$VRTC
VERITEC INC Stock $vrtc

$vrtc Overview Financials Valuation SEC Filings Company Website

2024 Q1 Form 10-Q Financial Statement

#000160706224000076 Filed on February 20, 2024

Income Statement

Concept	2024 Q1	2023 Q4	2022 Q4
Revenue	$136.0K	$107.0K	$107.0K
YoY Change	56.32%	0.0%	32.1%
Cost Of Revenue	$61.00K	$31.00K	$48.00K
YoY Change	-15.28%	-35.42%	0.0%
Gross Profit	$75.00K	$76.00K	$59.00K
YoY Change	400.0%	28.81%	78.79%
Gross Profit Margin	55.15%	71.03%	55.14%
Selling, General & Admin	$240.0K	$174.0K	$209.0K
YoY Change	1.69%	-16.75%	26.67%
% of Gross Profit	320.0%	228.95%	354.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$240.0K	$174.0K	$209.0K
YoY Change	1.69%	-16.75%	26.67%
Operating Profit	-$165.0K	-$98.00K	-$150.0K
YoY Change	-25.34%	-34.67%	13.64%
Interest Expense	$143.0K	$137.0K	$122.0K
YoY Change	14.4%	12.3%	-211.93%
% of Operating Profit
Other Income/Expense, Net	-$143.0K	-$137.0K	-$122.0K
YoY Change	14.4%	12.3%	-1455.56%
Pretax Income	-$308.0K	-$235.0K	-$272.0K
YoY Change	-10.98%	-13.6%	121.14%
Income Tax
% Of Pretax Income
Net Earnings	-$308.0K	-$235.0K	-$272.0K
YoY Change	-10.98%	-13.6%	121.14%
Net Earnings / Revenue	-226.47%	-219.63%	-254.21%
Basic Earnings Per Share
Diluted Earnings Per Share	-$0.01	-$0.01	-$0.01
COMMON SHARES
Basic Shares Outstanding	39.99M shares	39.99M shares	39.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q1	2023 Q4	2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$153.0K	$59.00K	$183.0K
YoY Change	19.53%	-67.76%	2.23%
Cash & Equivalents	$153.0K	$59.00K	$183.0K
Short-Term Investments
Other Short-Term Assets	$5.000K	$6.000K	$6.000K
YoY Change	25.0%	0.0%	0.0%
Inventory
Prepaid Expenses	$5.000K	$6.000K	$6.000K
Receivables	$10.00K	$46.00K	$7.000K
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$168.0K	$111.0K	$196.0K
YoY Change	20.86%	-43.37%	1.55%
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	$168.0K	$111.0K	$196.0K
Total Long-Term Assets	$0.00	$0.00	$0.00
Total Assets	$168.0K	$111.0K	$196.0K
YoY Change	20.86%	-43.37%	1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$310.0K	$300.0K	$288.0K
YoY Change	3.33%	4.17%	-62.93%
Accrued Expenses	$66.00K	$60.00K	$58.00K
YoY Change	-8.33%	3.45%	-3.33%
Deferred Revenue	$38.00K	$29.00K	$26.00K
YoY Change	-29.63%	11.54%
Short-Term Debt	$8.799M	$8.459M	$7.379M
YoY Change	15.4%	14.64%	14.76%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$9.332M	$8.967M	$7.903M
YoY Change	13.76%	13.46%	7.92%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$355.0K	$355.0K	$312.0K
YoY Change	17.94%	13.78%	101.29%
Total Long-Term Liabilities	$355.0K	$355.0K	$312.0K
YoY Change	17.94%	13.78%	101.29%
TOTAL LIABILITIES
Total Short-Term Liabilities	$9.332M	$8.967M	$7.903M
Total Long-Term Liabilities	$355.0K	$355.0K	$312.0K
Total Liabilities	$9.687M	$9.322M	$8.215M
YoY Change	13.91%	13.48%	9.86%
SHAREHOLDERS EQUITY
Retained Earnings	-$28.08M	-$27.77M	-$26.58M
YoY Change	4.29%	4.49%
Common Stock	$400.0K	$400.0K	$400.0K
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$9.519M	-$9.211M	-$8.019M
YoY Change
Total Liabilities & Shareholders Equity	$168.0K	$111.0K	$196.0K
YoY Change	20.86%	-43.37%	1.55%

