$VYCO
Vycor Medical Inc

2023 Q4 Form 10-Q Financial Statement

#000149315223040566 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $308.3K $308.6K $310.0K
YoY Change 13.64% -0.44% -6.66%
Cost Of Revenue $42.02K $32.33K $42.20K
YoY Change 13.11% -23.38% 20.05%
Gross Profit $266.2K $276.3K $267.8K
YoY Change 13.72% 3.17% -9.82%
Gross Profit Margin 86.37% 89.52% 86.39%
Selling, General & Admin $313.7K $280.1K $341.3K
YoY Change 0.88% -17.92% -6.71%
% of Gross Profit 117.82% 101.4% 127.44%
Research & Development $2.250K $7.250K
YoY Change
% of Gross Profit 0.85% 2.62%
Depreciation & Amortization $15.10K $15.22K $14.56K
YoY Change -1.5% 4.53% -20.83%
% of Gross Profit 5.67% 5.51% 5.44%
Operating Expenses $330.3K $301.7K $355.8K
YoY Change 1.53% -15.2% -7.66%
Operating Profit -$64.06K -$25.48K -$88.05K
YoY Change -29.76% -71.06% -0.39%
Interest Expense -$25.91K -$26.00K -$24.27K
YoY Change 4.98% 7.13% 14.81%
% of Operating Profit
Other Income/Expense, Net -$26.00K -$24.27K
YoY Change 7.13%
Pretax Income -$89.96K -$51.48K -$112.3K
YoY Change -22.36% -54.16% -1566.21%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$93.06K -$51.90K -$114.8K
YoY Change -20.15% -54.79% -3211.3%
Net Earnings / Revenue -30.19% -16.82% -37.04%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share $0.00 -$0.01 -$3.588K
COMMON SHARES
Basic Shares Outstanding 32.63M shares 32.63M shares 31.99M shares
Diluted Shares Outstanding 32.63M shares 32.00M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.29K $69.06K $32.57K
YoY Change 54.67% 112.04% -58.55%
Cash & Equivalents $57.29K $69.06K $32.57K
Short-Term Investments
Other Short-Term Assets $77.42K $96.83K $99.12K
YoY Change 2.34% -2.31% 16.47%
Inventory $234.2K $204.7K $267.5K
Prepaid Expenses
Receivables $215.2K $255.3K $180.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $584.1K $625.9K $579.8K
YoY Change 12.81% 7.95% 3.13%
LONG-TERM ASSETS
Property, Plant & Equipment $402.2K $261.6K $319.4K
YoY Change 32.41% -18.1% -31.9%
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 $408.2K $428.6K $370.0K
YoY Change 19.21% 15.83% -22.49%
TOTAL ASSETS
Total Short-Term Assets $584.1K $625.9K $579.8K
Total Long-Term Assets $408.2K $428.6K $370.0K
Total Assets $992.3K $1.054M $949.8K
YoY Change 15.36% 11.02% -8.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.8K $113.7K $219.0K
YoY Change -41.11% -48.07% 16.13%
Accrued Expenses $3.136M $3.086M $2.636M
YoY Change 18.88% 17.07% 16.67%
Deferred Revenue
YoY Change
Short-Term Debt $821.6K $832.2K $768.6K
YoY Change 0.44% 8.27% 16.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.074M $4.031M $3.622M
YoY Change 11.48% 11.29% 16.58%
LONG-TERM LIABILITIES
Long-Term Debt $142.9K $143.8K $147.1K
YoY Change -2.28% -2.25% -1.95%
Other Long-Term Liabilities $100.4K $111.9K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $243.3K $255.7K $147.1K
YoY Change 66.35% 73.85% -23.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.074M $4.031M $3.622M
Total Long-Term Liabilities $243.3K $255.7K $147.1K
Total Liabilities $4.318M $4.287M $3.769M
YoY Change 13.59% 13.73% 14.23%
SHAREHOLDERS EQUITY
Retained Earnings -$32.82M -$32.73M -$32.31M
YoY Change 1.22% 1.29%
Common Stock $3.273K $3.273K $3.263K
YoY Change 0.31% 0.31%
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 -$3.325M -$3.232M -$2.820M
YoY Change
Total Liabilities & Shareholders Equity $992.3K $1.054M $949.8K
YoY Change 15.36% 11.02% -8.64%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$93.06K -$51.90K -$114.8K
YoY Change -20.15% -54.79% -3211.3%
Depreciation, Depletion And Amortization $15.10K $15.22K $14.56K
YoY Change -1.5% 4.53% -20.83%
Cash From Operating Activities $5.510K -$13.21K -$76.74K
YoY Change -116.52% -82.79% 23.0%
INVESTING ACTIVITIES
Capital Expenditures $5.910K $3.480K $100.00
YoY Change -1946.88% 3380.0% -101.55%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.910K -$4.020K $100.00
YoY Change -1946.88% -4120.0% -101.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.37K 32.88K 65.60K
YoY Change -130.32% -49.88% 69.38%
NET CHANGE
Cash From Operating Activities 5.510K -13.21K -76.74K
Cash From Investing Activities -5.910K -4.020K 100.0
Cash From Financing Activities -11.37K 32.88K 65.60K
Net Change In Cash -11.77K 15.65K -11.04K
YoY Change -363.9% -241.76% -63.33%
FREE CASH FLOW
Cash From Operating Activities $5.510K -$13.21K -$76.74K
Capital Expenditures $5.910K $3.480K $100.00
Free Cash Flow -$400.00 -$16.69K -$76.84K
YoY Change -98.79% -78.28% 37.36%

