Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | OCULUS VISIONTECH INC. | |
Entity Central Index Key | 1,107,280 | |
Trading Symbol | ovtz | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 45,572,568 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 23,740 | $ 187,097 |
Prepaid expenses and other current assets | 2,182 | 6,338 |
Total current assets | 25,922 | 193,435 |
Deferred Tax Assets, net of valuation allowance of $10,432,000 and $10,303,000, respectively | ||
Total Assets | 25,922 | 193,435 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 62,513 | 19,846 |
Accounts payable and accrued expenses - related parties | 215,259 | 41,905 |
Total current liabilities | 277,772 | 61,751 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock - no par value; authorized 250,000,000 shares, none issued | ||
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 45,572,568 | 40,458,297 | 40,458,297 |
Accumulated deficit | (40,710,147) | (40,326,613) |
Stockholders' equity (deficit) | (251,850) | 131,684 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 25,922 | $ 193,435 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred tax assets, valuation allowance | $ 10,432,000 | $ 10,303,000 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 45,572,568 | 45,572,568 |
Common stock, shares outstanding (in shares) | 45,572,568 | 45,572,568 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 5,500 |
Expenses: | ||||
Cost of sales | 0 | 0 | 0 | 425 |
Research and development | 83,825 | 48,550 | 216,000 | 55,050 |
Selling, general and administrative | 40,978 | 26,523 | 167,534 | 72,928 |
Total expenses | 124,803 | 75,073 | 383,534 | 128,403 |
Loss from operations | (124,803) | (75,073) | (383,534) | (122,903) |
Other income (expense) | ||||
Interest income (expense) | 0 | (6,911) | 0 | (21,420) |
Gain on settlement of accounts payable | 0 | 0 | 4,889 | |
Total other income (expense) | 0 | (6,911) | 0 | (16,531) |
Net loss | $ (124,803) | $ (81,984) | $ (383,534) | $ (139,434) |
Net loss per share - basic and diluted (in dollars per share) | $ 0 | $ (0.01) | $ (0.01) | $ (0.01) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 45,572,568 | 13,572,568 | 45,572,568 | 13,572,568 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Common Stock Including Additional Paid in Capital [Member] | |||
Beginning Balance (in shares) | 45,572,568 | ||
Beginning Balance | $ 40,458,297 | ||
Ending Balance (in shares) | 45,572,568 | 45,572,568 | 45,572,568 |
Ending Balance | $ 40,458,297 | $ 40,458,297 | $ 40,458,297 |
Retained Earnings [Member] | |||
Beginning Balance | (40,326,613) | ||
Net loss | (383,534) | ||
Ending Balance | (40,710,147) | (40,710,147) | (40,326,613) |
Beginning Balance | 131,684 | ||
Net loss | (124,803) | (383,534) | (386,584) |
Ending Balance | $ (251,850) | $ (251,850) | $ 131,684 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (383,534) | $ (139,434) |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 0 | 11,000 |
Decrease (increase) in prepaid expenses and other current assets | 4,156 | (962) |
Increase (decrease) in accounts payable and accrued expenses | 42,667 | 41,853 |
Increase (decrease) in accounts payable and accrued expenses due to related parties | 173,354 | 88,091 |
Net cash used in operating activities | (163,357) | 548 |
Net increase in cash and cash equivalents | (163,357) | 548 |
Cash and cash equivalents at beginning of year | 187,097 | 1,888 |
Cash and cash equivalents at end of year | 23,740 | 2,436 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for interest | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION These unaudited condensed interim consolidated financial statements should be read in conjunction with the annual financial statements for Oculus VisionTech Inc. (“Oculus” or the “Company”) most recently completed fiscal year ended December 31, 201 5. These unaudited condensed interim consolidated financial statements do not include all disclosures required in annual financial statements, but rather are prepared in accordance with recommendations for interim financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed interim consolidated financial statements have been prepared using the same accounting policies and methods as those used by the Company in the annual audited financial statements for the year ended December 31, 2015, except when disclosed below. The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiary, USVO Inc. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are not necessarily indicative of the results that may be attained for an entire year or any future periods. For further information, refer to the Financial Statements and footnotes thereto in the Company ’s annual report on Form 10-K for the fiscal year ended December 31, 2015. |
Note 2 - Going Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 2. GOING CONCERN The accompanying unaudited condensed interim consolidated financial statements have been prepared assuming the Company will continue as a going concern. As shown in the financial statements, the Company has incurred loss of $383,534 for the nine month period ended September 30, 2016 and, in addition the Company incurred losses of $386,584 and $260,314 for the years ended December 31, 2015 and 2014, respectively. As of September 30, 2016, the Company had an accumulated deficit of $40,710,147 and a working capital deficit of $251,850. These conditions raise doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations as they come due which management believes it will be able to do. To date, the Company has funded operations primarily through the issuance of common stock and warrants to outside investors and the Company’s management. The Company believes that its operations will generate additional funds and that additional funding from outside investors and the Company’s management will continue to be available to the Company when needed. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary in the event the Company cannot continue as a going concern. |
Note 3 - Subsequent Events
Note 3 - Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 3. SUBSEQUENT EVENTS None. |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) Attributable to Parent | $ (124,803) | $ (81,984) | $ (383,534) | $ (139,434) | $ (386,584) | $ (260,314) |
Retained Earnings (Accumulated Deficit) | (40,710,147) | (40,710,147) | $ (40,326,613) | |||
Working Capital (Deficit) | $ (251,850) | $ (251,850) |