0001437749-20-010085.txt : 20200508 0001437749-20-010085.hdr.sgml : 20200508 20200508163421 ACCESSION NUMBER: 0001437749-20-010085 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 31 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200508 DATE AS OF CHANGE: 20200508 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: 20861118 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 ovtz20200331_10q.htm FORM 10-Q ovtz20200331_10q.htm
 

Table of Contents

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, 2020

 

  

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

For the transition period from _____ to _____

  

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

Incorporation or Organization)

Identification No.)

  

Suite 507 - 837 West Hastings Street, Vancouver, BC, Canada, 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   ☑      No   ☐

  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

  

Yes    ☑      No ☐

  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” ‘‘accelerated filer” and “smaller reporting issuer” in Rule 12b-2 of the Exchange Act.

  

Large accelerated filer

Accelerated filer

Non-accelerated filer     

Smaller reporting company   

(Do not check if a smaller reporting company)

  

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

  

Yes    ☐      No ☑

  

As of May 8, 2020, there were 67,022,568 shares of the registrant’s common stock outstanding.

  

Securities registered pursuant to Section 12(b) of the Act:

  

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Common

  

  

Common stock - no par value

OVTZ

Over The Counter Bulletin Board

Preferred stock - no par value

N/A

N/A

Common stock - no par value

OVT

TSX Venture Exchange

Common stock - no par value

USF1

Frankfurt Stock Exchange

    

 
 

 

TABLE OF CONTENTS

  

  

  

PART I – FINANCIAL INFORMATION

  

  

  

  

  

Item 1.

  

Financial Statements

3

  

(A)

Condensed Interim Consolidated Balance Sheets

3

  

(B)

Condensed Interim Consolidated Statements of Operations

4

  

(C)

Condensed Interim Consolidated Statements Of Stockholders’ Equity (Deficiency) 

5

  

(D)

Condensed Interim Consolidated Statements of Cash Flows

6

  

(E)

Notes to Condensed Interim Consolidated Financial Statements

7

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

8

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

13

Item 4.

  

Controls and Procedures

13

  

  

  

  

  

  

PART II – OTHER INFORMATION

  

  

  

  

  

Item 1.

  

Legal Proceedings

14

Item 1A.     

  

Risk Factors

14

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

14

Item 3.

  

Defaults Upon Senior Securities

14

Item 4.

  

Mine Safety Disclosure

14

Item 5.

  

Other Information

14

Item 6.

  

Exhibits

14

    

 

 

PART I - FINANCIAL INFORMATION

  

Item 1. Financial Statements.

  

OCULUS VISIONTECH INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Stated in US Dollars)


   

March 31,

   

December 31,

 
   

2020

   

2019

 
   

(Unaudited)

   

(Audited)

 

ASSETS

               
                 

Current Assets:

               

Cash and cash equivalents

  $ 326,930     $ 382,452  

Prepaid expenses and other current assets

    1,130       1,267  

Total current assets

    328,060       383,719  
                 

Deferred Tax Assets, net of valuation allowance of $5,928,000 and $6,580,000, respectively

    -       -  

Total Assets

  $ 328,060     $ 383,719  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICENCY)

               
                 

Current Liabilities:

               

Accounts payable and accrued expenses

  $ 23,204     $ 5,431  

Accounts payable and accrued expenses - related parties

    129,822       129,985  

Total current liabilities

    153,026       135,416  
                 

Commitments and Contingencies

    -       -  
                 

Stockholders' Equity (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 67,022,568

    41,634,999       41,634,999  

Accumulated deficit

    (41,459,965 )     (41,386,696 )

Stockholders' equity (deficiency)

    175,034       248,303  

Total Liabilities and Stockholders' Equity (Deficiency)

  $ 328,060     $ 383,719  

 

SEE ACCOMPANYING NOTES

  

 

 

OCULUS VISIONTECH INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Stated in US Dollars)

(Unaudited)


   

For the three months ended

 
   

March

   

March

 
   

2020

   

2019

 

Revenue

  $ -     $ -  
                 

Expenses:

               

Cost of sales

    -       -  

Research and development

    1,577       -  

Selling, general and administrative

    71,788       52,680  
                 

Total expenses

    73,365       52,680  

Loss from operations

    (73,365 )     (52,680 )
                 

