OCULUS VISIONTECH, INC. 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
OVERVIEW OF THE COMPANY
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
We were incorporated on
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Our executive and corporate headquarter offices are located at Suite 507,
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 (
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. Patent and license new technology developed within the corporate research and
development program;
2. Demonstrate proof of concept on selected commercial projects with our
Forget-Me-Yes® (FMY) data privacy Software-as-a-Service platform and
ComplyTrust® SaaS Suite (CTSS), gain industry recognition for the
architectural and business differentiators of the company product's FMY data
privacy, ComplyScan® (CS) compliance validation tool and our legacy C-DPS
authentication/tamper-proof functionality, and generate sales and support
revenues in FY21+.
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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
RESULTS OF OPERATIONS Sales
Sales for the three-month period ended
Cost of Sales
The cost of sales for the three-month period ended
Selling, General and Administrative Expenses
Selling, general and administrative expenses, consisting of product marketing
expenses, consulting fees, office, professional fees and other expenses to
execute our business plan and for our day-to-day operations, increased in the
year ended
Selling, general and administrative expenses for the period ended
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.
Research and Development
Research and development for the period ended
Net Losses
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
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Liquidity and Capital Resources
At
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
Assuming the aforementioned
OFF-BALANCE SHEET ARRANGEMENTS
As of
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