Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

 

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 September 30, 2024
☐	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: [phone]

 

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 ☒
	Emerging Growth 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 33,372,796 shares outstanding of registrant’s common stock, par value $0.0001 per share, as of November 13, 2024.

 

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 September 30, 2024 and December 31, 2023	3
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023.	4
	Unaudited Consolidated Statements of Stockholders’ Deficiency for the three and nine months ended September 30, 2024 and 2023.	5
	Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023.	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	21
Item 4.	Controls and Procedures	21
	PART II
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
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)

 

		September 30,				December 31,
		2024				2023
ASSETS
Current Assets
Cash		$	157,633			$	57,291
Trade accounts receivable			238,700				215,231
Inventory			187,627				234,145
Prepaid expenses and other current assets			158,500				76,684
Current assets of discontinued operations			970				739
Total Current Assets			743,430				584,090
Fixed assets, net			209,732				252,404
Intangible and Other assets:
Security deposits			6,000				6,000
Operating lease - right of use assets			115,442				149,804
Total Intangible and Other assets			121,442				155,804
TOTAL ASSETS		$	1,074,604			$	992,298
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities
Accounts payable		$	150,980			$	117,801
Accrued interest: Other			508,931				472,897
Accrued interest: Related Party			232,965				195,522
Accrued liabilities - Other			187,995				151,816
Dividends payable - Related Party			2,594,960				2,270,590
Notes payable: Related Party			493,373				493,373
Notes payable: Other			337,179				328,267
Current operating lease liabilities			47,178				45,321
Current liabilities of discontinued operations			(672	)			(1,100	)
Total Current Liabilities			4,552,889				4,074,487
Operating lease liability - long term			64,745				100,379
Loan payable - SBA EIDL			140,316				142,908
Total Liabilities			4,757,950				4,317,774
STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized
Preferred C Stock, 1 and 1 share issued and outstanding as at September 30, 2024 and December 31, 2023 respectively			-				-
Preferred D Stock, 270,306 and 270,306 shares issued and outstanding as at September 30, 2024 and December 31, 2023 respectively			27				27
Stock, Value
Common Stock, $0.0001 par value, 55,000,000 shares authorized at September 30, 2024 and December 31, 2023, 33,476,130 and 32,732,169 shares issued and 33,372,796 and 32,628,835 shares outstanding at September 30, 2024 and December 31, 2023 respectively			3,348				3,273
Additional Paid-in Capital			29,431,958				29,365,070
Treasury Stock (103,334 shares of Common Stock as at September 30, 2024 and December 31, 2023 respectively, at cost)			(1,033	)			(1,033	)
Accumulated Deficit			(33,245,323	)			(32,820,490	)
Accumulated Other Comprehensive Income			127,677				127,677
Total Stockholders’ Deficiency			(3,683,346	)			(3,325,476	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY		$	1,074,604			$	992,298

 

See accompanying notes to consolidated financial statements

 

3

 

VYCOR MEDICAL, INC.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Revenue		$	390,852			$	308,593			$	1,134,098			$	1,152,355
Cost of Goods Sold			36,796				32,334				108,965				102,930
Gross Profit			354,056				276,259				1,025,133				1,049,425
Operating Expenses:
Research and development			6,425				7,250				8,688				20,308
Depreciation and amortization			14,880				14,377				44,641				43,126
Selling, general and administrative			367,886				280,113				1,000,293				881,744
Total Operating Expenses			389,191				301,740				1,053,622				945,178
Operating income (loss)			(35,135	)			(25,481	)			(28,489	)			104,247
Other Income (Expense)
Interest expense: Related Party			(12,571	)			(12,436	)			(37,443	)			(37,080	)
Interest expense: Other			(13,419	)			(13,484	)			(40,084	)			(40,077	)
Other Income			1,458				-				6,002				-
Loss on foreign currency exchange			(103	)			(78	)			(252	)			(209	)
Total Other Income (Expense)			(24,635	)			(25,998	)			(71,777	)			(77,366	)
Income (Loss) Before Provision for Income Taxes			(59,770	)			(51,479	)			(100,266	)			26,881
Provision for income taxes			-				-				-				-
Net Income (Loss) from continuing operations			(59,770	)			(51,479	)			(100,266	)			26,881
Loss from discontinued operations, net of tax			(47	)			(425	)			(197	)			(3,517	)
Net Income (Loss)			(59,817	)			(51,904	)			(100,463	)			23,364
Preferred stock dividends			(162,185	)			(162,185	)			(324,370	)			(324,370	)
Net Loss Available to Common Stockholders		$	(222,002	)		$	(214,089	)		$	(424,833	)		$	(301,006	)
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustment			-				-				-				2
Comprehensive Income (Loss)		$	(59,817	)		$	(51,904	)		$	(100,463	)		$	23,366
Loss Per Share - basic and diluted
Loss from continuing operations		$	(0.01	)		$	(0.01	)		$	(0.01	)		$	(0.01	)
Loss from discontinued operations		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Loss available to common stockholders		$	(0.01	)		$	(0.01	)		$	(0.01	)		$	(0.01	)
Weighted Average Number of Shares Outstanding – Basic and Diluted			32,903,493				32,628,835				32,721,056				32,595,320

 

See accompanying notes to consolidated financial statements

 

4

 

VYCOR MEDICAL, INC.

Consolidated Statements of Stockholders’ Deficiency

(Unaudited)

 

		Number				Amount				Number				Amount				Number				Amount				Number				Amount				Capital				Deficit				(Loss)				Total
		Common Stock								Preferred C								Preferred D								Treasury Stock								Additional Paid-in				Accumulated				Accum OCI
		Number				Amount				Number				Amount				Number				Amount				Number				Amount				Capital				Deficit				(Loss)				Total
Balance at June 30, 2024			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(33,023,321	)		$	127,677			$	(3,528,307	)
Issuance of stock for board and consulting fees			813,971				82																												73,175												73,257
Repurchase and cancellation of stock			(70,010	)			(7	)																											(6,287	)											(6,294	)
Net loss for three months ended September 30, 2024																																							(59,817	)							(59,817	)
Preferred Stock dividends																																							(162,185	)							(162,185	)
Comprehensive Income
Balance at September 30, 2024			33,476,130			$	3,348				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,431,958			$	(33,245,323	)		$	127,677			$	(3,683,346	)
Balance at December 31, 2023			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(32,820,490	)		$	127,677			$	(3,325,476	)
Issuance of stock for board and consulting fees			813,971				82																												73,175												73,257
Repurchase and cancellation of stock			(70,010	)			(7	)																											(6,287	)											(6,294	)
Net loss for nine months ended September 30, 2024																																							(100,463	)							(100,463	)
																																											-
Preferred Stock dividends																																							(324,370	)							(324,370	)
Balance at September 30, 2024			33,476,130			$	3,348				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,431,958			$	(33,245,323	)		$	127,677			$	(3,683,346	)

 

																																		Additional								Accum
		Common Stock								Preferred C								Preferred D								Treasury Stock								Paid-in				Accumulated				OCI
		Number				Amount				Number				Amount				Number				Amount				Number				Amount				Capital				Deficit				(Loss)				Total
Balance at June 30, 2023			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(32,513,346	)		$	127,677			$	(3,018,332	)
Net loss for three months ended September 30, 2023																																							(51,904	)							(51,904	)
Preferred Stock dividends																																							(162,185	)							(162,185	)
Balance at September 30, 2023			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(32,727,435	)		$	127,677			$	(3,232,421	)
Balance at December 31, 2022			32,630,506			$	3,263				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,355,626			$	(32,426,429	)		$	127,675			$	(2,940,871	)
Balance			32,630,506			$	3,263				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,355,626			$	(32,426,429	)		$	127,675			$	(2,940,871	)
Issuance of stock for board and consulting fees			101,663				10																												9,444												9,454
Foreign currency translation adjustment																																											2				2
Net income for nine months ended September 30, 2023																																							23,364								23,364
Preferred Stock dividends																																							(324,370	)							(324,370	)
Balance at September 30, 2023			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(32,727,435	)		$	127,677			$	(3,232,421	)
Balance			32,732,169			$	3,273				1			$	0				270,306			$	27				(103,334	)		$	(1,033	)		$	29,365,070			$	(32,727,435	)		$	127,677			$	(3,232,421	)

 

See accompanying notes to consolidated financial statements

 

5

 

VYCOR MEDICAL, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

		For the nine months ended
		September 30,				September 30,
		2024				2023
Cash flows from operating activities:
Net income (loss)		$	(100,463	)		$	23,364
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of fixed assets			47,041				45,650
Allowance for doubtful accounts – accounts receivable			3,375				-
Stock based compensation			8,469				7,777
Changes in operating assets and liabilities:
Accounts receivable			(26,844	)			(99,062	)
Inventory			46,518				44,135
Prepaid expenses			(22,737	)			(15,519	)
Accrued interest - Related Party			37,443				37,080
Accrued interest - Other			36,034				35,901
Accounts payable			33,179				(86,315	)
Accrued liabilities - Other			36,179				29,996
Changes in discontinued operations, net			197				915
Cash provided by operating activities			98,391				23,922
Cash flows from investing activities:
Purchase of fixed assets net of sales			(4,369	)			(3,482	)
Cash used by investing activities			(4,369	)			(3,482	)
Cash flows from financing activities:
Proceeds - Notes Payable Other			60,980				64,786
Repayments - Notes Payable Other			(54,660	)			(53,208	)
Cash provided by financing activities			6,320				11,578
Effect of exchange rate changes on cash			-				2
Net increase in cash			100,342				32,020
Cash at beginning of period			57,291				37,035
Cash at end of period		$	157,633			$	69,055
Supplemental Disclosures of Cash Flow information:
Cash paid for interest		$	4,050			$	4,176
Cash paid for income tax		$	-			$	-
Non-Cash Activities
Non-cash accrued dividends		$	324,370			$	324,370
Unamortized stock compensation		$	67,152			$	4,727

 

See accompanying notes to consolidated financial statements

 

6

 

VYCOR MEDICAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2024

(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, 2023 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, 2023.

