Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Omnitek Engineering Corp | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001404804 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,779,582 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Balance_Sheets_unaud
Condensed Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $265,660 | $1,057,836 |
Accounts receivable, net | 68,166 | 38,261 |
Accounts receivable - related parties | 16,780 | 33,369 |
Inventory, net | 2,419,886 | 2,225,868 |
Prepaid expense | 6,746 | 21,474 |
Deposits | 155,434 | 62,973 |
Short-term investments, net | 803,715 | 917,248 |
Total Current Assets | 3,736,387 | 4,357,029 |
FIXED ASSETS, net | 104,329 | 118,460 |
OTHER ASSETS | ' | ' |
Intellectual property, net | 2,092 | 2,872 |
Total Other Assets | 2,092 | 2,872 |
TOTAL ASSETS | 3,842,808 | 4,478,361 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 214,774 | 91,744 |
Accrued management compensation | 141,216 | 189,466 |
Accounts payable - related parties | 4,013 | 1,475 |
Customer deposits | 281,774 | 222,072 |
Total Current Liabilities | 641,777 | 504,757 |
Total Liabilities | 641,777 | 504,757 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, 125,000,000 shares authorized no par value 19,779,582 and 19,759,582 shares issued and outstanding, respectively | 8,214,911 | 8,201,311 |
Additional paid-in capital | 5,272,777 | 5,181,636 |
Accumulated deficit | -10,286,657 | -9,409,343 |
Total Stockholders' Equity | 3,201,031 | 3,973,604 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $3,842,808 | $4,478,361 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position | ' | ' |
Common Stock, par or stated value | $0 | $0 |
Common Stock, shares authorized | 125,000,000 | 125,000,000 |
Common Stock, shares issued | 19,779,582 | 19,759,582 |
Common Stock, shares outstanding | 19,779,582 | 19,759,582 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement | ' | ' | ' | ' |
REVENUES | $302,385 | $197,210 | $622,759 | $546,539 |
COST OF GOODS SOLD | 197,011 | 143,846 | 392,062 | 347,932 |
GROSS MARGIN | 105,374 | 53,364 | 230,697 | 198,607 |
OPERATING EXPENSES | ' | ' | ' | ' |
General and administrative | 433,083 | 370,582 | 877,604 | 722,874 |
Research and development expense | 135,399 | 51,777 | 239,159 | 102,136 |
Depreciation and amortization expense | 14,834 | 14,066 | 29,902 | 27,336 |
Total Operating Expenses | 583,316 | 436,425 | 1,146,665 | 852,346 |
LOSS FROM OPERATIONS | -477,942 | -383,061 | -915,968 | -653,739 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Investment income, net | 12,921 | ' | 12,921 | ' |
Interest expense | ' | ' | ' | -13 |
Interest income | 5,512 | 13,668 | 26,533 | 34,738 |
Total Other Income (Expense) | 18,433 | 13,668 | 39,454 | 34,725 |
LOSS BEFORE INCOME TAXES | -459,509 | -369,393 | -876,514 | -619,014 |
INCOME TAX EXPENSE | ' | ' | 800 | 800 |
NET LOSS | ($459,509) | ($369,393) | ($877,314) | ($619,814) |
BASIC AND DILUTED LOSS PER SHARE | ($0.02) | ($0.02) | ($0.04) | ($0.03) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 19,762,897 | 19,749,582 | 19,762,897 | 19,749,582 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($877,314) | ($619,814) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Amortization and depreciation expense | 16,370 | 8,180 |
Amortization of premium on investments | 13,532 | 19,155 |
Options and warrants granted | 91,141 | 60,956 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -29,905 | 93,435 |
Accounts receivable-related parties | 16,589 | 5,443 |
Deposits | -92,461 | 123,315 |
Prepaid Expense | 14,728 | -3,622 |
Inventory | -194,018 | -689,008 |
Accounts payable and accrued expenses | 123,031 | -254,040 |
Customer deposits | 59,702 | 30,469 |
Accounts payable-related parties | 2,538 | 3,070 |
Accrued management compensation | -48,250 | -32,001 |
