$OVTZ

2022 Q2 Form 10-Q Financial Statement

#000143774922012309 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $259.8K $96.25K $288.2K
YoY Change 112.71% 15.4% 27.07%
% of Gross Profit
Research & Development $284.2K $345.5K $242.3K
YoY Change 92.72% 160.29%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $543.9K $441.7K $530.5K
YoY Change 101.78% 104.38% 51.17%
Operating Profit -$581.4K
YoY Change 47.7%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$543.9K -$581.4K -$530.5K
YoY Change 12.44% 47.7% -77.11%
Income Tax
% Of Pretax Income
Net Earnings -$543.9K -$581.4K -$530.5K
YoY Change 12.44% 47.7% -77.11%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$1.00
Diluted Earnings Per Share -$5.950K -$6.359K -$5.801K
COMMON SHARES
Basic Shares Outstanding 91.42M 91.42M 91.42M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.425M $1.801M $2.208M
YoY Change -53.49% 503.08% 350.53%
Cash & Equivalents $1.425M $1.801M $2.208M
Short-Term Investments
Other Short-Term Assets $17.00K $20.82K $28.14K
YoY Change 32.19% 643.57% 362.83%
Inventory
Prepaid Expenses $20.82K $28.14K
Receivables
Other Receivables
Total Short-Term Assets $1.450M $1.825M $2.246M
YoY Change -52.86% 505.54% 352.63%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $2.00 $3.00
YoY Change -100.0% 0.0% 50.0%
TOTAL ASSETS
Total Short-Term Assets $1.450M $1.825M $2.246M
Total Long-Term Assets $0.00 $2.00 $3.00
Total Assets $1.450M $1.825M $2.246M
YoY Change -52.86% 505.54% 352.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.5K $84.99K $61.84K
YoY Change 157.07% 58.62% 270.94%
Accrued Expenses $39.94K $34.21K $34.36K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $219.6K $147.2K $122.6K
YoY Change 12.57% -22.23% -27.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $219.6K $147.2K $122.6K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $219.6K $147.2K $122.6K
YoY Change 12.57% -22.24% -27.04%
SHAREHOLDERS EQUITY
Retained Earnings -$46.73M -$46.15M
YoY Change 4.88% 4.5%
Common Stock $46.85M $46.85M
YoY Change 5.88% 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.230M $1.678M $2.124M
YoY Change
Total Liabilities & Shareholders Equity $1.450M $1.825M $2.246M
YoY Change -52.86% 505.54% 352.63%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$543.9K -$581.4K -$530.5K
YoY Change 12.44% 47.7% -77.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$356.3K -$403.6K -$504.4K
YoY Change 19.6% 110.65% 145.27%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -356.3K -$403.6K -504.4K
Cash From Investing Activities $0.00 0.000
Cash From Financing Activities 0.000 $0.00 0.000
Net Change In Cash -356.3K -$407.6K -504.4K
YoY Change -112.89% 112.75% 145.27%
FREE CASH FLOW
Cash From Operating Activities -$356.3K -$403.6K -$504.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Share Based Compensation
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CY2021Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q1 us-gaap Payments Of Stock Issuance Costs
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Warrants Issued1
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CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q1 ovtz Working Capital Deficit
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CY2022Q1 us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Significant judgments, estimates and assumptions</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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 <em style="font: inherit;">not</em> limited to the following:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration: underline; ">Significant judgments</span></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 27pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">the determination of functional currencies</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q1 us-gaap Prepaid Expense Current
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CY2022Q1 us-gaap Income Taxes Receivable
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CY2021Q4 ovtz Common Stock Shares Held In Escrow
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2021Q4 ovtz Class Of Warrant Or Right Exercisable
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CY2022Q1 us-gaap Marketing Expense
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CY2022Q1 us-gaap Professional Fees
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CY2021Q1 us-gaap Professional Fees
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CY2021Q1 us-gaap General And Administrative Expense
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CY2022Q1 us-gaap Selling General And Administrative Expense
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CY2021Q1 us-gaap Selling General And Administrative Expense
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CY2022Q1 ovtz Research And Development Expense Project Management
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30000 USD
CY2022Q1 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
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CY2021Q1 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
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102724 USD
CY2022Q1 ovtz Research And Development Expense Business Development
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32451 USD
CY2021Q1 ovtz Research And Development Expense Business Development
ResearchAndDevelopmentExpenseBusinessDevelopment
0 USD
CY2022Q1 ovtz Research And Development Expense Payroll
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31772 USD
CY2021Q1 ovtz Research And Development Expense Payroll
ResearchAndDevelopmentExpensePayroll
0 USD
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
345463 USD
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
132724 USD
CY2022Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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44924 USD
CY2021Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
65081 USD

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