10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal quarter ended March 31, 2022
☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
	For the transition period from            to

VYCOR MEDICAL, INC.

(Exact name of small business issuer as specified in its charter)

Delaware	001-34932	20-3369218
(State of	(Commission	(IRS Employer
Incorporation)	File Number)	Identification No.)

951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487

(Address of principal executive offices) (Zip code)

Issuer’s telephone number: (561) 558-2020

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock	VYCO	OTCQB

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐	Accelerated Filer ☐
Non-accelerated Filer ☐ (Do not check if a smaller reporting company)	Smaller Reporting Company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

There were 31,455,744 shares outstanding of registrant’s common stock, par value $0.0001 per share, as of May 10, 2022.

Transitional Small Business Disclosure Format (check one): Yes ☐ No ☒

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Financial Statements	3
	Unaudited Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	3
	Unaudited Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022 and 2021.	4
	Unaudited Consolidated Statement of Stockholders’ Deficiency for the three months ended March 31, 2022 and 2021.	5
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021.	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20
	PART II
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	22
Item 6.	Exhibits	22
SIGNATURES		23

2

PART 1

ITEM 1. FINANCIAL STATEMENTS

VYCOR MEDICAL, INC.

Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31,
	2022			2021
ASSETS
Current Assets
Cash	$	80,567		$	90,941
Trade accounts receivable		161,783			126,096
Inventory		204,466			207,521
Prepaid expenses and other current assets		65,886			62,473
Current assets of discontinued operations		182			380
Total Current Assets		512,884			487,411
Fixed assets, net		346,042			362,393
Intangible and Other assets:
Security deposits		6,000			6,000
Operating lease - right of use assets		68,053			79,560
Total Intangible and Other assets		74,053			85,560
TOTAL ASSETS	$	932,979		$	935,364
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities
Accounts payable	$	182,573		$	227,720
Accrued interest: Other		390,599			380,479
Accrued interest: Related party		114,356			106,444
Accrued liabilities - Other		123,937			126,959
Accrued liabilities - Related Party		1,784,035			1,621,850
Notes payable: Other		309,057			319,329
Notes payable: Related Party		400,873			320,873
Current operating lease liabilities		47,518			46,915
Current liabilities of discontinued operations		(616	)		(572	)
Total Current Liabilities		3,352,332			3,149,997
Loan Payable - SBA EIDL	$	148,681		$	150,000
Operating lease liability - Long term		18,379			30,580
Total Long-term Liabilities		167,060			180,580
Total Liabilities		3,519,392			3,330,577
STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at March 31, 2022 and December 31, 2021 respectively		27			27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at March 31, 2022 and December 31, 2021, 31,457,415 and 30,921,701 shares issued and 31,354,081 and 30,818,367 outstanding at March 31, 2022 and December 31, 2021 respectively		3,146			3,092
Additional Paid-in Capital		29,217,651			29,172,169
Treasury Stock (103,334 shares of Common Stock as at March 31, 2022 and December 31, 2021 respectively, at cost)		(1,033	)		(1,033	)
Accumulated Deficit		(31,933,879	)		(31,697,142	)
Accumulated Other Comprehensive Income		127,675			127,674
Total Stockholders’ Deficiency		(2,586,413	)		(2,395,213	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$	932,979		$	935,364

See accompanying notes to consolidated financial statements

3

VYCOR MEDICAL, INC.

Consolidated Statements of Comprehensive Loss

(Unaudited)

	For the three months ended March 31,
	2022			2021
Revenue	$	313,833		$	295,749
Cost of Goods Sold		33,409			28,477
Gross Profit		280,424			267,272
Operating Expenses:
Research and development		-			2,700
Depreciation and amortization		14,649			13,945
Selling, general and administrative		318,674			457,476
Total Operating expenses		333,323			474,121
Operating loss		(52,899	)		(206,849	)
Other Income (Expense)
Interest expense: Related Party		(7,912	)		(7,665	)
Interest expense: Other		(12,314	)		(16,118	)
Loss on foreign currency exchange		(672	)		(115	)
Total Other Income (Expense)		(20,898	)		(23,898	)
Loss Before Credit for Income Taxes		(73,797	)		(230,747	)
Credit for income taxes		-			-
Net Loss from continuing operations		(73,797	)		(230,747	)
Loss from discontinued operations		(755	)		(12,172	)
Net loss		(74,552	)		(242,919	)
Preferred stock dividends		(162,185	)		(162,185	)
Net Loss Available to Common Stockholders	$	(236,737	)	$	(405,104	)
Other Comprehensive Income
Foreign Currency Translation Adjustment		1			7
Comprehensive Loss	$	(74,551	)	$	(242,912	)
Net Loss Per Share – basic and diluted
Loss from continuing operations	$	(0.01	)	$	(0.01	)
Loss from discontinued operations	$	(0.00	)	$	(0.00	)
Net Loss available to common shareholders	$	(0.01	)	$	(0.01	)
Weighted Average Number of Shares Outstanding – Basic and Diluted		30,824,320			27,831,540

See accompanying notes to consolidated financial statements

4

VYCOR MEDICAL, INC.

Consolidated Statement of Stockholders’ Deficiency

(Unaudited)

																			Additional
	Common Stock				Preferred C				Preferred D				Treasury Stock						Paid-in		Accumulated			Accum
	Number		Amount		Number		Amount		Number		Amount		Number			Amount			Capital		Deficit			OCI		Total
Balance at December 31, 2021		30,921,701	$	3,093		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)		$   29,172,169	$	(31,697,142	)	$	127,674	$	(2,395,213	)
Issuance of stock for board and consulting fees		535,714		54																45,482							45,536
Accumulated Comprehensive Loss																									1		1
Net loss for period ended March 31, 2022																						(236,737	)				(236,737	)
Balance at March 31, 2022		31,457,415	$	3,147		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,217,651	$	(31,933,879	)	$	127,675	$	(2,586,413	)

	Common Stock				Preferred C				Preferred D				Treasury Stock						Additional Paid-in			Accumulated			Accum
	Number		Amount		Number		Amount		Number		Amount		Number			Amount			Capital			Deficit			OCI		Total
Balance at December 31, 2020		27,534,740	$	2,753		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	28,826,378		$	(30,937,110	)	$	127,669	$	(1,981,316	)
Issuance of stock for board and consulting fees		535,714		54																101,376								101,430
Issuance of stock related to deferred compensation of directors		466,794		47																(47	)							-
Directors deferred compensation granted		-																		21,000								21,000
Accumulated Comprehensive Loss																										7		7
Net loss for period ended March 31, 2021																							(405,104	)				(405,104	)
Balance at March 31, 2021		28,537,248	$	2,854		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	28,948,707		$	(31,342,214	)	$	127,676	$	(2,263,983	)

See accompanying notes to consolidated financial statements

5

VYCOR MEDICAL, INC.

Consolidated Statement of Cash Flows

(Unaudited)

	For the three months ended
	March 31,			March 31,
	2022			2021
Cash flows from operating activities:
Net loss	$	(74,552	)	$	(242,919	)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets		-			2,994
Depreciation of fixed assets		15,563			11,162
Inventory provision		5,960			3,090
Stock based compensation		50,568			122,430
Changes in assets and liabilities:
Accounts receivable		(35,686	)		15,382
Inventory		(2,117	)		(21,628	)
Prepaid expenses		(8,536	)		16,600
Accrued interest - Related Party		7,912			7,665
Accrued interest - Other		10,120			16,118
Accounts payable		(45,147	)		36,038
Accrued liabilities - Other		(3,021	)		4,391
Changes in discontinued operations, net		156			(5,483	)
Cash used in operating activities		(78,780	)		(34,160	)
Cash flows from investing activities:
Purchase of fixed assets		-			(23,935	)
Cash used in investing activities		-			(23,935	)
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party		80,000			10,000
Proceeds from Paycheck Protection Program and EIDL		-			58,600
Proceeds net of repayments Notes Payable - Other		(11,591	)		(17,470	)
Cash provided by financing activities		68,409			51,130
Effect of exchange rate changes on cash		(3	)		7
Net increase (decrease) in cash		(10,376	)		(6,958	)
Cash at beginning of period		90,941			46,002
Cash at end of period	$	80,567		$	39,044
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	$	2,193		$	0
Cash paid for income tax	$	0		$	0

See accompanying notes to consolidated financial statements

6

VYCOR MEDICAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

(Unaudited)

1. BASIS OF PRESENTATION

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.

The unaudited consolidated financial statements as of and for the three months ended March 31, 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 months ended March 31, 2022 and 2021 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.

Ability to continue as a Going Concern

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 $236,737 for the three months ended March 31, 2022 and has not generated sufficient positive cash flows from operations. As of March 31, 2022 the Company had a working capital deficiency of $540,184, excluding related party liabilities of $2,299,264. 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.

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 $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $388,733, 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 May 31, 2022 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.

7

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company account balances, transactions, and profits have been eliminated in consolidation. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations.

Recent Accounting Pronouncements

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Discontinued Operations

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program

During the year ended December 31, 2020 the Company received a loan of $58,600 (“First Draw Loan”), pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act. During the year ended December 31, 2021 the Company received an additional PPP loan of $58,600 (“Second Draw Loan”). Under the terms of the PPP, both the First Draw Loan and Second Draw Loan were forgiven during the year ended December 31, 2021 as they were used for qualifying expenses as described in the CARES Act.

The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive.

