Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Omnitek Engineering Corp. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,404,804 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 19,981,082 | |
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 | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | omtk |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 205,711 | $ 498,782 |
Accounts receivable, net | 49,757 | 56,059 |
Accounts receivable - related parties | 20,475 | 15,092 |
Inventory, net | 2,205,336 | 2,333,781 |
Prepaid expense | 6,050 | 4,200 |
Deposits | 38,552 | 92,779 |
Total Current Assets | 2,525,881 | 3,000,693 |
FIXED ASSETS, net | 66,542 | 88,715 |
OTHER ASSETS | ||
Intellectual property, net | 467 | 1,345 |
Other noncurrent assets | 14,280 | |
Total Other Assets | 467 | 15,625 |
TOTAL ASSETS | 2,592,890 | 3,105,033 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 142,288 | 84,385 |
Accrued management compensation | 156,375 | 102,096 |
Accounts payable - related parties | 18,868 | 3,600 |
Customer deposits | 205,270 | 345,844 |
Total Current Liabilities | 522,801 | 535,925 |
Total Liabilities | 522,801 | 535,925 |
STOCKHOLDERS' EQUITY | ||
Common stock, 125,000,000 shares authorized no par value 19,981,082 and 19,759,582 shares issued and outstanding, respectively | 8,291,411 | 8,289,911 |
Additional paid-in capital | 11,298,397 | 11,121,502 |
Accumulated deficit | (17,519,719) | (16,842,305) |
Total Stockholders' Equity | 2,070,089 | 2,569,108 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,592,890 | $ 3,105,033 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
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 | 19,981,082 | 19,759,582 |
Common Stock, shares outstanding | 19,981,082 | 19,759,582 |
Condensed Statements of Operati
Condensed Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement | ||||
REVENUES | $ 438,178 | $ 449,477 | $ 1,480,063 | $ 1,072,237 |
COST OF GOODS SOLD | 245,419 | 247,525 | 766,067 | 639,588 |
GROSS MARGIN | 192,759 | 201,952 | 713,996 | 432,649 |
OPERATING EXPENSES | ||||
General and administrative | 385,209 | 559,013 | 1,133,102 | 1,436,716 |
Research and development expense | 71,962 | 192,321 | 238,201 | 431,480 |
Depreciation and amortization expense | 7,526 | 11,898 | 23,050 | 41,701 |
Total Operating Expenses | 464,697 | 763,232 | 1,394,353 | 1,909,897 |
LOSS FROM OPERATIONS | (271,938) | (561,280) | (680,357) | (1,477,248) |
OTHER INCOME (EXPENSE) | ||||
Investment income, net | 3,934 | 12,921 | ||
Interest expense | (40) | (212) | ||
Interest income | 6 | 18,923 | 21 | 45,456 |
Total Other Income (Expense) | (34) | 18,923 | 3,743 | 58,377 |
LOSS BEFORE INCOME TAXES | (271,972) | (542,357) | (676,614) | (1,418,871) |
INCOME TAX EXPENSE | 800 | 800 | ||
NET LOSS | $ (271,972) | $ (542,357) | $ (677,414) | $ (1,419,671) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.01) | $ (0.03) | $ (0.03) | $ (0.07) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING -BASIC AND DILUTED | 19,981,082 | 19,768,520 | 19,980,934 | 19,768,520 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (677,414) | $ (1,419,671) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Amortization and depreciation expense | 23,051 | 24,553 |
Amortization of premium on investments | 0 | 17,248 |
Fair value of options and warrants vested | 176,895 | 267,567 |
Common stock issued for services | 1,500 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6,302 | (35,222) |
Accounts receivable-related parties | (5,383) | 23,906 |
Deposits | 68,507 | (33,609) |
Prepaid Expense | (1,850) | 17,277 |
Inventory | 128,445 | (225,845) |
Accounts payable and accrued expenses | 57,904 | 54,881 |
Customer deposits | (140,574) | 53,195 |
Accounts payable-related parties | 15,267 | 854 |
Accrued management compensation | 54,279 | (70,519) |
Net Cash Used in Operating Activities | (293,071) | (1,325,385) |
INVESTING ACTIVITIES | ||
Maturity of short-term investments | 900,000 | |
Purchase of property and equipment | (1,459) | |
Net Cash Provided by Investing Activities | 898,541 | |
FINANCING ACTIVITIES | ||
Exercise of warrants and options for cash | 13,600 | |
Net Cash Provided by Financing Activities | 13,600 | |
NET DECREASE IN CASH | (293,071) | (413,244) |