Cashflow Statement

Concept	2024 Q1	2023 Q4	2022 Q4
OPERATING ACTIVITIES
Net Income	-$308.0K	-$235.0K	-$272.0K
YoY Change	-10.98%	-13.6%	121.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$102.0K	-$164.0K	-$19.00K
YoY Change	-42.05%	763.16%	-89.27%
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	196.0K	170.0K	50.00K
YoY Change	61.98%	240.0%	-45.65%
NET CHANGE
Cash From Operating Activities	-102.0K	-164.0K	-19.00K
Cash From Investing Activities
Cash From Financing Activities	196.0K	170.0K	50.00K
Net Change In Cash	94.00K	6.000K	31.00K
YoY Change	-270.91%	-80.65%	-136.47%
FREE CASH FLOW
Cash From Operating Activities	-$102.0K	-$164.0K	-$19.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Entity Central Index Key EntityCentralIndexKey	0000773318
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--06-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable		usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability		usd
	us-gaap	Increase Decrease In Accounts Payable Related Parties IncreaseDecreaseInAccountsPayableRelatedParties		usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities		usd
	us-gaap	Income Taxes Paid IncomeTaxesPaid		usd
	us-gaap	Income Taxes Paid IncomeTaxesPaid		usd
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2023-12-31
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	000-15113
	dei	Entity Registrant Name EntityRegistrantName	VERITEC, INC.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	95-3954373
	dei	Entity Address Address Line1 EntityAddressAddressLine1	2445 Winnetka Avenue N.
	dei	Entity Address City Or Town EntityAddressCityOrTown	Golden Valley
	dei	Entity Address State Or Province EntityAddressStateOrProvince	MN
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	55427
	dei	City Area Code CityAreaCode	(763)
	dei	Local Phone Number LocalPhoneNumber	253-2670
	dei	Security12b Title Security12bTitle	Common Stock, par value $0.01 per share
	dei	Trading Symbol TradingSymbol	VRTC
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Shell Company EntityShellCompany	false
CY2024Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	39988007	shares
CY2023Q4	us-gaap	Cash Cash	59000	usd
CY2023Q2	us-gaap	Cash Cash	61000	usd
CY2023Q4	us-gaap	Accounts And Notes Receivable Net AccountsAndNotesReceivableNet	46000	usd
CY2023Q2	us-gaap	Accounts And Notes Receivable Net AccountsAndNotesReceivableNet	7000	usd
CY2023Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	6000	usd
CY2023Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	6000	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	111000	usd
CY2023Q2	us-gaap	Assets Current AssetsCurrent	74000	usd
CY2023Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	300000	usd
CY2023Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	289000	usd
CY2023Q4	VRTC	Accounts Payable Related Parties AccountsPayableRelatedParties	119000	usd
CY2023Q2	VRTC	Accounts Payable Related Parties AccountsPayableRelatedParties	119000	usd
CY2023Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	60000	usd
CY2023Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	60000	usd
CY2023Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	29000	usd
CY2023Q2	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	29000	usd
CY2023Q4	VRTC	Convertible Notes And Notes Payable In Default ConvertibleNotesAndNotesPayableInDefault	555000	usd
CY2023Q2	VRTC	Convertible Notes And Notes Payable In Default ConvertibleNotesAndNotesPayableInDefault	525000	usd
CY2023Q4	us-gaap	Notes And Loans Payable Current NotesAndLoansPayableCurrent	581000	usd
CY2023Q2	us-gaap	Notes And Loans Payable Current NotesAndLoansPayableCurrent	570000	usd
CY2023Q4	VRTC	Convertible Notes And Notes Payable Related Party In Default ConvertibleNotesAndNotesPayableRelatedPartyInDefault	247000	usd
CY2023Q2	VRTC	Convertible Notes And Notes Payable Related Party In Default ConvertibleNotesAndNotesPayableRelatedPartyInDefault	242000	usd
CY2023Q4	VRTC	Notes Payable Related Parties Current NotesPayableRelatedPartiesCurrent	7878000	usd
CY2023Q2	VRTC	Notes Payable Related Parties Current NotesPayableRelatedPartiesCurrent	7322000	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	8967000	usd
CY2023Q2	us-gaap	Liabilities Current LiabilitiesCurrent	8389000	usd
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	usd
CY2023Q2	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	usd
CY2023Q4	VRTC	Contingent Earnout Liability ContingentEarnoutLiability	155000	usd
CY2023Q2	VRTC	Contingent Earnout Liability ContingentEarnoutLiability	155000	usd
CY2023Q4	us-gaap	Liabilities Liabilities	9322000	usd