8

The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share:

	March 31, 2022		March 31, 2021
Stock options outstanding		-		660,000
Debentures convertible into common stock		3,279,676		3,051,106
Preferred shares convertible into common stock		1,272,052		1,272,052
Directors Deferred Compensation Plan		-		1,142,442
Total		4,551,728		6,125,600

3. DISCONTINUED OPERATIONS

In April 2020, the board of Vycor took the decision to close the German operations of NovaVision, including the German office and NovaVision GmbH, and instead migrate to a licensed business model; in June 2020 Vycor announced that it would be entering into a license agreement and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals; and has assumed responsibility for the current patients of NovaVision in the territory. The NovaVision German office was closed effective June 30, 2020. The Company will continue to fund the remaining expenses of the German operations, which are non-material, until such a time as NovaVision GmbH will be formally wound up.

Reconciliation of the major line items from discontinued operations that are presented in the unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive loss are as follows:

Major line items constituting assets and liabilities in the unaudited consolidated balance sheets

	March 31, 2022			December 31, 2021
ASSETS
Current Assets
Cash	$	182		$	380
Total Current Assets		182			380
TOTAL ASSETS	$	182		$	380
LIABILITIES
Current Liabilities
Accounts payable	$	4		$	4
Accrued liabilities - Other		-			-
Other current liabilities		(620	)		(576	)
Total Current Liabilities	$	(616	)	$	(572	)

Major line items constituting loss from discontinued operations

	For the three months ended March 31,
	2022			2021
Revenue	$	-		$	-
Cost of Goods Sold		-			-
Gross Profit		-			-
Operating Expenses:
Selling, general and administrative		751			11,569
Total Operating expenses		751			11,569
Operating Loss		(751	)		(11,569	)
Other Income (Expense)
Loss on foreign currency exchange		(4	)		(603	)
Total Other Income (Expense)		(4	)		(603	)
Loss Before Credit for Income Taxes		(755	)		(12,172	)
Credit for income taxes		-			-
Loss from discontinued operations, net of tax	$	(755	)	$	(12,172	)

9

4. NOTES PAYABLE

Related Parties Notes Payable

Related Party Notes Payable consists of:

	March 31, 2022		December 31, 2021
On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The note was extended for another twelve months on its due date to June 25, 2022 or on demand by the Payee.	$	30,000	$	30,000
Between March 26, 2018 and March 25, 2022 the Company issued twelve promissory notes to Fountainhead Capital Management Limited for $370,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Eleven notes were extended on their due dates for another twelve months. The Notes will be due between July 2022 and May 2023 or on demand by the Payee.		370,873		290,873
Total Related Party Notes Payable	$	400,873	$	320,873

Other Notes Payable

Other Notes Payable consists of:

	March 31, 2022		December 31, 2021
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 31, 2023. See further note below.	$	300,000	$	300,000
Current portion of Long-Term Notes payable, see below		1,319		-
Insurance policy finance agreements.		7,738		19,329
Total Notes Payable:	$	309,057	$	319,329

Long-Term Notes Payable consists of:

	March 31, 2022		December 31, 2021
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company. The proceeds of the Loan will be used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.	$	148,681	$	150,000
Total Long-Term Notes Payable:	$	148,681	$	150,000

10

In January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended and the conversion terms of the Note were reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 3,279,676 shares of Common Stock as of March 31, 2022. Notwithstanding, EuroAmerican agreed that the Note could not be converted without first offering the Company the right to redeem the Note at principal and accrued interest, and secondly Fountainhead the right to purchase the Note, which cannot be converted prior to such offer and the failure of the Company and Fountainhead to exercise such option in accordance with the amendment terms. The amendment was recognized as a modification, based on the guidance in ASC 470-50. On March 29, 2022 the maturity date of the Note was extended to March 31, 2023. No other term was amended on the Note.

The Company routinely finances all their insurance policies through a third party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

5. LEASE

The Company recognized the following related to a lease in its unaudited consolidated balance sheet at March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Operating Lease ROU Assets	$	68,053	$	79,560
	$	68,053	$	79,560
Operating Lease Liabilities
Current portion		47,518		46,915
Long-term portion	$	18,379	$	30,580
	$	65,897	$	77,495

6. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

(a) Business segments

The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment:

	Three Months Ended March 31,
	2022		2021
Revenue:
Vycor Medical	$	287,356	$	262,714
NovaVision	$	26,477	$	33,035
	$	313,833	$	295,749
Gross Profit
Vycor Medical	$	256,337	$	235,932
NovaVision	$	24,087	$	31,340
	$	280,424	$	267,272

11

	March 31,		December 31,
	2022		2021
Total Assets:
Vycor Medical	$	910,098	$	901,930
NovaVision		22,699		33,054
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

(b) Geographic information

The Company operates in two geographic segments, the United States and Europe. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment.

	Three Months Ended March 31,
	2022		2021
Revenue:
United States	$	310,605	$	288,780
Europe	$	3,228	$	6,969
	$	313,833	$	295,749
Gross Profit
United States	$	277,212	$	260,371
Europe	$	3,212	$	6,901
	$	280,424	$	267,272

	March 31,		December 31,
	2022		2021
Total Assets:
United States	$	926,757	$	928,761
Europe		6,040		6,223
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

12

7. EQUITY

Equity Transactions

During January to March 2022 and 2021, the Company granted 0 and 99,999 shares of Common Stock respectively, (valued at $0 and $21,000 respectively) to non-employee Directors. Under the terms of the Directors Deferred Compensation Plan, the receipt of these shares is deferred until the January 15^th following the termination of their services as a director, or following the termination of the Plan. The Plan was terminated on April 1, 2021 and the shares issued following the period end (see Note 13).

In January 2021 the Company issued 466,794 shares of common stock to Oscar Bronsther in respect of the shares granted under the Directors’ Deferred Compensation plan, following his resignation from the board of directors effective July 1, 2020.

On April 1, 2021 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 14).

During January to March 2022 and 2021, under the terms of the Consulting Agreement referred to in note 10, the Company issued 535,714 of Common Stock to Fountainhead valued at $45,536 and $101,430, respectively.

Stock Options

The details of the outstanding stock options are as follows:

	Number of shares			Weighted average exercise price per share
Outstanding at December 31, 2020		680,000		$	0.28
Granted		-			-
Exercised		-			-
Cancelled or expired		(680,000	)		0.28
Outstanding at December 31, 2021		-		$	-
Granted		-			-
Exercised		-			-
Cancelled or expired		-			-
Outstanding at March 31, 2022		-		$	-

As of March 31, 2022, the weighted-average remaining contractual life of outstanding options is 0 years.

8. STOCK-BASED COMPENSATION

The Company from time to time issues common stock, stock options or common stock warrants to acquire services or goods from non-employees. Common stock, stock options and common stock warrants issued to other than employees or directors are recorded on the basis of their fair value, which is measured as of the “measurement date” using an option pricing model, or their contractual value if different in the case of common stock. The “measurement date” for options and warrants related to contracts that have substantial disincentives to non-performance is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant.

Non-Employee Stock Compensation

Aggregate stock-based compensation for stock granted to non-employees for each of the three months ended March 31, 2022 and 2021 was $50,568 and $122,430, respectively. As of March 31, 2022, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options.

9. COMMITMENTS AND CONTINGENCIES

Lease

The Company leases office space located at 951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487 from WPT Land 2 L.P., for a gross rent of approximately $4,000 per month, plus other charges of approximately $1,500 per month. The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. The Company’s subsidiary in Germany occupied premises on a rolling 12 month lease agreement with a 3 month notice period of EUR1,650 per month (approximately $1,815), which was terminated effective June 30, 2020. Rent expense for the three months ended March 31, 2022 and 2021 for the continuing operations was $20,604 and $19,477 respectively. See Note 5.

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Potential German tax liability

In June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of €75,000 (approximately $82,000), with an additional interest charge of €12,000 (approximately $13,200). This assessment is for the 2010 fiscal year and relates to the Company’s acquisition of the assets of the former NovaVision, Inc. An initial assessment for corporate tax for the same period was preliminarily reduced to zero. The Company did not accept this trade tax assessment and appealed against it to the relevant tax authorities with a view to its reduction. The relevant tax authorities agreed to suspend the assessment pending the outcome of certain court hearings and proposed tax legislation, and the Company agreed to make monthly payments on account totaling €75,000 (approximately $82,000) which were completed in October 2016 and fully expensed. At that time the Company appealed against the interest charge of €12,000 (approximately $13,200) which the tax authorities did not accept but also agreed to suspend pending the outcome of the hearings and proposed legislation outlined above. Accordingly, the Company has made no provision for this liability in the three months ended March 31, 2022 and the year ended December 31, 2021 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

10. CONSULTING AND OTHER AGREEMENTS

The following agreements were entered into or remained in force during the period ended March 31, 2022:

Consulting Agreement with Fountainhead

In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement. Under the Amended Agreement, fees of $450,000 are payable to Fountainhead, with an option to receive $5,000 per month in cash and the remainder payable in Company Common Stock issued at the higher of $0.21 and the average price for the 30 days prior to issuance, and deliverable at the end of each fiscal quarter. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval.

Effective January 1, 2021, the Company made a slight amendment to the Fountainhead Consulting Agreement (“the Amended Agreement”). Under the Amended Agreement, fees are payable to Fountainhead, with an option to receive $5,000 per month in cash, and the remainder payable in Company Common Stock (“Shares”) as follows: 1) 535,714 Shares on the last day of each quarter; to the extent there are cash retainer payments during the quarter, the Shares shall be reduced by a number calculated by dividing the cash amount by the average closing price of the Shares for the 30 trading days prior to issuance; or 2) if the average closing price of the Shares for the 30 trading days prior to issuance is above $0.21, a number of Shares calculated by dividing $112,500 by the average closing price of the Shares for the 30 trading days prior to issuance. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval. Under the terms of the Amended Agreement, Fountainhead continues to provide the executive management team of the Company, including the positions of CEO, President and CFO, whose employment agreements with the Company stipulate they receive no remuneration from the Company.

