Form 10-Q

0001273511-15-000056.txt : 20150515 0001273511-15-000056.hdr.sgml : 20150515 20150515124502 ACCESSION NUMBER: 0001273511-15-000056 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150515 DATE AS OF CHANGE: 20150515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCULUS VISIONTECH INC. CENTRAL INDEX KEY: 0001107280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 061576391 STATE OF INCORPORATION: WY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-29651 FILM NUMBER: 15867240 BUSINESS ADDRESS: STREET 1: 837 WEST HASTINGS STREET STREET 2: SUITE 507 CITY: VANCOUVER STATE: A1 ZIP: V6C 3N6 BUSINESS PHONE: 6046851017 MAIL ADDRESS: STREET 1: 837 WEST HASTINGS STREET STREET 2: SUITE 507 CITY: VANCOUVER STATE: A1 ZIP: V6C 3N6 FORMER COMPANY: FORMER CONFORMED NAME: OCULUS VISION TECH INC. DATE OF NAME CHANGE: 20120201 FORMER COMPANY: FORMER CONFORMED NAME: USA VIDEO INTERACTIVE CORP DATE OF NAME CHANGE: 20000217 10-Q 1 f150331oculusform10q.htm QUARTERLY REPORT FOR PERIOD ENDED MARCH 31, 2015 Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

Commission file number: 0-29651

OCULUS VISIONTECH INC.

(Exact name of registrant as specified in its charter)

WYOMING 06-1576391

(State or Other Jurisdiction of (I.R.S. Employer Identification No.)

Incorporation or Organization)

#507, 837 West Hastings Street, Vancouver, BC V6C 3N6

(Address of principal executive offices) (ZIP code)

(604) 685-1017

(Registrant's Telephone Number, including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o Accelerated filer o

Non-accelerated filer o Small reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

At May 15, 2015, there were 13,572,568 shares of the registrant's common stock outstanding.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

OCULUS VISIONTECH INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015

(Unaudited)

(Stated in US Dollars)

F-1

OCULUS VISIONTECH INC AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Stated in US Dollars)


	March 31,	December 31,
	2015	2014

	(Unaudited)	(Audited)
ASSETS

Current Assets:
Cash and cash equivalents	$ 3,069	$ 1,888
Accounts receivable	-	11,000
Prepaid expenses and other current assets	6,138	5,877

Total current assets	9,207	18,765

Deferred Tax Assets, net of valuation allowance
of $10,131,000 and $10,092,000, respectively	-	-

Total Assets	$ 9,207	$ 18,765

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current Liabilities:
Accounts payable and accrued expenses	$ 76,282	$ 66,584
Accounts payable and accrued expenses - related parties	563,171	557,226
Notes payable	58,399	58,399
Notes payable - related parties	520,947	520,947

Total current liabilities	1,218,799	1,203,156


Commitments and Contingencies

Stockholders' Deficiency:
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 13,572,568	38,755,638	38,755,638
Accumulated deficit	(39,965,230)	(39,940,029)

Stockholders' deficiency	(1,209,592)	(1,184,391)

Total Liabilities and Stockholders' Deficiency	$ 9,207	$ 18,765

SEE ACCOMPANYING NOTES

F-2

OCULUS VISIONTECH INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Stated in US Dollars)

(Unaudited)




Three months ended March 31,	2015	2014
Revenue	$ 5,500	$ 16,500

Expenses:
Cost of sales	425	1,275
Research and development	-	63,375
Selling, general and administrative	23,101	56,792

Total expenses	23,526	121,442
Loss from operations	(18,026)	(104,942)

Other income (expense)
Interest income (expense)	(7,175)	(8,163)

Total other income (expense)	(7,175)	(8,163)

Net loss	$ (25,201)	$ (113,105)

Net loss per share - basic and diluted	$ (.00)	$ (.01)
Weighted-average number of common
shares outstanding - basic and diluted	13,572,568	13,572,568

SEE ACCOMPANYING NOTES

F-3

OCULUS VISIONTECH INC AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY

(Stated in US Dollars)