CASH AT BEGINNING OF YEAR | 498,782 | 1,057,836 |
CASH AT END OF PERIOD | $ 205,711 | $ 644,592 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | ||
CASH PAID FOR: Interest | ||
CASH PAID FOR: Income taxes | $ 800 | $ 800 |
Note 1 - Condensed Financial St
Note 1 - Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 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, 2014 audited financial statements. The results of operations for the periods ended September 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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 Companys financial position, or statements. Inventory Inventory is stated at the lower of cost or market. The Companys inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: September 30, December 31, Location : Vista, CA 2015 2014 Raw materials 1,089,210 1,122,270 Finished goods 1,338,975 1,403,946 In transit - 46,835 Allowance for obsolete inventory (222,849) (239,270) Total 2,205,336 2,333,781 Property and Equipment Property and equipment at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, 2015 2014 Production equipment $61,960 $61,960 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 42,451 42,451 Less: accumulated depreciation (78,789) (56,616) Total $66,542 $88,715 Depreciation expense for the periods ended September 30, 2015 and 2014 was $22,173 and $23,397, 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 -0- stock options and warrants that would have been included in the fully diluted earnings per share as of September 30, 2015 and December 31, 2014. 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 September 30, 2015 and December 31, 2014 the Company had no accrued interest or penalites 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 and held them to maturity. Accordingly, the Company has recorded and has amortized the premium over the life of the bonds. During the year ended December 31, 2014, the Company received proceeds of $900,000 from bonds that matured during the period. During the nine months ended September 30, 2015 and 2014, the Company had correlating amortization expense of $-0- and $17,248, respectively. |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
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 Companys name and logo. As of December 31, 2014, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd. and a 20% interest in Omnitek Peru S.A.C. As of September 30, 2015 and December 31, 2014, the Company was owed $20,855 and $15,092 , respectively, by related parties for the purchase of products and services. Revenue recognized from sales to related parties was $43,476 and $47,695 for the periods ended September 30, 2015 and December 31, 2014, respectively. Accounts Payable Related Parties The Company regularly incurs expenses that are paid to related parties and purchases goods and services from related parties. As of September 30, 2015 and December 31, 2014, the Company owed related parties for such expenses, goods and services in the amounts of $18,868 and $3,600 , respectively. Accrued Management Expenses For the periods ended September 30, 2015 and December 31, 2014, the Companys president and vice president were due amounts for services performed for the Company. As of September 30, 2015 and December 31, 2014 the accrued management fees consisted of the following: September 30, December 31, 2015 2014 Amounts due to the president $124,681 $78,527 Amounts due to the vice president 31,694 23,569 Total $156,375 $102,096 |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 4 - Stockholders' Equity | NOTE 4 STOCKHOLDERS EQUITY On September 11, 2015, the Company adopted and approved the 2015 Long-Term Incentive Plan (the Plan) for directors, officers, employees and consultants of the Company. Pursuant to the Plan, the Company is authorized to issue 2,500,000 shares of the Companys common stock in the form of Stock Options, Stock Purchase Rights or Restricted Stock Units. |
Note 5 - Stock Options and Warr
