Cover
Cover - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 26, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,362,682 | ||
Entity Common Stock, Shares Outstanding | 8,312,784 | ||
Auditor Firm ID | 6117 | ||
Auditor Name | Pinnacle Accountancy Group of Utah, a DBA of Heaton & Co., PLLC | ||
Auditor Location | Farmington, UT |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 36,378 | $ 251,064 |
Royalties receivable | 83,644 | 115,830 |
Interest receivable | 4,586 | 3,340 |
Prepaid expenses | 1,956,215 | |
Note receivable | 25,000 | 25,000 |
Total current assets | 2,105,823 | 395,234 |
Convertible note receivable | 7,500 | |
Total non-current assets | 7,500 | |
TOTAL ASSETS | 2,105,823 | 402,734 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 34,591 | 37,014 |
Note payable, related party | 741,030 | |
Interest payable, related party | 223,940 | |
Notes payable, net of discounts | 262,686 | 62,375 |
Interest payable | 34,129 | 2,091 |
Total current liabilities | 1,296,376 | 101,480 |
LONG-TERM LIABILITIES: | ||
Note payable, related party | 741,030 | |
Interest payable, related party | 167,597 | |
Note payable | 10,000 | |
Interest payable | 2,121 | |
Total long-term liabilities | 12,121 | 908,627 |
Total liabilities | 1,308,497 | 1,010,107 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common stock, $ 0.001 par value; 90,000,000 shares authorized, 8,100,284 issued and 8,059,034 outstanding, and 6,900,284 shares issued and outstanding as of September 30, 2022 and 2021, respectively | 8,059 | 6,900 |
Additional paid-in-capital | 7,595,246 | 4,518,347 |
Treasury stock (41,250 and 0 shares at September 30, 2022 and 2021 respectively, $0 cost) | ||
Accumulated deficit | (6,809,185) | (5,139,076) |
Total stockholders’ equity (deficit) | 797,326 | (607,373) |
Total liabilities and stockholders’ equity (deficit) | 2,105,823 | 402,734 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock value | 500 | 500 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock value | $ 2,706 | $ 5,956 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 8,100,284 | 6,900,284 |
Common stock, shares outstanding | 8,059,034 | 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 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 |
Preferred stock, shares outstanding | 270,612 | 595,612 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
Revenue – royalties | $ 130,626 | $ 194,350 |
Operating expenses: | ||
Professional fees | 854,548 | 249,078 |
Marketing and advertising | 335,916 | 4,000 |
Travel, meals and entertainment | 39,897 | |
General and administrative | 18,253 | 11,949 |
Research and development | 16,539 | |
Total operating expenses | 1,265,153 | 265,027 |
Loss from operations | (1,134,527) | (70,677) |
Other income (expense) | ||
Other income | 1,500 | 1,754 |
Bad debt expense | (7,754) | |
Amortization of debt discount | (423,061) | |
Interest expense, related party | (56,343) | (49,335) |
Interest expense | (48,928) | (1,171) |
Gain (loss) from foreign currency transactions | (996) | 408 |
Total other income (expense) | (535,582) | (48,344) |
Net loss | $ (1,670,109) | $ (119,021) |
Loss per share, basic and fully diluted | $ (0.23) | $ (0.02) |
Weighted average number of shares outstanding, basic and fully diluted | 7,270,761 | 6,819,518 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - 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) | |
Beginning balance, shares at Sep. 30, 2020 | 50,000 | 595,612 | 6,817,784 | ||||
Stock issued for commitment fee debt discount on notes payable | $ 83 | 164,917 | 165,000 | ||||
Stock issued for commitment fee debt discount on notes payable, shares | 82,500 | ||||||
Net loss | (119,021) | (119,021) | |||||
Ending balance, value at Sep. 30, 2021 | $ 500 | $ 5,956 | $ 6,900 | 4,518,347 | (5,139,076) | (607,373) | |
Ending balance, shares at Sep. 30, 2021 | 50,000 | 595,612 | 6,900,284 | ||||
Stock issued for commitment fee debt discount on notes payable | $ 165 | 412,335 | 412,500 | ||||
Stock issued for commitment fee debt discount on notes payable, shares | 165,000 | ||||||
Net loss | (1,670,109) | (1,670,109) | |||||
Stock issued for services | $ 670 | 1,325,330 | 1,326,000 | ||||
Stock issued for services, shares | 670,000 | ||||||
Warrants issued for services | 1,286,308 | 1,286,308 | |||||
Stock issued for cash | $ 40 | 49,960 | 50,000 | ||||
Stock issued for cash, shares | 40,000 | ||||||
Redemption of previously issued commitment shares | $ (41) | 41 | |||||
Redemption of previously issued commitment shares, shares | (41,250) | 41,250 | |||||
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 | |||||
