
Loss from operations	(519,132)	(12,585)	(772,699)	(44,485)
Other income (expense)
Other income	449	449	1,347	1,300
Amortization of debt discount	(117,764)		(310,203)
Interest expense, related party	(14,084)	(12,300)	(42,373)	(36,899)
Interest expense	(16,741)	(150)	(32,784)	(449)
Gain (loss) from foreign currency transactions	(79)	(5)	(650)	620
Total other income (expense)	(148,219)	(12,006)	(384,663)	(35,428)
Net loss	$ (667,351)	$ (24,591)	$ (1,157,362)	$ (79,913)
Loss per share, basic and diluted	$ (0.09)	$ 0	$ (0.16)	$ (0.01)
Weighted average number of shares outstanding, basic and diluted	7,369,188	6,817,784	7,083,577	6,817,784

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Preferred Stock Series B Convertible [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Sep. 30, 2020	$ 500	$ 5,956	$ 6,817	$ 4,353,430		$ (5,020,055)	$ (653,352)
Shares, Outstanding, Beginning Balance at Sep. 30, 2020	50,000	595,612	6,817,784
Net loss						(79,913)	(79,913)
Ending balance, value at Jun. 30, 2021	$ 500	$ 5,956	$ 6,817	4,353,430		(5,099,968)	(733,265)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	50,000	595,612	6,817,784
Beginning balance, value at Mar. 31, 2021	$ 500	$ 5,956	$ 6,817	4,353,430		(5,075,377)	(708,674)
Shares, Outstanding, Beginning Balance at Mar. 31, 2021	50,000	595,612	6,817,784
Net loss						(24,591)	(24,591)
Ending balance, value at Jun. 30, 2021	$ 500	$ 5,956	$ 6,817	4,353,430		(5,099,968)	(733,265)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	50,000	595,612	6,817,784
Beginning balance, value at Sep. 30, 2021	$ 500	$ 5,956	$ 6,900	4,518,347		(5,139,076)	(607,373)
Shares, Outstanding, Beginning Balance at Sep. 30, 2021	50,000	595,612	6,900,284
Stock issued for commitment fee debt discount on note payable			$ 165	412,335			412,500
Stock issued for commitment fee debt discount on note payable, shares			165,000
Stock issued for cash			$ 30	37,470			37,500
Stock issued for cash, shares			30,000
Conversion of preferred B stock to common stock		$ (3,250)	$ 325	2,925
Conversion of preferred B stock to common stock, shares		(325,000)	325,000
Stock issued for services			$ 220	380,780			381,000
Stock issued for services, shares			220,000
Net loss						(1,157,362)	(1,157,362)
Redemption of previously issued commitment shares			$ (41)	41
Redemption of previously issued commitment shares, shares			(41,250)		41,250
Ending balance, value at Jun. 30, 2022	$ 500	$ 2,706	$ 7,599	5,351,898		(6,296,438)	(933,735)
Shares, Outstanding, Ending Balance at Jun. 30, 2022	50,000	270,612	7,599,034		41,250
Beginning balance, value at Mar. 31, 2022	$ 500	$ 5,956	$ 7,002	4,817,495		(5,629,087)	(798,134)
Shares, Outstanding, Beginning Balance at Mar. 31, 2022	50,000	595,612	7,001,534		41,250
Stock issued for commitment fee debt discount on note payable			$ 82	206,168			206,250
Stock issued for commitment fee debt discount on note payable, shares			82,500
Stock issued for cash			$ 30	37,470			37,500
Stock issued for cash, shares			30,000
Conversion of preferred B stock to common stock		$ (3,250)	$ 325	2,925
Conversion of preferred B stock to common stock, shares		(325,000)	325,000
Stock issued for services			$ 160	287,840			288,000
Stock issued for services, shares			160,000
Net loss						(667,351)	(667,351)
Ending balance, value at Jun. 30, 2022	$ 500	$ 2,706	$ 7,599	$ 5,351,898		$ (6,296,438)	$ (933,735)
Shares, Outstanding, Ending Balance at Jun. 30, 2022	50,000	270,612	7,599,034		41,250

