Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 21, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001107280 | ||
Entity Registrant Name | OCULUS VISIONTECH INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-29651 | ||
Entity Incorporation, State or Country Code | WY | ||
Entity Tax Identification Number | 06-1576391 | ||
Entity Address, Address Line One | #507, 837 West Hastings Street | ||
Entity Address, City or Town | Vancouver | ||
Entity Address, State or Province | BC | ||
Entity Address, Postal Zip Code | V6C 3N6 | ||
City Area Code | 604 | ||
Local Phone Number | 685-1017 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 37,800,000 | ||
Entity Common Stock, Shares Outstanding | 91,422,469 | ||
Auditor Name | Davidson & Company LLP | ||
Auditor Location | Vancouver, BC. Canada | ||
Auditor Firm ID | 731 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 2,208,451 | $ 490,190 |
Prepaid expenses and other current assets | 37,832 | 6,082 |
Total Assets | 2,246,283 | 496,272 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 96,198 | 32,329 |
Accounts payable and accrued expenses - related parties | 26,425 | 135,738 |
Total current liabilities | 122,623 | 168,067 |
Stockholders' Equity: | ||
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 91,422,569 and 86,522,569 | 46,850,710 | 43,788,464 |
Contribution surplus | 998,477 | 284,793 |
Commitment to issue shares | 414,128 | 414,128 |
Accumulated other comprehensive income | 6,190 | 0 |
Accumulated deficit | (46,145,845) | (44,159,180) |
Stockholders' equity | 2,123,660 | 328,205 |
Total Liabilities and Stockholders' Equity | $ 2,246,283 | $ 496,272 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 91,422,569 | 86,522,569 |
Common stock, shares outstanding (in shares) | 91,422,569 | 86,522,569 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses: | ||
Consulting | $ 24,021 | $ 0 |
Research and development (Note 11) | 818,269 | 254,281 |
Selling, general and administrative (Note 10) | 430,691 | 266,567 |
Share-based compensation (Note 8) | 713,684 | 284,793 |
Impairment of intangible assets (Note 6) | 0 | 1,966,939 |
Total expenses | 1,986,665 | 2,772,580 |
Loss from operations | (1,986,665) | (2,772,580) |
Other income | ||
Interest income | 0 | 96 |
Nonoperating Income (Expense), Total | 0 | 96 |
Net loss | (1,986,665) | (2,772,484) |
Other comprehensive loss | ||
Currency translation differences | (6,190) | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (6,190) | 0 |
Total comprehensive loss | $ (1,992,855) | $ (2,772,484) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.02) | $ (0.04) |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 89,968,723 | 75,356,815 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock Including Additional Paid in Capital [Member] | Contribution Surplus [Member] | Commitment to Issue Shares [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 67,022,568 | |||||
Balance at Dec. 31, 2019 | $ 41,634,999 | $ 0 | $ 0 | $ 0 | $ (41,386,696) | $ 248,303 |
Sale of common stock (in shares) | 7,000,001 | |||||
Sale of common stock | $ 773,038 | 0 | 0 | 0 | 0 | 773,038 |
Shares issued for asset acquisition (in shares) | 12,500,000 | |||||
Shares issued for asset acquisition | $ 1,380,427 | 0 | 0 | 0 | 0 | 1,380,427 |
Contingent consideration | 0 | 0 | 414,128 | 0 | 0 | 414,128 |
Share-based compensation | 0 | 284,793 | 0 | 0 | 0 | 284,793 |
Net loss | $ 0 | 0 | 0 | 0 | (2,772,484) | (2,772,484) |
Currency translation differences | 0 | |||||
Balance (in shares) at Dec. 31, 2020 | 86,522,569 | |||||
Balance at Dec. 31, 2020 | $ 43,788,464 | 284,793 | 414,128 | 0 | (44,159,180) | 328,205 |
Sale of common stock (in shares) | 4,900,000 | |||||
Sale of common stock | $ 3,098,616 | 0 | 0 | 0 | 0 | 3,098,616 |
Share-based compensation | 0 | 713,684 | 0 | 0 | 0 | 713,684 |
Net loss | 0 | 0 | 0 | 0 | (1,986,665) | (1,986,665) |
Share issuance costs - cash | (36,370) | 0 | 0 | 0 | 0 | (36,370) |
Currency translation differences | $ 0 | 0 | 0 | 6,190 | 0 | 6,190 |
Balance (in shares) at Dec. 31, 2021 | 91,422,569 | |||||
Balance at Dec. 31, 2021 | $ 46,850,710 | $ 998,477 | $ 414,128 | $ 6,190 | $ (46,145,845) | $ 2,123,660 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (1,986,665) | $ (2,772,484) |
Add back non-cash share-based compensation | 713,684 | 284,793 |
Impairment of intangible assets (Note 6) | 0 | 1,966,939 |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses and other current assets | (32,230) | (4,815) |
Decrease (increase) in accounts payable and accrued expenses | 63,869 | (259,655) |
Decrease (increase) in accounts payable and accrued expenses due to related parties | (108,833) | 5,753 |
Net cash used in operating activities | (1,350,175) | (779,469) |
Cash flows from investing activities: | ||
Cash acquired on asset acquisition | 0 | 114,169 |
Net cash provided by investing activities | 0 | 114,169 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 3,098,616 | 773,038 |
Share issuance costs | (36,370) | 0 |
Net cash provided by financing activities | 3,062,246 | 773,038 |
Effect of foreign currency translation | 6,190 | 0 |
Net increase in cash and cash equivalents | 1,718,261 | 107,738 |
Cash and cash equivalents at beginning of year | 490,190 | 382,452 |
Cash and cash equivalents at end of year | 2,208,451 | 490,190 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for interest | 0 | 0 |
Cash paid during the year for income taxes | 0 | 0 |
