Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001107280 | |
Entity Registrant Name | OCULUS VISIONTECH INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-29651 | |
Entity Incorporation, State or Country Code | WY | |
Entity Tax Identification Number | 06-1576391 | |
Entity Address, Address Line One | Suite 507 - 837 West Hastings Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6C 3N6 | |
City Area Code | 604 | |
Local Phone Number | 685-1017 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 91,422,569 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,019,957 | $ 2,208,451 |
Prepaid expenses and other current assets (Note 4) | 23,154 | 37,832 |
Total Assets | 1,043,111 | 2,246,283 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 5) | 254,268 | 96,198 |
Accounts payable and accrued expenses - related parties | 25,471 | 26,425 |
Total current liabilities | 279,739 | 122,623 |
Stockholders' Equity: | ||
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 91,422,569 | 46,850,710 | 46,850,710 |
Additional paid in capital | 1,334,584 | 998,477 |
Commitment to issue shares | 414,128 | 414,128 |
Accumulated other comprehensive income (loss) | (40,219) | 6,190 |
Accumulated deficit | (47,795,831) | (46,145,845) |
Stockholders' equity | 763,372 | 2,123,660 |
Total Liabilities and Stockholders' Equity | $ 1,043,111 | $ 2,246,283 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, 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) | 91,422,569 | 91,422,569 |
Common stock, shares outstanding (in shares) | 91,422,569 | 91,422,569 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Expenses: | ||||
Consulting (Note 11) | $ 45,000 | $ 0 | $ 90,000 | $ 24,021 |
Research and development (Note 10) | 283,269 | 295,830 | 912,892 | 575,999 |
Selling, general and administrative (Note 9) | 116,163 | 113,607 | 310,987 | 319,132 |
Stock-based compensation (Note 7) | 80,267 | 169,373 | 336,107 | 537,019 |
Total expenses | 524,699 | 578,810 | 1,649,986 | 1,456,171 |
Net loss | (524,699) | (578,810) | (1,649,986) | (1,456,171) |
Other comprehensive loss | ||||
Currency translation differences | (22,525) | 0 | (46,409) | 0 |
Total comprehensive loss | $ (547,224) | $ (578,810) | $ (1,696,395) | $ (1,456,171) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 91,422,569 | 91,422,569 | 91,422,569 | 89,476,981 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Including Additional Paid in Capital [Member] | Contribution Surplus [Member] | Commitment to Issue Shares [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 86,522,569 | |||||
Balance at Dec. 31, 2020 | $ 43,788,464 | $ 284,793 | $ 414,128 | $ 0 | $ (44,159,180) | $ 328,205 |
Share-based compensation | 0 | 537,019 | 0 | 0 | 0 | 537,019 |
Currency translation differences | 0 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (1,456,171) | (1,456,171) |
Sale of common stock (in shares) | 4,900,000 | |||||
Sale of common stock | $ 3,098,616 | 0 | 0 | 0 | 3,098,616 | |
Share issuance costs – cash | $ (36,370) | 0 | 0 | 0 | 0 | (36,370) |
Balance (in shares) at Sep. 30, 2021 | 91,422,569 | |||||
Balance at Sep. 30, 2021 | $ 46,850,710 | 821,812 | 414,128 | 0 | (45,615,351) | 2,471,299 |
Balance (in shares) at Dec. 31, 2020 | 86,522,569 | |||||
Balance at Dec. 31, 2020 | $ 43,788,464 | 284,793 | 414,128 | 0 | (44,159,180) | 328,205 |
Net loss | (1,986,665) | |||||
Balance (in shares) at Dec. 31, 2021 | 91,422,569 | |||||
Balance at Dec. 31, 2021 | $ 46,850,710 | 998,477 | 414,128 | 6,190 | (46,145,845) | 2,123,660 |
Balance (in shares) at Jun. 30, 2021 | 86,522,569 | |||||
Balance at Jun. 30, 2021 | $ 46,850,710 | 652,439 | 414,128 | 0 | (45,036,541) | 2,880,736 |
Share-based compensation | 0 | 169,373 | 0 | 0 | 0 | 169,373 |
Currency translation differences | 0 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (578,810) | (578,810) |
Balance (in shares) at Sep. 30, 2021 | 91,422,569 | |||||
Balance at Sep. 30, 2021 | $ 46,850,710 | 821,812 | 414,128 | 0 | (45,615,351) | 2,471,299 |
Balance (in shares) at Dec. 31, 2021 | 91,422,569 | |||||
Balance at Dec. 31, 2021 | $ 46,850,710 | 998,477 | 414,128 | 6,190 | (46,145,845) | 2,123,660 |
Share-based compensation | 0 | 336,107 | 0 | 0 | 0 | 336,107 |
Currency translation differences | 0 | 0 | 0 | (46,409) | 0 | (46,409) |
Net loss | $ 0 | 0 | 0 | 0 | (1,649,986) | (1,649,986) |
Balance (in shares) at Sep. 30, 2022 | 91,422,569 | |||||
Balance at Sep. 30, 2022 | $ 46,850,710 | 1,334,584 | 414,128 | (40,219) | (47,795,831) | 763,372 |
Balance (in shares) at Jun. 30, 2022 | 91,422,569 | |||||
Balance at Jun. 30, 2022 | $ 46,850,710 | 1,254,317 | 414,128 | (17,694) | (47,271,132) | 1,230,329 |
Share-based compensation | 0 | 80,267 | 0 | 0 | 0 | 80,267 |
Currency translation differences | 0 | 0 | 0 | (22,525) | 0 | (22,525) |
Net loss | $ 0 | 0 | 0 | 0 | (524,699) | (524,699) |
