Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'VYCOR MEDICAL INC |
Entity Central Index Key | '0001424768 |
Amendment Flag | 'false |
Document Type | 'S-1 |
Document Period End Date | 31-Mar-14 |
Entity Filer Category | 'Smaller Reporting Company |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' | ' |
Cash | $2,707,089 | $31,303 | $59,821 |
Trade accounts receivable, net of allowance for doubtful accounts of $6,470, $6,474 and $2,754 | 289,018 | 212,660 | 144,347 |
Inventory | 228,371 | 206,926 | 290,508 |
Prepaid expenses and other current assets | 238,039 | 208,063 | 429,102 |
Total Current Assets | 3,462,517 | 658,952 | 923,778 |
Fixed assets, net | 674,637 | 706,197 | 827,389 |
Intangible and Other assets: | ' | ' | ' |
Trademarks | 251,157 | 251,157 | 251,157 |
Patents, net of accumulated amortization | 412,718 | 444,095 | 502,895 |
Website, net of accumulated amortization | 7,140 | 1,680 | 2,772 |
Security deposits | 53,169 | 53,169 | 53,169 |
Total Intangible and Other assets | 724,184 | 750,101 | 809,993 |
TOTAL ASSETS | 4,861,338 | 2,115,250 | 2,561,160 |
Current Liabilities | ' | ' | ' |
Accounts payable | 166,111 | 254,024 | 187,789 |
Accrued interest: Related Party | 272,405 | 238,299 | 107,176 |
Accrued interest: Other | 18,248 | 147,984 | 87,962 |
Accrued liabilities | 325,244 | 1,776,867 | 1,198,463 |
Other current liabilities | 88,804 | 61,576 | 241,918 |
Derivative liability - warrants | 1,511,033 | ' | ' |
Notes payable: Related Party | ' | 2,373,556 | 1,732,812 |
Notes payable: Other | 328,338 | 578,186 | 462,690 |
TOTAL CURRENT LIABILITIES | 2,710,183 | 5,430,492 | 4,018,810 |
Notes payable long-term: Related Party | 2,247,037 | ' | ' |
Notes payable long-term: Other | 151,450 | ' | ' |
TOTAL LIABILITIES | 5,108,670 | 5,430,492 | ' |
STOCKHOLDERS' DEFICIENCY | ' | ' | ' |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 1.0 and 16.2 issued and outstanding as at March 31, 2014 and December 31, 2013 respectively | ' | 1 | 1 |
Common Stock, $0.0001 par value, 25,000,000 shares authorized, 10,285,832 and 6,757,225 shares issued and outstanding at March 31, 2014 and December 31, 2013 respectively | 1,028 | 675 | 602 |
Additional Paid-in Capital | 17,617,736 | 13,762,689 | 13,141,489 |
Treasury Stock (103,334 shares of Common Stock as of March 31, 2014 and December 31, 2013 respectively, at cost) | -1,033 | -1,033 | -1,033 |
Accumulated Deficit | -17,820,415 | -17,032,405 | -14,587,914 |
Accumulated Other Comprehensive Income | -44,648 | -45,170 | -10,795 |
Total Stockholders' Deficiency | -247,332 | -3,315,243 | -1,457,650 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $4,861,338 | $2,115,250 | $2,561,160 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' | ' |
Allowance for doubtful accounts receivable | $6,470 | $6,474 | $2,754 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 1 | 16.2 | 39.3 |
Preferred stock, shares outstanding | 1 | 16.2 | 39.3 |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 10,285,832 | 6,757,225 | 6,020,555 |
Common Stock, shares outstanding | 10,285,832 | 6,757,225 | 6,020,555 |
Treasury Stock, shares | 103,334 | 103,334 | 68,889 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Loss (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Operations [Abstract] | ' | ' | ' | ' |
Revenue | $358,122 | $231,674 | $1,089,374 | $1,205,263 |
Cost of Goods Sold | 42,957 | 30,018 | 153,832 | 179,530 |
Gross Profit | 315,165 | 201,656 | 935,542 | 1,025,733 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 15,356 | 31,350 | 53,451 | 126,042 |
Depreciation and Amortization | 94,096 | 86,269 | 350,526 | 328,890 |
General and administrative | 1,198,252 | 683,658 | 2,813,041 | 3,413,004 |
Negative Goodwill on Acquisition of Subsidiary | ' | ' | ' | -66,394 |
Costs related to Acquisition of Subsidiary | ' | ' | ' | 18,285 |
Total Operating expenses | 1,307,704 | 801,277 | 3,217,018 | 3,819,827 |
Operating loss | -992,539 | -599,621 | -2,281,476 | -2,794,094 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | 719 |
Interest expense: Related Party | -33,829 | -28,967 | -131,400 | -87,268 |
Interest expense: Other | -14,294 | -13,926 | -59,897 | -50,663 |
Change in fair value of warrants | 253,284 | ' | ' | ' |
Total Other income (expense) | 205,161 | -42,893 | -191,297 | -137,212 |
Net loss | -787,378 | -642,514 | -2,472,773 | -2,931,306 |
Comprehensive Loss | ' | ' | ' | ' |
Foreign Currency Translation Adjustment | -632 | -20,158 | -28,282 | -5,096 |
Net Comprehensive Loss | ($788,010) | ($662,672) | ($2,444,491) | ($2,926,210) |
Loss Per Share | ' | ' | ' | ' |
Basic and diluted | ($0.09) | ($0.11) | ($0.39) | ($0.52) |
Weighted Average Number of Shares Outstanding | 8,995,082 | 5,947,998 | 6,324,175 | 5,637,690 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (Deficiency) (USD $) | Total | Common Shares | Preferred Stock - Series C | Treasury Shares | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI (Loss) |
Beginning Balance at Dec. 31, 2011 | $875,324 | $538 | $1 | $0 | $12,512,297 | $11,661,704 | $24,192 |
Beginning Balance, Shares at Dec. 31, 2011 | ' | 5,381,358 | ' | 0 | ' | ' | ' |
Issuance of stock for board and consulting fees | 379,381 | 27 | ' | ' | 379,354 | ' | ' |
Issuance of stock for board and consulting fees, shares | ' | 267,969 | ' | ' | ' | ' | ' |
Share-based compensation for consulting services | 8,708 | ' | ' | ' | 8,708 | ' | ' |
Cancellation of share-based compensation | -232,499 | ' | ' | ' | -232,499 | ' | ' |
Purchases of equity - Common stock | 170,000 | 5 | ' | ' | 169,995 | ' | ' |
Purchases of equity - Common stock, shares | ' | 50,372 | ' | ' | ' | ' | ' |
Settlement - Common Stock | 0 | -14 | ' | ' | 14 | ' | ' |
Settlement - Common Stock, shares | ' | -137,778 | ' | ' | ' | ' | ' |
Return of equity into Treasury Stock | -1,033 | ' | ' | -1,033 | ' | ' | ' |
Return of equity into Treasury Stock, shares | ' | ' | ' | -68,889 | ' | ' | ' |
Common stock issuance for conversion of preferred shares | 0 | 35 | ' | ' | -35 | ' | ' |
Common stock issuance for conversion of preferred shares, shares | ' | 348,152 | ' | ' | ' | ' | ' |
Common stock issuance for charitable donation | 16,666 | 1 | ' | ' | 16,665 | ' | ' |
Common stock issuance for charitable donation, shares | ' | 14,815 | ' | ' | ' | ' | ' |
Issuance of stock for acquisition | 287,000 | 10 | ' | ' | 286,990 | ' | ' |
Issuance of stock for acquisition, shares | ' | 95,667 | ' | ' | ' | ' | ' |
Accumulated Comprehensive Loss | -34,987 | ' | ' | ' | ' | ' | -34,987 |
Net comprehensive loss | -2,926,210 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -1,457,650 | 602 | 1 | -1,033 | 13,141,489 | -14,587,914 | -10,795 |
Balance, Shares at Dec. 31, 2012 | ' | 6,020,555 | ' | -68,889 | ' | ' | ' |
Issuance of stock for board and consulting fees | 288,437 | 13 | ' | ' | 288,424 | ' | ' |
Issuance of stock for board and consulting fees, shares | ' | 136,449 | ' | ' | ' | ' | ' |
Return of equity into Treasury Stock, shares | ' | ' | ' | -34,445 | ' | ' | ' |
Common stock issuance for conversion of preferred shares | 0 | 34 | ' | ' | -34 | ' | ' |
Common stock issuance for conversion of preferred shares, shares | ' | 342,974 | ' | ' | ' | ' | ' |
Common stock issuance for warrant exercises | 332,836 | 26 | ' | ' | 332,810 | ' | ' |
Common stock issuance for warrant exercises, shares | ' | 257,181 | ' | ' | ' | ' | ' |
Common stock issuance for split round-up, shares | ' | 66 | ' | ' | ' | ' | ' |
Accumulated Comprehensive Loss | -34,375 | ' | ' | ' | ' | ' | -34,375 |
Net comprehensive loss | -2,444,491 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ($3,315,243) | $675 | $1 | ($1,033) | $13,762,689 | ($17,032,405) | ($45,170) |
Balance, Shares at Dec. 31, 2013 | ' | 6,757,225 | ' | -103,334 | ' | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' | ' | ' |
Net loss | ($788,010) | ($662,672) | ($2,444,491) | ($2,926,210) |
Adjustments to reconcile net comprehensive loss to cash used in operating activities: | ' | ' | ' | ' |
Amortization of intangible assets | 36,906 | 30,186 | 127,316 | 104,344 |
Depreciation of fixed assets | 60,337 | 62,951 | 248,877 | 247,156 |
Inventory provision | ' | ' | 35,000 | ' |
Share based compensation expense | 168,655 | 88,125 | 450,447 | 297,004 |
Change in fair value of warrants | -253,284 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | -76,361 | 60,195 | -67,868 | 169,729 |
Inventory | -21,446 | 22,464 | 48,651 | -106,396 |
Prepaid expenses | -75,635 | -1,144 | 60,256 | 256,095 |
Security deposit | ' | ' | ' | 3,100 |
Accounts payable | -80,833 | 26,987 | 65,820 | 11,477 |
Accrued interest: Related Party | 33,829 | 28,969 | 131,401 | 87,268 |
Accrued interest: Other | -129,459 | 13,926 | 59,745 | 50,877 |
Accrued liabilities | -8,652 | 78,315 | 574,757 | 431,700 |
Other current liabilities | 3,887 | -12,048 | -20,054 | 2,926 |
Cash used in operating activities | -1,130,066 | -263,746 | -730,143 | -1,370,930 |
Cash flows used in investing activities: | ' | ' | ' | ' |
Purchase of fixed assets | -29,634 | -10,063 | -128,054 | -28,177 |
Acquisition of subsidiary: deferred consideration paid | ' | -89,945 | -163,201 | -153,641 |
Purchase of website | -5,628 | ' | ' | ' |
Acquisition of patents | -5,361 | -39,141 | -66,752 | -33,333 |
Cash used in investing activities | -40,623 | -139,149 | -358,007 | -215,151 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of Common Stock, Offering | 4,070,140 | ' | 332,832 | 170,000 |
Purchase of Treasury Stock | ' | ' | ' | -1,033 |
Net proceeds from issuance of Notes Payable: Related Party | ' | 334,000 | 640,744 | 416,450 |
Net proceeds from issuance of Notes Payable: Other | 28,525 | 18,737 | 187,043 | 194,144 |
Repayment of Notes Payble: Related Party | -126,519 | ' | ' | ' |
Repayment of Notes Payable: Other | -126,923 | -12,111 | -71,548 | -51,193 |
Cash provided by financing activities | 3,845,223 | 340,626 | 1,089,071 | 728,368 |
Effect of exchange rate changes on cash | 1,252 | 18,372 | -29,439 | -33,307 |
Net increase (decrease) in cash | 2,675,786 | -43,897 | -28,518 | -891,020 |
Cash at beginning of period | 31,303 | 59,821 | 59,821 | 950,841 |
Cash at end of period | 2,707,089 | 15,924 | 31,303 | 59,821 |
Supplemental Disclosures of Cash Flow information: | ' | ' | ' | ' |
Interest paid: | 143,871 | 197 | 156 | 207 |
Taxes paid | ' | ' | ' | ' |
Non-Cash Transactions: | ' | ' | ' | ' |
Common Stock issued on conversion of Preferred C Shares | ' | ' | 1,157,500 | 1,175,000 |
Acquisition of subsidiary: Deferred consideration paid | ' | ' | ' | ' |
Trademarks and Tradenames | ' | ' | ' | 121,157 |
Patents | ' | ' | ' | 180,183 |
Internally Developed Software | ' | ' | ' | 363,472 |
Other Net Assets | ' | ' | ' | -758 |
Negative Goodwill on Acquisition | ' | ' | ' | -66,394 |
Total assets acquired | ' | ' | ' | 597,660 |
Warrants, options and common stock issued for acquisition of subsidiary | ' | ' | ' | -287,000 |
Deferred consideration payable | ' | ' | 161,530 | -161,530 |
Foreign exchange difference on deferred consideration | ' | ' | 1,671 | 4,511 |
Acquisition of subsidiary, net of cash acquired, Net | ' | ' | $163,201 | $153,641 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Formation and Business of the Company [Abstract] | ' |
BASIS OF PRESENTATION | ' |
1. BASIS OF PRESENTATION | |
The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of Vycor Medical, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements 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 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in comprehensive financial statements have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2013 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These 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, 2013. | |
The condensed consolidated financial statements for the three months ended March 31, 2014 and 2013, 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 and results of operations. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Certain prior period amounts have been reclassified to conform to the current presentation. |
Formation_and_Business_of_the_
Formation and Business of the Company | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Basis of Presentation and Formation and Business of the Company [Abstract] | ' | ' |
FORMATION AND BUSINESS OF THE COMPANY | ' | ' |
1. FORMATION AND BUSINESS OF THE COMPANY | ||
2. FORMATION AND BUSINESS OF THE COMPANY | ||
Business Description | ||
Vycor Medical, LLC was formed on June 17, 2005 as a New York Limited Liability Company. The Company changed its name to Vycor Medical, Inc. and converted to a Delaware Corporation on August 14, 2007 and issued 16,048 shares of common stock in exchange for each of the 1,122 partnership units outstanding at date of conversion. The assets, liabilities and operations of the Company did not change pursuant to this reorganization, and the accompanying financial statements are presented as if the change occurred on the first day of the earliest period presented. Accordingly, all references to number of shares prior to the date of conversion are based upon the common stock equivalent of the partnership units outstanding on such dates. | ||
Business Description | ||
The Company designs, develops and markets neurological medical devices and therapies through two operating divisions: Vycor Medical and NovaVision. Vycor Medical focuses on brain and cervical surgical access systems for sale to hospitals and medical professionals; NovaVision focuses on neuro-stimulation therapies and diagnostic devices for the treatment and screening of vision field loss resulting from neurological damage. | ||
Vycor Medical, LLC was formed on June 17, 2005 as a New York Limited Liability Company. The Company changed its name to Vycor Medical, Inc. and converted to a Delaware Corporation on August 14, 2007 and issued 107 shares of common stock in exchange for each of the 1,122 partnership units outstanding at date of conversion. The assets, liabilities and operations of the Company did not change pursuant to this reorganization, and the accompanying financial statements are presented as if the change occurred on the first day of the earliest period presented. Accordingly, all references to number of shares prior to the date of conversion are based upon the common stock equivalent of the partnership units outstanding on such dates. | ||
The Company designs, develops and markets neurological medical devices and therapies through two operating divisions: Vycor Medical and NovaVision. Vycor Medical focuses on brain and cervical surgical access systems for sale to hospitals and medical professionals; NovaVision focuses on neuro-stimulation therapies and diagnostic devices for the treatment and screening of vision field loss. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||
ACCOUNTING POLICIES | ' | ' | ||||||||||||||||||
3. SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
Principles of Consolidation | Principles of Consolidation and basis of presentation | |||||||||||||||||||
The 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 accounts, transactions, and profits have been eliminated in consolidation. | ||||||||||||||||||||
The 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. NovaVision GmbH was converted from an AG on July 4, 2012. The Company is headquartered in Boca Raton, FL. The operations of Sight Science have been consolidated since January 4, 2012 the date of the completion of the acquisition of all the shares of Sight Science. All material inter-company accounts, transactions, and profits have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the correct year presentation. | ||||||||||||||||||||
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 such 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 | |||||||||||||||||||
Warrant Derivative Liability | Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue when a completed contract for the sale exists, the product is invoiced and shipped to the customer. Vycor Medical does provide for product returns or warranty costs. | |||||||||||||||||||
The Company accounts for the 2,062,108 Series A Warrants and Placement Agent Warrants issued in connection with or as a result of the Offering (all as defined in Note 6) in accordance with the guidance contained in ASC 815-40-15-7D, whereby under that provision, because they have anti-dilution rights, they do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at its fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised or until the anti-dilution provisions contained within the warrant agreements expire, and is classified in the balance sheet as a current liability. Any change in fair value of the warrant liability is recognized in the Company’s statement of operations as other income (loss). | ||||||||||||||||||||
NovaVision generates revenues from various programs, therapy services and other sources such as license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, diagnostic software, medical devices, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision recognizes revenue for providing the vision restoration therapy as the Company’s work effort is expended. NovaVision provides vision restoration therapy directly to patients. The typical vision restoration therapy consists of six modules, performed on average over 6 months in the U.S. and U.K. and 10 months in Germany. 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. | ||||||||||||||||||||
Software Development Costs | ||||||||||||||||||||
The authoritative accounting guidance requires software development costs to be capitalized upon completion of the preliminary project stage. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years once the software has been brought into service. Capitalized software development costs for the three months ended March 31, 2014 and 2013 were $29,633 and $0, respectively. During the period the Company’s VRT 7.0 program completed the preliminary project stage, following which there was a capitalization of $8,171 of software development costs. Additional costs of $21,463 were capitalized for the Company’s NeuroEyeCoach program prior to being brought into service in March 2014 with a total capitalized value of $119,106 | Accounts Receivable and Allowance for Doubtful Accounts Receivable | |||||||||||||||||||
Net Loss Per Share | We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We extend credit to our customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary. Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that we should abandon such efforts | |||||||||||||||||||
Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. | Inventories | |||||||||||||||||||
Inventories are stated at the lower of cost, determined using the weighted average cost method, and net realizable value. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product. | ||||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: | If the Company identifies excess, obsolete or unsalable items, its inventories are written down to their realizable value in the period in which the impairment is first identified. Shipping and handling costs incurred for inventory purchases and product shipments are recorded in cost of sales in the Company’s consolidated statements of operations. | |||||||||||||||||||
