2024 Q2 Form 10-K Financial Statement

#000149315224014885 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q3 2023
Revenue $9.739K $41.88K $130.4K
YoY Change -72.28% -16.09% -0.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $43.61K $140.4K $2.553M
YoY Change 901.15% -65.91% 104.47%
% of Gross Profit
Research & Development $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $43.61K $140.4K $2.553M
YoY Change -103.03% -65.91% 101.79%
Operating Profit -$33.87K -$2.423M
YoY Change -102.3% 116.22%
Interest Expense -$34.26K -$51.74K -$157.9K
YoY Change -6.32% 69.86% 48.55%
% of Operating Profit
Other Income/Expense, Net -$34.26K -$30.71K -$236.9K
YoY Change -5.35% -74.51% -44.82%
Pretax Income -$68.13K -$180.9K -$2.817M
YoY Change -104.74% -64.72% 68.69%
Income Tax
% Of Pretax Income
Net Earnings -$68.13K -$180.9K -$2.817M
YoY Change -104.74% -64.72% 68.69%
Net Earnings / Revenue -699.57% -431.97% -2160.54%
Basic Earnings Per Share -$0.01 -$0.34
Diluted Earnings Per Share -$0.01 -$0.02 -$0.34
COMMON SHARES
Basic Shares Outstanding 8.251M shares 8.152M shares 8.363M shares
Diluted Shares Outstanding 8.251M shares 13.97M shares

Balance Sheet

Concept 2024 Q2 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.630K $40.83K $40.83K
YoY Change 316.94% 12.23% 12.23%
Cash & Equivalents $7.630K $40.83K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $96.79K $128.4K $128.4K
YoY Change -15.66% -93.9% -93.9%
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 $96.79K $128.4K $128.4K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $96.79K $128.4K $128.4K
YoY Change -15.66% -93.9% -93.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.5K $67.39K $67.39K
YoY Change 11.77% 94.83% 94.83%
Accrued Expenses $482.1K $379.1K $379.1K
YoY Change 37.41% 46.91% 46.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.221M $1.211M $1.211M
YoY Change 159.79% 20.65% 20.65%
Total Short-Term Liabilities $1.827M $1.658M $1.658M
YoY Change 9.22% 27.86% 27.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% 0.0%
Other Long-Term Liabilities $0.00 $2.720K $2.720K
YoY Change -100.0% 28.3% 28.3%
Total Long-Term Liabilities $12.72K $12.72K
YoY Change 4.95% 4.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.827M $1.658M $1.658M
Total Long-Term Liabilities $12.72K $12.72K
Total Liabilities $1.827M $1.670M $1.670M
YoY Change 8.41% 27.65% 27.65%
SHAREHOLDERS EQUITY
Retained Earnings -$9.820M -$9.604M
YoY Change 38.76% 41.05%
Common Stock $8.251K $8.251K
YoY Change 1.23% 2.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $45.00K $45.00K
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.730M -$1.542M -$1.542M
YoY Change
Total Liabilities & Shareholders Equity $96.79K $128.4K $128.4K
YoY Change -15.66% -93.9% -93.9%