During the three months ended March 31, 2022 and March 31, 2021, under the terms of the Amended Agreement, Fountainhead received 535,714 shares of Company Common Stock, valued at $45,536 and $101,430, respectively.

Other Agreements

On March 30, 2021, Vycor entered into a Consulting Agreement with Ricardo J. Komotar, M.D. (the “Agreement”) to provide certain specified services over the three-year term of the Agreement. Under the Agreement, Dr. Komotar will provide general scientific advisory consultancy services, and will also provide scientific advisory services based around certain specific pre-determined milestones. In consideration of the Consultant’s services, the Company agreed to deliver to the Consultant over the course of the three-year term, a total of 304,989 shares of Company Common Stock in respect of the general consultancy, and up to 1,219,957 shares of Company Common Stock in respect of the milestones, the actual number of shares to be delivered being determined by the achievement of the pre-determined milestones. On April 1, 2021 101,663 shares of Company Common Stock were issued under the terms of the Agreement (see Note 13).

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11. RELATED PARTY TRANSACTIONS

Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at March 31, 2022, 61.5% of the Company’s Common Stock and 69.7% of the Company’s Series D Preferred Stock. Peter Zachariou owns 0.16% of the Company’s Common Stock and 25.7% of the Company’s Series D Preferred Stock. Adrian Liddell, Chairman is a consultant to Fountainhead.

During each of the three months ended March 31, 2022 and March 31, 2021, under the terms of the Consulting Agreement referred to in note 10, the Company issued 535,714 shares of Common Stock to Fountainhead valued at $45,536 and $101,430, respectively.

During each of the three months ended March 31, 2022 and 2021, the Company accrued an aggregate of $162,185 of Preferred D Stock dividends, of which $113,019 was regarding Fountainhead and $41,693 was regarding of Peter Zachariou. Total accrued Preferred D Stock dividends at March 31, 2022 and 2021 was $1,784,040 and $1,459,669, respectively, of which $1,243,205 and $1,017,167, respectively, was regarding Fountainhead and $458,622 and $375,237, respectively, was regarding of Peter Zachariou.

During the three months ended March 31, 2022 and 2021 the Company issued unsecured loan notes to Fountainhead for a total of $80,000 and $10,000, respectively. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary (see Note 4).

There were no other related party transactions during the three months ended March 31, 2022 and 2021.

12. CONCENTRATION

Vycor Medical sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals.

Sales Concentration:

	Three Months Ended March 31,
	2022			2021
Number of customers over 10%		0			0
Percentage of sales		0	%		0	%

Accounts Receivable Concentration

	At March 31,			At December 31,
	2022			2021
Number of customers over 10%		0			1
Percentage of accounts receivable		0	%		11	%

The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and VBAS extension arms. Purchases from these manufacturers vary from quarter to quarter, with no purchases in some quarters, however on an annual basis purchases from each manufacturer represent over 10% of total annual purchases.

13. SUBSEQUENT EVENTS

On April 1, 2022 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 10).

The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the consolidated financial statements were issued and has determined that, other than that disclosed above, there were no significant subsequent events or transactions that would require recognition or disclosure in the financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward Looking Statements

This Interim Report on Form 10-Q contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding Vycor Medical, Inc. (the “Company” or “Vycor,” also referred to as “us”, “we” or “our”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties. Forward-looking statements include statements regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategies, (c) anticipated trends in our industries, (d) our future financing plans and (e) our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” as well as in this Form 10-Q generally. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results.

Any or all of our forward-looking statements in this report may turn out to be inaccurate. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” and matters described in this Form 10-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to publicly update any forward-looking statements, whether as the result of new information, future events, or otherwise. We intend that all forward-looking statements be subject to the safe harbor provisions of the PSLRA.

1. Organizational History

The Company was formed as a limited liability company under the laws of the State of New York on June 17, 2005 as “Vycor Medical LLC”. On August 14, 2007, we converted into a Delaware corporation and changed our name to “Vycor Medical, Inc.” (“Vycor”). The Company’s listing went effective on February 2009 and on November 29, 2010 Vycor completed the acquisition of substantially all of the assets of NovaVision, Inc. (“NovaVision”) and on January 4, 2012 Vycor, through its wholly-owned NovaVision subsidiary, completed the acquisition of all the shares of Sight Science Limited (“Sight Science”), a previous competitor to NovaVision.

2. Overview of Business

Vycor is dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and operates two distinct business units within the medical device industry. Vycor Medical designs, develops and markets medical devices for use in neurosurgery. NovaVision provides non-invasive rehabilitation therapies for those who have vision disorders resulting from neurological brain damage such as that caused by a stroke. Both businesses adopt a minimally or non-invasive approach. The Company has 61 issued or allowed patents and a further 10 pending. The Company leverages joint resources across the divisions to operate in a cost-efficient manner.

The Company periodically engages in discussions with potential strategic partners for or purchasers of each or both of our operating divisions. In April 2020, the board of Vycor took the decision to close the German operations of NovaVision, including the German office and NovaVision GmbH, and instead migrate to a licensed business model; in June 2020 Vycor announced that it would be entering into a license agreement and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals. The NovaVision German office was closed effective June 30, 2020.

Vycor Medical

Vycor Medical designs, develops and markets medical devices for use in neurosurgery. Vycor Medical’s ViewSite Brain Access System (“VBAS”) is a next generation retraction and access system. Vycor Medical is ISO 13485:2016 and MDSAP (Medical Device Single Audit Program) certified, and VBAS has U.S. FDA 510(k) clearance and CE Marking for Europe (Class III) for brain and spine surgeries, and regulatory approvals in a number of other international markets. Vycor Medical has 30 granted and 10 pending patents.

NovaVision

NovaVision provides non-invasive, computer-based rehabilitation therapies targeted at people who have impaired vision as a result of stroke or other brain injury, and has 31 granted patents.

Strategy

The Company is continuing to execute on a plan to achieve revenue growth and a reduction in annual cash operating losses¹ and generated a small cash operating profit¹ during the three months ended March 31, 2022. For Vycor Medical this plan includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented and continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies. In the US the Company is focused on increasing market penetration through targeting neurosurgeons systematically, both through its distribution network and also directly by leveraging existing KOL neurosurgeon VBAS supporters to access new neurosurgeon users.

The Company continues to target key international territories including Europe where it intends to drive adoption of its VBAS product through selected key KOL neurosurgeon VBAS users in each territory to identify both new potential users and also high-quality distribution partners to bolster our existing network.

¹ Operating Income or Loss before Depreciation, Amortization and non-cash Stock Compensation

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The Company has for some time been working to better integrate its VBAS with neuronavigation. The first phase of the modification of the existing VBAS product range was completed in September 2017 and has been well received by surgeons. The second phase involves the introduction of an optional Alignment Clip accessory that will snap onto the VBAS and allow for a neuronavigation pointer to be fully integrated into the body of the VBAS. This VBAS AC model range has received US FDA 510(k) clearance, EU clearance and is going through the regulatory process elsewhere internationally; it is envisaged that it will be available during 2022. The Company will continue to work with neuronavigation companies to seek ways to further integrate the VBAS with neuronavigation and with other companies with complementary technologies used in neurosurgery. We will also be exploring with neurosurgeons and focus groups additional selected development work targeted at increasing the ease and applicability of our products to additional common procedures.

For NovaVision, given the company’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the distribution of its broad range of patient and professional products is by partnering with entities in selected geographies that have either direct access to the end users or a desire and financial wherewithal to leverage the NovaVision therapy platform, including into new areas. As a result, the Company closed the NovaVision German office and entered into a license agreement with HelferApp, a cognitive therapy specialist, for Germany, Austria and Switzerland, and is seeking similar partnerships in other territories with regional companies able to leverage NovaVision’s clinically supported vision therapies. Management is also open to a broad range of alternatives for NovaVision as a whole, which could comprise distribution and marketing partnerships, licensing, merger or sale.

Comparison of the Three Months Ended March 31, 2022 to the Three Months Ended March 31, 2021

Revenue and Gross Margin:

	Three months ended
	March 31,
	2022		2021		% Change
Revenue:
Vycor Medical	$	287,356	$	262,714		9	%
NovaVision	$	26,477	$	33,035		-20	%
	$	313,833	$	295,749		6	%
Gross Profit
Vycor Medical	$	256,337	$	235,932		9	%
NovaVision	$	24,087	$	31,340		-23	%
	$	280,424	$	267,272		5	%

Vycor Medical recorded revenue of $287,356 from the sale of its products for the three months ended March 31, 2022, an increase of $24,642, or 9%, over the same period in 2021. Gross margin of 89% and 90% was recorded for the three months ended March 31, 2022 and 2021, respectively.

NovaVision recorded revenues of $26,477 for the three months ended March 31, 2022, a decrease of $6,559 over the same period in 2021, of which $5,096 related to delayed recording of 2020 licensing fees from NovaVision’s German licensee during the three months ended March 31, 2021. Gross margin was 91%, compared to 95% for the same period in 2021.

Selling, General and Administrative Expenses:

Selling, general and administrative expenses decreased by $138,802 to $318,674 for the three months ended March 31, 2022 from $457,476 for the same period in 2021. Included within Selling, General and Administrative Expenses are non-cash charges for stock based compensation as the result of amortizing employee and non-employee shares, warrants and options which have been issued by the Company over various periods. The charge for the three months ended March 31, 2022 was $50,568, a $71,682 decrease from the charge in 2021 of $122,430. Also included within Selling, General and Administrative Expenses are Sales Commissions, which increased by $9,656 from $47,670 to $57,326 in 2021, reflecting a proportional increase in US sales.

