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Subsequent Events | 12 Months Ended
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Dec. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | Note 10. Subsequent Events. On January 1, 2019, the January 2018 Convertible Notes were extended through to January 31, 2020 and the $100,000 Convertible Notes were extended through to January 14, 2020. On February 7, 2019, Virtual Crypto Technologies, Inc. (the “Company”) entered a share exchange agreement (the “Agreement”) with Algomizer Ltd., an Israeli Corporation (“Algomizer”), pursuant to which Algomizer will assign, transfer and deliver its 99.83% holdings in Viewbix Ltd., an Israeli Corporation, to the Company in exchange for shares of restricted common stock of the Company representing 65% of the issued and outstanding share capital of the Company on a fully diluted basis on the closing date, excluding VCT warrants to purchase shares of common stock, which will expire in 2020 and with an exercise price representing a valuation for VCT equal to $30,000,000 (“Fully Diluted Share Capital”). In addition, upon the earlier of: (a) the launch of a live video product to an American consumer in the U.S by Viewbix Ltd., or (b) the launch of an interactive television product to an American consumer in the U.S Viewbix Ltd., the Company will issue Algomizer additional shares of restricted common stock of the Company representing 5% of the Fully Diluted Share Capital. Furthermore, on the closing date, the Company will issue Algomizer: (i) warrants to purchase shares of restricted common stock of the Company with an exercise price representing a valuation for the Company of $15,000,000 on Fully Diluted Share Capital basis, which will represent 10% of the Fully Diluted Share Capital immediately following the closing for a period of ten years, and (ii) warrants to purchase shares of restricted common stock of the Company with an exercise price representing a valuation for the Company of $25,000,000 on Fully Diluted Share Capital basis, which will represent 10% of the Fully Diluted Share Capital immediately following the closing for a period of ten years. The closing of the Agreement is condition upon the Company filing an amendment to its certificate of incorporation to change the Company’s name to ViewBix Inc., effecting a reverse split of the Company’s shares of common stock at a ratio of 15:1, conversion of the Company’s outstanding debentures into restricted common stock and obtaining a tax pre-ruling from the Israeli Tax Authority relating to the Agreement to be obtained by Algomizer. In addition, the closing is subject to and conditioned upon the approval of the shareholders of the Company. On February 26, 2019, the Majority Consenting Stockholders approved the Stockholder Consent, approving the Reverse Stock Split Certificate of Amendment in order to affect a reverse stock split of the Corporation’s Common Stock on a 1-for-15 basis. The Company will effect such reverse stock split once all approvals for such actions are obtained. Pursuant to the Reverse Stock Split, each fifteen (15) shares of Common Stock will be automatically converted, without any further action by the stockholders, into one share of Common Stock. No fractional shares of Common Stock will be issued as the result of the Reverse Stock Split. Instead, each Stockholder will be entitled to receive one share of Common Stock in lieu of the fractional share that would have resulted from the Reverse Stock Split.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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