$VYCO
Vycor Medical Inc

2024 Q2 Form 10-K Financial Statement

#000149315224014837 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $406.3K $308.3K $1.461M
YoY Change -15.84% 13.64% 19.43%
Cost Of Revenue $35.16K $42.02K $145.0K
YoY Change -11.64% 13.11% 3.06%
Gross Profit $371.1K $266.2K $1.316M
YoY Change -16.22% 13.72% 21.56%
Gross Profit Margin 91.35% 86.37% 90.08%
Selling, General & Admin $337.8K $313.7K $1.195M
YoY Change 4.09% 0.88% -10.16%
% of Gross Profit 91.02% 117.82% 90.86%
Research & Development $2.263K $2.250K $22.56K
YoY Change -70.03%
% of Gross Profit 0.61% 0.85% 1.71%
Depreciation & Amortization $15.68K $15.10K $60.75K
YoY Change 4.05% -1.5% -1.06%
% of Gross Profit 4.23% 5.67% 4.62%
Operating Expenses $354.9K $330.3K $1.275M
YoY Change 2.45% 1.53% -8.16%
Operating Profit $16.18K -$64.06K $40.19K
YoY Change -83.24% -29.76% -113.11%
Interest Expense -$26.17K -$25.91K -$103.3K
YoY Change 1.71% 4.98% 10.83%
% of Operating Profit -161.76% -256.98%
Other Income/Expense, Net -$26.17K -$103.3K
YoY Change 1.7% 10.82%
Pretax Income -$9.989K -$89.96K -$63.08K
YoY Change -114.11% -22.36% -84.22%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.04K -$93.06K -$394.1K
YoY Change -114.67% -20.15% -2.68%
Net Earnings / Revenue -2.47% -30.19% -26.98%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 32.63M shares 32.63M shares 32.60M shares
Diluted Shares Outstanding 32.63M shares 32.60M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.3K $57.29K $57.29K
YoY Change 123.41% 54.67% 54.67%
Cash & Equivalents $119.3K $57.29K
Short-Term Investments
Other Short-Term Assets $53.11K $77.42K $77.42K
YoY Change -15.6% 2.34% 2.34%
Inventory $218.3K $234.2K $234.2K
Prepaid Expenses
Receivables $252.8K $215.2K $215.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $643.5K $584.1K $584.1K
YoY Change 4.06% 12.81% 12.81%
LONG-TERM ASSETS
Property, Plant & Equipment $220.4K $402.2K $402.2K
YoY Change -19.19% 32.41% 19.56%
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 $353.5K $408.2K $408.2K
YoY Change 23.13% 19.21% 19.21%
TOTAL ASSETS
Total Short-Term Assets $643.5K $584.1K $584.1K
Total Long-Term Assets $353.5K $408.2K $408.2K
Total Assets $997.0K $992.3K $992.3K
YoY Change 10.11% 15.36% 15.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.8K $117.8K $117.8K
YoY Change 25.46% -41.11% -41.11%
Accrued Expenses $3.356M $3.136M $3.136M
YoY Change 17.35% 18.88% 18.88%
Deferred Revenue
YoY Change
Short-Term Debt $796.8K $821.6K $821.6K
YoY Change 0.0% 0.44% 0.44%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.307M $4.074M $4.074M
YoY Change 13.97% 11.48% 11.48%
LONG-TERM LIABILITIES
Long-Term Debt $141.2K $142.9K $142.9K
YoY Change -2.36% -2.28% -2.28%
Other Long-Term Liabilities $76.86K $100.4K $100.4K
YoY Change
Total Long-Term Liabilities $218.1K $243.3K $243.3K
YoY Change 50.8% 66.35% 66.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.307M $4.074M $4.074M
Total Long-Term Liabilities $218.1K $243.3K $243.3K
Total Liabilities $4.525M $4.318M $4.318M
YoY Change 15.33% 13.59% 13.59%
SHAREHOLDERS EQUITY
Retained Earnings -$33.02M -$32.82M
YoY Change 1.57% 1.22%
Common Stock $3.273K $3.273K
YoY Change 0.0% 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.033K $1.033K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity -$3.528M -$3.325M -$3.325M
YoY Change
Total Liabilities & Shareholders Equity $997.0K $992.3K $992.3K
YoY Change 10.11% 15.36% 15.36%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$10.04K -$93.06K -$394.1K
YoY Change -114.67% -20.15% -2.68%
Depreciation, Depletion And Amortization $15.68K $15.10K $60.75K
YoY Change 4.05% -1.5% -1.06%
Cash From Operating Activities $86.03K $5.510K $29.43K
YoY Change 545.39% -116.52% -113.56%
INVESTING ACTIVITIES
Capital Expenditures $5.910K $9.390K
YoY Change -1946.88% 237.77%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$5.910K -$9.390K
YoY Change -100.0% -1946.88% 237.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.60K -11.37K 210.0
YoY Change 32.83% -130.32% -99.87%
NET CHANGE
Cash From Operating Activities 86.03K 5.510K 29.43K
Cash From Investing Activities 0.000 -5.910K -9.390K
Cash From Financing Activities -10.60K -11.37K 210.0
Net Change In Cash 75.43K -11.77K 20.25K
YoY Change 1246.96% -363.9% -137.57%
FREE CASH FLOW
Cash From Operating Activities $86.03K $5.510K $29.43K
Capital Expenditures $5.910K $9.390K
Free Cash Flow -$400.00 $20.04K
YoY Change -98.79% -109.12%

