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 ~~June 30,~~ ~~2022~~March 31, 2023

☐	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
of Incorporation)	File Number)	Identification No.)

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

(Address of principal executive offices) (Zip code)

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

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, and “smaller reporting ~~company” and “emerging growth~~ 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 ~~31,991,458~~32,628,835 shares outstanding of registrant’s common stock, par value $0.0001 per share, as of ~~August 15, 2022.~~May 12, 2023.

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 ~~June 30, 2022~~March 31, 2023 and December 31, ~~2021~~2022	3

	Unaudited Consolidated Statements of Comprehensive ~~Loss~~Income (Loss) for the three ~~and six~~ months ended ~~June 30, 2022~~March 31, 2023 and ~~2021.~~2022.	4

	Unaudited Consolidated Statement of Stockholders’ Deficiency for the three ~~and six~~ months ended ~~June 30, 2022~~March 31, 2023 and ~~2021.~~2022.	5

	Unaudited Consolidated Statements of Cash Flows for the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 and ~~2021.~~2022.	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	2321

Item 4.	Controls and Procedures	2321

	PART II

Item 1.	Legal Proceedings	2422

Item 1A.	Risk Factors	2422

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2422

Item 3.	Defaults Upon Senior Securities	2422

Item 4.	Mine Safety Disclosures	2422

Item 5.	Other Information	2423

Item 6.	Exhibits	2423

SIGNATURES		2524

PART 1

ITEM 1. FINANCIAL STATEMENTS

VYCOR MEDICAL, INC.

Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,			March 31,			December 31,
	2022			2021			2023			2022
ASSETS
Current Assets
Cash	$	43,619		$	90,941		$	47,805		$	37,035
Trade accounts receivable		212,455			126,096			177,897			156,204
Inventory		201,717			207,521			231,367			248,874
Prepaid expenses and other current assets		54,693			62,473			61,917			74,438
Current assets of discontinued operations		312			380			1,508			1,212
Total Current Assets		512,796			487,411			520,494			517,763

Fixed assets, net		334,986			362,393			288,127			303,770

Intangible and Other assets:
Security deposits		6,000			6,000			6,000			6,000
Operating lease - right of use assets		56,400			79,560			20,535			32,645
Total Intangible and Other assets		62,400			85,560			26,535			38,645
TOTAL ASSETS	$	910,182		$	935,364		$	835,156		$	860,178

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities
Accounts payable	$	147,566		$	227,720		$	160,816		$	200,044
Accrued interest: Other		401,779			380,479			436,732			424,897
Accrued interest: Related party		124,350			106,444			158,350			146,007
Accrued interest								158,350			146,007
Accrued liabilities - Other		148,322			126,959			101,231			91,352
Accrued liabilities - Related Party		1,784,035			1,621,850			2,108,405			1,946,220
Accrued liabilities								2,108,405			1,946,220
Notes payable: Other		302,121			319,329			311,396			324,711
Notes payable: Related Party		400,873			320,873			493,373			493,373
Notes payable								493,373			493,373
Current operating lease liabilities		48,133			46,915			17,014			29,591
Current liabilities of discontinued operations		(1,600	)		(572	)		(1,396	)		(1,399	)
Total Current Liabilities		3,355,579			3,149,997			3,785,921			3,654,796

Loan Payable - SBA EIDL	$	147,879		$	150,000			145,429			146,253
Operating lease liability - Long term		6,021			30,580
Total Long-term Liabilities		153,900			180,580			145,429			146,253
Total Liabilities								3,931,350			3,801,049

STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at June 30, 2022 and December 31, 2021 respectively		27			27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at June 30, 2022 and December 31, 2021, 32,094,792 and 30,921,701 shares issued and 31,991,458 and 30,818,367 outstanding at June 30, 2022 and December 31, 2021 respectively		3,209			3,092
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at March 31, 2023 and December 31, 2022 respectively								27			27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at March 31, 2023 and December 31, 2022, 32,630,506 and 32,630,506 shares issued and 32,527,172 and 32,527,172 outstanding at March 31, 2023 and December 31, 2022 respectively								3,263			3,263
Additional Paid-in Capital		29,303,715			29,172,169			29,355,626			29,355,626
Treasury Stock (103,334 shares of Common Stock as at June 30, 2022 and December 31, 2021 respectively, at cost)		(1,033	)		(1,033	)
Treasury Stock (103,334 shares of Common Stock as at March 31, 2023 and December 31, 2022 respectively, at cost)								(1,033	)		(1,033	)
Accumulated Deficit		(32,032,889	)		(31,697,142	)		(32,581,752	)		(32,426,429	)
Accumulated Other Comprehensive Income		127,674			127,674
Accumulated Other Comprehensive Income (Loss)								127,675			127,675
Total Stockholders’ Deficiency		(2,599,297	)		(2,395,213	)		(3,096,194	)		(2,940,871	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$	910,182		$	935,364		$	835,156		$	860,178

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

Consolidated Statements of Comprehensive ~~Loss~~Income (Loss)

(Unaudited)

	2022			2021			2022			2021			2023			2022
	For the three months ended June 30,						For the six months ended June 30,						For the three months ended March 31,
	2022			2021			2022			2021			2023			2022

Revenue	$	327,923		$	491,427		$	641,756		$	787,176		$	360,994		$	313,833
Cost of Goods Sold		27,885			39,328			61,294			67,805			30,799			33,409
Gross Profit		300,038			452,099			580,462			719,371			330,195			280,424

Operating Expenses:
Research and development		-			3,929			-			6,629			5,508			-
Depreciation and amortization		14,649			17,602			29,298			31,547			14,375			14,649
Selling, general and administrative		359,763			407,079			678,437			864,555			277,104			318,674
Total Operating Expenses		374,412			428,610			707,735			902,731			296,987			333,323
Operating loss		(74,374	)		23,489			(127,273	)		(183,360	)
Operating income (loss)														33,208			(52,899	)

Other income (Expense)
Other Income (Expense)
Interest expense: Related Party		(9,994	)		(8,000	)		(17,906	)		(15,665	)		(12,343	)		(7,912	)
Interest expense: Other		(13,370	)		(13,662	)		(25,684	)		(29,780	)		(13,234	)		(12,314	)
Interest expense														(13,234	)		(12,314	)
Loss on foreign currency exchange		12			(884	)		(660	)		(999	)		(62	)		(672	)
Total Other Income (Expense)		(23,352	)		(22,546	)		(44,250	)		(46,444	)
Total Other Income (expense)														(25,639	)		(20,898	)

Loss Before Credit for Income Taxes		(97,726	)		943			(171,523	)		(229,804	)
Credit for income taxes		-			-			-			-
Net Loss from continuing operations		(97,726	)		943			(171,523	)		(229,804	)
Income (Loss) Before Provision for Income Taxes														7,569			(73,797	)
Provision for income taxes														-			-
Net Income (Loss) from continuing operations														7,569			(73,797	)
Loss from discontinued operations		(1,284	)		(10,317	)		(2,039	)		(22,489	)		(707	)		(755	)
Net Loss		(99,010	)		(9,374	)		(173,562	)		(252,293	)
Net Income (Loss)														6,862			(74,552	)

Preferred stock dividends		-			-			(162,185	)		(162,185	)		(162,185	)		(162,185	)
Net Loss Available to Common Stockholders	$	(99,010	)	$	(9,374	)	$	(335,747	)	$	(414,478	)	$	(155,323	)	$	(236,737	)
Other Comprehensive Loss

Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustment		(1	)		(5	)		-			2			-			1
Comprehensive Loss		(99,011	)		(9,379	)		(173,562	)		(252,291	)
Comprehensive Income (Loss)													$	6,862		$	(74,551	)

Net Loss Per Share - basic and diluted
Loss from continuing operations	$	(0.00	)	$	0.00		$	(0.01	)	$	(0.01	)
Net Income (Loss) Per Share - basic and diluted
Net Income (Loss) from continuing operations													$	0.00		$	(0.01	)
Loss from discontinued operations	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Net loss available to common stockholders	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Net Loss available to common stockholders													$	(0.00	)	$	(0.01	)