The remaining Selling, General and Administrative expenses decreased by $76,595 from $287,376 to $210,780 in 2022. Patent costs decreased by $15,998 due a lower level of Vycor division patent activity during the period, and software development and regulatory fees decreased by $18,604 as a result of EU audit costs in the prior year.

An analysis of the change in cash and non-cash G&A is shown in the table below:

	Cash G&A			Non-Cash G&A
Commissions		9,656			-
Scientific, clinical and software development		1,005			-
Payroll		(625	)		-
Regulatory		(18,604	)		-
Legal, patent, audit/accounting		(23,662	)		-
Other (travel/regulatory/premises)		(34,709	)
Board and financial		-			(71,682	)
Total change		(66,939	)		(71,682	)

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Interest Expense:

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the three months ended March 31, 2022 was $7,912 compared to $7,665 for 2021. Other Interest expense for the three months ended March 31, 2022 was $12,314 compared to $16,118 for 2021.

Operating loss from Discontinued Operations:

Operating loss from Discontinued Operations decreased by $11,417 to $755 in 2022 from $12,172 in 2021; the Company has some minor ongoing costs related to the wind-down of the discontinued operations in Germany but no revenues.

Liquidity

The following table shows cash flow and liquidity data for the periods ended March 31, 2022 and December 31, 2021:

	March 31, 2022			December 31, 2021			$ Change
Cash	$	80,567		$	90,941		$	(10,374	)
Accounts receivable, inventory and other current assets	$	432,317		$	396,470		$	35,847
Total current liabilities	$	(3,352,332	)	$	(3,149,997	)	$	(202,335	)
Working capital	$	(2,839,448	)	$	(2,662,586	)	$	(176,862	)
Cash provided by financing activities	$	68,409		$	51,130		$	17,279

Operating Activities. Cash used in operating activities comprises net loss adjusted for non-cash items and the effect of changes in working capital and other activities. The net repayment of normal insurance financing should also be taken into account when considering cash used in operating activities.

The following table shows the principle components of cash used in operating activities during the three months ended March 31, 2022 and 2021, with a commentary of changes during the periods and known or anticipated future changes:

	March 31, 2022			March 31, 2021			$ Change
Net loss	$	(74,552	)	$	(242,919	)	$	168,367
Adjustments to reconcile net loss to cash used in operating activities:
Amortization and depreciation of assets	$	15,563		$	14,156		$	1,407
Share based compensation	$	50,568		$	122,430		$	(71,862	)
Other	$	5,960		$	3,090		$	2,870
	$	72,091		$	139,676		$	(67,585	)
Net loss adjusted for non-cash items	$	(2,461	)	$	(103,243	)	$	100,782
Changes in working capital
Accounts receivable	$	(35,686	)	$	15,382		$	(51,068	)
Accounts payable and accrued liabilities	$	(48,168	)	$	40,429		$	(88,597	)
Inventory	$	(2,117	)	$	(21,628	)	$	19,511
Prepaid expenses and net insurance financing repayments	$	(20,127	)	$	(870	)	$	(19,257	)
Accrued interest (not paid in cash)	$	18,032		$	23,783		$	(5,751	)
Changes in discontinued operations, net	$	154		$	(5,483	)	$	5,637
	$	(87,912	)	$	51,613		$	(139,525	)
Cash provided by (used in) operating activities, adjusted for net insurance repayments	$	(90,373	)	$	(51,630	)	$	(38,743	)

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The adjustments to reconcile net loss to cash of $72,091 in the period have no impact on liquidity. The positive change in net loss adjusted for non-cash items of $100,784 was primarily due an increase in sales in the Vycor division, which also accounts for the increase in accounts receivable of $51,068. The change in accounts payable and accrued liabilities of $88,597 between the 2022 and 2021 periods was mainly due to the settlement of expenses incurred during the final quarter of 2021.

Additional inventory of $23,823 was purchased during the three months ended March 31, 2022 as part of normal production, and the Company anticipates purchasing additional new inventory of approximately $100,000 during the next twelve months for VBAS and VBAS AC.

Investing Activities. There was no cash used in investing activities during the three months ended March 31, 2022 and the Company anticipates limited investing activities during the next twelve months.

Financing Activities. During the three months ended March 31, 2022 the Company received funds of $80,000 in respect of loans from Fountainhead.

Liquidity and Plan of Operations, Ability to Continue as a Going Concern

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 $236,737 for the three months ended March 31, 2022 and has not generated sufficient positive cash flows from operations. As of March 31, 2022 the Company had a working capital deficiency of $540,184, excluding related party liabilities of $2,299,264. 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.

As described earlier in this ITEM 2 “Strategy”, the Company is continuing to execute on a plan to achieve revenue growth and a reduction in annual cash operating losses¹ and generated a small cash operating profit¹ during the three months ended March 31, 2022. For Vycor Medical this plan includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented and continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies. In the US the Company is focused on increasing market penetration through targeting neurosurgeons systematically, both through its distribution network and also directly by leveraging existing KOL neurosurgeon VBAS supporters to access new neurosurgeon users. The Company continues to target key international territories including Europe where it intends to drive adoption of its VBAS product through selected key KOL neurosurgeon VBAS users in each territory to identify both new potential users and also high-quality distribution partners to bolster our existing network. The Company has for some time been working to better integrate its VBAS with neuronavigation. The first phase of the modification of the existing VBAS product range was completed in September 2017 and has been well received by surgeons. The second phase involves the introduction of an optional Alignment Clip accessory that will snap onto the VBAS and allow for a neuronavigation pointer to be fully integrated into the body of the VBAS. This VBAS AC model range has received US FDA 510(k) clearance, EU clearance and is going through the regulatory process elsewhere internationally; it is envisaged that it will be available during 2022. The Company will continue to work with neuronavigation companies to seek ways to further integrate the VBAS with neuronavigation and with other companies with complementary technologies used in neurosurgery. We will also be exploring with neurosurgeons and focus groups additional selected development work targeted at increasing the ease and applicability of our products to additional common procedures. For NovaVision, given the company’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the distribution of its broad range of patient and professional products is by partnering with entities in selected geographies that have either direct access to the end users or a desire and financial wherewithal to leverage the NovaVision therapy platform, including into new areas. As a result, the Company closed the NovaVision German office and entered into a license agreement with HelferApp, a cognitive therapy specialist, for Germany, Austria and Switzerland, and is seeking similar partnerships in other territories with regional companies able to leverage NovaVision’s clinically supported vision therapies. Management is also open to a broad range of alternatives for NovaVision as a whole, which could comprise distribution and marketing partnerships, licensing, merger or sale.

19

However, the Company believes it may not have sufficient cash to meet its various cash needs through May 31, 2023 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $388,732, 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. 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.

Critical Accounting Policies and Estimates

Uses of estimates in the preparation of financial statements

The preparation of unaudited consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the unaudited 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 unaudited consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable, amortization of intangible assets, and the fair values of options and warrant included in the determination of debt discounts and stock-based compensation.

A detailed description of our significant accounting policies can be found in our most recent Annual Report on Form 10-K for the year ended December 31, 2021.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures

We are required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer (also our principal executive officer) and our chief financial officer (also our principal financial and accounting officer) to allow for timely decisions regarding required disclosure.

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The Company’s management, including our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”), have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our CEO and our CFO have concluded that a material weakness occurred as of April 1, 2021 with the resignation of the independent members of the Company’s Audit Committee as of that date. Effective that date, our disclosure and controls were no longer effective to ensure that information required to be disclosed by the Company in the reports its files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its CEO and its CFO, as appropriate, to allow timely decisions regarding required disclosure.

The matter involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were a lack of a functioning audit committee with independent members, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures. This weakness occurred as of April 1, 2021 due to the resignation of the independent members of the Audit Committee from the Board of Directors effective as of April 1, 2021.

Management believes that the material weakness set forth did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors, results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

(b) Changes in Internal Controls

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company’s management, including the Company’s CEO and CFO, does not expect that the Company’s internal control over financial reporting will prevent all errors and all fraud. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

PART II

ITEM 1. LEGAL PROCEEDINGS

We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. As of May 10, 2022, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements.

ITEM 1A. RISK FACTORS.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuance Type	Security	Shares
FHC Management Fees	Common		535,714

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

21

ITEM 5. OTHER INFORMATION

None

Index to Exhibits

31.1	Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

22

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 10, 2022

Vycor Medical, Inc.
(Registrant)
By:	/s/ Peter C. Zachariou
	Peter C. Zachariou
	Chief Executive Officer and Director (Principal Executive Officer)
Date	May 10, 2022
By:	/s/ Adrian Liddell
	Adrian Liddell
	Chairman of the Board and Director
	(Principal Financial and Accounting Officer)
Date	May 10, 2022

23

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Peter Zachariou, certify that:

1.	I have reviewed this Form 10-Q for the period ended March 31, 2022 of Vycor Medical, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Peter Zachariou

Peter C. Zachariou

Principal Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Adrian Liddell, certify that:

1.	I have reviewed this Form 10-Q for the period ended March 31, 2022 of Vycor Medical, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Adrian Liddell

Adrian Liddell

Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Vycor Medical, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

The report on Form 10-Q for the period ended March 31, 2022 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2022

/s/ Peter Zachariou

Peter Zachariou

Principal Executive Officer

A signed original of this written statement required by Section 906 has been provided to VYCOR MEDICAL, INC. and will be retained by VYCOR MEDICAL, INC. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Vycor Medical, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

The report on Form 10-Q for the period ended March 31, 2022 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2022

