2022 Q4 Form 10-Q Financial Statement

#000149315222031733 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $271.3K $310.0K $332.1K
YoY Change -0.9% -6.66% 20.35%
Cost Of Revenue $37.15K $42.20K $35.15K
YoY Change 16.9% 20.05% -13.32%
Gross Profit $234.1K $267.8K $296.9K
YoY Change -3.24% -9.82% 26.15%
Gross Profit Margin 86.3% 86.39% 89.42%
Selling, General & Admin $310.9K $341.3K $365.8K
YoY Change -18.74% -6.71% -14.39%
% of Gross Profit 132.81% 127.44% 123.19%
Research & Development $0.00 $1.830K
YoY Change -100.0%
% of Gross Profit 0.0% 0.62%
Depreciation & Amortization $15.33K $14.56K $18.39K
YoY Change -13.73% -20.83% 26.39%
% of Gross Profit 6.55% 5.44% 6.19%
Operating Expenses $325.3K $355.8K $385.3K
YoY Change -19.9% -7.66%
Operating Profit -$91.20K -$88.05K -$88.39K
YoY Change -44.46% -0.39% -137.55%
Interest Expense -$24.68K -$24.27K -$21.14K
YoY Change 12.69% 14.81% 3.53%
% of Operating Profit
Other Income/Expense, Net -$24.27K $0.00
YoY Change -100.0%
Pretax Income -$115.9K -$112.3K $7.660K
YoY Change -37.74% -1566.21% -103.47%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$116.6K -$114.8K $3.690K
YoY Change -37.69% -3211.3% -101.86%
Net Earnings / Revenue -42.97% -37.04% 1.11%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share $0.00 -$3.588K $122.10
COMMON SHARES
Basic Shares Outstanding 32.53M shares 31.99M shares 30.22M shares
Diluted Shares Outstanding 32.00M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.04K $32.57K $78.57K
YoY Change -59.27% -58.55% 4.84%
Cash & Equivalents $37.04K $32.57K $78.57K
Short-Term Investments
Other Short-Term Assets $75.65K $99.12K $85.10K
YoY Change 20.37% 16.47% -8.35%
Inventory $248.9K $267.5K $221.7K
Prepaid Expenses
Receivables $156.2K $180.6K $176.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $517.8K $579.8K $562.2K
YoY Change 6.23% 3.13% 15.95%
LONG-TERM ASSETS
Property, Plant & Equipment $303.8K $319.4K $469.0K
YoY Change -16.18% -31.9% -10.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K $6.000K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $342.4K $370.0K $477.4K
YoY Change -23.56% -22.49% -12.32%
TOTAL ASSETS
Total Short-Term Assets $517.8K $579.8K $562.2K
Total Long-Term Assets $342.4K $370.0K $477.4K
Total Assets $860.2K $949.8K $1.040M
YoY Change -8.04% -8.64% 0.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $219.0K $188.6K
YoY Change -12.15% 16.13% 43.82%
Accrued Expenses $2.638M $2.636M $2.259M
YoY Change 15.57% 16.67% 22.71%
Deferred Revenue
YoY Change
Short-Term Debt $818.1K $768.6K $659.6K
YoY Change 27.79% 16.52% -23.88%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.655M $3.622M $3.107M
YoY Change 16.03% 16.58% 9.07%
LONG-TERM LIABILITIES
Long-Term Debt $146.3K $147.1K $150.0K
YoY Change -2.5% -1.95%
Other Long-Term Liabilities $0.00 $0.00 $42.63K
YoY Change -100.0% -100.0% -51.61%
Total Long-Term Liabilities $146.3K $147.1K $192.6K
YoY Change -19.01% -23.65% 118.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.655M $3.622M $3.107M
Total Long-Term Liabilities $146.3K $147.1K $192.6K
Total Liabilities $3.801M $3.769M $3.300M
YoY Change 14.13% 14.23% 12.36%
SHAREHOLDERS EQUITY
Retained Earnings -$32.43M -$32.31M
YoY Change 2.3%
Common Stock $3.263K $3.263K
YoY Change 5.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.033K $1.033K
YoY Change 0.0%
Treasury Stock Shares 103.3K shares 103.3K shares
Shareholders Equity -$2.941M -$2.820M -$2.260M
YoY Change
Total Liabilities & Shareholders Equity $860.2K $949.8K $1.040M
YoY Change -8.04% -8.64% 0.99%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$116.6K -$114.8K $3.690K
YoY Change -37.69% -3211.3% -101.86%
Depreciation, Depletion And Amortization $15.33K $14.56K $18.39K
YoY Change -13.73% -20.83% 26.39%
Cash From Operating Activities -$33.36K -$76.74K -$62.39K
YoY Change -206.07% 23.0% -61.89%
INVESTING ACTIVITIES
Capital Expenditures -$320.00 $100.00 -$6.450K
YoY Change -203.23% -101.55% -36.39%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $320.00 $100.00 -$6.450K
YoY Change 3.23% -101.55% 3294.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.50K 65.60K 38.73K
YoY Change -293.4% 69.38% -76.93%
NET CHANGE
Cash From Operating Activities -33.36K -76.74K -62.39K
Cash From Investing Activities 320.0 100.0 -6.450K
Cash From Financing Activities 37.50K 65.60K 38.73K
Net Change In Cash 4.460K -11.04K -30.11K
YoY Change -63.95% -63.33% -864.21%
FREE CASH FLOW
Cash From Operating Activities -$33.36K -$76.74K -$62.39K
Capital Expenditures -$320.00 $100.00 -$6.450K
Free Cash Flow -$33.04K -$76.84K -$55.94K
YoY Change -206.1% 37.36% -63.58%