Weighted Average Number of Shares Outstanding – Basic and Diluted		31,461,631			29,670,235			31,444,736			28,755,966			32,527,172			30,824,320

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

Consolidated Statement of Stockholders’ Deficiency

(Unaudited)

Number Amount Number Amount Number Amount Number Amount Capital Deficit (Loss) Total
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 March 31, 2022 31,457,415 $ 3,147 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,217,651 $ (31,933,879 ) $ 127,675 $ (2,586,413 )
Issuance of stock for board and consulting fees 637,377 62 86,065 86,127
Issuance of stock related to deferred compensation of directors - -
Directors deferred compensation granted

Accumulated Comprehensive Loss (1 ) (1 )
Net loss for period available to common stockholders - - - - (99,010 ) (99,010 )
Balance at June 30, 2022 32,094,792 $ 3,209 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,303,716 $ (32,032,889 ) $ 127,674 $ (2,599,297 )
Additional
Common Stock Preferred C Preferred D Treasury Stock Paid-in Accumulated Accum
Number Amount Number Amount Number Amount Number Amount Capital Deficit OCI Total

Balance at December 31, 2021 30,921,701 $ 3,093 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,172,169 $ (31,697,142 ) $ 127,674 $ (2,395,213 )
Issuance of stock for board and consulting fees 1,173,091 116 131,547 131,663
Accumulated Comprehensive Loss - -
Net loss for period available to common stockholders - - - (335,747 ) (335,747 )
Balance at June 30, 2022 32,094,792 $ 3,209 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,303,716 $ (32,032,889 ) $ 127,674 $ (2,599,297 )
Additional
Common Stock Preferred C Preferred D Treasury Stock Paid-in Accumulated Accum
Number Amount Number Amount Number Amount Number Amount Capital Deficit OCI Total

Balance at March 31, 2021 28,537,248 $ 2,854 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 28,948,707 $ (31,342,214 ) $ 127,676 $ (2,263,983 )
Issuance of stock for board and consulting fees 637,377 64 94,530 94,594
Issuance of stock related to deferred compensation of directors 1,142,442 114
(114
) -
Accumulated Comprehensive Loss (5 ) (5 )
Net loss for period available to common stockholders - - - (9,374 ) (9,374 )
Balance at June 30, 2021 30,317,067 $ 3,032 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,043,123 $ (31,351,588 ) $ 127,671 �� $ (2,178,768 )
Common Stock Preferred C Preferred D Treasury Stock Paid-in Accumulated Accum OCI
Number Amount Number Amount Number Amount Number Amount Capital Deficit (Loss) Total

Balance at December 31, 2020 27,534,740 $ 2,753 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 28,826,378 $ (30,937,110 ) $ 127,669 $ (1,981,316 )
Balance, value 27,534,740 $ 2,753 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 28,826,378 $ (30,937,110 ) $ 127,669 $ (1,981,316 )
Issuance of stock for board and consulting fees 1,173,091 118 195,906 196,024
Issuance of stock related to deferred compensation of directors 1,609,236 161 (161 ) -
Directors deferred compensation granted 21,000 21,000
Accumulated Comprehensive Loss 2 2
Net loss for period available to common stockholders - - - (414,478 ) (414,478 )
Balance at June 30, 2021 30,317,067 $ 3,032 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,043,123 $ (31,351,588 ) $ 127,671 $ (2,178,768 )
Balance, value 30,317,067 $ 3,032 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,043,123 $ (31,351,588 ) $ 127,671 $ (2,178,768 )
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 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 )
Net loss for three months ended March 31, 2023 - - - - - (155,323 ) - (155,323 )
Balance at March 31, 2023 32,630,506 $ 3,263 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,355,626 $ (32,581,752 ) $ 127,675 $ (3,096,194 )
Balance 32,630,506 $ 3,263 1 $ 0 270,306 27 (103,334 ) $ (1,033 ) $ 29,355,626 $ (32,581,752 ) $ 127,675 $ (3,096,194 )
- 0 - - 0

Balance at December 31, 2021 30,921,701 $ 3,093 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,172,169 $ (31,697,142 ) $ 127,674 $ (2,395,213 )
Balance 30,921,701 $ 3,093 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,172,169 $ (31,697,142 ) $ 127,674 $ (2,395,213 )
Issuance of stock for board and consulting fees 535,714 54 - - 45,482 45,536
Comprehensive Income 1 1
Net loss for three months ended March 31, 2022 - - - (236,737 ) (236,737 )
Net loss - - - (236,737 ) (236,737 )
Balance at March 31, 2022 31,457,415 $ 3,147 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,217,651 $ (31,933,879 ) $ 127,675 $ (2,586,413 )
Balance 31,457,415 $ 3,147 1 $ 0 270,306 $ 27 (103,334 ) $ (1,033 ) $ 29,217,651 $ (31,933,879 ) $ 127,675 $ (2,586,413 )

See accompanying notes to consolidated financial statements

5
VYCOR MEDICAL, INC.
Consolidated Statement of Cash Flows
(Unaudited)
2022 2021 2023 2022
For the six months ended For the three months ended
June 30, March 31, March 31,
2022 2021 2023 2022
Cash flows from operating activities:
Net loss $ (173,562 ) $ (252,293 )
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets - 5,988
Net income (loss) $ 6,862 $ (74,552 )
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation of fixed assets 30,605 26,267 15,355 15,563
Inventory provision 8,660 6,180 - 5,960
Stock based compensation 127,546
201,927
3,050 50,568

Changes in assets and liabilities:
Accounts receivable (86,360 )
(45,849
) (21,693 ) (35,686 )
Inventory (2,856 ) (16,642 ) 17,507 (2,117 )
Prepaid expenses 11,716 34,766 9,004 (8,536 )
Accrued interest - Related Party 17,906 15,665 12,343 7,912
Accrued interest - Other 19,179
29,780
11,011 10,120
Accounts payable (80,154 )
38,840
(39,228 ) (45,147 )
Accrued liabilities - Other 21,364 11,292 9,879 (3,021 )
Changes in discontinued operations, net (960 )
(3,610
) (293 ) 156
Cash used in operating activities (106,916 )
52,311
Cash provided by (used in) in operating activities 23,797 (78,780 )
Cash flows from investing activities:
Purchase of fixed assets (3,198 ) (32,242 )
Cash used in investing activities (3,198 ) (32,242 )
Sale of fixed assets 288 -
Cash provided by in investing activities 288 -
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party 80,000 10,000 - 80,000
Proceeds from Paycheck Protection Program - 58,600
Proceeds net of repayments Notes Payable - Other (17,208 ) (25,987 )
Cash provided by financing activities 62,792 42,613
Repayments net of Proceeds - Notes Payable - Other (13,315 ) (11,591 )
Cash provided by (used in) financing activities (13,315 ) 68,409
Effect of exchange rate changes on cash - 3 - (3 )
Net decrease in cash (47,322 ) 62,685
Net increase (decrease) in cash 10,770 (10,374 )
Cash at beginning of period 90,941 46,002 37,035 90,941
Cash at end of period $ 43,619 $ 108,687 $ 47,805 $ 80,567

Supplemental Disclosures of Cash Flow information:
Cash paid for interest $ 2,815 $
-
$ 1,399 $ 2,193
Cash paid for income tax $ - $ - $ 0 $ 0

See accompanying notes to consolidated financial statements

6

VYCOR MEDICAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
~~June 30, 2022~~March 31, 2023
(Unaudited)
1. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Vycor Medical, Inc. (the “Company” or “Vycor”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, ~~2021~~2022 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022.

The unaudited consolidated financial statements as of and for the three ~~and six~~ months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~ in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three ~~and six~~ months ended ~~June 30,~~March 31, 2023 and 2022 ~~and 2021~~ are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Certain prior period amounts on the unaudited consolidated financial statements have been reclassified to conform to the current period presentation.

