Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Omnitek Engineering Corp. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | omtk |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 38,088 | $ 105,846 |
Accounts receivable, net | 73,338 | 30,835 |
Accounts receivable - related parties | 22,395 | 17,257 |
Inventory, net | 2,051,526 | 2,107,463 |
Prepaid expense | 18,917 | 6,050 |
Deposits | 18,045 | 19,745 |
Total Current Assets | 2,222,309 | 2,287,196 |
FIXED ASSETS, net | 51,851 | 59,151 |
OTHER ASSETS | ||
Intellectual property, net | 94 | 281 |
Other noncurrent assets | 14,280 | 14,280 |
Total Other Assets | 14,374 | 14,561 |
TOTAL ASSETS | 2,288,534 | 2,360,908 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 206,276 | 145,207 |
Accrued management compensation | 219,740 | 189,163 |
Accounts payable - related parties | 7,381 | 7,591 |
Customer deposits | 227,185 | 230,349 |
Total Current Liabilities | 660,582 | 572,310 |
Total Liabilities | 660,582 | 572,310 |
STOCKHOLDERS' EQUITY | ||
Common stock, 125,000,000 shares authorized; no par value; 19,981,082 shares issued and outstanding | 8,291,411 | 8,291,411 |
Additional paid-in capital | 11,382,698 | 11,346,599 |
Accumulated deficit | (18,046,157) | (17,849,412) |
Total Stockholders' Equity | 1,627,952 | 1,788,598 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,288,534 | $ 2,360,908 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 19,979,582 |
Common Stock, shares outstanding | 19,981,082 | 19,979,582 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement | ||
REVENUES | $ 334,443 | $ 428,808 |
REVENUES, related parties | 5,139 | 21,892 |
COST OF GOODS SOLD | 172,178 | 251,645 |
GROSS MARGIN | 167,404 | 199,055 |
OPERATING EXPENSES | ||
General and administrative | 312,795 | 351,052 |
Research and development | 47,407 | 76,584 |
Depreciation and amortization | 7,487 | 7,790 |
Total Operating Expenses | 367,689 | 435,426 |
LOSS FROM OPERATIONS | (200,285) | (236,371) |
OTHER INCOME (EXPENSE) | ||
Interest income | 9 | |
Interest expense | (690) | |
Other income | 4,230 | |
Total Other Income (Expense) | 3,540 | 9 |
LOSS BEFORE INCOME TAXES | (196,745) | (236,362) |
INCOME TAX EXPENSE | 800 | |
NET LOSS | $ (196,745) | $ (237,162) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 19,981,082 | 19,980,632 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (196,745) | $ (237,162) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Amortization and depreciation expense | 7,487 | 7,790 |
Options and warrants granted | 36,099 | 33,603 |
Common stock issued for services | 1,500 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (42,503) | (49,741) |
Accounts receivable-related parties | (5,138) | 1,427 |
Deposits | 1,700 | 52,375 |
Prepaid Expense | (12,867) | (1,850) |
Inventory | 55,938 | 33,162 |
Accounts payable and accrued expenses | 61,068 | 30,766 |
Customer deposits | (3,164) | 52,444 |
Accounts payable-related parties | (210) | 3,614 |
Accrued management compensation | 30,577 | 6,202 |
Net Cash Used in Operating Activities | (67,758) | (65,870) |
NET DECREASE IN CASH | (67,758) | (65,870) |
CASH AT BEGINNING OF YEAR | 105,846 | 498,782 |
CASH AT END OF PERIOD | 38,088 | 432,912 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | ||
CASH PAID FOR:Interest | $ 690 | |
CASH PAID FOR:Income taxes | $ 800 |
Note 1 - Condensed Financial St
Note 1 - Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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, 2015 audited financial statements. The results of operations for the periods ended March 31, 2016 and 2015 are not necessarily indicative of the operating results for the full years. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 nor is 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: March 31, December 31, Location : Vista, CA 2016 2015 Raw materials $1,107,383 $1,093,890 Finished goods 1,193,659 1,263,089 Allowance for obsolete inventory (249,516) (249,516) Total $2,051,526 $2,107,463 The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was $-0- and $0, for the three month periods ended March 31, 2016 and March 31, 2015, respectively. Property and Equipment Property and equipment at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 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 (93,480) (86,180) Total $51,851 $59,151 Depreciation expense for the three month periods ended March 31, 2016 and March 31, 2015 was $7,300 and $7,391, 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 March 31, 2016 and December 31, 2015. 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. 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 March 31, 2016 and December 31, 2015 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. |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd. and a 20% interest in Omnitek Peru S.A.C. As of March 31, 2016 and December 31, 2015, the Company was owed $22,395 and $17,257 , respectively, by related parties for the purchase of products and services. 