Non-cash financing and investing activities | ||
Common stock issued on acquisition of CTI | 0 | 1,380,427 |
Intangible acquired on acquisition of CTI | $ 0 | $ (1,966,939) |
Warrants issued on acquisition of CTI (in shares) | 0 | 414,128 |
Account payable acquired on acquisition of CTI | $ 0 | $ 172,384 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Business | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION AND BUSINESS The accompanying consolidated financial statements include the accounts of Oculus Visiontech Inc. (“Oculus”) and its wholly-owned subsidiary, ComplyTrust Inc. (“CTI”), formerly OCL Technologies Corp. (from the date of acquisition in 2020, 6 Oculus VisionTech, Inc. (the " Company December 31, 2021 two |
Note 2 - Going Concern
Note 2 - Going Concern | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Management has forecasted the Company will have sufficient working capital to operate for the ensuing 12 December 31, 2021 December 31, 2020. December 31, 2021, not In December 2019, 19 January 2020, March 2020, 19 19 none |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). On March 21, 2022, December 31, 2021. These consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when an investor has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% The controlled entities are listed in the following table: Name of Subsidiary Country of Incorporation Ownership Interest at December 31, 2021 Ownership Interest at December 31, 2020 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development Significant judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not Significant judgments ● the determination of functional currencies; and Cash and cash equivalents Cash equivalents include highly liquid investments with original maturities of twelve Impairment of long-lived assets and long-lived assets to be disposed of Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Research and development Expenditure on research activities is recognized on the consolidated statement of loss and comprehensive loss as incurred. Development expenditures are capitalized as part of the cost of the resulting intangible asset only if the expenditures can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Management determined that as at December 31, 2021, not Intangible asset Identifiable intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is valued at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment annually and whenever there is an indication that the intangible asset may Intangible assets with indefinite lives are measured at cost less any accumulated impairment losses. These intangible assets are tested for impairment on an annual basis and more frequently if there are indicators that intangible assets may Income taxes The Company accounts for income taxes under the asset and liability method. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not Net loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or contracts that may December 31, 2021 2020, 2020: 2020: Right of use asset The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use assets are subsequently amortized from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term using the straight line method. Lease liability The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following payments during the lease term: fixed payments (including in-substance fixed payments), and the exercise price under a purchase option that the Company is reasonably certain to exercise. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising mainly if the Company changes its assessment of whether it will exercise a purchase, renewal or termination option, or if there is a revised in substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Section 718 The fair value at grant date of all share-based payments is recognized as compensation expense over the period for which benefits of services are expected to be derived, with a corresponding credit to shareholders’ equity or accrued liabilities depending on whether they are equity-settled or cash-settled. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. Functional currency The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The functional currency of Oculus VisionTech Inc. is the Canadian (“CAD” or “C”) dollar and the functional currency of ComplyTrust Inc. is the U.S. dollar. In accordance with ASC 830, Foreign currency transactions are translated into the functional currency of the respective currency of the entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not Recently adopted accounting pronouncements Accounting Standards Update No. 2019 12—Income 740 December 2019, January 1, 2021 no Recently issued accounting pronouncements Accounting Standards Update No. 2016 13 June 2016, Accounting Standards Update No. 2018 19 326, November 2018, 2018 19 2018 270, not 326 20. 842, These updates are effective beginning January 1, 2023, 2016 13 2018 19 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: 2021 2020 Prepaid expenses $ 28,141 $ 1,030 Tax Receivable – Canadian GST 9,691 5,052 $ 37,832 $ 6,082 |
Note 5 - Accounts Payable and A
Note 5 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: 2021 2020 Accounts payable $ 61,836 $ 16,670 Accrued fees and expenses 34,362 15,659 $ 96,198 $ 32,329 |
Note 6 - Acquisition of Complyt
