Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
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 | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 91,422,569 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock - no par value; Preferred stock - no par value |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 298,611 | $ 490,190 |
Prepaid expenses and other current assets | 2,801 | 6,082 |
Total Assets | 301,412 | 496,272 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 53,578 | 32,329 |
Accounts payable and accrued expenses - related parties | 135,759 | 135,738 |
Total current liabilities | 189,337 | 168,067 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
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 and 86,522,569 | 44,250,747 | 44,073,257 |
Commitment to issue shares | 414,128 | 414,128 |
Accumulated deficit | (44,552,800) | (44,159,180) |
Stockholders' equity | 112,075 | 328,205 |
Total Liabilities and Stockholders' Equity | $ 301,412 | $ 496,272 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares outstanding (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 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Expenses: | ||
Research and development | 132,724 | 1,577 |
Selling, general and administrative | 83,406 | 71,788 |
Stock-based compensation (Note 7) | 177,490 | |
Total expenses | 393,620 | 73,365 |
Loss from operations | (393,620) | (73,365) |
Other income | ||
Interest income | 96 | |
Nonoperating Income (Expense), Total | 96 | |
Net loss | $ (393,620) | $ (73,269) |
Net loss per share - basic and diluted (in dollars per share) | $ 0 | $ 0 |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 86,522,569 | 67,022,568 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Including Additional Paid in Capital [Member] | Commitment to Issue Shares [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 67,022,568 | |||
Balance at Dec. 31, 2019 | $ 41,634,999 | $ (41,386,696) | $ 248,303 | |
Net loss | (73,269) | (73,269) | ||
Balance (in shares) at Mar. 31, 2020 | 86,522,569 | |||
Balance at Mar. 31, 2020 | $ 44,073,257 | 414,128 | (41,459,965) | 175,034 |
Balance (in shares) at Dec. 31, 2019 | 67,022,568 | |||
Balance at Dec. 31, 2019 | $ 41,634,999 | (41,386,696) | 248,303 | |
Net loss | (2,772,484) | |||
Balance (in shares) at Dec. 31, 2020 | 86,522,569 | |||
Balance at Dec. 31, 2020 | $ 44,073,257 | 414,128 | (44,159,180) | 328,205 |
Net loss | (393,620) | (393,620) | ||
Share-based compensation | $ 177,490 | 177,490 | ||
Balance (in shares) at Mar. 31, 2021 | 86,522,569 | |||
Balance at Mar. 31, 2021 | $ 44,250,747 | $ 414,128 | $ (44,552,800) | $ 112,075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||||
Net loss | $ (393,620) | $ (73,269) | $ (2,772,484) | $ (192,865) |
Add back non-cash share-based compensation | 177,490 | |||
Changes in operating assets and liabilities: | ||||
Decrease in prepaid expenses and other current assets | 3,281 | 137 | ||
Increase in accounts payable and accrued expenses | 21,249 | 17,773 | ||
Decrease in accounts payable and accrued expenses due to related parties | 21 | (163) | ||
Net cash used in operating activities | (191,579) | (55,522) | ||
Net decrease in cash and cash equivalents | (191,579) | (55,522) | ||
Cash and cash equivalents at beginning of period | 490,190 | 382,452 | 382,452 | |
Cash and cash equivalents at end of period | 298,611 | 326,930 | $ 490,190 | $ 382,452 |
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 and Business | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION AND BUSINESS 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, 2020. not December 31, 2020, The accompanying condensed interim consolidated financial statements include the accounts of Oculus and its wholly-owned subsidiaries, OCL Technologies Corp. (from the date of acquisition, Note 6 not may 10 December 31, 2020. Oculus VisionTech, Inc. (the " Company March 31, 2021 2020, |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. GOING CONCERN The accompanying 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 $393,620 three March 31, 2021 $2,772,484 $192,865 December 31, 2020 2019. March 31, 2021, $44,552,800 $112,075. not |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: March 31, 2021 December 31, 2020 Prepaid expenses $ 1,000 $ 1,030 Tax Receivable – Canadian GST 1,801 5,052 $ 2,801 $ 6,082 |
Note 4 - Accounts Payable and A
Note 4 - Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: March 31, 2021 December 31, 2020 Accounts payable $ 53,578 $ 16,670 Accrued fees and expenses - 15,659 $ 53,578 $ 32,329 Accounts payable and accrued expenses – related parties consist of accounts payable for research and development, advances and accrued interest on related party debt. |
Note 5 - Acquisition of OCL Tec
Note 5 - Acquisition of OCL Technologies Corp. | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 5. ACQUISITION OF OCL TECHNOLOGIES CORP. During the year ended December 31, 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 During the year ended December 31, 2020, $1,966,939. |
Note 6 - Common Stock
Note 6 - Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. COMMON STOCK The Company has one no 500,000,000 86,522,569 March 31, 2021 December 31, 2020, On June 5, 2020, 12,500,000 $0.15 On June 5, 2020, 7,000,001 1,766,667 $0.15 |
Note 7 - Stock Options
Note 7 - Stock Options | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. STOCK OPTIONS During the period ended March 31, 2021 December 31, 2020, 10% may During the period ended March 31, 2021, i) granted 500,000 500,000 $1.20CND January 29, 2024. $424,300CND, 125%; 3 0.14%; Nil; $1.18. 20% 6 July 29, 2021. March 31, 2021, $65,035CND $51,351US During the year ended December 31, 2020, i) granted 3,600,000 3,600,000 $0.35CND July 21, 2023. $909,900CND, 125%; 3 0.27%; Nil; $0.35. 20% 6 January 21, 2020. December 31, 2020, $369,597CND $283,307US March 31, 2021, $135,829CND $107,249US ii) granted 250,000 250,000 $0.45CND December 21, 2023. $75,800CND, 125%; 3 0.02%; Nil; $0.425. 20% 6 June 21, 2021. December 31, 2020, $1,899CND $1,486US March 31, 2021, $23,925CND $18,890US |