CY2023Q2	us-gaap	Liabilities Liabilities	8744000	usd
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	1.00
CY2023Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	1.00
CY2023Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue	1000	usd
CY2023Q2	us-gaap	Preferred Stock Value PreferredStockValue	1000	usd
CY2023Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2023Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2023Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000	shares
CY2023Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	150000000	shares
CY2023Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	39988007	shares
CY2023Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	39988007	shares
CY2023Q4	us-gaap	Common Stock Value CommonStockValue	400000	usd
CY2023Q2	us-gaap	Common Stock Value CommonStockValue	400000	usd
CY2023Q4	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2023Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2023Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	18143000	usd
CY2023Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	18143000	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-27767000	usd
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CY2023Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	74000	usd
CY2023Q4	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	53000	usd
CY2022Q4	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	70000	usd
	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	74000	usd
	VRTC	Mobile Banking Technology Revenue MobileBankingTechnologyRevenue	90000	usd
CY2023Q4	VRTC	Revenue Related Parties RevenueRelatedParties	54000	usd
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	VRTC	Revenue Related Parties RevenueRelatedParties	91000	usd
	VRTC	Revenue Related Parties RevenueRelatedParties	118000	usd
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CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	-7436000	usd
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-583000	usd
CY2023Q4	us-gaap	Revenues Revenues	107000	usd
CY2022Q4	us-gaap	Revenues Revenues	107000	usd
	us-gaap	Revenues Revenues	165000	usd
	us-gaap	Revenues Revenues	208000	usd
CY2023Q4	us-gaap	Cost Of Revenue CostOfRevenue	31000	usd
CY2022Q4	us-gaap	Cost Of Revenue CostOfRevenue	48000	usd
	us-gaap	Cost Of Revenue CostOfRevenue	73000	usd
	us-gaap	Cost Of Revenue CostOfRevenue	98000	usd
CY2023Q4	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	174000	usd
CY2022Q4	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	209000	usd
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	365000	usd
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CY2023Q4	us-gaap	Costs And Expenses CostsAndExpenses	205000	usd
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	us-gaap	Costs And Expenses CostsAndExpenses	438000	usd
	us-gaap	Costs And Expenses CostsAndExpenses	549000	usd
CY2023Q4	us-gaap	Operating Income Loss OperatingIncomeLoss	-98000	usd
CY2022Q4	us-gaap	Operating Income Loss OperatingIncomeLoss	-150000	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-273000	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-341000	usd
CY2023Q4	us-gaap	Interest Expense InterestExpense	137000	usd
CY2022Q4	us-gaap	Interest Expense InterestExpense	122000	usd
	us-gaap	Interest Expense InterestExpense	268000	usd
	us-gaap	Interest Expense InterestExpense	242000	usd
CY2023Q4	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-137000	usd
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	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-268000	usd
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CY2023Q4	us-gaap	Net Income Loss NetIncomeLoss	-235000	usd
CY2022Q4	us-gaap	Net Income Loss NetIncomeLoss	-272000	usd
	us-gaap	Net Income Loss NetIncomeLoss	-541000	usd
	us-gaap	Net Income Loss NetIncomeLoss	-583000	usd
CY2023Q4	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.01
CY2022Q4	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.01
	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.01
	VRTC	Net Loss Per Common Share Basic And Diluted NetLossPerCommonShareBasicAndDiluted	-0.01
CY2023Q4	VRTC	Weighted Average Number Of Shares Outstanding Basic And Diluted WeightedAverageNumberOfSharesOutstandingBasicAndDiluted	39988007	shares
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	VRTC	Weighted Average Number Of Shares Outstanding Basic And Diluted WeightedAverageNumberOfSharesOutstandingBasicAndDiluted	39988007	shares
	VRTC	Weighted Average Number Of Shares Outstanding Basic And Diluted WeightedAverageNumberOfSharesOutstandingBasicAndDiluted	39988007	shares