Net Cash Used in Operating Activities | -904,317 | -1,254,462 |
INVESTING ACTIVITIES | ' | ' |
Maturity of short-term investments | 100,000 | 150,000 |
Purchase of property and equipment | -1,459 | -89,753 |
Net Cash Provided by Investing Activities | 98,541 | 60,247 |
FINANCING ACTIVITIES | ' | ' |
Exercise of warrants and options for cash | 13,600 | ' |
Net Cash Provided by Financing Activities | 13,600 | ' |
NET DECREASE IN CASH | -792,176 | -1,194,215 |
CASH AT BEGINNING OF YEAR | 1,057,836 | 3,192,761 |
CASH AT END OF PERIOD | 265,660 | 1,998,546 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | ' | ' |
CASH PAID FOR Interest | ' | ' |
CASH PAID FOR Income taxes | $800 | $800 |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Note 1 - Condensed Financial Statements | ' |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2014 and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2013 audited financial statements. The results of operations for the periods ended June 30, 2014 and 2013 are not necessarily indicative of the operating results for the full years. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Notes | ' | ||
Note 2 - Significant Accounting Policies | ' | ||
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | |||
Use of Estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Recent Accounting Pronouncements | |||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | |||
Inventory | |||
Inventory is stated at the lower of cost or market. The Company’s inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: | |||
Location : Vista, CA | 30-Jun-14 | 31-Dec-13 | |
Raw materials | $1,226,416 | $1,191,550 | |
Finished goods | 1,477,587 | 1,621,201 | |
In transit | - | 23,269 | |
Allowance for obsolete inventory | -284,117 | -610,152 | |
Total | $2,419,886 | $2,225,868 | |
The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was - $0- and $10,426, for the periods ended June 30, 2014 and December 31, 2013, respectively. | |||
Property and Equipment | |||
Property and equipment at June 30, 2014 and December 31, 2013 consisted of the following: | |||
30-Jun-14 | 31-Dec-13 | ||
Production equipment | $61,960 | 60,501$ | |
Computers/Office equipment | 28,540 | 28,540 | |
Tooling equipment | 12,380 | 12,380 | |
Leasehold Improvements | 42,451 | 42,451 | |
Less: accumulated depreciation | -41,002 | -25,412 | |
Total | $104,329 | $118,460 | |
Depreciation expense for the periods ended June 30, 2014 and December 31, 2013 was $15,590 and $19,858, respectively. | |||
Basic and Diluted Loss per Share | |||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 2,160,801 and 2,087,137 stock options and warrants that would have been included in the fully diluted earnings per share as of June 30, 2014 and December 31, 2013, respectively. However, the common stock equivalents were not included in the computation of the loss per share computation because they are anti dilutive. | |||
Income Taxes, | |||
The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. | |||
Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. | |||
At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of June 30, 2014 and December 31, 2013 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2008. | |||
Held to Maturity Investments | |||
During the three months ended June 30, 2012, the Company purchased various corporate bonds. The Company intends to hold the bonds to maturity. Accordingly, the Company has recorded and is amortizing the premium on the bonds over the remaining life. During the six months ended June 30, 2014, the company received proceeds of $100,000 from bonds that matured during the period. As of June 30, 2014 the Company has amortized $57,063 of the premium leaving amortized cost basis remaining of $803,715. During the six months ended June 30, 2014 and 2013 the Company had correlating amortization expense of $13,532 and $19,156, respectively. | |||