March 31, | March 31, | Fixed assets | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Stock options outstanding | 5,557 | 5,557 | Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. | |||||||||||||||||
Warrants to purchase common stock | 5,002,217 | 1,749,874 | ||||||||||||||||||
Debentures convertible into common stock | 518,631 | 368,726 | Impairment of long-lived assets | |||||||||||||||||
Preferred shares convertible into common stock | 14,815 | 663,719 | ||||||||||||||||||
Total | 5,541,220 | 2,787,876 | Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. | |||||||||||||||||
Research and Development | ||||||||||||||||||||
The Company expenses all research and development costs as incurred. For the years ended December 31, 2013 and 2012, the amounts charged to research and development expenses were $53,451 and $126,042, respectively. | ||||||||||||||||||||
Software Development Costs | ||||||||||||||||||||
The authoritative accounting guidance requires software development costs to be capitalized upon completion of the preliminary project stage. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years. The Company acquired internally developed software valued at $540,000 as part of the acquisition of the assets of NovaVision, Inc. on November 30, 2010 and $363,472 as part of the acquisition of the assets of Sight Science Limited on January 4, 2012. During the year ended December 31, 2013 the Company’s NeuroEyeCoach program completed the preliminary project stage, following which there was a capitalization of $97,643 of software development costs. | ||||||||||||||||||||
Uses of estimates in the preparation of financial statements | ||||||||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable, amortization of intangible assets, and the fair values of options and warrants included in the determination of debt discounts and share based compensation | ||||||||||||||||||||
Stock Compensation | ||||||||||||||||||||
The Company recognizes the cost of all share-based payments under the relevant authoritative accounting guidance. Share-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For share-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation” (formerly referred to as SFAS No. 123(R)). Share-based payments to consultants, service providers and other non-employees are accounted for under in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. | ||||||||||||||||||||
Convertible Instruments | ||||||||||||||||||||
We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. | ||||||||||||||||||||
Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. | ||||||||||||||||||||
We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The embedded conversion option in connection with our convertible debt could not be exercised unless and until we completed a Qualifying Financing transaction. Accordingly, we determined based on authoritative guidance that the embedded conversion option is deemed to be a contingent conversion rather than active conversion option that did not require accounting recognition at the commitment dates of the issuances of the Notes. | ||||||||||||||||||||
Common Stock Purchase Warrants and Other Derivative Financial Instruments | ||||||||||||||||||||
We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40 (“Contracts in Entity’s Own Equity”). We classify as assets or liabilities any contracts that require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside our control) or give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). We assess classification of our common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
We adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||||||||||||||||||||
The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. | ||||||||||||||||||||
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1 — quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||
Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable | ||||||||||||||||||||
Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | ||||||||||||||||||||
Net Loss Per Share | ||||||||||||||||||||
Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. | ||||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Stock options outstanding | 5,557 | 5,557 | ||||||||||||||||||
Warrants to purchase common stock | 1,404,599 | 1,749,874 | ||||||||||||||||||
Debentures convertible into common stock | 441,768 | 368,726 | ||||||||||||||||||
Preferred shares convertible into common stock | 239,265 | 582,233 | ||||||||||||||||||
Total | 2,091,189 | 2,706,390 | ||||||||||||||||||
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 such 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. |
Notes_Payable
Notes Payable | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Notes Payable [Abstract] | ' | ' | |||||||||||||||||
NOTES PAYABLE | ' | ' | |||||||||||||||||
3. NOTES PAYABLE | |||||||||||||||||||
4. NOTES PAYABLE | |||||||||||||||||||
Related Party Notes Payable | |||||||||||||||||||
As of December 31, 2013 and December 31, 2012 Related Party Notes Payable consists of: | |||||||||||||||||||
Related Party Notes Payable | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
On December 29, 2009 and February 3, 2010, the Company issued convertible debentures in the amount of $371,362 and $70,000, respectively, payable to Fountainhead Capital Management (“Fountainhead”), the beneficial owner of more than 50% of the Company’s common stock. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $1.88 per share, subject to adjustment and does not require bifurcation. These debentures were originally due August 31, 2010 and the due date has been extended over time to December 31, 2013 (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 441,362 | 441,362 | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 Related Party Notes Payable consists of: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
On September 30, 2010 and October 14, 2010, the Company issued convertible debentures payable to Fountainhead in the amount of $85,000 and $90,000, respectively. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $2.63 per share, subject to adjustment and does not require bifurcation. The debentures were originally due August 31, 2011, and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 175,000 | 175,000 | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | On October 26, 2010 and November 15, 2010, the Company issued debentures payable to Fountainhead in the amount of $77,500 and $322,500, respectively. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The debentures were originally due August 31, 2011, and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 400,000 | 400,000 | |||||||||||||||
On December 29, 2009 and February 3, 2010, the Company issued convertible debentures in the amount of $371,362 and $70,000, respectively, payable to Fountainhead Capital Management (“Fountainhead”), the beneficial owner of more than 50% of the Company’s common stock. These debentures accrue interest at a rate of 6% per annum. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $1.88 per share, subject to adjustment, and does not require bifurcation. These debentures were originally due August 31, 2010 and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 441,362 | 441,362 | |||||||||||||||||
On November 15, 2010, the Company issued a convertible debenture in the amount of $350,000 payable to Peter Zachariou, a Director of the Company. This debenture accrues interest rate of 6% per annum, is secured by a first priority security interest in all of the assets of the Company, and is senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debenture then outstanding into shares of common stock of the Company at the conversion price of $2.85 per share, subject to adjustment and does not require bifurcation. On December 20, 2010, the Company repaid $50,000 of this debenture and removed the convertible rights. The debentures were originally due December 31, 2012 and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 300,000 | 300,000 | |||||||||||||||||
On March 31, 2010 and October 14, 2010, the Company issued convertible debentures payable to Fountainhead in the amount of $85,000 and $90,000, respectively. These debentures accrue interest at a rate of 6%. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $2.63 per share, subject to adjustment and does not require bifurcation. The debentures were originally due August 31, 2011, and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 175,000 | 175,000 | |||||||||||||||||
In the period July to December 2012 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $300,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 300,900 | 300,900 | |||||||||||||||||
On October 26, 2010 and November 15, 2010, the Company issued debentures payable to Fountainhead in the amount of $77,500 and $322,500, respectively. These debentures accrue interest at a rate of 6% per annum. These debentures were originally due August 31, 2011 and the due date has | 400,000 | 400,000 | |||||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $115,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 115,550 | 115,550 | |||||||||||||||||
been extended over time to January 2, 2017, subject to certain conditions. | December 31, | December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||||
On November 15, 2010, the Company issued a convertible debenture in the amount of $350,000 payable to Peter Zachariou, a Director of the Company. This debenture accrues interest rate of 6% per annum. The Holder is entitled to convert all or any amount of the principal face amount of the debenture then outstanding into shares of common stock of the Company at the conversion price of $2.85 per share, subject to adjustment and does not require bifurcation. On December 20, 2010, the Company repaid $50,000 of this debenture and removed the convertible rights. The debentures were originally due December 31, 2012 and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 300,000 | 300,000 | In the period January to August 8, 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $324,225. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 324,225 | — | ||||||||||||||
In the period July to December 2012 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $300,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 300,900 | 300,900 | In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $91,519. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in January and February 2014). | 91,519 | — | ||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $115,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 115,550 | 115,550 | In the period January to August 8 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $190,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 190,000 | — | ||||||||||||||
In the period January to September 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $325,744. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 324,225 | 324,225 | In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $20,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 20,000 | — | ||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $91,519. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. These notes were repaid in January and February 2014. | - | 91,519 | In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to David Cantor, in the aggregate amount of $15,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 15,000 | — | ||||||||||||||
In the period January to September 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $210,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 190,000 | 190,000 | |||||||||||||||||
Total Related Party Notes Payable: | $ | 2,373,556 | $ | 1,732,812 | |||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $20,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in February 2014 | - | 20,000 | |||||||||||||||||
Other Notes Payable | |||||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to David Cantor, in the aggregate amount of $15,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in 2014 | - | 15,000 | |||||||||||||||||
As of December 31, 2013 and 2012 Other Notes Payable consists of: | |||||||||||||||||||
Total Related Party Notes Payable: | $2,247,037 | $2,373,556 | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
Other Notes Payable | 2013 | 2012 | |||||||||||||||||
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. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company at the conversion price of $4.50 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended over time to November 30, 2013. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2015, subject to certain conditions). | 300,000 | 300,000 | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 Other Notes Payable consists of: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
31-Mar-14 | 31-Dec-13 | In the period August to December 2012 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $98,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 98,550 | 98,550 | |||||||||||||||
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. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company an adjusted conversion price of $1.80 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended over time to January 2, 2015, subject to certain conditions. | 300,000 | 300,000 | |||||||||||||||||
In September 2012 the Company issued short term, unsecured notes payable to Osbaldo Trading Limited in the amount of $42,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 42,900 | 42,900 | |||||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $98,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 98,550 | 98,550 | |||||||||||||||||
In the period June to August 8 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $13,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 10,000 | — | |||||||||||||||||
In September 2012 the Company issued short term, unsecured notes payable to Osbaldo Trading Limited in the amount of $42,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 42,900 | 42,900 | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $13,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 3,000 | — | |||||||||||||||||
In the period June to September 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $10,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 10,000 | 10,000 | |||||||||||||||||
On October 22, 2013 the Company issued a term note for $100,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due November 30, 2013. (The note was repaid in January 2014). | 100,000 | — | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, | - | 3,000 | |||||||||||||||||
Insurance policy finance agreements. During the year ended December 31, 2013 the Company received proceeds from Insurance policy finance agreement of $74,044 and made repayments of $71,548 | 23,736 | 21,240 | |||||||||||||||||
unsecured notes payable to Craig Kirsch in the aggregate amount of $3,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in February 2014. | |||||||||||||||||||
Total Other Notes Payable: | $ | 578,186 | $ | 462,690 | |||||||||||||||
On October 22, 2013 the Company issued a term note for $100,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due November 30, 2013. This note was repaid in January 2014. | - | 100,000 | |||||||||||||||||
Insurance policy finance agreements. During the three months ended March 31, 2013 the Company received proceeds from Insurance policy finance agreement of $28,525 and made repayments of $23,923 | 28,338 | 23,736 | As of December 2013, $1,316,362 of Company’s Related Party Notes Payable were secured by a security interest in all of the assets of the Company. | ||||||||||||||||
Total Other Notes Payable: | $479,788 | $578,186 | In January 2014 the Company completed the Initial and Second Closings (the “Closings”) of the sale of $3,061,100 in Units (the “Units”) comprising shares of common stock (“Common Stock”) and Series A and Series B Warrants (collectively, the “Warrants”) to accredited investors (the “Investors”) in a continuing offering (the “Offering”) which allows for maximum proceeds of $5,000,000. In connection with the Closings, the Company entered into amendment agreements with the relevant note holders to: remove the security interest on the secured notes; repay certain notes; and extend the maturity of the remaining notes, all as detailed in the tables above. | ||||||||||||||||
The following is a schedule of future minimum loan repayments: | The company assesses the value of the beneficial conversion feature of its convertible debt by determining the intrinsic value of such conversion, under ASC 470, at the time of issuance. At the time of issuance of each of the convertible debt instruments set out above, the fair value of the stock was either the same or less than the conversion price, and so there was no value attributable to any beneficial conversion feature. | ||||||||||||||||||
Twelve months ending March 31 | Related Party | Other | |||||||||||||||||
2014 | — | 328,338 | |||||||||||||||||
2015 | — | — | |||||||||||||||||
2016 | — | — | |||||||||||||||||
2017 | 2,247,037 | 151,450 | |||||||||||||||||
$2,247,037 | $479,788 | ||||||||||||||||||
The company assesses the value of the beneficial conversion feature of its convertible debt by determining the intrinsic value of such conversion, under ASC 470, at the time of issuance. At the time of issuance of each of the convertible debt instruments set out above, the fair value of the stock was either the same or less than the conversion price, and so there was no value attributable to any beneficial conversion feature. |
Segment_Reporting_Geographical
Segment Reporting, Geographical Information | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting, Geographical Information [Abstract] | ' | ' | ||||||||||||||||||||
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | ' | ' | ||||||||||||||||||||
4. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | ||||||||||||||||||||||
5. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | ||||||||||||||||||||||
(a) Business segments | (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. Set out below are the revenues, gross profits and total assets for each segment. | ||||||||||||||||||||||
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. Set out below are the revenues, gross profits and total assets for each segment. | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | December 31, | ||||||||||||||||||||
Revenue: | 2013 | 2012 | ||||||||||||||||||||
Vycor Medical | $ | 263,711 | $ | 130,665 | Revenue: | |||||||||||||||||
NovaVision | 94,411 | 101,009 | Vycor Medical | $ | 724,367 | $ | 770,676 | |||||||||||||||
Total Revenue | $ | 358,122 | $ | 231,674 | NovaVision | 365,007 | 434,587 | |||||||||||||||
Gross Profit: | Total Revenue | $ | 1,089,374 | $ | 1,205,263 | |||||||||||||||||
Vycor Medical | $ | 233,409 | $ | 116,279 | Gross Profit: | |||||||||||||||||
NovaVision | 81,756 | 85,377 | Vycor Medical | $ | 628,839 | $ | 668,729 | |||||||||||||||
