2021 Form 10-K Financial Statement

#000165495422004333 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $75.58M $18.69M $69.85M
YoY Change 8.2% -21.2% -7.5%
Cost Of Revenue $32.45M $7.615M $31.28M
YoY Change 3.73% -19.23% -5.45%
Gross Profit $43.13M $11.08M $38.57M
YoY Change 11.83% -22.51% -9.1%
Gross Profit Margin 57.07% 59.26% 55.22%
Selling, General & Admin $38.59M $9.568M $37.05M
YoY Change 4.15% -14.14% -9.69%
% of Gross Profit 89.47% 86.38% 96.07%
Research & Development $1.721M $210.0K $745.0K
YoY Change 131.01% 11.11% -8.36%
% of Gross Profit 3.99% 1.9% 1.93%
Depreciation & Amortization $3.840M $601.0K $2.462M
YoY Change 55.97% -8.52% -8.17%
% of Gross Profit 8.9% 5.43% 6.38%
Operating Expenses $40.31M $9.774M $37.80M
YoY Change 6.65% -13.76% -9.66%
Operating Profit $2.819M $1.302M $772.0K
YoY Change 265.16% -56.01% 30.63%
Interest Expense -$214.0K -$30.00K -$415.0K
YoY Change -48.43% -87.65% -51.86%
% of Operating Profit -7.59% -2.3% -53.76%
Other Income/Expense, Net $3.432M -$415.0K
YoY Change -926.99%
Pretax Income $6.251M $1.272M $357.0K
YoY Change 1650.98% -53.18% -231.73%
Income Tax -$151.0K $96.00K $1.000K
% Of Pretax Income -2.42% 7.55% 0.28%
Net Earnings $6.100M $1.176M $358.0K
YoY Change 1603.91% -55.71% -193.72%
Net Earnings / Revenue 8.07% 6.29% 0.51%
Basic Earnings Per Share $0.04 $0.00
Diluted Earnings Per Share $35.10K $6.699K $2.095K
COMMON SHARES
Basic Shares Outstanding 171.7K shares 169.9K shares
Diluted Shares Outstanding 173.8K shares 170.8K shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.654M $7.585M $7.585M
YoY Change -12.27% 257.11% 257.11%
Cash & Equivalents $6.025M $6.819M $6.819M
Short-Term Investments $629.0K $766.0K $766.0K
Other Short-Term Assets $4.543M $3.505M $3.505M
YoY Change 29.61% -15.01% -15.01%
Inventory $1.147M $1.384M $1.384M
Prepaid Expenses
Receivables $15.39M $13.96M $9.776M
Other Receivables $66.00K $18.00K $18.00K
Total Short-Term Assets $27.80M $22.27M $22.27M
YoY Change 24.86% -7.44% -7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.087M $3.885M $4.894M
YoY Change -36.92% -33.29% -15.97%
Goodwill $15.69M
YoY Change -9.17%
Intangibles
YoY Change
Long-Term Investments $1.043M $1.116M $1.116M
YoY Change -6.54%
Other Assets $2.665M $2.190M $2.461M
YoY Change 8.29% -24.72% -15.4%
Total Long-Term Assets $24.56M $28.11M $28.11M
YoY Change -12.63% -7.25% -7.25%
TOTAL ASSETS
Total Short-Term Assets $27.80M $22.27M $22.27M
Total Long-Term Assets $24.56M $28.11M $28.11M
Total Assets $52.36M $50.38M $50.38M
YoY Change 3.94% -7.34% -7.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.797M $6.285M $6.285M
YoY Change -55.5% 1.72% 1.72%
Accrued Expenses $8.182M $7.502M $7.502M
YoY Change 9.06% -15.54% -15.54%
Deferred Revenue $11.52M
YoY Change
Short-Term Debt $3.000K $236.0K $236.0K
YoY Change -98.73% 1142.11% 1142.11%
Long-Term Debt Due $230.0K $6.160M $6.160M
YoY Change -96.27% 50.13% 50.13%
Total Short-Term Liabilities $31.00M $31.70M $31.70M
YoY Change -2.21% 0.54% 0.54%
LONG-TERM LIABILITIES
Long-Term Debt $241.0K $6.025M $6.025M
YoY Change -96.0% -29.76% -29.76%
Other Long-Term Liabilities $9.810M $910.0K $7.567M
YoY Change 29.64% -89.1% -9.32%
Total Long-Term Liabilities $10.05M $13.59M $13.59M
YoY Change -26.05% -19.68% -19.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.00M $31.70M $31.70M
Total Long-Term Liabilities $10.05M $13.59M $13.59M
Total Liabilities $41.05M $45.29M $45.29M
YoY Change -9.36% -6.76% -6.76%
SHAREHOLDERS EQUITY
Retained Earnings -$57.00M
YoY Change
Common Stock $185.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M
YoY Change
Treasury Stock Shares 10.31M shares
Shareholders Equity $11.31M $5.085M $5.085M
YoY Change
Total Liabilities & Shareholders Equity $52.36M $50.38M $50.38M
YoY Change 3.94% -7.34% -7.34%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $6.100M $1.176M $358.0K
YoY Change 1603.91% -55.71% -193.72%
Depreciation, Depletion And Amortization $3.840M $601.0K $2.462M
YoY Change 55.97% -8.52% -8.17%
Cash From Operating Activities $7.815M $1.200M $5.934M
YoY Change 31.7% 67.36% -545.16%
INVESTING ACTIVITIES
Capital Expenditures $415.0K -$365.0K $1.000M
YoY Change -58.5% 15.51% -182.99%
Acquisitions
YoY Change
Other Investing Activities $155.0K -$725.0K $425.0K
YoY Change -63.53% 1831.82%
Cash From Investing Activities -$260.0K -$1.090M -$575.0K
YoY Change -54.78% 244.94% -51.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $43.13M $38.57M
YoY Change 11.83%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.329M -88.00K -$553.0K
YoY Change 1406.15% -124.31% -128.97%
NET CHANGE
Cash From Operating Activities $7.815M 1.200M $5.934M
Cash From Investing Activities -$260.0K -1.090M -$575.0K
Cash From Financing Activities -$8.329M -88.00K -$553.0K
Net Change In Cash -$794.0K 22.00K $4.695M
YoY Change -116.91% -97.12% -873.48%
FREE CASH FLOW
Cash From Operating Activities $7.815M $1.200M $5.934M
Capital Expenditures $415.0K -$365.0K $1.000M
Free Cash Flow $7.400M $1.565M $4.934M
YoY Change 49.98% 51.5% -3954.69%

Facts In Submission

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CY2021 us-gaap Increase Decrease In Accounts Payable Trade
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-3492000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1369000 USD
CY2021 vaso Increase Decrease In Accrued Commissions
IncreaseDecreaseInAccruedCommissions
1497000 USD
CY2020 vaso Increase Decrease In Accrued Commissions
IncreaseDecreaseInAccruedCommissions
-859000 USD
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2372000 USD
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-265000 USD
CY2021 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
94000 USD
CY2020 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
