Oculus VisionTech (OVTZ) 10-K 31 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015	Mar. 29, 2016shares	Jun. 30, 2015USD ($)	Jun. 30, 2015CAD
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	OCULUS VISIONTECH INC.
Entity Central Index Key	1,107,280
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 965,782.29	CAD 1,204,667.949
Trading Symbol	OVTZ
Entity Common Stock, Shares Outstanding		45,572,568

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 187,097	$ 1,888
Accounts Receivable	0	11,000
Prepaid expenses and other current assets	6,338	5,877
Total current assets	193,435	18,765
Deferred Tax Assets, net of valuation allowance of $10,302,000 and $10,181,000, respectively	0	0
Total Assets	193,435	18,765
Current Liabilities:
Accounts payable and accrued expenses	19,846	66,584
Accounts payable and accrued expenses - related parties	41,905	557,226
Notes payable, net	0	58,399
Notes payable - related parties, net	0	520,947
Total current liabilities	$ 61,751	$ 1,203,156
Commitments and Contingencies
Stockholders' Equity (Deficiency):
Preferred stock - no par value; authorized 250,000,000 shares, none issued
Common stock - no par value; authorized 500,000,000 shares, issued and outstanding 45,572,568 and 13,572,568, respectively	$ 40,458,297	$ 38,755,638
Accumulated deficit	(40,326,613)	(39,940,029)
Stockholders' equity (deficiency)	131,684	(1,184,391)
Total Liabilities and Stockholders' Equity (Deficiency)	$ 193,435	$ 18,765

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets, Valuation Allowance	$ 10,302,000	$ 10,181,000
Preferred Stock, No 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, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	45,572,568	13,572,568
Common Stock, Shares, Outstanding	45,572,568	13,572,568

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue	$ 5,500	$ 66,000
Expenses:
Cost of sales	425	5,100
Research and development	138,431	146,985
Selling, general and administrative	236,662	141,560
Total expenses	375,518	293,645
Loss from operations	(370,018)	(227,645)
Other income (expense), net:
Interest expense	(21,455)	(32,669)
Gain on settlement of accounts payable	4,889	0
Total other income (expense)	(16,566)	(32,669)
Net loss	$ (386,584)	$ (260,314)
Net loss per share - basic and diluted (in dollars per share)	$ (0.02)	$ (0.02)
Weighted-average number of common shares outstanding - basic and diluted (in shares)	20,304,808	13,572,568

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($)	Total	Common Stock [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2013	$ (924,077)	$ 38,755,638	$ (39,679,715)
Balance (in shares) at Dec. 31, 2013		13,572,568
Net loss	(260,314)	$ 0	(260,314)
Balance at Dec. 31, 2014	(1,184,391)	$ 38,755,638	(39,940,029)
Balance (in shares) at Dec. 31, 2014		13,572,568
Sale of common stock, net of $25,341 of issuance cost	1,702,659	$ 1,702,659
Sale of common stock, net of $25,341 of issuance cost (in shares)		32,000,000
Net loss	(386,584)	$ 0	(386,584)
Balance at Dec. 31, 2015	$ 131,684	$ 40,458,297	$ (40,326,613)
Balance (in shares) at Dec. 31, 2015		45,572,568

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (Parenthetical)	12 Months Ended
	Dec. 31, 2015USD ($)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 25,341

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (386,584)	$ (260,314)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on settlement of accounts payable	(4,889)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	11,000	13,989
Decrease (increase) in prepaid expenses and other current assets	(461)	(144)
Increase (decrease) in accounts payable and accrued expenses	(41,849)	27,513
Increase (decrease) in accounts payable and accrued expenses due to related parties	(515,321)	213,956
Net cash used in operating activities	(938,104)	(5,000)
Cash flows from financing activities
Proceeds from the sale of common stock and warrants	1,728,000	0
Commission on sale of common stock	(25,341)	0
Notes payable, net payments	(58,399)	0
Notes payable - related parties, net payments	(520,947)	0
Net cash from financing activities	1,123,313	0
Net increase in cash and cash equivalents	185,209	(5,000)
Cash and cash equivalents at beginning of year	1,888	6,888
Cash and cash equivalents at end of year	187,097	1,888
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	$ 127,768	$ 11

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	BASIS OF PRESENTATION: The following consolidated financial statements present the financial results of Oculus VisionTech, Inc., and its wholly owned subsidiary USVO Inc. on a consolidated basis.