Ability to continue as a Going Concern

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $~~335,747~~155,323 for the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 and has not generated sufficient positive cash flows from operations. As of ~~June 30, 2022~~March 31, 2023 the Company had a working capital deficiency of $~~533,525~~505,299, excluding related party liabilities of $~~2,309,258~~2,760,128. 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 $~~400,699~~436,732, which has a maturity date of ~~March~~December 31, 2023, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond ~~March~~December 31, 2023 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through ~~August~~May 31, ~~2023~~2024 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.
7

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

7
Recent Accounting Pronouncements

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

Revenue Recognition
On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts. The adoption of the new accounting standard had no impact on company’s consolidated financial statements.
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 5.
Discontinued Operations

In ~~accordance~~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 and transition agreement (the “Agreements”) with ~~ASU No. 2014-08, Reporting Discontinued Operations~~HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and ~~Disclosures~~therapies in Germany, Austria and Switzerland to patients and professionals; and assumed responsibility for the current patients of ~~Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required~~NovaVision in the territory. The NovaVision German office was closed effective June 30, 2020. The Company will continue to ~~be reported as discontinued operations if~~fund the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When allremaining expenses of the ~~criteria to~~German operations, which are non-material, until such a time as NovaVision GmbH will be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.formally wound up.

~~Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program~~
~~During the year ended December 31, 2020 the Company received a loan of $58,600~~ (“First Draw Loan”), pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act. During the year ended December 31, 2021 the Company received an additional PPP loan of $~~58,600~~ (“Second Draw Loan”). Under the terms of the PPP, both the First Draw Loan and Second Draw Loan were forgiven during the year ended December 31, 2021 as they were used for qualifying expenses as described in the CARES Act.
The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment.
Net ~~Loss~~Income (Loss) Per Share

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

The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share:
SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE
June 30, 2022 June 30, 2021
March 31, 2023
December 31, 2022
Debentures convertible into common stock 3,336,662 3,108,092 3,508,248 3,451,889
Preferred shares convertible into common stock 1,272,052 1,272,052 1,272,052 1,272,052
Total 4,608,714 4,380,144 4,780,300 4,723,941
Anti-dilutive shares 4,780,300 4,723,941
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; in June 2020 Vycor announced that it would be entering into a license agreement and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals; and has assumed responsibility for the current patients of NovaVision in the territory. The NovaVision German office was closed effective June 30, 2020. The Company will continue to fund the remaining expenses of the German operations, which are non-material, until such a time as NovaVision GmbH iswill be formally wound up.

8
Reconciliation of the major line items from discontinued operations that are presented in the unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive ~~loss~~income (loss) are as follows:
SCHEDULE OF DISCONTINUED OPERATIONS
Major line items constituting assets and liabilities in the unaudited consolidated balance sheets
~~SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS~~
June 30, December 31,
2022 2021
March 31,
2023

December 31,
2022

ASSETS
Current Assets
Cash $ 312 380 $ 1,508 $ 1,212
Total Current Assets 312 380 1,508 1,212

TOTAL ASSETS $ 312 380 $ 1,508 $ 1,212

LIABILITIES
Current Liabilities
Accounts payable $ 4 4 $ 4 $ 693
Accrued liabilities - Other - -
Other current liabilities (1,604 ) (576 ) (1,400 ) (2,092 )
Total Current Liabilities $ (1,600 ) (572 ) $ (1,396 ) $ (1,399 )

Major line items constituting loss from discontinued operations

2023 2022
2022 2021 2022 2021 For the three months ended March 31,
For the three months ended
June 30,
For the six months ended
June 30,
2023 2022
2022 2021 2022 2021
Revenue $ - $ - $ - $ - $ - $ -
Cost of Goods Sold - - - - - -
Gross Profit - - - - - -

Operating Expenses:
Operating expenses:
Selling, general and administrative 1,243 10,078 1,994 21,647 666 751
Total Operating Expenses (1,243 ) (10,078 ) (1,994 ) (21,647 )
Total Operating expenses 666 751
Operating Loss (1,243 ) (10,078 ) (1,994 ) (21,647 ) (666 ) (751 )

Other Income (Expense)
Loss on foreign currency exchange (41 ) (239 ) (45 ) (842 ) (41 ) (4 )
Total Other Income (Expense) (41 ) (239 ) (45 ) (842 ) (41 ) (4 )

Loss Before Credit for Income Taxes (1,284 ) (10,317 ) (2,039 ) (22,489 )
Credit for income taxes - - - -
Loss Before Provision for Income Taxes (707 ) (755 )
Provision for income taxes - -
Loss from discontinued operations, net of tax $ (1,284 ) $ (10,317 ) $ (2,039 ) $ (22,489 ) $ (707 ) $ (755 )

9
4. NOTES PAYABLE

Related Parties Notes Payable

Related Party Notes Payable consists of:
SUMMARY OF NOTES PAYABLE
June 30, 2022 December 31, 2021
March 31,
2023

December 31,
2022

30,000 30,000
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, 2023 or on demand by the Payee. $ 30,000 $ 30,000
Between March 26, 2018 and March 25, 2022 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $370,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Ten notes were extended on their due dates for another twelve months. The Notes will be due between July 2022 and July 2023 or on demand by the Payee. 370,873 290,873
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, 2023 or on demand by the Payee. $ 30,000 $ 30,000
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, 2023 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. Twelve of the notes were extended on their due dates for another twelve months. The Notes will be due between July 2023 and May 2024 463,373 463,373
Total Related Party Notes Payable $ 400,873 $ 320,873 $ 493,373 $ 493,373

Other Notes Payable

Other Notes Payable consists of:

June 30, 2022 December 31, 2021
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 23, 2023. See further note below. $ 300,000 $ 300,000
Current portion of Long-Term Notes payable, see below 2,121 -
Insurance policy finance agreements. - 19,329
Total Notes Payable: $ 302,121 $ 319,329

March 31,
2023

December 31,
2022

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 December 31, 2023. See further note below. $ 300,000 $ 300,000
Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable Below) 11,396 24,711
Total Other Notes Payable: $ 311,396 $ 324,711
10

Long-Term Notes Payable consists of:

June 30, 2022 December 31, 2021
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing 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. $ 147,879 $ 150,000
Total Long-Term Notes Payable: $ 147,879 $ 150,000
10

March 31,
2023

December 31,
2022

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. $ 145,429 $ 146,253
Total Long-Term Notes Payable $ 145,429 $ 146,253

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 ~~3,336,662~~3,508,248 shares of Common Stock as of ~~June 30, 2021.~~March 31, 2023. 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. LEASE

The Company recognized the following related to a lease in its unaudited consolidated balance sheet at ~~June 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
June 30, 2022 December 31, 2021
March 31,
2023

December 31,
2022

Operating Lease ROU Assets $ 56,400 $ 79,560 $ 20,535 $ 32,645
Operating Lease ROU Assets $ 56,400 $ 79,560

Operating Lease Liabilities $ 17,014 $ 29,591
Current portion 48,133 46,915
Long-term portion $ 6,021 $ 30,580
Operating Lease Liabilities $ 54,154 $ 77,495

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6. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

(a) Business segments

The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the disaggregated revenues, gross profits and total assets for each segment:
SCHEDULE OF BUSINESS SEGMENTS INFORMATION
2022 2021 2022 2021 2023 2022

Three Months Ended
June 30,

Six Months Ended
June 30,
Three Months Ended March 31,
2022 2021 2022 2021 2023 2022
Revenue:
Vycor Medical $ 298,723 $ 462,318 $ 586,079 $ 725,031 $ 336,864 $ 287,356
NovaVision $ 29,200 $ 29,109 $ 55,677 $ 62,145 $ 24,130 $ 26,477
Revenue $ 327,923 $ 491,427 $ 641,756 $ 787,176 $ 360,994 $ 313,833
Gross Profit
Vycor Medical $ 272,485 $ 424,261 $ 528,822 $ 660,194 $ 307,625 $ 256,337
NovaVision $ 27,553 $ 27,838 $ 51,640 $ 59,177 $ 22,570 $ 24,087
Gross Profit $ 300,038 $ 452,099 $ 580,462 $ 719,371 $ 330,195 $ 280,424
Operating Income (Loss)
Vycor Medical $ 122,394 $ 91,943
NovaVision $ (49,343 ) $ (61,279 )
Corporate $ (39,843 ) $ (52,863 )
Operating Income (Loss) $ 33,208 $ (52,899 )

