Veritec (VRTC) 10-Q 13 Jan 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2024	Dec. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--06-30
Entity File Number	000-15113
Entity Registrant Name	VERITEC, INC.
Entity Central Index Key	0000773318
Entity Tax Identification Number	95-3954373
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2445 Winnetka Avenue N.
Entity Address, City or Town	Golden Valley
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55427
City Area Code	763
Local Phone Number	253-2670
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	VRTC
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		39,988,007

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Current Assets:
Cash	$ 64,000	$ 118,000
Accounts receivable	6,000	8,000
Prepaid expenses and other current assets	5,000	6,000
Total Assets	75,000	132,000
Current Liabilities:
Accounts payable	325,000	268,000
Accounts payable, related party	119,000	109,000
Accrued expenses	75,000	60,000
Customer deposits	34,000	29,000
Convertible notes and notes payable ($549,000 and $543,000 in default)	596,000	591,000
Convertible notes and notes payable, related parties ($253,000 and $251,000 in default)	8,646,000	8,405,000
Total Current Liabilities	9,795,000	9,462,000
Deferred revenue	243,000	243,000
Contingent earnout liability	155,000	155,000
Total Liabilities	10,193,000	9,860,000
Commitments and contingencies
Stockholders' Deficit:
Convertible Preferred stock, par value $1.00; 10,000,000 shares authorized; 276,000 shares of Series H authorized; 1,000 shares issued and outstanding	1,000	1,000
Common Stock, par value $0.01; 150,000,000 shares authorized; 39,938,007 and 39,938,007 shares issued and outstanding, respectively	400,000	400,000
Common stock to be issued, 145,000 shares	12,000	12,000
Additional paid in capital	18,143,000	18,143,000
Accumulated deficit	(28,674,000)	(28,284,000)
Total Stockholders' Deficit	(10,118,000)	(9,728,000)
Total Liabilities and Stockholders' Deficit	$ 75,000	$ 132,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Convertible notes and notes payable, in default	$ 549,000	$ 543,000
Convertible notes and notes payable, related parties, in default	$ 253,000	$ 251,000
Convertible preferred stock, par value	$ 1	$ 1
Convertible preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	39,938,007	39,938,007
Common stock, shares outstanding	39,938,007	39,938,007
Common stock to be issued, shares	145,000	145,000
Series H Convertible Preferred Stock [Member]
Convertible preferred stock, shares authorized	276,000	276,000
Convertible preferred stock, shares issued	1,000	1,000
Convertible preferred stock, shares outstanding	1,000	1,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 39,000	$ 58,000
Costs and operating expenses:
Cost of revenue	57,000	42,000
Selling, general and administrative expenses (1)	223,000	191,000
Total costs and operating expenses	280,000	233,000
Loss from operations	(241,000)	(175,000)
Other expenses:
Interest expense (2)	(149,000)	(131,000)
Total other expenses	(149,000)	(131,000)
Net loss	$ (390,000)	$ (306,000)
Net loss per common share - basic	$ (0.01)	$ (0.01)
Net loss per common share - diluted	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding - basic	39,938,007	39,988,007
Weighted average number of common shares outstanding - diluted	39,938,007	39,988,007
Expenses to related party:
(1) Includes expenses to related party	$ 13,000	$ 13,000
(2) Includes interest expense to related parties	140,000	126,000
Mobile banking technology revenue [Member]
Revenue:
Total revenue	21,000	21,000
Other revenue, management fee - related party [Member]
Revenue:
Total revenue	$ 18,000	$ 37,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Common Stock To Be Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2023	$ 1,000	$ 400,000	$ 12,000	$ 18,143,000	$ (27,226,000)	$ (8,670,000)
Beginning balance, shares at Jun. 30, 2023	1,000	39,938,007
Net loss					(306,000)	(306,000)
Ending balance, value at Sep. 30, 2023	$ 1,000	$ 400,000	12,000	18,143,000	(27,532,000)	(8,976,000)
Ending balance, shares at Sep. 30, 2023	1,000	39,938,007
Beginning balance, value at Jun. 30, 2024	$ 1,000	$ 400,000	12,000	18,143,000	(28,284,000)	(9,728,000)
Beginning balance, shares at Jun. 30, 2024	1,000	39,938,007
Net loss					(390,000)	(390,000)
Ending balance, value at Sep. 30, 2024	$ 1,000	$ 400,000	$ 12,000	$ 18,143,000	$ (28,674,000)	$ (10,118,000)
Ending balance, shares at Sep. 30, 2024	1,000	39,938,007

