美國
證券交易委員會
華盛頓特區20549
表格
截至季度結束
到 至
委員會檔案編號:
OCULUS VISIONTECH INC. |
(依憑章程所載的完整登記名稱) |
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(成立或組織的)州或其他轄區 | (國稅局雇主識別號碼) |
或組織成立的州或其他司法管轄區) | 識別號碼) |
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(主要行政辦公室地址)(郵政編碼) |
( |
(註冊人電話號碼,包括區號) |
請勾選表示:(1)申報人在過去12個月內(或申報人在此期間需要提交此類報告的較短時間內,已提交了證券交易所法案第13條或第15(d)條規定的所有報告;並 (2)該申報人在過去90天內一直受到申報要求的約束。
請勾選表示該登記者是否已在過去12個月內(或該登記者需要提交這些文件的較短期間)向Regulation S-t的第232.405條提出的每個互動式數據文件。
請用勾選標記指示註冊人是否為大型、加速披露的公告者、加速披露的公告者、非加速披露的公告者、較小的報告公司或創業公司。請參見《交易法》第120億2條中對「大型、加速披露的公告者」、「加速披露的公告者」、「較小的報告公司」和「創業公司」的定義。
大型、加速披露的公告者 | ☐ | 加速歸檔人 | ☐ |
| ☐ | 小型報告公司 | |
新興成長型企業 | |
如果是新興成長型企業,在符合任何依據證券交易法第13(a)條所提供的任何新的或修改的財務會計準則的遵循的延伸過渡期方面,是否選擇不使用核准記號進行指示。☐
勾選表示申報人是否為外殼公司(定義於交易所法規第1202條)。
是的
截至2024年11月12日,已發行的註冊人的普通股為
根據法案第12(b)條規定註冊的證券:
每個班級的標題 | 交易標的(s) | 每個註冊交易所的名稱 |
普通 | ||
普通股 - 無面值 | OVTZ | 場外交易公告板 |
優先股 - 無面值 | 不適用 | 不適用 |
普通股 - 無面值 | OVT | tsx 創業公司 交易所 |
普通股 - 無面值 | USF1 | 法蘭克福交易所 |
項目1. |
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(A) |
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(B) |
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(C) |
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(D) |
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項目2. |
(E) |
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項目3。 |
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項目4。 |
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項目1. |
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項目1A。 |
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項目2. |
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項目3。 |
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項目4。 |
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第五項。 |
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第六項。 |
本季度報告(表格10-Q)包含前瞻性聲明。除歷史事實聲明之外的所有聲明都是本季度報告(表格10-Q)中的「前瞻性聲明」。在某些情況下,您可以通過諸如「計劃」、「可能」、「將」、「期望」、「打算」、「預期」、「相信」、「估計」和「繼續」或類似的詞來識別這些聲明。前瞻性聲明是指不屬於歷史事實的聲明,包括但不限於:
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關於我們的產品和服務的聲明,包括: |
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我們的數字水印科技和基於雲的文檔保護系統; |
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我們的數據隱私和數據保護服務與解決方案;我們的科技、我們的資金需求,包括我們資助未來資本支出和運營資本需求的能力; |
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我們對競爭和我們板塊增長的預期;未來額外資金的來源和可用性;以及 |
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資助安排對項目和產品的影響。 |
您應該仔細閱讀包含這些詞語的聲明,因爲它們討論了未來的預期和計劃,涉及未來經營或財務狀況的結果預測或其他前瞻性信息。我們認爲,向投資者傳達未來預期十分重要。然而,未來可能會發生一些我們無法準確預測或控制的事件。因此,我們不承擔更新任何前瞻性聲明的義務,無論出於何種原因,即使新信息變得可用或未來發生其他事件,除非法律要求。
前瞻性陳述是基於對未來影響公司的事件的當前預期,並且受所有在全球市場上運營的企業的各種不確定性和因素的影響,以及與公司特定相關的事務。這些不確定性和因素難以預測,其中許多超出了公司的控制範圍。在評估這些前瞻性陳述時需要考慮的因素包括但不限於:
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疫情的影響; |
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公司的有限經營歷史使得評估其業務和前景變得困難; |
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公司已產生了巨額虧損,並預計將來會繼續虧損,可能永遠無法實現盈利; |
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如果公司無法獲得大量額外融資,可能無法繼續營業; |
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公司的未來經營結果預計會有顯著波動,這可能會影響公司普通股的交易價格; |
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數據隱私和數據保護市場競爭激烈,公司的競爭失敗將限制其獲得、保留和增加市場份額的能力; |
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文檔保護市場競爭激烈,公司競爭失敗將限制其保留和增加市場份額的能力; |
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視頻數字水印業務競爭激烈,公司的競爭失敗將限制其保留和增加市場份額的能力; |
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公司面臨快速的技術變化,這可能使其產品和服務變得過時; |
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公司依賴於供應商和其他第三方服務提供商,並將與這些公司中的一些競爭; |
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公司的服務技術複雜,可能無法防止缺陷,這可能會降低其市場接受度,導致產品責任或損害其聲譽; |
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任何人員流失或無法招募新人員都可能對公司的業務造成傷害; |
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未能根據《薩班斯-豪利法案》第404條維持有效的內部控制,可能對公司的業務和經營業績產生重大不利影響,股東可能會失去對公司財務報告的信懇智能。 |
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公司目前沒有任何付費客戶。 |
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如果公司無法保護其知識產權,公司的業務可能會受損。 |