Other income (expense)

         

Interest income (expense)

    96       -  
      96       -  
                 

Net loss

  $ (73,269 )   $ (52,680 )
                 

Net loss per share - basic and diluted

  $ (.00 )   $ (.00 )

Weighted-average number of common shares outstanding - basic and diluted

    67,022,568       45,572,568  

  

SEE ACCOMPANYING NOTES

 

 

 

OCULUS VISIONTECH INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)

(Stated in US Dollars)

(Unaudited)

   

Common Stock and

                 
   

Additional Paid in

                 
   

Capital

                 
                   

Accumulated

   

Stockholders'

 
   

Shares

   

Amount

   

Deficit

   

Equity

 
                           

(Deficiency)

 
                                 

Balance at January 1, 2020

    67,022,568     $ 41,634,999     $ (41,386,696 )   $ 248,303  
                                 

Net loss

                    (73,269 )     (73,269 )
                                 
                                 

Balance at March 31, 2020

    67,022,568     $ 41,634,999     $ (41,459,965 )   $ 175,034  

  

SEE ACCOMPANYING NOTES

  

 

 

OCULUS VISIONTECH INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in US Dollars)


Three months ended March 31,

 

2020

   

2019

 

(Unaudited)

 

Cash flows from operating activities:

               

Net loss

  $ (73,269 )   $ (52,680 )

Adjustments to reconcile net loss to net cash used in operating activities:

               

Changes in operating assets and liabilities:

               

Decrease (increase) in prepaid expenses and other current assets

    137       (98 )

Increase (decrease) in accounts payable and accrued expenses

    17,773       (7,182 )

Increase (decrease) in accounts payable and accrued expenses due to related parties

    (163 )     60,274  
                 

Net cash used in operating activities

    (55,522 )     314  

Cash flows from financing activities

               

Proceeds from the sale of common stock

    -       -  

Net cash from financing activities

    -       -  
                 

Net increase in cash and cash equivalents

    (55,522 )     314  
                 

Cash and cash equivalents at beginning of period

    382,452       5,572  

Cash and cash equivalents at end of period

  $ 326,930     $ 5,886  
                 
                 

Supplemental disclosures of cash flow information:

               
                 

Cash paid during the period for interest

  $ -     $ -  

Cash paid during the period for income taxes

  $ -     $ -  

 

SEE ACCOMPANYING NOTES

 

 

OCULUS VISIONTECH INC. AND SUBSIDIARY

  

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2020 and 2019 

(Stated in US Dollars)

(Unaudited)

  

 

1.

BASIS OF PRESENTATION

  

These unaudited condensed interim consolidated financial statements should be read in conjunction with the annual financial statements for Oculus VisionTech Inc. (“Oculus” or the “Company”) most recently completed fiscal year ended December 31, 2019. These unaudited condensed interim consolidated financial statements do not include all disclosures required in annual financial statements, but rather are prepared in accordance with recommendations for interim financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed interim consolidated financial statements have been prepared using the same accounting policies and methods as those used by the Company in the annual audited financial statements for the year ended December 31, 2019, except when disclosed below.

  

The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiary, USVO Inc. (dissolved December 31, 2019). All intercompany balances and transactions have been eliminated upon consolidation.   In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are not necessarily indicative of the results that may be attained for an entire year or any future periods. For further information, refer to the Financial Statements and footnotes thereto in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019.

  

 

2.

GOING CONCERN

  

The accompanying unaudited condensed interim consolidated financial statements have been prepared assuming the Company will continue as a going concern.  As shown in the financial statements, the Company has incurred a loss of $73,269 for the three month period ended March 31, 2020 and, in addition the Company incurred losses of $192,865 and $183,279 for the years ended December 31, 2019 and 2018, respectively. As of March 31, 2020, the Company had an accumulated deficit of $41,459,965 and a working capital of $175,034. 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.

  

 

3.

COMMON STOCK 

 

On June 19, 2019, the Company issued 7,500,000 units to employee and directors at $0.075 CND per unit. Each unit consisted of one share of common stock.