 

The unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2024 and 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.

 

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 $100,463 for the nine months ended September 30, 2024 and has not generated sufficient positive cash flows from operations. As of September 30, 2024 the Company had a working capital deficiency of $3,809,459 which includes related party liabilities of $3,321,298. 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 $508,931, which has a maturity date of March 31, 2025, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through November 30, 2025 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.

 

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 FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, effective for fiscal years beginning after December 15, 2023. The ASU is designed to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it does not have an impact on its accounting or reporting, as the additional disclosure effects items that are not applied at a segment level. The Company believes that other 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.

 

7

 

Accounting for Share Repurchases

 

During the nine months ended September 30, 2024 the Company repurchased shares from a single shareholder. The Company followed guidance ASC 505-30-30, retiring the stock and reducing Equity by the nominal value of the shares repurchased and reducing Additional Paid In Capital by the balance of the consideration paid.

 

Revenue Recognition

 

On January 1, 2018, the Company adopted, ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts.

 

Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue from product sales when obligations under the terms of a contract with customers are satisfied. Generally, this occurs with the transfer of control of the goods to customers. Vycor Medical does not provide for product returns or warranty costs.

 

Vycor determines revenue recognition through the following steps:

 

	●	Identification of the contract, or contracts, with a customer
	●	Identification of the performance obligations in the contract
	●	Determination of the transaction price
	●	Allocation of the transaction price to the performance obligations in the contract
	●	Recognition of revenue when Vycor satisfy a performance obligation

 

NovaVision generates revenues from various programs, therapy services and other sources such as software license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical therapy program consists of NeuroEyeCoach, performed over 2-4 weeks, and six modules of Vision Restoration Therapy, performed over 6 months. A patient contract comprises set-up fees and monthly therapy fees. Set-up fees are recognized at the outset of the contract and therapy revenue is recognized ratably over the therapy period. Patient therapy is restricted to being completed by a patient within a specified time frame.

 

Deferred revenue results from patients paying for the therapy in advance of receiving the therapy.

 

The Company disaggregates its revenue by division – Vycor and NovaVision – and by geography – United States and Europe – and presents the disaggregation in Note 7.

 

Net Income (Loss) Per Share

 

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (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 conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to increase a net income per share or reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented of net loss because the assumed 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 where a net loss is reported:

 

		September 30, 2024				September 30, 2023
Debentures convertible into common stock			3,852,052				3,622,848
Preferred shares convertible into common stock			1,272,052				1,272,052
Total			5,124,104				4,894,900
Anti-dilutive shares			5,124,104				4,894,900

 

Reclassifications

 

Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off; on the statements of stockholders’ deficiency, net income (loss) for the period and preferred stock dividends have been separated out rather than being combined.

 

8

 

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; effective July 1, 2020, Vycor entered into a license agreement with a German-based partner. 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 income (loss) are as follows:

 

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

 

		September 30,				December 31,
		2024				2023
ASSETS
Current Assets
Cash		$	970			$	739
Total Current Assets			970				739
TOTAL ASSETS		$	970			$	739
LIABILITIES
Current Liabilities
Accounts payable		$	4			$	4
Other current liabilities			(676	)			(1,104	)
Total Current Liabilities		$	(672	)		$	(1,100	)

 

Major line items constituting loss from discontinued operations

 

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Revenue		$	-			$	-			$	-			$	-
Cost of Goods Sold			-				-				-				-
Gross Profit			-				-				-				-
Operating Expenses:
Selling, general and administrative			47				425				197				3,365
Total Operating Expenses			(47	)			(425	)			(197	)			(3,365	)
Operating Loss			(47	)			(425	)			(197	)			(3,365	)
Other Income (Expense)
Loss on foreign currency exchange			-				-				-				(152	)
Total Other Income (Expense)			-				-				-				(152	)
Loss Before Provision for Income Taxes			(47	)			(425	)			(197	)			(3,517	)
Provision for income taxes			-				-				-				-
Loss from discontinued operations, net of tax		$	(47	)		$	(425	)		$	(197	)		$	(3,517	)

 

9

 

4. NOTES PAYABLE

 

Related Parties Notes Payable

 

Related Party Notes Payable consists of:

 

		September 30, 2024				December 31, 2023
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, 2025 or on demand by the Payee.		$	30,000			$	30,000
Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $463,373. 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. All the notes were extended on their due dates for another twelve months. The Notes will be due between December 2024 and November 2025 or on demand by the Payee.			463,373				463,373
Total Related Party Notes Payable		$	493,373			$	493,373

 

Other Notes Payable

 

Other Notes Payable consists of:

 

		September 30, 2024				December 31, 2023
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, 2025. See further note below.		$	300,000			$	300,000
Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below)			37,179				28,267
Total Other Notes Payable:		$	337,179			$	328,267

 

Long-Term Notes Payable consists of:

 

		September 30, 2024				December 31, 2023
On July 7, 2020, the Company was granted 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 July 7, 2021 and is secured by essentially all of the assets of the Company. The proceeds of the Loan have been used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.		$	140,316			$	142,908
Total Long-term Notes Payable:		$	140,316			$	142,908

 

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 3,852,052 shares of Common Stock as of September 30, 2024. 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.

 

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. INVENTORY

 

		September 30, 2024				December 31, 2023
Raw materials and work in process		$	79,319			$	88,236
Finished goods			108,308				145,909
Total Inventory		$	187,627			$	234,145

 

6. LEASE

 

The Company recognized the following related to a lease in its unaudited consolidated balance sheets at September 30, 2024 and December 31, 2023:

 

		September 30, 2024				December 31, 2023
Operating Lease ROU Assets		$	115,442			$	149,804
Operating Lease Liabilities
Current portion		$	47,178			$	45,321
Long-term portion			64,745				100,379
		$	111,923			$	145,700

 

11

 

7. 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 disaggregated revenues, gross profits, operating income (loss) and total assets for each segment:

 

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Revenue:
Vycor Medical		$	372,837			$	287,559			$	1,078,644			$	1,087,758
NovaVision			18,015				21,034				55,454				64,597
		$	390,852			$	308,593			$	1,134,098			$	1,152,355
Gross Profit
Vycor Medical		$	337,404			$	256,435			$	973,443			$	989,288
NovaVision			16,652				19,824				51,690				60,137
		$	354,056			$	276,259			$	1,025,133			$	1,049,425
Operating Income (Loss)
Vycor Medical		$	52,688			$	60,373			$	223,061			$	366,360
NovaVision			(43,215	)			(41,868	)			(127,783	)			(146,592	)
Corporate			(44,608	)			(43,986	)			(123,767	)			(115,521	)
		$	(35,135	)		$	(25,481	)		$	(28,489	)		$	104,247

 

		September 30,				December 31,
		2024				2023
Total Assets:
Vycor Medical		$	1,028,839			$	957,936
NovaVision			44,795				33,623
Discontinued operations			970				739
Total Assets		$	1,074,604			$	992,298

 

(b) Geographic segments

 

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 disaggregated revenues, gross profits, operating income (loss) and total assets for each segment.

 

		2024				2023				2024				2023
		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Revenue:
United States		$	389,477			$	306,929			$	1,131,150			$	1,147,054
Europe			1,375				1,664				2,948				5,301
		$	390,852			$	308,593			$	1,134,098			$	1,152,355
Gross Profit
United States		$	352,720			$	274,620			$	1,022,224			$	1,044,223
Europe			1,336				1,639				2,909				5,202
		$	354,056			$	276,259			$	1,025,133			$	1,049,425
Operating Income (Loss)
United States		$	15,312			$	24,228			$	113,166			$	234,609
Europe			(5,839	)			(5,723	)			(17,888	)			(14,841	)
Corporate			(44,608	)			(43,986	)			(123,767	)			(115,521	)
		$	(35,135	)		$	(25,481	)		$	(28,489	)		$	104,247

 

		September 30,				December 31,
		2024				2023
Total Assets:
United States		$	1,064,821			$	985,718
Europe			8,813				5,841
Discontinued operations			970				739
Total Assets		$	1,074,604			$	992,298

 

12

 

8. EQUITY

 

Equity Transactions

 

On August 16, 2024 pursuant to a Share Purchase Agreement, Vycor repurchased and cancelled 70,010 shares of Company Common Stock from Alvaro Pascual-Leone M.D. for a total purchase price of $6,294.

 

On August 27, 2024 Vycor issued 813,971 shares of Company Common Stock (valued at $73,257) to Maxim Group LLC (“Maxim”) pursuant to a financial advisory and investment banking services agreement, to be amortized over twelve months. The amortization for the three and nine months ended September 30, 2024 was $6,105 (see Note 11)

 

During each of the three and nine months ended September 30, 2024 and 2023, the Company accrued $162,185 and $324,370 of dividends in respect of Company Series D Convertible Preferred shares (see Note 12).

 

On April 1, 2023 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 11).

 

Equity Classes

 

Our authorized capital stock consists of 55,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, the rights and preferences of which may be established from time to time by our board. As of November 13, 2024, there were 33,372,796 shares of common stock, one (1) share of Series C Preferred Stock (“Preferred C Stock”) and 270,306 shares of Series D Preferred Stock (“Preferred D Stock”) outstanding.