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公司的產品可能侵犯他人的知識產權,導致公司產生重大費用或妨礙我們授權其產品。 |
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公司的成功取決於對電子商務應用需求的持續增長; |
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政府監管和法律不確定性可能會增加在互聯網上做業務的額外成本和風險; |
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公司的股價一直非常波動,這可能會給投資者帶來可觀的損失; |
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公司在過去沒有支付現金分紅,預計在可預見的未來也不會支付現金分紅。 |
Any return on investment may be limited to the value of the Company’s common shares;
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證券分析師可能無法開始對公司的普通股進行覆蓋或繼續關注,這可能對其市場價格產生負面影響; |
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我們章程中的反收購條款可能會阻止或延遲公司控制權的變更; |
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公司打算髮行額外的股權證券,這可能會稀釋現有股東的利益或賦予優於普通股的權利或優先權; |
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期權和Warrants的行使以及其他普通股或可轉換爲普通股的證券的發行將稀釋公司現有股東的所有權利益,並可能對公司普通股的未來市場價格產生不利影響; |
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高管和董事的有限責任可能會使股東不願對他們提起訴訟; |
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美國證券交易委員會對低價 "便士股票" 的要求可能會對股東在二級市場出售股份的能力產生不利影響; |
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公司不預計在可預見的未來向股東支付分紅派息; |
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公司可能面臨不利的貨幣兌換率波動,這可能會損害公司的財務結果和現金流; |
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服務中斷和公司基礎設施的干擾可能會對公司造成傷害,並對業務運營產生不利影響,損害聲譽; |
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公司產品和服務中的安全漏洞或任何安全措施的違反可能會損害其聲譽並干擾公司的業務; |
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作爲美國上市公司的財務報告義務成本高,耗時長,可能會對公司的管理提出重大要求;以及 |
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如果公司未能管理或充分應對任何一個或多個這些風險,可能會導致業務遭受重大不利影響。 |
公司認爲,上述項目是可能導致其基本報表中包含的估計與實際結果及公司在本報告或其他地方代表公司所做的前瞻性陳述存在重大差異的重要因素。公司在2023財政年度截至12月31日的10-K年報及其他定期報告中詳細討論了這些因素,報告已提交給美國證券交易委員會(“SEC”)。因此,若本季度報告包含關於公司財務狀況、經營業績、業務前景或公司其他方面的前瞻性陳述,請注意公司實際的財務狀況、經營結果和業務表現可能與公司在前瞻性陳述中所預測或估計的情況存在重大差異。我們不打算在潛在重要因素出現時每次更新重要因素的描述,除非適用的證券法律和法規要求。我們建議我們的股東應當(i)意識到未提及的因素可能影響公司前瞻性陳述的準確性,以及(ii)在考慮公司前瞻性陳述時保持謹慎。
OCULUS VISIONTECH INC. 及其子公司
簡化的中期合併資產負債表
(以美元計算)
(未經審計)
9月30日 2024 | 2023年12月31日, 2023 | |||||||
資產 | ||||||||
流動資產: | ||||||||
現金 | $ | $ | ||||||
預付費用及其他流動資產(註釋4) | ||||||||
總資產 | $ | $ | ||||||
負債與股東權益(不足) | ||||||||
流動負債: | ||||||||
應付賬款和應計負債(附註5) | $ | $ | ||||||
應付賬款和應計負債 - 相關方 | ||||||||
總流動負債 | ||||||||
股東權益(缺口): | ||||||||
優先股 - 面值;授權 股份, 已發行 | ||||||||
普通股及額外實收資本 - 面值;授權 股份,已發行並流通 和 截至2024年9月30日和2023年12月31日 | ||||||||
額外實收資本 | ||||||||
累計其他綜合損失 | ( | ) | ( | ) | ||||
累計負債 | ( | ) | ( | ) | ||||
股東權益(缺口) | ( | ) | ( | ) | ||||
總負債和股東權益(缺口) | $ | $ |
持續經營 (注2)
請參閱附帶說明
濃縮的中期合併經營及綜合虧損報表
(以美元計算)
(未經審計)
截至三個月的時間 9月30日 | 截至九個月的 9月30日 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
費用: | ||||||||||||||||
諮詢(注11) | $ | $ | $ | $ | ||||||||||||
研究與開發(注10) | ||||||||||||||||
銷售、一般和行政費用(注9和11) | ||||||||||||||||
基於股票的薪酬(註釋7和11) | ||||||||||||||||
營業虧損 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
利息收入 | ||||||||||||||||
淨虧損 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
其他綜合損失 | ||||||||||||||||
貨幣換算差異 | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
總綜合損失 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
每股淨虧損 - 基本和稀釋 | $ | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
加權平均普通股在外流通股數 - 基本和稀釋 |
請參閱附帶說明
濃縮的 interim 合併的股東權益(缺口)報表
(以美元計算)
(未經審計)
截至2024年9月30日的九個月期 | ||||||||||||||||||||||||
普通股 Shares | 金額 | 額外 實收資本 | 累計 其他 綜合 損失 | 累計 Deficit | 股東的 權益 (不足) | |||||||||||||||||||
截至2023年12月31日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
基於股票的薪酬 | - | |||||||||||||||||||||||
貨幣換算差異 | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||
淨虧損 | - | ( | ) | ( | ) | |||||||||||||||||||
截至2024年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
截至2023年9月30日的九個月期間 | ||||||||||||||||||||||||
普通 Shares | 金額 | 額外 實收資本 | 累計 其他 綜合 損失 | 累計 Deficit | 股東的 權益 (不足) | |||||||||||||||||||
截至2022年12月31日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
基於股票的薪酬 | - | |||||||||||||||||||||||
貨幣換算差異 | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||
淨虧損 | - | ( | ) | ( | ) | |||||||||||||||||||