CY2023Q4	VRTC	Selling General And Administrative Expense Related Party SellingGeneralAndAdministrativeExpenseRelatedParty	13000	usd
CY2022Q4	VRTC	Selling General And Administrative Expense Related Party SellingGeneralAndAdministrativeExpenseRelatedParty	14000	usd
	VRTC	Selling General And Administrative Expense Related Party SellingGeneralAndAdministrativeExpenseRelatedParty	26000	usd
	VRTC	Selling General And Administrative Expense Related Party SellingGeneralAndAdministrativeExpenseRelatedParty	26000	usd
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	us-gaap	Increase Decrease In Interest Payable Net IncreaseDecreaseInInterestPayableNet	242000	usd
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	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-1000	usd
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	us-gaap	Increase Decrease In Notes Payable Related Parties IncreaseDecreaseInNotesPayableRelatedParties	299000	usd
	us-gaap	Increase Decrease In Notes Payable Related Parties IncreaseDecreaseInNotesPayableRelatedParties	234000	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	299000	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	234000	usd
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	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	117000	usd
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CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	59000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	183000	usd
	us-gaap	Interest Paid InterestPaid	0	usd
	us-gaap	Interest Paid InterestPaid	0	usd
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CY2023Q4	VRTC	Notes Payable In Default NotesPayableInDefault	802000	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84B_eus-gaap--UseOfEstimates_zr3cN7lMQ1M2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_86A_zQxwFVnA5xBO" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Those estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and valuation of deferred tax assets. Actual results could differ from those estimates.</p>
	us-gaap	Revenue Recognition Leases Operating RevenueRecognitionLeasesOperating	<p id="xdx_84D_eus-gaap--RevenueRecognitionLeasesOperating_zRw3l25QUUPA" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zPoakPrdtbNy">Revenue Recognition</span></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 December 31, 2015, the Company sold all of its assets of its Barcode Technology, which was comprised solely of its intellectual property, to The Matthews Group (a related party, see Note 6). The Company subsequently entered into a management services agreement with The Matthews Group to manage all facets of the barcode technology operations through June 30, 2024. The Company earned a fee of 35% of all revenues billed up to December 31, 2023. 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 customer type:</span></p> <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--ScheduleOfDisaggregatedNetSalesByCustomerTableTextBlock_zWDVzyCscT0M" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Disaggregated Net Sales (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; vertical-align: top; text-align: left"><span id="xdx_8BF_zOvnMoUx4X8v" style="display: none">Disaggregate Net Sales</span></td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_492_20231001__20231231_zwZ5w7JdwoGw" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_49D_20221001__20221231_zT3Wu4HiWyu1_zxPW0AOJ0Y6Y" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_49C_20230701__20231231_zj3tnTzTe8xL" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td id="xdx_49E_20220701__20221231_z060rW82r4go" style="font-weight: bold; text-align: center"> </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">Three Months Ended</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">Six Months Ended</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">2023</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">2023</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></tr> <tr id="xdx_40F_eus-gaap--RevenuesNetOfInterestExpense_hsrt--ProductOrServiceAxis__custom--MedicalMember_zr2PqqfFaI1L" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Medical</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">38,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">14,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RevenuesNetOfInterestExpense_hsrt--ProductOrServiceAxis__us-gaap--BankingMember_zXlAZPNEle3s" style="vertical-align: bottom; background-color: White"> <td>Banking</td><td> </td> <td