Note_3_Related_Party_Transacti
Note 3 - Related Party Transactions | 6 Months Ended | ||
Jun. 30, 2014 | |||
Notes | ' | ||
Note 3 - Related Party Transactions | ' | ||
NOTE 3 - RELATED PARTY TRANSACTIONS | |||
Accounts Receivable – Related Parties | |||
The Company holds a non-controlling interest in various distributors in exchange for use of the Company’s name and logo. As of December 31, 2013, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd., a 20% interest in Omnitek Peru S.A.C., and a 5% interest in Omnitek Stationary, Inc. As of June 30, 2014 and December 31, 2013, the Company was owed $16,780 and $33,369, respectively, by related parties for the purchase of products and services. | |||
Accounts Payable – Related Parties | |||
The Company regularly incurs expenses that are paid for by related parties and purchases goods and services from related parties. As of June 30, 2014 and December 31, 2013, the Company owed related parties for such expenses, goods and services in the amounts of $4,013 and $1,475, respectively. | |||
Accrued Management Expenses | |||
During the periods ended June 30, 2014 and December 31, 2013, the Company’s president and vice president were due amounts for services performed for the Company. As of June 30, 2014 and December 31, 2013 the accrued management fees consisted of the following: | |||
30-Jun-14 | December 31, 2013 | ||
Amounts due to the president | $101,397 | $133,397 | |
Amounts due to the vice president | 39,819 | 56,069 | |
Total | $141,216 | $189,466 |
Note_4_Stock_Options_and_Warra
Note 4 - Stock Options and Warrants | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Notes | ' | |||||
Note 4 - Stock Options and Warrants | ' | |||||
NOTE 4 - STOCK OPTIONS AND WARRANTS | ||||||
During the six months ended June 30, 2014 and 2013, the Company recognized expense of $91,141 and $60,956, respectively, for options and warrants that vested during the periods pursuant to ASC Topic 718. Total remaining amount of compensation expense to be recognized in future periods is $555,040. | ||||||
A summary of the status of the options and warrants granted at June 30, 2014 and December 31, 2013 and changes during the periods then ended is presented below: | ||||||
30-Jun-14 | 31-Dec-13 | |||||
Weighted-Average | Weighted-Average | |||||
Shares | Exercise Price | Shares | Exercise Price | |||
Outstanding at beginning of year | 6,250,313 | $2.30 | 6,085,313 | $2.29 | ||
Granted | - | - | 175,000 | 2.42 | ||
Exercised | -20,000 | 0.68 | -10,000 | 0.53 | ||
Expired or cancelled | - | - | - | - | ||
Outstanding at end of period | 6,230,313 | 2.3 | 6,250,313 | 2.3 | ||
Exercisable | 5,853,230 | $2.28 | 5,803,230 | $2.28 | ||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life | Number Exercisable | Weighted-Average | ||
Exercise Price | ||||||
$0.01-0.50 | 200,000 | .28 years | 200,000 | $0.38 | ||
$0.51-0.75 | 1,550,000 | .36 years | 1,550,000 | 0.63 | ||
$0.76-1.00 | 1,040,000 | .36 years | 1,040,000 | 0.94 | ||
$1.01-2.00 | 140,000 | 4.02 years | 119,167 | 1.8 | ||
$2.01-3.00 | 580,000 | 5.48 years | 223,750 | 2.55 | ||
$3.01-4.00 | 2,720,313 | 2.78 years | 2,720,313 | 3.88 | ||
0.01-4.00 | 6,230,313 | 1.96 years | 5,853,230 | $2.28 |
Note_5_Subsequent_Events
Note 5 - Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Note 5 - Subsequent Events | ' |
NOTE 5 - SUBSEQUENT EVENTS | |
In accordance with ASC 855-10, Company management reviewed all material events through the date of this report. There are no material subsequent events to report. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Policies | ' | ||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements. | |||
Inventory | ' | ||
Inventory | |||