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (390,000)	$ (306,000)
Adjustments to reconcile net loss to cash used in operating activities:
Interest accrued on notes payable	147,000	132,000
Changes in operating assets and liabilities:
Accounts receivable	2,000	1,000
Prepaid expenses and other current assets	1,000	2,000
Customer deposits	5,000	0
Accounts payable	58,000	14,000
Accounts payable - related party	10,000	13,000
Accrued expenses	15,000	7,000
Net cash used in operating activities	(152,000)	(137,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - related party	98,000	129,000
Net cash provided by financing activities	98,000	129,000
NET DECREASE IN CASH	(54,000)	(8,000)
CASH AT BEGINNING OF PERIOD	118,000	61,000
CASH AT END OF PERIOD	64,000	53,000
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (390,000)	$ (306,000)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

OPERATIONS AND SUMMARY OF SIGNI

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Veritec, Inc. (Veritec or the Company) was formed in the State of Nevada on September 8, 1982. Veritec is primarily engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. As a Cardholder Independent Sales Organization, Veritec is able to promote and sell Visa-branded card programs. As a Third-Party Servicer, Veritec provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Veritec has a portfolio of five United States and eight foreign patents. In addition, we have seven U.S. and twenty-eight foreign pending patent applications. Veritec has had agreements with various banks in the past and is currently seeking a bank to sponsor its Prepaid Card programs. On December 31, 2015, the Company sold all of its assets of its barcode technology, which was comprised solely of its intellectual property, to The Matthews Group, a related party (see Note 6). The Company subsequently entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations through June 30, 2025. The Company earned a fee of 35% of all revenues billed up to September 30, 2024, and recognizes management fee revenue as services are performed. Basis of Presentation The unaudited condensed consolidated financial statements of the Company for the three months ended September 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K for scaled disclosures for smaller reporting companies. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company’s financial position and results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2024 was derived from the audited financial statements included in the Company’s financial statements as of and for the years ended June 30, 2024 and 2023 contained elsewhere in this filing. These financial statements should be read in conjunction with those financial statements. The accompanying condensed consolidated financial statements include the accounts of Veritec and its wholly owned subsidiaries, Veritec Financial Systems, Inc., Tangible Payment Systems, Inc., and Public Bell, Inc. Inter-company transactions and balances were eliminated in consolidation. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2024, the Company incurred a net loss of $ 390,000 152,000 10,118,000 802,000 In addition, the Company’s independent registered public accounting firm, in its report on the Company’s June 30, 2024 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company believes it will require additional funds to continue its operations through fiscal 2024 and to continue to develop its existing projects and plans to raise such funds by finding additional investors to purchase the Company’s securities, generating sufficient sales revenue, implementing dramatic cost reductions or any combination thereof. There is no assurance that the Company can be successful in raising such funds, generating the necessary sales, or reducing major costs. Further, if the Company is successful in raising such funds from sales of equity securities, the terms of these sales may cause significant dilution to existing holders of common stock. The condensed consolidated financial statements do not include any adjustments that may result from this uncertainty. Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Those estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and valuation of deferred tax assets. Actual results could differ from those estimates. Revenue Recognition Revenues for the Company are classified into management fee revenue and mobile banking technology. The Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying the Company’s performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. Mobile Banking Technology Revenue The Company, as a merchant payment processor and a distributor, recognizes revenue from transaction fees charged to cardholders for the use of its issued mobile debit cards. The fees are recognized on a monthly basis after all cardholder transactions have been summarized and reconciled with third party processors. Other Revenue, Management Fee - Related Party On September 30, 2015, the Company sold all of its assets of its Barcode Technology, which was comprised solely of its intellectual property, to The Matthews Group (a related party, see Note 6). The Company subsequently entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations through September 30, 2024. The Company earned a fee of 35% of all revenues billed up to September 30, 2024. The Company recognizes management fee revenue as services are performed. Disaggregation of Net Sales The following table shows the Company’s disaggregated net sales by customer type for the three months ended September 30, 2024 and 2023: Schedule of disaggregated net sales by customer type Three months Ended 2024 2023 Medical $ 9,000 $ 16,000 Banking 6,000 — Associations 3,000 3,000 Education 3,000 2,000 Other revenue, management fee related party 18,000 37,000 Total revenue $ 39,000 $ 58,000 During the three months ended September 30, 2024 and 2023, all of the Company’s Mobile banking technology revenues were earned in the United States of America. Other revenue, management fee - related party revenue was $ 18,000 37,000 Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as cash, accounts receivable, and accounts payable and accrued expenses, approximate the related fair values due to the short-term maturities of these instruments. The carrying values of convertible notes and notes payable approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates. Net Loss per Common Share Basic earnings (loss) per share are computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation as their effect is antidilutive. For the periods ended September 30, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. For the periods ended September 30, 2024, and 2023, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive. Schedule of anti-dilutive shares As of September 30, 2024 2023 Series H Preferred Stock 10,000 10,000 Convertible Notes Payable 34,549,607 29,342,140 Options 550,000 900,000 Total 35,109,607 30,252,140 Concentrations During the three months ended September 30, 2024, the Company had one customer that represented 46 23 During the three months ended September 30, 2023, the Company had one customer that represented 64 At September 30, 2024, the company had three customers that represented 48 16 16 52 15 15 Segments The Company operates in one segment, the mobile financial banking industry. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying condensed consolidated financial statements. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. The Company adopted ASU 2023-07 beginning July 1, 2024. The Company does not believe the impact of the new guidance and related codification improvements had a material impact to its financial position, results of operations and cash flows. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