style="text-align: left"></td><td style="text-align: right">8,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">`</td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">8,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"></td><td style="text-align: right">50,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--RevenuesNetOfInterestExpense_hsrt--ProductOrServiceAxis__custom--AssociationsMember_zeSfY3W9m5n0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Associations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--RevenuesNetOfInterestExpense_hsrt--ProductOrServiceAxis__custom--EducationMember_zf3qiT0xPlPW" style="vertical-align: bottom; background-color: White"> <td>Education</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenuesNetOfInterestExpense_hsrt--ProductOrServiceAxis__custom--OtherMember_z2fi1Uzuvl9A" 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 style="border-bottom: Black 1pt solid; text-align: right">54,000</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 style="border-bottom: Black 1pt solid; text-align: right">37,000</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 style="border-bottom: Black 1pt solid; text-align: right">91,000</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 style="border-bottom: Black 1pt solid; text-align: right">118,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--RevenuesNetOfInterestExpense_zklv6LaaCR9N" 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 style="border-bottom: Black 2.5pt double; text-align: right">107,000</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">165,000</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 style="border-bottom: Black 2.5pt double; text-align: right">208,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zxCasQ2x0sAi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></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 six months ended December 31, 2023 and 2022, 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_90E_ecustom--RevenueRelatedParties_pp0p0_c20231001__20231231_zKxtQUuZqANI">54,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_ecustom--RevenueRelatedParties_pp0p0_c20230701__20231231_zu3QEmWYsa1t">91,000</span> and $<span id="xdx_909_ecustom--RevenueRelatedParties_pp0p0_c20221001__20221231_ze4zLhz0gjqC">37,000</span> and $<span id="xdx_900_ecustom--RevenueRelatedParties_pp0p0_c20220701__20221231_zvX2rsUMwHU2">118,000</span>, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the three and six months ended December 31, 2023 and 2022, 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>
CY2023Q4	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	107000	usd
CY2022Q4	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	107000	usd
	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	165000	usd
	us-gaap	Revenues Net Of Interest Expense RevenuesNetOfInterestExpense	208000	usd
CY2023Q4	VRTC	Revenue Related Parties RevenueRelatedParties	54000	usd
	VRTC	Revenue Related Parties RevenueRelatedParties	91000	usd
CY2022Q4	VRTC	Revenue Related Parties RevenueRelatedParties	37000	usd
	VRTC	Revenue Related Parties RevenueRelatedParties	118000	usd
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	30392306	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	27353994	shares
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zlQdOb0Vdij_zQqtIxaCAdoV" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_866_zYKKd8o58Tov" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the three months ended December 31, 2023, the Company had one customer that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20231001__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerOneMember_znEEoEaRamea">50</span>% (related party) of our revenues, and one customer that represented <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20231001__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zDrZgWL4sHZc">33</span>% of our revenues. During the three months ended December 31, 2022, the Company had three major customers, one that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20221001__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zUOEyKIwZx7_z4CA3c9eeMsj">47</span>% of our revenue, one that represented 13% of our revenue, and one, a related party, that represented <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20221001__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zWi1was2NxNK">35</span>% of our revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No other customer represented more than 10% of our revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">During the six months ended December 31, 2023, the Company had one customer that represented <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zPUZWEoWOlxg">55</span>% (related party) of our revenues, and one customer that represented <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zdz0BaVNCyL4">33</span>% of our revenues. <span style="background-color: white">During the six months ended December 31, 2022, the Company had three major customers, one that represented <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerOneMember_ztDyO4TnAw9H">24</span>% of our revenue, one that represented <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_z1So9n1cS914">13</span>% of our revenue, and one, a related party, that represented <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SalesRevenueSegmentMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z1LrfEhQl2JP">57</span>% of our revenues.</span> No other customer represented more than 10% of our revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify">At December 31, 2023, one customer represented <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zE5uSWkn0CDp">92.8</span>% of the Company’s accounts receivable balance as of that date. No other customer represented more than 10% of our accounts receivable at December 31, 2023 and June 30, 2023.</p>
CY2023Q4	VRTC	Convertible Notes Payable In Default ConvertibleNotesPayableInDefault	67000	usd
CY2023Q2	VRTC	Convertible Notes Payable In Default ConvertibleNotesPayableInDefault	66000	usd
CY2023Q4	VRTC	Notes Payable In Default No Relation NotesPayableInDefaultNoRelation	484000	usd
CY2023Q2	VRTC	Notes Payable In Default No Relation NotesPayableInDefaultNoRelation	475000	usd
CY2023Q4	us-gaap	Notes Payable NotesPayable	30000	usd
CY2023Q2	us-gaap	Notes Payable NotesPayable	29000	usd
CY2023Q4	us-gaap	Notes And Loans Payable NotesAndLoansPayable	581000	usd
CY2023Q2	us-gaap	Notes And Loans Payable NotesAndLoansPayable	570000	usd
CY2023Q4	us-gaap	Debt Instrument Convertible Conversion Price1 DebtInstrumentConvertibleConversionPrice1	0.08
CY2023Q2	us-gaap	Notes Payable NotesPayable	29000	usd
CY2023Q4	us-gaap	Notes Payable NotesPayable	30000	usd
CY2023Q4	VRTC	Notes Payable Related Parties NotesPayableRelatedParties	7878000	usd
CY2023Q2	VRTC	Notes Payable Related Parties NotesPayableRelatedParties	7322000	usd
	us-gaap	Increase Decrease In Notes Payable Current IncreaseDecreaseInNotesPayableCurrent	145000	usd
CY2023Q4	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	520000	usd
CY2023Q4	VRTC	Convertible Notes And Notes Payable Related Party In Default ConvertibleNotesAndNotesPayableRelatedPartyInDefault	247000	usd
CY2023Q4	VRTC	Notes Payable Due On Demand NotesPayableDueOnDemand	273000	usd
CY2023Q4	VRTC	Common Stock To Be Issued Shares CommonStockToBeIssuedShares	145000	shares
CY2023Q2	VRTC	Common Stock To Be Issued Shares CommonStockToBeIssuedShares	145000	shares
CY2023Q4	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2023Q2	VRTC	Common Stock To Be Issued CommonStockToBeIssued	12000	usd
CY2023Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	900000	shares
CY2023Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.03
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	0	shares
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	0
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares	350000	shares
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice	0.03
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	550000	shares
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.03
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	550000	shares
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	0.03
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue	0	usd
CY2023Q4	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	16000	usd
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	0.03
	VRTC	Managament Fee Percent Of Revenue ManagamentFeePercentOfRevenue	0.35	pure
CY2023Q4	VRTC	Fee Revenue FeeRevenue	54000	usd
CY2022Q4	VRTC	Fee Revenue FeeRevenue	91000	usd
	VRTC	Fee Revenue FeeRevenue	37000	usd
	VRTC	Fee Revenue FeeRevenue	81000	usd