Inventory is stated at the lower of cost or market. The Company’s inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: | |||
Location : Vista, CA | 30-Jun-14 | 31-Dec-13 | |
Raw materials | $1,226,416 | $1,191,550 | |
Finished goods | 1,477,587 | 1,621,201 | |
In transit | - | 23,269 | |
Allowance for obsolete inventory | -284,117 | -610,152 | |
Total | $2,419,886 | $2,225,868 | |
The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was - $0- and $10,426, for the periods ended June 30, 2014 and December 31, 2013, respectively. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Property and equipment at June 30, 2014 and December 31, 2013 consisted of the following: | |||
30-Jun-14 | 31-Dec-13 | ||
Production equipment | $61,960 | 60,501$ | |
Computers/Office equipment | 28,540 | 28,540 | |
Tooling equipment | 12,380 | 12,380 | |
Leasehold Improvements | 42,451 | 42,451 | |
Less: accumulated depreciation | -41,002 | -25,412 | |
Total | $104,329 | $118,460 | |
Depreciation expense for the periods ended June 30, 2014 and December 31, 2013 was $15,590 and $19,858, respectively. | |||
Basic and Diluted Loss Per Share | ' | ||
Basic and Diluted Loss per Share | |||
The computation of basic earnings per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings per share includes common stock equivalents outstanding at the balance sheet date. The Company had 2,160,801 and 2,087,137 stock options and warrants that would have been included in the fully diluted earnings per share as of June 30, 2014 and December 31, 2013, respectively. However, the common stock equivalents were not included in the computation of the loss per share computation because they are anti dilutive. | |||
Income Taxes, | ' | ||
Income Taxes, | |||
The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. | |||
Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. | |||
At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of June 30, 2014 and December 31, 2013 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2008. | |||
Marketable Securities, Held-to-maturity Securities, Policy | ' | ||
Held to Maturity Investments | |||
During the three months ended June 30, 2012, the Company purchased various corporate bonds. The Company intends to hold the bonds to maturity. Accordingly, the Company has recorded and is amortizing the premium on the bonds over the remaining life. During the six months ended June 30, 2014, the company received proceeds of $100,000 from bonds that matured during the period. As of June 30, 2014 the Company has amortized $57,063 of the premium leaving amortized cost basis remaining of $803,715. During the six months ended June 30, 2014 and 2013 the Company had correlating amortization expense of $13,532 and $19,156, respectively. |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tables/Schedules | ' | ||
Schedule of Inventory, Current | ' | ||
Location : Vista, CA | 30-Jun-14 | 31-Dec-13 | |
Raw materials | $1,226,416 | $1,191,550 | |
Finished goods | 1,477,587 | 1,621,201 | |
In transit | - | 23,269 | |
Allowance for obsolete inventory | -284,117 | -610,152 | |
Total | $2,419,886 | $2,225,868 |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tables/Schedules | ' | ||
Property, Plant and Equipment | ' | ||
30-Jun-14 | 31-Dec-13 | ||
Production equipment | $61,960 | 60,501$ | |
Computers/Office equipment | 28,540 | 28,540 | |
Tooling equipment | 12,380 | 12,380 | |
Leasehold Improvements | 42,451 | 42,451 | |
Less: accumulated depreciation | -41,002 | -25,412 | |
Total | $104,329 | $118,460 |
Note_3_Related_Party_Transacti1
Note 3 - Related Party Transactions: Schedule of Related Party Transactions (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tables/Schedules | ' | ||
Schedule of Related Party Transactions | ' | ||
30-Jun-14 | December 31, 2013 | ||
Amounts due to the president | $101,397 | $133,397 | |