Total Gross Profit | $ | 315,165 | $ | 201,656 | NovaVision | 306,703 | 357,004 | |||||||||||||||
Total Gross Profit | $ | 935,542 | $ | 1,025,733 | ||||||||||||||||||
Total Assets: | ||||||||||||||||||||||
March 31, | December 31, | Vycor Medical | $ | 799,120 | $ | 1,055,026 | ||||||||||||||||
2014 | 2013 | NovaVision | 1,316,130 | 1,506,134 | ||||||||||||||||||
Total Assets: | Total Assets | $ | 2,115,250 | $ | 2,561,160 | |||||||||||||||||
Vycor Medical | $ | 3,562,302 | $ | 799,120 | ||||||||||||||||||
NovaVision | 1,299,036 | 1,316,130 | (b) Geographic information. The Company operates in two geographic segments, the United States and Europe. Set out below are the revenues, gross profits and total assets for each segment. | |||||||||||||||||||
Total Assets | $ | 4,861,338 | $ | 2,115,250 | ||||||||||||||||||
December 31, | ||||||||||||||||||||||
(b) Geographic information | 2013 | 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||||
The Company operates in two geographic segments, the United States and Europe. Set out below are the revenues, gross profits and total assets for each segment. | United States | $ | 858,751 | $ | 952,256 | |||||||||||||||||
Europe | 230,623 | 253,007 | ||||||||||||||||||||
Three Months Ended March 31, | Total Revenue | $ | 1,089,374 | $ | 1,205,263 | |||||||||||||||||
2014 | 2013 | Gross Profit: | ||||||||||||||||||||
Revenue: | United States | $ | 732,404 | $ | 810,809 | |||||||||||||||||
United States | $ | 293,161 | $ | 156,785 | Europe | 203,138 | 214,924 | |||||||||||||||
Europe | 64,961 | 63,336 | Total Gross Profit | $ | 935,542 | $ | 1,025,733 | |||||||||||||||
Total Revenue | $ | 358,122 | $ | 220,121 | Total Assets: | |||||||||||||||||
Gross Profit: | United States | $ | 1,604,142 | $ | 1,935,638 | |||||||||||||||||
United States | $ | 258,241 | $ | 156,188 | Europe | 511,108 | 625,522 | |||||||||||||||
Europe | $ | 56,924 | 45,468 | Total Assets | $ | 2,115,250 | $ | 2,561,160 | ||||||||||||||
Total Gross Profit | $ | 315,165 | $ | 201,656 | ||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Total Assets: | ||||||||||||||||||||||
United States | $ | 4,413,757 | $ | 1,604,142 | ||||||||||||||||||
Europe | 447,581 | 511,108 | ||||||||||||||||||||
Total Assets | $ | 4,861,338 | $ | 2,115,250 | ||||||||||||||||||
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fixed Assets [Abstract] | ' | ||||||||||||||
FIXED ASSETS | ' | ||||||||||||||
5. FIXED ASSETS | |||||||||||||||
As of December 31, 2013 and 2012, Fixed Assets and the estimated lives used in the computation of depreciation are as follows: | |||||||||||||||
Estimated | December 31, | December 31, | |||||||||||||
Useful Lives | 2013 | 2012 | |||||||||||||
Machinery and equipment | 3 years | $ | 146,344 | $ | 123,355 | ||||||||||
Leasehold Improvements | 5 years | 6,206 | 6,206 | ||||||||||||
Purchased Software | 3 years | 17,833 | 17,833 | ||||||||||||
Molds and Tooling | 5 years | 234,230 | 234,230 | ||||||||||||
Furniture and fixtures | 7 years | 22,288 | 21,533 | ||||||||||||
Therapy Devices | 3 years | 87,906 | 76,513 | ||||||||||||
Internally Developed Software | 5 years | 1,021,681 | 923,215 | ||||||||||||
1,536,488 | 1,402,885 | ||||||||||||||
Less: Accumulated depreciation and amortization | (830,291 | ) | (575,496 | ) | |||||||||||
Property and Equipment, net | $ | 706,197 | $ | 827,389 | |||||||||||
Depreciation expense for the years ended December 31, 2013 and 2012 was $248,877 and $247,155 respectively, including $25,667 and $22,610 respectively for Therapy Devices which is allocated to Cost of Sales. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
INTANGIBLE ASSETS | ' | |||||||||||
6. INTANGIBLE ASSETS | ||||||||||||
As of December 31, 2013 and 2012, Intangible Assets consists of: | ||||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Amortized intangible assets: Patent (8 years useful life) | ||||||||||||
Gross carrying Amount | $ | 772,414 | $ | 705,662 | ||||||||
Accumulated Amortization | (328,319 | ) | (202,767 | ) | ||||||||
$ | 444,095 | $ | 502,895 | |||||||||
Amortized intangible assets: Website (5 years useful life) | ||||||||||||
Gross carrying Amount | $ | 18,908 | $ | 18,908 | ||||||||
Accumulated Amortization | $ | (17,228 | ) | (16,136 | ) | |||||||
$ | 1,680 | $ | 2,772 | |||||||||
Intangible assets not subject to amortization | ||||||||||||
Trademarks | $ | 251,157 | $ | 251,157 | ||||||||
Intangible asset amortization expense for the periods ended December 31, 2013 and 2012 was $127,316 and $104,344, respectively. |
Equity
Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ' | ' |
EQUITY | ' | ' |
6. EQUITY | 7. EQUITY | |
The Offering | Certain Equity Transactions | |
On January 2, January 31, February 28 and March 31, 2014, the Company completed four separate closings (the “Closings” of an offering (the “Offering”) of Units comprising shares of common stock (“Common Stock”) (collectively, the “Shares” and individually, a “Share”) and Series A and Series B Warrants (collectively, the “Warrants”) (collectively, the “Units”) to accredited investors (the “Investors”) in a private placement. The Closings comprised the sale of an aggregate of $4,070,140 in the Units), which were issued pursuant to four separate Securities Purchase Agreements between the Company and the Investors in each of the four Closings. In the aggregate, the Company issued 2,261,214 shares of Common Stock, Series A Warrants to purchase an aggregate of 1,130,621 shares of Common Stock and Series B Warrants to purchase an aggregate of 1,130,621 shares of Common Stock. | On January 4, 2012, an aggregate of 95,667 restricted shares of the Company were issued to Prof. Sahraie and the University of Aberdeen, relating to the acquisition of all of the shares of Sight Science, Ltd. (“Sight Science”) by NovaVision. | |
Each Unit was priced at $1.80 and comprised of one share of Common Stock, a Series A warrant (the “Series A Warrants”) and a series B warrant (the “Series B Warrants”). The Series A Warrants were detachable and were exercisable over a three-year term and were issued with respect to the purchase of a number of shares of Common Stock equal to 50% of the number of Shares purchased by such investor at an exercise price per share of $2.05. The Series B Warrants were detachable and were exercisable over a three-year term and were issued with respect to the purchase of a number of shares of Common Stock equal to 50% of the number of Shares purchased by such investor at an exercise price per share of $3.08. The Warrants are subject to adjustment for stock splits, stock dividends or recapitalizations. | During the period from January 1, 2012 through December 31, 2012, the Company issued 5,928 shares of Common Stock (valued at $20,000) to each of Steven Girgenti and Dr Oscar Bronsther in consideration for services provided to the Board of Directors, 3,704 shares of Common Stock (valued at $12,500) to each of Alvaro Pasual-Leone, Jason Barton and Jose Romano, and 2,778 shares of Common Stock (valued at $9,375) to Josef Zihl in respect of their roles as members of the NovaVision, Inc. Scientific Advisory Board. | |
Also on January 2, 2014, Fountainhead exchanged an aggregate of $1,426,542 of consulting fees owed to it by the Company for the Units issued in the Offering. In the aggregate, the Company issued to Fountainhead 792,523 shares of Common Stock, Series A Warrants to purchase an aggregate of 396,262 shares of Common Stock and Series B Warrants to purchase an aggregate of 396,262 shares of Common Stock. | In April 2012 the Company issued 8,889 shares of Common Stock (valued at $30,000) to Brunella Jacs, LLC in respect of consultancy services provided the Company. | |
Based on the subscription terms applicable to the holders of the Company’s previously-issued Series C Convertible Preferred Stock, such holders were given the option of exchanging their investment in such unconverted Series C Convertible Preferred Stock and the related warrants into the securities which are the subject of the Offering, based on the amount of their investment in the Series C Convertible Preferred Stock and the related warrants. On February 24, 2014, the holders of 15.15 shares of Series C Convertible Preferred Stock (representing an aggregate investment of $757,700) exchanged their Series C Convertible Preferred Stock and related warrants for an aggregate of 420,838 shares of Common Stock, Series A Warrants to purchase an aggregate of 210,419 shares of Common Stock and Series B Warrants to purchase an aggregate of 210,419 shares of Common Stock. | In June 2012, following the exercise of the Company’s option to repurchase shares of Common Stock from Greenbridge Capital Partners, IV, LLC, a total of 68,889 shares were repurchased into Treasury Stock at $1,033.33. | |
Under the terms of the Placement Agent agreement with Garden State Securities, Inc. (“GSS”) (see Note 10), the Company issued an aggregate of 324,805 Placement Agent Warrants, on almost identical terms to the Series A Warrants. | In August 2012, 137,778 shares of Common Stock previously issued to Mr. Jerrald Ginder under the terms of Consulting Agreement were returned to the Company in consideration of a full settlement of performance and amounts due under the Consulting Agreement; the shares were retired. | |
Subject to certain limitations, from the date each Investor enters into the Securities Purchase Agreement until the twelve-month anniversary of the Effective Date (as defined in the Securities Purchase Agreement), each Investor will receive additional shares of Company Common Stock for any such additional securities issued by the Company in a subsequent financing at an effective per share purchase price below $1.80; these rights are non-transferable The Series A Warrants and Placement Agent Warrants have anti-dilution protection during the same period for the issuance of Company Common Stock, or securities exercisable for or convertible into Company Common Stock, at an issuance price, exercise price or conversion price of less than the $2.05 exercise price of the Series A Warrants. Accordingly, 2,261,214 shares of Common Stock are subject to anti-dilution and are shown separately on the balance sheet; and an aggregate of 2,062,108 Series A Warrants and Placement Agent Warrants are subject to anti-dilution and are recorded as a derivative liability (see Note 2 and Note 8) | During the period from January 1, 2012 through December 2012, the Company issued a total of 348,149 shares of Common Stock in respect of conversion of Series C Preferred Stock. | |
During the period from May 1, 2012 through December 31 2012, the Company issued a total of 50,371 shares of Common Stock at $3.375 for a total consideration of $170,000 to four investors. | ||
Other Equity Transactions | On November 30, 2012 the Company made a charitable donation of 14,815 shares of Common Stock valued at $16,667 to The Fiducuary Foundation. | |
On November 30, 2012 the Company entered into 12 month consulting agreements with Del Mar Consulting, Inc and Alex Partners, LLC to provide investor relations and investor awareness consultancy services. Under these agreements, Del Mar and Alex Partners received shares 140,000 and 93,334 Common Shares valued at $157,500 and $105,000 respectively. | ||
During January to March 2014, the Company issued 2,294 shares of Common Stock (valued at $5,000) to Steven Girgenti, 2,222 shares of Common Stock (valued at $5,000) to Oscar Bronsther and 2,222 shares of Common Stock (valued at $5,000) to Lowell Rush in consideration for services provided to the Board of Directors; and 710 shares of Common Stock (valued at $1,563) to Alvaro Pasual-Leone, 1,420 shares of Common Stock (valued at $3,125) to Josef Zihl and 694 shares of Common Stock (valued at $1,563) to each of Jason Barton and Jose Romano in respect of their roles as members of the NovaVision, Inc. Scientific Advisory Board. | ||
During January to December 2013 the Company issued: 8,688 shares of Common Stock (valued at $20,000) to Steven Girgenti, 9,500 shares of Common Stock (valued at $20,000) to Dr. Oscar Bronsther and 4,612 shares of Common Stock (valued at $10,000) to Lowell Rush in consideration for services provided to the Board of Directors; and 2,997 shares of Common Stock (valued at $7,813) to Alvaro Pascual-Leone, 5,068 shares of Common Stock (valued at $12,500) to Josef Zihl and 3,792 shares of Common Stock (valued at $7,812) to Jason Barton and Jose Romano in respect of their roles as members of the NovaVision, Inc. Scientific Advisory Board. | ||
During January 2014, the Company issued 3,000 and 2,000 shares of Common Stock (valued at $5,400 and $3,600) to Del Mar Consulting Group, LLC and Alex Partners respectively under the terms of their advisory amendment agreements. | ||
On January 11, 2013, the Company filed a Certificate of Amendment of its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of 1 for 150 on the issued and outstanding Common Stock par value $0.0001 (“Common Stock”). On January 15, 2013 (the “Effective Date”), the Company effectuated its reverse stock split. On the Effective date, the Company implemented a one for 150 share reverse split of its Common Stock. On the Effective Date, the Company’s pre-split 892,749,897 shares of Common Stock became 5,951,744 post-split shares of Common Stock, including the issuance of 66 shares of Common Stock for the round-up of partial shares. On February 28, 2014, the Company filed a Certificate of Correction (“Certificate of Correction”) with the Secretary of State of the State of Delaware which corrected the previously-filed Certificate of Amendment by reducing the total number of shares of all classes of stock which the Company shall have the authority to issue to 35,000,000 shares, of which 25,000,000 shares, par value $0.0001 are designated as Common Stock and 10,000,000 shares, par value $0.0001 are designated as Preferred Stock, with such reduction effective concurrent with the effectiveness of the Reverse Split. All relevant information relating to the number of shares and per share information has been retrospectively adjusted to reflect the reverse stock split for all periods presented. | ||
On March 11, 2014 the Company entered into an Amendment Agreement with GSS. Under the Amendment Agreement, the Company agreed to issue 30,000 shares of Common Stock (valued at $66,000) on the date of the Amendment Agreement in respect of the period January to June 2014, rather than 7,500 shares per month under the original agreement. | ||
In March 2013 GreenBridge Capital Partners, IV, LLC returned to Vycor all of the 34,445 shares being sought by the Company under an action filed by the Company in July 2012. These shares have been taken into Treasury Stock. | ||
During March 2014, in accordance with the terms of an investor relations advisory agreement, the Company issued 2,500 shares of Common Stock (valued at $4,700) to J and M Group, LLC. | ||
During April and May 2013, the Company issued 47,590 and 32,152 shares of Common Stock respectively on exercise of warrants by Kenneth Coviello and Heather Vinas. The warrants had an exercise price of $1.08 and were exercisable on a cashless basis. | ||
On March 31 2014, in accordance with the terms the Consulting Agreement, the Company issued 6,276 shares of Common Stock (valued at $15,000) to Fountainhead. | ||
During April to September 2013, Fountainhead Capital Management sold 177,439 warrants to purchase Vycor Common Stock at an exercise price of $1.88 per share. These warrants were granted to Fountainhead by the Company in February 2010 and were sold by Fountainhead to 7 investors at a price of $0.10 per warrant. The warrants were immediately exercised by the investors and the Company issued 177,439 shares of Common Stock in respect of the exercise and received cash proceeds of $332,832. | ||
During April to December 2013, the Company issued a total of 342,974 shares of Common Stock in respect of conversion of Series C Preferred Stock. | ||
On July 2, 2013, the Company entered into an advisory agreement with a registered broker-dealer to provide certain financial advisory services to the Company. Under the terms of the advisory agreement, the Company issued 15,000 restricted shares of Company Common Stock to the broker-dealer on execution | ||
During July to September 2013, Del Mar and Alex Partners were issued 10,800 and 7,200 shares of Common Stock, respectively, in lieu of cash consulting fees for the months of July to September 2013. In November 2013, the Company entered into extension amendments to the existing agreements with Del Mar and Alex Partners, under which 33,000 and 27,000 shares of Company Common Stock respectively were issued. Under the extension agreements, the Company has the option to pay all or part of the monthly fees in cash and for December 3,000 shares were issued to Del Mar and 2,000 share were issued to Alex Partners. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
Share-Based Compensation [Abstract] | ' | ' | |||||||||||||||||||
SHARE-BASED COMPENSATION | ' | ' | |||||||||||||||||||
8. SHARE-BASED COMPENSATION | |||||||||||||||||||||
7. SHARE-BASED COMPENSATION | |||||||||||||||||||||
The Company recognizes the cost of all share-based payments under the relevant authoritative accounting guidance. Share-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For share-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation” (formerly referred to as SFAS No. 123(R)). Share-based payments to consultants, service providers and other non-employees are accounted for under in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. | |||||||||||||||||||||
Stock Option Plan | |||||||||||||||||||||
The Company adopted the Vycor Medical, Inc Employee, Director, and Consultant Stock Plan (the “Plan”) as of February 13, 2008. The Plan provides for both incentive stock options and nonqualified stock options to be granted to employees, officers, consultants, independent contractors, directors and affiliates of the Company. The board of directors establishes the terms and conditions of all stock option grants, subject to the Plan and applicable provisions of the Internal Revenue Code. Incentive stock options must be granted at an exercise price not less than the fair market value of the common stock on the grant date. The options granted to participants owning more than 10% of the Company’s outstanding voting stock must be granted at an exercise price not less than 110% of the fair market value of the common stock on the grant date. The options expire on the date determined by the board of | Stock Option Plan | ||||||||||||||||||||