Balance (in shares) at Sep. 30, 2022 | 91,422,569 | |||||
Balance at Sep. 30, 2022 | $ 46,850,710 | $ 1,334,584 | $ 414,128 | $ (40,219) | $ (47,795,831) | $ 763,372 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||||||
Net loss | $ (524,699) | $ (578,810) | $ (1,649,986) | $ (1,456,171) | $ (1,986,665) | $ (2,772,484) |
Add back non-cash share-based compensation | 336,107 | 537,019 | ||||
Changes in operating assets and liabilities: | ||||||
(Increase) decrease in prepaid expenses and other current assets | 14,678 | (3,400) | ||||
Increase in accounts payable and accrued expenses | 158,070 | 76,755 | ||||
Increase in accounts payable and accrued expenses due to related parties | 0 | 21 | ||||
Net cash used in operating activities | (1,141,131) | (845,776) | ||||
Cash flows from financing activities: | ||||||
Proceeds from sale of common stock | 0 | 3,098,616 | ||||
Share issuance costs | 0 | (36,370) | ||||
Net cash provided by financing activities | 0 | 3,062,246 | ||||
Effect of foreign currency translation | (47,363) | 0 | ||||
Net increase (decrease) in cash and cash equivalents | (1,188,494) | 2,216,470 | ||||
Cash and cash equivalents at beginning of period | 2,208,451 | 490,190 | 490,190 | |||
Cash and cash equivalents at end of period | $ 1,019,957 | $ 2,706,660 | 1,019,957 | 2,706,660 | $ 2,208,451 | $ 490,190 |
Supplemental disclosures of cash flow information: | ||||||
Cash paid during the period for interest | 0 | 0 | ||||
Cash paid during the period for income taxes | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BASIS OF PRESENTATION AND BUSINESS Oculus VisionTech, Inc. (the " Company The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Oculus VisionTech Inc. (the “Company”) and the notes thereto, included in the Company’s Annual Report on Form 10 December 31, 2021. not September 30, 2022 December 31, 2021, nine September 30, 2022 2021, nine September 30, 2022 2021 |
Note 2 - Going Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Management has forecast the Company will have sufficient working capital to operate for the ensuing 12 nine September 30, 2022 December 31, 2021 2020. September 30, 2022, not In December 2019, 19 January 2020, March 2020, 19 19 none |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of consolidation These condensed interim consolidated financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). On November 4, 2022, September 30, 2022. These condensed interim consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. The financial statements of subsidiaries are included in the condensed interim consolidated financial statements from the date that control commences until the date that control ceases. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when an investor has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% The controlled entities are listed in the following table: Name of Subsidiary Country of Incorporation Ownership Interest at September 30, 2022 Ownership Interest at December 31, 2021 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development Significant judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, 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 revenues and expenses during the period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not Significant judgments ● the determination of functional currencies Cash and cash equivalents Cash equivalents include highly liquid investments with original maturities of twelve Impairment of long-lived assets and long-lived assets to be disposed of Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Research and development Expenditure on research activities is recognized on the consolidated statement of operations and comprehensive loss as incurred. Development expenditures are capitalized as part of the cost of the resulting intangible asset only if the expenditures can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Management determined that as at September 30, 2022, not Intangible asset Identifiable intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is valued at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment annually and whenever there is an indication that the intangible asset may Intangible assets with indefinite lives are measured at cost less any accumulated impairment losses. These intangible assets are tested for impairment on an annual basis and more frequently if there are indicators that intangible assets may Income taxes The Company accounts for income taxes under the asset and liability method. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not Net loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or contracts that may September 30, 2022, September 30, 2021: September 30, 2021: Right of use asset The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use assets are subsequently amortized from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term using the straight line method. Lease liability The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following payments during the lease term: fixed payments (including in-substance fixed payments), and the exercise price under a purchase option that the Company is reasonably certain to exercise. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising mainly if the Company changes its assessment of whether it will exercise a purchase, renewal or termination option, or if there is a revised in substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Section 718 The fair value at grant date of all share-based payments is recognized as compensation expense over the period for which benefits of services are expected to be derived, with a corresponding credit to shareholders’ equity or accrued liabilities depending on whether they are equity-settled or cash-settled. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. Functional currency The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The functional currency of Oculus VisionTech Inc. is the Canadian (“CAD” or “C”) dollar and the functional currency of ComplyTrust Inc. is the U.S. dollar. In accordance with ASC 830, Foreign currency transactions are translated into the functional currency of the respective currency of the entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not Recently issued accounting pronouncements The Company has reviewed new and revised accounting pronouncements that have been issued but are not not |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: September 30, December 31, 2022 2021 Prepaid expenses $ 13,572 $ 28,141 Tax Receivable – Canadian GST 9,582 9,691 $ 23,154 $ 37,832 |
Note 5 - Accounts Payable and A
Note 5 - Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: September 30, 2022 December 31, 2021 Accounts payable $ 229,537 $ 61,836 Accrued fees and expenses 24,731 34,362 $ 254,268 $ 96,198 |
Note 6 - Common Stock
Note 6 - Common Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. COMMON STOCK The Company has one no 500,000,000 September 30, 2022 September 30, 2021, September 30, 2022, On June 14, 2021, CDN$0.80 $3,920,000CDN one one one $1.00CDN may $2.50CDN ten $45,500CDN |
Note 7 - Stock Options
Note 7 - Stock Options | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. STOCK OPTIONS During the period ended September 30, 2022, December 31, 2021, may During the period ended September 30, 2022, i) granted 100,000 stock options to a consultant, exercisable into 100,000 shares at an exercise price of $0.80CAD January 31, 2025. $54,600CAD, 119.10%; 1.24%; Nil; $0.78CAD. 6 August 1, 2022. September 30, 2022, $29,441CAD During the year ended December 31, 2021, i) granted 500,000 stock options to consultants, exercisable into 500,000 shares at an exercise price of $1.20CAD January 29, 2024. $424,300CAD, 125.00%; 0.14%; Nil; $1.18CAD. 6 July 29, 2021. September 30, 2021, $230,604CAD September 30, 2022, $96,546CAD ii) granted 375,000 stock options to consultants, exercisable into 375,000 shares at an exercise price of $0.80CAD June 10, 2024. $211,700CAD, 120.80%; 0.25%; Nil; $0.80CAD. 6 December 10, 2021. September 30, 2021, $59,248CAD September 30, 2022, $68,263CAD iii) granted 590,000 stock options to consultants, exercisable into 590,000 shares at an exercise price of $0.60CAD October 14, 2024. $219,100CAD, 119.89%; 0.63%; Nil; $0.54CAD. 6 April 14, 2021. September 30, 2021, $Nil September 30, 2022, $109,175CAD During the year ended December 31, 2020, i) granted 3,600,000 stock options to consultants, directors and officers exercisable into 3,600,000 shares at an exercise price of $0.35CAD July 21, 2023. $909,900CAD, 125%; 0.27%; Nil; $0.35CAD. 6 January 21, 2021. September 30, 2021, $334,385CAD September 30, 2022, $111,672CAD ii) granted 250,000 stock options to consultants, directors and officers exercisable into 250,000 shares at an exercise price of $0.45CAD December 21, 2023. $75,800CAD, 125%; 0.02%; Nil; $0.425CAD. 6 June 21, 2021. September 30, 2021, $43,439CAD September 30, 2022, $14,974CAD The changes in options are as follows: Number of options Weighted average exercise price Aggregate Intrinsic Value Options outstanding, December 31, 2020 3,850,000 $ 0.36 $ 3,363,000 Granted 1,465,000 0.86 - Options outstanding, December 31, 2021 5,315,000 0.49 3,910,950 Granted 100,000 0.80 - Options outstanding, September 30, 2022 5,415,000 $ 0.50 $ - The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money at September 30, 2022. Details of options outstanding as at September 30, 2022 Exercise price (CAD) Number of options outstanding Expiry date Number of options exercisable Remaining contractual life (years) $ 0.350 3,600,000 July 21, 2023 2,880,000 0.81 $ 0.450 250,000 December 21, 2023 150,000 1.22 $ 1.200 500,000 January 29, 2024 300,000 1.33 $ 0.800 375,000 June 10, 2024 150,000 1.70 $ 0.600 590,000 October 14, 2024 118,000 2.04 $ 0.80 100,000 January 31, 2025 20,000 2.34 5,415,000 3,618,000 |
