Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 30, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | OCULUS VISIONTECH INC. | |
Entity Central Index Key | 1107280 | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
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 | FY | |
Document Fiscal Year Focus | 2014 | |
Entity Public Float | $0 | |
Entity Common Stock Shares Outstanding | 13,572,568 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||
Cash and cash equivalents | $1,888 | $6,888 |
Accounts receivable | 11,000 | 24,989 |
Prepaid expenses and other current assets | 5,877 | 5,733 |
Total current assets | 18,765 | 37,610 |
Deferred Tax Assets, net of valuation allowance of $10,092,000 and $10,060,000, respectively | ||
Total Assets | 18,765 | 37,610 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 66,584 | 34,698 |
Accounts payable and accrued expenses - related parties | 557,226 | 347,643 |
Notes payable | 58,399 | 58,399 |
Notes payable- related parties | 520,947 | 520,947 |
Total current liabilities | 1,203,156 | 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 | -39,940,029 | -39,679,715 |
Stockholders' deficiency | -1,184,391 | -924,077 |
Total Liabilities and Stockholders' Deficiency | $18,765 | $37,610 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Consolidated Balance Sheets | ||
Deferred Tax Assets, Valuation allowance | $10,180,000 | $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 (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidated Statements Of Operations | ||
Revenue | $66,000 | $87,178 |
Expenses: | ||
Cost of sales | 5,100 | 8,411 |
Research and development | 146,985 | 25,000 |
Selling, general and administrative | 141,560 | 128,905 |
Total expenses | 293,645 | 162,316 |
Loss from operations | -227,645 | -75,138 |
Other income (expense) | ||
Interest income (expense) | -32,669 | -35,926 |
Gain on settlement of accounts payable | 17,456 | |
Total other income (expense) | -32,669 | -18,470 |
Net Loss | ($260,314) | ($93,608) |
Net loss per share - basic and diluted | ($0.02) | ($0.01) |
Weighted-average number of common shares outstanding - basic and diluted | 13,572,568 | 13,572,568 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Beginning Balance | ($924,077) | ($830,469) |
Net Loss | -260,314 | -93,608 |
Ending Balance | -1,184,391 | -924,077 |
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 | 13,572,568 |
Shares Subscribed Amount [Member] | ||
Beginning Balance | ||
Net Loss | ||
Ending Balance | ||
Retained Earnings [Member] | ||
Beginning Balance | -39,679,715 | -39,586,107 |
Net Loss | -260,314 | -93,608 |
Ending Balance | ($39,940,029) | ($39,679,715) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net Loss | ($260,314) | ($93,608) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on settlement of accounts payable | -17,456 | |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | 13,989 | -21,460 |
Decrease (increase) in prepaid expenses and other current assets | -144 | -5,239 |
Increase (decrease) in accounts payable and accrued expenses | 31,886 | 2,426 |
Increase in accounts payable and accrued expenses due to related parties | 209,583 | 134,810 |
Net cash used in operating activities | -5,000 | -527 |
Net decrease in cash and cash equivalents | -5,000 | -527 |
Cash and cash equivalents at beginning of year | 6,888 | 7,415 |
Cash and cash equivalents at end of year | 1,888 | 6,888 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | $11 | $1,000 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
BASIS OF PRESENTATION | 1 | The following consolidated financial statements present the financial results of Oculus VisionTech, Inc. formerly USA Video Interactive Corp, and its wholly owned subsidiary USVO Inc. on a consolidated basis. |
BASIS OF PRESENTATION: |
BUSINESS
BUSINESS | 12 Months Ended | |
Dec. 31, 2013 | ||
Business | ||
BUSINESS: | 2 | Oculus VisionTech, Inc. (the "Company") is a designer of digital watermarking services and solutions. At December 31, 2014 and for the two-year period then ended, substantially all of the Company's assets and substantially all its operations are located and conducted in the United States. |