截至2023年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
請參閱附帶說明
OCULUS VISIONTECH INC. 及其子公司
濃縮的 interim 合併的股東權益(缺口)報表
(以美元計算)
(未經審計)
截至2024年9月30日的三個月期間 | ||||||||||||||||||||||||
普通股 Shares | 金額 | 額外 實收資本 | 累計 其他 綜合 損失 | 累計 Deficit | 股東權益 權益 (虧損) | |||||||||||||||||||
截至2024年6月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
基於股票的薪酬 | - | |||||||||||||||||||||||
貨幣換算差異 | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||
淨虧損 | - | ( | ) | ( | ) | |||||||||||||||||||
截至2024年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
截至2023年9月30日的三個月期間 | ||||||||||||||||||||||||
普通股 Shares | 金額 | 額外 實收資本 | 累計 其他 綜合的 損失 | 累計 Deficit | 股東的 Equity (缺乏) | |||||||||||||||||||
截至2023年6月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
基於股票的薪酬 | - | |||||||||||||||||||||||
貨幣換算差異 | - | - | - | ( | ) | - | ( | ) | ||||||||||||||||
淨虧損 | - | ( | ) | ( | ) | |||||||||||||||||||
截至2023年9月30日的餘額 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
SEE ACCOMPANYING NOTES
OCULUS VISIONTECH INC. AND SUBSIDIARY
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in US Dollars)
(Unaudited)
Nine months ended September 30, | 2024 | 2023 | ||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | ||
Add back non-cash share-based compensation | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Changes in operating assets and liabilities: | ||||||||
Decrease in prepaid expenses and other current assets | ||||||||
Decrease in accounts payable and accrued liabilities | ( | ) | ( | ) | ||||
Increase (decrease) in accounts payable and accrued liabilities – related parties | ( | ) | ||||||
Net cash used in operating activities | ( | ) | ( | ) | ||||
Effect of foreign currency translation | ( | ) | ( | ) | ||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash at beginning of period | ||||||||
Cash at end of period | $ | $ | ||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period for interest | $ | $ | ||||||
Cash paid during the period for income taxes | $ | $ |
There were no non-cash financing or investing activities for the periods presented.
SEE ACCOMPANYING NOTES
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
1. | BASIS OF PRESENTATION AND BUSINESS |
The accompanying condensed interim consolidated financial statements include the accounts of Oculus Visiontech Inc. (“Oculus”) and its wholly-owned subsidiary, ComplyTrust Inc. (“CTI”), (together “the Company”). All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of the management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included.
The Company is a designer of digital watermarking services and solutions. At September 30, 2024 and for the two-year periods ended December 31, 2023 and December 31, 2022, substantially all of the Company's assets and substantially all its operations are located and conducted in the United States and Canada.
These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principals of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for financial information with the instructions to Form 10-Q and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with management’s Discussion and Analysis, for the year ended December 31, 2023. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These financial statements follow the same accounting policies in the annual financial statements. The operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024.
2. | GOING CONCERN |
These condensed interim consolidated financial statements are prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses from inception and does not currently have the financial resources to sustain operations in the long-term. As shown in the financial statements, the Company has incurred a loss of $
There are many external factors that can adversely affect general workforces, economies and financial markets globally. Examples include, but are not limited to, political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of adverse results of such external factors and their effect on the Company’s business or ability to raise funds.
3. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of consolidation
These condensed interim consolidated financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). On November 12, 2024, the Board approved the condensed interim consolidated financial statements dated September 30, 2024.
These condensed interim consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. The financial statements of subsidiaries are included in the condensed interim consolidated financial statements from the date that control commences until the date that control ceases.
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when an investor has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a Company’s capital stock. All significant intercompany transactions and balances have been eliminated.
The controlled entities are listed in the following table:
Name of Subsidiary | Country of Incorporation | Ownership Interest at September 30, 2024 | Ownership Interest at December 31, 2023 | Principal Activity | |||||||
ComplyTrust Inc. | US/Delaware | | % | | % | Software Development |
|
Significant judgments, estimates and assumptions
The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, 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 period. These judgments, estimates and assumptions are regularly evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows.
The areas which require significant judgment and estimates that management has made at the financial reporting date, that could result in a material change to the carrying amounts of assets and liabilities, in the event actual results differ from the assumptions made, relate to, but are not limited to the following:
Significant judgments
● | the determination of functional currencies | |
● | share-based compensation and warrants issued in connection with private placements, using the fair value method. The Company uses the Black-Scholes option pricing model to determine the fair value of share-based compensation. This estimate also requires determining the most appropriate inputs to the valuation model. The main factor affecting the estimates of the fair value of stock options is the stock price, expected volatility used and the expected duration of the instrument. The Company currently estimates the expected volatility of its common shares based on historical stock price information. |
Cash and cash equivalents
Cash equivalents include highly liquid investments with original maturities of twelve months or less, and which are subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.
Impairment of long-lived assets and long-lived assets to be disposed of
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount and the fair value less costs to sell.
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
Research and development
Expenditures on research activities is recognized on the condensed interim consolidated statement of operations and comprehensive loss as incurred. Development expenditures are capitalized as part of the cost of the resulting intangible asset only if the expenditures can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Management determined that as at September 30, 2024, it was not yet able to demonstrate with sufficient certainty that it is probable that any economic benefits will flow to the Company. Accordingly, all research and development costs incurred to date have been expensed.
Intangible assets
Identifiable intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is valued at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment annually and whenever there is an indication that the intangible asset may be impaired. The amortization period and method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in profit or loss.
Intangible assets with indefinite lives are measured at cost less any accumulated impairment losses. These intangible assets are tested for impairment on an annual basis and more frequently if there are indicators that intangible assets may be impaired.
Income taxes
The Company accounts for income taxes under the asset and liability method. Current income taxes are the expected taxes payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to taxes payable in respect of previous years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or the entire deferred tax asset will not be recognized.
Net loss per share
Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or contracts that may require the issuance of common shares in the future were converted, unless the impact is anti-dilutive. For the period ended September 30, 2024, this calculation proved to be anti-dilutive, and therefore the Company’s
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
Stock-based compensation
The Company follows the provisions of the Accounting Standards Codification Section 718 “Compensation - Stock Compensation”, which establishes accounting for equity-based compensation awards to be accounted for using the fair value method. Equity-settled share-based payment arrangements are initially measured at fair value at the date of grant and recorded within shareholders’ equity. Arrangements considered to be cash-settled are initially recorded at fair value and classified as accrued liabilities, and subsequently re-measured at fair value at each reporting date. The Company’s stock option plan is an equity-settled arrangement.
The fair value at grant date of all share-based payments is recognized as compensation expense over the period for which benefits of services are expected to be derived, with a corresponding credit to shareholders’ equity or accrued liabilities depending on whether they are equity-settled or cash-settled. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and estimates the expected forfeiture rate at the date of grant.
Functional currency
The Company’s condensed interim consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The functional currency of Oculus VisionTech Inc. is the Canadian (“CAD” or “C”) dollar and the functional currency of ComplyTrust Inc. is the U.S. dollar.
In accordance with ASC 830, Foreign Currency Matters, for companies that have a functional currency other than the US dollar, the Company translates the assets and liabilities into U.S. dollars using the rate of exchange prevailing at the balance sheet date and the statements of operations and comprehensive loss and cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation from CAD into U.S. dollars are recorded in shareholders' equity as part of accumulated other comprehensive loss.
Foreign currency transactions are translated into the functional currency of the respective currency of the entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not re-translated at period end are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value, which are translated using the exchange rates as at the date when fair value was determined. Gains and losses are recorded in the statement of operations and comprehensive loss.
Recently issued accounting pronouncements
The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company does not expect any material impact from future accounting pronouncements.