CONTINGENT EARNOUT LIABILITY

CONTINGENT EARNOUT LIABILITY	3 Months Ended
	Sep. 30, 2024
Contingent Earnout Liability
CONTINGENT EARNOUT LIABILITY	NOTE 2 – CONTINGENT EARNOUT LIABILITY On December 31, 2014, the Company acquired certain assets and liabilities of Tangible Payments LLC. A portion of the purchase price for Tangible Payments LLC was an earnout payment of $ 155,000 1,300,000

CONVERTIBLE NOTES AND NOTES PAY

CONVERTIBLE NOTES AND NOTES PAYABLE	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
CONVERTIBLE NOTES AND NOTES PAYABLE	NOTE 3 – CONVERTIBLE NOTES AND NOTES PAYABLE Convertible notes and notes payable Convertible notes and notes payable include principal and accrued interest and consist of the following at September 30, 2024 and June 30, 2024: Schedule of convertible notes and notes payable include principal and accrued interest September 30, June 30, (a) Unsecured convertible notes ($ 22,000 21,000 $ 69,000 $ 69,000 (b) Notes payable (in default) 497,000 492,000 (c) Notes payable (in default) 30,000 30,000 Total notes payable - third parties $ 596,000 $ 591,000 (a) The notes are unsecured, convertible into common stock at amounts ranging from $ 0.08 0.30 5 8 At June 30, 2024, convertible notes totaled $ 69,000 1,000 69,000 22,000 0.30 71,872 47,000 0.08 590,005 (b) The notes are either secured by the Company’s intellectual property or unsecured and bear interest ranging from 6.5 10 At June 30, 2024, the notes totaled $ 492,000 5,000 497,000 447,000 50,000 (c) The notes are unsecured and bear interest of 4 At June 30, 2024 the notes totaled $ 30,000 1,000 30,000 Convertible notes and notes payable-related parties Convertible and notes payable-related parties include principal and accrued interest and consist of the following at September 30, 2024 and June 30, 2024: Schedule of convertible and notes payable-related parties include principal and accrued interest September 30, June 30, (a) Convertible notes-The Matthews Group $ 2,113,000 $ 2,084,000 (b) Notes payable-The Matthews Group 5,963,000 5,821,000 (c) Convertible notes-other related parties ($ 253,000 251,000 569,000 500,000 Total notes-related parties $ 8,645,000 $ 8,405,000 (a) The notes are unsecured, convertible into common stock at $ 0.08 8 10 The Matthews Group is a related party (see Note 6) and is owned 50 50 2,084,000 29,000 2,113,000 0.08 26,411,730 (b) The notes are unsecured, accrue interest at 10 At June 30, 2024, notes due to The Matthews Group totaled $ 5,821,000 38,000 104,000 5,963,000 (c) The notes are due to a current and a former director, are unsecured, convertible into common stock at per share amounts ranging from $ 0.04 0.30 8 10 At June 30, 2024, convertible notes due to other related parties totaled $ 500,000 60,000 9,000 569,000 At September 30, 2024, $ 253,000 316,000 569,000 7,476,000 0.04 0.30

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	3 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 4 - STOCKHOLDERS’ DEFICIT Common Stock to be Issued At September 30, 2024 and June 30, 2024, 145,000 12,000

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Sep. 30, 2024
Stock Options
STOCK OPTIONS	NOTE 5 – STOCK OPTIONS A summary of stock options as of September 30, 2024 is as follows: Schedule of stock options Number of Shares Weighted - Average Exercise Price Outstanding at June 30, 2024 550,000 $ 0.03 Granted — — Forfeited — — Outstanding at September 30, 2024 550,000 0.03 Exercisable at September 30, 2024 550,000 $ 0.03 As of September 30, 2024, the Company had no no Additional information regarding options outstanding as of September 30, 2024, is as follows: Schedule of additional information regarding options outstanding Options Outstanding and Exercisable at September 30, 2024 Range of Exercise Price Number of Shares Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.03 550,000 0.25 $ 0.03