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,157,362)	$ (79,913)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock issued for services	381,000
Debt discount amortization	310,203
Changes in operating assets and operating liabilities:
Interest receivable	(1,347)	(1,301)
Royalty receivable	26,202	66,912
Accounts payable and accrued liabilities	(34,714)	(4,970)
Accounts payable, related parties		(5,994)
Accrued interest payable, related parties	42,372	36,898
Accrued interest payable	18,016	448
Net cash (used in) provided by operating activities	(415,630)	12,080
CASH FLOWS FROM INVESTING ACTIVITIES:
Advances to non-related party		(7,500)
Net cash used in investing activities		(7,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	434,750
Proceeds from sale of common stock	37,500
Payment to notes payable, related parties	(235,000)
Net cash provided by financing activities	237,250
Net change in cash and cash equivalents	(178,380)	4,580
Cash and cash equivalents, beginning of period	251,064	36,244
Cash and cash equivalents, end of period	72,684	40,824
Supplemental disclosure of cash flow information:
Interest paid	14,769
Income taxes paid
Non-cash Investing and Financing Activities:
Debt discount on notes payable	35,250
Stock issued for commitment fee debt discount on note payable	412,500
Redemption of commitment shares as treasury stock at $0 cost

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited (Parenthetical)	9 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Treasury stock cost	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation While the information presented in the accompanying June 30, 2022 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, 2021 audited financial statements (and notes thereto). Operating results for the three and nine months ended June 30, 2022 are not necessarily indicative of the results that can be expected for the year ending September 30, 2022. The accompanying unaudited condensed consolidated financial statements herein contain the operations of Virtual Interactive Technologies Corp (“VRVR”), 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	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Business	Note 2. Business Nature of Operations 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. (“VRVR”), and a 20:1 reverse stock split On September 27, 2019, AIG Inc effected a reverse recapitalization via a share exchange agreement with VRVR, resulting in AIG Inc becoming a wholly-owned subsidiary of VRVR. VRVR 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, VRVR offers expertise in development solutions, publishing and marketing video game products and is actively involved in the early stages of VR/AR game development. VRVR 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, VRVR 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 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 and related accrued interest payable. The carrying value of these financial instruments approximates fair value due to the short-term nature of the instruments. Research and Development The costs incurred for the development of computer software to be sold, leased, or otherwise marketed are accounted for in accordance with ASC 985-20, Costs of Software to be Sold, Leased or Marketed. Amortization of capitalized software development costs begins when the product is available for general release. Amortization is provided on a product-by-product basis using the straight-line method over periods between 3 to 5 years. Unamortized capitalized software development costs determined to be in excess of the net realizable value of the product are expensed immediately. Capitalized software costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies at least annually at September 30, and whenever events or circumstances make it more likely than not that impairment may have occurred. In the event of impairment, unamortized capitalized software costs are compared to the net realizable value of the related product and the carrying value of the related assets are written down to the net realizable value to the extent the unamortized capitalized costs exceed such value. The net realizable value is the estimated future gross revenues from the related product reduced by the estimated future costs of completing and disposing of such product, including the costs of providing related maintenance and customer support, which costs are expensed as incurred. On May 20, 2022, the Company entered into a letter of intent with Hammer Slammer Games GmbH of Berlin Germany to develop a mobile game called Micro Card Battler. As part of the agreement, the Company made an initial payment of $ 16,539 Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” 325,000 325,000 270,612 595,612 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 June 30, 2022 and September 30, 2021, the Euro account had a balance of $ 0 0 Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based on exchange rates prevalent on reporting dates for balance sheet items, and at weighted average exchange rates during the reporting period for the statement of operations. Foreign currency transaction gains/losses are recorded as other income (expense) in the period of settlement. No AOCI items were present during the nine months ended June 30, 2022 and 2021, as all financial statement items were denominated in the US dollar. (Losses) gains from foreign currency transactions during the nine months ended June 30, 2022 and 2021 totaled ($ 650 620 Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of June 30, 2022 and September 30, 2021, uninsured deposits in the Bermuda bank totaled $ 20,495 20,616 250,000 Revenue Recognition The Company follows the guidance contained in ASC 606, “Revenue Recognition Revenue - Royalties 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. 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. During the nine months ended June 30, 2022 and 2021, the Company recognized revenue from royalties of $ 80,719 130,898 Royalties Receivable The Company provides an allowance for doubtful accounts equal to the estimated uncollectible royalties. The Company’s estimate is based on historical collection experience and a review of the current status of royalties 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 had royalties receivable of $ 89,628 115,830 New Accounting Pronouncements The Company has evaluated all 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. Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplates the Company’s continuation as a going concern. The Company has not established profitable operations and has incurred significant losses since its inception. 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. The Company intends to continue to grow its game portfolio over the next several years, focusing on console games, virtual reality games and mobile games. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or debt financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or debt financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail or cease its operations. Due to uncertainties related to these matters, there exists a substantial doubt about the ability of the Company to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. 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)	9 Months Ended
	Jun. 30, 2022
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. Treasury Stock The Company accounts for treasury stock using the cost method. During the nine months ended June 30, 2022, the Company acquired 41,250 0 41,250 0 0 Common Stock The Company is authorized to issue 90,000,000 0.001 7,640,284 7,599,034 41,250 6,900,284 On September 23, 2021, the Company issued 82,500 165,000 235,000 1,958 41,250 0 On December 3, 2021, the Company issued shares to two of our directors for director compensation. Jerry Lewis received 35,000 25,000 1.55 93,000 On March 15, 2022, the Company issued 82,500 206,250 On April 4, 2022, the Company issued 82,500 206,250 On April 21, 2022, the Company issued a total of 60,000 100,000 1.80 288,000 In June 2022, the Company received $ 37,500 30,000 1.25 Preferred Stock The Company is authorized to issue 10,000,000 0.01 As of June 30, 2022 and September 30, 2021, the Company had 50,000 325,000 325,000 270,612 595,612