-243000 USD
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7260000 USD
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-870000 USD
CY2021 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-233000 USD
CY2020 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
218000 USD
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
78000 USD
CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-116000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7815000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5934000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
415000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000000 USD
CY2021 vaso Paymentstoacquireinvestments
Paymentstoacquireinvestments
-155000 USD
CY2020 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
725000 USD
CY2021 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
0 USD
CY2020 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
1150000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-260000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-575000 USD
CY2021 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-5448000 USD
CY2020 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1375000 USD
CY2021 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
CY2020 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3756000 USD
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000 USD
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2881000 USD
CY2020 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1674000 USD
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2020 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1256000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8329000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-553000 USD
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-20000 USD
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-111000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-794000 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4695000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6819000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2124000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6025000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6819000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
347000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
702000 USD
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
113000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
70000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
783000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
791000 USD
CY2021 vaso Equipment Acquired Through Note Payable
EquipmentAcquiredThroughNotePayable
0 USD
CY2020 vaso Equipment Acquired Through Note Payable
EquipmentAcquiredThroughNotePayable
42000 USD
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">NOTE A – DESCRIPTION OF BUSINESS</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">Vaso Corporation was incorporated in Delaware in July 1987.  For most of its history, the Company was a single-product company designing, manufacturing, marketing and servicing its proprietary Enhanced External Counterpulsation, or EECP<sup>®</sup>, therapy systems, mainly for the treatment of angina. In 2010 it began to diversify its business operations. The Company changed its name to Vaso Corporation in 2016 to more accurately reflect the diversified nature of its business mixture, and continues to use the original name VasoMedical for its proprietary medical device subsidiary. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Vaso” or “management” refer to Vaso Corporation and its subsidiaries.     </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Overview</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Vaso Corporation principally operates in three distinct business segments in the healthcare equipment and information technology industries.  We manage and evaluate our operations, and report our financial results, through these three business segments.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:4%;vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for General Electric Healthcare (“GEHC”) into the health provider middle market; and</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Equipment segment, primarily focuses on the design, manufacture, sale and service of proprietary medical devices and software, operating through a wholly-owned subsidiary VasoMedical, Inc., which in turn operates through Vasomedical Solutions, Inc. for domestic business and Vasomedical Global Corp. for international business, respectively.</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>VasoTechnology</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">VasoTechnology, Inc.<em> </em>was formed in May 2015, at the time the Company acquired all of the assets of NetWolves, LLC and its affiliates, including the membership interests in NetWolves Network Services, LLC (collectively, “NetWolves”).  It currently consists of a managed network and security service division, NetWolves, and a healthcare IT application VAR (value added reseller) division, VasoHealthcare IT. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In June 2014, the Company began its IT segment business by executing the Value Added Reseller Agreement (“VAR Agreement”) with GEHC to become a national value added reseller of GEHC Digital’s software solutions such as Picture Archiving and Communication System (“PACS”), Radiology Information System (“RIS”), and related services, including implementation, training, management and support.  This business focuses primarily on customer segments currently served by VasoHealthcare on behalf of GEHC.  