/s/ Adrian Liddell

Adrian Liddell

Principal Accounting Officer

A signed original of this written statement required by Section 906 has been provided to VYCOR MEDICAL, INC. and will be retained by VYCOR MEDICAL, INC. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-34932
Entity Registrant Name	VYCOR MEDICAL, INC.
Entity Central Index Key	0001424768
Entity Tax Identification Number	20-3369218
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	951 Broken Sound Parkway
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	558-2020
Title of 12(b) Security	Common Stock
Trading Symbol	VYCO
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,455,744

XML

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash	$ 80,567	$ 90,941
Trade accounts receivable	161,783	126,096
Inventory	204,466	207,521
Prepaid expenses and other current assets	65,886	62,473
Current assets of discontinued operations	182	380
Total Current Assets	512,884	487,411
Fixed assets, net	346,042	362,393
Intangible and Other assets:
Security deposits	6,000	6,000
Operating lease - right of use assets	68,053	79,560
Total Intangible and Other assets	74,053	85,560
TOTAL ASSETS	932,979	935,364
Current Liabilities
Accounts payable	182,573	227,720
Accrued interest: Other	390,599	380,479
Accrued interest: Related party	114,356	106,444
Accrued liabilities - Other	123,937	126,959
Accrued liabilities - Related Party	1,784,035	1,621,850
Notes payable: Other	309,057	319,329
Notes payable: Related Party	400,873	320,873
Current operating lease liabilities	47,518	46,915
Current liabilities of discontinued operations	(616)	(572)
Total Current Liabilities	3,352,332	3,149,997
Loan Payable - SBA EIDL	148,681	150,000
Operating lease liability - Long term	18,379	30,580
Total Long-term Liabilities	167,060	180,580
Total Liabilities	3,519,392	3,330,577
STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at March 31, 2022 and December 31, 2021 respectively	27	27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at March 31, 2022 and December 31, 2021, 31,457,415 and 30,921,701 shares issued and 31,354,081 and 30,818,367 outstanding at March 31, 2022 and December 31, 2021 respectively	3,146	3,092
Additional Paid-in Capital	29,217,651	29,172,169
Treasury Stock (103,334 shares of Common Stock as at March 31, 2022 and December 31, 2021 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(31,933,879)	(31,697,142)
Accumulated Other Comprehensive Income	127,675	127,674
Total Stockholders’ Deficiency	(2,586,413)	(2,395,213)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$ 932,979	$ 935,364

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	270,307	270,307
Preferred stock, shares outstanding	270,307	270,307
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	31,457,415	30,921,701
Common stock, shares outstanding	31,354,081	30,818,367
Treasury stock, shares	103,334	103,334

XML

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	$ 313,833	$ 295,749
Cost of Goods Sold	33,409	28,477
Gross Profit	280,424	267,272
Operating Expenses:
Research and development		2,700
Depreciation and amortization	14,649	13,945
Selling, general and administrative	318,674	457,476
Total Operating expenses	333,323	474,121
Operating loss	(52,899)	(206,849)
Other Income (Expense)
Interest expense: Related Party	(7,912)	(7,665)
Interest expense: Other	(12,314)	(16,118)
Loss on foreign currency exchange	(672)	(115)
Total Other Income (Expense)	(20,898)	(23,898)
Loss Before Credit for Income Taxes	(73,797)	(230,747)
Credit for income taxes
Net Loss from continuing operations	(73,797)	(230,747)
Loss from discontinued operations	(755)	(12,172)
Net loss	(74,552)	(242,919)
Preferred stock dividends	(162,185)	(162,185)
Net Loss Available to Common Stockholders	(236,737)	(405,104)
Other Comprehensive Income
Foreign Currency Translation Adjustment	1	7
Comprehensive Loss	$ (74,551)	$ (242,912)
Net Loss Per Share – basic and diluted
Loss from continuing operations	$ (0.01)	$ (0.01)
Loss from discontinued operations	(0.00)	(0.00)
Net Loss available to common shareholders	$ (0.01)	$ (0.01)
Weighted Average Number of Shares Outstanding – Basic and Diluted	30,824,320	27,831,540

XML

Consolidated Statement of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance	$ (2,395,213)	$ (1,981,316)
Issuance of stock for board and consulting fees	45,536	101,430
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted		21,000
Accumulated Comprehensive Loss	1	7
Net loss	(236,737)	(405,104)
Balance	(2,586,413)	(2,263,983)
Common Stock [Member]
Balance	$ 3,093	$ 2,753
Balance, shares	30,921,701	27,534,740
Issuance of stock for board and consulting fees	$ 54	$ 54
Issuance of stock for board and consulting fees, shares	535,714	535,714
Issuance of stock related to deferred compensation of directors		$ 47
Issuance of stock related to deferred compensation of directors, shares		466,794
Balance	$ 3,147	$ 2,854
Balance, shares	31,457,415	28,537,248
Preferred Stock [Member] | Preferred C [Member]
Balance	$ 0	$ 0
Balance, shares	1	1
Directors deferred compensation granted
Accumulated Comprehensive Loss
Balance	$ 0	$ 0
Balance, shares	1	1
Preferred Stock [Member] | Preferred D [Member]
Balance	$ 27	$ 27
Balance, shares	270,306	270,306
Directors deferred compensation granted
Accumulated Comprehensive Loss
Balance	$ 27	$ 27
Balance, shares	270,306	270,306
Treasury Stock [Member]
Balance	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)
Directors deferred compensation granted
Accumulated Comprehensive Loss
Balance	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)
Additional Paid-in Capital [Member]
Balance	$ 29,172,169	$ 28,826,378
Issuance of stock for board and consulting fees	45,482	101,376
Issuance of stock related to deferred compensation of directors		(47)
Directors deferred compensation granted		21,000
Balance	29,217,651	28,948,707
Retained Earnings [Member]
Balance	(31,697,142)	(30,937,110)
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss	(236,737)	(405,104)
Balance	(31,933,879)	(31,342,214)
AOCI Attributable to Parent [Member]
Balance	127,674	127,669
Accumulated Comprehensive Loss	1	7
Balance	$ 127,675	$ 127,676

XML

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (74,552)	$ (242,919)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets		2,994
Depreciation of fixed assets	15,563	11,162
Inventory provision	5,960	3,090
Stock based compensation	50,568	122,430
Changes in assets and liabilities:
Accounts receivable	(35,686)	15,382
Inventory	(2,117)	(21,628)
Prepaid expenses	(8,536)	16,600
Accrued interest - Related Party	7,912	7,665
Accrued interest - Other	10,120	16,118
Accounts payable	(45,147)	36,038
Accrued liabilities - Other	(3,021)	4,391
Changes in discontinued operations, net	156	(5,483)
Cash used in operating activities	(78,780)	(34,160)
Cash flows from investing activities:
Purchase of fixed assets		(23,935)
Cash used in investing activities		(23,935)
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party	80,000	10,000
Proceeds from Paycheck Protection Program and EIDL		58,600
Proceeds net of repayments Notes Payable - Other	(11,591)	(17,470)
Cash provided by financing activities	68,409	51,130
Effect of exchange rate changes on cash	(3)	7
Net increase (decrease) in cash	(10,376)	(6,958)
Cash at beginning of period	90,941	46,002
Cash at end of period	80,567	39,044
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	2,193	0
Cash paid for income tax	$ 0	$ 0

XML

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

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.

The unaudited consolidated financial statements as of and for the three months ended March 31, 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 months ended March 31, 2022 and 2021 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.

Ability to continue as a Going Concern

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 $236,737 for the three months ended March 31, 2022 and has not generated sufficient positive cash flows from operations. As of March 31, 2022 the Company had a working capital deficiency of $540,184, excluding related party liabilities of $2,299,264. 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.

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 $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $388,733, 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 May 31, 2022 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.

XML

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company account balances, transactions, and profits have been eliminated in consolidation. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations.

Recent Accounting Pronouncements

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Discontinued Operations

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program

During the year ended December 31, 2020 the Company received a loan of $58,600 (“First Draw Loan”), pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act. During the year ended December 31, 2021 the Company received an additional PPP loan of $58,600 (“Second Draw Loan”). Under the terms of the PPP, both the First Draw Loan and Second Draw Loan were forgiven during the year ended December 31, 2021 as they were used for qualifying expenses as described in the CARES Act.

The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive.

The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share:

	March 31, 2022		March 31, 2021
Stock options outstanding		-		660,000
Debentures convertible into common stock		3,279,676		3,051,106
Preferred shares convertible into common stock		1,272,052		1,272,052
Directors Deferred Compensation Plan		-		1,142,442
Total		4,551,728		6,125,600

XML

DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

3. DISCONTINUED OPERATIONS

In April 2020, the board of Vycor took the decision to close the German operations of NovaVision, including the German office and NovaVision GmbH, and instead migrate to a licensed business model; in June 2020 Vycor announced that it would be entering into a license agreement and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals; and has assumed responsibility for the current patients of NovaVision in the territory. The NovaVision German office was closed effective June 30, 2020. The Company will continue to fund the remaining expenses of the German operations, which are non-material, until such a time as NovaVision GmbH will be formally wound up.