4. | PREPAID EXPENSES AND OTHER CURRENT ASSETS |
Prepaid expenses and other current assets consist of the following:
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Prepaid expenses | $ | $ | ||||||
Tax Receivable – Canadian GST | ||||||||
$ | $ |
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
5. | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accounts payable and accrued liabilities consist of the following:
September 30, 2024 | December 31, 2023 | |||||||
Accounts payable | $ | $ | ||||||
Accrued fees and liabilities | ||||||||
$ | $ |
6. | COMMON STOCK |
The Company has
The Company has authorized the issuance of
As of September 30, 2024, there were
common shares held in escrow. 7. | STOCK OPTIONS |
During the period ended September 30, 2024 and year ended December 31, 2023, the Company had a Rolling Stock Option Plan. Up to
However, all options will be considered vested if one of the following criteria are met by the Company:
i. | Meeting sales forecasts: |
- | The greater of either the |
ii. | the listing of the Company on any national securities exchange. |
iii. | a Change of Control Event. |
During the nine months ended September 30, 2024, the Company did
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
During the three months ended September 30, 2024, the Company did
The changes in options are as follows:
Number of options | Weighted average exercise price | Aggregate Intrinsic Value | ||||||||||
Options outstanding, December 31, 2022 | $ | $ | ||||||||||
Expired | ( | ) | ||||||||||
Options outstanding, December 31, 2023 | $ | $ | ||||||||||
Expired | ( | ) | ||||||||||
Options outstanding, September 30, 2024 | $ | $ |
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money at September 30, 2024.
Details of options outstanding as at September 30, 2024 are as follows:
Exercise price (CAD) | Number of options outstanding | Expiry date | Number of options exercisable | Remaining contractual life (years) | |||||||||||
$ | 0.600 |
| |||||||||||||
$ | 0.800 |
| |||||||||||||
*subsequently expired
8. | WARRANTS |
The changes in warrants are as follows:
Number of warrants | Weighted average exercise price | |||||||
Warrants outstanding, December 31, 2022 | $ | |||||||
Expired | ( | ) | $ | |||||
Warrants outstanding, December 31, 2023 and September 30, 2024 | $ |
Details of warrants outstanding as at September 30, 2024 are as follows:
Exercise price | Number of warrants outstanding | Expiry date | Number of warrants exercisable | Remaining contractual life (years) | ||||||||||||
$ | 0.001 | (USA) | June 4, 2025 | - | ||||||||||||
- |
(1) | No share purchase warrants are exercisable until specific performance criteria have been met. Such criteria being 1) revenue sales projections per ComplyTrust Inc.’s 5-year proformas, or 2) listing on a major US exchange, or 3) change of control. |
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
9. | SELLING, GENERAL AND ADMINISTRATIVE |
The breakdown of selling, general and administrative expense for the period ended September 30, 2024 and 2023 is as follows:
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Filing and regulatory fees | $ | $ | $ | $ | ||||||||||||
Professional fees | ||||||||||||||||
Rent | ||||||||||||||||
Office and administration | ||||||||||||||||
$ | $ | $ | $ |
10. | RESEARCH AND DEVELOPMENT |
The breakdown of research and development expense for the period ended September 30, 2024 and 2023 is as follows:
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Software development | $ | $ | $ | $ | ||||||||||||
Business development | ||||||||||||||||
Payroll | ||||||||||||||||
$ | $ | $ | $ |
11. | RELATED PARTIES |
Related parties include Directors, officers, close family members and enterprises that are controlled by these individuals as well as certain persons performing similar functions.
The Company defines its key management as Directors, Chief Executive Officer, President, and Chief Financial Officer. Remuneration of directors and key management personnel of the Company for the period ended September 30, 2024 and 2023 was as follows:
2024 | 2023 | |||||||
Consulting | $ | $ | ||||||
Selling general and administrative | ||||||||
Share-based compensation to directors and officers | ||||||||
$ | $ |
The Company for the periods ended September 30, 2024 and 2023 reimbursed a related party $
The Company also recorded share-based compensation of
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
12. | FINANCIAL INSTRUMENTS AND RISKS |
Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are described below.
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Fair value of financial instruments
The Company has various financial instruments including cash, accounts payable and accrued liabilities, and accounts payable and accrued liabilities – related parties. The carrying values of accounts payable and accrued liabilities and accounts payable and accrued liabilities – related parties approximate their fair values due to the short-term nature of these financial instruments.
Cash is carried at a level 1 fair value measurement.
The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below:
Credit risk
The Company is exposed to credit risk only with respect to uncertainties as to timing and amount of collectability of receivables. The Company believes its credit risk is low because receivables is comprised of goods and services tax (GST) which is recoverable from the governing body in Canada. Management does not believe the receivables are impaired. The Company doesn’t believe there is significant credit risk associated with cash as these amounts are held with major Canadian banks.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2024, the Company had a cash balance of $
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The risk that the Company will realize such a loss is limited as it does not have any significant interest-bearing financial instruments.
Foreign currency risk
As at September 30, 2024 and December 31, 2023, the Company is exposed to foreign currency risk as certain monetary financial instruments are denominated in Canadian currency. The Company’s sensitivity analysis suggests that reasonably expected changes in the rates of exchange in the United States would change foreign exchange gain or loss by an insignificant amount.