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 6. ACQUISITION OF COMPLYTRUST INC. ( CTI ), formerly OCL TECHNOLOGIES CORP. During the year ended December 31, 2020, not 805 10. Purchase Price Issuance of 12,500,000 $ 1,380,427 Contingent consideration - warrants 414,128 Transaction costs 54,532 Total Purchase Price $ 1,849,087 Contingent consideration consists of 12,500,000 non-transferable warrants that are exercisable into 12,500,000 common shares if certain criteria are met at an exercise price of $0.001 for a period of five June 4, 2025. No 1 5 2 3 Purchase Price Allocation Cash $ 114,169 Accounts payable and due from related party (232,021 ) Intangible asset 1,966,939 Total Purchase Price $ 1,849,087 During the year ended December 31, 2020, |
Note 7 - Common Stock
Note 7 - Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. COMMON STOCK The Company has one no 500,000,000 December 31, 2021 2020, December 31, 2021, On June 5, 2020, five June 4, 2025 On June 5, 2020, On June 14, 2021, CAD$0.80 $3,920,000CAD $1.00CAD may $2.50CAD $45,500CAD |
Note 8 - Stock Options
Note 8 - Stock Options | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. STOCK OPTIONS During the years ended December 31, 2021 2020, may During the year ended December 31, 2021, i) granted 500,000 stock options to consultants, exercisable into 500,000 shares at an exercise price of $1.20CAD January 29, 2024. $424,300CAD, 125%; 0.14%; Nil; $1.18CAD. 6 July 29, 2021. December 31, 2021, $285,557CAD ii) granted 375,000 stock options to consultants, exercisable into 375,000 shares at an exercise price of $0.80CAD June 10, 2024. $211,700CAD, 120.80%; 0.25%; Nil; $0.80CAD. 6 December 10, 2021. December 31, 2021, $101,058CAD iii) granted 590,000 stock options to consultants, exercisable into 590,000 shares at an exercise price of $0.60CAD October 14, 2024. $219,100CAD, 119.89%; 0.63%; Nil; $0.54CAD. 6 April 14, 2021. December 31, 2021, $42,819CAD During the year ended December 31, 2020, i) granted 3,600,000 stock options to consultants, directors and officers exercisable into 3,600,000 shares at an exercise price of $0.35CAD July 21, 2023. $909,900CAD, 125%; 0.27%; Nil; $0.35CAD. 6 January 21, 2020. December 31, 2020, $369,597CAD December 31, 2021, $406,133CAD ii) granted 250,000 stock options to consultants, directors and officers exercisable into 250,000 shares at an exercise price of $0.45CAD December 21, 2023. $75,800CAD, 125%; 0.02%; Nil; $0.425CAD. 6 June 21, 2021. December 31, 2020, $1,899CAD December 31, 2021, $52,835CAD The changes in options are as follows: Number of options Weighted average exercise price Aggregate Intrinsic Value Options outstanding, December 31, 2019 - $ - $ - Granted 3,850,000 0.36 - Options outstanding, December 31, 2020 3,850,000 0.36 3,363,000 Granted 1,465,000 0.86 - Options outstanding, December 31, 2021 5,315,000 $ 0.49 $ 3,910,950 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money at December 31, 2021. Details of options outstanding as at December 31, 2021 Exercise price (CAD) Number of options outstanding Expiry date Number of options exercisable Remaining contractual life (years) $ 0.350 3,600,000 July 21, 2023 1,440,000 1.55 $ 0.450 250,000 December 21, 2023 100,000 1.97 $ 1.200 500,000 January 29, 2024 100,000 2.08 $ 0.800 375,000 June 10, 2024 75,000 2.44 $ 0.600 590,000 October 14, 2024 - 2.79 5,315,000 1,715,000 |
Note 9 - Warrants
Note 9 - Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Class of Warrant or Right [Text Block] | 9. WARRANTS The changes in warrants are as follows: Number of warrants Weighted average exercise price Warrants outstanding, December 31, 2019 - $ - Granted 12,500,000 0.001 Warrants outstanding, December 31, 2020 12,500,000 0.001 Granted 4,900,000 1.00 Warrants outstanding, December 31, 2021 17,400,000 $ 0.28 Details of warrants outstanding as at December 31, 2021 Exercise price Number of warrants outstanding Expiry date Number of warrants exercisable Remaining contractual life (years) $ 1.00 (CAD) 4,900,000 April 19, 2023 4,900,000 1.30 $ 0.001 (1) 12,500,000 June 4, 2025 - 3.43 17,400,000 4,900,000 ( 1 No 1 5 2 3 |
Note 10 - Selling, General and
Note 10 - Selling, General and Administrative | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Selling, General and Administrative Disclosure [Text Block] | 10. SELLING, GENERAL AND ADMINISTRATIVE The breakdown of selling, general and administrative for the year ended December 31, 2021 2020 2021 2020 Filing and regulatory fees $ 38,396 $ 21,036 Marketing 41,374 13,840 Professional fees 133,134 74,800 Rent 39,134 - Office and administration 178,653 156,891 $ 430,691 $ 266,567 |
Note 11 - Research and Developm
Note 11 - Research and Development | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 11. RESEARCH AND DEVELOPMENT The breakdown of research and development for the year ended December 31, 2021 2020 2021 2020 Project management $ 144,000 $ 84,000 Software development 585,953 159,568 Business development 60,533 10,713 Payroll 27,783 - $ 818,269 $ 254,281 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES A reconciliation of income taxes at statutory rates with the reported taxes is as follows: December 31, 2021 December 31, 2020 Loss before taxes for the year $ (1,986,665 ) $ (2,772,484 ) Expected income tax (recovery) $ (417,000 ) $ (582,000 ) Effect of change in tax rates (64,000 ) (16,000 ) Permanent differences 150,000 60,000 Adjustment to prior years provision 2,147,000 2,086,000 Change in unrecognized deductible temporary (1,816,000 ) (1,548,000 ) Total income taxes $ - $ - Current income tax $ - $ - Deferred tax recovery $ - $ - The significant components of the Company’s deferred tax assets that have not December 31, 2021 December 31, 2020 Non-capital losses $ 5,010,903 $ 5,037,600 $ 5,010,903 $ 5,037,600 Unrecognized deferred tax assets (5,010,903 ) (5,037,600 ) Net deferred tax assets $ - $ - The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Non-capital losses available for future periods $ 23,473,000 2026 to 2041 $ 23,904,000 2026 to 2040 Canada $ 22,304,000 2026 to 2041 $ 23,646,000 2026 to 2040 USA $ 1,169,000 2026 to 2041 $ 258,000 2026 to 2040 |