Reconciliation of the major line items from discontinued operations that are presented in the unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive loss are as follows:

Major line items constituting assets and liabilities in the unaudited consolidated balance sheets

	March 31, 2022			December 31, 2021
ASSETS
Current Assets
Cash	$	182		$	380
Total Current Assets		182			380
TOTAL ASSETS	$	182		$	380
LIABILITIES
Current Liabilities
Accounts payable	$	4		$	4
Accrued liabilities - Other		-			-
Other current liabilities		(620	)		(576	)
Total Current Liabilities	$	(616	)	$	(572	)

Major line items constituting loss from discontinued operations

	For the three months ended March 31,
	2022			2021
Revenue	$	-		$	-
Cost of Goods Sold		-			-
Gross Profit		-			-
Operating Expenses:
Selling, general and administrative		751			11,569
Total Operating expenses		751			11,569
Operating Loss		(751	)		(11,569	)
Other Income (Expense)
Loss on foreign currency exchange		(4	)		(603	)
Total Other Income (Expense)		(4	)		(603	)
Loss Before Credit for Income Taxes		(755	)		(12,172	)
Credit for income taxes		-			-
Loss from discontinued operations, net of tax	$	(755	)	$	(12,172	)

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NOTES PAYABLE

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE

4. NOTES PAYABLE

Related Parties Notes Payable

Related Party Notes Payable consists of:

	March 31, 2022		December 31, 2021
On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The note was extended for another twelve months on its due date to June 25, 2022 or on demand by the Payee.	$	30,000	$	30,000
Between March 26, 2018 and March 25, 2022 the Company issued twelve promissory notes to Fountainhead Capital Management Limited for $370,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Eleven notes were extended on their due dates for another twelve months. The Notes will be due between July 2022 and May 2023 or on demand by the Payee.		370,873		290,873
Total Related Party Notes Payable	$	400,873	$	320,873

Other Notes Payable

Other Notes Payable consists of:

	March 31, 2022		December 31, 2021
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 31, 2023. See further note below.	$	300,000	$	300,000
Current portion of Long-Term Notes payable, see below		1,319		-
Insurance policy finance agreements.		7,738		19,329
Total Notes Payable:	$	309,057	$	319,329

Long-Term Notes Payable consists of:

	March 31, 2022		December 31, 2021
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company. The proceeds of the Loan will be used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.	$	148,681	$	150,000
Total Long-Term Notes Payable:	$	148,681	$	150,000

In January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended and the conversion terms of the Note were reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 3,279,676 shares of Common Stock as of March 31, 2022. Notwithstanding, EuroAmerican agreed that the Note could not be converted without first offering the Company the right to redeem the Note at principal and accrued interest, and secondly Fountainhead the right to purchase the Note, which cannot be converted prior to such offer and the failure of the Company and Fountainhead to exercise such option in accordance with the amendment terms. The amendment was recognized as a modification, based on the guidance in ASC 470-50. On March 29, 2022 the maturity date of the Note was extended to March 31, 2023. No other term was amended on the Note.

The Company routinely finances all their insurance policies through a third party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

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LEASE

3 Months Ended

Mar. 31, 2022

Lease

LEASE

5. LEASE

The Company recognized the following related to a lease in its unaudited consolidated balance sheet at March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Operating Lease ROU Assets	$	68,053	$	79,560
	$	68,053	$	79,560
Operating Lease Liabilities
Current portion		47,518		46,915
Long-term portion	$	18,379	$	30,580
	$	65,897	$	77,495

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SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

6. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

(a) Business segments

The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment:

	Three Months Ended March 31,
	2022		2021
Revenue:
Vycor Medical	$	287,356	$	262,714
NovaVision	$	26,477	$	33,035
	$	313,833	$	295,749
Gross Profit
Vycor Medical	$	256,337	$	235,932
NovaVision	$	24,087	$	31,340
	$	280,424	$	267,272

	March 31,		December 31,
	2022		2021
Total Assets:
Vycor Medical	$	910,098	$	901,930
NovaVision		22,699		33,054
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

(b) Geographic information

The Company operates in two geographic segments, the United States and Europe. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment.

	Three Months Ended March 31,
	2022		2021
Revenue:
United States	$	310,605	$	288,780
Europe	$	3,228	$	6,969
	$	313,833	$	295,749
Gross Profit
United States	$	277,212	$	260,371
Europe	$	3,212	$	6,901
	$	280,424	$	267,272

	March 31,		December 31,
	2022		2021
Total Assets:
United States	$	926,757	$	928,761
Europe		6,040		6,223
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

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EQUITY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

EQUITY

7. EQUITY

Equity Transactions

During January to March 2022 and 2021, the Company granted 0 and 99,999 shares of Common Stock respectively, (valued at $0 and $21,000 respectively) to non-employee Directors. Under the terms of the Directors Deferred Compensation Plan, the receipt of these shares is deferred until the January 15^th following the termination of their services as a director, or following the termination of the Plan. The Plan was terminated on April 1, 2021 and the shares issued following the period end (see Note 13).

In January 2021 the Company issued 466,794 shares of common stock to Oscar Bronsther in respect of the shares granted under the Directors’ Deferred Compensation plan, following his resignation from the board of directors effective July 1, 2020.

On April 1, 2021 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 14).

During January to March 2022 and 2021, under the terms of the Consulting Agreement referred to in note 10, the Company issued 535,714 of Common Stock to Fountainhead valued at $45,536 and $101,430, respectively.

Stock Options

The details of the outstanding stock options are as follows:

	Number of shares			Weighted average exercise price per share
Outstanding at December 31, 2020		680,000		$	0.28
Granted		-			-
Exercised		-			-
Cancelled or expired		(680,000	)		0.28
Outstanding at December 31, 2021		-		$	-
Granted		-			-
Exercised		-			-
Cancelled or expired		-			-
Outstanding at March 31, 2022		-		$	-

As of March 31, 2022, the weighted-average remaining contractual life of outstanding options is 0 years.

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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

8. STOCK-BASED COMPENSATION

The Company from time to time issues common stock, stock options or common stock warrants to acquire services or goods from non-employees. Common stock, stock options and common stock warrants issued to other than employees or directors are recorded on the basis of their fair value, which is measured as of the “measurement date” using an option pricing model, or their contractual value if different in the case of common stock. The “measurement date” for options and warrants related to contracts that have substantial disincentives to non-performance is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant.

Non-Employee Stock Compensation

Aggregate stock-based compensation for stock granted to non-employees for each of the three months ended March 31, 2022 and 2021 was $50,568 and $122,430, respectively. As of March 31, 2022, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND CONTINGENCIES

Lease

The Company leases office space located at 951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487 from WPT Land 2 L.P., for a gross rent of approximately $4,000 per month, plus other charges of approximately $1,500 per month. The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. The Company’s subsidiary in Germany occupied premises on a rolling 12 month lease agreement with a 3 month notice period of EUR1,650 per month (approximately $1,815), which was terminated effective June 30, 2020. Rent expense for the three months ended March 31, 2022 and 2021 for the continuing operations was $20,604 and $19,477 respectively. See Note 5.

Potential German tax liability

In June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of €75,000 (approximately $82,000), with an additional interest charge of €12,000 (approximately $13,200). This assessment is for the 2010 fiscal year and relates to the Company’s acquisition of the assets of the former NovaVision, Inc. An initial assessment for corporate tax for the same period was preliminarily reduced to zero. The Company did not accept this trade tax assessment and appealed against it to the relevant tax authorities with a view to its reduction. The relevant tax authorities agreed to suspend the assessment pending the outcome of certain court hearings and proposed tax legislation, and the Company agreed to make monthly payments on account totaling €75,000 (approximately $82,000) which were completed in October 2016 and fully expensed. At that time the Company appealed against the interest charge of €12,000 (approximately $13,200) which the tax authorities did not accept but also agreed to suspend pending the outcome of the hearings and proposed legislation outlined above. Accordingly, the Company has made no provision for this liability in the three months ended March 31, 2022 and the year ended December 31, 2021 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

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CONSULTING AND OTHER AGREEMENTS

3 Months Ended

Mar. 31, 2022

Consulting And Other Agreements

CONSULTING AND OTHER AGREEMENTS

10. CONSULTING AND OTHER AGREEMENTS

The following agreements were entered into or remained in force during the period ended March 31, 2022:

Consulting Agreement with Fountainhead

In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement. Under the Amended Agreement, fees of $450,000 are payable to Fountainhead, with an option to receive $5,000 per month in cash and the remainder payable in Company Common Stock issued at the higher of $0.21 and the average price for the 30 days prior to issuance, and deliverable at the end of each fiscal quarter. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval.

Effective January 1, 2021, the Company made a slight amendment to the Fountainhead Consulting Agreement (“the Amended Agreement”). Under the Amended Agreement, fees are payable to Fountainhead, with an option to receive $5,000 per month in cash, and the remainder payable in Company Common Stock (“Shares”) as follows: 1) 535,714 Shares on the last day of each quarter; to the extent there are cash retainer payments during the quarter, the Shares shall be reduced by a number calculated by dividing the cash amount by the average closing price of the Shares for the 30 trading days prior to issuance; or 2) if the average closing price of the Shares for the 30 trading days prior to issuance is above $0.21, a number of Shares calculated by dividing $112,500 by the average closing price of the Shares for the 30 trading days prior to issuance. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval. Under the terms of the Amended Agreement, Fountainhead continues to provide the executive management team of the Company, including the positions of CEO, President and CFO, whose employment agreements with the Company stipulate they receive no remuneration from the Company.

During the three months ended March 31, 2022 and March 31, 2021, under the terms of the Amended Agreement, Fountainhead received 535,714 shares of Company Common Stock, valued at $45,536 and $101,430, respectively.

Other Agreements

On March 30, 2021, Vycor entered into a Consulting Agreement with Ricardo J. Komotar, M.D. (the “Agreement”) to provide certain specified services over the three-year term of the Agreement. Under the Agreement, Dr. Komotar will provide general scientific advisory consultancy services, and will also provide scientific advisory services based around certain specific pre-determined milestones. In consideration of the Consultant’s services, the Company agreed to deliver to the Consultant over the course of the three-year term, a total of 304,989 shares of Company Common Stock in respect of the general consultancy, and up to 1,219,957 shares of Company Common Stock in respect of the milestones, the actual number of shares to be delivered being determined by the achievement of the pre-determined milestones. On April 1, 2021 101,663 shares of Company Common Stock were issued under the terms of the Agreement (see Note 13).

