Oculus Visiontech Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Oculus Visiontech Inc. filed its Q1 2024 10-Q, detailing financial performance and warrant conditions.</b>

AI Summary

OCULUS VISIONTECH INC. (OVTZ) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Oculus Visiontech Inc. filed a 10-Q for the period ending March 31, 2024. The company's fiscal year ends on December 31. Share purchase warrants are not exercisable until specific performance criteria are met. These criteria include revenue sales projections per ComplyTrust Inc.'s 5-year proformas, listing on a major US exchange, or a change of control. The filing includes financial data for Q1 2024.

Why It Matters

For investors and stakeholders tracking OCULUS VISIONTECH INC., this filing contains several important signals. The filing provides an update on the company's financial status and operational milestones for the first quarter of 2024. Information on warrant exercisability criteria is crucial for understanding potential future dilution and strategic company events.

Risk Assessment

Risk Level: — OCULUS VISIONTECH INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant financial events disclosed.

Analyst Insight

Monitor future filings for updates on performance criteria being met for warrant exercisability.

Key Numbers

• 250,000,000 — Authorized Shares (As of March 31, 2024)
• 91,422,569 — Issued and Outstanding Shares (As of March 31, 2024)

Key Players & Entities

• OCULUS VISIONTECH INC. (company) — Filer name
• ComplyTrust Inc. (company) — Mentioned in relation to performance criteria for warrants
• 2024-03-31 (date) — Reporting period end date
• 2024-05-14 (date) — Filing date

FAQ

Risk Factors

• Warrant Exercisability Conditions [medium — financial]: Share purchase warrants are subject to specific performance criteria, including revenue projections, exchange listing, or change of control, before they become exercisable.

Industry Context

The filing is a standard quarterly report for a publicly traded company, providing financial and operational updates.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Track progress towards the performance criteria for warrant exercisability.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition during the quarter.)

Share Purchase Warrants

A type of security that gives the holder the right, but not the obligation, to purchase shares of a company's stock at a specified price within a certain timeframe. (Understanding their exercisability is key to assessing potential future share count and dilution.)

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the fiscal year-end report for December 31, 2023.

Filing Documents

• ovtz20240331_10q.htm (10-Q) — 584KB
• ex_670649.htm (EX-31.1) — 8KB
• ex_670650.htm (EX-31.2) — 8KB
• ex_670651.htm (EX-32.1) — 4KB
• ex_670652.htm (EX-32.2) — 4KB
• logo01.jpg (GRAPHIC) — 5KB
• 0001437749-24-016483.txt (&nbsp;) — 3141KB
• ovtz-20240331.xsd (EX-101.SCH) — 40KB
• ovtz-20240331_cal.xml (EX-101.CAL) — 22KB
• ovtz-20240331_def.xml (EX-101.DEF) — 204KB
• ovtz-20240331_lab.xml (EX-101.LAB) — 165KB
• ovtz-20240331_pre.xml (EX-101.PRE) — 231KB
• ovtz20240331_10q_htm.xml (XML) — 429KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Forward Looking Statements

Forward Looking Statements 4 Item 1.

Financial Statements

Financial Statements 6 Condensed Interim Consolidated Balance Sheets 6 (A) Condensed Interim Consolidated Statements of Operations and Comprehensive Loss 7 (B) Condensed Interim Consolidated Statements of Stockholders ' Equity 8 (C) Condensed Interim Consolidated Statements of Cash Flows 9 (D) Notes to Condensed Interim Consolidated Financial Statements 10 Item 2. (E) Management ' s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosure 23 Item 5. Other Information 23 Item 6. Exhibits 23 3 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for the purposes of this Quarterly Report on Form 10-Q. In some cases, you can identify these statements by forward-looking words such as "plan", "may", "will", "expect", "intend", "anticipate", believe", "estimate" and "continue" or similar words. Forward-looking statements are statements that are not historical facts, and include, but are not limited to: o our digital watermarking technology and Cloud-based document protection system; o our data privacy and data protection services and solutions; our technology, our cash needs, including our ability to fund our future capital expenditures and working capital requirements; o our expectations regarding competition and growth in our sector; the future sources and availability of additional funding; and o the effect of funding arrangements on projects and products. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. We believe that it is important to communicate future expectations to investors. However, there may be events in the future that we are not able to accurately predict or control. Accordingly, we do not undertake any obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as required by law. Forward-looking statements are based on current expectations about future events affecting the Company and are subject to uncertainties and factors that affect all business operating in a global market as well as matters specific to the Company. These uncertainties and factors are diff

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. OCULUS VISIONTECH INC. AND SUBSIDIARY CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Stated in US Dollars) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash $ 94,711 $ 156,574 Prepaid expenses and other current assets (Note 4) 15,502 27,381 Total Assets $ 110,213 $ 183,955 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current Liabilities: Accounts payable and accrued liabilities (Note 5) $ 113,803 $ 136,248 Accounts payable and accrued liabilities - related parties 165,172 137,475 Total current liabilities 278,975 273,723 Stockholders' Equity (Deficiency): Preferred stock - no par value; authorized 250,000,000 shares, none issued Common stock and additional paid-in capital - no par value; authorized 500,000,000 shares, issued and outstanding 91,422,569 and 91,422,569 46,850,710 46,850,710 Additional paid in capital 1,483,423 1,479,031 Accumulated other comprehensive loss ( 33,433 ) ( 32,863 ) Accumulated deficit ( 48,469,462 ) ( 48,386,646 ) Stockholders' equity (deficiency) ( 168,762 ) ( 89,768 ) Total Liabilities and Stockholders' Equity (Deficiency) $ 110,213 $ 183,955 SEE ACCOMPANYING NOTES 6 Table of Contents OCULUS VISIONTECH INC. AND SUBSIDIARY CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Stated in US Dollars) (Unaudited) For the three months ended March 31, 2024 2023 Expenses: Consulting (Note 11) $ 30,500 $ 45,000 Research and development (Note 10) 2,180 84,203 Selling, general and administrative (Notes 9 and 11) 47,184 72,777 Stock-based compensation (Notes 7 and 11) 4,392 36,174 Loss from operations ( 84,256 ) ( 238,154 ) Interest income 1,440 3,095 Net loss ( 82,816 ) ( 235,059 ) Other comprehensive loss Currency translation differences ( 570 ) ( 1,159 ) Total comprehensive loss $ ( 83,386 ) $ ( 236,218 ) Net loss per share - basic and diluted $ (0.00 ) $ (

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View this 10-Q filing on SEC EDGAR