BUSINESS: |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 | The accompanying 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 losses of $260,314 and $93,608 for the years ended December 31, 2014 and 2013, respectively. In addition, the Company has a working capital deficiency of $1,184,391 and an accumulated deficit of $39,940,029 at December 31, 2014. 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 revenue and 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, warrants and options to outside investors and to 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 consolidated 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. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated. | ||
The Company maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | ||
The Company sells its products to customers on an open credit basis. The Company’s trade accounts receivable are due from such customers and are generally uncollateralized. Management closely monitors outstanding accounts receivable and charges off to expense any balances that are determined to be uncollectible or establishes an allowance for doubtful accounts. As of December 31, 2014 and 2013, the Company considered its accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts was recorded. Bad debt expense for the years ended December 31, 2014 and 2013 was zero. | ||
Revenue from hardware product sales is recognized when the product has been shipped and the collection of payment is reasonably assured. Revenue recognized from these sales is net of applicable provisions for refunds, discounts and allowances. Engineering services sales are recognized upon the service having been provided. The Company had no hardware product sales in 2014 or 2013. | ||
Revenue from software sales is recognized when the product has been delivered. Revenue from multiple element contracts (hardware, software and engineering) is allocated to the various elements based on fair value. If objective evidence of fair value is not available, revenue from these contracts is deferred until the earlier of when objective evidence of fair value does exist or all elements of the contract have been delivered. Discounts will be applied to each element on a proportionate basis. No portion of the revenue will be recognized if the portion of the revenue allocable to delivered elements is subject to forfeiture, refund or other concession. The Company had no software sales in 2014 or 2013. | ||
Revenue is recognized for digital water marking based on a contracted usage schedule on a monthly billing cycle. Revenue for digital watermarking software usage totaled $66,000 and $87,178 in 2014 and 2013, respectively. | ||
Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are recorded based on the temporary differences between the financial statement and the tax bases of assets and liabilities and for operating loss carry forwards measured using the enacted tax rates in effect for the year in which the differences are expected to reverse. The Company periodically evaluates the reliability of its net deferred tax assets and records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
The foreign assets and liabilities of the Company are translated into U.S. dollars at current exchange rates, and revenue and expenses are translated at average rates of exchange prevailing during the period. The aggregate effect of translation adjustments is immaterial at December 31, 2014 and 2013. | ||
Basic loss per common share ("EPS") is computed as net loss divided by the weighted-average number of common shares outstanding during the period. Diluted EPS includes the impact of common stock potentially issuable upon the exercise of options and warrants. As of December 31, 2014 and 2013 there were no potentially issuable common stock. | ||
Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
MAJOR_CUSTOMERS
MAJOR CUSTOMERS | 12 Months Ended | |
Dec. 31, 2013 | ||
Major Customers | ||
