$VRTC
VERITEC INC Stock $vrtc

$vrtc Overview Financials Valuation SEC Filings Company Website

2022 Q4 Form 10-K Financial Statement

#000160706222000615 Filed on October 07, 2022

Income Statement

Concept	2022 Q4	2022 Q2	2022
Revenue	$107.0K	$66.00K	$353.0K
YoY Change	32.1%	-34.0%	-9.25%
Cost Of Revenue	$48.00K	$199.0K	$199.0K
YoY Change	0.0%	290.2%	-10.36%
Gross Profit	$59.00K	-$133.0K	$154.0K
YoY Change	78.79%	-371.43%	-7.78%
Gross Profit Margin	55.14%	-201.52%	43.63%
Selling, General & Admin	$209.0K	$215.0K	$728.0K
YoY Change	26.67%	-6.11%	-15.45%
% of Gross Profit	354.24%		472.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$209.0K	$65.00K	$728.0K
YoY Change	26.67%	-71.62%	-15.45%
Operating Profit	-$150.0K	-$198.0K	-$574.0K
YoY Change	13.64%	10.0%	-17.29%
Interest Expense	$122.0K	-$116.0K	$447.0K
YoY Change	-211.93%	10.48%	-212.59%
% of Operating Profit
Other Income/Expense, Net	-$122.0K		$68.00K
YoY Change	-1455.56%		-117.13%
Pretax Income	-$272.0K	$83.00K	-$506.0K
YoY Change	121.14%	-129.12%	-53.62%
Income Tax			$0.00
% Of Pretax Income
Net Earnings	-$272.0K	$83.00K	-$506.0K
YoY Change	121.14%	-129.12%	-53.62%
Net Earnings / Revenue	-254.21%	125.76%	-143.34%
Basic Earnings Per Share			-$0.01
Diluted Earnings Per Share	-$0.01	$2.076K	-$12.65K
COMMON SHARES
Basic Shares Outstanding	39.99M shares		39.99M shares
Diluted Shares Outstanding			39.99M shares

Balance Sheet

Concept	2022 Q4	2022 Q2	2022
SHORT-TERM ASSETS
Cash & Short-Term Investments	$183.0K	$66.00K	$66.00K
YoY Change	2.23%	-72.27%	-72.27%
Cash & Equivalents	$183.0K	$0.00
Short-Term Investments
Other Short-Term Assets	$6.000K	$6.000K	$6.000K
YoY Change	0.0%	20.0%	20.0%
Inventory
Prepaid Expenses	$6.000K	$6.000K
Receivables	$7.000K	$7.000K	$7.000K
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$196.0K	$79.00K	$79.00K
YoY Change	1.55%	-68.53%	-68.53%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$0.00	$0.00	$0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets	$196.0K	$79.00K	$79.00K
Total Long-Term Assets	$0.00	$0.00	$0.00
Total Assets	$196.0K	$79.00K	$79.00K
YoY Change	1.55%	-68.53%	-68.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$288.0K	$271.0K	$373.0K
YoY Change	-62.93%	-65.57%	-52.6%
Accrued Expenses	$58.00K	$59.00K	$59.00K
YoY Change	-3.33%	-16.9%	-16.9%
Deferred Revenue	$26.00K	$25.00K
YoY Change		-74.23%
Short-Term Debt	$7.379M	$6.903M	$6.903M
YoY Change	14.76%	15.96%	15.96%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$7.903M	$7.360M	$7.360M
YoY Change	7.92%	6.54%	6.54%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change		-100.0%	-100.0%
Other Long-Term Liabilities	$312.0K	$155.0K	$155.0K
YoY Change	101.29%	0.0%	0.0%
Total Long-Term Liabilities	$312.0K	$155.0K	$155.0K
YoY Change	101.29%	-43.22%	-43.22%
TOTAL LIABILITIES
Total Short-Term Liabilities	$7.903M	$7.360M	$7.360M
Total Long-Term Liabilities	$312.0K	$155.0K	$155.0K
Total Liabilities	$8.215M	$7.515M	$7.515M
YoY Change	9.86%	4.65%	4.65%
SHAREHOLDERS EQUITY
Retained Earnings	-$26.58M	-$25.99M
YoY Change		1.99%
Common Stock	$400.0K	$400.0K
YoY Change		0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$8.019M	-$7.436M	-$7.436M
YoY Change
Total Liabilities & Shareholders Equity	$196.0K	$79.00K	$79.00K
YoY Change	1.55%	-68.53%	-68.53%

