Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | OCULUS VISIONTECH INC. | |
Entity Central Index Key | 1107280 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
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 | Q1 | |
Document Fiscal Year Focus | 2015 | |
Entity Public Float | $0 | |
Entity Common Stock Shares Outstanding | 13,572,568 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $3,069 | $1,888 |
Accounts receivable | 11,000 | |
Prepaid expenses and other current assets | 6,138 | 5,877 |
Total current assets | 9,207 | 18,765 |
Deferred Tax Assets, net of valuation allowance of $10,092,000 and $10,060,000, respectively | ||
Total Assets | 9,207 | 18,765 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 76,282 | 66,584 |
Accounts payable and accrued expenses - related parties | 563,171 | 557,226 |
Notes payable | 58,399 | 58,399 |
Notes payable- related parties | 520,947 | 520,947 |
Total current liabilities | 1,218,799 | 1,203,156 |
Commitments and Contingencies | ||
Stockholders' Deficiency: | ||
Preferred stock - no par value; authorized 250,000,000 shares, none issued | ||
Common stock - no par value; authorized 500,000,000 shares, issued and outstanding 13,572,568 | 38,755,638 | 38,755,638 |
Accumulated deficit | -39,965,230 | -39,940,029 |
Stockholders' deficiency | -1,209,592 | -1,184,391 |
Total Liabilities and Stockholders' Deficiency | $9,207 | $18,765 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets | ||
Deferred Tax Assets, Valuation allowance | $10,131,000 | $10,180,000 |
Preferred Stock, No par value | $0 | $0 |
Preferred Stock, shares authorized | 250,000,000 | 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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Consolidated Statements Of Operations | ||
Revenue | $5,500 | $16,500 |
Expenses: | ||
Cost of sales | 425 | 1,275 |
Research and development | 63,375 | |
Selling, general and administrative | 23,101 | 56,792 |
Total expenses | 23,526 | 121,442 |
Loss from operations | -18,026 | -104,942 |
Other income (expense) | ||
Interest income (expense) | -7,175 | -8,163 |
Total other income (expense) | -7,175 | -8,163 |
Net Loss | ($25,201) | ($113,105) |
Net loss per share - basic and diluted | $0 | ($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 (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2012 | |
Beginning Balance | ($1,184,391) | |
Net Loss | -25,201 | |
Ending Balance | -1,209,592 | |
Common Stock | ||
Beginning Balance | 38,755,638 | 38,755,638 |
Beginning Balance, Shares | 13,572,568 | 12,772,568 |
Net Loss | ||
Ending Balance | 38,755,638 | 38,755,638 |
Ending Balance, Shares | 13,572,568 | 12,772,568 |
Retained Earnings [Member] | ||
Beginning Balance | -39,940,029 | |
Net Loss | -25,201 | |
Ending Balance | ($39,965,230) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net Loss | ($25,201) | ($113,105) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on settlement of accounts payable | ||
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | 11,000 | 8,489 |
Decrease (increase) in prepaid expenses and other current assets | -261 | -439 |
Increase (decrease) in accounts payable and accrued expenses | 9,698 | 22,833 |
Increase in accounts payable and accrued expenses due to related parties | 5,945 | 87,858 |
Net cash used in operating activities | 1,181 | 5,636 |
Net decrease in cash and cash equivalents | 1,181 | 5,636 |
Cash and cash equivalents at beginning of year | 1,888 | 6,888 |
Cash and cash equivalents at end of year | 3,069 | 12,524 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE A – BASIS OF PRESENTATION |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01(a)(5) of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are not necessarily indicative of the results that may be attained for an entire year or any future periods. For further information, refer to the Financial Statements and footnotes thereto in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014. |
GOING_CONCERNS
GOING CONCERNS | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
GOING CONCERNS | NOTE B – GOING CONCERNS: |
The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. As shown in the financial statements, the Company has incurred loss of $25,201 for the three month period ended March 31, 2015 and, in addition the Company incurred losses of $260,314 and $93,608 for the years ended December 31, 2014 and 2013, respectively. As of March 31, 2015, the Company had an accumulated deficit of $39,965,230 and a working capital deficit of $1,209,592. These conditions raise doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations as they come due which management believes it will be able to do. To date, the Company has funded operations primarily through the issuance of common stock and warrants to outside investors and the Company's management. The Company believes that its operations will generate additional funds and that additional funding from outside investors and the Company's management will continue to be available to the Company when needed. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary in the event the Company cannot continue as a going concern. |
GOING_CONCERNS_Details_Narrati
GOING CONCERNS (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes to Financial Statements | |||
Net Loss | $25,201 | $260,314 | $93,608 |
Accumulated Deficit | -39,965,230 | -39,940,029 | |
Working Capital Deficit | $1,209,592 |