Note 13 - Related Parties
Note 13 - Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTIES Related parties include the Board of Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions. The Company defines its key management as the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer. Remuneration of directors and key management personnel of the Company was as follows: Year ended December 31, 2021 2020 Selling general and administrative $ 124,972 $ 27,479 Share-based compensation to directors and officers 151,261 132,210 $ 276,233 $ 159,689 The Company for the years ended December 31, 2021 2020 2020 December 31, 2021 2020. December 31, 2021 2020. |
Note 14 - Operating Leases
Note 14 - Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. OPERATING LEASES The Company has one third The lease at the Vancouver, Canada location is on a month-to-month basis with monthly rental payments of $3,950 (CND). For the years ended December 31, 2021 2020 |
Note 15 - Segmented Information
Note 15 - Segmented Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. SEGMENTED INFORMATION The Company currently operates in a single reportable operating segment. All of the Company’s assets and expenditures are located in the United States. Since the Company does not no |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS Subsequent to December 31, 2021, $0.80CAD January 31, 2025. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). On March 21, 2022, December 31, 2021. These consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when an investor has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% The controlled entities are listed in the following table: Name of Subsidiary Country of Incorporation Ownership Interest at December 31, 2021 Ownership Interest at December 31, 2020 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development |
Use of Estimates, Policy [Policy Text Block] | Significant judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not Significant judgments ● the determination of functional currencies; and |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include highly liquid investments with original maturities of twelve |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Research and Development Expense, Policy [Policy Text Block] | Research and development Expenditure on research activities is recognized on the consolidated statement of loss and comprehensive loss as incurred. Development expenditures are capitalized as part of the cost of the resulting intangible asset only if the expenditures can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Management determined that as at December 31, 2021, not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible asset Identifiable intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is valued at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment annually and whenever there is an indication that the intangible asset may Intangible assets with indefinite lives are measured at cost less any accumulated impairment losses. These intangible assets are tested for impairment on an annual basis and more frequently if there are indicators that intangible assets may |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or contracts that may December 31, 2021 2020, 2020: 2020: |
Lessee, Leases [Policy Text Block] | Right of use asset The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use assets are subsequently amortized from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term using the straight line method. Lease liability The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following payments during the lease term: fixed payments (including in-substance fixed payments), and the exercise price under a purchase option that the Company is reasonably certain to exercise. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising mainly if the Company changes its assessment of whether it will exercise a purchase, renewal or termination option, or if there is a revised in substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Section 718 The fair value at grant date of all share-based payments is recognized as compensation expense over the period for which benefits of services are expected to be derived, with a corresponding credit to shareholders’ equity or accrued liabilities depending on whether they are equity-settled or cash-settled. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Functional currency The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The functional currency of Oculus VisionTech Inc. is the Canadian (“CAD” or “C”) dollar and the functional currency of ComplyTrust Inc. is the U.S. dollar. In accordance with ASC 830, Foreign currency transactions are translated into the functional currency of the respective currency of the entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements Accounting Standards Update No. 2019 12—Income 740 December 2019, January 1, 2021 no Recently issued accounting pronouncements Accounting Standards Update No. 2016 13 June 2016, Accounting Standards Update No. 2018 19 326, November 2018, 2018 19 2018 270, not 326 20. 842, These updates are effective beginning January 1, 2023, 2016 13 2018 19 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | Name of Subsidiary Country of Incorporation Ownership Interest at December 31, 2021 Ownership Interest at December 31, 2020 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2021 2020 Prepaid expenses $ 28,141 $ 1,030 Tax Receivable – Canadian GST 9,691 5,052 $ 37,832 $ 6,082 |