11
June 30, December 31, March 31, December 31,
2022 2021 2022 2023
Total Assets:
Vycor Medical $ 869,746 $ 901,930 $ 791,973 $ 822,174
NovaVision 40,124 33,054 41,675 36,792
Discontinued operations 312 380 1,508 1,212
Total Assets $ 910,182 $ 935,364 $ 835,156 $ 860,178

(b) Geographic information

The Company operates in two geographic segments, the United States and Europe. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment.
SUMMARY OF GEOGRAPHIC INFORMATION
2022 2021 2022 2021 2023 2021

Three Months Ended
June 30,

Six Months Ended
June 30,
Three Months Ended March 31,
2022 2021 2022 2021 2023 2022
Revenue:
United States $ 325,507 $ 487,908 $ 636,112 $ 776,688 $ 358,618 $ 310,605
Europe $ 2,416 $ 3,519 $ 5,644 $ 10,488 $ 2,376 $ 3,228
Revenue $ 327,923 $ 491,427 $ 641,756 $ 787,176 $ 360,994 $ 313,833
Gross Profit
United States $ 297,632 $ 448,610 $ 574,844 $ 708,982 $ 327,860 $ 277,212
Europe $ 2,406 $ 3,489 $ 5,618 $ 10,389 $ 2,335 $ 3,212
Gross Profit $ 300,038 $ 452,099 $ 580,462 $ 719,371 $ 330,195 $ 280,424
Operating Income (Loss)
United States $ 37,319 $ (49,557 )
Europe $ (4,111 ) $ (3,342 )
Operating Income (Loss) $ 33,208 $ (52,899 )

June 30, December 31,
2022 2021
Total Assets:
United States $ 905,661 $ 928,761
Europe 4,209 6,223
Discontinued operations 312 380
Total Assets $ 910,182 $ 935,364
12
March 31, December 31,
2023 2022
Total Assets:
United States $ 828,233 $ 854,236
Europe 5,415 4,730
Discontinued operations 1,508 1,212
Total Assets $ 835,156 $ 860,178

7. EQUITY

~~Common Stock Grants~~Equity Transactions

During January to ~~June~~March 2022, ~~and 2021,~~ under the terms of the Consulting Agreement referred to in note 10, the Company issued ~~1,071,428~~535,714 of Common Stock to Fountainhead valued at $~~119,464~~45,536 ~~and $175,895, respectively.~~
~~On April 1, 2022 the Company issued~~ ~~101,663~~ ~~shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement.~~
12
.

~~Stock Options~~Equity Classes

~~The details~~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 ~~outstanding~~rights and preferences of which may be established from time to time by our board. As of May 12, 2023, there were 32,628,835 shares of common stock, ~~options are as follows:~~one (1) share of Series C Preferred Stock and 270,307 shares of Series D Preferred Stock issued and outstanding.

~~SCHEDULE OF STOCK OPTIONS~~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.

Number of
shares

Weighted
average
exercise price
per share

Outstanding at December 31, 2020 680,000 $ 0.28
Granted - -
Exercised - -
Cancelled or expired (680,000 ) 0.28
Outstanding at December 31, 2021 - $ -
Granted - -
Exercised - -
Cancelled or expired - -
Outstanding at June 30, 2022 - $ -

Series C Convertible Preferred Stock shares (“Preferred C Stock”) 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.
Series D Convertible Preferred shares (“Preferred D Stock”) 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. The Company is able to redeem the Series D at par at any time, at its sole option.
8. STOCK-BASED COMPENSATION

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

Non-Employee Stock Compensation

Aggregate stock-based compensation for stock granted to non-employees for each of the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022 ~~and 2021~~ was $~~127,546~~3,050 and $~~201,927~~50,568, respectively. As of March 31, 2023, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options.

9. COMMITMENTS AND CONTINGENCIES

Lease

The Company leases office space located at 951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487 from WPT Land 2 L.P., for a gross rent of approximately $4,000 per month, plus other charges of approximately $~~1,500~~3,000 per month. The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. Rent expense for the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022 ~~and 2021 for the continuing operations~~ was $~~38,053~~20,686 and $~~38,954~~20,604 respectively. See Note 5.

Potential German tax liability

In June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of €75,000 (approximately $82,000), with an additional interest charge of €12,000 (approximately $13,200). This assessment is for the 2010 fiscal year and relates to the Company’s acquisition of the assets of the former NovaVision, Inc. An initial assessment for corporate tax for the same period was preliminarily reduced to zero. The Company did not accept this trade tax assessment and appealed against it to the relevant tax authorities with a view to its reduction. The relevant tax authorities agreed to suspend the assessment pending the outcome of certain court hearings and proposed tax legislation, and the Company agreed to make monthly payments on account totaling €75,000 (approximately $82,000) which were completed in October 2016 and fully expensed. At that time the Company appealed against the interest charge of €12,000 (approximately $13,200) which the tax authorities did not accept but also agreed to suspend pending the outcome of the hearings and proposed legislation outlined above. Accordingly, the Company has made no provision for this liability in the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 and the year ended December 31, ~~2021~~2022 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

13
10. CONSULTING AND OTHER AGREEMENTS

The following agreements were entered into or remained in force during the ~~period~~periods ended ~~June 30,~~March 31, 2023 and 2022:

Consulting Agreement with Fountainhead

In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement. Under the Amended Agreement, fees of $450,000 ~~are~~were payable to Fountainhead ~~with an option to receive $5,000~~ ~~per month in cash and the remainder payable~~ in Company Common Stock issued at the higher of $0.21 and the average price for the 30 days prior to issuance, and deliverable at the end of each fiscal quarter. ~~The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval.~~
~~Effective~~This was amended slightly effective January 1, 2021 ~~the Company made a slight amendment to the Fountainhead Consulting Agreement~~ (“the Amended Agreement”). Under the Amended Agreement, fees are payable to Fountainhead ~~with an option to receive $5,000~~ ~~per month in cash, and the remainder payable~~ in Company Common Stock (“Shares”) as follows: 1) 535,714 Shares on the last day of each quarter; to the extent there are cash retainer payments during the quarter, the Shares shall be reduced by a number calculated by dividing the cash amount by the average closing price of the Shares for the 30 trading days prior to issuance; or 2) if the average closing price of the Shares for the 30 trading days prior to issuance is above $0.21, a number of Shares calculated by dividing $112,500 by the average closing price of the Shares for the 30 trading days prior to issuance. ~~The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval.~~ Under the terms of the Amended Agreement, Fountainhead ~~continues~~continued to provide the executive management team of the Company, including the positions of CEO, President and CFO, whose employment agreements with the Company stipulate they receive no remuneration from the Company.

~~During the six months ended June 30,~~Effective October 1, 2022 ~~and June 30, 2021, under the terms of~~ the Amended Agreement was terminated by Fountainhead ~~received~~ and the Company by mutual agreement. Effective the same date the Company entered into revised employment agreements with Peter Zachariou, David Cantor and Adrian Liddell under which they would continue as CEO, President and CFO respectively as individuals and not as representatives of Fountainhead; there is no compensation payable under the employment agreements
~~1,071,428~~During the three months ended March 31, 2023 and 2022 the Company issued 0 and 535,714 shares of Company Common Stock, valued at $~~119,464~~0 and $~~175,895~~45,536, respectively.

Other Agreements

On March 30, 2021, Vycor entered into a Consulting Agreement with Ricardo J. Komotar, M.D. (the “Agreement”) to provide certain specified services over the three-year term of the Agreement. Under the Agreement, Dr. Komotar will provide general scientific advisory consultancy services, and will also provide scientific advisory services based around certain specific pre-determined milestones. In consideration of the Consultant’s services, the Company agreed to deliver to the Consultant over the course of the three-year term, a total of 304,989 shares of Company Common Stock in respect of the general consultancy, and up to 1,219,957 shares of Company Common Stock in respect of the milestones, the actual number of shares to be delivered being determined by the achievement of the pre-determined milestones. On April 1, 2022 and 2021 ~~and 2022~~ 101,663 shares of Company Common Stock were issued under the terms of the ~~Agreement.~~Agreement (see Note 13).