	VRTC	Agreements With Nugen AgreementsWithNugen	<p id="xdx_803_ecustom--AgreementsWithNugen_zxLWvtDCoXMn" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>NOTE 7 – <span id="xdx_82F_zQr5OjyvOSvH">AGREEMENTS WITH NUGEN</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; background-color: white">On July 4, 2022, the Company entered a Memorandum of Understanding (the “MOU”) for the purpose of forming a strategic partnership between the Company and Nugen Universe, LLC (“Nugen”), a corporation located in Wrightsville Beach, North Carolina. Nugen seeks the Company to modify, create, or build a “private label” system for Nugen, with an initial interest in the Company’s blinxPay technology and Bio-ID verification system. Nugen paid the Company $<span id="xdx_90D_eus-gaap--RevenuesNetOfInterestExpense_c20221001__20221231__srt--ProductOrServiceAxis__us-gaap--BankingMember_zgMDtZzivnBC">50,000</span> at the date of the MOU signing and during the period ended December 31, 2022, the Company completed its performance obligations, and recorded the $50,000 payment as Mobile banking technology revenue during the period then ended. Nugen further agreed to pay the Company a 5% ongoing royalty for licensing the Company’s blinxPay technology and Bio-ID verification system. As of December 31, 2023, no royalties have been realized under the MOU.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; background-color: white">On October 10, 2022, the Company entered into a License and Distributor Agreement (“License Agreement”) with Nugen. The License Agreement became effective on receipt of $<span id="xdx_90A_eus-gaap--DeferredRevenueNoncurrent_iI_c20231231_zf8QD49EGxS_zl63Oge8BII7">200,000</span> in December 2022 and extends through August 31, 2027. The License Agreement grants Nugen a Worldwide license and distribution for the Company’s blinxPay Close-Loop Virtual Wallet and blinxPay Open-Loop Visa Debit and all hardware products of the Company. Per the terms of the License Agreement, Nugen agrees to pay the Company a one-time license payment of $1,000,000 for the right to market the Company’s products noted above, of which $<span id="xdx_904_eus-gaap--DeferredRevenueNoncurrent_iI_c20231231_z1cblPHfOn0n">200,000</span> was received by the Company in December 2022. The initial $<span id="xdx_905_eus-gaap--DeferredRevenueNoncurrent_iI_c20231231_zmkeRfnnY5n9">200,000</span> has been recorded as deferred revenue in the Consolidated Balance Sheet. The deferred revenue balance of $<span id="xdx_901_eus-gaap--DeferredRevenueNoncurrent_iI_c20231231_zwq0tofJfwpm">200,000</span> at December 31, 2023, will begin being amortized to Mobile banking technology revenue starting once the Company has met its performance obligations under the License Agreement through the remaining term of the License Agreement, which expires on August 31, 2027. The remaining balance of $800,000 is scheduled to be paid as follows: $100,000 when the Company’s identifies a domestic sponsor bank, $350,000 to integrate the Company’s blinxPay software platform, and interface blinxPay with a sponsor foreign bank, and $350,000 on the completion of the final stage of testing, installation, and launch. In addition to the one-time license payment, Nugen agrees to pay a minimum monthly support fee plus 5% royalty from all sales of products noted above. As of December 31, 2023, no royalty related revenues have been realized under the License Agreement.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	usd
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	usd
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	usd
CY2023Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	200000	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
	us-gaap	Payments To Employees PaymentsToEmployees	75000	usd
	us-gaap	Payments To Employees PaymentsToEmployees	75000	usd

Files In Submission

Name	View Source	Status
0001607062-24-000076-index-headers.html	Edgar Link	pending
0001607062-24-000076-index.html	Edgar Link	pending
0001607062-24-000076.txt	Edgar Link	pending
0001607062-24-000076-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
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending
vrtc-20231231.xsd	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
vrtc-20231231_cal.xml	Edgar Link	unprocessable
vrtc123123form10q.htm	Edgar Link	pending
vrtc-20231231_lab.xml	Edgar Link	unprocessable
vrtc-20231231_pre.xml	Edgar Link	unprocessable
vrtc123123form10q_htm.xml	Edgar Link	completed
vrtc-20231231_def.xml	Edgar Link	unprocessable

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$VRTC
VERITEC INC Stock $vrtc

2024 Q1 Form 10-Q Financial Statement

#000160706224000076 Filed on February 20, 2024

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2024 Q1 Form 10-Q Financial Statement

#000160706224000076 Filed on February 20, 2024

Income Statement

Balance Sheet

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Files In Submission

$VRTC
VERITEC INC Stock $vrtc