Note 5 - Accounts Payable and_2
Note 5 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2021 2020 Accounts payable $ 61,836 $ 16,670 Accrued fees and expenses 34,362 15,659 $ 96,198 $ 32,329 |
Note 6 - Acquisition of Compl_2
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Issuance of 12,500,000 $ 1,380,427 Contingent consideration - warrants 414,128 Transaction costs 54,532 Total Purchase Price $ 1,849,087 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Cash $ 114,169 Accounts payable and due from related party (232,021 ) Intangible asset 1,966,939 Total Purchase Price $ 1,849,087 |
Note 8 - Stock Options (Tables)
Note 8 - Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of options Weighted average exercise price Aggregate Intrinsic Value Options outstanding, December 31, 2019 - $ - $ - Granted 3,850,000 0.36 - Options outstanding, December 31, 2020 3,850,000 0.36 3,363,000 Granted 1,465,000 0.86 - Options outstanding, December 31, 2021 5,315,000 $ 0.49 $ 3,910,950 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise price (CAD) Number of options outstanding Expiry date Number of options exercisable Remaining contractual life (years) $ 0.350 3,600,000 July 21, 2023 1,440,000 1.55 $ 0.450 250,000 December 21, 2023 100,000 1.97 $ 1.200 500,000 January 29, 2024 100,000 2.08 $ 0.800 375,000 June 10, 2024 75,000 2.44 $ 0.600 590,000 October 14, 2024 - 2.79 5,315,000 1,715,000 |
Note 9 - Warrants (Tables)
Note 9 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Warrants or Right [Table Text Block] | Number of warrants Weighted average exercise price Warrants outstanding, December 31, 2019 - $ - Granted 12,500,000 0.001 Warrants outstanding, December 31, 2020 12,500,000 0.001 Granted 4,900,000 1.00 Warrants outstanding, December 31, 2021 17,400,000 $ 0.28 Exercise price Number of warrants outstanding Expiry date Number of warrants exercisable Remaining contractual life (years) $ 1.00 (CAD) 4,900,000 April 19, 2023 4,900,000 1.30 $ 0.001 (1) 12,500,000 June 4, 2025 - 3.43 17,400,000 4,900,000 |
Note 10 - Selling, General an_2
Note 10 - Selling, General and Administrative (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Selling, General and Administrative Expenses [Table Text Block] | 2021 2020 Filing and regulatory fees $ 38,396 $ 21,036 Marketing 41,374 13,840 Professional fees 133,134 74,800 Rent 39,134 - Office and administration 178,653 156,891 $ 430,691 $ 266,567 |
Note 11 - Research and Develo_2
Note 11 - Research and Development (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Research and Development Expenses [Table Text Block] | 2021 2020 Project management $ 144,000 $ 84,000 Software development 585,953 159,568 Business development 60,533 10,713 Payroll 27,783 - $ 818,269 $ 254,281 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2021 December 31, 2020 Loss before taxes for the year $ (1,986,665 ) $ (2,772,484 ) Expected income tax (recovery) $ (417,000 ) $ (582,000 ) Effect of change in tax rates (64,000 ) (16,000 ) Permanent differences 150,000 60,000 Adjustment to prior years provision 2,147,000 2,086,000 Change in unrecognized deductible temporary (1,816,000 ) (1,548,000 ) Total income taxes $ - $ - Current income tax $ - $ - Deferred tax recovery $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 December 31, 2020 Non-capital losses $ 5,010,903 $ 5,037,600 $ 5,010,903 $ 5,037,600 Unrecognized deferred tax assets (5,010,903 ) (5,037,600 ) Net deferred tax assets $ - $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Non-capital losses available for future periods $ 23,473,000 2026 to 2041 $ 23,904,000 2026 to 2040 Canada $ 22,304,000 2026 to 2041 $ 23,646,000 2026 to 2040 USA $ 1,169,000 2026 to 2041 $ 258,000 2026 to 2040 |
Note 13 - Related Parties (Tabl
Note 13 - Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, 2021 2020 Selling general and administrative $ 124,972 $ 27,479 Share-based compensation to directors and officers 151,261 132,210 $ 276,233 $ 159,689 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ (1,986,665) | $ (2,772,484) |
Retained Earnings (Accumulated Deficit), Ending Balance | (46,145,845) | $ (44,159,180) |
Working Capital (Deficit) | $ 2,123,660 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,315,000 | 3,850,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,900,000 | 4,900,000 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Summary of Subsidiary (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
ComplyTrust Inc. [Member] | ||
ComplyTrust Inc. | 100.00% | 100.00% |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses | $ 28,141 | $ 1,030 |
Tax Receivable – Canadian GST | 9,691 | 5,052 |
Prepaid Expense and Other Assets, Current | $ 37,832 | $ 6,082 |
Note 5 - Accounts Payable and_3
