$VYCO
Vycor Medical Inc

2023 Q3 Form 10-Q Financial Statement

#000149315223027800 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $308.6K $482.8K $327.9K
YoY Change -0.44% 47.22% -33.27%
Cost Of Revenue $32.33K $39.80K $27.89K
YoY Change -23.38% 42.72% -29.1%
Gross Profit $276.3K $443.0K $300.0K
YoY Change 3.17% 47.64% -33.63%
Gross Profit Margin 89.52% 91.76% 91.5%
Selling, General & Admin $280.1K $324.5K $359.8K
YoY Change -17.92% -9.79% -11.62%
% of Gross Profit 101.4% 73.26% 119.91%
Research & Development $7.250K $7.550K
YoY Change
% of Gross Profit 2.62% 1.7%
Depreciation & Amortization $15.22K $15.07K $15.05K
YoY Change 4.53% 0.13% -16.9%
% of Gross Profit 5.51% 3.4% 5.02%
Operating Expenses $301.7K $346.5K $374.4K
YoY Change -15.2% -7.47% -12.65%
Operating Profit -$25.48K $96.52K -$74.37K
YoY Change -71.06% -229.78% -416.63%
Interest Expense -$26.00K -$25.73K -$23.35K
YoY Change 7.13% 10.19% 3.59%
% of Operating Profit -26.66%
Other Income/Expense, Net -$26.00K -$25.73K -$23.35K
YoY Change 7.13% 10.18% 3.57%
Pretax Income -$51.48K $70.79K -$97.73K
YoY Change -54.16% -172.44% -10463.31%
Income Tax
% Of Pretax Income
Net Earnings -$51.90K $68.41K -$99.01K
YoY Change -54.79% -169.09% 956.22%
Net Earnings / Revenue -16.82% 14.17% -30.19%
Basic Earnings Per Share -$0.01 $0.00 $0.00
Diluted Earnings Per Share -$0.01 $0.00 -$3.147K
COMMON SHARES
Basic Shares Outstanding 32.63M shares 32.63M shares 31.46M shares
Diluted Shares Outstanding 32.63M shares 37.47M shares 31.46M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.06K $53.40K $43.62K
YoY Change 112.04% 22.42% -59.87%
Cash & Equivalents $69.06K $53.40K $43.62K
Short-Term Investments
Other Short-Term Assets $96.83K $62.93K $55.00K
YoY Change -2.31% 14.42% -5.79%
Inventory $204.7K $219.5K $201.7K
Prepaid Expenses
Receivables $255.3K $282.6K $212.5K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $625.9K $618.4K $512.8K
YoY Change 7.95% 20.59% -9.03%
LONG-TERM ASSETS
Property, Plant & Equipment $261.6K $272.8K $335.0K
YoY Change -18.1% -18.56% -31.53%
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 $428.6K $287.1K $397.4K
YoY Change 15.83% -27.76% -20.61%
TOTAL ASSETS
Total Short-Term Assets $625.9K $618.4K $512.8K
Total Long-Term Assets $428.6K $287.1K $397.4K
Total Assets $1.054M $905.4K $910.2K
YoY Change 11.02% -0.52% -14.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.7K $123.4K $147.6K
YoY Change -48.07% -16.4% -32.29%
Accrued Expenses $3.086M $2.860M $2.507M
YoY Change 17.07% 14.1% 20.35%
Deferred Revenue
YoY Change
Short-Term Debt $832.2K $796.8K $703.0K
YoY Change 8.27% 13.34% -4.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.031M $3.779M $3.356M
YoY Change 11.29% 12.62% 10.43%
LONG-TERM LIABILITIES
Long-Term Debt $143.8K $144.6K $147.9K
YoY Change -2.25% -2.22% -1.41%
Other Long-Term Liabilities $111.9K $6.020K
YoY Change -88.93%
Total Long-Term Liabilities $255.7K $144.6K $153.9K
YoY Change 73.85% -6.04% -24.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.031M $3.779M $3.356M
Total Long-Term Liabilities $255.7K $144.6K $153.9K
Total Liabilities $4.287M $3.924M $3.509M
YoY Change 13.73% 11.8% 8.22%
SHAREHOLDERS EQUITY
Retained Earnings -$32.73M -$32.51M -$32.03M
YoY Change 1.29% 1.5%
Common Stock $3.273K $3.273K $3.209K
YoY Change 0.31% 1.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.033K $1.033K $1.033K
YoY Change 0.0% 0.0%
Treasury Stock Shares 103.3K shares
Shareholders Equity -$3.232M -$3.018M -$2.599M
YoY Change
Total Liabilities & Shareholders Equity $1.054M $905.4K $910.2K
YoY Change 11.02% -0.52% -14.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$51.90K $68.41K -$99.01K
YoY Change -54.79% -169.09% 956.22%
Depreciation, Depletion And Amortization $15.22K $15.07K $15.05K
YoY Change 4.53% 0.13% -16.9%
Cash From Operating Activities -$13.21K $13.33K -$28.14K
YoY Change -82.79% -147.37% -132.54%
INVESTING ACTIVITIES
Capital Expenditures $3.480K -$3.200K
YoY Change 3380.0% -61.45%
Acquisitions
YoY Change
Other Investing Activities $250.00
YoY Change
Cash From Investing Activities -$4.020K $250.00 -$3.200K
YoY Change -4120.0% -107.81% -61.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.88K -7.980K -5.620K
YoY Change -49.88% 41.99% -34.04%
NET CHANGE
Cash From Operating Activities -13.21K 13.33K -28.14K
Cash From Investing Activities -4.020K 250.0 -3.200K
Cash From Financing Activities 32.88K -7.980K -5.620K
Net Change In Cash 15.65K 5.600K -36.96K
YoY Change -241.76% -115.15% -153.07%
FREE CASH FLOW
Cash From Operating Activities -$13.21K $13.33K -$28.14K
Capital Expenditures $3.480K -$3.200K
Free Cash Flow -$16.69K -$24.94K
YoY Change -78.28% -126.32%