11. RELATED PARTY TRANSACTIONS

Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead ~~that~~which owned, at ~~June 30, 2022,~~March 31, 2023, ~~61.9~~62.5%% of the Company’s Common Stock and ~~69.7~~69.7%% of the Company’s Series D Preferred Stock. Peter Zachariou owns ~~0.15~~0.15%% of the Company’s Common Stock and ~~25.7~~25.7%% of the Company’s Series D Preferred Stock. Adrian Liddell, Chairman is a consultant to Fountainhead.

14

During ~~each of~~ the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and June 30, 2021,~~ under the terms of the ~~Amended~~Consulting Agreement referred to in note 10, the Company issued 0 and ~~1,071,428~~535,714 shares of Common Stock to Fountainhead valued at $~~119,464~~0 and $~~175,895~~45,536, respectively.

During each of the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~ the Company accrued an aggregate of $162,185 of Preferred D Stock dividends, of which $113,019 was regarding Fountainhead and $41,693 was regarding of Peter Zachariou. Total accrued Preferred D Stock dividends at ~~June 30,~~March 31, 2023 and December 31, 2022 ~~and 2021~~ was $~~1,784,040~~2,108,405 and $~~1,459,669~~1,946,220, respectively, of which $~~1,243,205~~1,469,243 and $~~1,017,167~~1,356,224, respectively, was regarding Fountainhead and $~~458,622~~542,008 and $~~375,237~~500,315, respectively, was regarding of Peter Zachariou.

During the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022 ~~and 2021~~ the Company issued unsecured loan notes to Fountainhead for a total of $~~80,000~~0 and $~~10,000~~80,000, respectively. The loan notes bear interest at a rate of 1010%% and are due on demand or by their one-year anniversary (see Note 4).

~~There were~~ 0 ~~other~~During the three months ended March 31, 2023 and 2022 the Company accrued interest on related party ~~transactions during the six months ended June 30, 2022~~loans of $12,343 and ~~2021.~~$7,912
, respectively.

12. CONCENTRATION

Vycor Medical sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals.
SCHEDULE OF CONCENTRATION
Sales Concentration:

Three Months Ended
June 30,

2022 2021

Number of customers over 10% - -
Percentage of sales 0 % 0 %

Six Months Ended
June 30,

2022 2021
Three Months Ended
March 31,

2023 2022
Number of customers over 10% - - 1 0
Percentage of sales 0 % 0 % 11 % 0 %

Accounts Receivable Concentration

At June 30, At December 31, At March 31, At December 31,
2022 2021 2023 2022

Number of customers over 10% 1 1 0 1
Percentage of accounts receivable 13 % 11 % 0 % 13 %

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

13. SUBSEQUENT EVENTS
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 10).

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, other than that disclosed above, there were no significant subsequent events or transactions ~~which~~that would require recognition or disclosure in the financial statements.

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

Forward Looking Statements

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

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

1. Organizational History

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

2. Overview of Business

Vycor is dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and operates two distinct business units within the medical device industry. Vycor Medical designs, develops and markets medical devices for use in neurosurgery. NovaVision provides non-invasive rehabilitation therapies for those who have vision disorders resulting from neurological brain damage such as that caused by a stroke. Both businesses adopt a minimally or non-invasive approach. The Company has 61 issued or allowed patents and a further 11 pending. The Company leverages joint resources across the divisions to operate in a cost-efficient manner.

16
The Company periodically engages in discussions with potential strategic partners for or purchasers of each or both of our operating divisions. In April 2020, the board of Vycor took the decision to close the German operations of NovaVision, including the German office and NovaVision GmbH, and instead migrate to a licensed business ~~model; in June 2020 Vycor announced that it would be~~model, entering into a license agreement ~~and transition agreement (the “Agreements”)~~ with HelferApp GmbH, a cognitive therapy specialist. Under the ~~Agreements,~~agreement, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals. The NovaVision German office was closed effective June 30, 2020.

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 a number of other international markets. Vycor Medical has 30 granted and 11 pending patents.

NovaVision

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

Strategy

The Company is continuing to execute on a plan to achieve revenue growth and a reduction in annual cash operating losses¹, and generated a cash operating ~~profit~~¹ ~~during~~income for the ~~six~~three months ended ~~June 30, 2022.~~March 31, 2023. For Vycor Medical this plan includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented and continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies. In the US the Company is focused on increasing market penetration through targeting neurosurgeons systematically, both through its distribution network and also directly by leveraging existing ~~KOL~~key opinion leader (“KOL”) neurosurgeon VBAS supporters to access new neurosurgeon users.

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

¹~~Operating Income or Loss before Depreciation, Amortization and non-cash Stock Compensation~~
The Company has for some time been working to better integrate its VBAS with neuronavigation. The first phase of the modification of the existing VBAS product range was completed in September 2017 and ~~has been~~was well received by surgeons. The second phase involves the introduction of an optional Alignment Clip accessory that ~~will snap~~snaps onto the VBAS and ~~allow~~allows for a neuronavigation pointer to be fully integrated into the body of the ~~VBAS. This~~VBAS; this new model range, known as the VBAS AC, ~~model range has received US FDA 510(k) clearance, EU clearance and regulatory approvals elsewhere internationally; it is envisaged that it will be available during~~was launched in September 2022. The Company will continue to work with neuronavigation companies to seek ways to further integrate the VBAS with neuronavigation and with other companies with complementary technologies used in neurosurgery. We will also be exploring with neurosurgeons and focus groups additional selected development work targeted at increasing the ease and applicability of our products to additional common procedures.

For NovaVision, given the company’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the distribution of its broad range of patient and professional products is by partnering with entities in selected geographies that have either direct access to the end users or a desire and financial wherewithal to leverage the NovaVision therapy platform, including into new areas. As a result, the Company closed the NovaVision German office and entered into a license agreement with HelferApp, a cognitive therapy specialist, for Germany, Austria and ~~Switzerland, and is seeking similar partnerships in other territories with regional companies able to leverage NovaVision’s clinically supported vision therapies.~~Switzerland. 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.
¹Operating Income or Loss before Depreciation, Amortization and non-cash Stock Compensation
17
Comparison of the Three Months Ended ~~June 30, 2022~~March 31, 2023 to the Three Months Ended ~~June 30, 2021~~March 31, 2022

Revenue and Gross Margin:

Three months ended Three months ended
June 30, March 31,
2022 2021 % Change 2023 2022 % Change
Revenue:
Vycor Medical $ 298,723 $ 462,318 -35 % $ 336,864 $ 287,356 17 %
NovaVision $ 29,200 $ 29,109 0 % $ 24,130 $ 26,477 -9 %
$ 327,923 $ 491,427 -33 % $ 360,994 $ 313,833 15 %
Gross Profit
Vycor Medical $ 272,485 $ 424,261 -36 % $ 307,625 $ 256,337 20 %
NovaVision $ 27,553 $ 27,838 -1 % $ 22,570 $ 24,087 -6 %
$ 300,038 $ 452,099 -34 % $ 330,195 $ 280,424 18 %

Vycor Medical recorded revenue of ~~$298,723~~$336,864 from the sale of its products for the three months ended ~~June 30, 2022, a decrease~~March 31, 2023, an increase of ~~$163,595,~~$49,508, or ~~35%~~17%, over the same period in 2021. The 2021 period had an unusually high level of activity as Vycor’s markets, particularly the US, recovered from Covid and hospitals re-stocked their inventories and recommenced surgeries and procedures that had been deferred or postponed. The three months ended June 30, 2022 recorded an increase in revenues over both the three months ended March 31, 2022 and the three months ended December 31, 2021, demonstrating that progress continues to be made.2022. Gross margin of 91% and ~~92%~~89% was recorded for the three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~ respectively.