Note 8 - Warrants
Note 8 - Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Class of Warrant or Right [Text Block] | 8. WARRANTS The changes in warrants are as follows: Number of warrants Weighted average exercise price Warrants outstanding, December 31, 2020 12,500,000 $ 0.001 Granted 4,900,000 1.00 Warrants outstanding, December 31, 2021 and September 30, 2022 17,400,000 $ 0.28 Details of warrants outstanding as at September 30, 2022 Exercise price Number of warrants outstanding Expiry date Number of warrants exercisable Remaining contractual life (years) $ 1.00 (CAD) 4,900,000 April 19, 2023 4,900,000 0.55 $ 0.001 (1) (USA) 12,500,000 June 4, 2025 - 2.68 17,400,000 4,900,000 ( 1 No 1 5 2 3 |
Note 9 - Selling, General and A
Note 9 - Selling, General and Administrative | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Selling, General and Administrative Disclosure [Text Block] | 9. SELLING, GENERAL AND ADMINISTRATIVE The breakdown of selling, general and administrative for the period ended September 30, 2022 2021 2022 2021 Filing and regulatory fees $ 34,280 $ 26,731 Marketing 73,053 31,374 Professional fees 67,882 102,870 Rent 28,809 29,857 Office and administration 106,963 128,300 $ 310,987 $ 319,132 |
Note 10 - Research and Developm
Note 10 - Research and Development | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 10. RESEARCH AND DEVELOPMENT The breakdown of research and development for the period ended September 30, 2022 2021 2022 2021 Project management $ 11,990 $ 108,000 Software development 677,035 403,629 Business development 99,636 43,000 Payroll 124,231 21,370 $ 912,892 $ 575,999 |
Note 11 - Related Parties
Note 11 - Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. RELATED PARTIES Related parties include the Board of Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions. The Company defines its key management as the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer. Remuneration of directors and key management personnel of the Company for the period ended September 30, 2022 2021 2022 2021 Consulting $ 90,000 $ - Selling general and administrative 65,742 51,468 Share-based compensation to directors and officers 40,761 124,703 $ 196,503 $ 176,171 The Company for the period ended September 30, 2022 2021 2021 $nil September 30, 2022 2021. 2021 September 30, 2022 2021. |
Note 12 - Operating Leases
Note 12 - Operating Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. OPERATING LEASES The Company has one third The lease at the Vancouver, Canada location is on a month-to-month basis with monthly rental payments of $3,950 (CND). For the period ended September 30, 2022 2021 |
Note 13 - Segmented Information
Note 13 - Segmented Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. SEGMENTED INFORMATION The Company currently operates in a single reportable operating segment. All of the Company’s assets and expenditures are located in the United States. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These condensed interim consolidated financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). On November 4, 2022, September 30, 2022. These condensed interim consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. The financial statements of subsidiaries are included in the condensed interim consolidated financial statements from the date that control commences until the date that control ceases. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when an investor has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% The controlled entities are listed in the following table: Name of Subsidiary Country of Incorporation Ownership Interest at September 30, 2022 Ownership Interest at December 31, 2021 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development |
Use of Estimates, Policy [Policy Text Block] | Significant judgments, estimates and assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, 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 revenues and expenses during the period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not Significant judgments ● the determination of functional currencies |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include highly liquid investments with original maturities of twelve |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets and long-lived assets to be disposed of Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Research and Development Expense, Policy [Policy Text Block] | Research and development Expenditure on research activities is recognized on the consolidated statement of operations and comprehensive loss