Ending balance, value at Sep. 30, 2022 | $ 500 | $ 2,706 | $ 8,059 | $ 7,595,246 | $ (6,809,185) | $ 797,326 | |
Ending balance, shares at Sep. 30, 2022 | 50,000 | 270,612 | 8,059,034 | 41,250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,670,109) | $ (119,021) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Stock issued for services | 497,507 | |
Debt discount amortization | 423,061 | |
Bad debt expense | 7,754 | |
Warrants issued for services | 158,586 | |
Changes in operating assets and liabilities: | ||
Interest receivable | (1,500) | (1,754) |
Royalty receivable | 32,186 | 55,266 |
Accounts payable and accrued liabilities | (2,423) | 29,944 |
Accounts payable, related parties | (9,994) | |
Accrued interest payable, related parties | 56,343 | 49,334 |
Accrued interest payable | 34,159 | 1,170 |
Net cash (used in) provided by operating activities | (464,436) | 4,945 |
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 | 217,375 |
Proceeds from sale of common stock | 50,000 | |
Payment on notes payable, related parties | (235,000) | |
Net cash provided by financing activities | 249,750 | 217,375 |
Net change in cash and cash equivalents | (214,686) | 214,820 |
Cash and cash equivalents, beginning of period | 251,064 | 36,244 |
Cash and cash equivalents, end of period | 36,378 | 251,064 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 14,769 | |
Income taxes paid | ||
Non-cash Investing and Financing Activities: | ||
Original issue debt discount on notes payable | 35,250 | 17,625 |
Common stock issued for commitment fee debt discount on note payable | 412,500 | 165,000 |
Redemption of commitment shares as treasury stock at $0 cost | ||
Warrants issued for prepaid expenses | 1,286,308 | |
Common stock issued for prepaid expenses | $ 945,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Treasury stock cost | $ 0 | $ 0 |
Nature of Business
Nature of Business | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Note 1 – Nature of Business Nature of Business Virtual Interactive Technologies Corp. (OTCPINK: VRVR) (“VIT”) or (“the Company”) is a next generation game and metaverse developer that creates immersion experiences by harnessing the latest technologies, including Blockchain and digital assets. The Company’s newly launched brand, Extrosive, is building a metaverse that replaces traditional boring financial experiences with a new paradigm, “global Prosperity space” (gPs). This new asset class dynamically augments global and local realities and builds communities of aligned financial values, virtuous economies, and a trusted network. The result would be a metaverse game for the glamourous world of Wall Street, High-Speed trading involving community building, quantified self, and NFTs – a pure adrenal rush! In addition, the Company continues to build on its successful catalog that includes Carmageddon Max Damage, Carmageddon Crashers, Interplanetary: Enhanced Edition, Catch & Release, and Worbitol. The Company also entered into a joint development partnership with Duane Lee “Dog” Chapman, of the “Dog The Bounty Hunter” fame, to develop and promote multiple games across several platforms. For more information, please visit www.vrvrcorp.com. Going Concern The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements herein contain the operations of VRVR and its wholly-owned subsidiaries AIG Inc and AIG Ltd (collectively, the “Company”) as of and for the years ended September 30, 2022 and 2021. The consolidated financial statements have been prepared in conformity with US GAAP. All intercompany transactions have been eliminated. The Company’s headquarters are located in Denver, Colorado and substantially all of its customers are outside the United States. Fair Value of Financial Instruments The Company accounts for fair value measurements in accordance with accounting standard ASC 820-10-50, “ Fair Value Measurements.” - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The Company’s financial instruments consist of cash, royalties receivable, prepaid expenses, note receivable, convertible note receivable, interest receivable, accounts payable and accrued expenses, and notes payable. The carrying value of these financial instruments approximates fair value due to the stated face values and short-term nature of the instruments. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. The Company had no Royalty Contracts and Research and Development Costs The Company enters into agreements with third-party developers that require us to make payments for game development and production services. In exchange for our payments, we receive the exclusive publishing and distribution rights to the finished game titles as well as, in some cases, the underlying intellectual property rights. Such agreements typically allow us to fully recover these payments, plus a profit, to the developers at an agreed-upon royalty rate earned on the subsequent sales of such software, net of any agreed-upon costs. Prior to establishing technological feasibility of a product, we record any costs incurred by third-party developers as research and development expenses. Subsequent to establishing technological feasibility of a product, we capitalize all development and production service payments to third-party developers as royalty contracts. The Company had no Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company compares the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Impairment loss on long-lived assets for the years ended September 30, 2022 and 2021 was $ 0 0 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. The Company has several contracts with video game developers that entitle us to royalty streams as a percentage of revenues generated by the game sales, which vary from contract to contract. As of September 30, 2022, the Company has four royalty contracts with three developers that are generating royalty revenue. 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 years ended September 30, 2022 and 2021, the Company recognized revenue from royalties of $ 130,626 194,350 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 $ 83,644 115,830 Foreign Currency The Company’s functional currency is the US dollar. With the exception of stockholders’ equity (deficit), all transactions that are originally denominated in foreign currency are translated to US dollars by our international customers, on a monthly basis, when recognized by them and prior to paying royalties to the Company. All royalty revenues that are received and recognized by the Company are recorded in US dollars. The Company has a Euro currency bank account located in Bermuda. This account is used for payments to vendors that bill the Company in a currency other than US dollars and for funds received from shareholders located outside the United States. As of September 30, 2022 and 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 years ended September 30, 2022 and 2021, as all financial statement items were denominated in the US dollar. Minimal gain (loss) from foreign currency transactions during the years ended September 30, 2022 and 2021 totaled $ (996 408 Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses reported for the period presented. The most significant estimates relate to the useful life and impairment of intangible assets and allowance for doubtful accounts. The Company regularly will assess these estimates and, while actual results may differ, management believes that the estimates are reasonable. Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of September 30, 2022 and 2021, uninsured deposits in the Bermuda bank totaled $ 20,495 20,649 250,000 Income Taxes The Company did not accrue corporate income taxes for AIG Ltd, as it is incorporated in the country of Bermuda where there is no corporate income tax. The Company has been subject to US Federal and state income taxes commencing the year ended September 30, 2020, due to its business combinations with two US companies. Deferred taxes for the VRVR (Nevada) and AIG Inc (Colorado) are provided on a liability method in accordance with ASC 740, “Income Taxes,” Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” 325,000 325,000 270,612 595,612 900,000 900,000 0 Schedule of Anti-dilutive Securities from Computation of Common Shares September 30, September 30, Basic weighted average shares outstanding 7,270,761 6,819,518 If-converted shares, Warrants 900,000 - If-converted shares, Series B preferred shares 270,612 595,612 Diluted weighted average common shares outstanding 8,441,373 7,415,130 Stock-Based Compensation The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” Recent Account 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. |
Royalty Contracts
Royalty Contracts | 12 Months Ended |
Sep. 30, 2022 | |
Royalty Contracts | |
