Oculus VisionTech (OVTZ) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2014	Nov. 14, 2014
Document And Entity Information	'	'
Entity Registrant Name	'OCULUS VISIONTECH INC.	'
Entity Central Index Key	'0001107280	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
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	'Q3	'
Document Fiscal Year Focus	'2014	'
Entity Public Float	'	$0
Entity Common Stock Shares Outstanding	'	13,572,568

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$2,454	$6,888
Accounts receivable	16,500	24,989
Prepaid expenses and other current assets	5,497	5,733
Total current assets	24,451	37,610
Deferred Tax Assets, net of valuation allowance of $10,162,000 and $10,092,000, respectively	'	'
Total Assets	24,451	37,610
Current Liabilities:	'	'
Accounts payable and accrued expenses	47,004	34,698
Accounts payable and accrued expenses - related parties	526,097	347,643
Notes payable	58,399	58,399
Notes payable- related parties	520,947	520,947
Total current liabilities	1,152,447	961,687
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	38,755,638	38,755,638
Accumulated deficit	-39,883,634	-39,679,715
Stockholders' deficiency	-1,127,996	-924,077
Total Liabilities and Stockholders' Deficiency	$24,451	$37,610

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Condensed Consolidated Balance Sheets	'	'
Deferred Tax Assets, Valuation allowance	$10,162,000	$10,092,000
Preferred Stock, No par value	$0	$0
Preferred Stock, shares authorized	250,000,000	250,000,000
Preferred Stock, shares issued	0	0
Common Stock, No par value	$0	$0
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	13,572,568	13,572,568
Common Stock, shares outstanding	13,572,568	13,572,568

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Condensed Consolidated Statements Of Operations	'	'	'	'
Revenue	$16,500	$16,500	$49,500	$45,981
Expenses:	'	'	'	'
Cost of sales	1,275	1,635	3,825	3,047
Research and development	22,270	'	122,875	'
Selling, general and administrative	19,539	24,283	101,942	90,233
Total expenses	43,084	25,918	228,642	93,280
Loss from operations	-26,584	-9,418	-179,142	-47,299
Other income (expense)	'	'	'	'
Interest income (expense)	-8,317	-8,660	-24,777	-27,409
Total other income (expense)	-8,317	-8,660	-24,777	-27,409
Net Loss	($34,901)	($18,078)	($203,919)	($74,708)
Net loss per share - basic and diluted	$0	$0	($0.02)	($0.01)
Weighted-average number of common shares outstanding - basic and diluted	13,572,568	13,572,568	13,572,568	13,572,568

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (Unaudited) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Beginning Balance	'	($924,077)
Net Loss	-34,901	-203,919
Ending Balance	-1,127,996	-1,127,996
Common Stock	'	'
Beginning Balance, in shares	'	13,572,568
Beginning Balance	'	38,755,638
Net Loss	'	'
Ending Balance, in shares	13,572,568	13,572,568
Ending Balance	38,755,638	38,755,638
Retained Earnings [Member]	'	'
Beginning Balance	'	-39,679,715
Net Loss	'	-203,919
Ending Balance	($39,883,634)	($39,883,634)

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net Loss	($203,919)	($74,708)
Changes in operating assets and liabilities:	'	'
Decrease in accounts receivable	8,489	-12,971
Decrease (increase) in prepaid expenses and other current assets	236	-4,974
Increase (decrease) in accounts payable and accrued expenses	12,306	5,066
Increase in accounts payable and accrued expenses due to related parties	178,454	85,465
Net cash used in operating activities	-4,434	-2,122
Net decrease in cash and cash equivalents	-4,434	-2,122
Cash and cash equivalents at beginning of year	6,888	7,415
Cash and cash equivalents at end of year	2,454	5,293
Supplemental disclosures of cash flow information:	'	'
Cash paid during the period for interest	$11	$1,000

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
BASIS OF PRESENTATION	'
	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, 2013.

GOING_CONCERNS

GOING CONCERNS	9 Months Ended
	Sep. 30, 2014
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 $203,919 for the nine month period ended September 30, 2014 and, in addition the Company incurred losses of $93,608 and $339,219 for the years ended December 31, 2013 and 2012, respectively. As of September 30, 2014, the Company had an accumulated deficit of $39,883,634 and a working capital deficit of $1,127,996. 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_Details_Narrati

GOING CONCERNS (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Going Concerns Details Narrative	'	'	'	'	'	'
Incured Loss	$34,901	$18,078	$203,919	$74,708	$93,608	$339,219
Accumulated Deficit	39,883,634	'	39,883,634	'	39,679,715	'
Working Capital Deficit	$1,127,996	'	$1,127,996	'	$924,077	'