Note 5 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable | $ 61,836 | $ 16,670 |
Accrued fees and expenses | 34,362 | 15,659 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 96,198 | $ 32,329 |
Note 6 - Acquisition of Compl_3
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 05, 2020 | Dec. 31, 2019 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 0 | $ 1,380,427 | ||
Warrants and Rights Outstanding | $ 414,128 | $ 414,128 | ||
Class of Warrant or Right, Outstanding (in shares) | 17,400,000 | 12,500,000 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 1,966,939 | ||
OCL Technologies Corp [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 12,500,000 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,380,427 | |||
Warrants and Rights Outstanding | 414,128 | |||
OCL Technologies Corp [Member] | Warrants Issued in Connection With Business Acquisition [Member] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 414,128 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,500,000 | 12,500,000 | ||
Warrants and Rights Outstanding | $ 414,128 | |||
Class of Warrant or Right, Outstanding (in shares) | 12,500,000 | 12,500,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | ||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years |
Note 6 - Acquisition of Compl_4
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. - Purchase Price (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock issued on acquisition of CTI | $ 0 | $ 1,380,427 |
OCL Technologies Corp [Member] | ||
Common stock issued on acquisition of CTI | 1,380,427 | |
Transaction costs | 54,532 | |
Total Purchase Price | 1,849,087 | |
OCL Technologies Corp [Member] | Warrants Issued in Connection With Business Acquisition [Member] | ||
Common stock issued on acquisition of CTI | $ 414,128 |
Note 6 - Acquisition of Compl_5
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. - Purchase Price (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2020shares | |
OCL Technologies Corp [Member] | |
Shares issued (in shares) | 12,500,000 |
Note 6 - Acquisition of Compl_6
Note 6 - Acquisition of Complytrust Inc. ("CTI"), Formerly OCL Technologies Corp. - Purchase Price Allocation (Details) - OCL Technologies Corp [Member] | Dec. 31, 2020USD ($) |
Cash | $ 114,169 |
Accounts payable and due from related party | (232,021) |
Intangible asset | 1,966,939 |
Total Purchase Price | $ 1,849,087 |
Note 7 - Common Stock (Details
Note 7 - Common Stock (Details Textual) | Jun. 14, 2021USD ($)shares | Jun. 14, 2021CAD ($)$ / sharesshares | Jun. 05, 2020$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 05, 2020$ / sharesshares | Dec. 31, 2019shares |
Common Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 91,422,569 | 86,522,569 | |||||
Common Stock, Shares Held in Escrow (in shares) | 5,175,000 | ||||||
Class of Warrant or Right, Outstanding (in shares) | 17,400,000 | 12,500,000 | 0 | ||||
Payments of Stock Issuance Costs | $ | $ 36,370 | $ 0 | |||||
Private Placement [Member] | |||||||
Equity Offering, Number of Units Issued (in shares) | 4,900,000 | 4,900,000 | |||||
Equity Offering, Price Per Unit Issued (in CAD per share) | $ / shares | $ 0.80 | ||||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,098,616 | $ 3,920,000 | |||||
Equity Offering, Number of Common Shares Per Unit (in shares) | 1 | ||||||
Warrants Issued in Connection with Private Placement [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1 | ||||||
Warrants and Rights Outstanding, Term (Year) | 24 months | ||||||
Equity Offering, Number of Warrants Per Unit (in shares) | 1 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||
Class of Warrant of Right, Stock Price Trigger (in CAD per share) | $ / shares | $ 2.50 | ||||||
Class of Warrant or Right, Threshold Consecutive Trading Days | 10 | 10 | |||||
Payments of Stock Issuance Costs | $ 36,370 | $ 45,500 | |||||
OCL Technologies Corp [Member] | Warrants Issued in Connection With Business Acquisition [Member] | |||||||
Class of Warrant or Right, Outstanding (in shares) | 12,500,000 | 12,500,000 | 12,500,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,500,000 | 12,500,000 | 12,500,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | 5 years | ||||
OCL Technologies Corp [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 12,500,000 | ||||||
Shares Issued, Price Per Share (in CAD per share) | $ / shares | $ 0.15 | ||||||
Investors [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,000,001 | ||||||
Shares Issued, Price Per Share (in CAD per share) | $ / shares | $ 0.15 | ||||||
Employee and Directors [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,766,667 |
Note 8 - Stock Options (Details
Note 8 - Stock Options (Details Textual) | Jan. 29, 2021CAD ($)$ / sharesshares | Dec. 21, 2020CAD ($)$ / sharesshares | Jul. 21, 2020CAD ($)$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020CAD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 1,465,000 | 1,465,000 | 3,850,000 | 3,850,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 1,715,000 | ||||||
Share-based Payment Arrangement, Expense | $ | $ 713,684 | $ 284,793 | |||||
Rolling Stock Option Plan [Member] | |||||||