Royalty Contracts | Note 3 - Royalty Contracts The Company has valued their acquired royalty contracts with customers using the “lower of cost or net realizable value” method. Ultimately the market value of the contracts is equal to the present value of the anticipated future cash flow. Royalty contracts are amortized over the life of the contact (generally three-to-five years). Management assesses the value of each royalty contract asset on an annual basis and should it be apparent that the market value of the royalty contract becomes less than the carrying value, the Company would then recognize an impairment of the asset at that time. The Company’s royalty contracts had been fully amortized by September 30, 2019. As such, no The Company has three major royalty agreements (Customer A, Customer B and Customer C). Customer A represented approximately 54 0 25 7 21 93 Customer A represented approximately 51 11 31 13 18 76 |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) | Note 4. Stockholders’ Equity (Deficit) The Company’s common stock is quoted under the symbol “VRVR” on the OTC Pink tier operated by OTC Markets Group, Inc. To date, an active trading market for the Company’s common stock has not developed. Treasury Stock The Company accounts for treasury stock using the cost method. During the years ended September 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 8,100,284 8,059,034 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 On July 26, 2022, the Company received $ 12,500 10,000 1.25 On August 16, 2022, the Company entered into a one-year agreement with two groups to assist the Company with creating interactive gaming and entertainment experiences, including metaverse, utilizing blockchain and Non-Fungible Tokens, as well as assisting the Company with investor and public relations. As part of the agreement, each group received 225,000 2.10 945,000 116,507 225,000 1.00 225,000 1.00 Preferred Stock The Company is authorized to issue 10,000,000 0.01 As of September 30, 2022 and 2021, the Company had 50,000 325,000 325,000 270,612 595,612 Warrants On August 16, 2022, the Company entered into a one-year agreement with two groups to assist the Company with creating interactive gaming and entertainment experiences, including metaverse, utilizing blockchain and Non-Fungible Tokens, as well as assisting the Company with investor and public relations. As part of the agreement, each group received 225,000 2.10 225,000 1.00 225,000 1.00 1,286,308 1 2 109.88 3.28 158,586 1,127,722 The following table reflects a summary of Common Stock warrants outstanding and warrant activity during the year ended September 30, 2022: Schedule of Common Stock Warrants Outstanding and Warrant Activity Underlying Shares Weighted Average Exercise Price Weighted Average Warrants outstanding at September 30, 2021 - - - Granted 900,000 1.00 1.38 Exercised - - - Forfeited - - - Warrants outstanding and exercisable at September 30, 2022 900,000 $ 1.00 1.38 The intrinsic value of warrants outstanding as of September 30, 2022 was approximately $ 900,000 |
Notes Payable
Notes Payable | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 5. Notes Payable On March 20, 2019, an unrelated individual loaned VRVR $ 10,000 6 March 20, 2024 10,000 2,121 1,520 On September 23, 2021, an unrelated third party loaned VRVR $ 235,000 217,375 17,625 12.5 March 23, 2022 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 15 235,000 19,218 1.25 On March 21, 2022, an unrelated third party, loaned VRVR $ 235,000 217,375 17,625 12 March 21, 2023 235,000 14,911 1.25 Debt discount amortization on the above notes totaled $ 423,061 0 207,314 0 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Transactions Note Payable, Related Party On March 29, 2018, the Company issued a $ 750,000 6 December 31, 2022 741,030 223,940 169,597 Stock-Based Compensation The Company issued common stock for services to officers and directors during the year ended September 30, 2022 as disclosed in Note 4. |
Note Receivable
Note Receivable | 12 Months Ended |
Sep. 30, 2022 | |
Note Receivable | |
Note Receivable | Note 7. Note Receivable On December 11, 2019, the Company issued a $ 25,000 6 4,586 3,086 |
Convertible Note Receivable
Convertible Note Receivable | 12 Months Ended |
Sep. 30, 2022 | |
Convertible Note Receivable | |
Convertible Note Receivable | Note 8. Convertible Note Receivable On November 20, 2020, the Company invested $ 7,500 November 20, 2022 4 1.25 7,500 254 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events On October 26, 2022, the Company entered into an agreement with a group to, among other things, create a customized positive investment image for the Company and communicate that image to the investment community including, but not limited to, individual investors, family offices, institutional investors, hedge and other funds, broker dealers, equity trading firms and the public at large. In consideration for these services, the Company issued the group 200,000 1.49 200,000 1.00 200,000 1.00 10,000 On November 28, 2022, the Company entered into a four-month agreement with a group to expand