(Unaudited)


				Total
	Common Stock		Accumulated	Stockholders'
	Shares	Amount	Deficit	Deficiency
Balance at December 31, 2014	13,572,568	$ 38,755,638	$ (39,940,029)	$ (1,184,391)
Net loss	-	-	(25,201)	(25,201)
Balance at March 31, 2015	13,572,568	$ 38,755,638	$ (39,965,230)	$ (1,209,592)

SEE ACCOMPANYING NOTES

F-4

OCULUS VISIONTECH INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in US Dollars)

(Unaudited)


Three months ended March 31,	2015	2014

Cash flows from operating activities:
Net loss	$ (25,201)	$ (113,105)
Adjustments to reconcile net loss to net cash used in operating
activities:
Amortization of debt discount	-	-
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	11,000	8,489
Increase in prepaid expenses and other current assets	(261)	(439)
Increase (decrease) in accounts payable and accrued expenses	9,698	22,833
Increase in accounts payable and accrued expenses
due to related parties	5,945	87,858

Net cash used in operating activities	1,181	5,636


Net increase in cash and cash equivalents	1,181	5,636

Cash and cash equivalents at beginning of year	1,888	6,888

Cash and cash equivalents at end of year	$ 3,069	$ 12,524


Supplemental disclosures of cash flow information:

Cash paid during the year for interest	$ -	$ -

SEE ACCOMPANYING NOTES

F-5

OCULUS VISIONTECH INC AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015

(Unaudited)

(Stated in US Dollars)

NOTE A – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01(a)(5) of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. 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, 2014.

NOTE B – GOING CONCERNS:

The accompanying condensed 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 $25,201 for the three month period ended March 31, 2015 and, in addition the Company incurred losses of $260,314 and $93,608 for the years ended December 31, 2014 and 2013, respectively. As of March 31, 2015, the Company had an accumulated deficit of $39,965,230 and a working capital deficit of $1,209,592. 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.

F-6

Item 2.

Management's Discussion and Analysis of Financial Condition and

Results of Operations

CAUTIONARY STATEMENT

This document includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution readers regarding certain forward-looking statements in this document, press releases, securities filings, and all other documents and communications. All statements, other than statements of historical fact, including statements regarding industry prospects and future results of operations or financial position, made in this Quarterly Report on Form 10-Q ("Report") are forward looking. The words "believes," "anticipates," "estimates," "expects," and words of similar import, constitute "forward-looking statements." While we believe in the veracity of all statements made herein, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies and known and unknown risks. As a result of such risks, our actual results could differ materially from those expressed in any forward-looking statements made by, or on behalf of, our company. We will not necessarily update information if any forward-looking statement later turns out to be inaccurate. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including risks and uncertainties set forth in our Annual Report on Form 10-K, as well as in other documents we file with the Securities and Exchange Commission ("SEC").

The following information has not been audited. You should read this information in conjunction with the unaudited financial statements and related notes to the financial statements included in this report.

OVERVIEW OF THE COMPANY

We design and market to business customers digital watermarking, streaming video and video-on-demand (VOD) systems, services and source-to-destination digital media delivery solutions that allow live or recorded digitized and compressed video to be transmitted through Internet, intranet, satellite or wireless connectivity. The Company’s systems, services and delivery solutions include digital watermark solutions and video content production, content encoding, media asset management, media and application hosting, multi-mode content distribution, transaction data capture and reporting, e-commerce, specialized engineering services, and Internet streaming hardware.

The Company’s products and services are based on its media delivery infrastructure and software. It has developed a number of specific products and services. These include MediaSentinel and SmartMarks, a process that watermarks digital video content; StreamHQ, a collection of source-to-destination media delivery services marketed to businesses; EncodeHQ, a service that digitizes and compresses analog-source video; hardware server and encoder system applications under the brand name Hurricane Mediacaster; ZMail, a service that delivers Web and rich media content to targeted audiences, and mediaClix, a service that delivers content similar to Zmail but originating from an existing Web presence.