Share-based Compensation Arrangement, Percent of Issued and Outstanding Common Shares Reserved | 10.00% | 10.00% | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 250,000 | 3,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 250,000 | 3,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.45 | $ 0.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 75,800 | $ 909,900 | |||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of January 29, 2024 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 1.20 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 424,300 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.14% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Share-based Payment Arrangement, Expense | $ 230,215 | $ 285,557 | |||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of January 29, 2024 [Member] | Vesting Every Six Months [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 1.18 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of June10, 2024 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 375,000 | 375,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 375,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.80 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 211,700 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 120.80% | 120.80% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.25% | 0.25% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.80 | ||||||
Share-based Payment Arrangement, Expense | $ 83,342 | $ 101,058 | |||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125.00% | 125.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.02% | 0.27% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.425 | $ 0.35 | |||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | July 2020 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 324,132 | $ 406,133 | $ 369,597 | ||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | December 2020 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 1,899 | ||||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Vesting Every Six Months [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | |||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | |||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of October 14, 2024 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 590,000 | 590,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 590,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.60 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 219,100 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119.89% | 119.89% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.63% | 0.63% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.54 | ||||||
Share-based Payment Arrangement, Expense | $ 33,964 | $ 42,819 | |||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of October 14, 2024 [Member] | Vesting Every Six Months [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | |||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of July 21, 2023 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 283,307 | ||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of December 21, 2023 [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 42,031 | $ 52,835 | $ 1,486 |
Note 8 - Stock Options - Change
Note 8 - Stock Options - Changes in Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options outstanding (in shares) | 3,850,000 | 0 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.36 | $ 0 | |
Options outstanding, aggregate intrinsic value | $ 3,910,950 | $ 3,363,000 | $ 0 |
Granted, options (in shares) | 1,465,000 | 3,850,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.86 | $ 0.36 | |
Granted, aggregate intrinsic value (in dollars per share) | $ 0 | $ 0 | |
Options outstanding (in shares) | 5,315,000 | 3,850,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.49 | $ 0.36 |
Note 8 - Stock Options - Detail
Note 8 - Stock Options - Details of Options Outstanding (Details) | 12 Months Ended | |||
Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Exercise price (in CAD per share) | $ / shares | $ 0.49 | $ 0.36 | $ 0 | |
Number of options outstanding (in shares) | 5,315,000 | 5,315,000 | 3,850,000 | 0 |
Number of options exercisable (in shares) | 1,715,000 | 1,715,000 | ||
Range One [Member] | ||||
Exercise price (in CAD per share) | $ / shares | $ 0.350 | |||
Number of options outstanding (in shares) | 3,600,000 | 3,600,000 | ||
Number of options exercisable (in shares) | 1,440,000 | 1,440,000 | ||
Remaining contractual life (Year) | 1 year 6 months 18 days | |||
Range Two [Member] | ||||
Exercise price (in CAD per share) | $ / shares | $ 0.450 | |||
Number of options outstanding (in shares) | 250,000 | 250,000 | ||
Number of options exercisable (in shares) | 100,000 | 100,000 | ||
Remaining contractual life (Year) | 1 year 11 months 19 days | |||
Range Three [Member] | ||||
Exercise price (in CAD per share) | $ / shares | $ 1.200 | |||
Number of options outstanding (in shares) | 500,000 | 500,000 | ||
Number of options exercisable (in shares) | 100,000 | 100,000 | ||
Remaining contractual life (Year) | 2 years 29 days | |||
Range Four [Member] | ||||
Exercise price (in CAD per share) | $ / shares | $ 0.800 | |||
Number of options outstanding (in shares) | 375,000 | 375,000 | ||
Number of options exercisable (in shares) | 75,000 | 75,000 | ||
Remaining contractual life (Year) | 2 years 5 months 8 days | |||
Range Five [Member] | ||||
Exercise price (in CAD per share) | $ / shares | $ 0.600 | |||
Number of options outstanding (in shares) | 590,000 | 590,000 | ||
Number of options exercisable (in shares) | 0 | 0 | ||
Remaining contractual life (Year) | 2 years 9 months 14 days |
Note 9 - Warrants - Schedule of