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

11. RELATED PARTY TRANSACTIONS

Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at March 31, 2022, 61.5% of the Company’s Common Stock and 69.7% of the Company’s Series D Preferred Stock. Peter Zachariou owns 0.16% of the Company’s Common Stock and 25.7% of the Company’s Series D Preferred Stock. Adrian Liddell, Chairman is a consultant to Fountainhead.

During each of the three months ended March 31, 2022 and March 31, 2021, under the terms of the Consulting Agreement referred to in note 10, the Company issued 535,714 shares of Common Stock to Fountainhead valued at $45,536 and $101,430, respectively.

During each of the three months ended March 31, 2022 and 2021, the Company accrued an aggregate of $162,185 of Preferred D Stock dividends, of which $113,019 was regarding Fountainhead and $41,693 was regarding of Peter Zachariou. Total accrued Preferred D Stock dividends at March 31, 2022 and 2021 was $1,784,040 and $1,459,669, respectively, of which $1,243,205 and $1,017,167, respectively, was regarding Fountainhead and $458,622 and $375,237, respectively, was regarding of Peter Zachariou.

During the three months ended March 31, 2022 and 2021 the Company issued unsecured loan notes to Fountainhead for a total of $80,000 and $10,000, respectively. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary (see Note 4).

There were no other related party transactions during the three months ended March 31, 2022 and 2021.

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CONCENTRATION

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

CONCENTRATION

12. CONCENTRATION

Vycor Medical sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals.

Sales Concentration:

	Three Months Ended March 31,
	2022			2021
Number of customers over 10%		0			0
Percentage of sales		0	%		0	%

Accounts Receivable Concentration

	At March 31,			At December 31,
	2022			2021
Number of customers over 10%		0			1
Percentage of accounts receivable		0	%		11	%

The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and VBAS extension arms. Purchases from these manufacturers vary from quarter to quarter, with no purchases in some quarters, however on an annual basis purchases from each manufacturer represent over 10% of total annual purchases.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

On April 1, 2022 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 10).

The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the consolidated financial statements were issued and has determined that, other than that disclosed above, there were no significant subsequent events or transactions that would require recognition or disclosure in the financial statements.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company account balances, transactions, and profits have been eliminated in consolidation. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Discontinued Operations

Discontinued Operations

In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program

Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program

During the year ended December 31, 2020 the Company received a loan of $58,600 (“First Draw Loan”), pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act. During the year ended December 31, 2021 the Company received an additional PPP loan of $58,600 (“Second Draw Loan”). Under the terms of the PPP, both the First Draw Loan and Second Draw Loan were forgiven during the year ended December 31, 2021 as they were used for qualifying expenses as described in the CARES Act.

The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment.

Net Loss Per Share

Net Loss Per Share

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive.

The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share:

	March 31, 2022		March 31, 2021
Stock options outstanding		-		660,000
Debentures convertible into common stock		3,279,676		3,051,106
Preferred shares convertible into common stock		1,272,052		1,272,052
Directors Deferred Compensation Plan		-		1,142,442
Total		4,551,728		6,125,600

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE

The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share:

	March 31, 2022		March 31, 2021
Stock options outstanding		-		660,000
Debentures convertible into common stock		3,279,676		3,051,106
Preferred shares convertible into common stock		1,272,052		1,272,052
Directors Deferred Compensation Plan		-		1,142,442
Total		4,551,728		6,125,600

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DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS

	March 31, 2022			December 31, 2021
ASSETS
Current Assets
Cash	$	182		$	380
Total Current Assets		182			380
TOTAL ASSETS	$	182		$	380
LIABILITIES
Current Liabilities
Accounts payable	$	4		$	4
Accrued liabilities - Other		-			-
Other current liabilities		(620	)		(576	)
Total Current Liabilities	$	(616	)	$	(572	)

Major line items constituting loss from discontinued operations

	For the three months ended March 31,
	2022			2021
Revenue	$	-		$	-
Cost of Goods Sold		-			-
Gross Profit		-			-
Operating Expenses:
Selling, general and administrative		751			11,569
Total Operating expenses		751			11,569
Operating Loss		(751	)		(11,569	)
Other Income (Expense)
Loss on foreign currency exchange		(4	)		(603	)
Total Other Income (Expense)		(4	)		(603	)
Loss Before Credit for Income Taxes		(755	)		(12,172	)
Credit for income taxes		-			-
Loss from discontinued operations, net of tax	$	(755	)	$	(12,172	)

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NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

SUMMARY OF NOTES PAYABLE

Related Party Notes Payable consists of:

	March 31, 2022		December 31, 2021
On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The note was extended for another twelve months on its due date to June 25, 2022 or on demand by the Payee.	$	30,000	$	30,000
Between March 26, 2018 and March 25, 2022 the Company issued twelve promissory notes to Fountainhead Capital Management Limited for $370,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Eleven notes were extended on their due dates for another twelve months. The Notes will be due between July 2022 and May 2023 or on demand by the Payee.		370,873		290,873
Total Related Party Notes Payable	$	400,873	$	320,873

Other Notes Payable

Other Notes Payable consists of:

	March 31, 2022		December 31, 2021
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 31, 2023. See further note below.	$	300,000	$	300,000
Current portion of Long-Term Notes payable, see below		1,319		-
Insurance policy finance agreements.		7,738		19,329
Total Notes Payable:	$	309,057	$	319,329

Long-Term Notes Payable consists of:

	March 31, 2022		December 31, 2021
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company. The proceeds of the Loan will be used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.	$	148,681	$	150,000
Total Long-Term Notes Payable:	$	148,681	$	150,000

In January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended and the conversion terms of the Note were reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 3,279,676 shares of Common Stock as of March 31, 2022. Notwithstanding, EuroAmerican agreed that the Note could not be converted without first offering the Company the right to redeem the Note at principal and accrued interest, and secondly Fountainhead the right to purchase the Note, which cannot be converted prior to such offer and the failure of the Company and Fountainhead to exercise such option in accordance with the amendment terms. The amendment was recognized as a modification, based on the guidance in ASC 470-50. On March 29, 2022 the maturity date of the Note was extended to March 31, 2023. No other term was amended on the Note.

The Company routinely finances all their insurance policies through a third party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

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LEASE (Tables)

3 Months Ended

Mar. 31, 2022

Lease

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES

The Company recognized the following related to a lease in its unaudited consolidated balance sheet at March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
Operating Lease ROU Assets	$	68,053	$	79,560
	$	68,053	$	79,560
Operating Lease Liabilities
Current portion		47,518		46,915
Long-term portion	$	18,379	$	30,580
	$	65,897	$	77,495

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SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SCHEDULE OF BUSINESS SEGMENTS INFORMATION

	Three Months Ended March 31,
	2022		2021
Revenue:
Vycor Medical	$	287,356	$	262,714
NovaVision	$	26,477	$	33,035
	$	313,833	$	295,749
Gross Profit
Vycor Medical	$	256,337	$	235,932
NovaVision	$	24,087	$	31,340
	$	280,424	$	267,272

	March 31,		December 31,
	2022		2021
Total Assets:
Vycor Medical	$	910,098	$	901,930
NovaVision		22,699		33,054
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

SUMMARY OF GEOGRAPHIC INFORMATION

	Three Months Ended March 31,
	2022		2021
Revenue:
United States	$	310,605	$	288,780
Europe	$	3,228	$	6,969
	$	313,833	$	295,749
Gross Profit
United States	$	277,212	$	260,371
Europe	$	3,212	$	6,901
	$	280,424	$	267,272

	March 31,		December 31,
	2022		2021
Total Assets:
United States	$	926,757	$	928,761
Europe		6,040		6,223
Discontinued operations		182		380
Total Assets	$	932,979	$	935,364

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EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

SCHEDULE OF STOCK OPTIONS

	Number of shares			Weighted average exercise price per share
Outstanding at December 31, 2020		680,000		$	0.28
Granted		-			-
Exercised		-			-
Cancelled or expired		(680,000	)		0.28
Outstanding at December 31, 2021		-		$	-
Granted		-			-
Exercised		-			-
Cancelled or expired		-			-
Outstanding at March 31, 2022		-		$	-

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CONCENTRATION (Tables)

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

SCHEDULE OF CONCENTRATION

Sales Concentration:

	Three Months Ended March 31,
	2022			2021
Number of customers over 10%		0			0
Percentage of sales		0	%		0	%

Accounts Receivable Concentration

	At March 31,			At December 31,
	2022			2021
Number of customers over 10%		0			1
Percentage of accounts receivable		0	%		11	%

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BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss	$ (74,552)	$ (242,919)
Working capital deficiency	540,184
Related party liabilities	2,299,264
EuroAmerican Investment Corp [Member]
Debt Instrument, Face Amount	300,000
Accrued interest	388,733
Common Stock [Member]
Net loss	$ 236,737

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SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	4,551,728	6,125,600
Stock Option Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share		660,000
Debentures Convertible into Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	3,279,676	3,051,106
Preferred Shares Convertible to Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	1,272,052	1,272,052
Deferred Compensation, Share-Based Payments [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share		1,142,442

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SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Paycheck Protection Program [Member] | CARES Act [Member]
Short-Term Debt [Line Items]
Proceeds from loan	$ 58,600	$ 58,600