as incurred. Development expenditures are capitalized as part of the cost of the resulting intangible asset only if the expenditures can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Management determined that as at September 30, 2022, not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Intangible asset Identifiable intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is valued at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment annually and whenever there is an indication that the intangible asset may Intangible assets with indefinite lives are measured at cost less any accumulated impairment losses. These intangible assets are tested for impairment on an annual basis and more frequently if there are indicators that intangible assets may |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or contracts that may September 30, 2022, September 30, 2021: September 30, 2021: |
Lessee, Leases [Policy Text Block] | Right of use asset The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use assets are subsequently amortized from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term using the straight line method. Lease liability The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following payments during the lease term: fixed payments (including in-substance fixed payments), and the exercise price under a purchase option that the Company is reasonably certain to exercise. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising mainly if the Company changes its assessment of whether it will exercise a purchase, renewal or termination option, or if there is a revised in substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Section 718 The fair value at grant date of all share-based payments is recognized as compensation expense over the period for which benefits of services are expected to be derived, with a corresponding credit to shareholders’ equity or accrued liabilities depending on whether they are equity-settled or cash-settled. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Functional currency The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The functional currency of Oculus VisionTech Inc. is the Canadian (“CAD” or “C”) dollar and the functional currency of ComplyTrust Inc. is the U.S. dollar. In accordance with ASC 830, Foreign currency transactions are translated into the functional currency of the respective currency of the entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements The Company has reviewed new and revised accounting pronouncements that have been issued but are not not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | Name of Subsidiary Country of Incorporation Ownership Interest at September 30, 2022 Ownership Interest at December 31, 2021 Principal Activity ComplyTrust Inc. US/Delaware 100 % 100 % Software Development |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | September 30, December 31, 2022 2021 Prepaid expenses $ 13,572 $ 28,141 Tax Receivable – Canadian GST 9,582 9,691 $ 23,154 $ 37,832 |
Note 5 - Accounts Payable and_2
Note 5 - Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, 2022 December 31, 2021 Accounts payable $ 229,537 $ 61,836 Accrued fees and expenses 24,731 34,362 $ 254,268 $ 96,198 |
Note 7 - Stock Options (Tables)
Note 7 - Stock Options (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of options Weighted average exercise price Aggregate Intrinsic Value Options outstanding, December 31, 2020 3,850,000 $ 0.36 $ 3,363,000 Granted 1,465,000 0.86 - Options outstanding, December 31, 2021 5,315,000 0.49 3,910,950 Granted 100,000 0.80 - Options outstanding, September 30, 2022 5,415,000 $ 0.50 $ - |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise price (CAD) Number of options outstanding Expiry date Number of options exercisable Remaining contractual life (years) $ 0.350 3,600,000 July 21, 2023 2,880,000 0.81 $ 0.450 250,000 December 21, 2023 150,000 1.22 $ 1.200 500,000 January 29, 2024 300,000 1.33 $ 0.800 375,000 June 10, 2024 150,000 1.70 $ 0.600 590,000 October 14, 2024 118,000 2.04 $ 0.80 100,000 January 31, 2025 20,000 2.34 5,415,000 3,618,000 |
Note 8 - Warrants (Tables)
Note 8 - Warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Warrants or Right [Table Text Block] | Number of warrants Weighted average exercise price Warrants outstanding, December 31, 2020 12,500,000 $ 0.001 Granted 4,900,000 1.00 Warrants outstanding, December 31, 2021 and September 30, 2022 17,400,000 $ 0.28 Exercise price Number of warrants outstanding Expiry date Number of warrants exercisable Remaining contractual life (years) $ 1.00 (CAD) 4,900,000 April 19, 2023 4,900,000 0.55 $ 0.001 (1) (USA) 12,500,000 June 4, 2025 - 2.68 17,400,000 4,900,000 |
Note 9 - Selling, General and_2