 

Holders of our common stock are entitled to one vote for each share on all matters voted upon by our stockholders, including the election of directors, and do not have cumulative voting rights. Subject to the rights of holders of any then outstanding shares of our preferred stock, our common stockholders are entitled to any dividends that may be declared by our board. Holders of our common stock are entitled to share ratably in our net assets upon our dissolution or liquidation after payment or provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Holders of our common stock have no preemptive rights to purchase shares of our stock. The shares of our common stock are not subject to any redemption provisions and are not convertible into any other shares of our capital stock. All outstanding shares of our common stock are, and the shares of common stock to be issued in the offering will be, upon payment therefor, fully paid and non-assessable. The rights, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock we may issue in the future.

 

Preferred C Stock shares are convertible (at the Holder’s option or mandatorily upon the occurrence of certain events) into 14,815 shares of the Company’s Common Stock (at $3.75 per share). The Preferred C Stock carries no dividend or other rights.

 

Preferred D Stock shares are convertible into Company Common Shares at a price of $2.15. The Series D carry a cumulative preferred dividend of 12% per annum, payable in cash semi-annually in February and August of each year. The Company is able to redeem the Series D at par at any time, at its sole option.

 

9. 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 shares of common stock granted to non-employees for each of the nine months ended September 30, 2024 and 2023 was $8,469 and $7,777 respectively. Aggregate stock-based compensation for shares of common stock granted to non-employees for each of the three months ended September 30, 2024 and 2023 was $6,105 and $2,363 respectively. As of September 30, 2024 and December 31, 2023, there was $67,152 and $2,364 respectively of total unrecognized compensation costs related to warrant and stock awards and non-vested options (see Note 11).

 

13

 

10. 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 $4,300 per month, plus other charges of approximately $2,700 per month. The lease terminated on August 31, 2023 and was extended for a further three years and four months to December 31, 2026. Rent expense for the nine months ended September 30, 2024 and 2023 was $62,856 and $53,535 respectively. Rent expense for the three months ended September 30, 2024 and 2023 was $20,535 and $16,362 respectively.

 

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 as of September 30, 2024 and December 31, 2023 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

 

11. CONSULTING AND OTHER AGREEMENTS

 

The following agreements were entered into or remained in force during the periods ended September 30, 2024 and 2023:

 

On August 27, 2024 Vycor entered into a financial advisory and investment banking services agreement (“Agreement”) with Maxim. Under the terms of the Agreement, Maxim will assist Vycor in its strategy to grow the Company through strategic acquisitions and assist the Company with efforts to position itself for a potential uplisting to a US exchange. Vycor issued 813,971 shares of Company Common Stock (valued at $73,257, see Note 8) and additional fees would be payable under the agreement subject to the closing of acquisitions or other investment banking transactions.

 

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. On April 1, 2023, 101,663 shares of Company Common Stock (valued at $9,455) were issued under the terms of the Agreement, which was amortized over twelve months, with amortization for the three and nine months ended September 30, 2024 and 2023 of $0 and $2,364 and $2,363 and $7,777, respectively (see Notes 8 and 9).

 

12. RELATED PARTY TRANSACTIONS

 

Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at September 30, 2024, 60.9% of the Company’s Common Stock and 69.7% of the Company’s Series D Preferred Stock. Peter Zachariou owns 0.15% 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 nine months ended September 30, 2024 and 2023, the Company accrued an aggregate of $324,370 of Preferred D Stock dividends, of which $226,037 was regarding Fountainhead and $83,386 was regarding Peter Zachariou. Total accrued Preferred D Stock dividends at September 30, 2024 and December 31, 2023 was $2,594,960 and $2,270,590, respectively, of which $1,808,297 and $1,582,260 respectively, was regarding Fountainhead and $667,087 and $583,701, respectively, was regarding Peter Zachariou.

 

During the nine months ended September 30, 2024 and 2023 the Company accrued interest on related party loans of $37,443 and $37,080, respectively.

 

During the three months ended September 30, 2024 and 2023 the Company accrued interest on related party loans of $12,571 and $12,436, respectively.

 

14

 

13. 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:

 

		For the three months ended September 30,								For the nine months ended September 30,
		2024				2023				2024				2023
Number of customers over 10%			0				1				0				1
Percentage of sales			0	%			16	%			0	%			12	%

 

Accounts Receivable Concentration

 

		At September 30, 2024				At December 31, 2023
Number of customers over 10%			-				-
Percentage of accounts receivable			-	%			-	%

 

The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and 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.

 

14. SUBSEQUENT EVENTS

 

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

 

15

 

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 leverages joint resources across the divisions to operate in a cost-efficient manner.

 

16

 

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 several other international markets.

 

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.

 

Strategy

 

The Company is continuing to execute on a plan to achieve revenue growth. The strategy for Vycor Medical includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented; continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies; and adding products complementary to VBAS where the Company is able to leverage its existing distribution network.

 

The strategy 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 patient and professional products is by partnering with entities that have either direct access to the end users or the technological capability to leverage the NovaVision therapy platform, particular in digital health and into non-medical areas. 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.

 

In August 2024 the Company engaged the services of Maxim Group LLC to assist in its strategy to accelerate the growth of the Company through strategic acquisitions and partnerships.

 

Comparison of the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023

 

Revenue and Gross Margin:

 

		Three months ended September 30,
		2024				2023				% Change
Revenue:
Vycor Medical		$	372,837			$	287,559				30	%
NovaVision			18,015				21,034				-14	%
		$	390,852			$	308,593				27	%
Gross Profit
Vycor Medical		$	337,404			$	256,435				32	%
NovaVision			16,652				19,824				-16	%
		$	354,056			$	276,259				28	%

 

Vycor Medical recorded revenue of $372,837 from the sale of its products for the three months ended September 30, 2024, an increase of $85,278, or 30%, over the same period in 2023, primarily in the US. Gross margin of 90% and 89% was recorded for the three months ended September 30, 2024 and 2023, respectively.

 

NovaVision recorded revenues of $18,015 for the three months ended September 30, 2024, a decrease of $3,019, or (14%), over the same period in 2023. Gross margin was 92%, compared to 94% for the same period in 2023.

 

17

 

Selling, General and Administrative Expenses:

 

Selling, general and administrative expenses increased by $87,773 to $367,886 for the three months ended September 30, 2024 from $280,113 for the same period in 2023. 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 September 30, 2024 was $6,105, a $3,742 increase from the charge in 2023. Also included within Selling, General and Administrative Expenses are Sales Commissions, which increased by $26,613 from $50,088 in 2023 to $76,701 in 2024 reflecting higher US sales during the current period of 2024.

 

The remaining Selling, General and Administrative expenses increased by $57,418 from $227,662 in 2023 to $285,080 in 2024, as follows:

 

Regulatory		$	33,915
Payroll			21,371
Other			2,132
		$	57,418

 

Interest Expense:

 

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the three months ended September 30, 2024 was $12,571 compared to $12,436 for 2023. Other Interest expense for the three months ended September 30, 2024 was $13,419 compared to $13,484 for 2023.

 

Other Income:

 

Other income comprises the historic customer credits written off of $1,458 during the three months ended September 30, 2024.

 

Operating loss from Discontinued Operations:

 

Operating loss from Discontinued Operations decreased by $378 to $47 in 2024 from $425 in 2023; the Company has some minor ongoing costs related to the wind-down of the discontinued operations in Germany but no revenues.

 

Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023

 

Revenue and Gross Margin:

 

		Nine months ended
		September 30,
		2024				2023				% Change
Revenue:
Vycor Medical		$	1,078,644			$	1,087,758				-1	%
NovaVision			55,454				64,597				-14	%
		$	1,134,098			$	1,152,355				-2	%
Gross Profit
Vycor Medical		$	973,443			$	989,288				-2	%
NovaVision			51,690				60,137				-14	%
		$	1,025,133			$	1,049,425				-2	%

 

Vycor Medical recorded revenue of $1,078,644 from the sale of its products for the nine months ended September 30, 2024, a decrease of $9,114, or (1%), over the same period in 2023. The 2023 revenues included an international pre-order of which approximately $35,000 related to sales that would normally have occurred in the October to December 2023 period. Gross margin of 90% and 91% was recorded for the nine months ended September 30, 2024 and for the same period in 2023.

 

NovaVision recorded revenues of $55,454 for the nine months ended September 30, 2024, a decrease of $9,143, or (14%), over the same period in 2023. Gross margin was 93% for both periods in 2024 and 2023.

 

18

 

Selling, General and Administrative Expenses:

 

Selling, general and administrative expenses increased by $118,549 to $1,000,293 for the nine months ended September 30, 2024 from $881,744 for the same period in 2023. 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 nine months ended September 30, 2024 was $8,469, an increase of $692 from $7,777 in 2023. Also included within Selling, General and Administrative Expenses are Sales Commissions, which increased by $14,513 from $208,559 in 2023 to $223,072 in 2024 reflecting higher US sales during the current period of 2024.

 

The remaining Selling, General and Administrative expenses increased by $103,344 from $665,408 to $768,752 in 2024 as follows:

 

Regulatory		$	57,635
Rent			9,321
Scientific and clinical consulting			8,300
Other			28,088
Total change		$	103,344

 

Interest Expense:

 

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the nine months ended September 30, 2024 was $37,443 compared to $37,080 for 2023. Other Interest expense for the nine months ended September 30, 2024 was $40,084 compared to $40,077 for 2023.

 

Other Income:

 

Other income comprises the historic customer credits written off of $6,002 during the nine months ended September 30, 2024.