As more fully discussed below we have not been profitable, and our revenues for the three-months ended March 31, 2015 were $5,500. We cannot predict our revenue levels for the next 3 months, or thereafter, nor when, or if, our operations will become profitable. We will require additional financing, both for the next 3 months and thereafter, to continue to operate and expand our business. There is no assurance that such financing will be available on commercially reasonable terms, if at all.

BUSINESS OBJECTIVES:

We have established the following near-term business objectives:

Patent and license new technology developed within the corporate research and development program;

Attain industry recognition for the superior architectural, functional, and business differentiators of our MediaSentinel™ architecture;

Demonstrate proof of concept on a commercial project with MediaSentinel™ architecture;

Establish StreamHQ™as the industry standard in the streaming video and rich media marketplace;

Expand StreamHQ™ functionality to provide enhanced support for corporate training and education markets.

CRITICAL ACCOUNTING POLICIES (AND ESTIMATES)

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate these estimates, including those related to customer programs and incentives, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, impairment or disposal of long-lived assets, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We have identified the policies below as critical to our business operations and to the understanding of our financial results. The impact and any associated risks related to these policies on our business operations is discussed throughout management’s discussion and analysis of financial condition and results of operations where such policies affect our reported and expected financial results:

—

Revenue recognition;

—

Impairment or disposal of long-lived assets;

—

Deferred taxes;

—

Accounting for stock-based compensation; and

—

Commitments and contingencies.

REVENUE RECOGNITION. Revenue is recognized for digital water marking based on a contracted usage schedule on a monthly billing cycle. Software revenue and other services are recognized in accordance with the terms of the specific agreement, which is generally upon delivery and when accepted by customer. Maintenance, support and service revenue are recognized ratably over the term of the related agreement. In order to recognize revenue, we must not have any continuing obligations and it must also be probable that we will collect the accounts receivable.

IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS. Long-lived assets are reviewed in accordance with ASC Topic 360-10-05. Impairment or disposal of long-lived assets losses are recognized in the period the impairment or disposal occurs.

DEFERRED TAXES. We record a valuation allowance to reduce deferred tax assets when it is more likely than not that some portion of the amount may not be realized.

ACCOUNTING FOR STOCK-BASED COMPENSATION. Under ASC Topic 718, Stock Compensation (formerly referred to as SFAS No. 123(R)), the Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The fair value for awards that are expected to vest is then amortized on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. The amount of expense attributed is based on estimated forfeiture rate, which is updated based on actual forfeitures as appropriate. This option pricing model requires the input of highly subjective assumptions, including the expected volatility of the Company’s common stock, pre-vesting forfeiture rate and an option’s expected life. The financial statements include amounts that are based on the Company’s best estimates and judgments.

COMMITMENTS AND CONTINGENCIES. We account for commitments and contingencies in accordance with ASC Topic 450 Contingencies (formerly referred to as financial accounting standards board Statement No. 5, Accounting for Contingencies). We record a liability for commitments and contingencies when the amount is both probable and reasonably estimable.

RESULTS OF OPERATIONS

Sales

Sales for the three-month period ended March 31, 2015 and 2014 were $5,500 and $16,500, respectively. Revenues were generated from Software License Agreement from our Smartmark™ Software. Sales for 2015 and 2014 were from one customer. As of February 1, 2015 the Company’s sole customer did not renew their contract for usage of the Company’s digital watermarking software.

Cost of Sales

The cost of sales for the three months ended March 31, 2015 were $425 compared to $1,275 for the comparable period in 2014. Costs are the commissions and royalties on our video watermarking license agreement. Contract for royalties expired in 2015.

Selling, General and Administrative Expenses

Selling, general and administrative expenses, consisting of product marketing expenses, consulting fees, office, professional fees and other expenses to execute our business plan and for our day-to-day operations, decreased in the three months ending March 31, 2015. We have a contract for our Smartmark™ Software and delivered acceptable release to start billing and delivered additional server licenses. Product marketing costs decreased due to management’s decision to concentrate the company’s current base. Professional and office expenses increased due to the annual meeting. Administrative expenses have increased as a result.