13. | OPERATING LEASES |
The Company has one operating lease with unrelated third parties for office space at Vancouver, Canada.
The lease at the Vancouver, Canada location is on a month-to-month basis with monthly rental payments of $
OCULUS VISIONTECH INC. AND SUBSIDIARY
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
(Stated in US Dollars)
(Unaudited)
14. | SEGMENTED INFORMATION |
The Company currently operates in a single reportable operating segment. All of the Company’s assets and expenditures are located in Canada and the United States.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
FORWARD-LOOKING STATEMENTS AND SUPPLEMENTARY DATA
The following discussion should be read in conjunction with our condensed interim financial statements and other financial information appearing elsewhere in this quarterly report. In addition to historical information, the following discussion and other parts of this quarterly report contain forward-looking statements under applicable securities laws. 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, statements regarding our products and services, including our digital watermarking technology and Cloud-based document protection system, 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, and our expectations regarding competition and growth in our sector, are forward looking statements, the future sources and availability of additional funding, and 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.
The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other periodic reports filed with the United States Securities and Exchange Commission (“SEC”). Accordingly, to the extent that this quarterly report contains forward-looking statements regarding the financial condition, operating results, business prospects or any other aspect of the Company, please be advised that the Company’s actual financial condition, operating results and business performance may differ materially from that projected or estimated by the Company in forward-looking statements.
OVERVIEW OF THE COMPANY
Oculus VisionTech Inc. (OVTZ) is a Canadian-based development-stage technology company focused on cyber security, data privacy and data protection solutions for Enterprise business customers. Headquartered in Vancouver, British Columbia, Canada, the company was originally founded by image processing experts and is operated by experienced leadership. Currently, OVTZ is expanding and investing in a suite of new data protection and data privacy security products that will revolutionize CCPA, GDPR, LGPD and other data privacy legislation compliance for both data subjects and data controllers worldwide. Our mission is innovation of viable software tools that enable intelligent automated solutions for public cloud customer services and needs specific to data privacy and data protection for individuals, organizations and their customers worldwide, through a vision of mutually trusted data compliance.
Our Forget-Me-Yes® data privacy product is a Software-as-a-Service (SaaS) platform developed to specifically address the global ‘Right-to-be-Forgotten’ (RtbF) and Right-of-Erase (RoE) legal components of Brazil’s LGPD, Europe’s GDPR, California Consumer Privacy Act (CCPA), Colorado Privacy Act (CPA) and Virginia CDPA data privacy regulatory compliance. An additional new data protection software tool, ComplyScan®, is being developed to address public cloud data governance compliance. Our legacy Cloud Document Protection System (Cloud-DPS) technology leveraged our digital watermarking technology to enable OVTZ to offer a SaaS-based document management platform for tamper-proof document authentication and protection. Historically, we have used our digital watermarking technology for streaming video content distribution based on embedded digital watermarking, as well as video-on-demand (VOD) systems, services and source-to-destination digital media delivery solutions that allow live or recorded digitized and compressed video to be transmitted through Internet, intranet, satellite or wireless connectivity.
We were incorporated on April 18, 1986, as "First Commercial Financial Group Inc." in the Province of Alberta, Canada. In 1989, our name was changed to "Micron Metals Canada Corp.", which purchased 100% of the outstanding shares of USA Video Inc., a Texas corporation, in order to focus on the digital media business. In 1995, we changed our name to "USA Video Interactive Corp." and continued out of the Province of Alberta into the State of Wyoming. At a shareholders meeting held on December 30, 2011, a resolution was passed to change our name to "Oculus VisionTech Inc." and to alter our share capital by way of a reverse stock split (share consolidation) on the basis of fifteen old common shares for one new common share. On January 25, 2012, we changed our name to "Oculus VisionTech Inc." In June 2020, OVTZ acquired OCL Technologies Inc. (OCL), a Delaware corporation data privacy software development startup based in San Diego, California. As a 100% wholly-owned subsidiary of OVTZ and to better align with customer and market focus, OCL has completed a corporate name change to ComplyTrust® Inc. (CTI) on January 21, 2021. All OCL references throughout this document are synonymous with the new name change, CTI.
Our executive and corporate headquarter offices are located at Suite 507, 837 West Hastings Street, Vancouver, British Columbia, Canada, V6C 3N6. Our telephone number is 1-800-684-0183 and our facsimile number is 604-685-5777. Our email address is contact@ovtz.com and our website is www.ovtz.com. Our common shares are listed for trading on the TSX Venture Exchange (TSX.V – OVT, OTCQB – OVTZ, FSE – USF1).