BUSINESS

BUSINESS	12 Months Ended
	Dec. 31, 2015
Disclosure Business [Abstract]
Business [Text Block]	2. BUSINESS: Oculus VisionTech, Inc. (the " Company

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	3. SUMMARY OF Significant Accounting Policies: The accompanying 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 losses of $ 386,584 260,314 131,684 40,326,613 The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated. The Company maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses on these accounts. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company sells its products to customers on an open credit basis. The Company’s trade accounts receivable are due from such customers and are generally uncollateralized. Management closely monitors outstanding accounts receivable and charges off to expense any balances that are determined to be uncollectible or establishes an allowance for doubtful accounts. As of December 31, 2015 and 2014, the Company considered its accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts was recorded. Bad debt expense for the years ended December 31, 2015 and 2014 was zero. Revenue from hardware product sales is recognized when the product has been shipped and the collection of payment is reasonably assured. Revenue recognized from these sales is net of applicable provisions for refunds, discounts and allowances. Engineering services sales are recognized upon the service having been provided. The Company had no hardware product sales in 2015 or 2014. Revenue from software sales is recognized when the product has been delivered. Revenue from multiple element contracts (hardware, software and engineering) is allocated to the various elements based on fair value. If objective evidence of fair value is not available, revenue from these contracts is deferred until the earlier of when objective evidence of fair value does exist or all elements of the contract have been delivered. Discounts will be applied to each element on a proportionate basis. No portion of the revenue will be recognized if the portion of the revenue allocable to delivered elements is subject to forfeiture, refund or other concession. The Company had no software sales in 2015 or 2014. Revenue is recognized for digital water marking based on a contracted usage schedule on a monthly billing cycle. Revenue for digital watermarking software usage totaled $5,500 and $66,000 in 2015 and 2014, respectively. Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are recorded based on the temporary differences between the financial statement and the tax bases of assets and liabilities and for operating loss carry forwards measured using the enacted tax rates in effect for the year in which the differences are expected to reverse. The Company periodically evaluates the reliability of its net deferred tax assets and records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The foreign assets and liabilities of the Company are translated into U.S. dollars at current exchange rates, and revenue and expenses are translated at average rates of exchange prevailing during the period. The aggregate effect of translation adjustments is immaterial at December 31, 2015 and 2014. Basic loss per common share (" EPS Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

MAJOR CUSTOMERS

MAJOR CUSTOMERS	12 Months Ended
	Dec. 31, 2015
Disclosure Major Customers [Abstract]
Major Customer [Text Block]	major customers: During the year ended December 31, 2015 and 2014 one customer accounted for 100

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2015
Disclosure Prepaid Expenses And Other Current Assets [Abstract]
Other Assets Disclosure [Text Block]	5. PREPAID EXPENSES and other current assets: December 31, 2015 2014 Taxes Receivable – Canadian GST $ 6,338 $ 5,877

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2015
Disclosure Accounts Payable And Accrued Expenses [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. ACCOUNTS PAYABLE AND December 31, 2015 2014 Accounts payable $ 4,539 $ 48,277 Accrued professional fees 12,000 15,000 Accrued payroll and related tax withholdings 3,307 3,307 $ 19,846 $ 66,584 Accounts payable and accrued expenses - related parties consist of accounts payable for research and development, advances and accrued interest on related party debt. During the year ended December 31, 2015 as the result of settlement of accounts payable for less than amounts recorded, we wrote off accounts payable obligations of $ 4,889 4,889

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Notes PAYABLE - On November 30, 2012 520,947 58,399 6 December 31, 2015 127,768

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	STOCKHOLDERS' EQUITY: The Company has one class of no par value common stock with 500,000,000 42,572,568 On October 15, 2015, the company issued 14,405,000 0.054 On October 15, 2015, the company issued 464,000 0.07 October 15, 2017 On October 15, 2015, the company issued 17,595,000 0.054 The Company paid $ 25,341 32,480 0.07 5,800,000

STOCK OPTIONS AND STOCK WARRANT

STOCK OPTIONS AND STOCK WARRANTS	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. STOCK OPTIONS and STOCK WARRANTS: The Company has a stock option plan under which options to purchase shares of common stock may be granted to certain officers, directors and service providers. In April 2014, the Company adopted a new Stock Option Plan (the “2014 Plan”). The 2014 Plan authorizes the issuance of up to 1,250,000 of the Company's common shares, subject to adjustment under certain circumstances. The Company is listed on the TSX Venture Exchange (" TSX Internal Revenue Code of 1986 Code During the years ended December 31, 2015 and 2014, the Company had no options granted, issued, exercised or outstanding. The following table summarizes information about warrants outstanding at December 31, 2015. Year ended 2015 Number of Range of Warrants Exercise Price Outstanding at beginning of year - N/A Issued 464,000 $0.07 (CND) Exercised - N/A Expired - N/A Outstanding at end of year 464,000 $0.07 (CND) Warrants issued in October 2015 have a contractual life of two years from date of issuance.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	10. income taxes: As of December 31, 2015 the Company had deferred tax assets resulting primarily from net operating loss carry forwards of approximately $ 30,328,000 The components of the net deferred tax assets are as follows: December 31, 2015 2014 Net operating loss carryforwards $ 10,312,000 $ 10,180,000 Valuation allowance (10,312,000) (10,180,000) Net deferred tax assets $ - 0 - $ - 0 - The reconciliation of the effective income tax rate to the federal statutory rate are as follows: Year ended December 31, 2015 2014 Federal statutory tax rate 34 % 34 % Valuation allowance on net operating carryforwards (34) (34) Effective income tax rate - 0 - % - 0 - % As of December 31, 2015, open Federal income tax years subjected to examination, include the tax years ended December 31, 2014 through December 31, 2012.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Parties: The Company for the years ended December 31, 2015 and 2014 reimbursed a related party $ 29,846 16,830 129,360 146,985