MAJOR CUSTOMERS: | 4 | During the year ended December 31, 2014 and 2013 one customer accounted for 100% of total revenue. |
MAJOR CUSTOMERS: |
PREPAID_EXPENSES_AND_OTHER_CUR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Prepaid Expenses And Other Current Assets | ||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS: | 5 | Prepaid expenses and other current assets consist of the following: | ||
PREPAID EXPENSES AND OTHER CURRENT ASSETS: | ||||
December 31, | 2014 | 2013 | ||
Taxes Receivable – Canadian GST | $5,877 | $5,733 |
ACCOUNTS_PAYABLE_AND_ACCRUED_E
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounts Payable And Accrued Expenses | ||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 | Accounts payable and accrued expenses consist of the following: | ||
ACCOUNTS | ||||
PAYABLE AND | ||||
ACCRUED | December 31, | 2014 | 2013 | |
EXPENSES | Accounts payable | $48,277 | $16,271 | |
Accrued professional fees | 15,000 | 15,120 | ||
Accrued payroll and related tax withholdings | 3,307 | 3,307 | ||
$66,584 | $34,698 | |||
Accounts payable and accrued expenses - related parties consist of accounts payable for research and development, advances and accrued interest on related party debt. | ||||
During the years ended December 31, 2014 and 2013 as the result of settlement of accounts payable for less than amounts recorded, we wrote off accounts payable obligations of $-0- and $17,456 and recorded a gain of $-0- and $17,456, respectively. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ||
NOTES PAYABLE - | 7 | On November 30, 2012 the Company received cash in consideration for issuing notes payable of $520,947 from related parties and $58,399 from other individuals. The notes payable have a stated interest of 6% and are due June 30, 2015. Interest is accrued and recorded in accounts payable and accrued expenses. |
NOTES PAYABLE - |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ||
STOCKHOLDERS' EQUITY: | 8 | The Company has one class of no par value common stock with 500,000,000 authorized shares and 13,572,568 outstanding on December 31, 2014 and 2013. |
STOCKHOLDERS' EQUITY: |
STOCK_OPTIONS_AND_STOCK_WARRAN
STOCK OPTIONS AND STOCK WARRANTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
STOCK OPTIONS AND STOCK WARRANTS: | 9 | The Company has a stock option plan under which options to purchase shares of common stock may be granted to certain officers, directors and service providers. |
STOCK OPTIONS AND STOCK WARRANTS: | ||
In April 2014, the Company adopted a new Stock Option Plan (the “2014 Plan”). The 2014 Plan authorizes the issuance of up to 1,250,000 of the Company's common shares, subject to adjustment under certain circumstances. The Company is listed on the TSX Venture Exchange ("TSX") and is subject to a limitation on the number of options a company may have. The 2014 Plan provides for the issuance of both incentive stock options and nonqualified options as those terms are defined in the Internal Revenue Code of 1986, as amended (the "Code"). | ||
During the years ended December 31, 2014 and 2013, the Company had no options or warrants granted, issued, exercised or outstanding. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Income Tax Disclosure [Abstract] | ||||
INCOME TAXES: | ||||
10 | As of December 31, 2014 the Company had deferred tax assets resulting primarily from net operating loss carry forwards of approximately $29,942,000, which are available to offset future taxable income, if any, through 2034. As utilization of the net operating loss carryforwards is not assured, a 100% valuation allowance has been provided. | |||
INCOME TAXES: | ||||
The components of the net deferred tax assets are as follows: | ||||
December 31, | 2014 | 2013 | ||
Net operating loss carryforwards | $ 10,180,000 | $ 10,092,000 | ||
Valuation allowance | -10,180,000 | -10,092,000 | ||
Net deferred tax assets | $ - 0 - | $ - 0 - | ||
The reconciliation of the effective income tax rate to the federal statutory rate are as follows: | ||||
Year ended December 31, | 2014 | 2013 | ||