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CY2022 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Stock Issued1
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CY2023 us-gaap Basis Of Accounting
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<p id="xdx_801_eus-gaap--BasisOfAccounting_zQwldN50Ray" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_823_zwhwBOzED5fi">BUSINESS OF THE COMPANY AND GOING CONCERN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business Description</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vycor Medical, Inc. (the “Company”) designs, develops and markets neurological medical devices and therapies through two operating divisions: Vycor Medical and NovaVision. Vycor Medical focuses on brain and cervical surgical access systems for sale to hospitals and medical professionals; NovaVision focuses on neuro-stimulation therapies and diagnostic devices for the treatment and screening of vision field loss resulting from neurological damage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying 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_90B_eus-gaap--NetIncomeLoss_iN_di_c20230101__20231231_zD3AzeGDJmfh">69,691 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_909_eus-gaap--NetIncomeLoss_iN_di_c20220101__20221231_z7MvHMRGCJLj">404,917 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the years ending December 31, 2023 and 2022 respectively and has not generated sufficient cash flows from operations. As at December 31, 2023 the Company had a working capital deficiency of $<span id="xdx_90D_ecustom--WorkingCapitalDeficit_iI_pp0p0_c20231231_zqfQe92shnle" title="Working capital deficit">3,490,397</span>, which includes related party liabilities of $<span id="xdx_90E_eus-gaap--OtherLiabilities_iI_pp0p0_c20231231_zAHTFfgyN7B2">2,959,485</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As a result these conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The 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 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: 0pt 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_904_ecustom--WorkingCapitalDeficiencyIncludingDebtNote_iI_c20231231__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zTw5mOQ9geQ7" title="Working capital deficiency including term note">300,000</span> to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $<span id="xdx_904_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20231231__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_zA9zF0RTiR64">472,897</span>, which has a maturity date of <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20230101__20231231__dei--LegalEntityAxis__custom--EuroAmericanInvestmentCorpMember_z2VEwcStNz4b" title="Maturity date">March 31, 2025</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 March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through March 31, 2025 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<p id="xdx_844_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zuiFzYNswie6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_z0QifuMZAWo5">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
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<p id="xdx_84C_eus-gaap--UseOfEstimates_zOFFRDdRA43k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zmnsZDYRT5g7">Uses of estimates in the preparation of financial statements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable and provision for inventory obsolescence.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022 us-gaap Disposal Group Including Discontinued Operation Foreign Currency Translation Gains Losses
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DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpense
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CY2022 VYCO Disposal Group Including Discontinued Operation Other Income Expense
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IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1 pure
CY2017Q4 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.155 pure
CY2017Q4 VYCO Foreign Cash And Net Current Assets Percentage
ForeignCashAndNetCurrentAssetsPercentage
0.08 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
19888000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
19881000 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023 us-gaap Payments For Rent
PaymentsForRent
74464 usd
CY2022 us-gaap Payments For Rent
PaymentsForRent
79314 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
51576 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
52092 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
53655 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
CY2023 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
49515 usd
CY2022 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
39563 usd
CY2023 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
324370 usd
CY2022 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
324370 usd

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