Amounts due to the vice president | 39,819 | 56,069 | |
Total | $141,216 | $189,466 |
Note_4_Stock_Options_and_Warra1
Note 4 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Stock Options and Warrants, Activity | ' | ||||
30-Jun-14 | 31-Dec-13 | ||||
Weighted-Average | Weighted-Average | ||||
Shares | Exercise Price | Shares | Exercise Price | ||
Outstanding at beginning of year | 6,250,313 | $2.30 | 6,085,313 | $2.29 | |
Granted | - | - | 175,000 | 2.42 | |
Exercised | -20,000 | 0.68 | -10,000 | 0.53 | |
Expired or cancelled | - | - | - | - | |
Outstanding at end of period | 6,230,313 | 2.3 | 6,250,313 | 2.3 | |
Exercisable | 5,853,230 | $2.28 | 5,803,230 | $2.28 | |
Note_4_Stock_Options_and_Warra2
Note 4 - Stock Options and Warrants: Schedule of Options and Warrants Outstanding, by Exercise Price Range (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of Options and Warrants Outstanding, by Exercise Price Range | ' | |||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life | Number Exercisable | Weighted-Average | ||
Exercise Price | ||||||
$0.01-0.50 | 200,000 | .28 years | 200,000 | $0.38 | ||
$0.51-0.75 | 1,550,000 | .36 years | 1,550,000 | 0.63 | ||
$0.76-1.00 | 1,040,000 | .36 years | 1,040,000 | 0.94 | ||
$1.01-2.00 | 140,000 | 4.02 years | 119,167 | 1.8 | ||
$2.01-3.00 | 580,000 | 5.48 years | 223,750 | 2.55 | ||
$3.01-4.00 | 2,720,313 | 2.78 years | 2,720,313 | 3.88 | ||
0.01-4.00 | 6,230,313 | 1.96 years | 5,853,230 | $2.28 |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory, Current (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Raw materials | $1,226,416 | $1,191,550 |
Finished goods | 1,477,587 | 1,621,201 |
In transit | 0 | 23,269 |
Allowance for obsolete inventory | -284,117 | -610,152 |
Total | $2,419,886 | $2,225,868 |
Note_2_Significant_Accounting_5
Note 2 - Significant Accounting Policies: Inventory (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Inventory Write-down | $0 | $10,426 |
Note_2_Significant_Accounting_6
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Less: accumulated depreciation | ($41,002) | ($25,412) |
Total | 104,329 | 118,460 |
Production Equipment | ' | ' |
Property, Plant and Equipment, Gross | 61,960 | 60,501 |
Computer Equipment | ' | ' |
Property, Plant and Equipment, Gross | 28,540 | 28,540 |
Tools, Dies and Molds | ' | ' |
Property, Plant and Equipment, Gross | 12,380 | 12,380 |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment, Gross | $42,451 | $42,451 |
Note_2_Significant_Accounting_7
Note 2 - Significant Accounting Policies: Property and Equipment (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Depreciation expense | $15,590 | $19,858 |
Note_2_Significant_Accounting_8
Note 2 - Significant Accounting Policies: Basic and Diluted Loss Per Share (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,160,801 | 2,087,137 |
Note_2_Significant_Accounting_9
Note 2 - Significant Accounting Policies: Income Taxes, (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Accrued interest or penalties related to uncertain tax position | $0 | $0 |
Recovered_Sheet1
Note 2 - Significant Accounting Policies: Marketable Securities, Held-to-maturity Securities, Policy (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Maturity of short-term investments | $100,000 | $150,000 |
Amortization of Debt Premium | 13,532 | 19,156 |
Corporate Debt Securities | ' | ' |
Maturity of short-term investments | 100,000 | ' |
Amortization of premium to date | 57,063 | ' |
Debt Instrument, Unamortized Premium | $803,715 | ' |
Note_3_Related_Party_Transacti2
Note 3 - Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts receivable - related parties | $16,780 | $33,369 |
Accounts payable - related parties | $4,013 | $1,475 |
Omnitek Engineering Thailand Co. Ltd. | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 15.00% |