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS The Matthews Group is owned 50 50 Management Services Agreement and Related Notes Payable with Related Party The Company’s Barcode Technology was invented by the founders of Veritec as a product identification system for identification and tracking of parts, components and products mostly in the liquid crystal display (LCD) markets and for secure identification documents, financial cards, medical records, and other high-security applications. On September 30, 2015, the Company sold all of its assets of its Barcode Technology comprised solely of its intellectual property to The Matthews Group. The Company then entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations, on behalf of The Matthews Group, through September 30, 2024. The Matthews Group bears the risk of loss from the barcode operations and has the right to the residual benefits of the barcode operations. In consideration of the services provided by the Company to The Matthews Group, the Company earned a fee of 35 18,000 37,000 Additionally, pursuant to the management services agreement, all cash flow (all revenues collected less direct costs paid) of the barcode technology operations is retained by the Company and reflected as proceeds from unsecured notes payable due The Matthews Group. During the three months ended September 30, 2024, net cash flow loans of $ 38,000 10 5,963,000 Advances from Related Parties From time to time, Ms. Tran, the Company’s CEO/Executive Chair, provides advances to finance the Company’s working capital requirements. As of September 30, 2024 and June 30, 2024, total advances to Ms. Tran amounted to $ 119,000 109,000 Other Transactions with Related Parties The Company leases its office facilities from Ms. Tran, the Company’s CEO/Executive Chair. For the three months ended September 30, 2024 and 2023, lease payments to Ms. Tran totaled $ 13,000

AGREEMENTS WITH NUGEN

AGREEMENTS WITH NUGEN	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
AGREEMENTS WITH NUGEN	NOTE 7 – AGREEMENTS WITH NUGEN On July 4, 2022, the Company entered a Memorandum of Understanding (the “MOU”) for the purpose of forming a strategic partnership between the Company and Nugen Universe, LLC (“Nugen”), a corporation located in Wrightsville Beach, North Carolina. Nugen seeks the Company to modify, create, or build a “private label” system for Nugen, with an initial interest in the Company’s blinxPay technology and Bio-ID verification system. 50,000 50,000 5 no On October 10, 2022, the Company entered into a License and Distributor Agreement (“License Agreement”) with Nugen. The License Agreement became effective on receipt of $ 200,000 The License Agreement grants Nugen a Worldwide license and distribution for the Company’s blinxPay Close-Loop Virtual Wallet and blinxPay Open-Loop Visa Debit and all hardware products of the Company. 1,000,000 200,000 200,000 200,000 800,000 100,000 350,000 350,000 5

LICENSE AGREEMENT WITH ENCORE

LICENSE AGREEMENT WITH ENCORE	3 Months Ended
	Sep. 30, 2024
License Agreement With Encore
LICENSE AGREEMENT WITH ENCORE	NOTE 8 – LICENSE AGREEMENT WITH ENCORE On May 1, 2024, the Company entered into an exclusive distribution agreement with Encore Sales and Marketing LLC (“Encore”) under which the Company granted Encore exclusive rights to sell and market the Company’s products to the gaming industry (as defined in the agreement) and on a non-exclusive basis to all other industries, through April 2029. In return, the Company will receive $ 200,000 150,000 50,000 Per the agreement, the Company will also receive a minimum payment of $60,000 per month in the first year of the agreement, commencing after 120 days, $120,000 per month in the second year and $180,000 per month in the third year. As of June 30, 2024, the Company had received a $ 150,000

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	NOTE 9 – LEGAL PROCEEDINGS On September 21, 2016, the Company entered into a settlement agreement with an individual who was a former officer of the Company. The individual in prior years was also issued 500,000 365,000 500,000 500,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES On March 26, 2022, as amended on May 10, 2022, the Company and Es Solo Holdings Ltd (“Es Solo”), an England & Wales limited liability company, entered into a Prepaid Card Client Program Management Agreement (“Management Agreement”). Es Solo develops, markets, and operates prepaid card programs through its affiliations with issuing banks, and the Company desires to have Es Solo develop a prepaid card program to be marketed by the Company for card issuing purposes, pursuant to the terms of the Management Agreement. Es Solo agreed to pay the Company $ 10,000 The Company and Es Solo agreed to a 50%/50% revenue share arrangement based on fees collected from customers using the Company’s prepaid, Bio-ID, and debit card products. no On November 1, 2021, the Company and Elite Web Technology Inc. (“Marketer”) entered into a Sales and Marketing Agreement (“Agreement”). The Company agreed that Marketer can market and sale certain Company products as defined in the Agreement. The Company agreed to pay Marketer a sales commission of 15 500,000 2 25,000 1 On December 5, 2008, the Company adopted an incentive compensation bonus plan to provide payments to key employees in the aggregated amount of 10 3,000,000 no 3,000,000 On December 5, 2008, the Company entered into an employment agreement with Van Thuy Tran, its Chief Executive Officer, providing for an annual base salary of $ 150,000 1,000,000 38,000 38,000