Federal statutory tax rate | 34% | 34% | ||
Valuation allowance on net operating carryforwards | -34 | -34 | ||
Effective income tax rate | - 0 - % | - 0 - % | ||
As of December 31, 2014, open Federal income tax years subjected to examination, include the tax years ended December 31, 2013 through December 31, 2011. |
RELATED_PARTIES
RELATED PARTIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ||
RELATED PARTIES: | 11 | The Company for the years ended December 31, 2014 and 2013 reimbursed a related party $16,830 and $33,634, respectively. The Company incurred expenses from a related party of $146,985 and $25,000 for research and development for the years ended December 31, 2014 and 2013, respectively |
RELATED PARTIES: |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | |||||||
12 | The following table summarizes selected quarterly data for the years ended December 31, 2014 and 2013: | ||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | |||||||
First | Second | Third | Fourth | Full | |||
Quarter | Quarter | Quarter | Quarter | Year | |||
2014:00:00 | |||||||
Revenue | $ 16,500 | $ 16,500 | $ 16,500 | $ 16,500 | $ 66,000 | ||
Expenses | -129,605 | -72,413 | -51,401 | -72,895 | -326,314 | ||
Net Gain(Loss) | -113,105 | -55,913 | -34,901 | -56,395 | -260,314 | ||
Net gain(loss) per common share | |||||||
Basic and | $ (0.01) | $ (0) | $ (0) | $ (0) | $ (0.02) | ||
Diluted | |||||||
2013:00:00 | |||||||
Revenue | $ 12,981 | $ 16,500 | $ 16,500 | $ 41,197 | $ 87,178 | ||
Expenses | -42,155 | -43,956 | -34,578 | -60,097 | -180,786 | ||
Net Gain(Loss) | -29,174 | -27,456 | -18,078 | -18,900 | -93,608 | ||
Net gain(loss) per common share | |||||||
Basic and | $ (0) | $ (0) | $ (0) | $ (0) | $ (0.03) | ||
Diluted |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENT: | 13 | As of February 1, 2015 the Company’s sole customer did not renew their contract for usage of the Company’s digital watermarking software. No estimate of the financial effect of this event on the Company can be made at this time. |
SUBSEQUENT EVENT: |
PREPAID_EXPENSES_AND_OTHER_CUR1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid expenses and other current assets | December 31, | 2014 | 2013 |
Taxes Receivable – Canadian GST | $5,877 | $5,733 |
ACCOUNTS_PAYABLE_AND_ACCRUED_E1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Payables and Accruals [Abstract] | |||
Accounts payable and accrued expenses | December 31, | 2014 | 2013 |
Accounts payable | $48,277 | $16,271 | |
Accrued professional fees | 15,000 | 15,120 | |
Accrued payroll and related tax withholdings | 3,307 | 3,307 | |
$66,584 | $34,698 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Income Tax Disclosure [Abstract] | |||
Components of net deferred tax assets | December 31, | 2014 | 2013 |
Net operating loss carryforwards | $ 10,180,000 | $ 10,092,000 | |
Valuation allowance | -10,180,000 | -10,092,000 | |
Net deferred tax assets | $ - 0 - | $ - 0 - | |
Reconciliation of effective income tax rate to federal statutory rate | Year ended December 31, | 2014 | 2013 |
Federal statutory tax rate | 34% | 34% | |
Valuation allowance on net operating carryforwards | -34 | -34 | |
Effective income tax rate | - 0 - % | - 0 - % |
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||
Summarizes selected quarterly data | First | Second | Third | Fourth | Full | |
Quarter | Quarter | Quarter | Quarter | Year | ||
2014:00:00 | ||||||
Revenue | $ 16,500 | $ 16,500 | $ 16,500 | $ 16,500 | $ 66,000 | |
Expenses | -129,605 | -72,413 | -51,401 | -72,895 | -326,314 | |
Net Gain(Loss) | -113,105 | -55,913 | -34,901 | -56,395 | -260,314 | |
Net gain(loss) per common share | ||||||
Basic and | $ (0.01) | $ (0) | $ (0) | $ (0) | $ (0.02) | |
Diluted | ||||||
2013:00:00 | ||||||
Revenue | $ 12,981 | $ 16,500 | $ 16,500 | $ 41,197 | $ 87,178 | |
Expenses | -42,155 | -43,956 | -34,578 | -60,097 | -180,786 | |
Net Gain(Loss) | -29,174 | -27,456 | -18,078 | -18,900 | -93,608 | |
Net gain(loss) per common share | ||||||
Basic and | $ (0) | $ (0) | $ (0) | $ (0) | $ (0.03) | |