Facts In Submission

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<p id="xdx_801_eus-gaap--BasisOfAccounting_z6u0ue8mbvM8" 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_823_zEakbeuHvnIg">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, 2022 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, 2022.</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 six months ended June 30, 2023 and 2022, 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 six months ended June 30, 2023 and 2022 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Certain prior period amounts on the unaudited consolidated financial statements have been reclassified to conform to the current period presentation.</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 available to common stockholders of $<span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_di_c20230101__20230630_zz52W6dpbyX3" title="Net loss">86,917</span> for the six months ended June 30, 2023 and since inception has not generated sufficient positive cash flows from operations, although did generate positive cash flows for the six months ended June 30, 2023. As of June 30, 2023 the Company had a working capital deficiency of $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iI_pp0p0_c20230630_zlXRCvthfGi6" title="Working capital deficiency">388,377</span>, excluding related party liabilities of $<span id="xdx_90C_eus-gaap--OtherLiabilities_iI_pp0p0_c20230630_zxWGm7kMYMKd" title="Related party liabilities">2,772,429</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_905_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20230630__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_z92bWiNGFfZa" title="Term note amount">300,000</span> to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $<span id="xdx_90D_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20230630__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zfh13VLfy1l2" title="Accrued interest">448,699</span>, which has a maturity date of <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20230101__20230630__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zVca8ddyu41" title="Maturity date">December 31, 2023</span>, 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 December 31, 2023 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through August 31, 2024 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>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
641756 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
442971 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
300038 usd
us-gaap Gross Profit
GrossProfit
773166 usd
us-gaap Gross Profit
GrossProfit
580462 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
96520 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-74374 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
129728 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-127273 usd
CY2023Q2 us-gaap Assets
Assets
905438 usd
CY2022Q4 us-gaap Assets
Assets
860178 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
482768 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
327923 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
843762 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
641756 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
442971 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
300038 usd
us-gaap Gross Profit
GrossProfit
773166 usd
us-gaap Gross Profit
GrossProfit
580462 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
96520 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-74374 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
129728 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-127273 usd
CY2023Q2 us-gaap Assets
Assets
905438 usd
CY2022Q4 us-gaap Assets
Assets
860178 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
55000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Payments For Rent
PaymentsForRent
37173 usd
us-gaap Payments For Rent
PaymentsForRent
38053 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 Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
24644 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
17906 usd

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