directors, but may not extend mare than 10 years from the grant date, while incentive stock options granted to participants owning more than 10% of the Company’s outstanding voting stock expire five years from the grant date. The vesting period for employees is generally over three years. The vesting Period for non-employees is determined based on the services being provided. The maximum number of shares of stock which may be delivered under the plan shall automatically increase by a number sufficient to cause the number of shares covered by the plan to equal 10% of the total number of shares of stock then outstanding on a fully diluted basis. | The Company adopted the Vycor Medical, Inc. Employee, Director, and Consultant Stock Plan (the “Plan”) as of February 13, 2008. The Plan provides for both incentive stock options and nonqualified stock options to be granted to employees, officers, consultants, independent contractors, directors and affiliates of the Company. The board of directors establishes the terms and conditions of all stock option grants, subject to the Plan and applicable provisions of the Internal Revenue Code. Incentive stock options must be granted at an exercise price not less than the fair market value of the common stock on the grant date. The options granted to participants owning more than 10% of the Company’s outstanding voting stock must be granted at an exercise price not less than 110% of the fair market value of the common stock on the grant date. The options expire on the date determined by the board of directors, but may not extend mare than 10 years from the grant date, while incentive stock options granted to participants owning more than 10% of the Company’s outstanding voting stock expire five years from the grant date. The vesting period for employees is generally over three years. The vesting Period for non-employees is determined based on the services being provided. The maximum number of shares of stock which may be delivered under the plan shall automatically increase by a number sufficient to cause the number of shares covered by the plan to equal 10% of the total number of shares of stock then outstanding on a fully diluted basis. | ||||||||||||||||||||
Under ASC Topic 718, the Company estimates the fair value of option awards on the date of grant using an option pricing model. The grant date fair value is recognized over the option vesting period, the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Under these standards, compensation cost for employee cost for employee stock-based awards is based on the estimated grant-date fair value and recognized over the vesting period of the applicable award on a straight-line basis. No employee stock options were granted for the three month periods ended March 31, 2014 and 2013. | Under ASC Topic 718, the Company estimates the fair value of option awards on the date of grant using an option pricing model. The grant date fair value is recognized over the option vesting period, the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Under these standards, compensation cost for employee cost for employee stock-based awards is based on the estimated grant-date fair value and recognized over the vesting period of the applicable award on a straight-line basis. No employee stock options were granted for the years ended December 31, 2012 and 2011. | ||||||||||||||||||||
Initial grants of options to purchase 500,000 shares were issued under the Plan on February 13, 2008 to each of Kenneth T. Coviello, the Company’s then Chief Executive Officer and then Heather N. Vinas, the Company’s President at an exercise price of $0.135 per share. The options vested 33-1/3% on each of the first, second, and third anniversary of the grant and expire February 12, 2018. Following Heather Vinas’ resignation as President of the Company in May 2010, 166,667 unvested options were cancelled. These options have been fully expensed. | |||||||||||||||||||||
Initial grants of options to purchase 3,334 shares were issued under the Plan on February 13, 2008 to each of Kenneth T. Coviello, the Company’s Chief Executive Officer and Heather N. Vinas, the Company’s President at an exercise price of $20.25 per share. The options vested 33-1/3% on each of the first, second, and third anniversary of the grant and expire February 12, 2018. Following Heather Vinas’ resignation as President of the Company in May 2010, 667 unvested options were cancelled. For the years ended December 31, 2013 and 2012, the Company recognized share-based compensation of $0 and $0, respectively. | |||||||||||||||||||||
Stock appreciation rights may be granted either on a stand alone basis or in conjunction with all or part of any other stock options granted under the plan. As of March 31, 2014 there were no awards of any stock appreciation rights. | |||||||||||||||||||||
Stock appreciation rights may be granted either on a stand alone basis or in conjunction with all or part of any other stock options granted under the plan. As of December 31, 2013 there were no awards of any stock appreciation rights. | |||||||||||||||||||||
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. 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. | |||||||||||||||||||||
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. 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. | |||||||||||||||||||||
The details of the outstanding rights, options and warrants and value of such rights, options and warrants are as follows: | |||||||||||||||||||||
The details of the outstanding rights, options and warrants and value of such rights, options and warrants are as follows: | |||||||||||||||||||||
STOCK WARRANTS: | Number of shares | Weighted average | |||||||||||||||||||
exercise price | STOCK WARRANTS: | Number | Weighted average | ||||||||||||||||||
per share | of shares | exercise price | |||||||||||||||||||
Outstanding at December 31, 2012 | 1,749,874 | $ | 3.03 | per share | |||||||||||||||||
Outstanding at December 31, 2011 | 1,747,347 | $ | 3.07 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Exercised | (341,941 | ) | 1.49 | Granted | 4,667 | 4.5 | |||||||||||||||
Exercised | — | — | |||||||||||||||||||
Cancelled or expired | (2,140 | ) | 36 | ||||||||||||||||||
Cancelled or expired | (3,334 | ) | 10.5 | ||||||||||||||||||
Outstanding at December 31, 2012 | 1,749,874 | $ | 3.03 | ||||||||||||||||||
Outstanding at December 31, 2013 | 1,404,599 | $ | 3.39 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Granted | 3,810,579 | 2.52 | Exercised | (341,941 | ) | $ | 1.49 | ||||||||||||||
Exercised | — | — | Cancelled or expired | (3,334 | ) | $ | 10.5 | ||||||||||||||
Cancelled or expired | (212,961 | ) | 4.5 | ||||||||||||||||||
Outstanding at December 31, 2013 | 1,404,599 | $ | 3.39 | ||||||||||||||||||
Outstanding at March 31, 2014 | 5,002,217 | $ | 2.68 | ||||||||||||||||||
STOCK OPTIONS: | Number | Weighted average | |||||||||||||||||||
STOCK OPTIONS: | Number of shares | Weighted average | of shares | exercise price | |||||||||||||||||
exercise price | per share | ||||||||||||||||||||
per share | Outstanding at December 31, 2011 | 5,557 | $ | 20.25 | |||||||||||||||||
Outstanding at December 31, 2012 | 5,557 | $ | 20.25 | ||||||||||||||||||
Granted | — | — | |||||||||||||||||||
Granted | — | — | Exercised | — | — | ||||||||||||||||
Exercised | — | — | Cancelled or expired | — | — | ||||||||||||||||
Cancelled or expired | — | — | |||||||||||||||||||
Outstanding at December 31, 2013 | 5,557 | $ | 20.25 | Outstanding at December 31, 2012 | 5,557 | $ | 20.25 | ||||||||||||||
Granted | — | — | Granted | — | — | ||||||||||||||||
Exercised | — | — | Exercised | — | — | ||||||||||||||||
Cancelled or expired | — | — | Cancelled or expired | — | — | ||||||||||||||||
Outstanding at March 31, 2014 | 5,557 | $ | 20.25 | Outstanding at December 31, 2013 | 5,557 | $ | 20.25 | ||||||||||||||
As of March 31, 2014, the weighted-average remaining contractual life of outstanding warrants and options is 2.35 and 3.88 years, respectively. | As of December 31, 2013, the weighted-average remaining contractual life of outstanding warrants and options is 0.91 and 4.12 years, respectively. | ||||||||||||||||||||
Non-Employee Stock Compensation | |||||||||||||||||||||
During the three months ended March 31, 2014, the Company issued an aggregate of 2,294, 2,222 and 2,222 shares of common stock, respectively, valued at $5,000 to each of Steven Girgenti, Oscar Bronsther and Lowell Rush for services rendered to the board of directors. For the three months ended March 31, 2014, a total of $15,000 was recognized as share-based compensation for the issuance of these shares. | Non-Employee Stock Compensation | ||||||||||||||||||||
During three months ended March 31, 2014 the Company issued an aggregate of 710, 694 and 694 shares of common stock, respectively, valued at $1,563, to each of Alvaro Pascual-Leone, Jason Barton and Jose Romano and 1,420 shares of common stock valued at $3,125 to Josef Zihl for services rendered to the Scientific Advisory Board of NovaVision. For the three months ended March 31, 2014, an aggregate of $7,813 was recognized as share-based compensation for the issuance of these shares. | During the year ended December 31, 2013, the Company issued an aggregate of 8,688, 9,500 and 4,612 shares of common stock, respectively, valued at $20,000, $20,000 and $10,000 to each of Steven Girgenti, Oscar Bronsther and Lowell Rush for services rendered to the board of directors. For the year ended December 31, 2013, a total of $50,000 was recognized as share-based compensation for the issuance of these shares. | ||||||||||||||||||||
In November 2013, the Company entered into three-month extension amendments to the existing agreements with Del Mar Consulting, Inc. and Alex Partners, LLC under which 33,000 and 27,000 shares of Company Common Stock respectively were issued, valued at $66,000 and $54,000 respectively. The value of these shares was amortized over the period of the agreement, and for the three months ended March 31, 2014 stock compensation of $78,620 was recognized as share-based compensation in connection with these agreements. Under the extension agreement, the Company has the option to pay all or part of the monthly fees in cash and for January 2014 3,000 shares valued at $5,400 were issued to Del Mar and 2,000 shares valued at $3,600 were issued to Alex Partners. | |||||||||||||||||||||
During the year ended December 31, 2013 the Company issued an aggregate of 2,997, 3,792 and 3,792 shares of common stock, respectively, valued at $7,813, to each of Alvaro Pascual-Leone, Jason Barton and Jose Romano and 5,068 shares of common stock valued at $12,500 to Josef Zihl for services rendered to the Scientific Advisory Board of NovaVision. For the year ended December 31, 2013 an aggregate of $35,938 was recognized as share-based compensation for the issuance of these shares. | |||||||||||||||||||||
On July 2, 2013, the Company entered into an advisory agreement, amended March 11, 2014 with Garden State Securities, Inc.(“GSS”) to provide certain financial advisory services to the Company. Under the terms of the advisory agreement, the Company issued 30,000 restricted shares of Company Common Stock to GSS in March 2014 valued at $66,000, which is being amortized over the six months from January 1, 2014, being the remaining term of the agreement. For the three months ended March 31, 2014 stock compensation of $33,000 was recognized as share-based compensation in connection with this agreement. | |||||||||||||||||||||
On November 30, 2012 the Company entered into 12 month consulting agreements with Del Mar Consulting, Inc and Alex Partners, LLC to provide investor relations and investor awareness consultancy services. Under these agreements, Del Mar and Alex Partners received shares Common Shares valued at $157,500 and $105,000 respectively. The value of these shares is being amortized over the period of the agreement, and for the year ended December 31, 2013 stock compensation of $240,625 was recognized as share-based compensation in connection with these agreements. During July to September 2013, Del Mar and Alex Partners were issued 10.800 and 7,200 shares of Common Stock, respectively, valued at $21,600 and $14,400, respectively, in lieu of cash consulting fees for the months of July to September 2013. In November 2013, the Company entered into three-month extension amendments to the existing agreements with Del Mar and Alex Partners, under which 33,000 and 27,000 shares of Company Common Stock respectively were issued, valued at $66,000 and $54,000 respectively. The value of these shares is being amortized over the period of the agreement, and for the year ended December 31, 2013 stock compensation of $41,380 was recognized as share-based compensation in connection with these agreements. Under the extension agreement, the Company has the option to pay all or part of the monthly fees in cash and for December 3,000 shares valued at $5,400 were issued to Del Mar and 2,000 share valued at $3,600 were issued to Alex Partners. | |||||||||||||||||||||
On January 2, 2014 the Company issued warrants to Dr. Donald O’Rourke to purchase 7,000 shares of Vycor Common Stock at an exercise price of $3.08 per share, exercisable for a period of three years. The fair value of these warrants was estimated at $5,522 using Black-Scholes and the full value was recognized immediately. | |||||||||||||||||||||
On July 2, 2013, the Company entered into an advisory agreement with a registered broker-dealer to provide certain financial advisory services to the Company. Under the terms of the advisory agreement, the Company issued 15,000 restricted shares of Company Common Stock to the broker-dealer on execution, which were valued on the date of issuance at $37,500, which is being amortized over the first six months of the agreement. The value of these shares is being amortized over the six months of the agreement, and for the year ended December 31, 2013 stock compensation of $37,500 was recognized as share-based compensation in connection with this agreement. | |||||||||||||||||||||
On January 2, 2014 the Company and Fountainhead amended their Consulting Agreement. Under the Amendment, 6,276 shares valued at $15,000 were issued to Fountainhead in respect of fees for the three months ended March 31, 2014. | |||||||||||||||||||||
Aggregate stock-based compensation expense charged to operations for stock and warrants granted to the above non-employees for the year ended December 31, 2013 was $450,442. As of December 31, 2013, there was $78,621 of total unrecognized compensation costs related to warrant and stock awards and non-vested options. | |||||||||||||||||||||
In March 2014, the Company entered into an investor relations advisory agreement with J and M Group, LLC, under which the Company issued 2,500 shares of Common Stock valued at $4,700, which was fully expensed in the three months ended March 31, 2014. | |||||||||||||||||||||
Stock-based compensation resulting from the issuance of Common Stock is calculated by reference to the valuation of the Stock on the date of issuance, the expense being recognized as the compensation is earned. Stock-based compensation expenses related to employee options and warrants granted to non-employees are recognized as the stock options and warrants are earned. The fair value of the stock options or warrants granted is estimated at the grant date, using the Black-Scholes option pricing model, and the expense 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. The grant date fair value of employee share options and similar instruments is estimated using the Black-Scholes option pricing model on the basis of the fair value of the underlying common stock on the measurement date, adjusted for the unique characteristics of those equity instruments, using the assumptions noted in the table below. The fair value of the common stock is determined by the then-prevailing private placement purchase price. Expected volatility was based on the historical volatility of a peer group of publicly traded companies. The expected term of options and warrants was based upon the life of the option, and the risk-free rate used was based on the U.S. Treasury Constant Maturity rate. | |||||||||||||||||||||
Aggregate stock-based compensation expense charged to operations for stock and warrants granted to the above non-employees for the three months ended March 31, 2013 was $168,655. As of March 31, 2014, there was $33,000 of total unrecognized compensation costs related to warrant and stock awards and non-vested options. | |||||||||||||||||||||
The stock compensation expensed during the year ended December 31, 2013 resulted only from the issuance of Common Stock valued on the date of issuance. The following assumptions were used in calculations of the Black-Scholes option pricing model for warrant-based stock compensation in year ended December 31, 2012: | |||||||||||||||||||||
Stock-based compensation expenses related to employee options and warrants granted to non-employees are recognized as the stock options and warrants are earned. The stock options or warrants meet the criteria for equity treatment and the fair value of the stock options or warrants granted is estimated at the grant date and the expense 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. The grant date fair value of employee share options and similar instruments is estimated using the Black-Scholes option pricing model on the basis of the fair value of the underlying common stock on the measurement date, using the assumptions noted in the table below. The fair value of the common stock is determined by the then-prevailing share price. Expected volatility is based on the historical volatility of a peer group of publicly traded companies. | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
The following assumptions were used in calculations of the Black-Scholes option pricing model for the three months ended March 31, 2014 and 2013: | 2013 | 2012 | |||||||||||||||||||
Three months ended March 31, | Risk-free interest rates | — | 0.42–1.60% | ||||||||||||||||||
2014 | 2013 | Expected life | — | 3 years | |||||||||||||||||
Risk-free interest rates | 0.78% | — | Expected dividends | — | 0% | ||||||||||||||||
Expected life | 3 years | — | Expected volatility | — | 96-99% | ||||||||||||||||
Expected dividends | 0% | — | Vycor Common Stock fair value | — | $3.00–$4.50 | ||||||||||||||||
Expected volatility | 75% | — | |||||||||||||||||||
Vycor Common Stock fair value | $2.05 | — | |||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
INCOME TAXES | ' | ||||||||||
9. INCOME TAXES | |||||||||||
Loss Before Taxes | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Domestic | $ | 2,216,711 | $ | 2,613,733 | |||||||
Foreign | 227,780 | 312,477 | |||||||||
$ | 2,444,491 | $ | 2,926,210 | ||||||||
Deferred Income Taxes | |||||||||||
The Company has incurred net operating losses since inception. The Company has not reflected any tax benefit related to such net operating losses in the financial statements. Prior to August 15, 2007 the Company was a limited liability company and losses were passed through to the individual members, therefore the Company only has potential tax benefits from the date it became a ‘C’ corporation. | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company and its subsidiaries’ deferred tax assets at December 31, 2013 and December 31, 2012 are as follows: | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Operating loss carry-forward | $ | 3,100,000 | $ | 2,700,000 | |||||||
Deferred tax asset before Valuation allowance | 3,100,000 | 2,700,000 | |||||||||
Valuation allowance | (3,100,000 | ) | (2,700,000 | ) | |||||||