Note 5 - Stock Options and Warrants | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 5 - Stock Options and Warrants | NOTE 5 - STOCK OPTIONS AND WARRANTS During the nine months ended September 30, 2015 and 2014, the Company recognized expense of $176,895 and $91,141, 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 $367,774. The Company recognizes compensation expense for stock-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. The Company estimates the fair value of stock options using a Black-Scholes option pricing model which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock and expected dividend yield of stock. When determining expected volatility, the Company considers the historical performance of the Companys stock, as well as implied volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options expected term. The expected term of the options is based on the Companys evaluation of option holders exercise patterns and represents the period of time that options are expected to remain unexercised. The Company uses historical data to estimate the timing and amount of forfeitures. In applying the Black-Scholes options pricing model to the option and warrant grants, the fair value of our share-based awards granted were estimated using the following assumptions: risk-free rate 1.89 percent; expected life seven years; expected dividend yield 0.00; expected volatility 75.60 percent. A summary of the status of the options and warrants granted at September 30, 2015 and December 31, 2014 and changes during the periods then ended is presented below: September 30, 2015 December 31, 2014 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 3,515,313 $3.56 6,250,313 $2.30 Granted 125,000 .96 115,000 1.95 Exercised - - (220,000) .40 Expired or cancelled - - (2,630,000) .77 Outstanding at end of period 3,640,313 3.45 3,515,313 3.56 Exercisable 3,378,646 $3.54 3,199,896 $3.67 Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life Number Exercisable Weighted-Average Exercise Price $.076-1.00 75,000 6.84 years 75,000 .85 $1.01-2.00 215,000 3.39 years 170,000 1.62 $2.01-3.00 630,000 4.15 years 413,333 2.56 $3.01-4.00 2,720,313 1.52 years 2,720,313 3.88 $0.01-4.00 3,640,313 2.20 years 3,378,646 $3.45 |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 6 - Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS On November 3, 2015 the Company granted 100,000 Incentive Stock Options (to the extent allowed) to an employee, under its 2015 Long-Term Incentive Plan. The Options shall vest and be exercisable with regard to one-forty eight (1/48) of the total shares subject to the Option, at the end of each month following the Date of Grant, so that all shares subject to the Options will be fully vested on the fourth anniversary of the Date of Grant. |
Note 2 - Significant Accounti12
Note 2 - Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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 Companys financial position, or statements. |
Inventory | Inventory Inventory is stated at the lower of cost or market. The Companys inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: September 30, December 31, Location : Vista, CA 2015 2014 Raw materials 1,089,210 1,122,270 Finished goods 1,338,975 1,403,946 In transit - 46,835 Allowance for obsolete inventory (222,849) (239,270) Total 2,205,336 2,333,781 |
Property and Equipment | Property and Equipment Property and equipment at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, 2015 2014 Production equipment $61,960 $61,960 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 42,451 42,451 Less: accumulated depreciation (78,789) (56,616) Total $66,542 $88,715 Depreciation expense for the periods ended September 30, 2015 and 2014 was $22,173 and $23,397, 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 -0- stock options and warrants that would have been included in the fully diluted earnings per share as of September 30, 2015 and December 31, 2014. |
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 September 30, 2015 and December 31, 2014 the Company had no accrued interest or penalites 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 | Held to Maturity Investments During the three months ended June 30, 2012, the Company purchased various corporate bonds and held them to maturity. Accordingly, the Company has recorded and has amortized the premium over the life of the bonds. During the year ended December 31, 2014, the Company received proceeds of $900,000 from bonds that matured during the period. During the nine months ended September 30, 2015 and 2014, the Company had correlating amortization expense of $-0- and $17,248, respectively. |