Note 9 - Selling, General and Administrative (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Selling, General and Administrative Expenses [Table Text Block] | 2022 2021 Filing and regulatory fees $ 34,280 $ 26,731 Marketing 73,053 31,374 Professional fees 67,882 102,870 Rent 28,809 29,857 Office and administration 106,963 128,300 $ 310,987 $ 319,132 |
Note 10 - Research and Develo_2
Note 10 - Research and Development (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Research and Development Expenses [Table Text Block] | 2022 2021 Project management $ 11,990 $ 108,000 Software development 677,035 403,629 Business development 99,636 43,000 Payroll 124,231 21,370 $ 912,892 $ 575,999 |
Note 11 - Related Parties (Tabl
Note 11 - Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 2022 2021 Consulting $ 90,000 $ - Selling general and administrative 65,742 51,468 Share-based compensation to directors and officers 40,761 124,703 $ 196,503 $ 176,171 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ (524,699) | $ (578,810) | $ (1,649,986) | $ (1,456,171) | $ (1,986,665) | $ (2,772,484) |
Retained Earnings (Accumulated Deficit), Total | (47,795,831) | (47,795,831) | $ (46,145,845) | |||
Working Capital (Deficit) | $ 763,372 | $ 763,372 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,415,000 | 4,725,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 17,400,000 | 12,500,000 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Summary of Subsidiary (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
ComplyTrust Inc. [Member] | ||
ComplyTrust Inc. | 100% | 100% |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid expenses | $ 13,572 | $ 28,141 |
Tax Receivable – Canadian GST | 9,582 | 9,691 |
Prepaid Expense and Other Assets, Current | $ 23,154 | $ 37,832 |
Note 5 - Accounts Payable and_3
Note 5 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts payable | $ 229,537 | $ 61,836 |
Accrued fees and expenses | 24,731 | 34,362 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 254,268 | $ 96,198 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) $ / shares in Units, $ / shares in Thousands | 9 Months Ended | ||||
Jun. 14, 2021 USD ($) shares | Jun. 14, 2021 CAD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Common Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 91,422,569 | 91,422,569 | 91,422,569 | ||
Common Stock, Shares Held in Escrow (in shares) | 5,175,000 | ||||
Payments of Stock Issuance Costs | $ | $ 0 | $ 36,370 | |||
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 CAD per share) | $ / shares | $ 1 | ||||
Warrants and Rights Outstanding, Term (Month) | 24 months | ||||
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 | 10 | |||
Payments of Stock Issuance Costs | $ 36,370 | $ 45,500 | |||
Private Placement [Member] | |||||
Equity Offering, Number of Units Issued (in shares) | 4,900,000 | 4,900,000 | |||
Equity Offering, Price Per Unit Issued (in CAD per share) | $ / shares | $ 0.80 | ||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,098,616 | $ 3,920,000 | |||
Equity Offering, Number of Common Shares Per Unit (in shares) | 1 |
Note 7 - Stock Options (Details
Note 7 - Stock Options (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jan. 29, 2021 CAD ($) $ / shares shares | Dec. 21, 2020 CAD ($) $ / shares shares | Jul. 21, 2020 CAD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) shares | Sep. 30, 2022 CAD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2021 CAD ($) | Dec. 31, 2021 CAD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | 100,000 | 1,465,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 3,618,000 | |||||||||
Share-Based Payment Arrangement, Expense | $ | $ 80,267 | $ 169,373 | $ 336,107 | $ 537,019 | ||||||
Rolling Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement, Percent of Issued and Outstanding Common Shares Reserved | 10% | 10% | ||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of August 1, 2024 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | 100,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 100,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.80 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 54,600 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119.10% | 119.10% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | 3 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 1.24% | 1.24% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||||||
Share-Based Payment Arrangement, Expense | $ 22,951 | $ 29,441 | ||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of August 1, 2024 [Member] | Vesting Every Six Months [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.78 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | 20% | ||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of January 29, 2024 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 500,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 1.20 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 424,300 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.14% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||