 

On June 19, 2019, the Company issued 13,950,000 units to investors at $0.075 CND per unit. Each unit consisted of one share of common stock.

 

 

 

4.

STOCK OPTIONS  

 

On September 30, 2019, the Company adopted Rolling Stock Option Plan. Up to 10% of the Company’s issued and outstanding common shares may be reserved for granting of stock options. The Company has reserved up to 6,702,257 options to grant under the Plan based on the fee calculation table. The Company has not issued stock options from the plan as of the date of this statement.

 

 

5.

SUBSEQUENT EVENTS  

 

In early 2020, a coronavirus that causes COVID-19 emerged globally, which is currently affecting the global economies and has a resulting effect on the Company.  Therefore, while the Company expects this matter to negatively impact the Company's financial condition, results of operations, or cash flows, the extent of the financial impact and duration cannot be reasonably estimated at this time.

 

On April 20, 2020, the Company announced the planned expansion of its suite of data security products through the acquisition of 100% of the shares of OCL Technologies Corp. Consideration for the acquisition of OCL is 12,500,000 common shares of the Company and 12,500,000 share purchase warrants exercisable for a period of five years from date of issuance. The share purchase warrants are exercisable only upon specific performance criteria being met. Completion of the Acquisition and the convertible debenture offering are subject to receipt of applicable regulatory approvals including acceptance by the TSX Venture Exchange ("TSXV") which was received on May 5th ,2020.

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

  

FORWARD-LOOKING STATEMENTS AND SUPPLEMENTARY DATA

  

The following discussion should be read in conjunction with our condensed interim financial statements and other financial information appearing elsewhere in this quarterly report. In addition to historical information, the following discussion and other parts of this quarterly report contain forward-looking statements under applicable securities laws. You can identify these statements by forward-looking words such as “plan”, “may”, “will”, “expect”, “intend”, “anticipate”, believe”, “estimate” and “continue” or similar words. Forward-looking statements are statements that are not historical facts, and include, but are not limited to, statements regarding the Company’s digital watermarking technology and Cloud Document Protection System (C-DPS),the Company’s expenses related to the Alpha and Beta testing of its digital water marketing technology and Cloud Document Protection System, the anticipated development and commercialization date of its Cloud Document Protection System, the future sources and availability of additional funding, and the effect of funding arrangements on projects and products. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. We believe that it is important to communicate future expectations to investors. However, there may be events in the future that we are not able to accurately predict or control. Accordingly, we do not undertake any obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as required by law.

  

The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other periodic reports filed with the United States Securities and Exchange Commission (“SEC”). Accordingly, to the extent that this quarterly report contains forward-looking statements regarding the financial condition, operating results, business prospects or any other aspect of the Company, please be advised that the Company’s actual financial condition, operating results and business performance may differ materially from that projected or estimated by the Company in forward-looking statements.

  

OVERVIEW OF THE COMPANY

  

We have recognized that Internet-based, digital document security/protection products are a business opportunity for the Company that allow us to apply our proprietary real-time digital video watermarking technology, which was developed for studios and networks in the entertainment industry, to the digital document security/protection sector. Our Cloud-DPS technology introduces the Company to the online, digital document security/protection industry and possible vertical markets that exist in the sector, including the ability to confirm the authenticity of online documents and photographs distributed through traditional wireline networks or over wireless smart devices.

  

 

Our Cloud-DPS secures and protects digital documents (including text documents, photos, blueprints, etc.) from any modification, and/or attempted forgery. It works by imperceptibly watermarking documents, using real-time image processing and watermarking algorithms, embedded into a secured/protected copy of a document. This protected copy is designed to resist any attempts to alter or forge the document by forensically tracking and deterring any attempts to tamper with the document. The watermarking algorithms are able to ascertain whether a document is protected by our DPS technology and if any attempts to modify or tamper with the document occurred. Any such modifications will be flagged, time stamped, and can be spatially highlighted in the document where any tampering occurred. This authentication and verification process ensures the integrity of the original document. 

  

We currently have no customers for our products and services. We are taking steps to monetarize our Cloud-DPS technology. These steps include actively seeking licensing initiatives. Our DPS architecture is designed as a web service, which allows for an easy customization to individual customer needs. The main customization effort is reduced by our creation of well synchronized interfaces to a potential customer's infrastructure. This feature will allow us to offer "white label" licensing of our DPS technology. 