OPERATIONS AND SUMMARY OF SIG_2

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company Veritec, Inc. (Veritec or the Company) was formed in the State of Nevada on September 8, 1982. Veritec is primarily engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. As a Cardholder Independent Sales Organization, Veritec is able to promote and sell Visa-branded card programs. As a Third-Party Servicer, Veritec provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Veritec has a portfolio of five United States and eight foreign patents. In addition, we have seven U.S. and twenty-eight foreign pending patent applications. Veritec has had agreements with various banks in the past and is currently seeking a bank to sponsor its Prepaid Card programs. On December 31, 2015, the Company sold all of its assets of its barcode technology, which was comprised solely of its intellectual property, to The Matthews Group, a related party (see Note 6). The Company subsequently entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations through June 30, 2025. The Company earned a fee of 35% of all revenues billed up to September 30, 2024, and recognizes management fee revenue as services are performed.
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of the Company for the three months ended September 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K for scaled disclosures for smaller reporting companies. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company’s financial position and results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2024 was derived from the audited financial statements included in the Company’s financial statements as of and for the years ended June 30, 2024 and 2023 contained elsewhere in this filing. These financial statements should be read in conjunction with those financial statements. The accompanying condensed consolidated financial statements include the accounts of Veritec and its wholly owned subsidiaries, Veritec Financial Systems, Inc., Tangible Payment Systems, Inc., and Public Bell, Inc. Inter-company transactions and balances were eliminated in consolidation.
Going Concern	Going Concern The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2024, the Company incurred a net loss of $ 390,000 152,000 10,118,000 802,000 In addition, the Company’s independent registered public accounting firm, in its report on the Company’s June 30, 2024 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. The Company’s financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company believes it will require additional funds to continue its operations through fiscal 2024 and to continue to develop its existing projects and plans to raise such funds by finding additional investors to purchase the Company’s securities, generating sufficient sales revenue, implementing dramatic cost reductions or any combination thereof. There is no assurance that the Company can be successful in raising such funds, generating the necessary sales, or reducing major costs. Further, if the Company is successful in raising such funds from sales of equity securities, the terms of these sales may cause significant dilution to existing holders of common stock. The condensed consolidated financial statements do not include any adjustments that may result from this uncertainty.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Those estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and valuation of deferred tax assets. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition Revenues for the Company are classified into management fee revenue and mobile banking technology. The Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606"). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying the Company’s performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. Mobile Banking Technology Revenue The Company, as a merchant payment processor and a distributor, recognizes revenue from transaction fees charged to cardholders for the use of its issued mobile debit cards. The fees are recognized on a monthly basis after all cardholder transactions have been summarized and reconciled with third party processors. Other Revenue, Management Fee - Related Party On September 30, 2015, the Company sold all of its assets of its Barcode Technology, which was comprised solely of its intellectual property, to The Matthews Group (a related party, see Note 6). The Company subsequently entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations through September 30, 2024. The Company earned a fee of 35% of all revenues billed up to September 30, 2024. The Company recognizes management fee revenue as services are performed. Disaggregation of Net Sales The following table shows the Company’s disaggregated net sales by customer type for the three months ended September 30, 2024 and 2023: Schedule of disaggregated net sales by customer type Three months Ended 2024 2023 Medical $ 9,000 $ 16,000 Banking 6,000 — Associations 3,000 3,000 Education 3,000 2,000 Other revenue, management fee related party 18,000 37,000 Total revenue $ 39,000 $ 58,000 During the three months ended September 30, 2024 and 2023, all of the Company’s Mobile banking technology revenues were earned in the United States of America. Other revenue, management fee - related party revenue was $ 18,000 37,000
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as cash, accounts receivable, and accounts payable and accrued expenses, approximate the related fair values due to the short-term maturities of these instruments. The carrying values of convertible notes and notes payable approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates.
Net Loss per Common Share	Net Loss per Common Share Basic earnings (loss) per share are computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation as their effect is antidilutive. For the periods ended September 30, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an anti-dilutive effect. For the periods ended September 30, 2024, and 2023, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock, from our calculation of earnings per share, as their effect would have been anti-dilutive. Schedule of anti-dilutive shares As of September 30, 2024 2023 Series H Preferred Stock 10,000 10,000 Convertible Notes Payable 34,549,607 29,342,140 Options 550,000 900,000 Total 35,109,607 30,252,140
Concentrations	Concentrations During the three months ended September 30, 2024, the Company had one customer that represented 46 23 During the three months ended September 30, 2023, the Company had one customer that represented 64 At September 30, 2024, the company had three customers that represented 48 16 16 52 15 15
Segments	Segments The Company operates in one segment, the mobile financial banking industry. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying condensed consolidated financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. The Company adopted ASU 2023-07 beginning July 1, 2024. The Company does not believe the impact of the new guidance and related codification improvements had a material impact to its financial position, results of operations and cash flows. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