Omnitek Peru S.A.C. | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 20.00% |
Omnitek Stationary, Inc. | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 5.00% |
Note_3_Related_Party_Transacti3
Note 3 - Related Party Transactions: Schedule of Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accrued management compensation | $141,216 | $189,466 |
President | ' | ' |
Accrued management compensation | 101,397 | 133,397 |
Officer | ' | ' |
Accrued management compensation | $39,819 | $56,069 |
Note_4_Stock_Options_and_Warra3
Note 4 - Stock Options and Warrants (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Details | ' | ' |
Allocated Share-based Compensation Expense | $91,141 | $60,956 |
Remaining amount of compensation expense to be recognized in future periods | $555,040 | ' |
Note_4_Stock_Options_and_Warra4
Note 4 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Outstanding at beginning of year | 6,250,313 | 6,085,313 |
Outstanding, Weighted Average Exercise Price at beginning of year | $2.30 | $2.29 |
Granted | 0 | 175,000 |
Granted, Weighted Average Exercise Price | $0 | $2.42 |
Exercised, Weighted Average Exercise | $0.68 | $0.53 |
Expired or cancelled | 0 | 0 |
Expired or cancelled, Weighted Average Exercise Price | $0 | $0 |
Outstanding at end of year | 6,230,313 | 6,250,313 |
Options, Outstanding, Weighted Average Exercise Price at end of year | $2.30 | $2.30 |
Exercisable | 5,853,230 | 5,803,230 |
Exercisable, Weighted Average Exercise Price | $2.28 | $2.28 |
Common Stock | ' | ' |
Exercised | -20,000 | -10,000 |
Note_4_Stock_Options_and_Warra5
Note 4 - Stock Options and Warrants: Schedule of Options and Warrants Outstanding, by Exercise Price Range (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
$0.01 - 0.50 | ' |
Number Outstanding | 200,000 |
Weighted-Average Remaining Contractual Life | '3 months 11 days |
Number Exercisable | 200,000 |
Weighted-Average Exercise Price | $0.38 |
Exercise Price Range, Lower Range Limit | $0.01 |
Exercise Price Range, Upper Range Limit | $0.50 |
$0.51 - 0.75 | ' |
Number Outstanding | 1,550,000 |
Weighted-Average Remaining Contractual Life | '4 months 10 days |
Number Exercisable | 1,550,000 |
Weighted-Average Exercise Price | $0.63 |
Exercise Price Range, Lower Range Limit | $0.51 |
Exercise Price Range, Upper Range Limit | $0.75 |
$0.76 - 1.00 | ' |
Number Outstanding | 1,040,000 |
Weighted-Average Remaining Contractual Life | '4 months 10 days |
Number Exercisable | 1,040,000 |
Weighted-Average Exercise Price | $0.94 |
Exercise Price Range, Lower Range Limit | $0.76 |
Exercise Price Range, Upper Range Limit | $1 |
$1.01 - 2.00 | ' |
Number Outstanding | 140,000 |
Weighted-Average Remaining Contractual Life | '4 years 7 days |
Number Exercisable | 119,167 |
Weighted-Average Exercise Price | $1.80 |
Exercise Price Range, Lower Range Limit | $1.01 |
Exercise Price Range, Upper Range Limit | $2 |
$2.01 - 3.00 | ' |
Number Outstanding | 580,000 |
Weighted-Average Remaining Contractual Life | '5 years 5 months 23 days |
Number Exercisable | 223,750 |
Weighted-Average Exercise Price | $2.55 |
Exercise Price Range, Lower Range Limit | $2.01 |
Exercise Price Range, Upper Range Limit | $3 |
$3.01 - 4.00 | ' |
Number Outstanding | 2,720,313 |
Weighted-Average Remaining Contractual Life | '2 years 9 months 11 days |
Number Exercisable | 2,720,313 |
Weighted-Average Exercise Price | $3.88 |
Exercise Price Range, Lower Range Limit | $3.01 |
Exercise Price Range, Upper Range Limit | $4 |
$0.01 - 4.00 | ' |
Number Outstanding | 6,230,313 |
Weighted-Average Remaining Contractual Life | '1 year 11 months 16 days |
Number Exercisable | 5,853,230 |
Weighted-Average Exercise Price | $2.28 |
Exercise Price Range, Lower Range Limit | $0.01 |
Exercise Price Range, Upper Range Limit | $4 |