 

Operating loss from Discontinued Operations:

 

Operating loss from Discontinued Operations decreased by $3,320 to $197 in 2024 from $3,517 in 2023; 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 liquidity data as of September 30, 2024 and December 31, 2023:

 

		September 30, 2024				December 31, 2023				$ Change
Cash		$	157,633			$	57,291			$	100,342
Accounts receivable, inventory and other current assets		$	585,797			$	526,799			$	58,998
Total current liabilities		$	(4,552,889	)		$	(4,074,487	)		$	(478,402	)
Working capital		$	(3,809,459	)		$	(3,490,397	)		$	(319,062	)

 

The following table shows cash flow for the periods ended September 30, 2024 and 2023:

 

		September 30, 2024				September 30, 2023				$ Change
Cash provided by operating activities		$	98,391			$	23,922			$	74,469
Cash used in investing activities		$	(4,369	)		$	(3,482	)		$	(887	)
Cash provided by financing activities		$	6,320			$	11,578			$	(5,258	)
Effect of exchange rate changes on cash		$	-			$	2			$	(2	)
Net increase in cash		$	100,342			$	32,020			$	68,322

 

19

 

Operating Activities. Cash provided by 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 provided by operating activities.

 

The following table shows the principal components of cash provided by operating activities during the nine months ended September 30, 2024 and 2023, with a commentary of changes during the periods and known or anticipated future changes:

 

		September 30, 2024				September 30, 2023				$ Change
Net income (loss)		$	(100,463	)		$	23,364			$	(123,827	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of fixed assets		$	47,041			$	45,650			$	1,391
Allowance for doubtful accounts - accounts receivable		$	3,375			$	-			$	3,375
Stock based compensation		$	8,469			$	7,777			$	692
		$	58,885			$	53,427			$	5,458
Net income (loss) adjusted for non-cash items		$	(41,578	)		$	76,791			$	(118,369	)
Changes in working capital
Accounts receivable		$	(26,844	)		$	(99,062	)		$	72,218
Accounts payable and accrued liabilities		$	69,358			$	(56,319	)		$	125,677
Inventory		$	46,518			$	44,135			$	2,383
Prepaid expenses		$	(22,737	)		$	(15,519	)		$	(7,218	)
Accrued interest (not paid in cash)		$	73,477			$	72,981			$	496
Changes in discontinued operations, net		$	197			$	915			$	(718	)
		$	139,969			$	(52,869	)		$	192,838
Cash provided by operating activities		$	98,391			$	23,922			$	74,469

 

The adjustments to reconcile net loss to cash of $58,885 in the period have no impact on liquidity. The negative change in net income (loss) adjusted for non-cash items of $118,369 was primarily due a decrease in sales and an increase in certain expenses, particularly regulatory. The change in accounts payable and accrued liabilities of $125,677 between the 2024 and 2023 periods was partly due to the settlement of expenses during the 2023 period that were incurred during the final quarter of 2022 and a timing increase in accounts payable and accrued liabilities in the 2024 period.

 

Additional inventory of $46,292 was purchased during the nine months ended September 30, 2024 as part of normal production, and the Company anticipates purchasing additional new inventory of approximately $100,000 during the next twelve months for VBAS devices.

 

Investing Activities. Cash used for the purchase of chinrests, net of sales, during the nine months ended September 30, 2024 and 2023 was $4,369 and $3,482, respectively. The Company anticipates limited investing activities during the next twelve months.

 

Financing Activities. During the nine months ended September 30, 2024, the Company repaid loans primarily related to insurance of $54,660 and received insurance financing proceeds of $60,980. During the nine months ended September 30, 2023 the Company received insurance financing proceeds of $64,786 and made repayments of $53,208.

 

20

 

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 $100,463 for the nine months ended September 30, 2024 and has not generated sufficient positive cash flows from operations. As of September 30, 2024 the Company had a working capital deficiency of $3,809,459, which includes related party liabilities of $3,321,298. 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 1 “Strategy”, the Company is executing on a plan to achieve a growth in revenues. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $508,931, which has a maturity date of March 31, 2025, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through November 30, 2025 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products or cease some of its operations.

 

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, provision for inventory obsolescence, useful life 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, 2023.

 

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.

 

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.

 

21

 

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 November 13, 2024, 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
Advisory agreement fees: Maxim Group LLC			Common				813,971
Shares repurchase and cancelled: Alvaro Pascual-Leone			Common				(70,010	)

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

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 November 13, 2024

 

	Vycor Medical, Inc.
	(Registrant)
	By:	/s/ Peter C. Zachariou
		Peter C. Zachariou
		Chief Executive Officer and Director
		(Principal Executive Officer)
	Date	November 13, 2024
	By:	/s/ Adrian Liddell
		Adrian Liddell
		Chairman of the Board and Director
		(Principal Financial and Accounting Officer)
	Date	November 13, 2024

 

23

 

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 September 30, 2024 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: November 13, 2024
/s/ Peter Zachariou
Peter C. Zachariou
Principal Executive Officer

 

 

 

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 September 30, 2024 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: November 13, 2024
/s/ Adrian Liddell
Adrian Liddell
Principal Financial Officer

 

 

 

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 September 30, 2024 (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: November 13, 2024

 

	/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.

 

 

 

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 September 30, 2024 (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: November 13, 2024

 

	/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.

 

 

Cover - $ / shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
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		33,372,796
Entity Listing, Par Value Per Share	$ 0.0001

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash	$ 157,633	$ 57,291
Trade accounts receivable	238,700	215,231
Inventory	187,627	234,145
Prepaid expenses and other current assets	158,500	76,684
Current assets of discontinued operations	970	739
Total Current Assets	743,430	584,090
Fixed assets, net	209,732	252,404
Intangible and Other assets:
Security deposits	6,000	6,000
Operating lease - right of use assets	115,442	149,804
Total Intangible and Other assets	121,442	155,804
TOTAL ASSETS	1,074,604	992,298
Current Liabilities
Accounts payable	150,980	117,801
Current operating lease liabilities	47,178	45,321
Current liabilities of discontinued operations	(672)	(1,100)
Total Current Liabilities	4,552,889	4,074,487
Operating lease liability - long term	64,745	100,379
Loan payable - SBA EIDL	140,316	142,908
Total Liabilities	4,757,950	4,317,774
STOCKHOLDERS’ DEFICIENCY
Common Stock, $0.0001 par value, 55,000,000 shares authorized at September 30, 2024 and December 31, 2023, 33,476,130 and 32,732,169 shares issued and 33,372,796 and 32,628,835 shares outstanding at September 30, 2024 and December 31, 2023 respectively	3,348	3,273
Additional Paid-in Capital	29,431,958	29,365,070
Treasury Stock (103,334 shares of Common Stock as at September 30, 2024 and December 31, 2023 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(33,245,323)	(32,820,490)
Accumulated Other Comprehensive Income	127,677	127,677
Total Stockholders’ Deficiency	(3,683,346)	(3,325,476)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	1,074,604	992,298
Series C Preferred Stock [Member]
STOCKHOLDERS’ DEFICIENCY
Preferred Stock, Value
Series D Preferred Stock [Member]
STOCKHOLDERS’ DEFICIENCY
Preferred Stock, Value	27	27
Nonrelated Party [Member]
Current Liabilities
Accrued interest	508,931	472,897
Accrued liabilities - Other	187,995	151,816
Notes payable	337,179	328,267
Related Party [Member]
Current Liabilities
Accrued interest	232,965	195,522
Dividends payable - Related Party	2,594,960	2,270,590
Notes payable	$ 493,373	$ 493,373

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	33,476,130	32,732,169
Common stock, shares outstanding	33,372,796	32,628,835
Treasury stock, common shares	103,334	103,334
Series C Preferred Stock [Member]
Preferred stock, shares issued	1	1
Preferred stock, shares oustanding	1	1
Series D Preferred Stock [Member]
Preferred stock, shares issued	270,306	270,306
Preferred stock, shares oustanding	270,306	270,306

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Revenue	$ 390,852	$ 308,593	$ 1,134,098	$ 1,152,355
Cost of Goods Sold	36,796	32,334	108,965	102,930
Gross Profit	354,056	276,259	1,025,133	1,049,425
Operating Expenses:
Research and development	6,425	7,250	8,688	20,308
Depreciation and amortization	14,880	14,377	44,641	43,126
Selling, general and administrative	367,886	280,113	1,000,293	881,744
Total Operating Expenses	389,191	301,740	1,053,622	945,178
Operating income (loss)	(35,135)	(25,481)	(28,489)	104,247
Other Income (Expense)
Other Income	1,458		6,002
Loss on foreign currency exchange	(103)	(78)	(252)	(209)
Total Other Income (Expense)	(24,635)	(25,998)	(71,777)	(77,366)
Income (Loss) Before Provision for Income Taxes	(59,770)	(51,479)	(100,266)	26,881
Provision for income taxes
Net Income (Loss) from continuing operations	(59,770)	(51,479)	(100,266)	26,881
Loss from discontinued operations, net of tax	(47)	(425)	(197)	(3,517)
Net Income (Loss)	(59,817)	(51,904)	(100,463)	23,364
Preferred stock dividends	(162,185)	(162,185)	(324,370)	(324,370)
Net Loss Available to Common Stockholders	(222,002)	(214,089)	(424,833)	(301,006)
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustment				2
Comprehensive Income (Loss)	$ (59,817)	$ (51,904)	$ (100,463)	$ 23,366
Loss Per Share - basic and diluted
Net Income (Loss) from continuing operations - basic	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Net Income (Loss) from continuing operations - diluted	(0.01)	(0.01)	(0.01)	(0.01)
Loss from discontinued operations - basic	(0.00)	(0.00)	(0.00)	(0.00)
Loss from discontinued operations - diluted	(0.00)	(0.00)	(0.00)	(0.00)
Net Income (Loss) available to common stockholders - basic	(0.01)	(0.01)	(0.01)	(0.01)
Net Income (Loss) available to common stockholders - diluted	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted Average Number of Shares Outstanding – Basic and Diluted	32,903,493	32,628,835	32,721,056	32,595,320
Related Party [Member]
Other Income (Expense)
Interest expense	$ (12,571)	$ (12,436)	$ (37,443)	$ (37,080)
Nonrelated Party [Member]
Other Income (Expense)
Interest expense	$ (13,419)	$ (13,484)	$ (40,084)	$ (40,077)

Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance	$ (3,528,307)	$ (3,018,332)	$ (3,325,476)	$ (2,940,871)
Issuance of stock for board and consulting fees	73,257		73,257	9,454
Repurchase and cancellation of stock	(6,294)		(6,294)
Net income for nine months ended September 30, 2023	(59,817)	(51,904)	(100,463)	23,364
Preferred Stock dividends	(162,185)	(162,185)	(324,370)	(324,370)
Balance	(3,683,346)	(3,232,421)	(3,683,346)	(3,232,421)
Foreign currency translation adjustment				2
Common Stock [Member]
Balance	$ 3,273	$ 3,273	$ 3,273	$ 3,263
Balance, shares	32,732,169	32,732,169	32,732,169	32,630,506
Issuance of stock for board and consulting fees	$ 82		$ 82	$ 10
Issuance/Buyback of stock for board and consulting fees, shares	813,971		813,971	101,663
Repurchase and cancellation of stock	$ (7)		$ (7)
Repurchase and cancellation of stock, shares	(70,010)		(70,010)
Net income for nine months ended September 30, 2023
Balance	$ 3,348	$ 3,273	$ 3,348	$ 3,273
Balance, shares	33,476,130	32,732,169	33,476,130	32,732,169
Preferred Stock [Member] | Series C Preferred Stock [Member]
Balance	$ 0	$ 0	$ 0	$ 0
Balance, shares	1	1	1	1
Net income for nine months ended September 30, 2023
Balance	$ 0	$ 0	$ 0	$ 0
Balance, shares	1	1	1	1
Preferred Stock [Member] | Series D Preferred Stock [Member]
Balance	$ 27	$ 27	$ 27	$ 27
Balance, shares	270,306	270,306	270,306	270,306
Net income for nine months ended September 30, 2023
Balance	$ 27	$ 27	$ 27	$ 27
Balance, shares	270,306	270,306	270,306	270,306
Treasury Stock, Common [Member]
Balance	$ (1,033)	$ (1,033)	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)	(103,334)	(103,334)
Net income for nine months ended September 30, 2023
Balance	$ (1,033)	$ (1,033)	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)	(103,334)	(103,334)
Additional Paid-in Capital [Member]
Balance	$ 29,365,070	$ 29,365,070	$ 29,365,070	$ 29,355,626
Issuance of stock for board and consulting fees	73,175		73,175	9,444
Repurchase and cancellation of stock	(6,287)		(6,287)
Net income for nine months ended September 30, 2023
Balance	29,431,958	29,365,070	29,431,958	29,365,070
Retained Earnings [Member]
Balance	(33,023,321)	(32,513,346)	(32,820,490)	(32,426,429)
Net income for nine months ended September 30, 2023	(59,817)	(51,904)	(100,463)	23,364
Preferred Stock dividends	(162,185)	(162,185)	(324,370)	(324,370)
Balance	(33,245,323)	(32,727,435)	(33,245,323)	(32,727,435)
AOCI Attributable to Parent [Member]
Balance	127,677	127,677	127,677	127,675
Net income for nine months ended September 30, 2023
Balance	$ 127,677	$ 127,677	$ 127,677	127,677
Foreign currency translation adjustment				$ 2

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (100,463)	$ 23,364
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of fixed assets	47,041	45,650
Allowance for doubtful accounts – accounts receivable	3,375
Stock based compensation	8,469	7,777
Changes in operating assets and liabilities:
Accounts receivable	(26,844)	(99,062)
Inventory	46,518	44,135
Prepaid expenses	(22,737)	(15,519)
Accrued interest - Related Party	37,443	37,080
Accrued interest - Other	36,034	35,901
Accounts payable	33,179	(86,315)
Accrued liabilities - Other	36,179	29,996
Changes in discontinued operations, net	197	915
Cash provided by operating activities	98,391	23,922
Cash flows from investing activities:
Purchase of fixed assets net of sales	(4,369)	(3,482)
Cash used by investing activities	(4,369)	(3,482)
Cash flows from financing activities:
Proceeds - Notes Payable Other	60,980	64,786
Repayments - Notes Payable Other	(54,660)	(53,208)
Cash provided by financing activities	6,320	11,578
Effect of exchange rate changes on cash		2
Net increase in cash	100,342	32,020
Cash at beginning of period	57,291	37,035
Cash at end of period	157,633	69,055
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	4,050	4,176
Cash paid for income tax
Non-Cash Activities
Non-cash accrued dividends	324,370	324,370
Unamortized stock compensation	$ 67,152	$ 4,727

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
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, 2023 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, 2023.   The unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2024 and 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.   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 $100,463 for the nine months ended September 30, 2024 and has not generated sufficient positive cash flows from operations. As of September 30, 2024 the Company had a working capital deficiency of $3,809,459 which includes related party liabilities of $3,321,298. 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 $508,931, which has a maturity date of March 31, 2025, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through November 30, 2025 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
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 FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, effective for fiscal years beginning after December 15, 2023. The ASU is designed to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it does not have an impact on its accounting or reporting, as the additional disclosure effects items that are not applied at a segment level. The Company believes that other 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.     Accounting for Share Repurchases   During the nine months ended September 30, 2024 the Company repurchased shares from a single shareholder. The Company followed guidance ASC 505-30-30, retiring the stock and reducing Equity by the nominal value of the shares repurchased and reducing Additional Paid In Capital by the balance of the consideration paid.   Revenue Recognition   On January 1, 2018, the Company adopted, ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts.   Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue from product sales when obligations under the terms of a contract with customers are satisfied. Generally, this occurs with the transfer of control of the goods to customers. Vycor Medical does not provide for product returns or warranty costs.   Vycor determines revenue recognition through the following steps:     ● Identification of the contract, or contracts, with a customer         ● Identification of the performance obligations in the contract         ● Determination of the transaction price         ● Allocation of the transaction price to the performance obligations in the contract         ● Recognition of revenue when Vycor satisfy a performance obligation   NovaVision generates revenues from various programs, therapy services and other sources such as software license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical therapy program consists of NeuroEyeCoach, performed over 2-4 weeks, and six modules of Vision Restoration Therapy, performed over 6 months. A patient contract comprises set-up fees and monthly therapy fees. Set-up fees are recognized at the outset of the contract and therapy revenue is recognized ratably over the therapy period. Patient therapy is restricted to being completed by a patient within a specified time frame.   Deferred revenue results from patients paying for the therapy in advance of receiving the therapy.   The Company disaggregates its revenue by division – Vycor and NovaVision – and by geography – United States and Europe – and presents the disaggregation in Note 7.   Net Income (Loss) Per Share   Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (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 conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to increase a net income per share or reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented of net loss because the assumed 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 where a net loss is reported:       September 30, 2024     September 30, 2023   Debentures convertible into common stock     3,852,052       3,622,848 Preferred shares convertible into common stock     1,272,052       1,272,052 Total     5,124,104       4,894,900 Anti-dilutive shares     5,124,104       4,894,900   Reclassifications   Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off; on the statements of stockholders’ deficiency, net income (loss) for the period and preferred stock dividends have been separated out rather than being combined.

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2024
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; effective July 1, 2020, Vycor entered into a license agreement with a German-based partner. 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 income (loss) are as follows:   Major line items constituting assets and liabilities in the unaudited consolidated balance sheets       September 30,     December 31,       2024     2023   ASSETS                 Current Assets                 Cash   $ 970     $ 739   Total Current Assets     970       739                     TOTAL ASSETS   $ 970     $ 739                     LIABILITIES                 Current Liabilities                 Accounts payable   $ 4     $ 4   Other current liabilities     (676 )     (1,104 ) Total Current Liabilities   $ (672 )   $ (1,100 )   Major line items constituting loss from discontinued operations       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Revenue   $ -     $ -     $ -     $ -   Cost of Goods Sold     -       -       -       -   Gross Profit     -       -       -       -                                     Operating Expenses:                                 Selling, general and administrative     47       425       197       3,365   Total Operating Expenses     (47 )     (425 )     (197 )     (3,365 ) Operating Loss     (47 )     (425 )     (197 )     (3,365 )                                   Other Income (Expense)                                 Loss on foreign currency exchange     -       -       -       (152 ) Total Other Income (Expense)     -       -       -       (152 )                                   Loss Before Provision for Income Taxes     (47 )     (425 )     (197 )     (3,517 ) Provision for income taxes     -       -       -       -   Loss from discontinued operations, net of tax   $ (47 )   $ (425 )   $ (197 )   $ (3,517 )

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	4. NOTES PAYABLE   Related Parties Notes Payable   Related Party Notes Payable consists of:       September 30, 2024     December 31, 2023                 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, 2025 or on demand by the Payee.   $ 30,000     $ 30,000   Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $463,373. 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. All the notes were extended on their due dates for another twelve months. The Notes will be due between December 2024 and November 2025 or on demand by the Payee.     463,373       463,373   Total Related Party Notes Payable   $ 493,373     $ 493,373     Other Notes Payable   Other Notes Payable consists of:       September 30, 2024     December 31, 2023   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, 2025. See further note below.   $ 300,000     $ 300,000   Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below)     37,179       28,267   Total Other Notes Payable:   $ 337,179     $ 328,267     Long-Term Notes Payable consists of:       September 30, 2024     December 31, 2023   On July 7, 2020, the Company was granted 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 July 7, 2021 and is secured by essentially all of the assets of the Company. The proceeds of the Loan have been used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.   $ 140,316     $ 142,908                     Total Long-term Notes Payable:   $ 140,316     $ 142,908       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 3,852,052 shares of Common Stock as of September 30, 2024. 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.   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.