NovaVision recorded revenues of ~~$29,200~~$24,130 for the three months ended ~~June 30, 2022, approximately~~March 31, 2023, a decrease of $2,347 over the same ~~for 2021.~~period in 2022. Gross margin was 94%, compared to ~~96%~~91% for the same period in ~~2021.~~2022.

Selling, General and Administrative Expenses:

Selling, general and administrative expenses decreased by ~~$47,316~~$41,570 to ~~$359,763~~$277,104 for the three months ended ~~June 30, 2022~~March 31, 2023 from ~~$407,079~~$318,674 for the same period in ~~2021.~~2022. 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 ~~June 30, 2022~~March 31, 2023 was ~~$76,978,~~$3,050, a ~~$2,519~~$47,518 decrease from the charge in ~~2021~~2022 of ~~$79,497.~~$50,568 following the termination of the Fountainhead Consulting Agreement effective October 1, 2022. Also included within Selling, General and Administrative Expenses are Sales Commissions, which ~~decreased~~increased by ~~$44,986~~$4,251 from ~~$103,656~~$57,326 to ~~$58,670~~$61,577 in ~~2021.~~2023.

The remaining Selling, General and Administrative expenses increased ~~marginally~~by $1,697 from ~~$223,926~~$210,780 to ~~$224,115~~$212,477 in ~~2021.~~2023. Patent costs decreased by ~~$23,330~~$27,446 due lower costs of NovaVision patents during the period, and software development costs decreased by ~~$10,274, reflecting lower levels~~$9,472; this was offset by increases in payroll of ~~activity compared to 2021; regulatory costs increased by $19,091 due to EU regulatory audit~~$9,548 and other ~~activity during the period and payroll increased by $11,398 from the addition of staff.~~expenses.

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

Cash G&A Non-Cash G&A Cash G&A Non-Cash G&A
Regulatory 19,091 -
Other (premises, insurance, other) 25,214
Payroll 11,398 - 9,548 -
Commissions 4,251 -
Scientific, clinical and software development (7,572 ) -
Legal, patent, audit/accounting and regulatory (25,493 ) -
Board and financial - (2,519 ) - (47,518 )
Other (travel/insurance/premises) (5,614 ) -
Scientific, clinical and software development (10,274 ) -
Legal, patent, audit/accounting (14,413 )
Commissions (44,986 ) -
Total change (44,798 ) (2,519 ) 5,948 (47,518 )
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Interest Expense:

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the three months ended ~~June 30, 2022 and 2021~~March 31, 2023 was ~~$9,994 and $8,000, respectively.~~$12,343 compared to $7,912 for 2022. Other Interest expense for the three months ended ~~June 30, 2022 and 2021~~March 31, 2023 was ~~$13,370 and $13,662, respectively.~~$13,234 compared to $12,314 for 2022.

Operating loss from Discontinued Operations:

Operating loss from Discontinued Operations decreased by ~~$9,033~~$48 to ~~$1,284~~$707 in ~~2022~~2023 from ~~$10,317~~$755 in ~~2021;~~2022; the Company has some minor ongoing costs related to the wind-down of the discontinued operations in Germany but no revenues.

~~Comparison of the Six Months Ended June 30, 2022 to the Six Months Ended June 30, 2021~~
~~Revenue and Gross Margin:~~
Six months ended
June 30,
2022 2021 % Change
Revenue:
Vycor Medical $ 586,079 $ 725,031 -19 %
NovaVision $ 55,677 $ 62,145 -10 %
$ 641,756 $ 787,176 -18 %
Gross Profit
Vycor Medical $ 528,822 $ 660,194 -20 %
NovaVision $ 51,640 $ 59,177 -13 %
$ 580,462 $ 719,371 -19 %
Vycor Medical recorded revenue of $586,079 from the sale of its products for the six months ended June 30, 2022, a decrease of $138,952, or 19%, over the same period in 2021. The 2021 period had an unusually high level of activity as Vycor’s markets, particularly the US, recovered from Covid and hospitals re-stocked their inventories and recommenced surgeries and procedures that had been deferred or postponed, particularly in the three months ended June 30, 2022. The three months ended June 30, 2022 recorded an increase in revenues over both the three months ended March 31, 2022 and the three months ended December 31, 2021, demonstrating that progress continues to be made. Gross margin of 90% and 91% was recorded for the six months ended June 30, 2022 and for the same period in 2021.
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~~NovaVision recorded revenues of $55,677 for the six months ended June 30, 2022, a decrease of $6,468 over the same period in 2021, and gross margin of 93%, compared to 95% for the same period in 2021.~~
~~Selling, General and Administrative Expenses:~~
Selling, general and administrative expenses increased by $186,118 to $678,437 for the six months ended June 30, 2022 from $864,555 for the same period in 2021. Included within Selling, General and Administrative Expenses are non-cash charges for share 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 six months ended June 30, 2022 was $127,546, a decrease of $74,381 over $201,927 in 2021. Also included within Selling, General and Administrative Expenses are Sales Commissions, which decreased by $35,330 from $151,326 to $115,996.
The remaining Selling, General and Administrative expenses decreased by $76,407 from $511,302 to $434,895. Patent costs decreased by $39,329 and software development costs by $9,269, reflecting lower levels of activity compared to 2021; payroll increased by $10,773 from the addition of staff.
~~An analysis of the change in cash and non-cash G&A is shown in the table below:~~
Cash G&A Non-Cash G&A
Payroll 10,773 -
Regulatory 487 -
Scientific, clinical and software development (18,231 )
Other (travel/insurance/premises) (34,061 ) -
Commissions (35,330 ) -
Legal, patent, audit/accounting (35,375 ) -
Board and financial - (74,381 )
Total change (111,737 ) (74,381 )
~~Interest Expense:~~
Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the six months ended June 30, 2022 was $17,906 compared to $15,665 for 2021. Other Interest expense for the six months ended June 30, 2022 was $25,684 compared to $29,780 for 2021 following the forgiveness of PPP loans.
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Liquidity

The following table shows cash flow and liquidity data for the periods ended ~~June 30, 2022~~March 31, 2023 and December 31, ~~2021:~~2022:

June 30, 2022 December 31, 2021 $ Change
March 31, 2023
December 31, 2022 $ Change
Cash $ 43,619 $ 90,941 $ (47,322 ) $ 47,805 $ 37,035 $ 10,770
Accounts receivable, inventory and other current assets $ 469,177 $ 396,470 $ 72,707 $ 472,689 $ 480,728 $ (8,039 )
Total current liabilities $ (3,355,579 ) $ (3,149,997 ) $ (205,582 ) $ (3,785,921 ) $ (3,654,797 ) $ (131,124 )
Working capital $ (2,842,783 ) $ (2,662,586 ) $ (180,197 ) $ (3,265,427 ) $ (3,137,034 ) $ (128,393 )
Cash provided by financing activities $ 62,792 $ 42,613 $ 20,179 )
Cash (used in) provided by financing activities $ (13,315 ) $ 165,889 $ (179,204 )

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

The following table shows the principle components of cash provided by (used in) operating activities during the ~~six~~three months ended ~~June 30,~~March 31, 2023 and 2022, ~~and 2021,~~ with a commentary of changes during the periods and known or anticipated future changes:

March 31, 2023
March 31, 2022 $ Change
Net Income (Loss) $ 6,862 $ (74,552 ) $ 81,414

Adjustments to reconcile net Income (Loss) to cash provided by (used in) operating activities:
Depreciation $ 15,355 $ 15,563 $ (208 )
Stock based compensation $ 3,050 $ 50,568 $ (47,518 )
Other $ - $ 5,960 $ (5,960 )
$ 18,405 $ 72,091 $ (53,686 )

Net Income (Loss) adjusted for non-cash items $ 25,267 $ (2,461 ) $ 27,728
Changes in working capital
Accounts receivable $ (21,693 ) $ (35,686 ) $ 13,993
Accounts payable and accrued liabilities $ (29,349 ) $ (48,168 ) $ 18,819
Inventory $ 17,507 $ (2,117 ) $ 19,624
Prepaid expenses and net insurance financing repayments $ (4,311 ) $ (20,127 ) $ 15,816
Accrued interest (not paid in cash) $ 23,354 $ 18,032 $ 5,322
Changes in discontinued operations, net $ (293 ) $ 156 $ (449 )
$ (14,785 ) $ (87,910 ) $ 73,125