Notes Payable

Notes Payable	9 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Notes Payable	Note 4. Notes Payable On March 20, 2019, an unrelated individual loaned VRVR $ 10,000 6 March 20, 2024 10,000 1,969 1,520 On September 23, 2021, an unrelated third party loaned VRVR $ 235,000 that consisted of cash received by the Company in the amount of $ 217,375 and an original issue discount of $ 17,625 . This discount was amortized over the life of the note commencing October 1, 2021. The note carried a 12.5 % annual interest rate and matured on March 23, 2022 . Under the terms of the agreement, the Company paid any accrued interest on a monthly basis. 82,500 2.00 165,000 41,250 235,000 571 235,000 1,958 236,958 12,811 14,769 0 41,250 0 On March 15, 2022, an unrelated third party loaned VRVR $ 235,000 217,375 17,625 15 March 15, 2023 235,000 10,334 1.25 On March 21, 2022, an unrelated third party, loaned VRVR $ 235,000 217,375 17,625 12 March 21, 2023 235,000 7,804 1.25 Debt discount amortization on the above notes totaled $ 310,203 0 320,172 0

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions Note Payable, Related Party On March 29, 2018, the Company issued a $ 750,000 6 December 31, 2022 741,030 209,969 167,597

Note Receivable

Note Receivable	9 Months Ended
	Jun. 30, 2022
Note Receivable
Note Receivable	Note 6. Note Receivable On December 11, 2019, the Company issued a $ 25,000 6 4,209 3,086

Convertible Note Receivable

Convertible Note Receivable	9 Months Ended
	Jun. 30, 2022
Convertible Note Receivable
Convertible Note Receivable	Note 7. Convertible Note Receivable On November 20, 2020, the Company invested $ 7,500 November 20, 2022 4 1.25 478 254

