$OVTZ

2024 Q1 Form 10-K Financial Statement

#000143774924008443 Filed on March 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $47.18K $95.40K $274.5K
YoY Change -35.17% -50.8% -31.28%
% of Gross Profit
Research & Development $2.180K $2.320K $95.88K
YoY Change -97.41% -98.97% -91.57%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $49.36K $97.72K $370.4K
YoY Change -68.55% -76.67% -75.91%
Operating Profit
YoY Change
Interest Expense $1.440K $2.330K $11.70K
YoY Change -53.47% -54.76% 127.26%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$82.82K -$95.39K -$591.2K
YoY Change -64.77% -23947.5% -64.16%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$82.82K -$95.39K -$591.2K
YoY Change -64.77% -23947.5% -64.16%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 91.42M 91.42M 91.42M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.71K $156.6K $156.6K
YoY Change -82.12% -77.23% -77.23%
Cash & Equivalents $94.71K $156.6K $156.6K
Short-Term Investments
Other Short-Term Assets $11.72K $16.01K $16.01K
YoY Change -2.98% -42.88% -42.88%
Inventory
Prepaid Expenses $11.72K $16.01K
Receivables
Other Receivables
Total Short-Term Assets $110.2K $184.0K $184.0K
YoY Change -79.72% -74.37% -74.37%
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 $3.00 -$5.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $110.2K $184.0K $184.0K
Total Long-Term Assets $3.00 -$5.00 $0.00
Total Assets $110.2K $184.0K $184.0K
YoY Change -79.72% -74.37% -74.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.27K $87.42K $87.42K
YoY Change -68.59% -61.1% -61.1%
Accrued Expenses $30.53K $48.83K $48.83K
YoY Change -17.69% -5.86% -5.86%
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 $279.0K $273.7K $273.7K
YoY Change -14.96% -9.49% -9.49%
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 $279.0K $273.7K $273.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $279.0K $273.7K $273.7K
YoY Change -14.96% -9.49% -9.49%
SHAREHOLDERS EQUITY
Retained Earnings -$48.47M -$48.39M
YoY Change 0.91% 1.24%
Common Stock $46.85M $46.85M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$168.8K -$89.77K -$89.77K
YoY Change
Total Liabilities & Shareholders Equity $110.2K $184.0K $184.0K
YoY Change -79.72% -74.37% -74.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$82.82K -$95.39K -$591.2K
YoY Change -64.77% -23947.5% -64.16%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$61.29K -$86.84K -$533.0K
YoY Change -60.9% -74.7% -64.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$61.29K -86.84K -$533.0K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -$61.86K -86.84K -$531.0K
YoY Change -60.82% -74.31% -65.08%
FREE CASH FLOW
Cash From Operating Activities -$61.29K -$86.84K -$533.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><p style="font-family: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; 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', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the determination of functional currencies; and</p> </td></tr> <tr style="vertical-align: top;"><td style="width: 27pt;"> </td><td style="width: 18pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;text-align:justify;margin:0pt;">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. The Company recognizes the commitment to issue shares, based on the trading price at the date of the commitment on a percentage basis on the likelihood of the completion of the event.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p>
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