Cashflow Statement

Concept 2024 Q2 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$68.13K -$180.9K -$2.817M
YoY Change -104.74% -64.72% 68.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.280K -$161.0K -$195.6K
YoY Change 1154.05% 229.85% -57.9%
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 $200.0K
YoY Change 300.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 200.0K
YoY Change 1500.0% -19.92%
NET CHANGE
Cash From Operating Activities -9.280K -161.0K -195.6K
Cash From Investing Activities
Cash From Financing Activities 200.0K 200.0K
Net Change In Cash -9.280K 39.00K 4.450K
YoY Change 1154.05% -207.41% -102.07%
FREE CASH FLOW
Cash From Operating Activities -$9.280K -$161.0K -$195.6K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 VRVR Cancellation Of Warrants Issued For Prepaid Services
CancellationOfWarrantsIssuedForPrepaidServices
283056 usd
CY2023 VRVR Purchase Of Common Stock From Cancellation Of Services
PurchaseOfCommonStockFromCancellationOfServices
45000 usd
CY2023 VRVR Warrants Issued For Prepaid Expenses
WarrantsIssuedForPrepaidExpenses
363210 usd
CY2022 VRVR Warrants Issued For Prepaid Expenses
WarrantsIssuedForPrepaidExpenses
1286308 usd
CY2023 VRVR Common Stock Issued For Prepaid Expenses
CommonStockIssuedForPrepaidExpenses
298000 usd
CY2022 VRVR Common Stock Issued For Prepaid Expenses
CommonStockIssuedForPrepaidExpenses
945000 usd
CY2022 VRVR Converted Shares Series B Preferred Shares
ConvertedSharesSeriesBPreferredShares
270612 shares
CY2023 VRVR Converted Shares Series C Preferred Shares
ConvertedSharesSeriesCPreferredShares
1200481 shares
CY2022 VRVR Converted Shares Warrant
ConvertedSharesWarrant
900000 shares
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 VRVR Royalty Contracts And Research And Development Costs
RoyaltyContractsAndResearchAndDevelopmentCosts
0 usd
CY2022 VRVR Royalty Contracts And Research And Development Costs
RoyaltyContractsAndResearchAndDevelopmentCosts
0 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
130400 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
144716 usd
CY2023Q3 VRVR Royalty Receivable Current
RoyaltyReceivableCurrent
87614 usd
CY2022Q3 VRVR Royalty Receivable Current
RoyaltyReceivableCurrent
105856 usd
CY2023Q3 us-gaap Cash
Cash
250 usd
CY2022Q3 us-gaap Cash
Cash
20495 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zZoQboj3fQxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zN2JUjaSWqg2">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses reported for the period presented. The most significant estimates relate to the useful life and impairment of intangible assets and allowance for doubtful accounts. The Company regularly will assess these estimates and, while actual results may differ, management believes that the estimates are reasonable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 VRVR Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
900000 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
900000 shares
CY2022Q3 VRVR Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0 shares
CY2022Q1 us-gaap Share Price
SharePrice
1.25
CY2023Q2 us-gaap Share Price
SharePrice
0.15
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.15
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8363431 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7270761 shares
CY2023 VRVR Converted Shares Series B Preferred Shares
ConvertedSharesSeriesBPreferredShares
270612 shares
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
41250 shares
CY2022Q3 VRVR Treasury Stock Cumulative Cost
TreasuryStockCumulativeCost
0 usd
CY2023Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
200000 shares
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 usd
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
691250 shares
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
41250 shares
CY2023 VRVR Converted Shares Options
ConvertedSharesOptions
1000000 shares
CY2023 VRVR Converted Shares Convertible Notes
ConvertedSharesConvertibleNotes
3133333 shares
CY2022 VRVR Converted Shares Convertible Notes
ConvertedSharesConvertibleNotes
376000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13967857 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8817373 shares
CY2022Q3 VRVR Royalty Receivable Current
RoyaltyReceivableCurrent
105856 usd
CY2022Q3 us-gaap Assets Current
AssetsCurrent
2128035 usd
CY2022Q3 us-gaap Assets
Assets
2128035 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6786973 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
819538 usd
CY2022Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2128035 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
144716 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-1120437 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-1656019 usd
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.23
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-1656019 usd
CY2022 VRVR Increase Decrease In Royalty Receivables
IncreaseDecreaseInRoyaltyReceivables
-18096 usd
CY2023 us-gaap Adjustment For Amortization
AdjustmentForAmortization
0 usd
CY2022 us-gaap Adjustment For Amortization
AdjustmentForAmortization
0 usd
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
41250 shares
CY2022 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
519000 usd
CY2023Q3 VRVR Treasury Stock Cumulative Cost
TreasuryStockCumulativeCost
45000 usd
CY2022Q3 VRVR Treasury Stock Cumulative Cost
TreasuryStockCumulativeCost
0 usd
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
691250 shares
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
41250 shares
CY2018Q1 us-gaap Unsecured Debt
UnsecuredDebt
750000 usd
CY2018Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06 pure
CY2018Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-12-31
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
741030 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
281561 usd
CY2023Q3 VRVR Additional Repayments Of Debt
AdditionalRepaymentsOfDebt
5000 usd
CY2023Q3 VRVR Debt Instrument Additional Maturity Date
DebtInstrumentAdditionalMaturityDate
2024-03-31
CY2023Q3 VRVR Additional Repayments Of Debt
AdditionalRepaymentsOfDebt
5000 usd
CY2023Q3 VRVR Debt Instrument Additional Maturity Date
DebtInstrumentAdditionalMaturityDate
2024-03-31
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
741030 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31086 usd
CY2023 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 At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 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 At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 VRVR Effective Income Tax Rate Reconciliation At Temporary Differences
EffectiveIncomeTaxRateReconciliationAtTemporaryDifferences
0 pure
CY2022 VRVR Effective Income Tax Rate Reconciliation At Temporary Differences
EffectiveIncomeTaxRateReconciliationAtTemporaryDifferences
0 pure
CY2023 VRVR Effective Income Tax Rate Reconciliation At Permanent Differences
EffectiveIncomeTaxRateReconciliationAtPermanentDifferences
-0.03 pure
CY2022 VRVR Effective Income Tax Rate Reconciliation At Permanent Differences
EffectiveIncomeTaxRateReconciliationAtPermanentDifferences
-0.39 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.18 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.18 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
967000 usd
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
375000 usd
CY2023Q3 VRVR Deferred Tax Assets Permanent Differences
DeferredTaxAssetsPermanentDifferences
-695000 usd
CY2022Q3 VRVR Deferred Tax Assets Permanent Differences
DeferredTaxAssetsPermanentDifferences
-622000 usd
CY2023Q3 VRVR Deferred Tax Asset Valuation Allowance
DeferredTaxAssetValuationAllowance
272000 usd
CY2022Q3 VRVR Deferred Tax Asset Valuation Allowance
DeferredTaxAssetValuationAllowance
-247000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
290000 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
4602205 usd
CY2023Q3 VRVR Operating Loss Carry Forwards Taxable Income Percentage
OperatingLossCarryForwardsTaxableIncomePercentage
0.80 pure
CY2023 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
The remaining amount can be carried forward for 20 years with no income limitation.

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0001493152-24-014885.txt Edgar Link pending
0001493152-24-014885-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-k.htm Edgar Link pending
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form10-k_htm.xml Edgar Link completed
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vrvr-20230930.xsd Edgar Link pending
vrvr-20230930_pre.xml Edgar Link unprocessable
vrvr-20230930_cal.xml Edgar Link unprocessable
vrvr-20230930_def.xml Edgar Link unprocessable
vrvr-20230930_lab.xml Edgar Link unprocessable