Cashflow Statement

Concept	2022 Q4	2022 Q2	2022
OPERATING ACTIVITIES
Net Income	-$272.0K	$83.00K	-$506.0K
YoY Change	121.14%	-129.12%	-53.62%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$19.00K	-$202.0K	-$675.0K
YoY Change	-89.27%	14.77%	0.45%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	50.00K	79.00K	$503.0K
YoY Change	-45.65%	-60.1%	-26.25%
NET CHANGE
Cash From Operating Activities	-19.00K	-202.0K	-$675.0K
Cash From Investing Activities
Cash From Financing Activities	50.00K	79.00K	$503.0K
Net Change In Cash	31.00K	-123.0K	-$172.0K
YoY Change	-136.47%	-659.09%	-1820.0%
FREE CASH FLOW
Cash From Operating Activities	-$19.00K	-$202.0K	-$675.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2022	dei	Entity Central Index Key EntityCentralIndexKey	0000773318
CY2022	dei	Amendment Flag AmendmentFlag	false
CY2022	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
CY2022	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2022Q2	us-gaap	Other Loans Payable Long Term OtherLoansPayableLongTerm		usd
CY2022	dei	Document Type DocumentType	10-K
CY2022	dei	Document Annual Report DocumentAnnualReport	true
CY2022	dei	Document Period End Date DocumentPeriodEndDate	2022-06-30
CY2022	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--06-30
CY2022	dei	Document Transition Report DocumentTransitionReport	false
CY2022	dei	Entity File Number EntityFileNumber	000-15113
CY2022	dei	Entity Registrant Name EntityRegistrantName	VERITEC, INC.
CY2022	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
CY2022	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	95-3954373
CY2022	dei	Entity Address Address Line1 EntityAddressAddressLine1	12445 Winnetka Avenue N
CY2022	dei	Entity Address City Or Town EntityAddressCityOrTown	Golden Valley
CY2022	dei	Entity Address State Or Province EntityAddressStateOrProvince	MN
CY2022	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	55427
CY2022	dei	City Area Code CityAreaCode	(763)
CY2022	dei	Local Phone Number LocalPhoneNumber	253-2670
CY2022	dei	Security12b Title Security12bTitle	Common Stock, par value $0.01 per share
CY2022	dei	Trading Symbol TradingSymbol	VRTC
CY2022	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2022	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2022	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2022	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2022	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2022	dei	Entity Small Business EntitySmallBusiness	true
CY2022	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2022	dei	Entity Shell Company EntityShellCompany	false
CY2021Q4	dei	Entity Public Float EntityPublicFloat	305000	usd
CY2022Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	39988007	shares
CY2022	dei	Auditor Name AuditorName	Weinberg & Company, P.A.
CY2022	dei	Auditor Location AuditorLocation	Los Angeles, California
CY2022	dei	Auditor Firm AuditorFirmId	572
CY2022Q2	us-gaap	Cash Cash	66000	usd
CY2021Q2	us-gaap	Cash Cash	238000	usd
CY2022Q2	us-gaap	Accounts And Notes Receivable Net AccountsAndNotesReceivableNet	7000	usd
CY2021Q2	us-gaap	Accounts And Notes Receivable Net AccountsAndNotesReceivableNet	8000	usd
CY2022Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	6000	usd
CY2021Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	5000	usd
CY2022Q2	us-gaap	Assets Current AssetsCurrent	79000	usd
CY2021Q2	us-gaap	Assets Current AssetsCurrent	251000	usd
CY2022Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	271000	usd
CY2021Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	691000	usd
CY2022Q2	us-gaap	Accounts Payable Related Parties Current AccountsPayableRelatedPartiesCurrent	102000	usd
CY2021Q2	us-gaap	Accounts Payable Related Parties Current AccountsPayableRelatedPartiesCurrent	96000	usd
CY2022Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	59000	usd
CY2021Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	71000	usd
CY2022Q2	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	25000	usd
CY2021Q2	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	97000	usd
CY2022Q2	VRTC	Convertible Notes And Notes Payable In Default ConvertibleNotesAndNotesPayableInDefault	506000	usd
CY2021Q2	VRTC	Convertible Notes And Notes Payable In Default ConvertibleNotesAndNotesPayableInDefault	486000	usd
CY2022Q2	us-gaap	Notes And Loans Payable Current NotesAndLoansPayableCurrent	550000	usd
CY2021Q2	us-gaap	Notes And Loans Payable Current NotesAndLoansPayableCurrent	529000	usd
CY2022Q2	VRTC	Convertible Notes And Notes Payable Related Party In Default ConvertibleNotesAndNotesPayableRelatedPartyInDefault	233000	usd
CY2021Q2	VRTC	Convertible Notes And Notes Payable Related Party In Default ConvertibleNotesAndNotesPayableRelatedPartyInDefault	224000	usd
CY2022Q2	us-gaap	Notes Payable Related Parties Current And Noncurrent NotesPayableRelatedPartiesCurrentAndNoncurrent	6353000	usd
CY2021Q2	us-gaap	Notes Payable Related Parties Current And Noncurrent NotesPayableRelatedPartiesCurrentAndNoncurrent	5424000	usd
CY2022Q2	us-gaap	Liabilities Current LiabilitiesCurrent	7360000	usd
CY2021Q2	us-gaap	Liabilities Current LiabilitiesCurrent	6908000	usd
CY2021Q2	us-gaap	Other Loans Payable Long Term OtherLoansPayableLongTerm	118000	usd
CY2022Q2	VRTC	Contingent Earnout Liability ContingentEarnoutLiability	155000	usd
CY2021Q2	VRTC	Contingent Earnout Liability ContingentEarnoutLiability	155000	usd
CY2022Q2	us-gaap	Liabilities Liabilities	7515000	usd
CY2021Q2	us-gaap	Liabilities Liabilities	7181000	usd
CY2022Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	1.00