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<p id="xdx_806_eus-gaap--BasisOfAccounting_zCvmiWKwMkbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82C_zU2c3hsorSk">BASIS OF PRESENTATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated financial statements of Vycor Medical, Inc. (the “Company” or “Vycor”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2021 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2022 and 2021, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ability to continue as a Going Concern</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $<span id="xdx_90F_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_pp0p0_di_c20220101__20220930_z5H4NP3pb735" title="Net loss">612,739</span> for the nine months ended September 30, 2022 and has not generated sufficient positive cash flows from operations. As of September 30, 2022 the Company had a working capital deficiency of $<span id="xdx_904_ecustom--WorkingCapitalDeficiency_iI_pp0p0_c20220930_zLXFibe2NWLb" title="Working capital deficiency">530,661</span>, excluding related party liabilities of $<span id="xdx_906_eus-gaap--RelatedPartyDepositLiabilities_iI_pp0p0_c20220930_z1HYJPMQNYo3" title="Related party liabilities">2,511,793</span>. These conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is executing on a plan to achieve a reduction in cash operating losses. Included within the working capital deficiency above is a term note for $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20220930__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zg6NVahUtHNh" title="Debt instrument, face amount">300,000</span> to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $<span id="xdx_90B_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20220930__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zIseLjpiQvKe" title="Accrued interest">412,798</span>, which has a maturity date of March 31, 2023, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2023 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through November 30, 2023 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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25567 usd
CY2022Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-2420 usd
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-3921 usd
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-4413 usd
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-25567 usd
CY2022Q3 us-gaap Disposal Group Including Discontinued Operation Foreign Currency Translation Gains Losses
DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses
-75 usd
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Foreign Currency Translation Gains Losses
DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses
-45 usd
us-gaap Disposal Group Including Discontinued Operation Foreign Currency Translation Gains Losses
DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses
-121 usd
us-gaap Disposal Group Including Discontinued Operation Foreign Currency Translation Gains Losses
DisposalGroupIncludingDiscontinuedOperationForeignCurrencyTranslationGainsLosses
-888 usd
CY2022Q3 VYCO Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-75 usd
CY2021Q3 VYCO Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-45 usd
VYCO Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-121 usd
VYCO Disposal Group Including Discontinued Operation Other Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
-888 usd
CY2022Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-2495 usd
CY2021Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-3966 usd
CY2022Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
430873 usd
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
320873 usd
CY2022Q3 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
337721 usd
CY2021Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
319329 usd
CY2022Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
147070 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
150000 usd
CY2022Q3 VYCO Operating Lease Right Of Use Assets Gross
OperatingLeaseRightOfUseAssetsGross
44600 usd
CY2021Q4 VYCO Operating Lease Right Of Use Assets Gross
OperatingLeaseRightOfUseAssetsGross
79560 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
44600 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
79560 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44600 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
46915 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
-0 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30580 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
44600 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
77495 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
309969 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
332087 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
951725 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1119263 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
267770 usd
CY2021Q3 us-gaap Gross Profit
GrossProfit
296942 usd
us-gaap Gross Profit
GrossProfit
848232 usd
us-gaap Gross Profit
GrossProfit
1016313 usd
CY2022Q3 us-gaap Assets
Assets
949816 usd
CY2021Q4 us-gaap Assets
Assets
935364 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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309969 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
332087 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
951725 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1119263 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
267770 usd
CY2021Q3 us-gaap Gross Profit
GrossProfit
296942 usd
us-gaap Gross Profit
GrossProfit
848232 usd
us-gaap Gross Profit
GrossProfit
1016313 usd
CY2022Q3 us-gaap Assets
Assets
949816 usd
CY2021Q4 us-gaap Assets
Assets
935364 usd
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
680000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.28
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
680000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.28
us-gaap Payments For Rent
PaymentsForRent
58666 usd
us-gaap Payments For Rent
PaymentsForRent
58691 usd
CY2012Q2 VYCO Sales And Excise Tax Payable Reduction Current And Noncurrent
SalesAndExciseTaxPayableReductionCurrentAndNoncurrent
75000 eur
CY2012Q2 VYCO Sales And Excise Tax Payable Reduction Current And Noncurrent
SalesAndExciseTaxPayableReductionCurrentAndNoncurrent
82000 usd
CY2012Q2 us-gaap Interest Expense
InterestExpense
12000 eur
CY2012Q2 us-gaap Interest Expense
InterestExpense
13200 usd
CY2016Q4 VYCO Sales And Excise Tax Payable Reduction Current And Noncurrent
SalesAndExciseTaxPayableReductionCurrentAndNoncurrent
75000 eur
CY2016Q4 VYCO Sales And Excise Tax Payable Reduction Current And Noncurrent
SalesAndExciseTaxPayableReductionCurrentAndNoncurrent
82000 usd
CY2016Q4 us-gaap Interest Expense
InterestExpense
12000 eur
CY2016Q4 us-gaap Interest Expense
InterestExpense
13200 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
324370 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
324370 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1946220 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1621850 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd

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0001493152-22-031733-xbrl.zip Edgar Link pending
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