Cash provided by (used in) operating activities, adjusted for net insurance repayments $ 10,482 $ (90,371 ) $ 100,853

June 30, 2022 June 30, 2021 $ Change
Net loss $ (173,562 ) $ (252,293 ) $ 78,731

Adjustments to reconcile net loss to cash used in operating activities:
Amortization and depreciation of assets $ 30,605 $ 32,255 $ (1,650 )
Share based compensation $ 127,546 $ 201,927 $ (74,381 )
Other $ 8,660 $ 6,180 $ 2,480
$ 166,811 $ 240,362 $ (73,551 )

Net loss adjusted for non-cash items $ (6,751 ) $ (11,931 ) $ 5,180
Changes in working capital
Accounts receivable $ (86,360 ) $ (45,849 ) $ (40,511 )
Accounts payable and accrued liabilities $ (58,790 ) $ 50,132 $ (108,922 )
Inventory $ (2,856 ) $ (16,642 ) $ 13,786
Prepaid expenses and net insurance financing repayments $ (5,492 ) $ 8,779 $ (14,271 )
Accrued interest (not paid in cash) $ 37,085 $ 45,445 $ (8,360 )
Changes in discontinued operations, net $ (960 ) $ (3,610 ) $ 2,650
$ (117,373 ) $ 38,255 $ (155,628 )

Cash used in operating activities, adjusted for net insurance repayments $ (124,124 ) $ 26,324 $ (150,448 )
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The adjustments to reconcile net loss to cash of ~~$166,811~~$18,405 in the period have no impact on ~~liquidity, and the~~liquidity. The positive change in net loss adjusted for non-cash items of ~~$5,180 is not material.~~$27,728 was primarily due an increase in sales in the Vycor division, which also accounts for the increase in accounts receivable of $13,993. The change in accounts payable and accrued liabilities of ~~$108,922~~$18,819 between the ~~2022~~2023 and ~~2021~~2022 periods was mainly due to the settlement of expenses during the ~~2021~~2022 period that were incurred during the final quarter of ~~2020.~~
2021.

Additional inventory of ~~$46,357~~$6,702 was purchased during the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 as part of normal production, and the Company anticipates purchasing additional new inventory of approximately ~~$100,000~~$75,000 during the next twelve months for VBAS and VBAS AC.

Investing Activities. ~~Cash~~There was no cash used in investing activities ~~of continuing operations for~~during the ~~six~~three months ended ~~June 30, 2022 was $3,198.~~March 31, 2023 and the Company anticipates limited investing activities during the next twelve months.

Financing Activities. During the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 the Company ~~received funds~~repaid loans related to insurance of ~~$80,000 in respect of loans from Fountainhead.~~
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$13,315.

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 ~~$335,747~~$155,323 for the ~~six~~three months ended ~~June 30, 2022~~March 31, 2023 and has not generated sufficient positive cash flows from operations. As of ~~June 30, 2022~~March 31, 2023 the Company had a working capital deficiency of ~~$533,525,~~$505,299, excluding related party liabilities of ~~$2,309,258.~~$2,760,128. 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 21 “Strategy”, the Company is ~~continuing to execute~~executing on a plan to achieve ~~revenue growth and~~ a reduction in ~~annual~~ cash operating losses¹², and generated ~~a small~~ cash operating ~~profit~~¹ ~~during~~income for the ~~six~~three months ended June 30, 2022. For Vycor Medical this plan includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented and continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies. In the US the Company is focused on increasing market penetration through targeting neurosurgeons systematically, both through its distribution network and also directly by leveraging existing KOL neurosurgeon VBAS supporters to access new neurosurgeon users. The Company continues to target key international territories including Europe where it intends to drive adoption of its VBAS product through selected key KOL neurosurgeon VBAS users in each territory to identify both new potential users and also high-quality distribution partners to bolster our existing network. The Company has for some time been working to better integrate its VBAS with neuronavigation. The first phase of the modification of the existing VBAS product range was completed in September 2017 and has been well received by surgeons. The second phase involves the introduction of an optional Alignment Clip accessory that will snap onto the VBAS and allow for a neuronavigation pointer to be fully integrated into the body of the VBAS. This VBAS AC model range has received US FDA 510(k) clearance, EU clearance and is going through the regulatory process elsewhere internationally; it is envisaged that it will be available during 2022. The Company will continue to work with neuronavigation companies to seek ways to further integrate the VBAS with neuronavigation and with other companies with complementary technologies used in neurosurgery. We will also be exploring with neurosurgeons and focus groups additional selected development work targeted at increasing the ease and applicability of our products to additional common procedures. For NovaVision, given the company’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the distribution of its broad range of patient and professional products is by partnering with entities in selected geographies that have either direct access to the end users or a desire and financial wherewithal to leverage the NovaVision therapy platform, including into new areas. As a result, the Company closed the NovaVision German office and entered into a license agreement with HelferApp, a cognitive therapy specialist, for Germany, Austria and Switzerland, and is seeking similar partnerships in other territories with regional companies able to leverage NovaVision’s clinically supported vision therapies. Management is also open to a broad range of alternatives for NovaVision as a whole, which could comprise distribution and marketing partnerships, licensing, merger or sale.
²~~Operating Income or Loss before Depreciation, Amortization and non-cash Stock Compensation~~
~~However, the Company believes it may not have sufficient cash to meet its various cash needs through August~~March 31, ~~2023 unless the Company is able to obtain additional cash from the issuance of debt or equity securities.~~2023. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of ~~$400,699,~~$436,732, which has a maturity date of ~~March~~December 31, 2023, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond ~~March~~December 31, 2023 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through May 31, 2024 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products or cease some of its operations.

22
Critical Accounting Policies and Estimates
Uses of estimates in the preparation of financial statements
The preparation of unaudited consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying unaudited consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable, amortization of intangible assets, and the fair values of options and warrant included in the determination of debt discounts and stock-based compensation.
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A detailed description of our significant accounting policies can be found in our most recent Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022.

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.

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.

2321
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 ~~August 15, 2022,~~May 12, 2023, 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
None.
~~Issuance Type~~ ~~Security~~ ~~Shares~~
~~FHC Management Fees~~ ~~Common~~ ~~1,071,428~~
~~Consulting agreement fees: Ricardo Komotar~~ ~~Common~~ ~~101,663~~

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.
22
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)
2423

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 ~~August 15, 2022~~May 12, 2023

Vycor Medical, Inc.
(Registrant)

By: /s/ Peter C. Zachariou
Peter C. Zachariou
Chief Executive Officer and Director ~~(Principal~~
(Principal Executive Officer)

Date ~~August 15, 2022~~May 12, 2023

By: /s/ Adrian Liddell
Adrian Liddell
Chairman of the Board and Director
(Principal Financial and Accounting Officer)

Date ~~August 15, 2022~~May 12, 2023

2524

	Number		Amount		Number		Amount		Number		Amount		Number			Amount			Capital		Deficit			(Loss)			Total
																			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 March 31, 2022		31,457,415	$	3,147		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,217,651	$	(31,933,879	)	$	127,675		$	(2,586,413	)
Issuance of stock for board and consulting fees		637,377		62																86,065								86,127
Issuance of stock related to deferred compensation of directors		-		-
Directors deferred compensation granted
Accumulated Comprehensive Loss																									(1	)		(1	)
Net loss for period available to common stockholders				-				-				-					-					(99,010	)					(99,010	)
Balance at June 30, 2022		32,094,792	$	3,209		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,303,716	$	(32,032,889	)	$	127,674		$	(2,599,297	)

	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 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	)
Net loss for three months ended March 31, 2023				-				-				-					-			-		(155,323	)		-		(155,323	)
Balance at March 31, 2023		32,630,506	$	3,263		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,355,626	$	(32,581,752	)	$	127,675	$	(3,096,194	)
Balance		32,630,506	$	3,263		1	$	0		270,306		27		(103,334	)	$	(1,033	)	$	29,355,626	$	(32,581,752	)	$	127,675	$	(3,096,194	)
				-																0		-			-		0