CY2021Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	1.00
CY2022Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2021Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2022Q2	us-gaap	Preferred Stock Value PreferredStockValue	1000	usd
CY2021Q2	us-gaap	Preferred Stock Value PreferredStockValue	1000	usd
CY2022Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2021Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2022Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000	shares
CY2021Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000	shares
CY2022Q2	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	39988007	shares
CY2022Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	39988007	shares
CY2021Q2	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	39988007	shares
CY2021Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	39988007	shares
CY2022Q2	us-gaap	Common Stock Value CommonStockValue	400000	usd
CY2021Q2	us-gaap	Common Stock Value CommonStockValue	400000	usd
CY2022Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2021Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2022Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	18143000	usd
CY2021Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	18143000	usd
CY2022Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-25992000	usd
CY2021Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-25486000	usd
CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	-7436000	usd
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CY2022Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	79000	usd
CY2021Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	251000	usd
CY2022	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	90000	usd
CY2021	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	93000	usd
CY2022	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	263000	usd
CY2021	us-gaap	Revenue From Related Parties RevenueFromRelatedParties	296000	usd
CY2022	us-gaap	Revenues Revenues	353000	usd
CY2021	us-gaap	Revenues Revenues	389000	usd
CY2022	us-gaap	Cost Of Revenue CostOfRevenue	199000	usd
CY2021	us-gaap	Cost Of Revenue CostOfRevenue	222000	usd
CY2022	us-gaap	Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty	51000	usd
CY2021	us-gaap	Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty	51000	usd
CY2022	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	728000	usd
CY2021	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	861000	usd
CY2022	us-gaap	Costs And Expenses CostsAndExpenses	927000	usd
CY2021	us-gaap	Costs And Expenses CostsAndExpenses	1083000	usd
CY2022	us-gaap	Operating Income Loss OperatingIncomeLoss	-574000	usd
CY2021	us-gaap	Operating Income Loss OperatingIncomeLoss	-694000	usd
CY2022	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	397000	usd
CY2021	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	0	usd
CY2022	VRTC	Gain On Forgiveness Of Sba Ppp Loans GainOnForgivenessOfSbaPppLoans	118000	usd
CY2021	VRTC	Gain On Forgiveness Of Sba Ppp Loans GainOnForgivenessOfSbaPppLoans	0	usd
CY2022	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	426000	usd
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CY2021	us-gaap	Interest Expense InterestExpense	397000	usd
CY2022	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	68000	usd
CY2021	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-397000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-506000	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	-1091000	usd
CY2022	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.01
CY2021	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.03
CY2022	VRTC	Weighted Average Number Of Shares Outstanding Basic And Diluted WeightedAverageNumberOfSharesOutstandingBasicAndDiluted	39988007	shares
CY2021	VRTC	Weighted Average Number Of Shares Outstanding Basic And Diluted WeightedAverageNumberOfSharesOutstandingBasicAndDiluted	39803760	shares
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CY2021	us-gaap	Stock Issued During Period Value Issued For Services StockIssuedDuringPeriodValueIssuedForServices	10000	usd
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CY2022	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-506000	usd
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CY2022	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-1000	usd
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CY2022	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	1000	usd
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CY2021	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	2000	usd
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CY2021	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	1000	usd
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CY2021	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-672000	usd
CY2022	VRTC	Proceeds From Ppp Loans Payable ProceedsFromPppLoansPayable	-0	usd
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CY2022	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	0	usd
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CY2021	us-gaap	Increase Decrease In Notes Payable Related Parties IncreaseDecreaseInNotesPayableRelatedParties	497000	usd
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CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	682000	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-172000	usd
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	10000	usd