Net deferred tax asset | $ | — | $ | — | |||||||
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. | |||||||||||
The authoritative guidance requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on the level of historical taxable losses and projections of future taxable income (losses) over the periods in which the deferred tax assets can be realized, management currently believes that it is more likely than not that the Company will not realize the benefits of these deductible differences. Accordingly, management has determined that a 100% valuation allowance is appropriate at December 31, 2013 and December 31, 2012. | |||||||||||
Net Operating Loss Carry-Forwards | |||||||||||
As of December 31, 2013 and 2012, the Company had U.S. accumulated losses for tax purposes of approximately $9,000,000 and $7,600,000 respectively, which may be carried forward and offset against U.S. taxable income, and which expire during the tax years 2027 through 2032. | |||||||||||
Federal tax laws impose significant restrictions on the utilization of net operating loss carry-forwards and in the event of a change in ownership of the Company, as defined by the Internal Revenue Code Section 382. The Company’s net operating loss carry-forwards may be subject to the above limitations. | |||||||||||
As of December 31, 2013 and 2012, the Company had German accumulated losses for tax purposes of approximately $620,000 and $490,000 respectively, which may be carried forward and offset against German taxable income subject to certain restrictions and limitations. Such carry-forwards are subject to certain restrictions and limitations in the event of changes in the NovaVision GmbH’s ownership. | |||||||||||
As of December 31, 2013 and 2012, the Company had UK accumulated losses for tax purposes of approximately $140,000 and $100,000 respectively, which may be carried forward and offset against UK taxable income subject to certain restrictions and limitations. | |||||||||||
Tax Rates | |||||||||||
The applicable US income tax rate for the Company for both of the years ended December 31, 2013 and 2012 was 35%. Non-US subsidiaries are taxed according to the tax laws in their respective country of residence. The German applicable rate for both of the years ended December 31, 2013 and 2012 was 31.58%; the UK applicable rate for both the years ended December 31, 2013 and 2012 was 20%. | |||||||||||
US income taxes and foreign withholding taxes were not provided for on undistributed earnings of the Company’s foreign subsidiaries. The Company intends to reinvest these earnings indefinitely in its foreign subsidiaries. If these earnings were distributed to US in the form of dividends or otherwise, after the repayment of intercompany debt, the Company would be subject to additional US income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes.\ | |||||||||||
Uncertain Tax Position | |||||||||||
The Company has recorded no liability for income taxes associated with unrecognized tax benefits at the date of adoption and has not recorded any liability associated with unrecognized tax benefits during 2013 and 2012. Accordingly, the Company has not recorded any interest or penalty in regard to any unrecognized benefit. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
8. FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company has adopted ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The adoption of ASC 820 did not have an impact on the Company’s financial position or results of operations. | |||||||||||||||||
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis (the 2,062,108 Series A Warrants and Placement Agent Warrants issued as part of the Units in connection with the Offering) as of March 31, 2014 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the liability, and includes situations where there is little, if any, market activity for the liability : | |||||||||||||||||
Description | 31-Mar-14 | Level 1 | Level 2 | Level 3 | |||||||||||||
Warrant Liability | $ | 1,511,033 | $ | — | $ | — | $ | 1,511,033 | |||||||||
The table below provides a reconciliation of the beginning and ending balances for the liabilities measured using fair significant unobservable inputs (Level 3): | |||||||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||||||
Issuance of Series A Warrants and Placement Agent Warrants as part of Offering Units on January 2, January 31, February 24, February 28 and March 31, 2014 | 1,764,317 | ||||||||||||||||
Change in fair value | (253,284 | ) | |||||||||||||||
Balance at March 31, 2014 | $1,511, 033 | ||||||||||||||||
The fair value of the Series A Warrants and Placement Agent Warrants was determined using a Monte Carlo Simulation. This model requires the input of highly subjective assumptions, including the expected price volatility, which is based on the historical volatility of a peer group of publicly traded companies. Changes in the subjective input assumptions can materially affect the estimate of fair value of the warrants and the Company’s results of operations could be impacted. | |||||||||||||||||
The following assumptions were used in calculations of the Monte Carlo Simulation model for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rates | 0.68-0.93% | — | |||||||||||||||
Expected life | 3 years | — | |||||||||||||||
Expected dividends | 0% | — | |||||||||||||||
Expected volatility | 71-83% | — | |||||||||||||||
Vycor Common Stock fair value | $1.88-2.39 | — | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' |
10. COMMITMENTS AND CONTINGENCIES | ||
9. COMMITMENTS AND CONTINGENCIES | ||
Lease | ||
Lease | ||
The Company leases approximately 10,000 sq. ft. located at 6401 Congress Ave., Suite 140, Boca Raton, FL 33487 from Catexor Limited Partnership for a gross rent of $14,260 plus sales tax per month. The term of the lease is 5 years and 6 months terminating July, 2017. The Company’s subsidiaries in Germany and the UK occupy properties on short term lease agreements. Rent expense for the year ended December 31, 2013 and 2012 was $182,197 and $190,023 respectively | ||
The Company leases approximately 10,000 sq. ft located at 6401 Congress Ave., Suite 140, Boca Raton, FL 33487 from Catexor Limited Partnership for a gross rent of $14,260 plus sales tax per month. The term of the lease is 5 years and 6 months terminating July, 2017. The Company’s subsidiaries in Germany and the UK occupy properties on short term lease agreements. Rent expense for the three months ended March 31, 2014 and 2013 were $50,178 and $48,553 respectively. | ||
Potential German tax liability | ||
Potential German tax liability | ||
In June 2012 the Company’s German subsidiary received a preliminary assessment for Magdeburg City trade tax of approximately €75,000 (approximately $94,000). 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 has been preliminarily reduced to zero. The Company has not accepted this trade tax assessment and is in discussion with the relevant tax authorities with a view to its reduction. To the extent that this assessment, a higher or a reduced amount, is ultimately confirmed by the tax authorities, the Company believes it has a very strong claim against certain professional advisors which would offset the liability in full. Accordingly, the Company has made no provision for this liability for the years ended December 31, 2013 and 2012). | ||
In June 2012 the Company's German subsidiary received a preliminary assessment for Magdeburg City trade tax of approximately €75,000 (approximately $94,000). 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 has been preliminarily reduced to zero. The Company has not accepted this trade tax assessment and is in discussion with the relevant tax authorities with a view to its reduction. The tax authorities have agreed to suspend the assessment pending the outcome of certain court hearings, and the Company has agreed to make limited monthly payments on account. To the extent that this assessment, a higher or a reduced amount, is ultimately confirmed by the tax authorities, the Company believes it has a very strong claim against certain professional advisors which would offset the liability in full. Accordingly, the Company has made no provision for this liability for the three months ending March 31, 2014, other than recording the monthly payments as an expense. | ||
Potential China Patent Infringement | ||
Potential Patent Infringement | ||
The Company was made aware in 2012 that a competitor had been granted a patent for related technology, and appeared to be entering the market with products that infringe the Company’s own issued patent. Following investigation, the Company has taken steps to initiate an invalidation of the competitor’s patent and enforce its patent rights; in March 2014 the Ptent Re-examination Board issued an Examination Decision invalidating all the claims of the competitor’s patent. The competitor has the right of appeal but the Company will contest any such appeal. The Company has also been made aware that a second competitor has filed a patent application for related technology and also may be producing a product that potentially infringes the Company’s patent, and is in the early stages of evaluation and has yet to determine what, if any actions to take in this instance, however as a general rule the Company intends to take all necessary action to protect its patent portfolio. As with all patent infringement actions, there is some risk that the accused infringer will not be found to infringe the claims, and an additional risk that the accused infringer will successfully challenge the validity of the asserted claims. | ||
The Company was made aware in 2012 that a competitor had been granted a patent for related technology, and appeared to be entering the market with products that infringe the Company’s own issued patent. Following investigation, the Company has taken steps to initiate an invalidation of the competitor’s patent and enforce its patent rights; in March 2014 the Ptent Re-examination Board issued an Examination Decision invalidating all the claims of the competitor’s patent. The competitor has the right of appeal but the Company will contest any such appeal. The Company has also been made aware that a second competitor has filed a patent application for related technology and also may be producing a product that potentially infringes the Company’s patent, and is in the early stages of evaluation and has yet to determine what, if any actions to take in this instance, however as a general rule the Company intends to take all necessary action to protect its patent portfolio. As with all patent infringement actions, there is some risk that the accused infringer will not be found to infringe the claims, and an additional risk that the accused infringer will successfully challenge the validity of the asserted claims. |
Consulting_and_Other_Agreement
Consulting and Other Agreements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Consulting and Other Agreements [Abstract] | ' | ' |
CONSULTING AND OTHER AGREEMENTS | ' | ' |
11. CONSULTING AND OTHER AGREEMENTS | ||
10. CONSULTING AND OTHER AGREEMENTS | ||
The Company has entered into the following consulting and other agreements during the year ended December 31, 2013: | ||
The Company has entered into no new consulting or other agreements during the three months ended March 31, 2014, other than amendments to existing agreements outlined below. The following agreements remained in force during the period: | ||
Advisory and Placement Agent Agreements | ||
On July 2, 2013, the Company entered into two agreements with a registered broker-dealer one to provide certain financial advisory services to the Company (“Advisory Agreement”) and the other to act as placement agent for the Company (“Placement Agent Agreement”). | ||
Consulting Agreement with Fountainhead | ||
Under the terms of the Advisory Agreement, the broker-dealer is engaged on a non-exclusive basis to provide financial advisory services to the Company for at least ninety (90) days and thereafter until either party terminates the arrangement. Under the terms of the Advisory Agreement, as amended on March 14, 2014, the Company will issue 45,000 restricted shares of Company Common Stock to the broker-dealer, 15,000 of which are issuable on the date of the execution of the Agreement and 30,000 additional shares to be issued on March 14, 2014. The Agreement also calls for the Company to reimburse certain out-of-pocket expenses. | ||
Effective as of January 2, 2014, the Company and Fountainhead amended their Consulting Agreement to extend the term of the Consulting Agreement to January 2, 2015. As of January 2014, the monthly retainer payable to Fountainhead was reduced to $10,000 per month, payable $5,000 in cash and the remainder payable in Company Common Stock at the end of each quarter until the occurrence of specified milestones. | ||
Under the terms of the Placement Agent Agreement, the Company engaged a broker-dealer as its exclusive placement agent until the later of (i) 90 days from the date of execution of the Agreement or (ii) the end of the offering period of any securities financing undertaken by the Company in connection with the Placement Agent Agreement. Normal placement agents fees and expense reimbursement will be payable. Any offering will be undertaken on a “best efforts” basis and the proceeds would be used for working capital and general corporate purposes. | ||
Consulting Agreement with Del Mar Consulting Group, Inc and Alex Partners, LLC. | ||
Consulting Agreement with Del Mar Consulting Group, Inc and Alex Partners, LLC. | ||
In November 2013, the Company entered into three-month extension amendments to the existing agreements with Del Mar Consulting, Inc. and Alex Partners, LLC under which 33,000 and 27,000 shares of Company Common Stock respectively were issued, valued at $66,000 and $54,000 respectively. . | ||
On November 30, 2012 the Company entered into 12 month consulting agreements with Del Mar Consulting, Inc and Alex Partners, LLC to provide investor relations and investor awareness consultancy services. Under these agreements, Del Mar and Alex Partners received Common Shares valued at $157,500 and $105,000 respectively and cash of $7,200 and $4,800 respectively. Del Mar and Alex Partners agreed to take Vycor Common Stock in lieu of cash payments for July to September 2013. On November 27, 2013 the Company entered into amendments to these agreements, under which the agreements were extended to February 28, 2014. Under the terms of the amendments, 33,000 and 27,000 shares of Company Common Stock were issued to Del Mar and Alex Partners respectively. | ||
Garden State Securites, Inc. (“GSS”) Advisory and Placement Agent Agreements | ||
The following agreements remained in force during the period: | ||
On July 2, 2013, the Company entered into two agreements with GSS one to provide certain financial advisory services to the Company (“Advisory Agreement”) and the other to act as placement agent for the Company (“Placement Agent Agreement”). | ||
Consulting Agreement with Fountainhead Capital Management Limited (“Fountainhead”) | ||
Under the terms of the Advisory Agreement, GSS is engaged on a non-exclusive basis to provide financial advisory services to the Company for at least ninety (90) days and thereafter until either party terminates the arrangement. Under the terms of the Advisory Agreement, as amended on March 14, 2014, the Company will issue 45,000 restricted shares of Company Common Stock to the broker-dealer, 15,000 of which are issuable on the date of the execution of the Agreement and 30,000 additional shares to be issued on March 11, 2014. The Agreement also calls for the Company to reimburse certain out-of-pocket expenses. | ||
In October 2013, effective retroactively to May 5, 2013, the Fountainhead Consulting Agreement was extended on virtually the same terms as the Agreement expiring on that date. Pursuant to the Consulting Agreement, the Company pays Fountainhead a monthly retainer of $37,500. This monthly retainer shall be payable up to $5,000 in cash and the unpaid remainder shall be accrued and paid out to FCM at the option of FCM as follows: (i) in Vycor stock at any time at the average closing price for the 30 days prior to the end of the quarter in which the accrual is made; or (ii) in cash following the closing of a fundraising of no less than $2.5 million or on the sale of the Company or a substantial part of the assets thereof. This agreement was amended in January 2014 following the Initial Closing of the Offering, see Note 13. | ||
Under the terms of the Placement Agent Agreement, the Company engaged GSS as its exclusive placement agent until the later of (i) 90 days from the date of execution of the Agreement or (ii) the end of the offering period of any securities financing undertaken by the Company in connection with the Placement Agent Agreement. Normal placement agents fees and expense reimbursement will be payable. Any offering will be undertaken on a “best efforts” basis and the proceeds would be used for working capital and general corporate purposes |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' |
12. RELATED PARTY TRANSACTIONS | ||
11. RELATED PARTY TRANSACTIONS | ||
During January to December 2013, the Company issued unsecured, subordinated loan notes to: Fountainhead for a total of $415,744; to Peter Zachariou, a director of the Company, for a total of $210,000; and to David Cantor, a director of the Company, for a total of $15,000. The loan notes are subordinated to the Company’s secured debentures and Preferred C Stock of the Company, bear interest at a rate of 6% are due on demand or by their one-year anniversary. | ||
During April to September 2013, Fountainhead Capital Management sold 177,439 warrants to purchase Vycor Common Stock at an exercise price of $1.88 per share. These warrants were granted to Fountainhead by the Company in February 2010 and were sold by Fountainhead to 7 investors at a price of $0.10 per warrant. The warrants were immediately exercised by the investors. | ||
Under the terms of the Offering, there were certain agreements with Related Parties: | ||
There were no other related party transactions during the year ended December 31, 2013 other than the payment or accrual of fees under the Fountainhead Consulting agreement described in 11 above. | ||
(a) | ||
Debt Amendment and Repayment. Fountainhead and Peter Zachariou agreed to extend the maturity of all of the Company’s debt obligations due to them due to as of August 9, 2013 (aggregating $2,247,037) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. Fountainhead and Peter Zachariou further released all security interests associated with any of the obligations and agreed to forebear declaring any event of default under the obligations for a period of 24 months following the date of the Initial Closing. During January and February 2014, also under the terms of the Offering, debt obligations arising since August 9, 2013 were repaid as follows: Fountainhead - $91,519; Peter Zachariou - $20,000; David Cantor - $15,000. | ||
(b) | ||