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	12. Quarterly Financial Information (Unaudited): The following table summarizes selected quarterly data for the years ended December 31, 2015 and 2014: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year 2015: Revenue $ 5,500 $ -0- $ -0- $ -0- $ 5,500 Expenses (30,701) (32,249) (81,984) (247,150) (392,084) Net Gain(Loss) (25,201) (32,249) (81,984) (247,150) (386,584) Net gain(loss) per common share Basic and Diluted $ (0.00) $ (0.00) $ (0.01) $ (0.02) $ (0.02) 2014: Revenue $ 16,500 $ 16,500 $ 16,500 $ 16,500 $ 66,000 Expenses (129,605) (72,413) (51,401) (72,895) (326,314) Net Gain(Loss) (113,105) (55,913) (34,901) (56,395) (260,314) Net gain(loss) per common share Basic and Diluted $ (0.01) $ (0) $ (0) $ (0) $ (0.02)

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. SUBSEQUENT EVENT: None.

PREPAID EXPENSES AND OTHER CU21

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Prepaid Expenses And Other Current Assets [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Prepaid expenses and other current assets consist of the following: December 31, 2015 2014 Taxes Receivable – Canadian GST $ 6,338 $ 5,877

ACCOUNTS PAYABLE AND ACCRUED 22

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts payable and accrued expenses consist of the following: December 31, 2015 2014 Accounts payable $ 4,539 $ 48,277 Accrued professional fees 12,000 15,000 Accrued payroll and related tax withholdings 3,307 3,307 $ 19,846 $ 66,584

STOCK OPTIONS AND STOCK WARRA23

STOCK OPTIONS AND STOCK WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Warrants Outstanding [Table Text Block]	The following table summarizes information about warrants outstanding at December 31, 2015. Year ended 2015 Number of Range of Warrants Exercise Price Outstanding at beginning of year - N/A Issued 464,000 $0.07 (CND) Exercised - N/A Expired - N/A Outstanding at end of year 464,000 $0.07 (CND)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The components of the net deferred tax assets are as follows: December 31, 2015 2014 Net operating loss carryforwards $ 10,312,000 $ 10,180,000 Valuation allowance (10,312,000) (10,180,000) Net deferred tax assets $ - 0 - $ - 0 -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The reconciliation of the effective income tax rate to the federal statutory rate are as follows: Year ended December 31, 2015 2014 Federal statutory tax rate 34 % 34 % Valuation allowance on net operating carryforwards (34) (34) Effective income tax rate - 0 - % - 0 - %

QUARTERLY FINANCIAL INFORMATI25

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following table summarizes selected quarterly data for the years ended December 31, 2015 and 2014: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year 2015: Revenue $ 5,500 $ -0- $ -0- $ -0- $ 5,500 Expenses (30,701) (32,249) (81,984) (247,150) (392,084) Net Gain(Loss) (25,201) (32,249) (81,984) (247,150) (386,584) Net gain(loss) per common share Basic and Diluted $ (0.00) $ (0.00) $ (0.01) $ (0.02) $ (0.02) 2014: Revenue $ 16,500 $ 16,500 $ 16,500 $ 16,500 $ 66,000 Expenses (129,605) (72,413) (51,401) (72,895) (326,314) Net Gain(Loss) (113,105) (55,913) (34,901) (56,395) (260,314) Net gain(loss) per common share Basic and Diluted $ (0.01) $ (0) $ (0) $ (0) $ (0.02)

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net Income (Loss) Attributable to Parent, Total	$ (247,150)	$ (81,984)	$ (32,249)	$ (25,201)	$ (56,395)	$ (34,901)	$ (55,913)	$ (113,105)	$ (386,584)	$ (260,314)
Working Capital Deficit	131,684								131,684
Accumulated deficit	$ (40,326,613)				$ (39,940,029)				(40,326,613)	(39,940,029)
Technology Services Revenue									$ 5,500	$ 66,000