Balance at December 31, 2021		30,921,701	$	3,093		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,172,169	$	(31,697,142	)	$	127,674	$	(2,395,213	)
Balance		30,921,701	$	3,093		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,172,169	$	(31,697,142	)	$	127,674	$	(2,395,213	)
Issuance of stock for board and consulting fees		535,714		54		-		-												45,482							45,536
Comprehensive Income																									1		1
Net loss for three months ended March 31, 2022												-					-			-		(236,737	)				(236,737	)
Net loss												-					-			-		(236,737	)				(236,737	)
Balance at March 31, 2022		31,457,415	$	3,147		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,217,651	$	(31,933,879	)	$	127,675	$	(2,586,413	)
Balance		31,457,415	$	3,147		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,217,651	$	(31,933,879	)	$	127,675	$	(2,586,413	)

	●	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

	June 30, 2022		June 30, 2021		March 31, 2023		December 31, 2022
Debentures convertible into common stock		3,336,662		3,108,092		3,508,248		3,451,889
Preferred shares convertible into common stock		1,272,052		1,272,052		1,272,052		1,272,052
Total		4,608,714		4,380,144		4,780,300		4,723,941
Anti-dilutive shares						4,780,300		4,723,941

	June 30, 2022		December 31, 2021		March 31, 2023		December 31, 2022

	30,000		30,000
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, 2023 or on demand by the Payee.	$	30,000	$	30,000
Between March 26, 2018 and March 25, 2022 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $370,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Ten notes were extended on their due dates for another twelve months. The Notes will be due between July 2022 and July 2023 or on demand by the Payee.		370,873		290,873
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, 2023 or on demand by the Payee.					$	30,000	$	30,000
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, 2023 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. Twelve of the notes were extended on their due dates for another twelve months. The Notes will be due between July 2023 and May 2024						463,373		463,373
Total Related Party Notes Payable	$	400,873	$	320,873	$	493,373	$	493,373

	June 30, 2022		December 31, 2021
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 23, 2023. See further note below.	$	300,000	$	300,000
Current portion of Long-Term Notes payable, see below		2,121		-
Insurance policy finance agreements.		-		19,329
Total Notes Payable:	$	302,121	$	319,329

	June 30, 2022		December 31, 2021
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing 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.	$	147,879	$	150,000
Total Long-Term Notes Payable:	$	147,879	$	150,000

	Number of shares			Weighted average exercise price per share
Outstanding at December 31, 2020		680,000		$	0.28
Granted		-			-
Exercised		-			-
Cancelled or expired		(680,000	)		0.28
Outstanding at December 31, 2021		-		$	-
Granted		-			-
Exercised		-			-
Cancelled or expired		-			-
Outstanding at June 30, 2022		-		$	-

	Three Months Ended June 30,
	2022			2021

Number of customers over 10%		-			-
Percentage of sales		0	%		0	%

	Six Months Ended June 30,
	2022			2021			Three Months Ended March 31,
							2023			2022
Number of customers over 10%		-			-			1			0
Percentage of sales		0	%		0	%		11	%		0	%

	At June 30,			At December 31,			At March 31,			At December 31,
	2022			2021			2023			2022

Number of customers over 10%		1			1			0			1
Percentage of accounts receivable		13	%		11	%		0	%		13	%

	Three months ended							Three months ended
	June 30,							March 31,
	2022		2021		% Change			2023		2022		% Change
Revenue:
Vycor Medical	$	298,723	$	462,318		-35	%	$	336,864	$	287,356		17	%
NovaVision	$	29,200	$	29,109		0	%	$	24,130	$	26,477		-9	%
	$	327,923	$	491,427		-33	%	$	360,994	$	313,833		15	%
Gross Profit
Vycor Medical	$	272,485	$	424,261		-36	%	$	307,625	$	256,337		20	%
NovaVision	$	27,553	$	27,838		-1	%	$	22,570	$	24,087		-6	%
	$	300,038	$	452,099		-34	%	$	330,195	$	280,424		18	%

	Cash G&A			Non-Cash G&A			Cash G&A			Non-Cash G&A
Regulatory		19,091			-
Other (premises, insurance, other)								25,214
Payroll		11,398			-			9,548			-
Commissions								4,251			-
Scientific, clinical and software development								(7,572	)		-
Legal, patent, audit/accounting and regulatory								(25,493	)		-
Board and financial		-			(2,519	)		-			(47,518	)
Other (travel/insurance/premises)		(5,614	)		-
Scientific, clinical and software development		(10,274	)		-
Legal, patent, audit/accounting		(14,413	)
Commissions		(44,986	)		-
Total change		(44,798	)		(2,519	)		5,948			(47,518	)

	Six months ended
	June 30,
	2022		2021		% Change
Revenue:
Vycor Medical	$	586,079	$	725,031		-19	%
NovaVision	$	55,677	$	62,145		-10	%
	$	641,756	$	787,176		-18	%
Gross Profit
Vycor Medical	$	528,822	$	660,194		-20	%
NovaVision	$	51,640	$	59,177		-13	%
	$	580,462	$	719,371		-19	%

	June 30, 2022			December 31, 2021			$ Change			March 31, 2023			December 31, 2022			$ Change
Cash	$	43,619		$	90,941		$	(47,322	)	$	47,805		$	37,035		$	10,770
Accounts receivable, inventory and other current assets	$	469,177		$	396,470		$	72,707		$	472,689		$	480,728		$	(8,039	)
Total current liabilities	$	(3,355,579	)	$	(3,149,997	)	$	(205,582	)	$	(3,785,921	)	$	(3,654,797	)	$	(131,124	)
Working capital	$	(2,842,783	)	$	(2,662,586	)	$	(180,197	)	$	(3,265,427	)	$	(3,137,034	)	$	(128,393	)
Cash provided by financing activities	$	62,792		$	42,613		$	20,179	)
Cash (used in) provided by financing activities										$	(13,315	)	$	165,889		$	(179,204	)

	March 31, 2023			March 31, 2022			$ Change
Net Income (Loss)	$	6,862		$	(74,552	)	$	81,414

Adjustments to reconcile net Income (Loss) to cash provided by (used in) operating activities:
Depreciation	$	15,355		$	15,563		$	(208	)
Stock based compensation	$	3,050		$	50,568		$	(47,518	)
Other	$	-		$	5,960		$	(5,960	)
	$	18,405		$	72,091		$	(53,686	)

Net Income (Loss) adjusted for non-cash items	$	25,267		$	(2,461	)	$	27,728
Changes in working capital
Accounts receivable	$	(21,693	)	$	(35,686	)	$	13,993
Accounts payable and accrued liabilities	$	(29,349	)	$	(48,168	)	$	18,819
Inventory	$	17,507		$	(2,117	)	$	19,624
Prepaid expenses and net insurance financing repayments	$	(4,311	)	$	(20,127	)	$	15,816
Accrued interest (not paid in cash)	$	23,354		$	18,032		$	5,322
Changes in discontinued operations, net	$	(293	)	$	156		$	(449	)
	$	(14,785	)	$	(87,910	)	$	73,125

Cash provided by (used in) operating activities, adjusted for net insurance repayments	$	10,482		$	(90,371	)	$	100,853

~~Issuance Type~~	~~Security~~	~~Shares~~
~~FHC Management Fees~~	~~Common~~	~~1,071,428~~
~~Consulting agreement fees: Ricardo Komotar~~	~~Common~~	~~101,663~~

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)

	Vycor Medical, Inc.
	(Registrant)

	By:	/s/ Peter C. Zachariou
		Peter C. Zachariou
		Chief Executive Officer and Director ~~(Principal~~ (Principal Executive Officer)

	Date	~~August 15, 2022~~May 12, 2023

	By:	/s/ Adrian Liddell
		Adrian Liddell
		Chairman of the Board and Director
		(Principal Financial and Accounting Officer)

	Date	~~August 15, 2022~~May 12, 2023