the Company’s brand awareness to their network of clients, consumers and other consultants. Under the terms of the agreement the group will receive 12,500 50,000 12,500 1.25 3,500 14,000 The Company has evaluated events occurring subsequent to September 30, 2022 through the date these financial statements were issued and noted no additional events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements herein contain the operations of VRVR and its wholly-owned subsidiaries AIG Inc and AIG Ltd (collectively, the “Company”) as of and for the years ended September 30, 2022 and 2021. The consolidated financial statements have been prepared in conformity with US GAAP. All intercompany transactions have been eliminated. The Company’s headquarters are located in Denver, Colorado and substantially all of its customers are outside the United States. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company accounts for fair value measurements in accordance with accounting standard ASC 820-10-50, “ Fair Value Measurements.” - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The Company’s financial instruments consist of cash, royalties receivable, prepaid expenses, note receivable, convertible note receivable, interest receivable, accounts payable and accrued expenses, and notes payable. The carrying value of these financial instruments approximates fair value due to the stated face values and short-term nature of the instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. The Company had no |
Royalty Contracts and Research and Development Costs | Royalty Contracts and Research and Development Costs The Company enters into agreements with third-party developers that require us to make payments for game development and production services. In exchange for our payments, we receive the exclusive publishing and distribution rights to the finished game titles as well as, in some cases, the underlying intellectual property rights. Such agreements typically allow us to fully recover these payments, plus a profit, to the developers at an agreed-upon royalty rate earned on the subsequent sales of such software, net of any agreed-upon costs. Prior to establishing technological feasibility of a product, we record any costs incurred by third-party developers as research and development expenses. Subsequent to establishing technological feasibility of a product, we capitalize all development and production service payments to third-party developers as royalty contracts. The Company had no |
Long-Lived Assets | Long-Lived Assets The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company compares the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Impairment loss on long-lived assets for the years ended September 30, 2022 and 2021 was $ 0 0 |
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. The Company has several contracts with video game developers that entitle us to royalty streams as a percentage of revenues generated by the game sales, which vary from contract to contract. As of September 30, 2022, the Company has four royalty contracts with three developers that are generating royalty revenue. 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 years ended September 30, 2022 and 2021, the Company recognized revenue from royalties of $ 130,626 194,350 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 $ 83,644 115,830 |
Foreign Currency | Foreign Currency The Company’s functional currency is the US dollar. With the exception of stockholders’ equity (deficit), all transactions that are originally denominated in foreign currency are translated to US dollars by our international customers, on a monthly basis, when recognized by them and prior to paying royalties to the Company. All royalty revenues that are received and recognized by the Company are recorded in US dollars. The Company has a Euro currency bank account located in Bermuda. This account is used for payments to vendors that bill the Company in a currency other than US dollars and for funds received from shareholders located outside the United States. As of September 30, 2022 and 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 years ended September 30, 2022 and 2021, as all financial statement items were denominated in the US dollar. Minimal gain (loss) from foreign currency transactions during the years ended September 30, 2022 and 2021 totaled $ (996 408 |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses reported for the period presented. The most significant estimates relate to the useful life and impairment of intangible assets and allowance for doubtful accounts. The Company regularly will assess these estimates and, while actual results may differ, management believes that the estimates are reasonable. |