Share-Based Payment Arrangement, Expense | $ 75,447 | $ 96,546 | 186,627 | $ 230,604 | ||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of January 29, 2024 [Member] | Vesting Every Six Months [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 1.18 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | |||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of June10, 2024 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 375,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 375,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.80 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 211,700 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 120.80% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.25% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.80 | |||||||||
Share-Based Payment Arrangement, Expense | 53,339 | 68,263 | 48,592 | 59,248 | ||||||
Rolling Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Rolling Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Vesting Every Six Months [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | |||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of October 14, 2024 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 590,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 590,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.60 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 219,100 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 119.89% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.63% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.54 | |||||||||
Share-Based Payment Arrangement, Expense | 85,319 | 109,175 | 0 | |||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of October 14, 2024 [Member] | Vesting Every Six Months [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | |||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of July 21, 2023 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,600,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 3,600,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.35 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 909,900 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.27% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.35 | |||||||||
Share-Based Payment Arrangement, Expense | 87,346 | 111,672 | 267,221 | 334,385 | ||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of July 21, 2023 [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | |||||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of December 21, 2023 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 250,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 250,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in CAD per share) | $ / shares | $ 0.45 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value | $ | $ 75,800 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount for Postvesting Restrictions | 0.02% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in CAD per share) | $ / shares | $ 0.425 | |||||||||
Share-Based Payment Arrangement, Expense | $ 11,705 | $ 14,974 | $ 34,579 | $ 43,439 | ||||||
Rolling Stock Option Plan [Member] | Employee Stock Option, Expiration Date of December 21, 2023 [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% |
Note 7 - Stock Options - Change
Note 7 - Stock Options - Changes in Options (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options outstanding (in shares) | 5,315,000 | 3,850,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.49 | $ 0.36 | |
Options outstanding, aggregate intrinsic value | $ 0 | $ 3,910,950 | $ 3,363,000 |
Granted, options (in shares) | 100,000 | 1,465,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.80 | $ 0.86 | |
Granted, aggregate intrinsic value (in dollars per share) | $ 0 | $ 0 | |
Options outstanding (in shares) | 5,415,000 | 5,315,000 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 0.50 | $ 0.49 |
Note 7 - Stock Options - Detail
Note 7 - Stock Options - Details of Options Outstanding (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exercise price (in dollars per share) | $ 0.50 | $ 0.49 | $ 0.36 |
Number of options outstanding (in shares) | 5,415,000 | 5,315,000 | 3,850,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 3,618,000 | ||
Range One [Member] | |||
Exercise price (in dollars per share) | $ 0.350 | ||
Number of options outstanding (in shares) | 3,600,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 2,880,000 | ||
Remaining contractual life (Year) | 9 months 21 days | ||
Range Two [Member] | |||
Exercise price (in dollars per share) | $ 0.450 | ||