INVENTORY	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	5. INVENTORY       September 30, 2024     December 31, 2023                 Raw materials and work in process   $ 79,319     $ 88,236   Finished goods     108,308       145,909   Total Inventory   $ 187,627     $ 234,145

LEASE	9 Months Ended
	Sep. 30, 2024
Lease
LEASE	6. LEASE   The Company recognized the following related to a lease in its unaudited consolidated balance sheets at September 30, 2024 and December 31, 2023:       September 30, 2024     December 31, 2023                 Operating Lease ROU Assets   $ 115,442     $ 149,804                     Operating Lease Liabilities                 Current portion   $ 47,178     $ 45,321   Long-term portion     64,745       100,379     $ 111,923     $ 145,700

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION	7. 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 disaggregated revenues, gross profits, operating income (loss) and total assets for each segment:       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Revenue:                         Vycor Medical   $ 372,837     $ 287,559     $ 1,078,644     $ 1,087,758   NovaVision     18,015       21,034       55,454       64,597     $ 390,852     $ 308,593     $ 1,134,098     $ 1,152,355   Gross Profit                                 Vycor Medical   $ 337,404     $ 256,435     $ 973,443     $ 989,288   NovaVision     16,652       19,824       51,690       60,137     $ 354,056     $ 276,259     $ 1,025,133     $ 1,049,425                                     Operating Income (Loss)                                 Vycor Medical   $ 52,688     $ 60,373     $ 223,061     $ 366,360   NovaVision     (43,215 )     (41,868 )     (127,783 )     (146,592 ) Corporate     (44,608 )     (43,986 )     (123,767 )     (115,521 )   $ (35,135 )   $ (25,481 )   $ (28,489 )   $ 104,247         September 30,     December 31,       2024     2023   Total Assets:                 Vycor Medical   $ 1,028,839     $ 957,936   NovaVision     44,795       33,623   Discontinued operations     970       739   Total Assets   $ 1,074,604     $ 992,298     (b) Geographic segments   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 disaggregated revenues, gross profits, operating income (loss) and total assets for each segment.       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Revenue:                         United States   $ 389,477     $ 306,929     $ 1,131,150     $ 1,147,054   Europe     1,375       1,664       2,948       5,301     $ 390,852     $ 308,593     $ 1,134,098     $ 1,152,355   Gross Profit                                 United States   $ 352,720     $ 274,620     $ 1,022,224     $ 1,044,223   Europe     1,336       1,639       2,909       5,202     $ 354,056     $ 276,259     $ 1,025,133     $ 1,049,425   Operating Income (Loss)                                 United States   $ 15,312     $ 24,228     $ 113,166     $ 234,609   Europe     (5,839 )     (5,723 )     (17,888 )     (14,841 ) Corporate     (44,608 )     (43,986 )     (123,767 )     (115,521 )   $ (35,135 )   $ (25,481 )   $ (28,489 )   $ 104,247         September 30,     December 31,       2024     2023   Total Assets:                 United States   $ 1,064,821     $ 985,718   Europe     8,813       5,841   Discontinued operations     970       739   Total Assets   $ 1,074,604     $ 992,298

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	8. EQUITY   Equity Transactions   On August 16, 2024 pursuant to a Share Purchase Agreement, Vycor repurchased and cancelled 70,010 shares of Company Common Stock from Alvaro Pascual-Leone M.D. for a total purchase price of $6,294.   On August 27, 2024 Vycor issued 813,971 shares of Company Common Stock (valued at $73,257) to Maxim Group LLC (“Maxim”) pursuant to a financial advisory and investment banking services agreement, to be amortized over twelve months. The amortization for the three and nine months ended September 30, 2024 was $6,105 (see Note 11)   During each of the three and nine months ended September 30, 2024 and 2023, the Company accrued $162,185 and $324,370 of dividends in respect of Company Series D Convertible Preferred shares (see Note 12).   On April 1, 2023 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 11).   Equity Classes   Our authorized capital stock consists of 55,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, the rights and preferences of which may be established from time to time by our board. As of November 13, 2024, there were 33,372,796 shares of common stock, one (1) share of Series C Preferred Stock (“Preferred C Stock”) and 270,306 shares of Series D Preferred Stock (“Preferred D Stock”) outstanding.   Holders of our common stock are entitled to one vote for each share on all matters voted upon by our stockholders, including the election of directors, and do not have cumulative voting rights. Subject to the rights of holders of any then outstanding shares of our preferred stock, our common stockholders are entitled to any dividends that may be declared by our board. Holders of our common stock are entitled to share ratably in our net assets upon our dissolution or liquidation after payment or provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Holders of our common stock have no preemptive rights to purchase shares of our stock. The shares of our common stock are not subject to any redemption provisions and are not convertible into any other shares of our capital stock. All outstanding shares of our common stock are, and the shares of common stock to be issued in the offering will be, upon payment therefor, fully paid and non-assessable. The rights, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock we may issue in the future.   Preferred C Stock shares are convertible (at the Holder’s option or mandatorily upon the occurrence of certain events) into 14,815 shares of the Company’s Common Stock (at $3.75 per share). The Preferred C Stock carries no dividend or other rights.   Preferred D Stock shares are convertible into Company Common Shares at a price of $2.15. The Series D carry a cumulative preferred dividend of 12% per annum, payable in cash semi-annually in February and August of each year. The Company is able to redeem the Series D at par at any time, at its sole option.

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	9. 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 shares of common stock granted to non-employees for each of the nine months ended September 30, 2024 and 2023 was $8,469 and $7,777 respectively. Aggregate stock-based compensation for shares of common stock granted to non-employees for each of the three months ended September 30, 2024 and 2023 was $6,105 and $2,363 respectively. As of September 30, 2024 and December 31, 2023, there was $67,152 and $2,364 respectively of total unrecognized compensation costs related to warrant and stock awards and non-vested options (see Note 11).

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. 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 $4,300 per month, plus other charges of approximately $2,700 per month. The lease terminated on August 31, 2023 and was extended for a further three years and four months to December 31, 2026. Rent expense for the nine months ended September 30, 2024 and 2023 was $62,856 and $53,535 respectively. Rent expense for the three months ended September 30, 2024 and 2023 was $20,535 and $16,362 respectively.   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 as of September 30, 2024 and December 31, 2023 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

CONSULTING AND OTHER AGREEMENTS	9 Months Ended
	Sep. 30, 2024
Consulting And Other Agreements
CONSULTING AND OTHER AGREEMENTS	11. CONSULTING AND OTHER AGREEMENTS   The following agreements were entered into or remained in force during the periods ended September 30, 2024 and 2023:   On August 27, 2024 Vycor entered into a financial advisory and investment banking services agreement (“Agreement”) with Maxim. Under the terms of the Agreement, Maxim will assist Vycor in its strategy to grow the Company through strategic acquisitions and assist the Company with efforts to position itself for a potential uplisting to a US exchange. Vycor issued 813,971 shares of Company Common Stock (valued at $73,257, see Note 8) and additional fees would be payable under the agreement subject to the closing of acquisitions or other investment banking transactions.   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. On April 1, 2023, 101,663 shares of Company Common Stock (valued at $9,455) were issued under the terms of the Agreement, which was amortized over twelve months, with amortization for the three and nine months ended September 30, 2024 and 2023 of $0 and $2,364 and $2,363 and $7,777, respectively (see Notes 8 and 9).

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS   Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at September 30, 2024, 60.9% of the Company’s Common Stock and 69.7% of the Company’s Series D Preferred Stock. Peter Zachariou owns 0.15% 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 nine months ended September 30, 2024 and 2023, the Company accrued an aggregate of $324,370 of Preferred D Stock dividends, of which $226,037 was regarding Fountainhead and $83,386 was regarding Peter Zachariou. Total accrued Preferred D Stock dividends at September 30, 2024 and December 31, 2023 was $2,594,960 and $2,270,590, respectively, of which $1,808,297 and $1,582,260 respectively, was regarding Fountainhead and $667,087 and $583,701, respectively, was regarding Peter Zachariou.   During the nine months ended September 30, 2024 and 2023 the Company accrued interest on related party loans of $37,443 and $37,080, respectively.   During the three months ended September 30, 2024 and 2023 the Company accrued interest on related party loans of $12,571 and $12,436, respectively.

CONCENTRATION	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION	13. 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:       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Number of customers over 10%     0       1       0       1   Percentage of sales     0 %     16 %     0 %     12 %   Accounts Receivable Concentration       At September 30, 2024     At December 31, 2023                 Number of customers over 10%     -       -   Percentage of accounts receivable     - %     - %   The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and 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.

