Royalty Contracts (Restated)	12 Months Ended
Sep. 30, 2022
Royalty Contracts
Royalty Contracts (Restated)	Note 4 - Royalty Contracts (Restated) The Company has valued their acquired royalty contracts with customers using the “lower of cost or net realizable value” method. Ultimately the market value of the contracts is equal to the present value of the anticipated future cash flow. Royalty contracts are amortized over the life of the contact (generally three-to-five years). Management assesses the value of each royalty contract asset on an annual basis and should it be apparent that the market value of the royalty contract becomes less than the carrying value, the Company would then recognize an impairment of the asset at that time. The Company’s royalty contracts had been fully amortized by September 30, 2019. As such, no amortization or impairment on royalty contracts were recognized during the years ended September 30, 2022 and 2021. The Company has three major royalty agreements (Customer A, Customer B and Customer C). Customer A represented approximately 60% and 0% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022. Customer B represented approximately 22% and 5% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022. Customer C represented approximately 18% and 95% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022. Customer A represented approximately 51% and 11% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021. Customer B represented approximately 31% and 13% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021. Customer C represented approximately 18% and 76% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021.

Royalty Contracts (Restated)

12 Months Ended

Sep. 30, 2022

Note 4 - Royalty Contracts (Restated)

The Company has valued their acquired royalty contracts with customers using the “lower of cost or net realizable value” method. Ultimately the market value of the contracts is equal to the present value of the anticipated future cash flow. Royalty contracts are amortized over the life of the contact (generally three-to-five years). Management assesses the value of each royalty contract asset on an annual basis and should it be apparent that the market value of the royalty contract becomes less than the carrying value, the Company would then recognize an impairment of the asset at that time. The Company’s royalty contracts had been fully amortized by September 30, 2019. As such, no amortization or impairment on royalty contracts were recognized during the years ended September 30, 2022 and 2021.

The Company has three major royalty agreements (Customer A, Customer B and Customer C). Customer A represented approximately 60% and 0% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022. Customer B represented approximately 22% and 5% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022. Customer C represented approximately 18% and 95% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2022.

Customer A represented approximately 51% and 11% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021. Customer B represented approximately 31% and 13% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021. Customer C represented approximately 18% and 76% of revenues and royalty receivables, respectively, as of and for the year ended September 30, 2021.

VIRTUAL INTERACTIVE TECHNOLOGIES CORP. 10-K/A