Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 13, 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 | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 86,522,569 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 869,410 | $ 382,452 |
Prepaid expenses and other current assets | 3,071 | 1,267 |
Total current assets | 872,481 | 383,719 |
Intangible assets | 1,966,939 | |
Total Assets | 2,839,420 | 383,719 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 51,913 | 5,431 |
Accounts payable and accrued expenses - related parties | 129,267 | 129,985 |
Total current liabilities | 181,180 | 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 86,522,569 | 43,788,464 | 41,634,999 |
Commitment to issue shares | 414,128 | |
Accumulated deficit | (41,544,352) | (41,386,696) |
Stockholders' equity (deficiency) | 2,658,240 | 248,303 |
Total Liabilities and Stockholders' Equity (Deficiency) | $ 2,839,420 | $ 383,719 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
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) | 86,522,569 | 86,522,569 |
Common stock, shares outstanding (in shares) | 86,522,569 | 86,522,569 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | ||||
Expenses: | ||||
Consulting | 12,000 | 12,000 | ||
Research and development | 35,333 | 36,910 | ||
Selling, general and administrative | 37,084 | 69,486 | 108,842 | 122,166 |
Total expenses | 84,417 | 69,486 | 157,752 | 122,166 |
Loss from operations | (84,417) | (69,486) | (157,752) | (122,166) |
Other income (expense) | ||||
Interest income (expense) | 96 | |||
Nonoperating Income (Expense), Total | 96 | |||
Net loss | $ (84,417) | $ (69,486) | $ (157,656) | $ (122,166) |
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) | 71,897,568 | 48,165,425 | 67,022,568 | 45,572,568 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficiency) - 6 months ended Jun. 30, 2020 - USD ($) | Common Stock Including Additional Paid in Capital [Member] | Commitment to Issue Shares [Member] | Retained Earnings [Member] | Total |
Balance at December 31, 2019 (in shares) at Dec. 31, 2019 | 67,022,568 | |||
Balance at December 31, 2019 at Dec. 31, 2019 | $ 41,634,999 | $ (41,386,696) | $ 248,303 | |
Sale of common stock (in shares) | 7,000,001 | |||
Sale of common stock | $ 773,038 | 773,038 | ||
Shares issued for asset acquisition (in shares) | 12,500,000 | |||
Shares issued for asset acquisition | $ 1,380,427 | 1,380,427 | ||
Contingent consideration | 414,128 | 414,128 | ||
Net Income (Loss) Attributable to Parent, Total | (157,656) | (157,656) | ||
Balance at June 30, 2020 (in shares) at Jun. 30, 2020 | 86,522,569 | |||
Balance at June 30, 2020 at Jun. 30, 2020 | $ 43,788,464 | $ 256,472 | $ (41,508,862) | $ 2,658,240 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||||
Net loss | $ (84,417) | $ (69,486) | $ (157,656) | $ (122,166) | $ (192,865) | $ (183,279) |
Changes in operating assets and liabilities: | ||||||
Decrease (increase) in prepaid expenses and other current assets | (1,804) | (1,059) | ||||
Increase (decrease) in accounts payable and accrued expenses | (718) | (12,624) | ||||
Increase (decrease) in accounts payable and accrued expenses due to related parties | (240,071) | (570,804) | ||||
Net cash used in operating activities | (400,249) | (706,653) | ||||
Cash flows from investing activities | ||||||
Cash acuired on asset acquisition | 114,169 | |||||
Net cash from financing activities | 114,169 | |||||
Cash flows from financing activities | ||||||
Proceeds from the sale of common stock | 773,038 | 1,176,702 | ||||
Net cash from financing activities | 773,038 | 1,176,702 | ||||
Net increase in cash and cash equivalents | 486,958 | 470,049 | ||||
Cash and cash equivalents at beginning of period | 382,452 | 5,572 | 5,572 | |||
Cash and cash equivalents at end of period | $ 869,410 | $ 475,621 | 869,410 | 475,621 | $ 382,452 | $ 5,572 |
Supplemental disclosures of cash flow information: | ||||||
Cash paid during the period for interest | ||||||
Cash paid during the period for income taxes | ||||||
Non-Cash Financing and Investing Activities | ||||||
Common stock issued on acquisition | 1,380,427 | |||||
Intangible acquired on acquisition | $ (1,966,939) | |||||
Warrants issued on acquisition (in shares) | 414,128 | |||||
Account payable acquired on acquisition | $ 172,384 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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. not December 31, 2019, The accompanying consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiaries, USVO Inc. (dissolved December 31, 2019) 3 not may 10 December 31, 2019. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 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 $157,656 six June 30, 2020 $192,865 $183,279 December 31, 2019 2018, June 30, 2020, $41,544,352 $691,301. not |
Note 3 - Acquisition of OCL Tec