BUSINESS OBJECTIVES:
In this age of digital transformation, data monetization, IoT, and massive data migration to converged hyperscale, geo-disbursed Cloud infrastructure and workloads, data protection and data privacy have taken center stage. GDPR, LGPD, CCPA, and many other new international (Canada/PIPEDA, China/PIPL, India/DIA) and upcoming US Federal (ADPPA) and individual State data privacy regulations enable individuals and organizations the right to access and request deletion of all personal information for a given data subject. In our ever increasing Everything-as-a-Service world, OVTZ recognizes the need for global cloud-native data privacy and data protection solutions that are multi-cloud platform-ready and can augment both existing legacy and newer agile-driven architectures. OVTZ is building modular microservices-based software solutions and services for both hybrid on-premise and multi-cloud data management that incorporate automated malware, privacy and ransomware scanning, reporting, visualization and cyber threat management.
Our new Forget-Me-Yes® (FMY) Software-as-a-Service (SaaS) data privacy solution is a secure, Zero-Knowledge platform providing a single-source capability of continuous ‘right-to-be-forgotten’ (RtbF) and ‘right-of-erase’ (RoE) privacy compliance by incorporating automated policy-driven re-query services that guarantees a Data Subject’s requested RtbF/RoE data remains ‘forgotten’ over the life of their FMY subscription. FMY incorporates hybrid encryption technology that ensures all User Interface, data-in-transit and data-at-rest remain secure and can only be accessed by the subscriber. With a cloud-native architecture, the FMY functionality can be utilized as either a complete turnkey SaaS subscription platform, or individually licensed for seamless integration with existing 3rd party applications and data privacy platforms.
Our new ComplyTrust® Software-as-a-Service Suite (CTSS) is a set of software tools specifically designed to address cloud-native data management and regulatory compliant data governance. CTSS will help to remove enterprise organizational barriers and blockers to further enable successful cloud migration and deployment that benefit the cloud infrastructure providers, enterprise organizations, and users collectively. CTSS helps to automate and visualize cloud compliance reporting across accounts, regions and services based on a variety of user-definable and data driven metrics. Development of the first CTSS product, a cloud-native data backup compliance reporting tool called ComplyScan® (CS), has commenced.
OVTZ had recognized that cloud-based, digital document security/protection products were a potentially viable business opportunity for the Company that allowed us to apply our proprietary real-time digital video watermarking technology, originally developed for studios and networks in the entertainment industry, to the digital document security/protection market. Cloud-DPS secures and protects digital documents (including text documents, photos, blueprints, etc.) from any modification, and/or attempted forgery by imperceptibly watermarking documents, using real-time image processing and watermarking algorithms, embedded into a secured/protected copy of a document. This authentication and verification process ensures the integrity of the original digital document.
Our near-term business objectives for the above:
1. |
Copyright, patent and license new technology developed within the corporate research and development program; |
2. |
Demonstrate proof of concept on selected commercial projects with our introductory Forget-Me-Yes® (FMY) data privacy Software-as-a-Service platform, incorporate additional connectors for Database-as-a-Service (DBaaS) providers for MySQL, NoSQL and SQL databases, for both structured and unstructured data, and license FMY API microservices for integration with 3rd. party application partners, software providers and potential OEM’s. |
3. |
Demonstrate ComplyTrust® SaaS Suite (CTSS) proof of concept for the data protection market first as an Amazon Web Services (AWS) tool to help AWS customers better manage organizational data protection and compliance in an automated and cloud-native fashion, and as customer attainment increases, incorporate CTSS features to perform applicable custom data governance and management functionality, and integrate with 3rd. party software providers to provide an automated single-pane-of-glass solution for enterprise organizations worldwide. |
4. |
Gain industry recognition for the architectural and business differentiators of the company’s FMY data privacy, ComplyScan® (CS) compliance validation tool and our legacy C-DPS authentication/tamper-proof functionality products, and generate recurring sales and support revenue streams. |
CRITICAL ACCOUNTING POLICIES (AND ESTIMATES)
In preparing its consolidated financials statement, the Company follows GAAP, which is described in Note 3, Summary of Significant Accounting Policies, to the Company’s December 31, 2023 Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K. The application of these principles requires significant judgements or an estimation process that can affect the results of operations, financial position and cash flows of the Company, as well as the related footnote disclosures. The Company continually reviews its accounting policies and financials information disclosures. Except as noted in Note 3, Summary of Significant Accounting Policies, of the Company’s financials statements, there have been no material changes in the Company’s critical accounting policies or estimates since December 31, 2023.
RESULTS OF OPERATIONS
Sales
Sales for the nine-month period ended September 30, 2024 and 2023 were $Nil.
Cost of Sales
The cost of sales for the nine-month period ended September 30, 2024 and 2023 were $Nil.
Selling, General and Administrative Expenses
Selling, general and administrative expenses, consisting of product marketing liabilities, consulting fees, office, professional fees and other expenses to execute our business plan and for our day-to-day operations, decreased in the period ended September 30, 2024. We continue to develop and market C-DPS – Cloud Document Protection System and the “Right-to-be-Forgotten” and “Right-to-Erase” platform. Administrative expenses have decreased moderately as a result of insignificant fluctuations in general costs.