Note 9 - Warrants - Schedule of Warrants (Details) | 12 Months Ended | ||
Dec. 31, 2021$ / shares$ / sharesshares | Dec. 31, 2020$ / sharesshares | ||
Warrants outstanding (in shares) | 12,500,000 | 0 | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.001 | $ 0 | |
Granted, warrants (in shares) | 4,900,000 | 12,500,000 | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 1 | $ 0.001 | |
Warrants outstanding (in shares) | 17,400,000 | 12,500,000 | |
Warrants outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.28 | $ 0.001 | |
Number of warrants outstanding (in shares) | 17,400,000 | 12,500,000 | |
Number of warrants exercisable (in shares) | 4,900,000 | ||
Warrants Expiring on April 19, 2023 [Member] | |||
Warrants outstanding (in shares) | 4,900,000 | ||
Exercise price (in CAD per share) | $ / shares | $ 1 | ||
Number of warrants outstanding (in shares) | 4,900,000 | ||
Number of warrants exercisable (in shares) | 4,900,000 | ||
Remaining contractual life (Year) | 1 year 3 months 18 days | ||
Warrants Expiring on June 4, 2025 [Member] | |||
Warrants outstanding (in shares) | [1] | 12,500,000 | |
Number of warrants outstanding (in shares) | [1] | 12,500,000 | |
Number of warrants exercisable (in shares) | [1] | 0 | |
Remaining contractual life (Year) | [1] | 3 years 5 months 4 days | |
[1] | No share purchase warrants are exercisable until specific performance criteria have been met. Such criteria being 1) revenue sales projections per CTI’s 5 year proformas, or 2) listing on a major US exchange, or 3) change of control. |
Note 10 - Selling, General an_3
Note 10 - Selling, General and Administrative - Selling, General and Administrative Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Filing and regulatory fees | $ 38,396 | $ 21,036 |
Marketing | 41,374 | 13,840 |
Professional fees | 133,134 | 74,800 |
Rent | 39,134 | 0 |
Office and administration | 178,653 | 156,891 |
Selling, General and Administrative Expense, Total | $ 430,691 | $ 266,567 |
Note 11 - Research and Develo_3
Note 11 - Research and Development - Research and Development (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Project management | $ 144,000 | $ 84,000 |
Software development | 585,953 | 159,568 |
Business development | 60,533 | 10,713 |
Payroll | 27,783 | 0 |
Research and Development Expense, Total | $ 818,269 | $ 254,281 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before taxes for the year | $ (1,986,665) | $ (2,772,484) |
Expected income tax (recovery) | (417,000) | (582,000) |
Effect of change in tax rates | (64,000) | (16,000) |
Permanent differences | 150,000 | 60,000 |
Adjustment to prior years provision | 2,147,000 | 2,086,000 |
Change in unrecognized deductible temporary | (1,816,000) | (1,548,000) |
Total income taxes | 0 | 0 |
Current income tax | 0 | 0 |
Deferred tax recovery | $ 0 | $ 0 |
Note 12 - Income Taxes - Net De
Note 12 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Non-capital losses | $ 5,010,903 | $ 5,037,600 |
Deferred Tax Assets, Gross, Total | 5,010,903 | 5,037,600 |
Unrecognized deferred tax assets | (5,010,903) | (5,037,600) |
Net deferred tax assets | $ 0 | $ 0 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Temporary Difference (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operatinting loss | $ 23,473,000 | $ 23,904,000 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operatinting loss | 22,304,000 | 23,646,000 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operatinting loss | $ 1,169,000 | $ 258,000 |
Minimum [Member] | ||
Expiry date | Dec. 31, 2026 | Dec. 31, 2026 |
Minimum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Expiry date | Dec. 31, 2026 | Dec. 31, 2026 |
Minimum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Expiry date | Dec. 31, 2026 | Dec. 31, 2026 |
Maximum [Member] | ||
Expiry date | Dec. 31, 2041 | Dec. 31, 2040 |
Maximum [Member] | Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Expiry date | Dec. 31, 2041 | Dec. 31, 2040 |
Maximum [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Expiry date | Dec. 31, 2041 | Dec. 31, 2040 |
Note 13 - Related Parties (Deta
Note 13 - Related Parties (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 276,233 | $ 159,689 |
Share-based Compensation [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 151,261 | 132,210 |
Research and Development Expense [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 0 |
Reimbursement [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 124,972 | $ 27,479 |
Note 13 - Related Parties - Rel
Note 13 - Related Parties - Related Party Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
related party expense | $ 276,233 | $ 159,689 |
Selling, General and Administrative Expenses [Member] | ||
related party expense | 124,972 | 27,479 |
Share-based Compensation [Member] | ||
related party expense | $ 151,261 | $ 132,210 |
Note 14 - Operating Leases (Det
Note 14 - Operating Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | |
Operating Lease, Expense | $ 39,134 | $ 0 | |
Vancouver, CA Operating Lease [Member] | |||
Operating Leases, Monthly Rent Expense | $ 3,950 | ||
Operating Lease, Expense | $ 36,340 | $ 38,651 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 21, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 1,465,000 | 3,850,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 1,715,000 | ||
Option Expiring on January 31, 2025 [Member] | Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ 0.80 |