  

BUSINESS OBJECTIVES:

  

We have established the following near-term business objectives:

  

1.

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

  

2.

Demonstrate proof of concept on selected commercial projects with C-DPS – Cloud Document Protection System and gain industry recognition for the architectural and business differentiators of company’s C-DPS product’s authentication and tamper-proof functionality.

  

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 .  In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"). This guidance outlines a single, comprehensive model for accounting for revenue from contracts with customers to depict the transfer of control over a product to a customer. The guidance's core principle is that the Company will recognize revenue when it transfers control over promised goods or services to customers in an amount that reflects consideration to which the Company expects to be entitled in exchange for those goods or services.

 

Under ASC 606, a performance obligation is a promise in a contract with a customer to transfer a distinct good or service to a customer. The Company's contracts with customers typically contain a single performance obligation. A contract's transaction price is allocated to its distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. If there are multiple performance obligations within a contract, the Company allocates the transaction price to each performance obligation based on their relative standalone selling prices. Sales are recorded net of sales returns, discounts and allowances.

 

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, 2020 and 2019 were $-0-

  

Cost of Sales

  

The cost of sales for the three months ended March 31, 2020 and 2019 were $-0-.

  

 

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, increased in the three months ending March 31, 2020.  We continue to develop and market C-DPS – Cloud Document Protection System. Professional fees increased due to management’s decision review and update corporate requirements and procedures. Administrative expenses have increased as a result.

  

Selling, general and administrative expenses for the three months ended March 31, 2020 increased by $19,108 to $71,788 from $52,680 for the three months ended March 31, 2019.

  

Professional expenses for the three months ended March 31, 2020, increased to $20,074 from $10,664 for the comparable period in 2019. We incurred increased costs in 2020 due to planned expansion of its suite of data security products through the acquisition.

  

Filing fees for the three months ended March 31, 2020, increased to $6,493 from $6,091 for the comparable period in 2019. We incurred increased costs in 2020 due to increase outstanding shares.

 

Currency exchange expense for the three months ended March 31, 2020, increased to $23,210 from $33 for the comparable period in 2019. We incurred increased costs in 2020 due to the change in the Canadian dollar and the United States dollar.

  

Salaries and fees for the three months ended March 31, 2020 and 2019 were $-0-. No costs 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 expenses did not change significantly.

  

Research and Development

  

Research and development costs for the three months ended March 31, 2020, increased by $1,577 to $1,577 from $-0- for the comparable period in 2019. We incurred increased costs in 2020 due to management’s decision to develop C-DPS – Cloud Document Protection System in house.

  

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, 2020 was $73,269 compared with a net loss of $52,680 for 2019.

  

Liquidity and Capital Resources

  

At March 31, 2020, our cash position was $326,930, compared $382,452 at December 31, 2019. We had a working capital of $175,034 and an accumulated deficit of $41,459,965 at March 31, 2020.

  

 

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, 2020, the Company issued on June 19, 2019 common stock and raised $1,176,702.

  

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.

  

RELATED PARTY TRANSACTIONS

  

The Company for the three months ended March 31, 2020 and 2019 reimbursed a related party $6,071 and $6,015, respectively. The Company incurred no expenses from a related party for research and development for the three months ended March 31, 2020 and 2019. The Company had no repaid advances from related parties in the three months ended March 31, 2020.

 

  

Item3.         Quantitative and Qualitative Disclosures About Market Risk.

  

Oculus is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is not required to provide information required under this Item.

  

Item 4.         Controls and Procedures.

  

We maintain “disclosure controls and procedures”, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, who is our principal executive officer, and Chief Financial Officer, who is our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

  

As of March 31, 2020, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

  

Changes in Internal Control over Financial Reporting

  

There were no changes in the our internal control over financial reporting for the quarterly period ended March 31, 2020, identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

   

 

PART II - OTHER INFORMATION

  

Item 1.

Legal Proceedings.

  

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

  

Item 1A.

Risk Factors.