We have arranged for additional staff and consultants to engage in marketing activities in an effort to identify and assess appropriate market segments, develop business arrangements with prospective partners, create awareness of new products and services, and communicate to the industry and potential customers. Other components of selling, general and administrative expenses did not change significantly.
Nine-month period ended September 30, 2024
Selling, general and administrative expenses for the nine months ended September 30, 2024 decreased to $144,835 from $200,696 for the comparable period. We incurred decreased costs during the period due to minimal corporate and filing activities during the fiscal period.
Three-month period ended September 30, 2024
Selling, general and administrative expenses for the three months ended September 30, 2024 decreased to $51,596 from $79,049 for the comparable period. We incurred decreased costs during the period due to minimal corporate and filing activities during the fiscal period.
Research and Development
Nine-month period ended September 30, 2024
Research and development for the nine months ended September 30, 2024 decreased to $6,186 from $93,561 for the comparable period. This was a result of the Company’s effort to reduce costs due to the minimal activity during the period.
Three-month period ended September 30, 2024
Research and development for the three months ended September 30, 2024 decreased to $1,455 from $4,624 for the comparable period. This was a result of the Company’s effort to reduce costs due to the minimal activity during the period.
Net Losses
Nine-month period ended September 30, 2024
To date, we have not achieved profitability and expect to incur substantial losses for the foreseeable future. Our net loss for the nine months ended September 30, 2024 was $231,930 compared with a net loss of $495,818 for the comparative period.
Three-month period ended September 30, 2024
To date, we have not achieved profitability and expect to incur substantial losses for the foreseeable future. Our net loss for the three months ended September 30, 2024 was $69,143 compared with a net loss of $140,507 for the comparative period.
Liquidity and Capital Resources
At September 30, 2024 our cash and cash equivalents position was $3,486, a decrease from $156,574 at December 31, 2023. We had a working capital deficiency of $316,737 and an accumulated deficit of $48,618,576 at September 30, 2024.
We have historically satisfied our capital needs primarily by shareholders’ loans and issuing equity securities to our officers, directors, employees and a small group of investors, and from short-term bridge loans from members of management.
As of September 30, 2024, we had $3,486 in cash. Management has forecasted the Company will not have sufficient working capital to operate for the ensuing 12 months. We will require an additional $3 million to $5 million to finance operations for fiscal 2024 and we intend to obtain such financing through sales of our equity securities. While the Company has been successful in the past in obtaining financing, there can be no assurance that the Company will be able to obtain adequate financing, or that such financing will be on terms acceptable to the Company, to meet future operational needs which may result in the delay, reduction, or discontinuation of ongoing development programs.
Assuming the aforementioned $3 million to $5 million in financing is obtained, continuing operations for the longer-term will be supported through anticipated growth in revenues and through additional sales of our securities. Although longer-term financing requirements may vary depending upon our sales performance, management expects that we will require additional financing of $3 million to $5 million for fiscal 2024. We have no binding commitments or arrangements for additional financing, and there is no assurance that management will be able to obtain any additional financing on terms acceptable to us, if at all.
OFF-BALANCE SHEET ARRANGEMENTS
As of September 30, 2024, we have no off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Oculus is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is not required to provide information required under this Item.
Item 4. Controls and Procedures.
We maintain “disclosure controls and procedures”, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, who is our principal executive officer, and Chief Financial Officer, who is our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.
As of September 30, 2024, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting for the quarterly period ended September 30, 2024, identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Legal Proceedings. |
From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.
Risk Factors. |
Oculus is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide information required under this Item. A description of the risks associated with our business, financial condition, and results of operations is set forth in Part I, Item 1A, of our Annual Report on Form 10 -K for the fiscal year ended December 31, 2023 filed with the SEC on March 19, 2024. Those factors continue to be meaningful for your evaluation of Oculus and we urge you to review and consider the risk factors presented in such Form 10-K.
Unregistered Sales of Equity Securities and Use of Proceeds. |
None.
Defaults Upon Senior Securities. |
None.
Mine Safety Disclosures. |
Not applicable.
Other Information. |
Exhibits. |
The information required by this Item is set forth on the exhibit index which follows the signature page of this report.
Exhibit No. |
Description |
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EX-31.1 |
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EX-31.2 |
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EX-32.1 |
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EX-32.2 |
101.INS |
XBRL Instance Document |
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101.SCH |
XBRL Taxonomy Extension Schema Document |
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101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
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101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
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101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
OCULUS VISIONTECH INC. |
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November 12, 2024 |
By: |
/s/ Rowland Perkins |
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Rowland Perkins |
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President and Chief Executive Officer |
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(principal executive officer) |
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November 12, 2024 |
By: |
/s/ Anton J. Drescher |
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Anton J. Drescher |
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Chief Financial Officer |
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(principal financial and accounting officer) |