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 March 31, 2016 and December 31, 2015, the Company owed related parties for such expenses, goods and services in the amounts of $7,381 and $7,591 , respectively. Accrued Management Expenses For the periods ended March 31, 2016 and December 31, 2015, the Company's president and vice president were due amounts for services performed for the Company. As of March 31, 2016 and December 31, 2015 the accrued management fees consisted of the following: March 31, December 31, 2016 2015 Amounts due to the president $171,796 $148,719 Amounts due to the vice president 47,944 40,444 Total $219,740 $189,163 |
Note 4 - Stock Options and Warr
Note 4 - Stock Options and Warrants | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 4 - Stock Options and Warrants | NOTE 4 - STOCK OPTIONS AND WARRANTS During the three months ended March 31, 2016 and 2015, the Company granted -0- and -0- options for services, respectively. During the three months ended March 31, 2016 and 2015, the Company recognized expense of $36,099 and $33,603, 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 $194,616. In April 2007, the Company's shareholders approved its 2006 Long-Term Incentive Plan ("the 2006 Plan"). Under the 2006 plan, the Company may issue up to 10,000,000 shares of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of December 31, 2014 the remaining 2,590,000 options previously issued under the plan expired. On August 3, 2011 the Board of Directors adopted the Omnitek Engineering Corp. 2011 Long-term Incentive Plan (the "2011 Plan"), under which 1,000,000 shares of Company's Common Stock were reserved for issuance of both Incentive Stock Options to employees only and and Non-Qualified Stock Options to employees and consultants at its discretion. As of March 31, 2016 the Company has a total of 915,000 options issued under the plan. On September 11, 2015 the Board of Directors adopted the Omnitek Engineering Corp. 2015 Long Term Incentive Plan (the "2015 Plan"), under which 2,500,000 shares of the Company's Common Stock were reserved for issuance of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion. As of March 31, 2016 the Company has a total of 100,000 options issued under the plan. During the three months ended March 31, 2016 and 2015 the Company issued -0- and -0- warrants, respectively. 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 Company's 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 Company's 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. A summary of the status of the options and warrants granted at March 31, 2016 and December 31, 2015 and changes during the periods then ended is presented below: March 31, December 31, 2016 2015 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 3,740,313 $3.38 3,515,313 $3.56 Granted - - 225,000 .85 Exercised - - - - Expired or cancelled (100,000) - - - Outstanding at end of period 3,640,313 3.40 3,740,313 3.38 Exercisable 3,389,063 $3.52 3,414,063 $3.52 Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life Number Exercisable Weighted-Average Exercise Price $0.01 - 0.99 175,000 6.49 years 85,417 0.83 $1.00 - 1.99 215,000 2.88 years 180,000 1.44 $2.00 - 2.99 530,000 3.49 years 403,333 2.51 $3.00 - 3.99 2,720,313 1.02 years 2,720,313 3.88 $0.01 - 3.99 3,640,313 1.75 years 3,389,063 $3.51 |
Note 5 - Subsequent Events
Note 5 - Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 5 - Subsequent Events | NOTE 5 - SUBSEQUENT EVENTS Effective April 15, 2016, the Company's Board of Directors consented to the Company's decision to grant non-qualified stock options pursuant to the 2015 Long-Term Incentive Plan as follows: 470,000 options to its President/CEO in exchange for $100,000 of deferred salary and 50,000 stock options each to the Company's Vice President, Chief Financial Officer and three independent directors for past and continued services to the Company. Said options shall vest and be exercisable immediately and shall be exercisable for a period of seven years from the date of grant. |
Note 2 - Significant Accounti11
Note 2 - Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Note 2 - Significant Accounti12
Note 2 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements and their adoption has not had nor is expected to have a material impact on the Company's financial position, or statements. |
Note 2 - Significant Accounti13
Note 2 - Significant Accounting Policies: Inventory (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