  

Oculus is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide information required under this Item. 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, 2019 filed with the SEC on March 31, 2020. Those factors continue to be meaningful for your evaluation of Oculus and we urge you to review and consider the risk factors presented in such Form 10-K.

  

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

  

None.

  

Item 3.

Defaults Upon Senior Securities.

  

None.

  

Item 4.

Mine Safety Disclosures.

  

Not applicable.

  

Item 5.

Other Information.

 

None.

 

Item 6.

Exhibits.

  

The information required by this Item is set forth on the exhibit index which follows the signature page of this report.

  

Exhibit No.

 

Description

 

 

 

EX-31.1

 

Certification of CEO

 

 

 

EX-31.2

 

Certification of CFO

 

 

 

EX-32.1

 

SOX Certifiaction of CEO

 

 

 

EX-32.2

 

SOC Certification of CFO

 

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

 

 

 

SIGNATURES

  

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.

  

  

  

May 8, 2020

By:

/s/ Rowland Perkins

  

  

  

Rowland Perkins

  

  

President and Chief Executive Officer

  

  

(principal executive officer)

  

  

  

     

May 8, 2020

By:

/s/ Anton J. Drescher

  

  

  

Anton J. Drescher

  

  

Chief Financial Officer

  

  

(principal financial and accounting officer)

  

16
EX-31.1 2 ex_184963.htm EXHIBIT 31.1 ex_184963.htm

EXHIBIT 31.1

 

CERTIFICATION

 

I, Rowland Perkins, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Oculus VisionTech Inc..;

 

2. 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 report;

 

3. 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 report;

 

4. The registrant’s other certifying officer(s) 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:

 

(a) 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 entities, particularly during the period in which this report is being prepared;

 

(b) 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;

 

(c) 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

 

(d) 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

 

5. The registrant’s other certifying officer(s) 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 functions):

 

(a) 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

 

(b) 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.

 

 

Date: May 8th, 2020

By:

/s/ Rowland Perkins

 

 

 

Rowland Perkins

 

 

 

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 

 
EX-31.2 3 ex_184964.htm EXHIBIT 31.2 ex_184964.htm

 EXHIBIT 31.2

 

CERTIFICATIONS

 

I, Anton J. Drescher, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Oculus VisionTech Inc..;

 

2. 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 report;

 

3. 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 report;

 

4. The registrant’s other certifying officer(s) 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:

 

(a) 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 entities, particularly during the period in which this report is being prepared;

 

(b) 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;

 

(c) 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

 

(d) 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

 

5. The registrant’s other certifying officer(s) 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 functions):

 

(a) 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

 

(b) 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.

 

 

Date: May 8th, 2020

By:

/s/ Anton J. Drescher

 

 

Anton J. Drescher

 

 

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 

 
EX-32.1 4 ex_184965.htm EXHIBIT 32.1 ex_184965.htm

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 on Form 10-Q of Oculus VisionTech Inc. (the “Company”), for the period ended March 31,2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rowland Perkins, Chief Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

 

Date :May 8th, 2020

By:

/s/ Rowland Perkins

 

 

 

Rowland Perkins

 

 

 

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 
EX-32.2 5 ex_184966.htm EXHIBIT 32.2 ex_184966.htm

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 on Form 10-Q of Oculus VisionTech Inc. (the “Company”), for the period ended March 31,2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Anton J. Drescher , Chief Financial Officer for the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

 

Date: May 8th, 2020

By:

/s/ Anton J. Drescher

 

 

 

Anton J. Drescher

 

 

 

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

 