Concentration of Credit Risk | Concentration of Credit Risk Some of our US dollar balances are held in a Bermuda bank that is not insured. As of September 30, 2022 and 2021, uninsured deposits in the Bermuda bank totaled $ 20,495 20,649 250,000 |
Income Taxes | Income Taxes The Company did not accrue corporate income taxes for AIG Ltd, as it is incorporated in the country of Bermuda where there is no corporate income tax. The Company has been subject to US Federal and state income taxes commencing the year ended September 30, 2020, due to its business combinations with two US companies. Deferred taxes for the VRVR (Nevada) and AIG Inc (Colorado) are provided on a liability method in accordance with ASC 740, “Income Taxes,” |
Net Income (Loss) Per Share | Net Income (Loss) Per Share In accordance with ASC 260 “Earnings per Share,” 325,000 325,000 270,612 595,612 900,000 900,000 0 Schedule of Anti-dilutive Securities from Computation of Common Shares September 30, September 30, Basic weighted average shares outstanding 7,270,761 6,819,518 If-converted shares, Warrants 900,000 - If-converted shares, Series B preferred shares 270,612 595,612 Diluted weighted average common shares outstanding 8,441,373 7,415,130 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity awards issued to employees and non-employees for services rendered in accordance with the provisions of ASC 718, “Compensation - Stock Compensation.” |
Recent Account Pronouncements | Recent Account 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Anti-dilutive Securities from Computation of Common Shares | Schedule of Anti-dilutive Securities from Computation of Common Shares September 30, September 30, Basic weighted average shares outstanding 7,270,761 6,819,518 If-converted shares, Warrants 900,000 - If-converted shares, Series B preferred shares 270,612 595,612 Diluted weighted average common shares outstanding 8,441,373 7,415,130 |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Warrants Outstanding and Warrant Activity | The following table reflects a summary of Common Stock warrants outstanding and warrant activity during the year ended September 30, 2022: Schedule of Common Stock Warrants Outstanding and Warrant Activity Underlying Shares Weighted Average Exercise Price Weighted Average Warrants outstanding at September 30, 2021 - - - Granted 900,000 1.00 1.38 Exercised - - - Forfeited - - - Warrants outstanding and exercisable at September 30, 2022 900,000 $ 1.00 1.38 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities from Computation of Common Shares (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||
Basic weighted average shares outstanding | 7,270,761 | 6,819,518 |
If-converted shares, Warrants | $ 900,000 | |
If-converted shares, Series B preferred shares | 270,612 | 595,612 |
Diluted weighted average common shares outstanding | 8,441,373 | 7,415,130 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Charges on royalty contract | 0 | 0 |
Impairment charges on royalty contracts | 0 | 0 |
Revenue - royalties | 130,626 | 194,350 |
Royalties receivable | 83,644 | 115,830 |
Cash | 0 | 0 |
Gain and losses from foreign currency transactions | $ (996) | $ 408 |
Common Stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of issued warrant, shares | 900,000 | |
Warrant [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of issued warrant, shares | 900,000 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Preferred Stock, Shares Issued | 270,612 | 595,612 |
Preferred Stock, Shares Outstanding | 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 | 325,000 | 325,000 |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, FDIC insured amount | $ 250,000 | |
Bermuda Bank [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash, uninsured deposits | $ 20,495 | $ 20,649 |
Royalty Contracts (Details Narr
Royalty Contracts (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | ||
Amortization on royalty contracts | $ 0 | $ 0 |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 51% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 54% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 31% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 25% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 18% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 21% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 11% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 0% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 13% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 7% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 76% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] | Three Major Royalty Agreements [Member] | ||