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: March 31, December 31, Location : Vista, CA 2016 2015 Raw materials $1,107,383 $1,093,890 Finished goods 1,193,659 1,263,089 Allowance for obsolete inventory (249,516) (249,516) Total $2,051,526 $2,107,463 The Company has established an allowance for obsolete inventory. Expense for obsolete inventory was $-0- and $0, for the three month periods ended March 31, 2016 and March 31, 2015, respectively. |
Note 2 - Significant Accounti14
Note 2 - Significant Accounting Policies: Property and Equipment (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 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 (93,480) (86,180) Total $51,851 $59,151 Depreciation expense for the three month periods ended March 31, 2016 and March 31, 2015 was $7,300 and $7,391, respectively. |
Note 2 - Significant Accounti15
Note 2 - Significant Accounting Policies: Basic and Diluted Loss Per Share (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
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 March 31, 2016 and December 31, 2015. |
Note 2 - Significant Accounti16
Note 2 - Significant Accounting Policies: Income Taxes (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
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. 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 March 31, 2016 and December 31, 2015 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. |
Note 2 - Significant Accounti17
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Inventory | The Company's inventory consists of finished goods and raw material and is located in Vista, California, consisting of the following: March 31, December 31, Location : Vista, CA 2016 2015 Raw materials $1,107,383 $1,093,890 Finished goods 1,193,659 1,263,089 Allowance for obsolete inventory (249,516) (249,516) Total $2,051,526 $2,107,463 |
Note 2 - Significant Accounti18
Note 2 - Significant Accounting Policies: Property and Equipment: Schedule of Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Property and Equipment | Property and equipment at March 31, 2016 and December 31, 2015 consisted of the following: March 31, December 31, 2016 2015 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 (93,480) (86,180) Total $51,851 $59,151 |
Note 3 - Related Party Transa19
Note 3 - Related Party Transactions: Schedule of Accrued Management Fees (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Accrued Management Fees | As of March 31, 2016 and December 31, 2015 the accrued management fees consisted of the following: March 31, December 31, 2016 2015 Amounts due to the president $171,796 $148,719 Amounts due to the vice president 47,944 40,444 Total $219,740 $189,163 |
Note 4 - Stock Options and Wa20
Note 4 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Stock Options and Warrants, Activity | A summary of the status of the options and warrants granted at March 31, 2016 and December 31, 2015 and changes during the periods then ended is presented below: March 31, December 31, 2016 2015 Weighted-Average Weighted-Average Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 3,740,313 $3.38 3,515,313 $3.56 Granted - - 225,000 .85 Exercised - - - - Expired or cancelled (100,000) - - - Outstanding at end of period 3,640,313 3.40 3,740,313 3.38 Exercisable 3,389,063 $3.52 3,414,063 $3.52 |
Note 4 - Stock Options and Wa21
Note 4 - Stock Options and Warrants: Summary of the Status of the Options and Warrants Outstanding (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 $0.01 - 0.99 175,000 6.49 years 85,417 0.83 $1.00 - 1.99 215,000 2.88 years 180,000 1.44 $2.00 - 2.99 530,000 3.49 years 403,333 2.51 $3.00 - 3.99 2,720,313 1.02 years 2,720,313 3.88 $0.01 - 3.99 3,640,313 1.75 years 3,389,063 $3.51 |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies: Inventory: Schedule of Inventory (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Details | ||
Raw materials | $ 1,107,383 | $ 1,093,890 |
Finished goods | 1,193,659 | 1,263,089 |
Allowance for obsolete inventory | (249,516) | (249,516) |
Total | $ 2,051,526 | $ 2,107,463 |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies: Inventory (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Expense for Obsolete Inventory | $ 0 | $ 0 |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies: Property and Equipment: Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Less: accumulated depreciation | $ (93,480) | $ (86,180) |
Total | 51,851 | 59,151 |
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 Accounti25
Note 2 - Significant Accounting Policies: Property and Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Depreciation expense | $ 7,300 | $ 7,391 |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies: Basic and Diluted Loss Per Share (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Incremental Common Shares Attributable to Dilutive Effect of Options and Warrants | 0 | 0 |
Note 2 - Significant Accounti27