 
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Each unit consisted of <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5</div></div><div style="display: inline; font-weight: bold;">. </div></div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">SUBSEQUENT EVENTS</div><div style="display: inline; font-weight: bold;">&nbsp;</div><div style="display: inline; font-weight: bold;">&nbsp;</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.05pt;margin-top:0pt;text-align:left;">In early <div style="display: inline; font-style: italic; font: inherit;">2020,</div> a coronavirus that causes COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> emerged globally, which is currently affecting the global economies and has a resulting effect on the Company. &nbsp;Therefore, while the Company expects this matter to negatively impact the Company's financial condition, results of operations, or cash flows, the extent of the financial impact and duration cannot be reasonably estimated at this time.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 20, 2020, </div>the Company announced the planned expansion of its suite of data security products through the acquisition of <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the shares of OCL Technologies Corp. Consideration for the acquisition of OCL is <div style="display: inline; font-style: italic; font: inherit;">12,500,000</div> common shares of the Company and <div style="display: inline; font-style: italic; font: inherit;">12,500,000</div> share purchase warrants exercisable for a period of <div style="display: inline; font-style: italic; font: inherit;">five</div> years from date of issuance. The share purchase warrants are exercisable only upon specific performance criteria being met. Completion of the Acquisition and the convertible debenture offering are subject to receipt of applicable regulatory approvals including acceptance by the TSX Venture Exchange ("TSXV") which was received on <div style="display: inline; font-style: italic; font: inherit;"> May </div><div style="display: inline; font-style: italic; font: inherit;">5th</div> <div style="display: inline; font-style: italic; font: inherit;">,2020.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div> </div></div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">GOING CONCERN </div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The accompanying unaudited condensed interim consolidated financial statements have been prepared assuming the Company will continue as a going concern. &nbsp;As shown in the financial statements, the Company has incurred a loss of <div style="display: inline; font-style: italic; font: inherit;">$73,269</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> month period ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>and, in addition the Company incurred losses of <div style="display: inline; font-style: italic; font: inherit;">$192,865</div> and <div style="display: inline; font-style: italic; font: inherit;">$183,279</div> for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> respectively. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the Company had an accumulated deficit of <div style="display: inline; font-style: italic; font: inherit;">$41,459,965</div> and a working capital of <div style="display: inline; font-style: italic; font: inherit;">$175,034.</div> These conditions raise doubt about the Company&#x2019;s ability to continue as a going concern. &nbsp;The Company&#x2019;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. &nbsp;To date, the Company has funded operations primarily through the issuance of common stock and warrants to outside investors and the Company&#x2019;s management. &nbsp;The Company believes that its operations will generate additional funds and that additional funding from outside investors and the Company&#x2019;s management will continue to be available to the Company when needed. &nbsp;The financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> 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.</div></div> P5Y 67022568 45572568 xbrli:shares xbrli:pure iso4217:CAD xbrli:shares iso4217:USD iso4217:USD xbrli:shares 0001107280 2018-01-01 2018-12-31 0001107280 2019-01-01 2019-03-31 0001107280 2019-01-01 2019-12-31 0001107280 ovtz:EmployeeAndDirectorsMember 2019-06-19 2019-06-19 0001107280 ovtz:InvestorsMember 2019-06-19 2019-06-19 0001107280 ovtz:RollingStockOptionPlanMember 2019-10-01 2020-03-31 0001107280 2020-01-01 2020-03-31 0001107280 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001107280 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001107280 ovtz:OCLTechnologiesCorpMember us-gaap:SubsequentEventMember 2020-04-20 2020-04-20 0001107280 2018-12-31 0001107280 2019-03-31 0001107280 ovtz:EmployeeAndDirectorsMember 2019-06-19 0001107280 ovtz:InvestorsMember 2019-06-19 0001107280 ovtz:RollingStockOptionPlanMember 2019-09-30 0001107280 2019-12-31 0001107280 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-12-31 0001107280 us-gaap:RetainedEarningsMember 2019-12-31 0001107280 2020-03-31 0001107280 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-03-31 0001107280 us-gaap:RetainedEarningsMember 2020-03-31 0001107280 ovtz:OCLTechnologiesCorpMember ovtz:WarrantsIssuedInConnectionWithBusinessAcquisitionMember us-gaap:SubsequentEventMember 2020-04-20 0001107280 ovtz:OCLTechnologiesCorpMember us-gaap:SubsequentEventMember 2020-04-20 0001107280 2020-05-08 EX-101.SCH 7 ovtz-20200331.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - 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Note 4 - Stock Options
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
4
.
STOCK OPTIONS
 
 
 