OPERATIONS AND SUMMARY OF SIG_3

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of disaggregated net sales by customer type	Schedule of disaggregated net sales by customer type Three months Ended 2024 2023 Medical $ 9,000 $ 16,000 Banking 6,000 — Associations 3,000 3,000 Education 3,000 2,000 Other revenue, management fee related party 18,000 37,000 Total revenue $ 39,000 $ 58,000
Schedule of anti-dilutive shares	Schedule of anti-dilutive shares As of September 30, 2024 2023 Series H Preferred Stock 10,000 10,000 Convertible Notes Payable 34,549,607 29,342,140 Options 550,000 900,000 Total 35,109,607 30,252,140

CONVERTIBLE NOTES AND NOTES P_2

CONVERTIBLE NOTES AND NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of convertible notes and notes payable include principal and accrued interest	Schedule of convertible notes and notes payable include principal and accrued interest September 30, June 30, (a) Unsecured convertible notes ($ 22,000 21,000 $ 69,000 $ 69,000 (b) Notes payable (in default) 497,000 492,000 (c) Notes payable (in default) 30,000 30,000 Total notes payable - third parties $ 596,000 $ 591,000
Schedule of convertible and notes payable-related parties include principal and accrued interest	Schedule of convertible and notes payable-related parties include principal and accrued interest September 30, June 30, (a) Convertible notes-The Matthews Group $ 2,113,000 $ 2,084,000 (b) Notes payable-The Matthews Group 5,963,000 5,821,000 (c) Convertible notes-other related parties ($ 253,000 251,000 569,000 500,000 Total notes-related parties $ 8,645,000 $ 8,405,000

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Sep. 30, 2024
Stock Options
Schedule of stock options	Schedule of stock options Number of Shares Weighted - Average Exercise Price Outstanding at June 30, 2024 550,000 $ 0.03 Granted — — Forfeited — — Outstanding at September 30, 2024 550,000 0.03 Exercisable at September 30, 2024 550,000 $ 0.03
Schedule of additional information regarding options outstanding	Schedule of additional information regarding options outstanding Options Outstanding and Exercisable at September 30, 2024 Range of Exercise Price Number of Shares Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.03 550,000 0.25 $ 0.03

OPERATIONS AND SUMMARY OF SIG_4

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Disaggregation of net sales) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 39,000	$ 58,000
Medical [Member]
Total revenue	9,000	16,000
Banking Customer [Member]
Total revenue	6,000	0
Associations [Member]
Total revenue	3,000	3,000
Education [Member]
Total revenue	3,000	2,000
Other revenue, management fee - related party [Member]
Total revenue	$ 18,000	$ 37,000

OPERATIONS AND SUMMARY OF SIG_5

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Net loss per common share) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	35,109,607	30,252,140
Series H Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,000	10,000
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	34,549,607	29,342,140
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	550,000	900,000

OPERATIONS AND SUMMARY OF SIG_6

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Net loss	$ 390,000	$ 306,000
Cash used in operating activities	152,000	137,000
Stockholders' deficit	10,118,000	8,976,000	$ 9,728,000	$ 8,670,000
Convertible notes and notes payable	802,000
Revenues	$ 39,000	$ 58,000
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	46%	64%
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	48%		52%
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	23%
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	16%		15%
Customer Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk, percentage	16%		15%
Other revenue, management fee - related party [Member]
Product Information [Line Items]
Revenues	$ 18,000	$ 37,000

CONTINGENT EARNOUT LIABILITY (D

CONTINGENT EARNOUT LIABILITY (Details Narrative) - Tangible Payments LLC [Member]	Dec. 31, 2014 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Earnout payment	$ 155,000
Equity investments	$ 1,300,000

CONVERTIBLE NOTES AND NOTES P_3

CONVERTIBLE NOTES AND NOTES PAYABLE (Details - Convertible notes and notes payable in default) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Total notes payable - third parties	$ 596,000	$ 591,000
Unsecured Convertible Notes [Member]
Debt Instrument [Line Items]
Total notes payable - third parties	69,000	69,000
Notes Payable In Default [Member]
Debt Instrument [Line Items]
Total notes payable - third parties	497,000	492,000
Notes Payable In Default 1 [Member]
Debt Instrument [Line Items]
Total notes payable - third parties	$ 30,000	$ 30,000