Note 3 - Acquisition of OCL Technologies Corp. | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. ACQUISITION OF OCL TECHNOLOGIES CORP. During the period ended June 30, 2020, 100% 12,500,000 $1,380,427 12,500,000 $414,128. not 805 10. Purchase Price Issuance of 12,500,000 shares $ 1,380,427 Contingent consideration - warrants 414,128 Transaction costs 54,532 Total Purchase Price $ 1,849,087 Contingent consideration consists of 12,500,000 12,500,000 $0.001 five June 4, 2025. No 1 5 2 3 $414,128. Purchase Price Allocation Cash $ 114,169 Accounts payable and due from related party (232,021 ) Intangible asset 1,966,939 Total Purchase Price $ 1,849,087 |
Note 4 - Common Stock
Note 4 - Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4 . COMMON STOCK On June 19, 2019, 7,500,000 $0.075 On June 19, 2019, 13,950,000 $0.075 On June 5, 2020, 12,500,000 $0.15 On June 5, 2020, 7,000,001 1,766,667 $ 0.15 |
Note 5 - Stock Options
Note 5 - Stock Options | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5 . STOCK OPTIONS On September 30, 2019, 10% may not June 30, 2020. |
Note 6 - COVID-19
Note 6 - COVID-19 | 6 Months Ended |
Jun. 30, 2020 | |
COVID-19 [Member] | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | 6 . COVID- 19 In early 2020, 19 |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 7. SUBSEQUENT EVENT Subsequent to June 30, 2020, 3,600,000 3,600,000 $0.35 July 21, 2023. |
Note 3 - Acquisition of OCL T_2
Note 3 - Acquisition of OCL Technologies Corp. (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Issuance of 12,500,000 shares $ 1,380,427 Contingent consideration - warrants 414,128 Transaction costs 54,532 Total Purchase Price $ 1,849,087 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Cash $ 114,169 Accounts payable and due from related party (232,021 ) Intangible asset 1,966,939 Total Purchase Price $ 1,849,087 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income (Loss) Attributable to Parent, Total | $ (84,417) | $ (69,486) | $ (157,656) | $ (122,166) | $ (192,865) | $ (183,279) |
Retained Earnings (Accumulated Deficit), Ending Balance | (41,544,352) | (41,544,352) | $ (41,386,696) | |||
Working Capital (Deficit) | $ (691,301) | $ (691,301) |
Note 3 - Acquisition of OCL T_3
Note 3 - Acquisition of OCL Technologies Corp. (Details Textual) - USD ($) | Apr. 24, 2020 | Apr. 20, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,380,427 | ||||
Warrants and Rights Outstanding | $ 414,128 | ||||
OCL Technologies Corp [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 12,500,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,380,427 | $ 1,380,427 | |||
Warrants and Rights Outstanding | $ 414,128 | ||||
OCL Technologies Corp [Member] | Warrants Issued in Connection With Business Acquisition [Member] | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 414,128 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,500,000 | ||||
Warrants and Rights Outstanding | $ 414,128 | ||||
Class of Warrant or Right, Outstanding (in shares) | 12,500,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Note 3 - Acquisition of OCL T_4
Note 3 - Acquisition of OCL Technologies Corp. - Purchase Price (Details) - USD ($) | Apr. 24, 2020 | Apr. 20, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Common stock issued on acquisition | $ 1,380,427 | |||
OCL Technologies Corp [Member] | ||||
Common stock issued on acquisition | $ 1,380,427 | $ 1,380,427 | ||
Transaction costs | 54,532 | |||
Total Purchase Price | 1,849,087 | |||
OCL Technologies Corp [Member] | Warrants Issued in Connection With Business Acquisition [Member] | ||||
Common stock issued on acquisition | $ 414,128 |
Note 3 - Acquisition of OCL T_5
Note 3 - Acquisition of OCL Technologies Corp. - Purchase Price (Details) (Parentheticals) | Apr. 24, 2020shares |
OCL Technologies Corp [Member] | |
Shares issued (in shares) | 12,500,000 |
Note 3 - Acquisition of OCL T_6
Note 3 - Acquisition of OCL Technologies Corp. - Purchase Price Allocation (Details) - OCL Technologies Corp [Member] | Jun. 30, 2020USD ($) |
Cash | $ 114,169 |
Accounts payable and due from related party | (232,021) |
Intangible asset | 1,966,939 |
Total Purchase Price | $ 1,849,087 |
Note 4 - Common Stock (Details
Note 4 - Common Stock (Details Textual) | Jun. 05, 2020$ / sharesshares | Jun. 19, 2019$ / sharesshares |
Employee and Directors [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 1,766,667 | 7,500,000 |
Shares Issued, Price Per Share (in CAD per share) | (per share) | $ 0.15 | $ 0.075 |
Investors [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 7,000,001 | 13,950,000 |
Shares Issued, Price Per Share (in CAD per share) | (per share) | $ 0.15 | $ 0.075 |
OCL Technologies Corp [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 12,500,000 | |
Shares Issued, Price Per Share (in CAD per share) | $ / shares | $ 0.15 |
Note 5 - Stock Options (Details
Note 5 - Stock Options (Details Textual) - Rolling Stock Option Plan [Member] - shares shares in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement, Percent of Issued and Outstanding Common Shares Reserved | 10.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 |
Note 7 - Subsequent Events (Det
Note 7 - Subsequent Events (Details Textual) - Employee and Directors [Member] - Subsequent Event [Member] | 1 Months Ended |
Jul. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 3,600,000 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,600,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 0.35 |