A new wholly owned subsidiary, VasoHealthcare IT Corp. (“VHC IT”), was formed to conduct the healthcare IT business.  The VAR Agreement with GEHC was terminated in 2021.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In May 2015, the Company further expanded its IT segment business by acquiring NetWolves.  NetWolves designs and delivers multi-network and multi-technology solutions as a managed network provider, and provides a complete single-source solution that includes design, network redundancy, application device management, real-time network monitoring, reporting and support systems as a comprehensive solution.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>VasoHealthcare</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In May 2010, the Company launched its Professional Sales Service business through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, which was appointed by GEHC as itsthe exclusive representative for the sale of select GEHC diagnostic imaging equipment to specific market segments in the 48 contiguous states of the United States and the District of Columbia.  The original agreement (“GEHC Agreement”) has been extended several times and currently expires December 31, 2026, subject to earlier termination under certain conditions.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>VasoMedical</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The proprietary medical equipment business under VasoMedical traces back to 1995 when the Company began the proprietary Enhanced External Counterpulsation (EECP<sup>®</sup>) technology in the United States and has since diversified to include other medical hardware and software.  Vasomedical Global was formed in 2011 to combine and coordinate the various international operations including design, development, manufacturing, and sales of medical devices and software, while domestic activities are conducted under Vasomedical Solutions.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Over the last decade the Company’s Equipment business has been significantly expanded from the original EECP<sup>®</sup>-only operations.  In September 2011, the Company acquired Fast Growth Enterprises Limited (“FGE”), a British Virgin Islands company, which owned or controlled two Chinese operating companies - Life Enhancement Technology Ltd. (“LET”) based in Foshan, China, and Biox Instruments Co. Ltd. (“Biox”) based in Wuxi, China, respectively - to expand its technical and manufacturing capabilities and to enhance its distribution network, technology, and product portfolio.  Biox was a variable interest entity (“VIE”) controlled by FGE through certain contracts and an option to acquire all the shares of Biox by FGE’s wholly owned subsidiary Gentone, and in March 2019 Gentone exercised its option to acquire all of the shares of Biox.  In August 2014, the Company, through Gentone, acquired all of the outstanding shares of Genwell Instruments Co. Ltd. (“Genwell”), located in Wuxi, China.  Genwell was formed in China in 2010 to develop the MobiCare<sup>®</sup>  wireless multi-parameter patient monitoring system and holds intellectual property rights for this system. As a result, the Company has expanded its equipment products portfolio to include Biox™ series ambulatory patient monitoring systems, ARCS™ series software for ECG and blood pressure analysis, and the MobiCare<sup>®</sup>  patient monitoring device.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">In April 2014, the Company entered into a cooperation agreement with Chongqing PSK-Health Sci-Tech Development Co., Ltd. (“PSK”) of Chongqing, China, the leading manufacturer of external counter pulsation, or ECP, therapy systems in China, to form a joint venture company, VSK Medical Limited (“VSK”), a Cayman Islands company, for the global marketing, sale and advancement of ECP therapy technology.  The Company owned 49.9% of VSK, which commenced operations in January 2015. In March 2018, the Company terminated the cooperation agreement with PSK and sold its shares in VSK to PSK.  On May 20, 2020, the Company closed on the sale of 51% of the capital stock of its wholly-owned subsidiary EECP Global Corporation (“EECP Global”) to PSK for $1,150,000. EECP Global was formed in September 2019 to hold all the assets and liabilities of its EECP business. Concurrently with the closing of the transaction, the Company signed a three-year Management Service Agreement with EECP Global to provide management service for the business and operation of EECP Global in the United States. Pursuant to the agreement, EECP Global reimburses the Company all direct expenses and pays a management fee starting April 1, 2020, the effective date of the sale.</p>
CY2015Q1 vaso Company Ownership Rate
CompanyOwnershipRate
0.499 pure
CY2020Q2 vaso Capital Stock Sale To Subsidiaryrate
CapitalStockSaleToSubsidiaryrate
0.51 pure
CY2020Q2 vaso Capital Stock Sale To Subsidiary
CapitalStockSaleToSubsidiary
1150000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions relate to estimates of commissions adjustments due to order cancellations, collectability of accounts receivable, the realizability of deferred tax assets, stock-based compensation, values and lives assigned to acquired intangible assets, fair value of reporting units in connection with goodwill impairment test, the adequacy of inventory reserves, variable consideration, and allocation of contract transaction price to performance obligations.  Actual results could differ from those estimates.</p>
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75579000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69850000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75579000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