Selling, general and administrative expenses for the three months ended March 31, 2015 decreased by $33,691 to $23,101 from $56,792 for the three months ended March 31, 2014.

Annual meeting costs for the three months ended March 31, 2015, decreased to $-0- from $16,433 for the comparable period in 2014. We incurred decreased costs in 2015 due to not holding the annual meeting in this period.

Professional fees for the three months ended March 31, 2015, decreased to $5,168 from $14,937 for the comparable period in 2014. We incurred decreased costs in 2015 due to cost associated with the company annual meeting.

Salaries and fees for the three months ended March 31, 2015 and 2014 were $-0-. No cost were incurred due to management and employee reductions.

We have arranged for additional staff and consultants to engage in marketing activities in an effort to identify and assess appropriate market segments, develop business arrangements with prospective partners, create awareness of new products and services, and communicate to the industry and potential customers. Other components of selling, general and administrative expense did not change significantly.

Research and Development

Research and development costs for the three months ended March 31, 2015, decreased to $-0- from $63,375 for the comparable period in 2014. We incurred decreased costs in 2015 due to management’s decision to market existing digital watermark capabilities.

Net Losses

To date, we have not achieved profitability and expect to incur substantial losses for the foreseeable future. Our net loss for the three-months ended March 31, 2015 was $25,201 compared with a net loss of $113,105 for 2014.

Liquidity and Capital Resources

At March 31, 2015 our cash position was $3,069 an increase of $1,181 from December 31, 2014. We had a working capital deficit of $1,209,592 and an accumulated deficit of $39,965,230 at March 31, 2015.

We have historically satisfied our capital needs primarily by issuing equity securities to our officers, directors, employees and a small group of investors, and from short-term bridge loans from members of management. During the three-months ended March 31, 2015, short term advances were received from officers, directors, employees and a small group of investors short term loans.

We will require additional financing to fund current operations through fiscal 2015. We have historically satisfied our capital needs primarily by issuing equity securities and receiving advances from related parties. We will require an additional $0.25 million to $1.25 million to finance operations through fiscal 2015 and we intend to seek such financing through sales of our equity securities.

Assuming the aforementioned $0.25 million to $1.25 million in financing is obtained, we believe that continuing operations for the longer term will be supported through anticipated licensing revenues and through additional sales of our securities. We have no binding commitments or arrangements for additional financing, and there is no assurance that we will be able to obtain any additional financing on terms acceptable to us, if at all.

The Company and the note holders agreed to a seven-month due date extension to June 30, 2015.

OFF-BALANCE SHEET ARRANGEMENTS

We do not maintain any off-balance sheet transactions, arrangements, or obligations that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, or capital resources.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We believe our exposure to overall foreign currency risk is not material. We do not manage or maintain market risk sensitive instruments for trading or other purposes and we are not exposed to the effects of interest rate fluctuations as we do not carry any long-term debt.

We report our operations in US dollars and our currency exposure, although considered by us as immaterial, is primarily between US and Canadian dollars. Exposure to other currency risks is also not material as international transactions are settled in US dollars. Any future financing undertaken by us will be denominated in US dollars. As we increase our marketing efforts, the related expenses will be primarily in US dollars. At March 31, 2015, 29% of our bank deposits are maintained in U.S. dollars.

Item 4.

Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this report.

In designing and evaluating our disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

No system of controls can prevent errors and fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur. Controls can also be circumvented by individual acts of some people, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with its policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Subject to the limitations above, management believes that the consolidated financial statements and other financial information contained in this report, fairly present in all material respects our financial condition, results of operations, and cash flows for the periods presented.

Based on the evaluation of the effectiveness of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were not effective as a result of the weaknesses in the design of our internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A. Risk Factors

A description of the risks associated with our business, financial condition, and results of operations is set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. These factors continue to be meaningful for your evaluation of our company and we urge you to review and consider the risk factors presented in the Form 10-K. There have been no material changes to these risks presented in the Form 10-K.