Product Information [Line Items] | ||
Concentration of risk, percentage | 93% |
Schedule of Common Stock Warran
Schedule of Common Stock Warrants Outstanding and Warrant Activity (Details) | 12 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Equity [Abstract] | |
Warrants outstanding, Underlying Shares Beginning | shares | |
Weighted Average ExercisePrice Beginning balance | $ / shares | |
Warrants outstanding, Underlying Shares Granted | shares | 900,000 |
Weighted Average ExercisePrice, Granted | $ / shares | $ 1 |
Weighted Average Remaining Contractual Term (Years), Granted | 1 year 4 months 17 days |
Warrants outstanding, Underlying Shares Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Warrants outstanding, Underlying Shares Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Warrants outstanding, Underlying Shares Ending | shares | 900,000 |
Weighted Average ExercisePrice Ending balance | $ / shares | $ 1 |
Weighted Average Remaining Contractual Term (Years), Outstanding ending balance | 1 year 4 months 17 days |
Stockholders_ Equity (Deficit_2
Stockholders’ Equity (Deficit) (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Aug. 16, 2022 | Jul. 26, 2022 | Apr. 21, 2022 | Apr. 04, 2022 | Mar. 15, 2022 | Dec. 03, 2021 | Sep. 23, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 16, 2022 | Mar. 24, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Treasury Stock, Shares, Acquired | 41,250 | |||||||||||
Treasury stock shares acquired, cost | $ 0 | $ 0 | ||||||||||
Treasury stock, shares | 41,250 | 0 | ||||||||||
Treasury stock, cumulative cost | $ 0 | $ 0 | ||||||||||
Common stock, shares authorized | 90,000,000 | 90,000,000 | ||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||
Common stock, shares issued | 8,100,284 | 6,900,284 | ||||||||||
Common stock, shares outstanding | 8,059,034 | 6,900,284 | ||||||||||
Stock issued for commitment fee debt discount on note payable, shares | 82,500 | |||||||||||
Commitment fee related to notes payable | $ 165,000 | $ 412,500 | $ 165,000 | |||||||||
Notes payable | $ 235,000 | |||||||||||
Accrued interest | 223,940 | 169,597 | $ 1,958 | |||||||||
Shares price | $ 1.55 | |||||||||||
Stock issued during period, value | $ 93,000 | 50,000 | ||||||||||
Shares issued for services, value | 1,326,000 | |||||||||||
Total expense | 116,507 | |||||||||||
Warrant value | $ 1,286,308 | |||||||||||
Expected volatility | 109.88% | |||||||||||
Expected volatility | 3.28% | |||||||||||
Amortization expense | 0 | 0 | ||||||||||
Prepaid expenses | 1,956,215 | |||||||||||
Intrinsic value | $ 900,000 | |||||||||||
Minimum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Expected life | 1 year | |||||||||||
Maximum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Expected life | 2 years | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, shares issued | 50,000 | 50,000 | ||||||||||
Preferred stock, shares outstanding | 50,000 | 50,000 | ||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||||
Preferred stock, shares issued | 270,612 | 595,612 | ||||||||||
Preferred stock, shares outstanding | 270,612 | 595,612 | ||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, shares issued | 270,612 | 595,612 | ||||||||||
Preferred stock, shares outstanding | 270,612 | 595,612 | ||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 325,000 | |||||||||||
One Year Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 225,000 | |||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||
Two Year Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 225,000 | |||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||
Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 225,000 | |||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||
Amortization expense | $ 158,586 | |||||||||||
Prepaid expenses | $ 1,127,722 | |||||||||||
One Year Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 225,000 | |||||||||||
Shares Issued, Price Per Share | $ 2.10 | |||||||||||
Total expense | $ 945,000 | |||||||||||
One Year Agreement [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 225,000 | |||||||||||
Shares Issued, Price Per Share | $ 2.10 | |||||||||||
Two Unrelated Parties [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 10,000 | 30,000 | ||||||||||
Stock issued during period, value | $ 12,500 | $ 37,500 | ||||||||||
Shares Issued, Price Per Share | $ 1.25 | $ 1.25 | ||||||||||
Notes Payable [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [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] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 35,000 | |||||||||||