CY2021Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	238000	usd
CY2020Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	228000	usd
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	66000	usd
CY2021Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	238000	usd
CY2022	us-gaap	Interest Paid Net InterestPaidNet	0	usd
CY2021	us-gaap	Interest Paid Net InterestPaidNet	0	usd
CY2021	us-gaap	Revenues Revenues	389000	usd
CY2022	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_844_eus-gaap--UseOfEstimates_zh6kfn2shoCi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zeweAskTruQf">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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, analysis of impairments of long-lived assets, 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.</span></p>
CY2022	us-gaap	Profit Loss ProfitLoss	506000	usd
CY2022Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
CY2021Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	0	usd
CY2022Q2	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	0	usd
CY2021Q2	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	0	usd
CY2022	us-gaap	Revenue Recognition Leases Operating RevenueRecognitionLeasesOperating	<p id="xdx_84C_eus-gaap--RevenueRecognitionLeasesOperating_ztqdWwxKs83c" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zT3MIdIUwHi8">Revenue Recognition</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues for the Company are classified into management fee revenue and mobile banking technology.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mobile Banking Technology Revenue</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Other Revenue, Management Fee - Related Party</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 9 ). 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, 2023 . The Company earned a fee of 35% of all revenues billed up to June 30, 2022. The Company recognizes management fee revenue as services are performed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Disaggregation of Net Sales</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the Company’s disaggregated net sales by product type:</span></p> <table cellpadding="0" cellspacing="0" id="xdx_892_eus-gaap--DisaggregationOfRevenueTableTextBlock_ztdbibY8nGec" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span id="xdx_8BB_zgy56BIYdZt8" style="display: none">Disaggregated revenue</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal years ended June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Mobile banking technology revenue</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--Revenues_c20210701__20220630__srt--ProductOrServiceAxis__custom--MobileBankingMember_pp0p0" style="width: 12%; text-align: right" title="Revenue">90,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20200701__20210630__srt--ProductOrServiceAxis__custom--MobileBankingMember_pp0p0" style="width: 12%; text-align: right" title="Revenue">93,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other revenue, management fee - related party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--Revenues_pp0p0_c20210701__20220630__srt--ProductOrServiceAxis__custom--OtherRevenueMember_zqhhJboKCIQ7" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">263,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--Revenues_c20200701__20210630__srt--ProductOrServiceAxis__custom--OtherRevenueMember_pp0p0" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">296,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--Revenues_c20210701__20220630_pp0p0" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">353,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--Revenues_c20200701__20210630_pp0p0" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">389,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table shows the Company’s disaggregated net sales by customer type:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fiscal years ended June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%">Medical</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--RevenuesNetOfInterestExpense_c20210701__20220630__srt--ProductOrServiceAxis__custom--MedicalMember_pp0p0" style="width: 12%; text-align: right" title="Revenue">53,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--RevenuesNetOfInterestExpense_c20200701__20210630__srt--ProductOrServiceAxis__custom--MedicalMember_pp0p0" style="width: 12%; text-align: right" title="Revenue">60,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Associations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenuesNetOfInterestExpense_c20210701__20220630__srt--ProductOrServiceAxis__custom--AssociationsMember_pp0p0" style="text-align: right" title="Revenue">12,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--RevenuesNetOfInterestExpense_c20200701__20210630__srt--ProductOrServiceAxis__custom--AssociationsMember_pp0p0" style="text-align: right" title="Revenue">12,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Education</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenuesNetOfInterestExpense_c20210701__20220630__srt--ProductOrServiceAxis__custom--EducationMember_pp0p0" style="text-align: right" title="Revenue">12,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--RevenuesNetOfInterestExpense_c20200701__20210630__srt--ProductOrServiceAxis__custom--EducationMember_pp0p0" style="text-align: right" title="Revenue">12,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--RevenuesNetOfInterestExpense_c20210701__20220630__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="text-align: right" title="Revenue">13,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--RevenuesNetOfInterestExpense_c20200701__20210630__srt--ProductOrServiceAxis__custom--OtherMember_pp0p0" style="text-align: right" title="Revenue">9,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other revenue, management fee related party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--RevenuesNetOfInterestExpense_pp0p0_c20210701__20220630__srt--ProductOrServiceAxis__custom--OtherRevenueMember_zx6F4GFQV4O9" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">263,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--RevenuesNetOfInterestExpense_pp0p0_c20200701__20210630__srt--ProductOrServiceAxis__custom--OtherRevenueMember_zI3bv8VUlZdi" style="border-bottom: Black 1pt solid; text-align: right" title="Revenue">296,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--RevenuesNetOfInterestExpense_c20210701__20220630_pp0p0" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">353,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--RevenuesNetOfInterestExpense_c20200701__20210630_pp0p0" style="border-bottom: Black 2.5pt double; text-align: right" title="Revenue">389,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_znVf5ri09Rh4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the years ended June 30, 2022 and 2021, all of the Company’s Mobile banking technology revenues were earned in the United States of America. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other revenue, management fee - related party revenue was $<span id="xdx_900_eus-gaap--RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty_c20210701__20220630_pp0p0" title="Other revenue related party">263,000</span> and $<span id="xdx_90F_eus-gaap--RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty_c20200701__20210630_pp0p0" title="Other revenue related party">296,000</span> for the years ended June 30, 2022 and 2021, respectively, and realized from our management services agreement with The Matthews Group, a related party, which requires us to manage The Matthews Group’s barcode technology operations. The Matthews Group’s barcode technology customers are primarily manufacturing companies located in China.</span></p>
CY2022	us-gaap	Revenues Revenues	353000	usd
CY2022	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	353000	usd
CY2021	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	389000	usd
CY2022	us-gaap	Related Party Transaction Other Revenues From Transactions With Related Party RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty	263000	usd
CY2021	us-gaap	Related Party Transaction Other Revenues From Transactions With Related Party RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty	296000	usd
CY2021	us-gaap	Profit Loss ProfitLoss	1091000	usd
CY2022	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	usd
CY2022	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	26577568	shares
CY2021	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	27554716	shares
CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	-7436000	usd
CY2022Q2	VRTC	Notes Payable In Default NotesPayableInDefault	739000	usd
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	usd
CY2022	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zBXhsUBOp2O9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zVP0ZCSivcv3">Concentrations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended June 30, 2022, the Company had two customers, that represented <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__srt--MajorCustomersAxis__custom--OneCustomerMember_z6AgV3UjdsYc" title="Sales percentage from major customers">75</span>% (a related party) and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__srt--MajorCustomersAxis__custom--TwoCustomerMember_zS1YITO7OGtb" title="Sales percentage from major customers">15</span>% of our revenues, respectively. During the year ended 2021, the Company had one customer, a related party, that represented <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__srt--MajorCustomersAxis__custom--OneCustomerMember_zpBdHq5lISJ" title="Sales percentage from major customers">76</span>% of our revenues, respectively. No other customer represented more than 10% of our revenues. </span></p>
CY2022	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zpnlQDf4KSZj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_z32dErI6H1J3">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts, consisting primarily of cost of goods sold, have been reclassified as cost of revenue, a component of operating expenses. These reclassifications had no effect on the reported results of operations, total stockholders’ deficiency or cash flows from operations.</span></p>
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-506000	usd
CY2022	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-675000	usd
CY2022Q2	VRTC	Convertible Notes Payable In Default ConvertibleNotesPayableInDefault	64000	usd
CY2021Q2	VRTC	Convertible Notes Payable In Default ConvertibleNotesPayableInDefault	62000	usd
CY2022Q2	VRTC	Notes Payable In Default No Relation NotesPayableInDefaultNoRelation	458000	usd
CY2021Q2	VRTC	Notes Payable In Default No Relation NotesPayableInDefaultNoRelation	440000	usd
CY2022Q2	us-gaap	Notes Payable NotesPayable	28000	usd
CY2021Q2	us-gaap	Notes Payable NotesPayable	27000	usd
CY2022Q2	us-gaap	Notes And Loans Payable NotesAndLoansPayable	550000	usd