Item 2.

Unregistered Sales of Equities, Securities & Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Removed and Reserved.

N/A.

Item 5.

Other Information.

None.

Item 6.

Exhibits and Reports on Form 8-K


Number	Exhibit Description
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


Number	Exhibit Description
101	Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.
	101.INS	XBRL Instance Document
	101.SCH	XBRL Taxonomy Extension Schema Document
	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
	101.LAB	XBRL Taxonomy Extension Label Linkbase Document
	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

OCULUS VISIONTECH INC.

Dated: May 15, 2015

By: /s/ Anton J. Drescher

--------------------------------

Name: Anton J. Drescher

Title: Chief Financial Officer

EX-31.1 2 f150331exhibit311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rowland Perkins, certify that:

I have reviewed this quarterly report on Form 10-Q of Oculus VisionTech Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entitles, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Rowland Perkins

-----------------------------------

Name: Rowland Perkins

Title: Chief Executive Officer

Date: May 15, 2015

EX-31.2 3 f150331exhibit312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Anton J. Drescher, certify that:

I have reviewed this quarterly report on Form 10-Q of Oculus VisionTech Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Anton J. Drescher

------------------------------------

Name: Anton J. Drescher

Title: Secretary and Chief Financial Officer

Date: May 15, 2015

EX-32.1 4 f150331exhibit321.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Oculus VisionTech Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rowland Perkins, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 that:

this report fully complies with the requirements of Sections 13(a) or 15(d) of the 1934 Act, and

the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of operations of the registrant.

By: /s/ Rowland Perkins

-----------------------------------

Name: Rowland Perkins

Title: Chief Executive Officer

Date: May 15, 2015

EX-32.2 5 f150331exhibit322.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Oculus VisionTech Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anton J. Drescher, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 that:

this report fully complies with the requirements of Sections 13(a) or 15(d) of the 1934 Act, and

the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of operations of the registrant.

By: /s/ Anton J. Drescher

------------------------------------

Name: Anton J. Drescher

Title: Secretary and Chief Financial Officer

Date: May 15, 2015

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NOTE A BASIS OF PRESENTATION   The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01(a)(5) of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  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 Companys annual report on Form 10-K for the fiscal year ended December 31, 2014.

NOTE B GOING CONCERNS:   The accompanying condensed 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 $25,201 for the three month period ended March 31, 2015 and, in addition the Company incurred losses of $260,314 and $93,608 for the years ended December 31, 2014 and 2013, respectively. As of March 31, 2015, the Company had an accumulated deficit of $39,965,230 and a working capital deficit of $1,209,592. 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.

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GOING CONCERNS (Details Narrative) (USD $)	1 Months Ended	12 Months Ended
GOING CONCERNS (Details Narrative) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Notes to Financial Statements
Net Loss	$ 25,201us-gaap_NetIncomeLoss	$ 260,314us-gaap_NetIncomeLoss	$ 93,608us-gaap_NetIncomeLoss
Accumulated Deficit	(39,965,230)	(39,940,029)
Working Capital Deficit	$ 1,209,592ovtz_WorkingCapitalDeficit

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

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GOING CONCERNS	3 Months Ended
Mar. 31, 2015
Notes to Financial Statements
GOING CONCERNS	NOTE B – GOING CONCERNS: The accompanying condensed 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 $25,201 for the three month period ended March 31, 2015 and, in addition the Company incurred losses of $260,314 and $93,608 for the years ended December 31, 2014 and 2013, respectively. As of March 31, 2015, the Company had an accumulated deficit of $39,965,230 and a working capital deficit of $1,209,592. 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.