Janelle Gladstone [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period, shares | 25,000 | |||||||||||
Two Directors [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [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 ($) | 6 Months Ended | 12 Months Ended | |||||||
Mar. 23, 2022 | Mar. 21, 2022 | Sep. 23, 2021 | Mar. 20, 2019 | Mar. 23, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 24, 2022 | Mar. 15, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Notes payable | $ 235,000 | ||||||||
Accrued interest | $ 34,129 | $ 2,091 | |||||||
Unamortized debt discount | $ 207,314 | $ 0 | |||||||
Treasury shares | 41,250 | 0 | |||||||
Amortization of debt discount | $ 423,061 | ||||||||
Unrelated Individuals [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Notes payable | $ 10,000 | 10,000 | 10,000 | ||||||
Interest rate | 6% | ||||||||
Debt instrument, maturity date | Mar. 20, 2024 | ||||||||
Accrued interest | 2,121 | 1,520 | |||||||
Unrelated Third Party One [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Notes payable | $ 235,000 | $ 235,000 | $ 235,000 | 0 | 235,000 | ||||
Interest rate | 12.50% | ||||||||
Debt instrument, maturity date | Mar. 23, 2022 | ||||||||
Accrued interest | 1,958 | 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 | ||||||||
Treasury stock value | |||||||||
Unrelated Third Party Two [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Notes payable | 235,000 | $ 235,000 | |||||||
Interest rate | 15% | ||||||||
Accrued interest | $ 19,218 | ||||||||
Cash received | $ 217,375 | ||||||||
Unamortized debt discount | 17,625 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 1.25 | ||||||||
Unrelated Third Party Three [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Notes payable | $ 235,000 | $ 235,000 | |||||||
Interest rate | 12% | ||||||||
Debt instrument, maturity date | Mar. 21, 2023 | ||||||||
Accrued interest | $ 14,911 | ||||||||
Cash received | $ 217,375 | ||||||||
Unamortized debt discount | $ 17,625 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 1.25 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2022 | Mar. 24, 2022 | Sep. 30, 2021 | Dec. 11, 2019 | Mar. 29, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Accrued interest, related party | $ 223,940 | $ 1,958 | $ 169,597 | ||
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 | ||||
Notes Payble [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Note payable, related party | $ 741,030 | $ 741,030 | |||
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 ($) | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 11, 2019 |
Short-Term Debt [Line Items] | |||
Note receivable | $ 25,000 | $ 25,000 | |
Accrued interest | $ 4,586 | 3,340 | |
Unsecured Promissory Note [Member] | |||
Short-Term Debt [Line Items] | |||
Note receivable | $ 25,000 | ||
Debt instrument, interest rate | 6% | 6% | |
Accrued interest | $ 4,586 | $ 3,086 |
Convertible Note Receivable (De
Convertible Note Receivable (Details Narrative) - USD ($) | 12 Months Ended | ||
Nov. 20, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Short-Term Debt [Line Items] | |||
Convertible note receivable | $ 7,500 | ||
Principle balance | 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 | $ 254 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 28, 2022 | Oct. 26, 2022 | Aug. 16, 2022 | Nov. 01, 2022 | Oct. 16, 2022 | Sep. 30, 2022 | Sep. 30, 2021 |
Subsequent Event [Line Items] | |||||||
Cash payment | $ 0 | $ 0 | |||||
One Year Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Price per share | $ 1 | ||||||
Number shares issued | 225,000 | ||||||
Two Year Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Price per share | $ 1 | ||||||
Number shares issued | 225,000 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash payment | $ 10,000 | ||||||
Subsequent Event [Member] | Four Month Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Price per share | $ 1.25 | ||||||
Number shares issued | 12,500 | ||||||
Cash payment | $ 3,500 | ||||||
Shares received per month | 12,500 | ||||||
Total shares received | 50,000 | ||||||
Total cash payment | $ 14,000 | ||||||
Subsequent Event [Member] | One Year Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Price per share | $ 1 | ||||||
Number shares issued | 200,000 | ||||||
Subsequent Event [Member] | Two Year Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Price per share | $ 1 | ||||||
Number shares issued | 200,000 | ||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of shares | 200,000 | ||||||
Price per share | $ 1.49 |