CY2021Q2	us-gaap	Notes And Loans Payable NotesAndLoansPayable	529000	usd
CY2020Q2	us-gaap	Notes Payable NotesPayable	26000	usd
CY2022Q2	us-gaap	Notes Payable Related Parties Current And Noncurrent NotesPayableRelatedPartiesCurrentAndNoncurrent	6353000	usd
CY2021Q2	us-gaap	Notes Payable Related Parties Current And Noncurrent NotesPayableRelatedPartiesCurrentAndNoncurrent	5424000	usd
CY2021	us-gaap	Stock Issued During Period Shares New Issues StockIssuedDuringPeriodSharesNewIssues	250000	shares
CY2021	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1 SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1	10000	usd
CY2022Q2	VRTC	Common Stock To Be Issued Shares CommonStockToBeIssuedShares	145000	shares
CY2021Q2	VRTC	Common Stock To Be Issued Shares CommonStockToBeIssuedShares	145000	shares
CY2022Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2021Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2020Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	3650000	shares
CY2020Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.08
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	0	shares
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	0
CY2021	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares	250000	shares
CY2021	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	0.03
CY2021Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	3400000	shares
CY2021Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.07
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	0	shares
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	0
CY2022	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares	2500000	shares
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	0.08
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	900000	shares
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.03
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	900000	shares
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	0.03
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue	0	usd
CY2022Q2	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	0	usd
CY2021Q2	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	18000	usd
CY2022	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	136000	usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0.06	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0.06	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Other Reconciling Items Percent EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent	0.27	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Other Reconciling Items Percent EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent	0.27	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	-0.27	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	-0.27	pure
CY2022	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0	pure
CY2021	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0	pure
CY2022Q2	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	3982000	usd
CY2021Q2	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	3846000	usd
CY2022Q2	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	3982000	usd
CY2021Q2	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	3846000	usd
CY2022Q2	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	3982000	usd
CY2021Q2	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	3846000	usd
CY2022Q2	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	0	usd
CY2021Q2	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	0	usd
CY2022Q2	us-gaap	Operating Loss Carryforwards Valuation Allowance OperatingLossCarryforwardsValuationAllowance	14749000	usd
CY2022Q2	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2021Q2	us-gaap	Income Tax Examination Penalties And Interest Accrued IncomeTaxExaminationPenaltiesAndInterestAccrued	0	usd
CY2017Q2	VRTC	Managament Fee Percent Of Revenue ManagamentFeePercentOfRevenue	0.20	pure
CY2022	VRTC	Managament Fee Percent Of Revenue ManagamentFeePercentOfRevenue	0.35	pure
CY2022	us-gaap	Related Party Transaction Other Revenues From Transactions With Related Party RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty	263000	usd
CY2021	us-gaap	Related Party Transaction Other Revenues From Transactions With Related Party RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty	296000	usd
CY2022	us-gaap	Increase Decrease In Notes Payable Related Parties IncreaseDecreaseInNotesPayableRelatedParties	503000	usd
CY2021	us-gaap	Increase Decrease In Notes Payable Related Parties IncreaseDecreaseInNotesPayableRelatedParties	497000	usd
CY2016Q3	VRTC	Convertible Note Payable Relinquished ConvertibleNotePayableRelinquished	365000	usd
CY2016Q3	VRTC	Shares To Be Returned SharesToBeReturned	500000	shares
CY2022Q2	VRTC	Program Setup Fee ProgramSetupFee	10000	usd
CY2021Q4	VRTC	Sales Commissions SalesCommissions	0.15	pure
CY2021Q4	us-gaap	Stock Issued During Period Shares Issued For Services StockIssuedDuringPeriodSharesIssuedForServices	500000	shares
CY2021Q4	us-gaap	Sale Of Stock Consideration Received On Transaction SaleOfStockConsiderationReceivedOnTransaction	2000000	usd
CY2008Q4	VRTC	Incentive Compensation Plan Percentage IncentiveCompensationPlanPercentage	0.10	pure
CY2008Q4	VRTC	Incentive Compensation Bonus Minimum Threshold IncentiveCompensationBonusMinimumThreshold	3000000	usd
CY2008Q4	us-gaap	Termination Loans TerminationLoans	1000000	usd
CY2022	us-gaap	Payments To Employees PaymentsToEmployees	150000	usd
CY2021	us-gaap	Payments To Employees PaymentsToEmployees	150000	usd

