$VRVR
VIRTUAL INTERACTIVE TECHNOLOGIES CORP.

2024 Q3 Form 10-Q Financial Statement

#000149315224032902 Filed on August 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $9.739K $35.14K
YoY Change -72.28% 69.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $43.61K $4.356K
YoY Change 901.15% -99.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $43.61K -$1.439M
YoY Change -103.03% -366.65%
Operating Profit -$33.87K $1.475M
YoY Change -102.3% -384.04%
Interest Expense -$34.26K -$36.57K
YoY Change -6.32% 18.31%
% of Operating Profit -2.48%
Other Income/Expense, Net -$34.26K -$36.20K
YoY Change -5.35% -75.58%
Pretax Income -$68.13K $1.438M
YoY Change -104.74% -315.53%
Income Tax
% Of Pretax Income
Net Earnings -$68.13K $1.438M
YoY Change -104.74% -315.53%
Net Earnings / Revenue -699.57% 4093.72%
Basic Earnings Per Share -$0.01 $0.17
Diluted Earnings Per Share -$0.01 $0.16
COMMON SHARES
Basic Shares Outstanding 8.251M shares 8.251M shares 8.313M shares
Diluted Shares Outstanding 8.251M shares 9.195M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.630K $1.830K
YoY Change 316.94% -97.48%
Cash & Equivalents $7.630K $1.832K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $96.79K $114.8K
YoY Change -15.66% -42.48%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $96.79K $114.8K
Total Long-Term Assets $0.00 $0.00
Total Assets $96.79K $114.8K
YoY Change -15.66% -42.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.5K $110.5K
YoY Change 11.77% 4705.65%
Accrued Expenses $482.1K $350.8K
YoY Change 37.41% 53.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $741.0K
YoY Change -100.0%
Long-Term Debt Due $1.221M $470.0K
YoY Change 159.79% -47.24%
Total Short-Term Liabilities $1.827M $1.672M
YoY Change 9.22% 49.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00K
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $0.00 $2.570K
YoY Change -100.0% 30.46%
Total Long-Term Liabilities $12.57K
YoY Change 5.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.827M $1.672M
Total Long-Term Liabilities $12.57K
Total Liabilities $1.827M $1.685M
YoY Change 8.41% 48.69%
SHAREHOLDERS EQUITY
Retained Earnings -$9.820M -$7.077M
YoY Change 38.76% 12.4%
Common Stock $8.251K $8.151K
YoY Change 1.23% 7.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $45.00K
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.730M -$1.570M
YoY Change
Total Liabilities & Shareholders Equity $96.79K $114.8K
YoY Change -15.66% -42.48%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$68.13K $1.438M
YoY Change -104.74% -315.53%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.280K -$740.00
YoY Change 1154.05% -99.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -9.280K -740.0
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -9.280K -740.0
YoY Change 1154.05% -101.8%
FREE CASH FLOW
Cash From Operating Activities -$9.280K -$740.00
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_z89tUnz9qe2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_861_zca1oWe5f65h">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
235000 usd
CY2022Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
1.25
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.15
CY2024Q2 VRVR Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
0 usd
CY2023Q2 VRVR Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
422 usd
VRVR Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
405 usd
VRVR Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
406 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zeEw06v5Rou6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline"><span id="xdx_866_zWH9NutA3GYd">Concentration of Credit Risk</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some of our US dollar balances are held in a Bermuda bank that is not insured. As of June 30, 2024 and September 30, 2023, uninsured deposits in the Bermuda bank totaled $<span id="xdx_90B_eus-gaap--CashUninsuredAmount_iI_c20240630__dei--LegalEntityAxis__custom--BermudaBankMember_zgTZtWZGbPg6" title="Cash uninsured amount"><span id="xdx_90E_eus-gaap--CashUninsuredAmount_iI_c20230930__dei--LegalEntityAxis__custom--BermudaBankMember_zVQSGp2nz8Vg" title="Cash uninsured amount">250</span></span>. Our management believes that the financial institution is financially sound, and the risk of loss is low. The Company is in the process of migrating its banking to the institutions in the United States, which are insured by the FDIC up to $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_c20240630__srt--RangeAxis__srt--MaximumMember_zNLPAnxf655j" title="Cash FDIC insured amount">250,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9739 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
35136 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59179 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88521 usd
CY2024Q2 VRVR Royalty Receivable Current
RoyaltyReceivableCurrent
89155 usd
CY2023Q3 VRVR Royalty Receivable Current
RoyaltyReceivableCurrent
87614 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
691250 shares
CY2023 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
691250 shares
CY2024Q2 VRVR Treasury Stock Cumulative Cost
TreasuryStockCumulativeCost
45000 usd
CY2023Q3 VRVR Treasury Stock Cumulative Cost
TreasuryStockCumulativeCost
45000 usd
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31086 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1126 usd

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