Note 2 - Significant Accounti13
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Schedule of Inventory | Inventory is stated at the lower of cost or market. The Companys inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: September 30, December 31, Location : Vista, CA 2015 2014 Raw materials 1,089,210 1,122,270 Finished goods 1,338,975 1,403,946 In transit - 46,835 Allowance for obsolete inventory (222,849) (239,270) Total 2,205,336 2,333,781 |
Note 2 - Significant Accounti14
Note 2 - Significant Accounting Policies: Property and Equipment: Schedule of Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Schedule of Property and Equipment | Property and equipment at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, 2015 2014 Production equipment $61,960 $61,960 Computers/Office equipment 28,540 28,540 Tooling equipment 12,380 12,380 Leasehold Improvements 42,451 42,451 Less: accumulated depreciation (78,789) (56,616) Total $66,542 $88,715 |
Note 3 - Related Party Transa15
Note 3 - Related Party Transactions: Schedule of Accrued Management Fees (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Schedule of Accrued Management Fees | September 30, December 31, 2015 2014 Amounts due to the president $124,681 $78,527 Amounts due to the vice president 31,694 23,569 Total $156,375 $102,096 |
Note 5 - Stock Options and Wa16
Note 5 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Schedule of Stock Options and Warrants, Activity | A summary of the status of the options and warrants granted at September 30, 2015 and December 31, 2014 and changes during the periods then ended is presented below: September 30, 2015 December 31, 2014 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 3,515,313 $3.56 6,250,313 $2.30 Granted 125,000 .96 115,000 1.95 Exercised - - (220,000) .40 Expired or cancelled - - (2,630,000) .77 Outstanding at end of period 3,640,313 3.45 3,515,313 3.56 Exercisable 3,378,646 $3.54 3,199,896 $3.67 |
Note 5 - Stock Options and Wa17
Note 5 - Stock Options and Warrants: Summary of the Status of the Options and Warrants Outstanding (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Summary of the Status of the Options and Warrants Outstanding | Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life Number Exercisable Weighted-Average Exercise Price $.076-1.00 75,000 6.84 years 75,000 .85 $1.01-2.00 215,000 3.39 years 170,000 1.62 $2.01-3.00 630,000 4.15 years 413,333 2.56 $3.01-4.00 2,720,313 1.52 years 2,720,313 3.88 $0.01-4.00 3,640,313 2.20 years 3,378,646 $3.45 |
Note 2 - Significant Accounti18
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Details | ||
Raw materials | $ 1,089,210 | $ 1,122,270 |
Finished goods | 1,338,975 | 1,403,946 |
In transit | 0 | 46,835 |
Allowance for obsolete inventory | (222,849) | (239,270) |
Total | $ 2,205,336 | $ 2,333,781 |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies: Property and Equipment: Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Less: accumulated depreciation | $ (78,789) | $ (56,616) |
Total | 66,542 | 88,715 |
Production Equipment | ||
Property, Plant and Equipment, Gross | 61,960 | 61,960 |
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 Accounti20
Note 2 - Significant Accounting Policies: Property and Equipment (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Details | ||
Depreciation expense | $ 22,173 | $ 23,397 |
Note 2 - Significant Accounti21
Note 2 - Significant Accounting Policies: Basic and Diluted Loss Per Share (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Details | ||
Incremental Common Shares Attributable to Dilutive Effect of Options and Warrants | 0 | 0 |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies: Held To Maturity Investments (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Details | |||
Proceeds from Maturity of Held-to-Maturity Securities | $ 900,000 | ||
Amortization of premium on investments | $ 0 | $ 17,248 |
Note 3 - Related Party Transa23
Note 3 - Related Party Transactions (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts receivable - related parties | $ 20,475 | $ 15,092 | |