Files In Submission

Name	View Source	Status
0001607062-22-000615-index-headers.html	Edgar Link	pending
0001607062-22-000615-index.html	Edgar Link	pending
0001607062-22-000615.txt	Edgar Link	pending
0001607062-22-000615-xbrl.zip	Edgar Link	pending
ex31_1.htm	Edgar Link	pending
ex32_1.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
R17.htm	Edgar Link	pending
R18.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
R20.htm	Edgar Link	pending
R21.htm	Edgar Link	pending
R22.htm	Edgar Link	pending
R23.htm	Edgar Link	pending
R24.htm	Edgar Link	pending
R25.htm	Edgar Link	pending
R26.htm	Edgar Link	pending
R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R30.htm	Edgar Link	pending
R31.htm	Edgar Link	pending
R32.htm	Edgar Link	pending
R33.htm	Edgar Link	pending
R34.htm	Edgar Link	pending
R35.htm	Edgar Link	pending
R36.htm	Edgar Link	pending
R37.htm	Edgar Link	pending
R38.htm	Edgar Link	pending
R39.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R40.htm	Edgar Link	pending
R41.htm	Edgar Link	pending
R42.htm	Edgar Link	pending
R43.htm	Edgar Link	pending
R44.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
vrtc-20220630.xsd	Edgar Link	pending
vrtc063022form10k.htm	Edgar Link	pending
vrtc-20220630_cal.xml	Edgar Link	unprocessable
vrtc-20220630_def.xml	Edgar Link	unprocessable
vrtc-20220630_pre.xml	Edgar Link	unprocessable
vrtc-20220630_lab.xml	Edgar Link	unprocessable
vrtc063022form10k_htm.xml	Edgar Link	completed

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$VRTC
VERITEC INC Stock $vrtc

2022 Q4 Form 10-K Financial Statement

#000160706222000615 Filed on October 07, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VRTC VERITEC INC Stock $vrtc

2022 Q4 Form 10-K Financial Statement

#000160706222000615 Filed on October 07, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VRTC
VERITEC INC Stock $vrtc