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS   The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the unaudited consolidated financial statements were issued and has determined that there were no significant subsequent events or transactions that would require recognition or disclosure in the financial statements.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
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 FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, effective for fiscal years beginning after December 15, 2023. The ASU is designed to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it does not have an impact on its accounting or reporting, as the additional disclosure effects items that are not applied at a segment level. The Company believes that other 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.
Accounting for Share Repurchases	Accounting for Share Repurchases   During the nine months ended September 30, 2024 the Company repurchased shares from a single shareholder. The Company followed guidance ASC 505-30-30, retiring the stock and reducing Equity by the nominal value of the shares repurchased and reducing Additional Paid In Capital by the balance of the consideration paid.
Revenue Recognition	Revenue Recognition   On January 1, 2018, the Company adopted, ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts.   Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue from product sales when obligations under the terms of a contract with customers are satisfied. Generally, this occurs with the transfer of control of the goods to customers. Vycor Medical does not provide for product returns or warranty costs.   Vycor determines revenue recognition through the following steps:     ● Identification of the contract, or contracts, with a customer         ● Identification of the performance obligations in the contract         ● Determination of the transaction price         ● Allocation of the transaction price to the performance obligations in the contract         ● Recognition of revenue when Vycor satisfy a performance obligation   NovaVision generates revenues from various programs, therapy services and other sources such as software license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical therapy program consists of NeuroEyeCoach, performed over 2-4 weeks, and six modules of Vision Restoration Therapy, performed over 6 months. A patient contract comprises set-up fees and monthly therapy fees. Set-up fees are recognized at the outset of the contract and therapy revenue is recognized ratably over the therapy period. Patient therapy is restricted to being completed by a patient within a specified time frame.   Deferred revenue results from patients paying for the therapy in advance of receiving the therapy.   The Company disaggregates its revenue by division – Vycor and NovaVision – and by geography – United States and Europe – and presents the disaggregation in Note 7.
Net Income (Loss) Per Share	Net Income (Loss) Per Share   Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (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 conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to increase a net income per share or reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented of net loss because the assumed 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 where a net loss is reported:       September 30, 2024     September 30, 2023   Debentures convertible into common stock     3,852,052       3,622,848 Preferred shares convertible into common stock     1,272,052       1,272,052 Total     5,124,104       4,894,900 Anti-dilutive shares     5,124,104       4,894,900
Reclassifications	Reclassifications   Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off; on the statements of stockholders’ deficiency, net income (loss) for the period and preferred stock dividends have been separated out rather than being combined.

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
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 where a net loss is reported:       September 30, 2024     September 30, 2023   Debentures convertible into common stock     3,852,052       3,622,848 Preferred shares convertible into common stock     1,272,052       1,272,052 Total     5,124,104       4,894,900 Anti-dilutive shares     5,124,104       4,894,900

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
SCHEDULE OF DISCONTINUED OPERATIONS	Reconciliation of the major line items from discontinued operations that are presented in the unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive income (loss) are as follows:   Major line items constituting assets and liabilities in the unaudited consolidated balance sheets       September 30,     December 31,       2024     2023   ASSETS                 Current Assets                 Cash   $ 970     $ 739   Total Current Assets     970       739                     TOTAL ASSETS   $ 970     $ 739                     LIABILITIES                 Current Liabilities                 Accounts payable   $ 4     $ 4   Other current liabilities     (676 )     (1,104 ) Total Current Liabilities   $ (672 )   $ (1,100 )   Major line items constituting loss from discontinued operations       2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Revenue   $ -     $ -     $ -     $ -   Cost of Goods Sold     -       -       -       -   Gross Profit     -       -       -       -                                     Operating Expenses:                                 Selling, general and administrative     47       425       197       3,365   Total Operating Expenses     (47 )     (425 )     (197 )     (3,365 ) Operating Loss     (47 )     (425 )     (197 )     (3,365 )                                   Other Income (Expense)                                 Loss on foreign currency exchange     -       -       -       (152 ) Total Other Income (Expense)     -       -       -       (152 )                                   Loss Before Provision for Income Taxes     (47 )     (425 )     (197 )     (3,517 ) Provision for income taxes     -       -       -       -   Loss from discontinued operations, net of tax   $ (47 )   $ (425 )   $ (197 )   $ (3,517 )

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
SUMMARY OF NOTES PAYABLE	Related Party Notes Payable consists of:       September 30, 2024     December 31, 2023                 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, 2025 or on demand by the Payee.   $ 30,000     $ 30,000   Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $463,373. 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. All the notes were extended on their due dates for another twelve months. The Notes will be due between December 2024 and November 2025 or on demand by the Payee.     463,373       463,373   Total Related Party Notes Payable   $ 493,373     $ 493,373     Other Notes Payable   Other Notes Payable consists of:       September 30, 2024     December 31, 2023   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, 2025. See further note below.   $ 300,000     $ 300,000   Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below)     37,179       28,267   Total Other Notes Payable:   $ 337,179     $ 328,267     Long-Term Notes Payable consists of:       September 30, 2024     December 31, 2023   On July 7, 2020, the Company was granted 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 July 7, 2021 and is secured by essentially all of the assets of the Company. The proceeds of the Loan have been used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.   $ 140,316     $ 142,908                     Total Long-term Notes Payable:   $ 140,316     $ 142,908

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	September 30, 2024     December 31, 2023                 Raw materials and work in process   $ 79,319     $ 88,236   Finished goods     108,308       145,909   Total Inventory   $ 187,627     $ 234,145

LEASE (Tables)	9 Months Ended
	Sep. 30, 2024
Lease
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES	The Company recognized the following related to a lease in its unaudited consolidated balance sheets at September 30, 2024 and December 31, 2023:       September 30, 2024     December 31, 2023                 Operating Lease ROU Assets   $ 115,442     $ 149,804                     Operating Lease Liabilities                 Current portion   $ 47,178     $ 45,321   Long-term portion     64,745       100,379     $ 111,923     $ 145,700

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SCHEDULE OF BUSINESS SEGMENTS INFORMATION	2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Revenue:                         Vycor Medical   $ 372,837     $ 287,559     $ 1,078,644     $ 1,087,758   NovaVision     18,015       21,034       55,454       64,597     $ 390,852     $ 308,593     $ 1,134,098     $ 1,152,355   Gross Profit                                 Vycor Medical   $ 337,404     $ 256,435     $ 973,443     $ 989,288   NovaVision     16,652       19,824       51,690       60,137     $ 354,056     $ 276,259     $ 1,025,133     $ 1,049,425                                     Operating Income (Loss)                                 Vycor Medical   $ 52,688     $ 60,373     $ 223,061     $ 366,360   NovaVision     (43,215 )     (41,868 )     (127,783 )     (146,592 ) Corporate     (44,608 )     (43,986 )     (123,767 )     (115,521 )   $ (35,135 )   $ (25,481 )   $ (28,489 )   $ 104,247         September 30,     December 31,       2024     2023   Total Assets:                 Vycor Medical   $ 1,028,839     $ 957,936   NovaVision     44,795       33,623   Discontinued operations     970       739   Total Assets   $ 1,074,604     $ 992,298
SUMMARY OF GEOGRAPHIC INFORMATION	2024     2023     2024     2023       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023   Revenue:                         United States   $ 389,477     $ 306,929     $ 1,131,150     $ 1,147,054   Europe     1,375       1,664       2,948       5,301     $ 390,852     $ 308,593     $ 1,134,098     $ 1,152,355   Gross Profit                                 United States   $ 352,720     $ 274,620     $ 1,022,224     $ 1,044,223   Europe     1,336       1,639       2,909       5,202     $ 354,056     $ 276,259     $ 1,025,133     $ 1,049,425   Operating Income (Loss)                                 United States   $ 15,312     $ 24,228     $ 113,166     $ 234,609   Europe     (5,839 )     (5,723 )     (17,888 )     (14,841 ) Corporate     (44,608 )     (43,986 )     (123,767 )     (115,521 )   $ (35,135 )   $ (25,481 )   $ (28,489 )   $ 104,247         September 30,     December 31,       2024     2023   Total Assets:                 United States   $ 1,064,821     $ 985,718   Europe     8,813       5,841   Discontinued operations     970       739   Total Assets   $ 1,074,604     $ 992,298

CONCENTRATION (Tables)	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION	Sales Concentration:       For the three months ended September 30,     For the nine months ended September 30,       2024     2023     2024     2023                             Number of customers over 10%     0       1       0       1   Percentage of sales     0 %     16 %     0 %     12 %   Accounts Receivable Concentration       At September 30, 2024     At December 31, 2023                 Number of customers over 10%     -       -   Percentage of accounts receivable     - %     - %

BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net loss	$ 59,817	$ 51,904	$ 100,463	$ (23,364)
Working capital deficit	3,809,459		3,809,459
EuroAmerican Investment Corp [Member]
Defined Benefit Plan Disclosure [Line Items]
Working capital deficiency including term note	300,000		300,000
Accrued interest	508,931		$ 508,931
Maturity date			Mar. 31, 2025
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Related party liabilities	$ 3,321,298		$ 3,321,298

SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	5,124,104	4,894,900
Debentures Convertible into Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	3,852,052	3,622,848
Preferred Shares Convertible into Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	1,272,052	1,272,052

SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Current Assets
Cash	$ 970		$ 970		$ 739
Total Current Assets	970		970		739
TOTAL ASSETS	970		970		739
Current Liabilities
Accounts payable	4		4		4
Other current liabilities	(676)		(676)		(1,104)
Total Current Liabilities	(672)		(672)		$ (1,100)
Revenue
Cost of Goods Sold
Gross Profit
Selling, general and administrative	47	425	197	3,365
Total Operating Expenses	(47)	(425)	(197)	(3,365)
Operating Loss	(47)	(425)	(197)	(3,365)
Loss on foreign currency exchange				(152)
Total Other Income (Expense)				(152)
Loss Before Provision for Income Taxes	(47)	(425)	(197)	(3,517)
Provision for income taxes
Loss from discontinued operations, net of tax	$ (47)	$ (425)	$ (197)	$ (3,517)