On
September 30, 2019,
the Company adopted Rolling Stock Option Plan. Up to
10%
of the Company’s issued and outstanding common shares
may
be reserved for granting of stock options. The Company has reserved up to
6,702,257
options to grant under the Plan based on the fee calculation table. The Company has
not
issued stock options from the plan as of the date of this statement.
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Note 4 - Stock Options (Details Textual) - Rolling Stock Option Plan [Member] - shares
6 Months Ended
Mar. 31, 2020
Sep. 30, 2019
Share-based Compensation Arrangement, Percent of Issued and Outstanding Common Shares Reserved   10.00%
Common Stock, Capital Shares Reserved for Future Issuance (in shares)   6,702,257
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) 0  
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (73,269) $ (52,680)
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current assets 137 (98)
Increase (decrease) in accounts payable and accrued expenses 17,773 (7,182)
Increase (decrease) in accounts payable and accrued expenses due to related parties (163) 60,274
Net cash used in operating activities (55,522) 314
Cash flows from financing activities    
Proceeds from the sale of common stock
Net cash from financing activities
Net increase in cash and cash equivalents (55,522) 314
Cash and cash equivalents at beginning of period 382,452 5,572
Cash and cash equivalents at end of period 326,930 5,886
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest
Cash paid during the period for income taxes
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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 326,930 $ 382,452
Prepaid expenses and other current assets 1,130 1,267
Total current assets 328,060 383,719
Deferred Tax Assets, net of valuation allowance of $5,928,000 and $6,580,000, respectively
Total Assets 328,060 383,719
Current Liabilities:    
Accounts payable and accrued expenses 23,204 5,431
Accounts payable and accrued expenses - related parties 129,822 129,985
Total current liabilities 153,026 135,416
Commitments and Contingencies
Stockholders' Equity (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 67,022,568 41,634,999 41,634,999
Accumulated deficit (41,459,965) (41,386,696)
Stockholders' equity (deficiency) 175,034 248,303
Total Liabilities and Stockholders' Equity (Deficiency) $ 328,060 $ 383,719
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Note 5 - Subsequent Events
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]
5
.
SUBSEQUENT EVENTS
 
 
 
In early
2020,
a coronavirus that causes COVID-
19
emerged globally, which is currently affecting the global economies and has a resulting effect on the Company.  Therefore, while the Company expects this matter to negatively impact the Company's financial condition, results of operations, or cash flows, the extent of the financial impact and duration cannot be reasonably estimated at this time.
 
On
April 20, 2020,
the Company announced the planned expansion of its suite of data security products through the acquisition of
100%
of the shares of OCL Technologies Corp. Consideration for the acquisition of OCL is
12,500,000
common shares of the Company and
12,500,000
share purchase warrants exercisable for a period of
five
years from date of issuance. The share purchase warrants are exercisable only upon specific performance criteria being met. Completion of the Acquisition and the convertible debenture offering are subject to receipt of applicable regulatory approvals including acceptance by the TSX Venture Exchange ("TSXV") which was received on
May
5th
,2020.
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Note 5 - Subsequent Events (Details Textual) - OCL Technologies Corp [Member] - Subsequent Event [Member]
Apr. 20, 2020
shares
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable (in shares) 12,500,000
Warrants Issued in Connection With Business Acquisition [Member]  
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) 12,500,000
Warrants and Rights Outstanding, Term (Year) 5 years
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Note 1 - Basis of Presentation
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1.
BASIS OF PRESENTATION
  
These unaudited condensed interim consolidated financial statements should be read in conjunction with the annual financial statements for Oculus VisionTech Inc. (“Oculus” or the “Company”) most recently completed fiscal year ended
December 31, 2019.
These unaudited condensed interim consolidated financial statements do
not
include all disclosures required in annual financial statements, but rather are prepared in accordance with recommendations for interim financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed interim consolidated financial statements have been prepared using the same accounting policies and methods as those used by the Company in the annual audited financial statements for the year ended
December 31, 2019,
except when disclosed below.
  
The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiary, USVO Inc. (dissolved
December 31, 2019).
All intercompany balances and transactions have been eliminated upon consolidation.   In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are
not
necessarily indicative of the results that
may
be attained for an entire year or any future periods. For further information, refer to the Financial Statements and footnotes thereto in the Company’s annual report on Form
10
-K for the fiscal year ended
December 31, 2019.
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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands
Mar. 31, 2020
Dec. 31, 2019
Deferred tax assets, valuation allowance $ 5,928,000 $ 6,580,000
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, 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) 67,022,568 67,022,568
Common stock, shares outstanding (in shares) 67,022,568 67,022,568
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Note 3 - Common Stock
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
3
.
COMMON STOCK
 
 
On
June 19, 2019,
the Company issued
7,500,000
units to employee and directors at
$0.075
CND per unit. Each unit consisted of
one
share of common stock.
 