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events The Company has evaluated other 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)	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations 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. (“VRVR”), and a 20:1 reverse stock split On September 27, 2019, AIG Inc effected a reverse recapitalization via a share exchange agreement with VRVR, resulting in AIG Inc becoming a wholly-owned subsidiary of VRVR. VRVR 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, VRVR offers expertise in development solutions, publishing and marketing video game products and is actively involved in the early stages of VR/AR game development. VRVR 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, VRVR 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
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 and related accrued interest payable. The carrying value of these financial instruments approximates fair value due to the short-term nature of the instruments.
Research and Development	Research and Development The costs incurred for the development of computer software to be sold, leased, or otherwise marketed are accounted for in accordance with ASC 985-20, Costs of Software to be Sold, Leased or Marketed. Amortization of capitalized software development costs begins when the product is available for general release. Amortization is provided on a product-by-product basis using the straight-line method over periods between 3 to 5 years. Unamortized capitalized software development costs determined to be in excess of the net realizable value of the product are expensed immediately. Capitalized software costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies at least annually at September 30, and whenever events or circumstances make it more likely than not that impairment may have occurred. In the event of impairment, unamortized capitalized software costs are compared to the net realizable value of the related product and the carrying value of the related assets are written down to the net realizable value to the extent the unamortized capitalized costs exceed such value. The net realizable value is the estimated future gross revenues from the related product reduced by the estimated future costs of completing and disposing of such product, including the costs of providing related maintenance and customer support, which costs are expensed as incurred. On May 20, 2022, the Company entered into a letter of intent with Hammer Slammer Games GmbH of Berlin Germany to develop a mobile game called Micro Card Battler. As part of the agreement, the Company made an initial payment of $ 16,539
Net Income (Loss) Per Share	Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” 325,000 325,000 270,612 595,612
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 June 30, 2022 and September 30, 2021, the Euro account had a balance of $ 0 0 Foreign currency translation gains/losses are recorded in other accumulated comprehensive income (“AOCI”) based on exchange rates prevalent on reporting dates for balance sheet items, and at weighted average exchange rates during the reporting period for the statement of operations. Foreign currency transaction gains/losses are recorded as other income (expense) in the period of settlement. No AOCI items were present during the nine months ended June 30, 2022 and 2021, as all financial statement items were denominated in the US dollar. (Losses) gains from foreign currency transactions during the nine months ended June 30, 2022 and 2021 totaled ($ 650 620
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 June 30, 2022 and September 30, 2021, uninsured deposits in the Bermuda bank totaled $ 20,495 20,616 250,000
Revenue Recognition	Revenue Recognition The Company follows the guidance contained in ASC 606, “Revenue Recognition Revenue - Royalties 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. 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. During the nine months ended June 30, 2022 and 2021, the Company recognized revenue from royalties of $ 80,719 130,898 Royalties Receivable The Company provides an allowance for doubtful accounts equal to the estimated uncollectible royalties. The Company’s estimate is based on historical collection experience and a review of the current status of royalties 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 had royalties receivable of $ 89,628 115,830
New Accounting Pronouncements	New Accounting Pronouncements The Company has evaluated all 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.
Going Concern	Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplates the Company’s continuation as a going concern. The Company has not established profitable operations and has incurred significant losses since its inception. 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. The Company intends to continue to grow its game portfolio over the next several years, focusing on console games, virtual reality games and mobile games. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or debt financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or debt financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available to the Company, it may be required to curtail or cease its operations. Due to uncertainties related to these matters, there exists a substantial doubt about the ability of the Company to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. 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)		3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 25, 2019	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 EUR (€) shares	Sep. 30, 2021 USD ($) shares
Property, Plant and Equipment [Line Items]
Stockholders' equity, reverse stock split	20:1 reverse stock split
Cash		$ 0		$ 0		$ 0		$ 0
Research and development		16,539		16,539
Foreign currency transaction gain loss before tax		79	5	650	(620)
Foreign currency transaction gain loss before tax		(79)	(5)	(650)	620
Revenue from royalties		20,689	$ 35,767	80,719	$ 130,898
Royalties receivable		89,628		89,628		89,628		115,830
Maximum [Member]
Property, Plant and Equipment [Line Items]
Cash, FDIC insured amount		250,000		250,000		250,000
Bermuda Bank [Member]
Property, Plant and Equipment [Line Items]
Cash							€ 0	0
Cash, uninsured deposits		$ 20,495		$ 20,495		$ 20,495		$ 20,616
Series B Convertible Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Preferred Stock, Shares Outstanding | shares		270,612	595,612	270,612	595,612	270,612	270,612	595,612
Preferred Stock, Shares Issued | shares		270,612	595,612	270,612	595,612	270,612	270,612	595,612
Series B Convertible Preferred Stock [Member]
Property, Plant and Equipment [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares				325,000		325,000