Employment of Chief Executive Officer and Employment Agreements. Effective as of January 2, 2014, our board of directors appointed Peter C. Zachariou, our Executive Vice President, to the additional role as the Company’s Chief Executive Officer. Also effective as of the January 2, 2014 the Company entered into separate, but largely identical Employment Agreements with Mr. Zachariou, Adrian Liddell and David Cantor. Mr. Zachariou’s Employment Agreement commences on the Effective Date and terminates six months following the appointment of a successor Chief Executive Officer; Mr. Liddell’s Employment Agreement commences on the Effective Date and terminates upon the appointment of a successor Chief Financial Officer; and Mr. Cantor’s Employment Agreement commences on the Effective Date and terminates upon the appointment of a successor. The aforementioned Employment Agreements provide for annual compensation of $110,000, payment of which is deferred for 12 months from the Effective Date and is subject to the achievement of certain enumerated milestone conditions. Each of these Employment Agreements supersede any prior employment agreements or arrangements between the respective parties. | ||
(c) | ||
Amendment to Consulting Agreement. Effective as of January 2, 2014, the Company and Fountainhead amended their Consulting Agreement to extend the term of the Consulting Agreement to to January 2, 2015. As of January 2014, the monthly retainer payable to Fountainhead was reduced to $10,000 per month, payable $5,000 in cash and the remainder payable in Company Common Stock at the end of each quarter until the occurrence of specified milestones. | ||
(d) | ||
Conversion Agreement. Effective as of January 2, 2014, the Company and Fountainhead entered into a Conversion Agreement whereby Fountainhead agreed to convert all amounts accrued as of the date of the Initial Closing into an investment in that amount in the Offering. Pursuant to the terms of this agreement, Fountainhead converted $1,426,542 of accrued consulting fees into the Units. | ||
On March 31 2014, in accordance with the terms the Consulting Agreement, the Company issued 6,276 shares of Common Stock (valued at $15,000) to Fountainhead. | ||
There were no other related party transactions during the three months ended March 31, 2014 other than the payment or accrual of fees under the Fountainhead Consulting agreement described in Note 11 of the financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' | ' |
SUBSEQUENT EVENTS | ' | ' |
13. SUBSEQUENT EVENTS | ||
12. SUBSEQUENT EVENTS | ||
Securities Offering | ||
The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10Q: | ||
In the third quarter of 2013, the Company initiated an offering (the “Offering”) of Units comprising shares of common stock (“Common Stock”) (collectively, the “Shares” and individually, a “Share”) and Series A and Series B Warrants (collectively, the “Warrants”) (collectively, the “Units”) to accredited investors (the “Investors”) in a private placement. The terms of the Offering allowed for maximum proceeds of $3,000,000, together with provision to increase the size of the offering by up to an additional $2,000,000. | ||
On January 2, 2014, the Company completed the sale of $1,276,900 in the Units, which were issued pursuant to separate Securities Purchase Agreements between the Company and each of the Investors. In the aggregate, the Company issued 709,398 shares of Common Stock, Series A Warrants to purchase an aggregate of 354,704 shares of Common Stock and Series B Warrants to purchase an aggregate of 354,704 shares of Common Stock. | ||
Share Issuance | ||
During April to May 2014, the Company issued 2,222 shares of Common Stock (valued at $5,000) to Steven Girgenti, in consideration for services provided to the Board of Directors; and 727 and 1,453 shares of Common Stock respectively (valued at $1,563 and $3,125 respectively) to Alvaro Pascual-Leone and Josef Zihl in respect of their roles as members of the NovaVision, Inc. Scientific Advisory Board. | Each Unit was priced at $1.80 and comprised of one share of Common Stock, a series A warrant (the “Series A Warrants”) and a series B warrant (the “Series B Warrants”). The Series A Warrants were detachable and were exercisable over a three-year term and were issued with respect to the purchase of a number of shares of Common Stock equal to 50% of the number of Shares purchased by such investor at an exercise price per share of $2.05. The Series B Warrants were detachable and were exercisable over a three-year term and were issued with respect to the purchase of a number of shares of Common Stock equal to 50% of the number of Shares purchased by such investor at an exercise price per share of $3.08. The Warrants are subject to adjustment for stock splits, stock dividends or recapitalizations. | |
On April 25, 2014, the Company completed the sale of an additional $929,860 in Units in a final close of the Offering, which were issued pursuant to a Securities Purchase Agreement between the Company and the Investors. In the aggregate, the Company issued 516,594 shares of Common Stock, Series A Warrants to purchase an aggregate of 258,298 shares of Common Stock and Series B Warrants to purchase an aggregate of 258,298 shares of Common Stock. | ||
Also on January 2, 2014, Fountainhead Capital Management Limited (“Fountainhead”) exchanged an aggregate of $1,426,542 of consulting fees owed to it by the Company for the Units issued in the Offering. In the aggregate, the Company issued to Fountainhead 792,523 shares of Common Stock, Series A Warrants to purchase an aggregate of 386,262 shares of Common Stock and Series B Warrants to purchase an aggregate of 386,262 shares of Common Stock. | ||
Amendment to Offering Agreements and removal of anti-dilution | ||
On January 31, 2014, the Company completed the sale of an additional $1,784,200 in the Units, which were issued pursuant to separate Securities Purchase Agreements between the Company and each of the Investors. In the aggregate, the Company issued 991,232 shares of Common Stock, Series A Warrants to purchase an aggregate of 495,621 shares of Common Stock and Series B Warrants to purchase an aggregate of 495,621 shares of Common Stock. | ||
During April and May 2014, the Company requested waivers of certain anti-dilution provisions of the Stock Purchase Agreement and Series A Warrant Agreements (“Waivers”) which were executed with investors in the Company’s $5,000,000 private placement offering which was completed on April 25, 2014. Under the terms of the Waivers, the investors agreed to waive their anti-dilution rights (which arose in the event the Company sold securities at a price below $2.05 within one year of the date that the initial Registration Statement has been declared effective by the SEC) in consideration of the Company’s agreement not to sell any securities at a price below $2.05 within such one-year period. The Waivers become effective as to all the Common Stock issued in the offering once the Company receives the agreement of the holders of eighty percent (80%) of the Common Stock issued in the offering and the holders of eighty percent (80%) of the Common Stock issued in each closing. As of May 14, 2014, the Company had received waivers from the holders of 93.9 percent of the shares issued in the offering, and over 80 percent for each closing, and so the Waivers have been declared effective on 100 percent of the Common Stock issued in the Offering. The Company is continuing to seek Waivers from the remaining investors for their Common Stock and Series A Warrants. Waivers have also been received in respect of the Placement Agent Warrants and the Series A Warrants held by Fountainhead. | On February 28, 2014, the Company completed the sale of an additional $27,000 in the Units, which were issued pursuant to a Securities Purchase Agreement between the Company and the Investor. In the aggregate, the Company issued 15,000 shares of Common Stock, Series A Warrants to purchase an aggregate of 7,500 shares of Common Stock and Series B Warrants to purchase an aggregate of 7,500 shares of Common Stock. | |
As stated in Note 2 (Warrant Derivative Liability) and Note 8, because the Warrants carry certain anti-dilution protection for the holders, the Company has recorded the Series A Warrants and Placement Agent Warrants as a liability, in accordance with the guidance contained in ASC 815-40-15-7D. Following the declaration of effectiveness of the Waivers, the Company will no longer be required to record any derivative liability on account of the Series A Warrants and Placement Agent warrants, with respect of the actual number of Warrants for which the Waivers have been executed. | On March 31, 2014, the Company completed the sale of an additional $982,040 in the Units, which were issued pursuant to a Securities Purchase Agreement between the Company and the Investors. In the aggregate, the Company issued 545,584 shares of Common Stock, Series A Warrants to purchase an aggregate of 272,796 shares of Common Stock and Series B Warrants to purchase an aggregate of 272,796 shares of Common Stock. | |
As of the date of this Report a total of $4,070,140 in Units have been sold, and the Offering is ongoing. | ||
Based on the subscription terms applicable to the holders of the Company’s previously-issued Series C Convertible Preferred Stock, such holders were given the option of exchanging their investment in such unconverted Series C Convertible Preferred Stock and the related warrants into the securities which are the subject of the Offering, based on the amount of their investment in the Series C Convertible Preferred Stock and the related warrants. As of March 11, 2014, the holders of 15.15 shares of Series C Convertible Preferred Stock (representing an aggregate investment of $757,700) exchanged their Series C Convertible Preferred Stock and related warrants for an aggregate of 420,838 shares of Common Stock, Series A Warrants to purchase an aggregate of 210,420 shares of Common Stock and Series B Warrants to purchase an aggregate of 210,420 shares of Common Stock. As of this date, only one share of Series C Convertible Preferred Stock remains outstanding, representing an investment of $50,000. | ||
The Company engaged a placement agent (the “Placement Agent”) in connection with this Offering. The Placement Agent receives (i) a cash placement fee equal to 8% of the gross proceeds of the Offering (subject to reduction of 2.5% of gross proceeds received by any investor referred to by the Company (the “Company Investors”)), (ii) an advisory fee equal to 1% of the gross proceeds of the Offering (not including gross proceeds received from any Company Investors), (iii) a non-accountable administrative fee equal to 1% of the gross proceeds of the Offering and (iv) warrants (the “Placement Agent Warrants”) to purchase a number of shares of Common Stock equal to 15% of Shares sold in this Offering by the Placement Agent (subject to reduction to 2.5% of the Shares sold in this Offering to Company Investors). The Placement Agent Warrants are exercisable until the three-year anniversary of the date of the closing of this Offering and have an exercise price equal to the exercise price of the Series A Warrants. In addition to the Placement Agent fees, the Company reimbursed the Placement Agent for its due diligence expenses of $10,000 and its legal fees of $30,000. | ||
The Company simultaneously entered into a Registration Rights Agreement with the Investors with respect to the Shares and shares of Common Stock underlying the Warrants. | ||
The securities sold in the Offering were issued in reliance upon an exemption from securities registration afforded by the provisions of Section 4(a)(2) of the Securities Act of 1933, as amended, (“Securities Act”), and Regulation D, as promulgated by the U.S. Securities and Exchange Commission under the Securities Act. | ||
Concurrent with the Initial Closing of the Offering, and in accordance with the terms of the Offering as agreed with the Placement Agent, the following occurred: | ||
(a) Employment of Chief Executive Officer and Employment Agreements. Effective as of January 2, 2014, our board of directors appointed Peter C. Zachariou, our Executive Vice President, to the additional role as the Company’s Chief Executive Officer. Also effective as of the January 2, 2014 the Company entered into separate, but largely identical Employment Agreements with Mr. Zachariou, Adrian Liddell and David Cantor. Mr. Zachariou’s Employment Agreement commences on the Effective Date and terminates six months following the appointment of a successor Chief Executive Officer; Mr. Liddell’s Employment Agreement commences on the Effective Date and terminates upon the appointment of a successor Chief Financial Officer; and Mr. Cantor’s Employment Agreement commences on the Effective Date and terminates upon the appointment of a successor. The aforementioned Employment Agreements provide for annual compensation of $110,000, payment of which is deferred for 12 months from the Effective Date and is subject to the achievement of certain enumerated milestone conditions. Each of these Employment Agreements supersede any prior employment agreements or arrangements between the respective parties. | ||
(b) Amendment to Consulting Agreement. Effective as of January 2, 2014, the Company and Fountainhead amended their Consulting Agreement to extend the term of the Consulting Agreement to the date which is one (1) year following the date of the Initial Closing. As of the date of the Amendment, the monthly retainer payable to Fountainhead was reduced to $10,000 per month, payable $5,000 in cash and the remainder accrued or payable in Company Common Stock until the occurrence of specified milestones. | ||
(c) Conversion Agreement. Effective as of January 2, 2014, the Company and Fountainhead entered into a Conversion Agreement whereby Fountainhead agreed to convert all amounts accrued as of the date of the Initial Closing into an investment in that amount in the Offering. Pursuant to the terms of this agreement, Fountainhead converted $1,426,542 of accrued consulting fees into the Units. | ||
(d) Fountainhead Debt. Effective as of January 2, 2014, Fountainhead agreed to extend the maturity of all of the Company’s debt obligations to Fountainhead as of August 9, 2013 (aggregating $1,641,487) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. Fountainhead further released all security interests associated with any of the obligations and agreed to forebear declaring any event of default under the obligations for a period of 24 months following the date of the Initial Closing. | ||
(e) Zachariou Debt. Effective as of January 2, 2014, Peter Zachariou (“Zachariou”) agreed to extend the maturity of all of the Company’s debt obligations to Zachariou at of August 9, 2013 (aggregating $605,550) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. Zachariou further released all security interests associated with any of the obligations and agreed to forebear declaring any event of default under the obligations for a period of 24 months following the date of the Initial Closing. | ||
(f) Kirsch Debt. Effective as of January 2, 2014, Craig Kirsch (“Kirsch”) agreed to extend the maturity of all of the Company’s debt obligations to Kirsch at of August 9, 2013 (aggregating $108,550) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. Kirsch further agreed to forebear declaring any event of default under the obligations for a period of 24 months following the date of the Initial Closing. | ||
(g) Osbaldo Debt. Effective as of January 2, 2014, Osbaldo Trading Limited (“Osbaldo”) agreed to extend the maturity of all of the Company’s debt obligations to Osbaldo at of August 9, 2013 (aggregating $42.900) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. Osbaldo further agreed to forebear declaring any event of default under the obligations for a period of 24 months following the date of the Initial Closing. | ||
(h) Euro-American Debt. Effective as of January 2, 2014, Euro-American Investment Corp. (“Euro-American”) agreed to extend the maturity of the Company’s convertible debt obligation to Euro-American to January 2, 2015, subject to the Company’s obligation to pay all interest on the debt, and subject to early repayment under certain conditions. The Company further agreed to reduce the conversion price applicable to such obligation from $4.50 per share to $1.80 per share. As of the date of this Report, such interest has been fully paid. | ||
(i) Debt Obligations Occurring Since August 9, 2013. The Company’s remaining debt obligations (other than insurance financing) (aggregating $229,519 as of December 31, 2013) became repayable: on the Initial Closing up to an aggregate maximum of $200,000; or in full once gross proceeds under the Offering of $3,000,000 had been achieved. Accordingly, during January and February 2014, the following debt obligation repayments were made: Fountainhead – $91,519; Zachariou – $20,000; Kirsch – $3,000; David Cantor – $15,000; Euro-American – $100,000. | ||
Amendment to Advisory Agreement | ||
On March 11, 2014 the Company entered into an Amendment Agreement with the broker-dealer retained in August 2013. Under the Amendment Agreement, the Company agreed to issue 30,000 shares of Common Stock (valued at $66,000) on the date of the Amendment Agreement in respect of the period January to June 2014, rather than 7,500 shares per month under the original agreement | ||
Other Share Issuance | ||
During January to April 2014, the Company issued 4,516 shares of Common Stock (valued at $10,000) to Steven Girgenti, 2,222 shares of Common Stock (valued at $5,000) to Oscar Bronsther and 2,222 shares of Common Stock (valued at $5,000) to Lowell Rush in consideration for services provided to the Board of Directors; and 710 shares of Common Stock (valued at $1,563) to Alvaro Pasual-Leone, 1,420 shares of Common Stock (valued at $3,125) to Josef Zihl and 694 shares of Common Stock (valued at $1,563) to each of Jason Barton and Jose Romano in respect of their roles as members of the NovaVision, Inc. Scientific Advisory Board. | ||
During January 2014, the Company issued 3,000 and 2,000 shares of Common Stock (valued at $5,400 and $3,600) to Del Mar Consulting Group, LLC and Alex Partners respectively under the terms of their advisory amendment agreements. | ||
During March 2014, in accordance with the terms of an investor relations advisory agreement, the Company issued 2,500 shares of Common Stock (valued at $4,700) to J and M Group, LLC. | ||
On March 31 2014, in accordance with the terms the Consulting Agreement, the Company issued 6,276 shares of Common Stock (valued at $15,000) to Fountainhead Capital Management Limited. | ||
Warrant Agreement | ||
On January 2, 2014 the Company issued warrants to Dr. Donald O’Rourke to purchase 7,000 shares of Vycor Common Stock at an exercise price of $3.08 per share, exercisable for a period of three years. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||
Principles of Consolidation | ' | ' | ||||||||||||||||||
