Oculus VisionTech (OVTZ) 10-Q 13 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 13, 2018
Document Information [Line Items]
Entity Registrant Name	OCULUS VISIONTECH INC.
Entity Central Index Key	1,107,280
Trading Symbol	ovtz
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		45,572,568
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 6,072
Prepaid expenses and other current assets	35,010	28,871
Total current assets	41,082	28,871
Deferred Tax Assets, net of valuation allowance of $6,521,000 and $6,458,000, respectively
Total Assets	41,082	28,871
LIABILITIES AND STOCKHOLDERS' DEFICENCY
Accounts payable and accrued expenses	39,856	48,583
Accounts payable and accrued expenses - related parties	619,166	532,543
Total current liabilities	659,022	581,126
Commitments and Contingencies
Stockholders' Deficiency:
Preferred stock - no par value; authorized 250,000,000 shares, none issued
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 45,572,568	40,458,297	40,458,297
Accumulated deficit	(41,076,237)	(41,010,552)
Stockholders' deficiency	(617,940)	(552,255)
Total Liabilities and Stockholders' Deficiency	$ 41,082	$ 28,871

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred tax assets, valuation allowance	$ 6,521,000	$ 6,458,000
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares 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)	45,572,568	45,572,568
Common stock, shares outstanding (in shares)	45,572,568	45,572,568

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue
Expenses:
Cost of sales
Research and development	203	18,238	1,819	27,243
Selling, general and administrative	27,621	38,050	63,866	79,450
Total expenses	27,824	56,288	65,685	106,693
Loss from operations	(27,824)	(56,288)	(65,685)	(106,693)
Other income (expense)
Interest income (expense)
Net loss	$ (27,824)	$ (56,288)	$ (65,685)	$ (106,693)
Net loss per share - basic and diluted (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted-average number of common shares outstanding - basic and diluted (in shares)	45,572,568	45,572,568	45,572,568	45,572,568

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Common Stock Including Additional Paid in Capital [Member]
Balance (in shares)		45,572,568
Balance		$ 40,458,297
Net loss
Balance (in shares)	45,572,568	45,572,568	45,572,568
Balance	$ 40,458,297	$ 40,458,297	$ 40,458,297
Retained Earnings [Member]
Balance		(41,010,552)
Net loss		(65,685)
Balance	(41,076,237)	(41,076,237)	(41,010,552)
Balance		(552,255)
Net loss	(27,824)	(65,685)	(230,699)
Balance	$ (617,940)	$ (617,940)	$ (552,255)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (65,685)	$ (106,693)
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses and other current assets	(6,139)	(309)
Increase (decrease) in accounts payable and accrued expenses	(8,727)	(21,642)
Increase (decrease) in accounts payable and accrued expenses due to related parties	86,623	127,832
Net cash used in operating activities	6,072	(812)
Net increase in cash and cash equivalents	6,072	(812)
Cash and cash equivalents at beginning of period		6,425
Cash and cash equivalents at end of period	6,072	5,613
Supplemental disclosures of cash flow information:
Cash paid during the period for interest
Cash paid during the period for income taxes

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2018
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, 2017. not December 31, 2017, The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiary, USVO Inc. 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 may 10 December 31, 2017.

Note 2 - Going Concern

Note 2 - Going Concern	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
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 loss of $65,685 six June 30, 2018 $230,699 $453,240 December 31, 2017 2016, June 30, 2018, $41,076,237 $617,940. not

Note 3 - Subsequent Events

Note 3 - Subsequent Events	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	3. SUBSEQUENT EVENTS None.

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Net Income (Loss) Attributable to Parent, Total	$ (27,824)	$ (56,288)	$ (65,685)	$ (106,693)	$ (230,699)	$ (453,240)
Retained Earnings (Accumulated Deficit), Ending Balance	(41,076,237)		(41,076,237)		$ (41,010,552)
Working Capital (Deficit)	$ (617,940)		$ (617,940)