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Details Narrative) - USD ($)						1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 21, 2022	Apr. 04, 2022	Mar. 15, 2022	Dec. 03, 2021	Sep. 23, 2021	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2022	Mar. 24, 2022	Sep. 30, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired								41,250
Treasury stock shares acquired, cost								$ 0
Treasury stock, shares						41,250	41,250	41,250		0
Treasury stock, cumulative cost						$ 0	$ 0	$ 0		$ 0
Common stock, shares authorized						90,000,000	90,000,000	90,000,000		90,000,000
Common stock, par value						$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock, shares issued						7,640,284	7,640,284	7,640,284		6,900,284
Common stock, shares outstanding						7,599,034	7,599,034	7,599,034		6,900,284
Stock issued for commitment fee debt discount on note payable, shares					82,500
Commitment fee related to notes payable					$ 165,000		$ 206,250	$ 412,500
Notes payable									$ 235,000
Accrued interest									$ 1,958
Shares price				$ 1.55
Stock issued during period, value				$ 93,000			37,500	37,500
Shares issued for services, value							$ 288,000	$ 381,000
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized						10,000,000	10,000,000	10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued						270,612	270,612	270,612		595,612	595,612
Preferred stock, shares outstanding						270,612	270,612	270,612		595,612	595,612
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized						10,000,000	10,000,000	10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share						$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued						50,000	50,000	50,000		50,000
Preferred stock, shares outstanding						50,000	50,000	50,000		50,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities								325,000
Two Unrelated Parties [Member]
Class of Stock [Line Items]
Stock issued during period, shares						30,000
Stock issued during period, value						$ 37,500
Shares Issued, Price Per Share						$ 1.25	$ 1.25	$ 1.25
Notes Payable [Member]
Class of Stock [Line Items]
Stock issued for commitment fee debt discount on note payable, shares		82,500	82,500
Commitment fee related to notes payable		$ 206,250	$ 206,250
Jerry Lewis [Member]
Class of Stock [Line Items]
Stock issued during period, shares				35,000
Janelle Gladstone [Member]
Class of Stock [Line Items]
Stock issued during period, shares				25,000
Two Directors [Member]
Class of Stock [Line Items]
Stock issued during period, shares	60,000
Shares issued for services	100,000
Shares Issued, Price Per Share	$ 1.80
Shares issued for services, value	$ 288,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)						3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 23, 2022	Mar. 21, 2022	Mar. 15, 2022	Sep. 23, 2021	Mar. 20, 2019	Jun. 30, 2022	Jun. 30, 2021	Mar. 23, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 24, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Notes payable											$ 235,000
Accrued interest						$ 18,138			$ 18,138			$ 2,091
Unamortized debt discount						$ 320,172			$ 320,172
Treasury shares						41,250			41,250			0
Amortization of debt discount						$ 117,764			$ 310,203
Unrelated Individuals [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes payable					$ 10,000	10,000			10,000			$ 10,000
Interest rate					6%
Debt instrument, maturity date					Mar. 20, 2024
Accrued interest						1,969			1,969			1,520
Unrelated Third Party One [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes payable	$ 235,000			$ 235,000		0		$ 235,000	0			$ 235,000
Interest rate				12.50%
Debt instrument, maturity date				Mar. 23, 2022
Accrued interest	1,958					$ 0	$ 571	1,958	$ 0	$ 571
Cash received				$ 217,375
Unamortized debt discount				$ 17,625
Number of commitment shares				82,500
Shares issued price per share				$ 2
Additional discount				$ 165,000
[custom:RedemptionOfPreviouslyIssuedCommitmentSharesShares]									41,250
Repayments of notes payable	$ 236,958
Payment for interest								$ 12,811	$ 14,769
Treasury shares						41,250			41,250
Treasury stock value
Unrelated Third Party Two [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes payable			$ 235,000			235,000			235,000
Interest rate			15%
Debt instrument, maturity date			Mar. 15, 2023
Accrued interest						$ 10,334			$ 10,334
Cash received			$ 217,375
Unamortized debt discount			$ 17,625
Debt Instrument, Convertible, Conversion Price						$ 1.25			$ 1.25
Unrelated Third Party Three [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes payable		$ 235,000				$ 235,000			$ 235,000
Interest rate		12%
Debt instrument, maturity date		Mar. 21, 2023
Accrued interest						$ 7,804			$ 7,804
Cash received		$ 217,375
Unamortized debt discount		$ 17,625
Debt Instrument, Convertible, Conversion Price						$ 1.25			$ 1.25

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021	Dec. 11, 2019	Mar. 29, 2018
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Note payable, related party	$ 741,030	$ 741,030
Accrued interest, related party	209,969
Accrued interest, related party - non current		$ 167,597
Unsecured Promissory Note [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Debt instrument, interest rate	6%		6%
Debt instrument, maturity date	Dec. 31, 2022
Chief Executive Officer [Member] | Unsecured Promissory Note [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Unsecured promissory note				$ 750,000

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($)	Jun. 30, 2022	Sep. 30, 2021	Dec. 11, 2019
Short-Term Debt [Line Items]
Note receivable	$ 25,000	$ 25,000
Accrued interest	$ 4,687	3,340
Unsecured Promissory Note [Member]
Short-Term Debt [Line Items]
Note receivable			$ 25,000
Debt instrument, interest rate	6%		6%
Accrued interest	$ 4,209	$ 3,086

Convertible Note Receivable (De

Convertible Note Receivable (Details Narrative) - USD ($)	Nov. 20, 2020	Jun. 30, 2022	Sep. 30, 2021
Short-Term Debt [Line Items]
Convertible note receivable			$ 7,500
Convertible Debt [Member]
Short-Term Debt [Line Items]
Convertible note receivable	$ 7,500
Debt instrument, maturity date	Nov. 20, 2022
Debt instrument, interest rate	4%
Convertible interest rate	1.25%
Accrued interest		$ 478	$ 254