CONVERTIBLE NOTES AND NOTES P_4

CONVERTIBLE NOTES AND NOTES PAYABLE (Details - Convertible notes and notes payable-related parties) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Total convertible notes and notes payable-related parties	$ 8,645,000	$ 8,405,000
Matthews Group [Member] | Convertible Notes [Member]
Debt Instrument [Line Items]
Total convertible notes and notes payable-related parties	2,113,000	2,084,000
Matthews Group [Member] | Notes Payable [Member]
Debt Instrument [Line Items]
Total convertible notes and notes payable-related parties	5,963,000	5,821,000
Other Related Parties [Member] | Convertible Notes [Member]
Debt Instrument [Line Items]
Total convertible notes and notes payable-related parties	$ 569,000	$ 500,000

CONVERTIBLE NOTES AND NOTES P_5

CONVERTIBLE NOTES AND NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 17, 2020
Debt Instrument [Line Items]
Notes payable	$ 596,000	$ 591,000
Notes and loans payable	$ 8,645,000	8,405,000
Ms Van Tran [Member]
Debt Instrument [Line Items]
Ownership percentage	50%
Larry Johanns [Member]
Debt Instrument [Line Items]
Ownership percentage	50%
Matthews Group [Member]
Debt Instrument [Line Items]
Interest rate	10%
Unsecured Convertible Notes [Member]
Debt Instrument [Line Items]
Notes due in default	$ 22,000	21,000
Conversion price	$ 0.08
Notes payable	$ 69,000	69,000
Accrued interest	1,000
Convertible notes	69,000
Convertible notes default	$ 22,000
Conversion price in default	$ 0.30
Convertible shares in default	71,872
Balance due on demand	$ 47,000
Shares issued upon conversion	590,005
Unsecured Convertible Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Conversion price	$ 0.08
Interest rate	5%
Unsecured Convertible Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Conversion price	$ 0.30
Interest rate	8%
Notes Payable In Default [Member]
Debt Instrument [Line Items]
Notes payable	$ 497,000	492,000
Accrued interest	5,000
Notes Payable In Default [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Notes payable	447,000
Notes Payable In Default [Member] | Unsecured Notes [Member]
Debt Instrument [Line Items]
Notes payable	$ 50,000
Notes Payable In Default [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate	6.50%
Notes Payable In Default [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate	10%
Notes Payable In Default 1 [Member]
Debt Instrument [Line Items]
Interest rate			4%
Notes payable	$ 30,000	30,000
Accrued interest	1,000
Convertible Notes [Member] | Other Related Parties [Member]
Debt Instrument [Line Items]
Notes due in default	253,000	251,000
Accrued interest	9,000
Balance due on demand	316,000
Notes and loans payable	569,000	500,000
Change in notes payables	60,000
Due to other related parties	$ 569,000
Convertible shares	7,476,000
Convertible Notes [Member] | Matthews Group [Member]
Debt Instrument [Line Items]
Conversion price	$ 0.08
Accrued interest	$ 29,000
Shares issued upon conversion	26,411,730
Notes and loans payable	$ 2,113,000	2,084,000
Convertible Notes [Member] | Minimum [Member] | Other Related Parties [Member]
Debt Instrument [Line Items]
Conversion price	$ 0.04
Interest rate	8%
Convertible Notes [Member] | Minimum [Member] | Matthews Group [Member]
Debt Instrument [Line Items]
Interest rate	8%
Convertible Notes [Member] | Maximum [Member] | Other Related Parties [Member]
Debt Instrument [Line Items]
Conversion price	$ 0.30
Interest rate	10%
Convertible Notes [Member] | Maximum [Member] | Matthews Group [Member]
Debt Instrument [Line Items]
Interest rate	10%
Notes Payable [Member] | Matthews Group [Member]
Debt Instrument [Line Items]
Interest rate	10%
Accrued interest	$ 104,000
Notes and loans payable	5,963,000	$ 5,821,000
Change in notes payables	$ 38,000

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Equity [Abstract]
Common stock to be issued, shares	145,000	145,000
Common stock to be issued, value	$ 12,000	$ 12,000

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Stock Options
Number of Shares Outstanding at Beginning | shares	550,000
Weighted - Average Exercise Price Outstanding at Beginning | $ / shares	$ 0.03
Number of Shares Granted | shares	0
Weighted - Average Exercise Price Granted | $ / shares	$ 0
Number of Shares Forfeited | shares	0
Weighted - Average Exercise Price Forfeited | $ / shares	$ 0
Number of Shares Outstanding at End | shares	550,000
Weighted - Average Exercise Price Outstanding at Ending | $ / shares	$ 0.03
Number of Shares Exercisable | shares	550,000
Weighted - Average Exercise Price Exercisable | $ / shares	$ 0.03