MAJOR CUSTOMERS (Details Narrat

MAJOR CUSTOMERS (Details Narrative)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number Of Customers	1	1
Sales Revenue, Net [Member]
Concentration Risk, Percentage	100.00%	100.00%

PREPAID EXPENSES AND OTHER CU28

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Taxes Receivable - Canadian GST	$ 6,338	$ 5,877

ACCOUNTS PAYABLE AND ACCRUED 29

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 4,539	$ 48,277
Accrued professional fees	12,000	15,000
Accrued payroll and related tax withholdings	3,307	3,307
Accounts payable and accrued expenses	$ 19,846	$ 66,584

ACCOUNTS PAYABLE AND ACCRUED 30

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable obligation Written off	$ 4,889
Gain on settlement of accounts payable	$ (4,889)

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2012	Dec. 31, 2015	Oct. 15, 2015
Date Of Transaction	Nov. 30, 2012
Interest Payable			$ 127,768
Other Individuals [Member]
Received Cash Notes Payable	$ 58,399
Related Party [Member]
Received Cash Notes Payable	$ 520,947
Notes Payable, Other Payables [Member]
Short-term Debt, Percentage Bearing Fixed Interest Rate		6.00%
Debt Instrument, Maturity Date		Dec. 31, 2015

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative)	Oct. 15, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015CAD	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2015CAD / sharesshares	Oct. 15, 2015CAD / shares
Common Stock, Shares Authorized		500,000,000		500,000,000	500,000,000
Common Stock, Shares, Outstanding		45,572,568		13,572,568	45,572,568
Common Stock, Shares, Issued		45,572,568		13,572,568	45,572,568
Common Stock, No Par Value | $ / shares		$ 0		$ 0
Stock Issued During Period, Value, New Issues | $		$ 1,702,659
Payments of Stock Issuance Costs | $		$ 25,341		$ 0
Investor [Member]
Stock Issued During Period, Value, New Issues | $	$ 14,405,000
Shares Issued, Price Per Share | $ / shares	$ 0.054
Brokerage Firm [Member]
Common Stock, Shares, Issued		5,800,000			5,800,000
Class of Warrant or Right, Warrants Issued	464,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | CAD / shares					CAD 0.07	CAD 0.07
Payments of Stock Issuance Costs		$ 25,341	CAD 32,480
Class of Warrant or Right, Maturity Date	Oct. 15, 2017
Employees and related parties [Member]
Stock Issued During Period, Value, New Issues | $	$ 17,595,000
Shares Issued, Price Per Share | $ / shares	$ 0.054

STOCK OPTIONS AND STOCK WARRA33

STOCK OPTIONS AND STOCK WARRANTS (Details)	12 Months Ended
	Dec. 31, 2015CAD / sharesshares
Outstanding at beginning of year	0
Issued	464,000
Exercised	0
Expired	0
Outstanding at end of year	464,000
Range of Exercise Price, Outstanding at beginning of year | CAD / shares	CAD 0
Range of Exercise Price, Issued | CAD / shares	0.07
Range of Exercise Price, Outstanding at end of year | CAD / shares	CAD 0.07

STOCK OPTIONS AND STOCK WARRA34

STOCK OPTIONS AND STOCK WARRANTS (Details Narrative)	Apr. 30, 2014shares
Stock Option Plan 2014 [Member]
Stock Options And Stock Warrants [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,250,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 10,312,000	$ 10,180,000
Valuation allowance	(10,302,000)	(10,181,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Federal statutory tax rate	34.00%	34.00%
Valuation allowance on net operating carryforwards	(34.00%)	(34.00%)
Effective income tax rate	0.00%	0.00%

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Contingency [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 30,328,000
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2034

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Research and Development Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 129,360	$ 146,985
Reimbursement [Member]
Related Party Transaction, Amounts of Transaction	$ 29,846	$ 16,830

QUARTERLY FINANCIAL INFORMATI39

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Quarterly Financial Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 5,500	$ 16,500	$ 16,500	$ 16,500	$ 16,500	$ 5,500	$ 66,000
Expenses	(247,150)	(81,984)	(32,249)	(30,701)	(72,895)	(51,401)	(72,413)	(129,605)	(392,084)	(326,314)
Net loss	$ (247,150)	$ (81,984)	$ (32,249)	$ (25,201)	$ (56,395)	$ (34,901)	$ (55,913)	$ (113,105)	$ (386,584)	$ (260,314)
Net gain(loss) per common share Basic and Diluted	$ (0.02)	$ (0.01)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (0.01)	$ (0.02)	$ (0.02)