GOING CONCERNS

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

GOING CONCERNS

NOTE B – GOING CONCERNS:

XML 17 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 3,069	$ 1,888
Accounts receivable		11,000us-gaap_AccountsReceivableNetCurrent
Prepaid expenses and other current assets	6,138	5,877
Total current assets	9,207us-gaap_AssetsCurrent	18,765us-gaap_AssetsCurrent
Deferred Tax Assets, net of valuation allowance of $10,092,000 and $10,060,000, respectively
Total Assets	9,207us-gaap_Assets	18,765us-gaap_Assets
Current Liabilities:
Accounts payable and accrued expenses	76,282	66,584
Accounts payable and accrued expenses - related parties	563,171us-gaap_DueToRelatedPartiesCurrent	557,226us-gaap_DueToRelatedPartiesCurrent
Notes payable	58,399us-gaap_NotesPayableCurrent	58,399us-gaap_NotesPayableCurrent
Notes payable- related parties	520,947	520,947
Total current liabilities	1,218,799us-gaap_LiabilitiesCurrent	1,203,156us-gaap_LiabilitiesCurrent
Commitments and Contingencies
Stockholders' Deficiency:
Preferred stock - no par value; authorized 250,000,000 shares, none issued
Common stock - no par value; authorized 500,000,000 shares, issued and outstanding 13,572,568	38,755,638us-gaap_CommonStockValue	38,755,638us-gaap_CommonStockValue
Accumulated deficit	(39,965,230)	(39,940,029)
Stockholders' deficiency	(1,209,592)us-gaap_StockholdersEquity	(1,184,391)us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Deficiency	$ 9,207	$ 18,765

XML 18 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net Loss	$ (25,201)us-gaap_ProfitLoss	$ (113,105)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on settlement of accounts payable
Changes in operating assets and liabilities:
Increase in accounts receivable	11,000	8,489
Decrease (increase) in prepaid expenses and other current assets	(261)	(439)
Increase (decrease) in accounts payable and accrued expenses	9,698	22,833
Increase in accounts payable and accrued expenses due to related parties	5,945	87,858
Net cash used in operating activities	1,181	5,636
Net decrease in cash and cash equivalents	1,181	5,636
Cash and cash equivalents at beginning of year	1,888	6,888
Cash and cash equivalents at end of year	3,069	12,524
Supplemental disclosures of cash flow information:
Cash paid during the period for interest

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

NOTE A – BASIS OF PRESENTATION

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

XML 21 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Deferred Tax Assets, Valuation allowance	$ 10,131,000	$ 10,180,000
Preferred Stock, No par value	$ 0	$ 0
Preferred Stock, shares authorized	250,000,000us-gaap_PreferredStockSharesAuthorized	250,000,000us-gaap_PreferredStockSharesAuthorized
Preferred Stock, shares issued	0us-gaap_PreferredStockSharesIssued	0us-gaap_PreferredStockSharesIssued
Common Stock, No par value	$ 0	$ 0
Common Stock, shares authorized	500,000,000us-gaap_CommonStockSharesAuthorized	500,000,000us-gaap_CommonStockSharesAuthorized
Common Stock, shares issued	13,572,568us-gaap_CommonStockSharesIssued	13,572,568us-gaap_CommonStockSharesIssued
Common Stock, shares outstanding	13,572,568us-gaap_CommonStockSharesOutstanding	13,572,568us-gaap_CommonStockSharesOutstanding

Document and Entity Information (USD $)	3 Months Ended
Document and Entity Information (USD $)	Mar. 31, 2015	May 15, 2015
Document And Entity Information
Entity Registrant Name	OCULUS VISIONTECH INC.
Entity Central Index Key	0001107280
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015
Entity Public Float		$ 0dei_EntityPublicFloat
Entity Common Stock Shares Outstanding		13,572,568dei_EntityCommonStockSharesOutstanding

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2012
Beginning Balance	$ (1,184,391)us-gaap_StockholdersEquity
Net Loss	(25,201)us-gaap_ProfitLoss
Ending Balance	(1,209,592)us-gaap_StockholdersEquity
Common Stock
Beginning Balance	38,755,638	38,755,638
Beginning Balance, Shares	13,572,568	12,772,568
Net Loss
Ending Balance	38,755,638	38,755,638
Ending Balance, Shares	13,572,568	12,772,568
Retained Earnings [Member]
Beginning Balance	(39,940,029)
Net Loss	(25,201)
Ending Balance	$ (39,965,230)