Number of options outstanding (in shares) | 250,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 150,000 | ||
Remaining contractual life (Year) | 1 year 2 months 19 days | ||
Range Three [Member] | |||
Exercise price (in dollars per share) | $ 1.200 | ||
Number of options outstanding (in shares) | 500,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 300,000 | ||
Remaining contractual life (Year) | 1 year 3 months 29 days | ||
Range Four [Member] | |||
Exercise price (in dollars per share) | $ 0.800 | ||
Number of options outstanding (in shares) | 375,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 150,000 | ||
Remaining contractual life (Year) | 1 year 8 months 12 days | ||
Range Five [Member] | |||
Exercise price (in dollars per share) | $ 0.600 | ||
Number of options outstanding (in shares) | 590,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 118,000 | ||
Remaining contractual life (Year) | 2 years 14 days | ||
Range Six [Member] | |||
Exercise price (in dollars per share) | $ 0.80 | ||
Number of options outstanding (in shares) | 100,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 20,000 | ||
Remaining contractual life (Year) | 2 years 4 months 2 days |
Note 8 - Warrants - Schedule of
Note 8 - Warrants - Schedule of Warrants (Details) | 9 Months Ended | |||
Sep. 30, 2022 $ / shares shares | Sep. 30, 2021 $ / shares shares | Sep. 30, 2022 $ / shares shares | ||
Warrants outstanding (in shares) | 12,500,000 | |||
Warrants outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.001 | |||
Granted, warrants (in shares) | 4,900,000 | |||
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 1 | |||
Warrants outstanding (in shares) | 17,400,000 | 17,400,000 | ||
Warrants outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0.28 | |||
Number of warrants outstanding (in shares) | 17,400,000 | 17,400,000 | 17,400,000 | |
Number of warrants exercisable (in shares) | 4,900,000 | 4,900,000 | ||
Warrants Expiring on April 19, 2023 [Member] | ||||
Warrants outstanding (in shares) | 4,900,000 | |||
Exercise price (in CAD per share) | $ / shares | $ 1 | |||
Number of warrants outstanding (in shares) | 4,900,000 | 4,900,000 | ||
Number of warrants exercisable (in shares) | 4,900,000 | 4,900,000 | ||
Remaining contractual life (Year) | 6 months 18 days | |||
Warrants Expiring on June 4, 2025 [Member] | ||||
Warrants outstanding (in shares) | 12,500,000 | |||
Exercise price (in CAD per share) | $ / shares | [1] | $ 0.001 | ||
Number of warrants outstanding (in shares) | 12,500,000 | 12,500,000 | ||
Remaining contractual life (Year) | 2 years 8 months 4 days | |||
[1]No share purchase warrants are exercisable until specific performance criteria have been met. Such criteria being 1) revenue sales projections per CTI’s 5-year proformas, or 2) listing on a major US exchange, or 3) change of control. |
Note 9 - Selling, General and_3
Note 9 - Selling, General and Administrative - Selling, General and Administrative Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Filing and regulatory fees | $ 34,280 | $ 26,731 | ||
Marketing | 73,053 | 31,374 | ||
Professional fees | 67,882 | 102,870 | ||
Rent | 28,809 | 29,857 | ||
Office and administration | 106,963 | 128,300 | ||
Selling, General and Administrative Expense, Total | $ 116,163 | $ 113,607 | $ 310,987 | $ 319,132 |
Note 10 - Research and Develo_3
Note 10 - Research and Development - Research and Development (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Project management | $ 11,990 | $ 108,000 | ||
Software development | 677,035 | 403,629 | ||
Business development | 99,636 | 43,000 | ||
Payroll | 124,231 | 21,370 | ||
Research and Development Expense, Total | $ 283,269 | $ 295,830 | $ 912,892 | $ 575,999 |
Note 11 - Related Parties (Deta
Note 11 - Related Parties (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Reimbursement [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 65,742 | $ 51,468 |
Consulting Fees [Member] | ||
Related Party Transaction, Amounts of Transaction | 90,000 | 0 |
Share-based Compensation [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 40,761 | $ 124,703 |
Note 11 - Related Parties - Rel
Note 11 - Related Parties - Related Party Expenses (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Consulting | $ 196,503 | $ 176,171 |
Consulting Fees [Member] | ||
Consulting | 90,000 | 0 |
Selling, General and Administrative Expenses [Member] | ||
Consulting | 65,742 | 51,468 |
Share-based Compensation [Member] | ||
Consulting | $ 40,761 | $ 124,703 |
Note 12 - Operating Leases (Det
Note 12 - Operating Leases (Details Textual) | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 CAD ($) | Sep. 30, 2021 USD ($) | |
Operating Lease, Expense | $ 28,809 | $ 29,857 | |
Vancouver, CA Operating Lease [Member] | |||
Operating Leases, Monthly Rent Expense | $ 3,950 | ||
Operating Lease, Expense | $ 27,288 | $ 28,411 |