Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 12, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | OCULUS VISIONTECH INC. | |
Entity Central Index Key | 1,107,280 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | OVTZ | |
Entity Common Stock, Shares Outstanding | 13,572,568 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - Class of Stock [Domain] - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 2,781 | $ 1,888 |
Accounts receivable | 0 | 11,000 |
Prepaid expenses and other current assets | 6,449 | 5,877 |
Total current assets | 9,230 | 18,765 |
Deferred Tax Assets, net of valuation allowance of $10,200,000 and $10,092,000, respectively | 0 | 0 |
Total Assets | 9,230 | 18,765 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 108,844 | 66,584 |
Accounts payable and accrued expenses - related parties | 562,881 | 557,226 |
Notes payable | 58,399 | 58,399 |
Notes payable - related parties | 520,947 | 520,947 |
Total current liabilities | $ 1,251,071 | $ 1,203,156 |
Commitments and Contingencies | ||
Stockholders' Deficiency: | ||
Preferred stock - no par value; authorized 250,000,000 shares, none issued | ||
Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 13,572,568 | $ 38,755,638 | $ 38,755,638 |
Accumulated deficit | (39,997,479) | (39,940,029) |
Stockholders' deficiency | (1,241,841) | (1,184,391) |
Total Liabilities and Stockholders' Deficiency | $ 9,230 | $ 18,765 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Valuation Allowance | $ 10,200,000 | $ 10,092,000 |
Preferred Stock, Par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par value (in dollars per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 13,572,568 | 13,572,568 |
Common Stock, Shares, Outstanding | 13,572,568 | 13,572,568 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Class of Stock [Domain] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 0 | $ 16,500 | $ 5,500 | $ 33,000 |
Expenses: | ||||
Cost of sales | 0 | 1,275 | 425 | 2,550 |
Research and development | 6,500 | 37,230 | 6,500 | 100,605 |
Selling, general and administrative | 23,304 | 25,611 | 46,405 | 82,403 |
Total expenses | 29,804 | 64,116 | 53,330 | 185,558 |
Loss from operations | (29,804) | (47,616) | (47,830) | (152,558) |
Other income (expense) | ||||
Interest income (expense) | (7,334) | (8,297) | (14,509) | (16,460) |
Gain on settlement of accounts payable | 4,889 | 0 | 4,889 | 0 |
Total other income (expense) | (2,445) | (8,297) | (9,620) | (16,460) |
Net loss | $ (32,249) | $ (55,913) | $ (57,450) | $ (169,018) |
Net loss per share - basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 13,572,568 | 13,572,568 | 13,572,568 | 13,572,568 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ (1,184,391) | ||
Net loss | $ (32,249) | (57,450) | $ (260,314) |
Ending Balance | (1,241,841) | (1,241,841) | (1,184,391) |
Common Stock [Member] | |||
Beginning Balance | $ 38,755,638 | ||
Beginning Balance (in shares) | 13,572,568 | ||
Net loss | $ 0 | ||
Ending Balance | $ 38,755,638 | $ 38,755,638 | $ 38,755,638 |
Ending Balance (in shares) | 13,572,568 | 13,572,568 | 13,572,568 |
Accumulated Deficit [Member] | |||
Beginning Balance | $ (39,940,029) | ||
Net loss | (57,450) | ||
Ending Balance | $ (39,997,479) | $ (39,997,479) | $ (39,940,029) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Class of Stock [Domain] - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (57,450) | $ (169,018) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 0 | 0 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 11,000 | 8,489 |
Increase in prepaid expenses and other current assets | (572) | (116) |
Increase in accounts payable and accrued expenses | 42,260 | 11,762 |
Increase in accounts payable and accrued expenses due to related parties | 5,655 | 146,403 |
Net cash used in operating activities | 893 | (2,480) |
Net increase in cash and cash equivalents | 893 | (2,480) |
Cash and cash equivalents at beginning of year | 1,888 | 6,888 |
Cash and cash equivalents at end of year | 2,781 | 4,408 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for interest | $ 0 | $ 11 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01(a)(5) of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. The results for the interim periods are not necessarily indicative of the results that may be attained for an entire year or any future periods. For further information, refer to the Financial Statements and footnotes thereto in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014. |
GOING CONCERNS
GOING CONCERNS | 6 Months Ended |
Jun. 30, 2015 | |
GOING CONCERNS [Abstract] | |
GOING CONCERNS [Text Block] | NOTE B GOING CONCERNS: The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. As shown in the financial statements, the Company has incurred loss of $ 57,450 260,314 93,608 39,997,479 1,241,841 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE C SUBSEQUENT EVENTS: None. |
GOING CONCERNS (Details Narrati
GOING CONCERNS (Details Narrative) - Class of Stock [Domain] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Working Capital (Deficit) | $ 1,241,841 | $ 1,241,841 | ||||
Net Income (Loss) | 32,249 | $ 55,913 | 57,450 | $ 169,018 | $ 260,314 | $ 93,608 |
Accumulated Deficit | $ 39,997,479 | $ 39,997,479 | $ 39,940,029 |