On
June 19, 2019,
the Company issued
13,950,000
units to investors at
$0.075
CND per unit. Each unit consisted of
one
share of common stock.
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Consolidated Statements of Stockholders' Equity (Deficiency) (Unaudited) - 3 months ended Mar. 31, 2020 - USD ($)
Common Stock Including Additional Paid in Capital [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2019 67,022,568    
Balance at Dec. 31, 2019 $ 41,634,999 $ (41,386,696) $ 248,303
Net Income (Loss) Attributable to Parent, Total (73,269) (73,269)
Balance (in shares) at Mar. 31, 2020 67,022,568    
Balance at Mar. 31, 2020 $ 41,634,999 $ (41,459,965) $ 175,034
XML 25 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document And Entity Information - shares
3 Months Ended
Mar. 31, 2020
May 08, 2020
Document Information [Line Items]    
Entity Registrant Name OCULUS VISIONTECH INC.  
Entity Central Index Key 0001107280  
Trading Symbol ovtz  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   67,022,568
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Common Stock  
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Note 3 - Common Stock (Details Textual)
Jun. 19, 2019
$ / shares
shares
Employee and Directors [Member]  
Stock Issued During Period, Shares, New Issues (in shares) | shares 7,500,000
Shares Issued, Price Per Share (in CAD per share) | $ / shares $ 0.075
Investors [Member]  
Stock Issued During Period, Shares, New Issues (in shares) | shares 13,950,000
Shares Issued, Price Per Share (in CAD per share) | $ / shares $ 0.075
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M5%X[4L7(P>[E-^*_$6*8?_)_4$L! A0#% @ 2H2H4-S#P1=,&@ $L@ M !$ ( ! &]V='HM,C R,# S,S$N>&UL4$L! A0#% M @ 2H2H4$[QO%\K!P PS@ !$ ( !>QH &]V='HM,C R M,# S,S$N>'-D4$L! A0#% @ 2H2H4!LZ XML 30 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ / shares in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue
Expenses:    
Cost of sales
Research and development 1,577
Selling, general and administrative 71,788 52,680
Total expenses 73,365 52,680
Loss from operations (73,365) (52,680)
Other income (expense)    
Interest income (expense) 96
Nonoperating Income (Expense), Total 96
Net loss $ (73,269) $ (52,680)
Net loss per share - basic and diluted (in dollars per share) $ 0 $ 0
Weighted-average number of common shares outstanding - basic and diluted (in shares) 67,022,568 45,572,568
XML 31 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Note 2 - Going Concern
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]
2.
GOING CONCERN
  
The accompanying unaudited condensed interim consolidated financial statements have been prepared assuming the Company will continue as a going concern.  As shown in the financial statements, the Company has incurred a loss of
$73,269
for the
three
month period ended
March 31, 2020
and, in addition the Company incurred losses of
$192,865
and
$183,279
for the years ended
December 31, 2019
and
2018,
respectively. As of
March 31, 2020,
the Company had an accumulated deficit of
$41,459,965
and a working capital of
$175,034.
These conditions raise doubt about the Company’s ability to continue as a going concern.  The Company’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations as they come due which management believes it will be able to do.  To date, the Company has funded operations primarily through the issuance of common stock and warrants to outside investors and the Company’s management.  The Company believes that its operations will generate additional funds and that additional funding from outside investors and the Company’s management will continue to be available to the Company when needed.  The financial statements do
not
include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary in the event the Company cannot continue as a going concern.
XML 32 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Note 2 - Going Concern (Details Textual) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Net Income (Loss) Attributable to Parent, Total $ (73,269) $ (52,680) $ (192,865) $ (183,279)
Retained Earnings (Accumulated Deficit), Ending Balance (41,459,965)   $ (41,386,696)  
Working Capital (Deficit) $ 175,034