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SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Current Assets
Cash	$ 182		$ 380
Total Current Assets	182		380
TOTAL ASSETS	182		380
Current Liabilities
Accounts payable	4		4
Accrued liabilities - Other
Other current liabilities	(620)		(576)
Total Current Liabilities	(616)		$ (572)
Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Selling, general and administrative	751	11,569
Total Operating expenses	751	11,569
Operating Loss	(751)	(11,569)
Other Income (Expense)
Loss on foreign currency exchange	(4)	(603)
Total Other Income (Expense)	(4)	(603)
Loss Before Credit for Income Taxes	(755)	(12,172)
Credit for income taxes
Loss from discontinued operations, net of tax	$ (755)	$ (12,172)

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SUMMARY OF NOTES PAYABLE (Details) (Parenthetical) - USD ($)				48 Months Ended
	Jul. 07, 2020	Jun. 25, 2018	Mar. 25, 2011	Mar. 25, 2022
Term Note [Member] | EuroAmerican Investment Corp [Member]
Short-Term Debt [Line Items]
Notes issued			$ 300,000
Notes interest rate			16.00%
Conversion due date			Jun. 25, 2011
Term Note [Member] | EuroAmerican Investment Corp [Member] | Extended Maturity [Member]
Short-Term Debt [Line Items]
Conversion due date			Mar. 31, 2023
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-Term Debt [Line Items]
Notes issued	$ 150,000
Notes interest rate	3.75%
Debt instrument, term	30 years
Debt instrument, periodic payment	$ 731
Peter Zachariou [Member]
Short-Term Debt [Line Items]
Notes issued		$ 30,000
Notes interest rate		10.00%
Fountainhead Capital Management Limited [Member]
Short-Term Debt [Line Items]
Notes issued				$ 370,873
Notes interest rate				10.00%
Debt maturity date description				The Notes will be due between July 2022 and May 2023 or on demand by the Payee.

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SUMMARY OF NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total Related Party Notes Payable	$ 400,873	$ 320,873
Total Notes Payable	309,057	319,329
Total Long term Notes Payable	148,681	150,000
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-Term Debt [Line Items]
Total Long term Notes Payable	148,681	150,000
EuroAmerican Investment Corp [Member]
Short-Term Debt [Line Items]
Total Notes Payable	300,000	300,000
Peter Zachariou [Member]
Short-Term Debt [Line Items]
Total Related Party Notes Payable	30,000	30,000
Fountainhead Capital Management Limited [Member]
Short-Term Debt [Line Items]
Total Related Party Notes Payable	370,873	290,873
Current Portion Of Long Term Notes Payable [Member]
Short-Term Debt [Line Items]
Total Notes Payable	1,319
Insurance Policy Finance Agreements [Member]
Short-Term Debt [Line Items]
Total Notes Payable	$ 7,738	$ 19,329

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NOTES PAYABLE (Details Narrative) - USD ($)	Mar. 29, 2022	Jan. 24, 2018	Jan. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Debt maturity date	Mar. 31, 2023
EuroAmerican Investment Corp [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Notes Payable			$ 300,000
Offering price		$ 0.21
Conversion shares		3,279,676

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SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Lease
Operating Lease ROU Assets	$ 68,053	$ 79,560
Operating Lease ROU Assets	68,053	79,560
Current portion	47,518	46,915
Long-term portion	18,379	30,580
Operating Lease Liabilities	$ 65,897	$ 77,495

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SCHEDULE OF BUSINESS SEGMENTS INFORMATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 313,833	$ 295,749
Gross Profit	280,424	267,272
Total Assets	932,979		$ 935,364
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Total Assets	182		380
Vycor Medical [Member]
Segment Reporting Information [Line Items]
Revenue	287,356	262,714
Gross Profit	256,337	235,932
Total Assets	910,098		901,930
Nova Vision [Member]
Segment Reporting Information [Line Items]
Revenue	26,477	33,035
Gross Profit	24,087	$ 31,340
Total Assets	$ 22,699		$ 33,054

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SUMMARY OF GEOGRAPHIC INFORMATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 313,833	$ 295,749
Gross Profit	280,424	267,272
Total Assets	932,979		$ 935,364
Discontinued Operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	182		380
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	310,605	288,780
Gross Profit	277,212	260,371
Total Assets	926,757		928,761
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	3,228	6,969
Gross Profit	3,212	$ 6,901
Total Assets	$ 6,040		$ 6,223

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SCHEDULE OF STOCK OPTIONS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of shares Options Outstanding, Beginning Balance		680,000
Weighted average exercise price per share Options, Outstanding, Beginning Balance		$ 0.28
Number of shares Options, Granted
Weighted average exercise price per share Options, Granted
Number of shares Options, Exercised
Weighted average exercise price per share Options, Exercised
Number of shares Options, Cancelled or expired		(680,000)
Weighted average exercise price per share Options, Cancelled or expired		$ 0.28
Number of shares Options, Cancelled or expired		680,000
Number of shares Options Outstanding, Ending Balance
Weighted average exercise price per share Options, Outstanding, Ending balance

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EQUITY (Details Narrative) - USD ($)			3 Months Ended
	Apr. 02, 2021	Jan. 02, 2021	Mar. 31, 2022	Mar. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Weighted average remaining contractual life			0 years
Fountainhead [Member] | Fountainhead Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock issued, shares			535,714	535,714
Number of common stock issued, value			$ 45,536	$ 101,430
Non-employee Directors [Member] | Directors Deferred Compensation Plan [Member].
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Issuance of stock related to deferred compensation of directors,shares			0	99,999
Issuance of stock related to deferred compensation of directors, value			$ 0	$ 21,000
Consultant [Member] | Oscar Bronsther [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock issued, shares		466,794
Consultant [Member] | Ricardo Komotar [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock issued, shares	101,663

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STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Non-employee Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized compensation costs	$ 0
Non-employees [Member]
Defined Benefit Plan Disclosure [Line Items]
Share based payment arrangement expense	$ 50,568	$ 122,430

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COMMITMENTS AND CONTINGENCIES (Details Narrative)					3 Months Ended
	Oct. 31, 2016 USD ($)	Oct. 31, 2016 EUR (€)	Jun. 30, 2012 USD ($)	Jun. 30, 2012 EUR (€)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Oct. 31, 2016 EUR (€)	Jun. 30, 2012 EUR (€)
Product Liability Contingency [Line Items]
Payments for rent					$ 20,604		$ 19,477
Trade tax reduced	$ 82,000		$ 82,000					€ 75,000	€ 75,000
Interest expenses	$ 13,200	€ 12,000	$ 13,200	€ 12,000
GERMANY
Product Liability Contingency [Line Items]
Payments for rent					1,815	€ 1,650
Office Space [Member]
Product Liability Contingency [Line Items]
Payments for rent					4,000
Other charges					$ 1,500
Lessee, operating lease, description					The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023.	The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023.

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CONSULTING AND OTHER AGREEMENTS (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended
	Apr. 02, 2021	Mar. 30, 2021	Mar. 31, 2017	Mar. 31, 2022	Mar. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock option cash				$ 50,568	$ 122,430
General Consultancy [Member] | Ricardo J Komotar M D [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued for services, shares		304,989
Milestones [Member] | Ricardo J Komotar M D [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued, shares	101,663
Number of common stock issued for services, shares		1,219,957
Fountainhead Consulting Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consulting fee			$ 450,000
Common stock exercise price			$ 0.21
Fountainhead Consulting Agreement [Member] | Fountainhead [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued, shares				535,714	535,714
Number of common stock issued, value				$ 45,536	$ 101,430
Fountainhead Consulting Agreement [Member] | Per Month [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consulting fee			$ 5,000
Fountainhead Consulting Agreement [Member] | January 1, 2021 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock exercise price				$ 0.21
Stock option cash				$ 5,000
Number of common stock issued, shares				535,714
Amended Agreement [Member] | January 1, 2021 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued, value				$ 112,500
Consultancy Agreement [Member] | Fountainhead [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued, shares				535,714	535,714
Number of common stock issued, value				$ 45,536	$ 101,430

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Accrued dividends	$ 162,185	$ 162,185
Accrued dividends, total	1,784,040	1,459,669
Related party transaction amount	$ 0	$ 0
Fountainhead [Member] | Fountainhead Consulting Agreement [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues	535,714	535,714
Stock issued during period, value, new issues	$ 45,536	$ 101,430
Fountainhead [Member]
Related Party Transaction [Line Items]
Accrued dividends	113,019	113,019
Accrued dividends, total	1,243,205	1,017,167
Fountainhead [Member] | Unsecured Loan [Member]
Related Party Transaction [Line Items]
Unsecured loan notes issued	$ 80,000	$ 10,000
Unsecured loan notes interest rate	10.00%	10.00%
Unsecured loan maturity description	due on demand or by their one-year anniversary	due on demand or by their one-year anniversary
Peter Zachariou [Member]
Related Party Transaction [Line Items]
Accrued dividends	$ 41,693	$ 41,693
Accrued dividends, total	$ 458,622	$ 375,237
Peter Zachariou [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	25.70%
Directors [Member] | Fountainhead [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	61.50%
Directors [Member] | Fountainhead [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	69.70%
Peter Zachariou [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	0.16%

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SCHEDULE OF CONCENTRATION (Details) - Customer Concentration Risk [Member] - Integer	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue Benchmark [Member]
Concentration Risk [Line Items]
Number of customers over 10%	0	0
Revenue Benchmark [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%	0.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of customers over 10%	0		1
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%		11.00%

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CONCENTRATION (Details Narrative) - Purchase [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2022
Manufacturer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Manufacturer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Manufacturer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

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SUBSEQUENT EVENTS (Details Narrative) - shares	Apr. 01, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock, shares issued		31,457,415	30,921,701
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	101,663