SUMMARY OF NOTES PAYABLE (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Total Notes Payable	$ 337,179	$ 328,267
Total Long term Notes Payable	140,316	142,908
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-Term Debt [Line Items]
Total Long term Notes Payable	140,316	142,908
Insurance Policy Finance Agreements [Member]
Short-Term Debt [Line Items]
Total Notes Payable	37,179	28,267
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	463,373	463,373
Related Party [Member]
Short-Term Debt [Line Items]
Total Related Party Notes Payable	$ 493,373	$ 493,373

SUMMARY OF NOTES PAYABLE (Details) (Parenthetical) - USD ($)				56 Months Ended
	Jul. 07, 2020	Jun. 25, 2018	Mar. 25, 2011	Nov. 17, 2022
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-Term Debt [Line Items]
Face amount	$ 150,000
Notes interest rate	3.75%
Debt instrument, term	30 years
Debt instrument periodic payment	$ 731.00
EuroAmerican Investment Corp [Member]
Short-Term Debt [Line Items]
Face amount			$ 300,000
Notes interest rate			16.00%
EuroAmerican Investment Corp [Member] | Extended Maturity [Member]
Short-Term Debt [Line Items]
Conversion due date			Mar. 31, 2025
Peter Zachariou [Member]
Short-Term Debt [Line Items]
Face amount		$ 30,000
Notes interest rate		10.00%
Debt maturity date description		The note was extended for another twelve months on its due date to June 25, 2025 or on demand by the Payee.
Fountainhead Capital Management Limited [Member]
Short-Term Debt [Line Items]
Face amount				$ 463,373
Notes interest rate				10.00%
Debt maturity date description				The Notes will be due between December 2024 and November 2025 or on demand by the Payee.

NOTES PAYABLE (Details Narrative) - EuroAmerican Investment Corp [Member] - Amendment Agreement [Member] - USD ($)	9 Months Ended
	Sep. 30, 2024	Jan. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Other notes payable		$ 300,000
Offering price		$ 0.21
Conversion shares	3,852,052

SCHEDULE OF INVENTORY (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 79,319	$ 88,236
Finished goods	108,308	145,909
Total Inventory	$ 187,627	$ 234,145

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Lease
Operating Lease ROU Assets	$ 115,442	$ 149,804
Current portion	47,178	45,321
Long-term portion	64,745	100,379
Operating Lease Liabilities Total	$ 111,923	$ 145,700

SCHEDULE OF BUSINESS SEGMENTS INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 390,852	$ 308,593	$ 1,134,098	$ 1,152,355
Gross Profit	354,056	276,259	1,025,133	1,049,425
Operating Income (Loss)	(35,135)	(25,481)	(28,489)	104,247
Total Assets	1,074,604		1,074,604		$ 992,298
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Total Assets	970		970		739
Vycor Medical [Member]
Segment Reporting Information [Line Items]
Revenue	372,837	287,559	1,078,644	1,087,758
Gross Profit	337,404	256,435	973,443	989,288
Operating Income (Loss)	52,688	60,373	223,061	366,360
Total Assets	1,028,839		1,028,839		957,936
NovaVision [Member]
Segment Reporting Information [Line Items]
Revenue	18,015	21,034	55,454	64,597
Gross Profit	16,652	19,824	51,690	60,137
Operating Income (Loss)	(43,215)	(41,868)	(127,783)	(146,592)
Total Assets	44,795		44,795		$ 33,623
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (44,608)	$ (43,986)	$ (123,767)	$ (115,521)

SUMMARY OF GEOGRAPHIC INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 390,852	$ 308,593	$ 1,134,098	$ 1,152,355
Gross Profit	354,056	276,259	1,025,133	1,049,425
Operating Income (Loss)	(35,135)	(25,481)	(28,489)	104,247
Total Assets	1,074,604		1,074,604		$ 992,298
Discontinued Operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets	970		970		739
Corporate Segment [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating Income (Loss)	(44,608)	(43,986)	(123,767)	(115,521)
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	389,477	306,929	1,131,150	1,147,054
Gross Profit	352,720	274,620	1,022,224	1,044,223
Operating Income (Loss)	15,312	24,228	113,166	234,609
Total Assets	1,064,821		1,064,821		985,718
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,375	1,664	2,948	5,301
Gross Profit	1,336	1,639	2,909	5,202
Operating Income (Loss)	(5,839)	$ (5,723)	(17,888)	$ (14,841)
Total Assets	$ 8,813		$ 8,813		$ 5,841

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Details Narrative)	9 Months Ended
	Sep. 30, 2024 Integer
Business Segments [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	2
Geographic Segments [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	2

EQUITY (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
	Aug. 27, 2024	Aug. 16, 2024	Apr. 02, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 13, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Stock repurchase, value				$ 6,294		$ 6,294
Amortization expense				0	$ 2,363	2,364	$ 7,777
Accrued dividends				$ 162,185	$ 162,185	$ 324,370	$ 324,370
Common stock, shares authorized				55,000,000		55,000,000			55,000,000
Common stock, par value				$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock, shares authorized				10,000,000		10,000,000			10,000,000
Preferred stock, par value				$ 0.0001		$ 0.0001			$ 0.0001
Common stock, shares outstanding				33,372,796		33,372,796			32,628,835
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares outstanding				1		1			1
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares outstanding				270,306		270,306			270,306
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues						14,815
Share price				$ 3.75		$ 3.75
Series D Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Share price				$ 2.15		$ 2.15
Cumulative preferred dividend rate						12.00%
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock, shares outstanding								33,372,796
Subsequent Event [Member] | Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares outstanding								1
Subsequent Event [Member] | Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares outstanding								270,306
Share Purchase Agreement [Member] | Alvaro Pascual-Leone M.D [Member]
Class of Stock [Line Items]
Stock repurchase and cancelled		70,010
Stock repurchase, value		$ 6,294
Financial Advisory and Investment Banking Services Agreement [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues	813,971
Shares issued, value	$ 73,257
Amortization expense				$ 6,105		$ 6,105
Consulting Agreement [Member] | Ricardo Komotar [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues			101,663
Shares issued, value			$ 9,455
Consulting Agreement [Member] | Consultant [Member] | Ricardo Komotar [Member]
Class of Stock [Line Items]
Stock issued during period shares new issues			101,663

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 0	$ 2,363	$ 2,364	$ 7,777
Non Employee Directors [Member] | Directors Deferred Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	67,152		67,152		$ 2,364
Non-employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 6,105	$ 2,363	$ 8,469	$ 7,777

COMMITMENTS AND CONTINGENCIES (Details Narrative)					3 Months Ended		9 Months Ended
	Oct. 31, 2016 USD ($)	Oct. 31, 2016 EUR (€)	Jun. 30, 2012 USD ($)	Jun. 30, 2012 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 31, 2016 EUR (€)	Jun. 30, 2012 EUR (€)
Property, Plant and Equipment [Line Items]
Rent expense					$ 20,535	$ 16,362	$ 62,856	$ 53,535
Trade tax reduced	$ 82,000		$ 82,000						€ 75,000	€ 75,000
Interest expenses	$ 13,200	€ 12,000	$ 13,200	€ 12,000
Office Space [Member]
Property, Plant and Equipment [Line Items]
Rent expense							4,300
Other charges							$ 2,700
Lease expire date							Aug. 31, 2023
Lease extended expire date							three years and four months

CONSULTING AND OTHER AGREEMENTS (Details Narrative) - USD ($)			3 Months Ended		9 Months Ended
	Aug. 27, 2024	Apr. 02, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share based compensation expense			$ 0	$ 2,363	$ 2,364	$ 7,777
Financial Advisory and Investment Banking Services Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued	813,971
Number of common stock issued, value	$ 73,257
Share based compensation expense			$ 6,105		$ 6,105
Consulting Agreement [Member] | Ricardo Komotar [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock issued		101,663
Number of common stock issued, value		$ 9,455

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Preferred stock dividends income	$ 162,185	$ 162,185	$ 324,370	$ 324,370
Accrued dividends, total			2,594,960		$ 2,270,590
Increase decrease in interest payable net	$ 12,571	$ 12,436	37,443	37,080
Fountainhead [Member]
Related Party Transaction [Line Items]
Preferred stock dividends income			226,037	226,037
Accrued dividends, total			1,808,297		1,582,260
Peter Zachariou [Member]
Related Party Transaction [Line Items]
Preferred stock dividends income			83,386	$ 83,386
Accrued dividends, total			$ 667,087		$ 583,701
Directors [Member] | Fountainhead [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, ownership percentage	60.90%		60.90%
Directors [Member] | Fountainhead [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Common stock, ownership percentage	69.70%		69.70%
Chairman [Member] | Fountainhead [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, ownership percentage	0.15%		0.15%
Chairman [Member] | Fountainhead [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Common stock, ownership percentage	25.70%		25.70%

SCHEDULE OF CONCENTRATION (Details) - Customer Concentration Risk [Member] - Integer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Benchmark [Member]
Concentration Risk [Line Items]
Number of customers over 10%	0	1	0	1
Revenue Benchmark [Member] | Customer [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%	16.00%	0.00%	12.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of customers over 10%
Accounts Receivable [Member] | Customer [Member]
Concentration Risk [Line Items]
Concentration risk, percentage
Accounts Receivable [Member] | Customer [Member] | Maximum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage

CONCENTRATION (Details Narrative)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Manufacturer Three [Member] | Purchase [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	10.00%

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