Note 8 - COVID-19
Note 8 - COVID-19 | 3 Months Ended |
Mar. 31, 2021 | |
COVID-19 [Member] | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | 8. COVID- 19 In early 2020, 19 |
Note 9 - Subsequent Event
Note 9 - Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENT Subsequent to March 31, 2021, 4,900,000 CDN$0.80 CDN$3,920,000. one one one $1.00 24 may $2.50 ten |
Note 3 - Prepaid Expenses and_2
Note 3 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2021 December 31, 2020 Prepaid expenses $ 1,000 $ 1,030 Tax Receivable – Canadian GST 1,801 5,052 $ 2,801 $ 6,082 |
Note 4 - Accounts Payable and_2
Note 4 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accounts payable $ 53,578 $ 16,670 Accrued fees and expenses - 15,659 $ 53,578 $ 32,329 |
Note 5 - Acquisition of OCL T_2
Note 5 - Acquisition of OCL Technologies Corp. (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss) Attributable to Parent, Total | $ (393,620) | $ (73,269) | $ (2,772,484) | $ (192,865) |
Retained Earnings (Accumulated Deficit), Ending Balance | (44,552,800) | $ (44,159,180) | ||
Working Capital (Deficit) | $ 112,075 |
Note 3 - Prepaid Expenses and_3
Note 3 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses | $ 1,000 | $ 1,030 |
Tax Receivable – Canadian GST | 1,801 | 5,052 |
Prepaid Expense and Other Assets, Current | $ 2,801 | $ 6,082 |
Note 4 - Accounts Payable and_3
Note 4 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts payable | $ 53,578 | $ 16,670 |
Accrued fees and expenses | 15,659 | |
Accounts Payable and Accrued Liabilities, Current, Total | $ 53,578 | $ 32,329 |
Note 5 - Acquisition of OCL T_3
Note 5 - Acquisition of OCL Technologies Corp. (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Warrants and Rights Outstanding | $ 414,128 | $ 414,128 |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 1,966,939 | |
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 | |
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 5 - Acquisition of OCL T_4
Note 5 - Acquisition of OCL Technologies Corp. - Purchase Price (Details) - OCL Technologies Corp [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Issuance of 12,500,000 shares | $ 1,380,427 |
Transaction costs | 54,532 |
Total Purchase Price | 1,849,087 |
Warrants Issued in Connection With Business Acquisition [Member] | |
Issuance of 12,500,000 shares | $ 414,128 |
Note 5 - Acquisition of OCL T_5
Note 5 - Acquisition of OCL Technologies Corp. - Purchase Price (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2020shares | |
OCL Technologies Corp [Member] | |
Shares issued (in shares) | 12,500,000 |
Note 5 - Acquisition of OCL T_6
Note 5 - Acquisition of OCL Technologies Corp. - Purchase Price Allocation (Details) - OCL Technologies Corp [Member] | Dec. 31, 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 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) | Jun. 05, 2020$ / sharesshares | Mar. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Common Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | |
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 86,522,569 | 86,522,569 | |
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 | ||
Investors [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 7,000,001 | ||
Shares Issued, Price Per Share (in CAD per share) | $ / shares | $ 0.15 | ||
Employee and Directors [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,766,667 | ||
Shares Issued, Price Per Share (in CAD per share) | $ / shares | $ 0.15 |
Note 7 - Stock Options (Details
Note 7 - Stock Options (Details Textual) | Jan. 29, 2021CAD ($)$ / sharesshares | Dec. 21, 2020CAD ($)$ / sharesshares | Jul. 21, 2020CAD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Mar. 31, 2021CAD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Share-based Payment Arrangement, Expense | $ | $ 177,490 | |||||||
Rolling Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement, Percent of Issued and Outstanding Common Shares Reserved | 10.00% | 10.00% | 10.00% | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 500,000 | 250,000 | 3,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | shares | 500,000 | 250,000 | 3,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 1.20 | $ 0.45 | $ 0.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 424,300 | $ 75,800 | $ 909,900 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 1.18 | $ 0.425 | $ 0.35 | |||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125.00% | 125.00% | 125.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | 3 years | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.14% | 0.02% | 0.27% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | January 2021 [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 51,351 | $ 65,035 | ||||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | July 2020 [Member] | ||||||||
Share-based Payment Arrangement, Expense | 107,249 | 135,829 | $ 283,307 | $ 369,597 | ||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | December 2020 [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 18,890 | $ 23,925 | $ 1,486 | $ 1,899 | ||||
Rolling Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | 20.00% |
Note 9 - Subsequent Event (Deta
Note 9 - Subsequent Event (Details Textual) | 1 Months Ended |
May 12, 2021CAD ($)$ / sharesshares | |
Warrants Issued in Connection with Private Placement [Member] | |
Equity Offering, Number of Warrants Per Unit (in shares) | 1 |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1 |
Warrants and Rights Outstanding, Term (Year) | 2 years |
Class of Warrant of Right, Stock Price Trigger (in CAD per share) | $ / shares | $ 2.50 |
Class of Warrant or Right, Threshold Consecutive Trading Days | 10 |
Private Placement [Member] | |
Equity Offering, Number of Units Issued (in shares) | 4,900,000 |
Equity Offering, Price Per Unit Issued (in CAD per share) | $ / shares | $ 0.80 |
Proceeds from Issuance or Sale of Equity, Total | $ | $ 3,920,000 |
Equity Offering, Number of Common Shares Per Unit (in shares) | 1 |