Principles of Consolidation and basis of presentation | ||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The 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. NovaVision GmbH was converted from an AG on July 4, 2012. The Company is headquartered in Boca Raton, FL. The operations of Sight Science have been consolidated since January 4, 2012 the date of the completion of the acquisition of all the shares of Sight Science. All material inter-company accounts, transactions, and profits have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the correct year presentation. | ||||||||||||||||||||
The 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 accounts, transactions, and profits have been eliminated in consolidation. | ||||||||||||||||||||
Recent Accounting Pronouncements | ' | ' | ||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||
From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such 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. | ||||||||||||||||||||
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 such 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. | ||||||||||||||||||||
Warrant Derivative Liability | ' | ' | ||||||||||||||||||
Warrant Derivative Liability | ||||||||||||||||||||
The Company accounts for the 2,062,108 Series A Warrants and Placement Agent Warrants issued in connection with or as a result of the Offering (all as defined in Note 6) in accordance with the guidance contained in ASC 815-40-15-7D, whereby under that provision, because they have anti-dilution rights, they do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies the warrant instrument as a liability at its fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised or until the anti-dilution provisions contained within the warrant agreements expire, and is classified in the balance sheet as a current liability. Any change in fair value of the warrant liability is recognized in the Company’s statement of operations as other income (loss). | ||||||||||||||||||||
Software Development Costs | ' | ' | ||||||||||||||||||
Software Development Costs | ||||||||||||||||||||
Software Development Costs | ||||||||||||||||||||
The authoritative accounting guidance requires software development costs to be capitalized upon completion of the preliminary project stage. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years. The Company acquired internally developed software valued at $540,000 as part of the acquisition of the assets of NovaVision, Inc. on November 30, 2010 and $363,472 as part of the acquisition of the assets of Sight Science Limited on January 4, 2012. During the year ended December 31, 2013 the Company’s NeuroEyeCoach program completed the preliminary project stage, following which there was a capitalization of $97,643 of software development costs. | ||||||||||||||||||||
The authoritative accounting guidance requires software development costs to be capitalized upon completion of the preliminary project stage. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years once the software has been brought into service. Capitalized software development costs for the three months ended March 31, 2014 and 2013 were $29,633 and $0, respectively. During the period the Company’s VRT 7.0 program completed the preliminary project stage, following which there was a capitalization of $8,171 of software development costs. Additional costs of $21,463 were capitalized for the Company’s NeuroEyeCoach program prior to being brought into service in March 2014 with a total capitalized value of $119,106 | ||||||||||||||||||||
Net Loss Per Share | ' | ' | ||||||||||||||||||
Net Loss Per Share | Net Loss Per Share | |||||||||||||||||||
Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. | Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. | |||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: | ||||||||||||||||||||
The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
March 31, | March 31, | Stock options outstanding | 5,557 | 5,557 | ||||||||||||||||
2014 | 2013 | Warrants to purchase common stock | 1,404,599 | 1,749,874 | ||||||||||||||||
Stock options outstanding | 5,557 | 5,557 | Debentures convertible into common stock | 441,768 | 368,726 | |||||||||||||||
Warrants to purchase common stock | 5,002,217 | 1,749,874 | Preferred shares convertible into common stock | 239,265 | 582,233 | |||||||||||||||
Debentures convertible into common stock | 518,631 | 368,726 | Total | 2,091,189 | 2,706,390 | |||||||||||||||
Preferred shares convertible into common stock | 14,815 | 663,719 | ||||||||||||||||||
Total | 5,541,220 | 2,787,876 | ||||||||||||||||||
Revenue Recognition | ' | ' | ||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue when a completed contract for the sale exists, the product is invoiced and shipped to the customer. Vycor Medical does provide for product returns or warranty costs. | ||||||||||||||||||||
NovaVision generates revenues from various programs, therapy services and other sources such as license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, diagnostic software, medical devices, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision recognizes revenue for providing the vision restoration therapy as the Company’s work effort is expended. NovaVision provides vision restoration therapy directly to patients. The typical vision restoration therapy consists of six modules, performed on average over 6 months in the U.S. and U.K. and 10 months in Germany. 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. | ||||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts Receivable | ' | ' | ||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts Receivable | ||||||||||||||||||||
We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We extend credit to our customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary. Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that we should abandon such efforts. | ||||||||||||||||||||
Inventories | ' | ' | ||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are stated at the lower of cost, determined using the weighted average cost method, and net realizable value. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product. | ||||||||||||||||||||
If the Company identifies excess, obsolete or unsalable items, its inventories are written down to their realizable value in the period in which the impairment is first identified. Shipping and handling costs incurred for inventory purchases and product shipments are recorded in cost of sales in the Company’s consolidated statements of operations. | ||||||||||||||||||||
Fixed assets | ' | ' | ||||||||||||||||||
Fixed assets | ||||||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. | ||||||||||||||||||||
Impairment of long-lived assets | ' | ' | ||||||||||||||||||
Impairment of long-lived assets | ||||||||||||||||||||
Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. | ||||||||||||||||||||
Research and Development | ' | ' | ||||||||||||||||||
Research and Development | ||||||||||||||||||||
The Company expenses all research and development costs as incurred. For the years ended December 31, 2013 and 2012, the amounts charged to research and development expenses were $53,451 and $126,042, respectively. | ||||||||||||||||||||
Uses of estimates in the preparation of financial statements | ' | ' | ||||||||||||||||||
Uses of estimates in the preparation of financial statements | ||||||||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable, amortization of intangible assets, and the fair values of options and warrants included in the determination of debt discounts and share based compensation. | ||||||||||||||||||||
Stock Compensation | ' | ' | ||||||||||||||||||
Stock Compensation | ||||||||||||||||||||
The Company recognizes the cost of all share-based payments under the relevant authoritative accounting guidance. Share-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For share-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation” (formerly referred to as SFAS No. 123(R)). Share-based payments to consultants, service providers and other non-employees are accounted for under in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. | ||||||||||||||||||||
Convertible Instruments | ' | ' | ||||||||||||||||||
Convertible Instruments | ||||||||||||||||||||
We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. | ||||||||||||||||||||
Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. | ||||||||||||||||||||
We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The embedded conversion option in connection with our convertible debt could not be exercised unless and until we completed a Qualifying Financing transaction. Accordingly, we determined based on authoritative guidance that the embedded conversion option is deemed to be a contingent conversion rather than active conversion option that did not require accounting recognition at the commitment dates of the issuances of the Notes. | ||||||||||||||||||||
Common Stock Purchase Warrants and Other Derivative Financial Instruments | ' | ' | ||||||||||||||||||
Common Stock Purchase Warrants and Other Derivative Financial Instruments | ||||||||||||||||||||
We classify as equity any contracts that require physical settlement or net-share settlement or provide us a choice of net-cash settlement or settlement in our own shares (physical settlement or net-share settlement) provided that such contracts are indexed to our own stock as defined in ASC 815-40 (“Contracts in Entity’s Own Equity”). We classify as assets or liabilities any contracts that require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside our control) or give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). We assess classification of our common stock purchase warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. | ||||||||||||||||||||
Fair Value Measurements | ' | ' | ||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
We adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||||||||||||||||||||
The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. | ||||||||||||||||||||
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1 — quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||
Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable | ||||||||||||||||||||
Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | ||||||||||||||||||||
Accounting_Policies_Tables
Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Significant Accounting Policies [Abstract] | ' | ' | ||||||||||||||||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
March 31, | March 31, | 2013 | 2012 | |||||||||||||||||
2014 | 2013 | Stock options outstanding | 5,557 | 5,557 | ||||||||||||||||
Stock options outstanding | 5,557 | 5,557 | Warrants to purchase common stock | 1,404,599 | 1,749,874 | |||||||||||||||
Warrants to purchase common stock | 5,002,217 | 1,749,874 | Debentures convertible into common stock | 441,768 | 368,726 | |||||||||||||||
Debentures convertible into common stock | 518,631 | 368,726 | Preferred shares convertible into common stock | 239,265 | 582,233 | |||||||||||||||
Preferred shares convertible into common stock | 14,815 | 663,719 | Total | 2,091,189 | 2,706,390 | |||||||||||||||
Total | 5,541,220 | 2,787,876 | ||||||||||||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Notes Payable [Abstract] | ' | ' | |||||||||||||||||
Components of notes payable | ' | ' | |||||||||||||||||
Related Party Notes Payable | |||||||||||||||||||
Related Party Notes Payable | |||||||||||||||||||
As of December 31, 2013 and December 31, 2012 Related Party Notes Payable consists of: | |||||||||||||||||||
As of March 31, 2014 and December 31, 2013 Related Party Notes Payable consists of: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
31-Mar-14 | 31-Dec-13 | On December 29, 2009 and February 3, 2010, the Company issued convertible debentures in the amount of $371,362 and $70,000, respectively, payable to Fountainhead Capital Management (“Fountainhead”), the beneficial owner of more than 50% of the Company’s common stock. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $1.88 per share, subject to adjustment and does not require bifurcation. These debentures were originally due August 31, 2010 and the due date has been extended over time to December 31, 2013 (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 441,362 | 441,362 | |||||||||||||||
On December 29, 2009 and February 3, 2010, the Company issued convertible debentures in the amount of $371,362 and $70,000, respectively, payable to Fountainhead Capital Management (“Fountainhead”), the beneficial owner of more than 50% of the Company’s common stock. These debentures accrue interest at a rate of 6% per annum. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $1.88 per share, subject to adjustment, and does not require bifurcation. These debentures were originally due August 31, 2010 and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 441,362 | 441,362 | |||||||||||||||||
On March 31, 2010 and October 14, 2010, the Company issued convertible debentures payable to Fountainhead in the amount of $85,000 and $90,000, respectively. These debentures accrue interest at a rate of 6%. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $2.63 per share, subject to adjustment and does not require bifurcation. The debentures were originally due August 31, 2011, and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 175,000 | 175,000 | December 31, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
On October 26, 2010 and November 15, 2010, the Company issued debentures payable to Fountainhead in the amount of $77,500 and $322,500, respectively. These debentures accrue interest at a rate of 6% per annum. These debentures were originally due August 31, 2011 and the due date has | 400,000 | 400, | On September 30, 2010 and October 14, 2010, the Company issued convertible debentures payable to Fountainhead in the amount of $85,000 and $90,000, respectively. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debentures then outstanding into shares of common stock of the Company at the conversion price of $2.63 per share, subject to adjustment and does not require bifurcation. The debentures were originally due August 31, 2011, and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 175,000 | 175,000 | ||||||||||||||
On October 26, 2010 and November 15, 2010, the Company issued debentures payable to Fountainhead in the amount of $77,500 and $322,500, respectively. These debentures accrue interest at a rate of 6% per annum, are secured by a first priority security interest in all of the assets of the Company, and are senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The debentures were originally due August 31, 2011, and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 400,000 | 400,000 | |||||||||||||||||
On November 15, 2010, the Company issued a convertible debenture in the amount of $350,000 payable to Peter Zachariou, a Director of the Company. This debenture accrues interest rate of 6% per annum, is secured by a first priority security interest in all of the assets of the Company, and is senior to or pari passu with, all other obligations of the Company, subject to certain conditions. The Holder is entitled to convert all or any amount of the principal face amount of the debenture then outstanding into shares of common stock of the Company at the conversion price of $2.85 per share, subject to adjustment and does not require bifurcation. On December 20, 2010, the Company repaid $50,000 of this debenture and removed the convertible rights. The debentures were originally due December 31, 2012 and the due date has been extended over time to December 31, 2013. (On January 2, 2014 the holder agreed to remove the security interest and extend the note to January 2, 2017, subject to certain conditions). | 300,000 | 300,000 | |||||||||||||||||
In the period July to December 2012 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $300,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 300,900 | 300,900 | |||||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $115,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 115,550 | 115,550 | |||||||||||||||||
been extended over time to January 2, 2017, subject to certain conditions. | |||||||||||||||||||
On November 15, 2010, the Company issued a convertible debenture in the amount of $350,000 payable to Peter Zachariou, a Director of the Company. This debenture accrues interest rate of 6% per annum. The Holder is entitled to convert all or any amount of the principal face amount of the debenture then outstanding into shares of common stock of the Company at the conversion price of $2.85 per share, subject to adjustment and does not require bifurcation. On December 20, 2010, the Company repaid $50,000 of this debenture and removed the convertible rights. The debentures were originally due December 31, 2012 and the due date has been extended over time to January 2, 2017, subject to certain conditions. | 300,000 | 300,000 | December 31, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
In the period July to December 2012 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $300,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 300,900 | 300,900 | In the period January to August 8, 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $324,225. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 324,225 | — | ||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $115,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 115,550 | 115,550 | In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $91,519. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in January and February 2014). | 91,519 | — | ||||||||||||||
In the period January to September 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $325,744. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 324,225 | 324,225 | In the period January to August 8 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $190,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 190,000 | — | ||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Fountainhead in the aggregate amount of $91,519. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. These notes were repaid in January and February 2014. | - | 91,519 | In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $20,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 20,000 | — | ||||||||||||||
In the period January to September 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $210,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date has been extended over time to January 2, 2017, subject to certain conditions. | 190,000 | 190,000 | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to David Cantor, in the aggregate amount of $15,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 15,000 | — | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Peter Zachariou in the aggregate amount of $20,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in February 2014 | - | 20,000 | |||||||||||||||||
Total Related Party Notes Payable: | $ | 2,373,556 | $ | 1,732,812 | |||||||||||||||