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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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32595320 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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StockholdersEquity
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StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
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StockIssuedDuringPeriodValueIssuanceOfStockForConsultingFees
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Net Income Loss Available To Common Stockholders Basic
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StockholdersEquity
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Inventory Write Down
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11360 usd
us-gaap Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Basis Of Accounting
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<p id="xdx_801_eus-gaap--BasisOfAccounting_zhDVmjxcAve7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_827_zzSXszbAWKIc">BASIS OF PRESENTATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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, 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 nine months ended September 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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_908_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_di_c20230101__20230930_zloq4Za38fyl" title="Net loss">301,006</span> for the nine months ended September 30, 2023 and since inception has not generated sufficient positive cash flows from operations, although did generate positive cash flows from operations for the nine months ended September 30, 2023. As of September 30, 2023 the Company had a working capital deficiency of $<span id="xdx_903_ecustom--WorkingCapitalDeficit_iI_pp0p0_c20230930_zJN7BfRvjtIh" title="Working capital deficiency">458,274</span>, excluding related party liabilities of $<span id="xdx_90D_eus-gaap--OtherLiabilities_iI_pp0p0_c20230930_zRNeyiqoTT41" title="Related party liabilities">2,947,050</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20230930__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zGZWdGQjm6Tj" title="Term note amount">300,000</span> to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $<span id="xdx_90F_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20230930__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zb7cRUyCWWqh" title="Accrued interest">460,798</span> which has a maturity date of <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20230101__20230930__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zX5CFCpR2Lwh" 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 November 30, 2024 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead Capital Management Limited (“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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
32645 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44759 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
29591 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
111922 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
156681 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
29591 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
308593 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
309969 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1152355 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
951725 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
276259 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
267770 usd
us-gaap Gross Profit
GrossProfit
1049425 usd
us-gaap Gross Profit
GrossProfit
848232 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-25481 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-215318 usd
CY2023Q3 us-gaap Assets
Assets
1054469 usd
CY2022Q4 us-gaap Assets
Assets
860178 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
308593 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
309969 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1152355 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
951725 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
276259 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
267770 usd
us-gaap Gross Profit
GrossProfit
1049425 usd
us-gaap Gross Profit
GrossProfit
848232 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-25481 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-88045 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
104247 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-215318 usd
CY2023Q3 us-gaap Assets
Assets
1054469 usd
CY2022Q4 us-gaap Assets
Assets
860178 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
55000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Payments For Rent
PaymentsForRent
53535 usd
us-gaap Payments For Rent
PaymentsForRent
58666 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
37080 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
28257 usd

Files In Submission

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vyco-20230930_cal.xml Edgar Link unprocessable
vyco-20230930_lab.xml Edgar Link unprocessable
0001493152-23-040566-index-headers.html Edgar Link pending
0001493152-23-040566-index.html Edgar Link pending
0001493152-23-040566.txt Edgar Link pending
0001493152-23-040566-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
vyco-20230930.xsd Edgar Link pending
vyco-20230930_pre.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable
vyco-20230930_def.xml Edgar Link unprocessable