Note 2 - Significant Accounting Policies: Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Details | ||
Accrued Interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Note 3 - Related Party Transa28
Note 3 - Related Party Transactions (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable - related parties | $ 22,395 | $ 17,257 |
Accounts payable - related parties | 7,381 | 7,591 |
Nology Engineering Inc | ||
Accounts payable - related parties | $ 7,381 | $ 7,591 |
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 Transa29
Note 3 - Related Party Transactions: Schedule of Accrued Management Fees (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued management compensation | $ 219,740 | $ 189,163 |
President | ||
Accrued management compensation | 171,796 | 148,719 |
Vice President | ||
Accrued management compensation | $ 47,944 | $ 40,444 |
Note 4 - Stock Options and Wa30
Note 4 - Stock Options and Warrants (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Sep. 11, 2015 | Dec. 31, 2014 | Aug. 03, 2011 | Apr. 30, 2007 | |
Granted | 0 | 225,000 | |||||
Expense recognized for options and warrants vested | $ 36,099 | $ 33,603 | |||||
Total remaining amount of compensation expense to be recognized in future periods | $ 194,616 | ||||||
Outstanding | 3,640,313 | 3,740,313 | 3,515,313 | ||||
Warrants, Granted | 0 | 0 | |||||
Employee Stock Option | |||||||
Granted | 0 | 0 | |||||
Fair Value, Option, Methodology and Assumptions | Black-Scholes option pricing model | ||||||
Employee Stock Option | 2006 Long-Term Incentive Plan | |||||||
Number of Shares Authorized | 10,000,000 | ||||||
Outstanding | 2,590,000 | ||||||
Employee Stock Option | 2011 Long-Term Incentive Plan | |||||||
Number of Shares Authorized | 1,000,000 | ||||||
Outstanding | 915,000 | ||||||
Employee Stock Option | 2015 Long-Term Incentive Plan | |||||||
Number of Shares Authorized | 2,500,000 | ||||||
Outstanding | 100,000 |
Note 4 - Stock Options and Wa31
Note 4 - Stock Options and Warrants: Schedule of Stock Options and Warrants, Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding at beginning of year | 3,740,313 | 3,515,313 | |
Outstanding, Weighted Average Exercise Price at beginning of year | $ 3.38 | $ 3.56 | |
Granted | 0 | 225,000 | |
Granted, Weighted Average Exercise Price | $ 0 | $ 0.85 | |
Exercised, Weighted Average Exercise | $ 0 | $ 0 | |
Expired or cancelled | (100,000) | 0 | |
Expired or cancelled, Weighted Average Exercise Price | $ 0 | $ 0 | |
Outstanding at end of year | 3,640,313 | 3,740,313 | 3,515,313 |
Outstanding, Weighted Average Exercise Price at end of year | $ 3.40 | $ 3.38 | $ 3.56 |
Exercisable | 3,389,063 | 3,414,063 | |
Exercisable, Weighted Average Exercise Price | $ 3.52 | $ 3.52 | |
Common Stock | |||
Exercised | 0 | 0 | |
Exercised | 0 | 0 |
Note 4 - Stock Options and Wa32
Note 4 - Stock Options and Warrants: Summary of the Status of the Options and Warrants Outstanding (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
$0.01 - 0.99 | |
Number Outstanding | shares | 175,000 |
Weighted-Average Remaining Contractual Life | 6 years 5 months 26 days |
Number Exercisable | shares | 85,417 |
Weighted-Average Exercise Price | $ 0.83 |
Exercise Price Range, Lower Range Limit | 0.01 |
Exercise Price Range, Upper Range Limit | $ 0.99 |
$1.00 - 1.99 | |
Number Outstanding | shares | 215,000 |
Weighted-Average Remaining Contractual Life | 2 years 10 months 17 days |
Number Exercisable | shares | 180,000 |
Weighted-Average Exercise Price | $ 1.44 |
Exercise Price Range, Lower Range Limit | 1 |
Exercise Price Range, Upper Range Limit | $ 1.99 |
$2.00 - 2.99 | |
Number Outstanding | shares | 530,000 |
Weighted-Average Remaining Contractual Life | 3 years 5 months 26 days |
Number Exercisable | shares | 403,333 |
Weighted-Average Exercise Price | $ 2.51 |
Exercise Price Range, Lower Range Limit | 2 |
Exercise Price Range, Upper Range Limit | $ 2.99 |
$3.00 - 3.99 | |
Number Outstanding | shares | 2,720,313 |
Weighted-Average Remaining Contractual Life | 1 year 7 days |
Number Exercisable | shares | 2,720,313 |
Weighted-Average Exercise Price | $ 3.88 |
Exercise Price Range, Lower Range Limit | 3 |
Exercise Price Range, Upper Range Limit | $ 3.99 |
$0.01 - 3.99 | |
Number Outstanding | shares | 3,640,313 |
Weighted-Average Remaining Contractual Life | 1 year 9 months |
Number Exercisable | shares | 3,389,063 |
Weighted-Average Exercise Price | $ 3.51 |
Exercise Price Range, Lower Range Limit | 0.01 |
Exercise Price Range, Upper Range Limit | $ 3.99 |
Note 5 - Subsequent Events (Det
Note 5 - Subsequent Events (Details) - Subsequent Event | 1 Months Ended |
Apr. 15, 2016USD ($)shares | |
President | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 470,000 |
Deferred Salary | $ | $ 100,000 |
Vice President, Chief Financial Officer, Three Independent Directors | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 |