STOCK OPTIONS (Details - Additi

STOCK OPTIONS (Details - Additional information regarding options outstanding) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Stock Options
Number of Shares Outstanding	550,000	550,000
Weighted Average Remaining Contractual Life (Years)	3 months
Weighted Average Exercise Price	$ 0.03	$ 0.03

STOCK OPTIONS (Details Narrativ

STOCK OPTIONS (Details Narrative)	Sep. 30, 2024 USD ($)
Stock Options
Outstanding unvested options	$ 0
Intrinsic value	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Related Party Transaction [Line Items]
Managament fee, percent of revenue	35%
Fee revenue	$ 18,000	$ 37,000
Matthews Group [Member]
Related Party Transaction [Line Items]
Net cash flow loans	$ 38,000
Interest rate	10%
Notes payable related party	$ 5,963,000
Ms Tran [Member]
Related Party Transaction [Line Items]
Ownership percentage	50%
Advances	$ 119,000		$ 109,000
Lease payments	$ 13,000	$ 13,000
Larry Johanns [Member]
Related Party Transaction [Line Items]
Ownership percentage	50%

AGREEMENTS WITH NUGEN (Details

AGREEMENTS WITH NUGEN (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 04, 2022	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 39,000	$ 58,000
Proceed license fee received					$ 150,000
Domestic Sponsor Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining balance schedule to be paid			100,000
Blinx Pay Software Platform And Sponsor Foreign Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining balance schedule to be paid			350,000
Final Stage Of Testing Installation And Launch [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining balance schedule to be paid			350,000
Nugen Universe [Member] | Memorandumof Understanding [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement, description	Nugen seeks the Company to modify, create, or build a “private label” system for Nugen, with an initial interest in the Company’s blinxPay technology and Bio-ID verification system.
Received amount under the agreement	$ 50,000
Nugen Universe [Member] | Memorandumof Understanding [Member] | Mobile Banking Technology [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 50,000
Royalties			$ 0
Nugen Universe [Member] | Memorandumof Understanding [Member] | Blinx Pay Technologyand Bio I D Verification System [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty for licensing	5%
Nugen Universe [Member] | License And Distributor Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Agreement, description		The License Agreement grants Nugen a Worldwide license and distribution for the Company’s blinxPay Close-Loop Virtual Wallet and blinxPay Open-Loop Visa Debit and all hardware products of the Company.
Royalty for licensing			5%
Proceed license fee received		$ 200,000
License payment		1,000,000
Deferred revenue		$ 200,000	$ 200,000
Remaining balance schedule to be paid			$ 800,000

LICENSE AGREEMENT WITH ENCORE (

LICENSE AGREEMENT WITH ENCORE (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
License Agreement With Encore
Proceeds from customers	$ 200,000
Payment received from customer	150,000
Additional customer agreement amount receivables	$ 50,000
License agreement minimum payment description	Per the agreement, the Company will also receive a minimum payment of $60,000 per month in the first year of the agreement, commencing after 120 days, $120,000 per month in the second year and $180,000 per month in the third year.
License fees received		$ 150,000

LEGAL PROCEEDINGS (Details Narr

LEGAL PROCEEDINGS (Details Narrative) - Former Officer [Member] - Settlement Agreement [Member] - USD ($)	Sep. 21, 2016	Sep. 30, 2024
Number of shares issued	500,000
Relinquish convertible note payable and unpaid interest	$ 365,000
Shares to be returned	500,000
Shares have not relinquished		500,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)				3 Months Ended
	May 10, 2022	Nov. 01, 2021	Dec. 05, 2008	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues				$ 39,000	$ 58,000
Chief Executive Officer [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual base salary			$ 150,000
Termination loans			$ 1,000,000
Salaries paid				38,000	$ 38,000
Incentive Compensation Bonus Plan [Member] | Key Employees [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Pre-tax earnings			10%
Incentive compensation bonus, minimum threshold			$ 3,000,000	3,000,000
Annual pre-tax earnings				0
Management Agreement [Member] | Es Solo Holdings [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Program setup fee	$ 10,000
Agreement, description	The Company and Es Solo agreed to a 50%/50% revenue share arrangement based on fees collected from customers using the Company’s prepaid, Bio-ID, and debit card products.
Revenues				$ 0
Sales And Marketing Agreement [Member] | Elite Web Technology [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sales commission		15%
Number of shares issued		500,000
Additional gross revenue		$ 2,000,000
Sales And Marketing Agreement [Member] | Elite Web Technology [Member] | Equity Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued		25,000
Additional gross revenue		$ 1,000,000