On September 23, 2021, Virtual Interactive Technologies Corp. borrowed $217,375 from an unrelated third party. The loan is evidenced by a promissory note in the principal amount of $235,000. The note is unsecured, and bears interest at 12.5% per year, and is due and payable on March 23, 2022. If the note is not paid when due, the principal amount of the note will increase to $250,000 and the interest on the note will increase to 15% per year. If the note is not paid when due, or in the event of other items at default as provided in the note, the note may be converted into shares of the Company's common stock. The number of shares to be issued upon any conversion will be determined by dividing the amount to be converted by the lesser of 90% the lowest trading price of the Company's common stock (i) during the twenty trading days preceding September 23, 2021 or (ii) during the twenty trading days preceding the date of the conversion of this Note. As further consideration for making the loan; the Company issued 82,500 shares of its restricted common stock to the note holder. If the note is not paid when due, or in the event of other items of default, the amount to be converted and the shares issuable upon conversion are subject to adjustment.