69850000 USD
CY2021 vaso Transaction Price Allocated To Remaining Performance Obligations
TransactionPriceAllocatedToRemainingPerformanceObligations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">As of December 31, 2021, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $86 million, of which we expect to recognize revenue as follows:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="14" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">Fiscal years of revenue recognition</p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">2022</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">2023</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">2024</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">Thereafter</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Unfulfilled performance obligations</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,308</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18,012</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,030</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,659</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2021Q4 vaso Revenue Remaining Performance Obligation Next Tewelve Year
RevenueRemainingPerformanceObligationNextTewelveYear
49308 USD
CY2021Q4 vaso Revenue Remaining Performance Obligation Second Year
RevenueRemainingPerformanceObligationSecondYear
18012 USD
CY2021Q4 vaso Revenue Remaining Performance Obligation Three Year
RevenueRemainingPerformanceObligationThreeYear
6030 USD
CY2021Q4 vaso Revenue Remaining Performance Obligation Thereafter
RevenueRemainingPerformanceObligationThereafter
12659 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
407000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
553000000 USD
CY2020Q4 vaso Contract With Customer Liability For Acceptances Of Equipment
ContractWithCustomerLiabilityForAcceptancesOfEquipment
17689000000 USD
CY2021Q4 vaso Contract With Customer Liability For Customer Order Reductions
ContractWithCustomerLiabilityForCustomerOrderReductions
1518000000 USD
CY2020Q4 vaso Contract With Customer Liability For Customer Order Reductions
ContractWithCustomerLiabilityForCustomerOrderReductions
1118000000 USD
CY2021Q4 vaso Contract With Customer Liability Post Delivery Services And Varying Duration Service
ContractWithCustomerLiabilityPostDeliveryServicesAndVaryingDurationService
9000000 USD
CY2020Q4 vaso Contract With Customer Liability Post Delivery Services And Varying Duration Service
ContractWithCustomerLiabilityPostDeliveryServicesAndVaryingDurationService
15000000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5800000 USD
CY2021Q4 us-gaap Deferred Sales Commission
DeferredSalesCommission
5567000000 USD
CY2021Q4 vaso Deferred Commission Expense
DeferredCommissionExpense
3549000000 USD
CY2021Q4 vaso Longterm Portion
LongtermPortion
2018000000 USD
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CY2021 us-gaap Concentration Risk Credit Risk
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">We market our equipment and IT software solutions principally to hospitals, diagnostic imaging centers and physician private practices. We perform credit evaluations of our customers’ financial condition and, as a result, believe that our receivable credit risk exposure is limited.  For the years ended December 31, 2021 and 2020, no customer in our equipment or IT segment accounted for 10% or more of revenues or accounts receivable.  In our professional sales service segment, 100% of our revenues and accounts receivable are with GEHC; however, we believe this risk is acceptable based on GEHC’s financial position and our long history of doing business with GEHC.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The Company maintains cash balances in certain U.S. financial institutions, which, at times, may exceed the Federal Depository Insurance Corporation (“FDIC”) coverage of $250,000.  The Company has not experienced any losses on these accounts and believes it is not subject to any significant credit risk on these accounts.  In addition, the FDIC does not insure the Company’s foreign bank balances, which aggregated approximately $903,000 and $582,000 at December 31, 2021 and 2020, respectively.</p>
CY2021 us-gaap Capitalized Computer Software Impairments1
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Amounts billable under the agreement with GEHC in advance of delivery of the underlying equipment are recorded initially as deferred revenue, and commission revenue is subsequently recognized as customer acceptance of such equipment is reported to us by GEHC. Similarly, commissions payable to our sales force related to such billings are recorded as deferred commission expense when the associated deferred revenue is recorded. Commission expense is recognized when the corresponding commission revenue is recognized.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">We record revenue on extended service contracts ratably over the term of the related service contracts.  Under the provisions of ASC 606, we defer revenue related to EECP<sup>®</sup> system sales for the fair value of installation and in-service training to the period when the services are rendered and for service obligations ratably over the service period, which is generally one year. (See Note I)</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;"> </p>
CY2021 vaso Deferred Tax Asset Realized
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021 vaso Withholding Taxrate
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CY2021 vaso Reserves Reaches Rate
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