Diluted |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies Details Narrative | ||||||||||
Net Loss | $56,395 | $34,901 | $55,913 | $113,105 | $18,900 | $18,078 | $27,456 | $29,174 | $260,314 | $93,608 |
Working capital (deficit) | 924,077 | 924,077 | ||||||||
Accumulated deficit | ($39,940,029) | ($39,679,715) | ($39,940,029) | ($39,679,715) |
MAJOR_CUSTOMERS_Details_Narrat
MAJOR CUSTOMERS (Details Narrative) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Customer | Customer | |
Major Customers Details Narrative | ||
Number of customers | 1 | 1 |
Customer accounted total revenue, Percentage | 100.00% | 100.00% |
PREPAID_EXPENSES_AND_OTHER_CUR2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Prepaid expenses and other current assets | ||
Taxes Receivable - Canadian GST | $5,877 | $5,733 |
ACCOUNTS_PAYABLE_AND_ACCRUED_E2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts payable and accrued expenses | ||
Accounts payable | $48,277 | $16,271 |
Accrued professional fees | 15,000 | 15,120 |
Accrued payroll and related tax withholdings | 3,307 | 3,307 |
Accounts payable and accrued expenses | $66,584 | $34,698 |
ACCOUNTS_PAYABLE_AND_ACCRUED_E3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Payable and Accrued Expenses | ||
Accounts payable obligation Written off | $17,456 | |
Gain on settlement of accounts payable | $17,456 |
NOTES_PAYABLE_Details_Narrativ
NOTES PAYABLE (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Related Party [Member] | |
Notes Payable (Textual) [Abstract] | |
Date of Transaction | 11/30/12 |
Cash received, Notes payable | $520,947 |
Notes Payable, Other Payables [Member] | |
Notes Payable (Textual) [Abstract] | |
Notes payable, interest rate | 6.00% |
Notes payable, Maturity date | 30-Jun-14 |
Other Individuals [Member] | |
Notes Payable (Textual) [Abstract] | |
Date of Transaction | 11/30/12 |
Cash received, Notes payable | $58,399 |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY (Details Narrative) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders Equity (Textual) [Abstract] | ||
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, No par value | $0 | $0 |
Common Stock, shares issued | 13,572,568 | 13,572,568 |
Common Stock, shares outstanding | 13,572,568 | 13,572,568 |
STOCK_OPTIONS_AND_STOCK_WARRAN1
STOCK OPTIONS AND STOCK WARRANTS (Details Narrative) | Dec. 31, 2014 |
Stock Options and Stock Warrants (Textual) [Abstract] | |
Common shares authorised for issuance under plan | 1,250,000 |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Operating Loss Carryforwards | $29,942,000 |
Operating Loss Carryforwards, Expiration Date | 31-Dec-34 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Components of net deferred tax assets | ||
Net operating loss carryforwards | $10,180,000 | $10,092,000 |
Valuation allowance | -10,180,000 | -10,092,000 |
Net deferred tax assets |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of effective income tax rate to federal statutory rate | ||
Federal statutory tax rate | 34.00% | 34.00% |
Valuation allowance on net operating carryforwards | -34.00% | -34.00% |
Effective income tax rate | 0.00% | 0.00% |
RELATED_PARTIES_Details_Narrat
RELATED PARTIES (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reimbursement [Member] | ||
Related Party (Textual) [Abstract] | ||
Related party transaction amounts | $16,830 | $33,634 |
Research and Development Expense [Member] | ||
Related Party (Textual) [Abstract] | ||
Related party transaction amounts | $146,985 | $25,000 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summarizes selected quarterly data | ||||||||||
Revenue | $16,500 | $16,500 | $16,500 | $16,500 | $41,197 | $16,500 | $16,500 | $12,981 | $66,000 | $87,178 |
Expenses | -72,895 | -51,401 | -72,413 | -129,605 | -60,097 | -34,578 | -43,956 | -42,155 | -326,314 | -180,786 |
Net Gain(Loss) | ($56,395) | ($34,901) | ($55,913) | ($113,105) | ($18,900) | ($18,078) | ($27,456) | ($29,174) | ($260,314) | ($93,608) |
Net gain(loss) per common share Basic and Diluted | $0 | $0 | $0 | ($0.01) | $0 | $0 | $0 | $0 | ($0.02) | ($0.01) |