Revenue from Related Parties | 43,476 | $ 47,695 | |
Accounts payable - related parties | 18,868 | 3,600 | |
Nology Engineering, Inc. | |||
Accounts payable - related parties | $ 18,868 | $ 3,600 | |
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% |
Note 3 - Related Party Transa24
Note 3 - Related Party Transactions: Schedule of Accrued Management Fees (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accrued management compensation | $ 156,375 | $ 102,096 |
President | ||
Accrued management compensation | 124,681 | 78,527 |
Vice President | ||
Accrued management compensation | $ 31,694 | $ 23,569 |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Details) | Sep. 11, 2015shares |
2015 Long-Term Incentive Plan | |
Number of Shares Authorized | 2,500,000 |
Note 5 - Stock Options and Wa26
Note 5 - Stock Options and Warrants (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Details | ||
Expense recognized for options and warrants vested | $ 176,895 | $ 91,141 |
Remaining compensation expense to be recognized in future periods | $ 367,774 | |
Fair Value Assumptions, Method Used | Black-Scholes options pricing model | |
Risk Free Interest Rate | 1.89% | |
Expected Life | 7 years | |
Expected Dividend Yield | 0.00% | |
Expected Volatility | 75.60% |
Note 5 - Stock Options and Wa27
Note 5 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Outstanding at beginning of year | 3,515,313 | 6,250,313 |
Options, Outstanding, Weighted Average Exercise Price at beginning of year | $ 3.56 | $ 2.30 |
Granted | 125,000 | 115,000 |
Granted, Weighted Average Exercise Price | $ 0.96 | $ 1.95 |
Exercised, Weighted Average Exercise | $ 0 | $ 0.40 |
Expired or cancelled | 0 | (2,630,000) |
Expired or cancelled, Weighted Average Exercise Price | $ 0 | $ 0.77 |
Outstanding at end of year | 3,640,313 | 3,515,313 |
Options, Outstanding, Weighted Average Exercise Price at end of year | $ 3.45 | $ 3.56 |
Exercisable | 3,378,646 | 3,199,896 |
Exercisable, Weighted Average Exercise Price | $ 3.54 | $ 3.67 |
Common Stock | ||
Exercised | 0 | (220,000) |
Note 5 - Stock Options and Wa28
Note 5 - Stock Options and Warrants: Summary of the Status of the Options and Warrants Outstanding (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number Outstanding | shares | 3,640,313 |
Weighted-Average Remaining Contractual Life | 2 years 2 months 12 days |
Number Exercisable | shares | 3,378,646 |
Weighted-Average Exercise Price | $ 3.45 |
$.076 - 1.00 | |
Number Outstanding | shares | 75,000 |
Weighted-Average Remaining Contractual Life | 6 years 10 months 2 days |
Number Exercisable | shares | 75,000 |
Weighted-Average Exercise Price | $ 0.85 |
Exercise Price Range, Lower Range Limit | 0.076 |
Exercise Price Range, Upper Range Limit | $ 1 |
$1.01 - 2.00 | |
Number Outstanding | shares | 215,000 |
Weighted-Average Remaining Contractual Life | 3 years 4 months 20 days |
Number Exercisable | shares | 170,000 |
Weighted-Average Exercise Price | $ 1.62 |
Exercise Price Range, Lower Range Limit | 1.01 |
Exercise Price Range, Upper Range Limit | $ 2 |
$2.01 - 3.00 | |
Number Outstanding | shares | 630,000 |
Weighted-Average Remaining Contractual Life | 4 years 1 month 24 days |
Number Exercisable | shares | 413,333 |
Weighted-Average Exercise Price | $ 2.56 |
Exercise Price Range, Lower Range Limit | 2.01 |
Exercise Price Range, Upper Range Limit | $ 3 |
$3.01 - 4.00 | |
Number Outstanding | shares | 2,720,313 |
Weighted-Average Remaining Contractual Life | 1 year 6 months 7 days |
Number Exercisable | shares | 2,720,313 |
Weighted-Average Exercise Price | $ 3.88 |
Exercise Price Range, Lower Range Limit | 3.01 |
Exercise Price Range, Upper Range Limit | $ 4 |
Note 6 - Subsequent Events (Det
Note 6 - Subsequent Events (Details) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Granted | 125,000 | 115,000 |
Subsequent Event | 2015 Long-Term Incentive Plan | ||
Granted | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Options shall vest and be exercisable with regard to one-forty eight (1/48) of the total shares subject to the Option, at the end of each month following the Date of Grant, so that all shares subject to the Options will be fully vested on the fourth anniversary of the Date of Grant. |