Other Notes Payable | |||||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to David Cantor, in the aggregate amount of $15,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in 2014 | - | 15,000 | As of December 31, 2013 and 2012 Other Notes Payable consists of: | ||||||||||||||||
Total Related Party Notes Payable: | $2,247,037 | $2,373,556 | December 31, | December 31, | |||||||||||||||
Other Notes Payable | 2013 | 2012 | |||||||||||||||||
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. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company at the conversion price of $4.50 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended over time to November 30, 2013. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2015, subject to certain conditions). | 300,000 | 300,000 | |||||||||||||||||
As of March 31, 2014 and December 31, 2013 Other Notes Payable consists of: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
31-Mar-14 | 31-Dec-13 | In the period August to December 2012 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $98,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 98,550 | 98,550 | |||||||||||||||
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. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company an adjusted conversion price of $1.80 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended over time to January 2, 2015, subject to certain conditions. | 300,000 | 300,000 | |||||||||||||||||
In September 2012 the Company issued short term, unsecured notes payable to Osbaldo Trading Limited in the amount of $42,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 42,900 | 42,900 | |||||||||||||||||
In the period August to December 2012 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $98,550. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 98,550 | 98,550 | |||||||||||||||||
In the period June to August 8 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $13,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (On January 2, 2014 the holder agreed to extend the notes to January 2, 2017, subject to certain conditions). | 10,000 | — | |||||||||||||||||
In September 2012 the Company issued short term, unsecured notes payable to Osbaldo Trading Limited in the amount of $42,900. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 42,900 | 42,900 | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $13,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. (The notes were repaid in February 2014). | 3,000 | — | |||||||||||||||||
In the period June to September 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $10,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. The due date for this note has been extended over time to January 2, 2017, subject to certain conditions. | 10,000 | 10,000 | |||||||||||||||||
On October 22, 2013 the Company issued a term note for $100,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due November 30, 2013. (The note was repaid in January 2014). | 100,000 | — | |||||||||||||||||
In the period August 9 to December 2013 the Company issued short term, | - | 3,000 | |||||||||||||||||
Insurance policy finance agreements. During the year ended December 31, 2013 the Company received proceeds from Insurance policy finance agreement of $74,044 and made repayments of $71,548 | 23,736 | 21,240 | |||||||||||||||||
Total Other Notes Payable: | $ | 578,186 | $ | 462,690 | |||||||||||||||
unsecured notes payable to Craig Kirsch in the aggregate amount of $3,000. The notes accrue interest at a rate of 6% per annum, are due on demand or one year after the issue date and are junior to the secured debentures and Preferred C Stock of the Company. This note was repaid in February 2014. | |||||||||||||||||||
On October 22, 2013 the Company issued a term note for $100,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due November 30, 2013. This note was repaid in January 2014. | - | 100,000 | |||||||||||||||||
Insurance policy finance agreements. During the three months ended March 31, 2013 the Company received proceeds from Insurance policy finance agreement of $28,525 and made repayments of $23,923 | 28,338 | 23,736 | |||||||||||||||||
Total Other Notes Payable: | $479,788 | $578,186 | |||||||||||||||||
Schedule of future minimum loan repayments | ' | ' | |||||||||||||||||
Twelve months ending March 31 | Related Party | Other | |||||||||||||||||
2014 | — | 328,338 | |||||||||||||||||
2015 | — | — | |||||||||||||||||
2016 | — | — | |||||||||||||||||
2017 | 2,247,037 | 151,450 | |||||||||||||||||
$2,247,037 | $479,788 | ||||||||||||||||||
Segment_Reporting_Geographical1
Segment Reporting, Geographical Information (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting, Geographical Information [Abstract] | ' | ' | ||||||||||||||||||||
Business segments information | ' | ' | ||||||||||||||||||||
Three Months Ended March 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||
Vycor Medical | $ | 263,711 | $ | 130,665 | Vycor Medical | $ | 724,367 | $ | 770,676 | |||||||||||||
NovaVision | 94,411 | 101,009 | NovaVision | 365,007 | 434,587 | |||||||||||||||||
Total Revenue | $ | 358,122 | $ | 231,674 | Total Revenue | $ | 1,089,374 | $ | 1,205,263 | |||||||||||||
Gross Profit: | Gross Profit: | |||||||||||||||||||||
Vycor Medical | $ | 233,409 | $ | 116,279 | Vycor Medical | $ | 628,839 | $ | 668,729 | |||||||||||||
NovaVision | 81,756 | 85,377 | NovaVision | 306,703 | 357,004 | |||||||||||||||||
Total Gross Profit | $ | 315,165 | $ | 201,656 | Total Gross Profit | $ | 935,542 | $ | 1,025,733 | |||||||||||||
Total Assets: | ||||||||||||||||||||||
Vycor Medical | $ | 799,120 | $ | 1,055,026 | ||||||||||||||||||
March 31, | December 31, | NovaVision | 1,316,130 | 1,506,134 | ||||||||||||||||||
2014 | 2013 | Total Assets | $ | 2,115,250 | $ | 2,561,160 | ||||||||||||||||
Total Assets: | ||||||||||||||||||||||
Vycor Medical | $ | 3,562,302 | $ | 799,120 | ||||||||||||||||||
NovaVision | 1,299,036 | 1,316,130 | ||||||||||||||||||||
Total Assets | $ | 4,861,338 | $ | 2,115,250 | ||||||||||||||||||
Summary of geographic information | ' | ' | ||||||||||||||||||||
December 31, | ||||||||||||||||||||||
Three Months Ended March 31, | 2013 | 2012 | ||||||||||||||||||||
2014 | 2013 | Revenue: | ||||||||||||||||||||
Revenue: | United States | $ | 858,751 | $ | 952,256 | |||||||||||||||||
United States | $ | 293,161 | $ | 156,785 | Europe | 230,623 | 253,007 | |||||||||||||||
Europe | 64,961 | 63,336 | Total Revenue | $ | 1,089,374 | $ | 1,205,263 | |||||||||||||||
Total Revenue | $ | 358,122 | $ | 220,121 | Gross Profit: | |||||||||||||||||
Gross Profit: | United States | $ | 732,404 | $ | 810,809 | |||||||||||||||||
United States | $ | 258,241 | $ | 156,188 | Europe | 203,138 | 214,924 | |||||||||||||||
Europe | $ | 56,924 | 45,468 | Total Gross Profit | $ | 935,542 | $ | 1,025,733 | ||||||||||||||
Total Gross Profit | $ | 315,165 | $ | 201,656 | Total Assets: | |||||||||||||||||
United States | $ | 1,604,142 | $ | 1,935,638 | ||||||||||||||||||
Europe | 511,108 | 625,522 | ||||||||||||||||||||
March 31, | December 31, | Total Assets | $ | 2,115,250 | $ | 2,561,160 | ||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Total Assets: | ||||||||||||||||||||||
United States | $ | 4,413,757 | $ | 1,604,142 | ||||||||||||||||||
Europe | 447,581 | 511,108 | ||||||||||||||||||||
Total Assets | $ | 4,861,338 | $ | 2,115,250 | ||||||||||||||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fixed Assets [Abstract] | ' | ||||||||||||||
Summary of fixed assets | ' | ||||||||||||||
Estimated | December 31, | December 31, | |||||||||||||
Useful Lives | 2013 | 2012 | |||||||||||||
Machinery and equipment | 3 years | $ | 146,344 | $ | 123,355 | ||||||||||
Leasehold Improvements | 5 years | 6,206 | 6,206 | ||||||||||||
Purchased Software | 3 years | 17,833 | 17,833 | ||||||||||||
Molds and Tooling | 5 years | 234,230 | 234,230 | ||||||||||||
Furniture and fixtures | 7 years | 22,288 | 21,533 | ||||||||||||
Therapy Devices | 3 years | 87,906 | 76,513 | ||||||||||||
Internally Developed Software | 5 years | 1,021,681 | 923,215 | ||||||||||||
1,536,488 | 1,402,885 | ||||||||||||||
Less: Accumulated depreciation and amortization | (830,291 | ) | (575,496 | ) | |||||||||||
Property and Equipment, net | $ | 706,197 | $ | 827,389 | |||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Summary of Intangible Assets | ' | |||||||||||
December 31, | ||||||||||||
2012 | 2011 | |||||||||||
Amortized intangible assets: Patent (8 years useful life) | ||||||||||||
Gross carrying Amount | $ | 772,414 | $ | 705,662 | ||||||||
Accumulated Amortization | (328,319 | ) | (202,767 | ) | ||||||||
$ | 444,095 | $ | 502,895 | |||||||||
Amortized intangible assets: Website (5 years useful life) | ||||||||||||
Gross carrying Amount | $ | 18,908 | $ | 18,908 | ||||||||
Accumulated Amortization | $ | (17,228 | ) | (16,136 | ) | |||||||
$ | 1,680 | $ | 2,772 | |||||||||
Intangible assets not subject to amortization | ||||||||||||
Trademarks | $ | 251,157 | $ | 251,157 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||
Shedule of the outstanding rights, options and warrants and value of such rights, options and warrants | ' | ' | ||||||||||||||||||
STOCK WARRANTS: | Number | Weighted average | ||||||||||||||||||
STOCK WARRANTS: | Number of shares | Weighted average | of shares | exercise price | ||||||||||||||||
exercise price | per share | |||||||||||||||||||
per share | Outstanding at December 31, 2011 | 1,747,347 | $ | 3.07 | ||||||||||||||||
Outstanding at December 31, 2012 | 1,749,874 | $ | 3.03 | |||||||||||||||||
Granted | 4,667 | 4.5 | ||||||||||||||||||
Granted | — | — | Exercised | — | — | |||||||||||||||
Exercised | (341,941 | ) | 1.49 | Cancelled or expired | (2,140 | ) | 36 | |||||||||||||
Outstanding at December 31, 2012 | 1,749,874 | $ | 3.03 | |||||||||||||||||
Granted | — | — | ||||||||||||||||||
Cancelled or expired | (3,334 | ) | 10.5 | Exercised | (341,941 | ) | $ | 1.49 | ||||||||||||
Cancelled or expired | (3,334 | ) | $ | 10.5 | ||||||||||||||||
Outstanding at December 31, 2013 | 1,404,599 | $ | 3.39 | |||||||||||||||||
Outstanding at December 31, 2013 | 1,404,599 | $ | 3.39 | |||||||||||||||||
Granted | 3,810,579 | 2.52 | ||||||||||||||||||
Exercised | — | — | ||||||||||||||||||
Cancelled or expired | (212,961 | ) | 4.5 | |||||||||||||||||
Outstanding at March 31, 2014 | 5,002,217 | $ | 2.68 | |||||||||||||||||
STOCK OPTIONS: | Number of shares | Weighted average | ||||||||||||||||||
exercise price | ||||||||||||||||||||
per share | ||||||||||||||||||||
Outstanding at December 31, 2012 | 5,557 | $ | 20.25 | |||||||||||||||||
Granted | — | — | ||||||||||||||||||
Exercised | — | — | ||||||||||||||||||
Cancelled or expired | — | — | ||||||||||||||||||
Outstanding at December 31, 2013 | 5,557 | $ | 20.25 | |||||||||||||||||
Granted | — | — | ||||||||||||||||||
Exercised | — | — | ||||||||||||||||||
Cancelled or expired | — | — | ||||||||||||||||||
Outstanding at March 31, 2014 | 5,557 | $ | 20.25 | |||||||||||||||||
Assumptions used in calculations of the Black-Scholes option pricing model for options and warrants | ' | ' | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Risk-free interest rates | 0.68-0.93% | — | ||||||||||||||||||
Expected life | 3 years | — | ||||||||||||||||||
Expected dividends | 0% | — | ||||||||||||||||||
Expected volatility | 71-83% | — | ||||||||||||||||||
Vycor Common Stock fair value | $1.88-2.39 | — | ||||||||||||||||||
Employee Stock Option [Member] | ' | ' | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||
Assumptions used in calculations of the Black-Scholes option pricing model for options and warrants | ' | ' | ||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Risk-free interest rates | 0.78% | — | ||||||||||||||||||
Expected life | 3 years | — | ||||||||||||||||||
Expected dividends | 0% | — | ||||||||||||||||||
Expected volatility | 75% | — | ||||||||||||||||||
Vycor Common Stock fair value | $2.05 | — | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Schedule liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Description | 31-Mar-14 | Level 1 | Level 2 | Level 3 | |||||||||||||
Warrant Liability | $ | 1,511,033 | $ | — | $ | — | $ | 1,511,033 | |||||||||
Schedule of liabilities measured using fair significant unobservable inputs (Level 3) | ' | ||||||||||||||||
Balance at December 31, 2013 | $ | — | |||||||||||||||
Issuance of Series A Warrants and Placement Agent Warrants as part of Offering Units on January 2, January 31, February 24, February 28 and March 31, 2014 | 1,764,317 | ||||||||||||||||
Change in fair value | (253,284 | ) | |||||||||||||||
Balance at March 31, 2014 | $1,511, 033 | ||||||||||||||||
Assumptions used in calculations of the Black-Scholes option pricing model for options and warrants | ' | ||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rates | 0.68-0.93% | — | |||||||||||||||
Expected life | 3 years | — | |||||||||||||||
Expected dividends | 0% | — | |||||||||||||||
Expected volatility | 71-83% | — | |||||||||||||||
Vycor Common Stock fair value | $1.88-2.39 | — | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Summary of loss before taxes | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Domestic | $ | 2,216,711 | $ | 2,613,733 | |||||||
Foreign | 227,780 | 312,477 | |||||||||
$ | 2,444,491 | $ | 2,926,210 | ||||||||
Summary of deferred tax assets and valuation allowance | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Operating loss carry-forward | $ | 3,100,000 | $ | 2,700,000 | |||||||
Deferred tax asset before Valuation allowance | 3,100,000 | 2,700,000 | |||||||||
Valuation allowance | (3,100,000 | ) | (2,700,000 | ) | |||||||
Net deferred tax asset | $ | — | $ | — | |||||||
Formation_and_Business_of_the_1
Formation and Business of the Company (Details) | 0 Months Ended | 12 Months Ended |
Aug. 14, 2007 | Dec. 31, 2013 | |
Unit | Operation | |
Formation and Business of the Company (Textual) | ' | ' |
Common stock issued in exchange for partnership units | 107 | ' |
Number of partnership units outstanding | 1,122 | ' |
Number of operation divisions | ' | 2 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 5,541,220 | 2,787,876 | 2,091,189 | 2,706,390 |
Stock options outstanding [Member] | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 5,557 | 5,557 | 5,557 | 5,557 |
Warrants to purchase common stock [Member] | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 5,002,217 | 1,749,874 | 1,404,599 | 1,749,874 |
Debentures convertible into common stock [Member] | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 518,631 | 368,726 | 441,768 | 368,726 |
Preferred shares convertible into common stock [Member] | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ' | ' | ' | ' |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 14,815 | 663,719 | 239,265 | 582,233 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Feb. 24, 2014 | Mar. 31, 2014 | Nov. 30, 2010 | Jan. 04, 2012 | Dec. 31, 2013 | |
Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Novavision [Member] | Sight Science Limited [Member] | Software [Member] | |||||
Placement Agent Agreement [Member] | Placement Agent Agreement [Member] | |||||||||
Accounting Policies Textual [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible asset, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Software development costs | $8,171 | ' | ' | ' | ' | ' | ' | $540,000 | $363,472 | ' |
Research and development | 15,356 | 31,350 | 53,451 | 126,042 | ' | ' | ' | ' | ' | ' |
Capitalized software development cost | 29,633 | 0 | 97,643 | ' | ' | ' | ' | ' | ' | ' |
Capitalized software development cost additions | 21,463 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capitalized value | $119,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during period | ' | ' | ' | ' | 1,130,621 | 324,805 | 2,062,108 | ' | ' | ' |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | $2,247,037 | $2,373,556 | $1,732,812 |
Convertible debentures issued on December 29, 2009 and February 3, 2010 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 441,362 | 441,362 | 441,362 |
Convertible debentures issued on September 30, 2010 and October 14, 2010 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 175,000 | 175,000 |
Convertible debentures issued on March 31, 2010 and October 14, 2010 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 175,000 | 175,000 | ' |
Debentures payable issued on October 26, 2010 and November 15, 2010 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 400,000 | 400,000 | 400,000 |
Convertible debenture issued on November 15, 2010 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 300,000 | 300,000 | 300,000 |
Short term, unsecured notes payable issued on July to December 2012 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 300,900 | 300,900 | 300,900 |
Short term, unsecured notes payable issued on August to December 2012 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 115,550 | 115,550 | 115,550 |
Short term, unsecured notes payable issued on January to September 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 324,225 | 324,225 | ' |
Short term, unsecured notes payable issued on January to September 2013 [Member] 2 | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 190,000 | 190,000 | ' |
Short term, unsecured notes payable issued on January to August 8, 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 324,225 | ' |
Short term, unsecured notes payable issued on June to September 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 10,000 | 10,000 | ' |
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 91,519 | ' |
Short term, unsecured notes payable issued on January to August 8 2013 [Member] 1 | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 190,000 | ' |
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] 1 | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 20,000 | ' |
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] 2 | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 15,000 | ' |
Term notes issued on March 25, 2011[Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 300,000 | 300,000 | 300,000 |
Short term issued in August to December 2012 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 98,550 | 98,550 | 98,550 |
Short term, unsecured notes payable issued September 2012 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 42,900 | 42,900 | 42,900 |
Unsecured loans issued in June to August 8 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 10,000 | ' |
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] 3 | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 3,000 | ' |
Term notes issued on October 22, 2013 [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | ' | 100,000 | ' |
Insurance policy finance agreements [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | 28,338 | 23,736 | 21,240 |
Other Notes Payable [Member] | ' | ' | ' |
Components of notes payable | ' | ' | ' |
Total Notes Payable: | $479,788 | $578,186 | $462,690 |
Notes_Payable_Details_1
Notes Payable (Details 1) (USD $) | Mar. 31, 2014 |
Related Party | ' |
Extinguishment of Debt [Line Items] | ' |
2014 | ' |
2015 | ' |
2016 | ' |
2017 | 2,247,037 |
Total | 2,247,037 |
Other | ' |
Extinguishment of Debt [Line Items] | ' |
2014 | 328,338 |
2015 | ' |
2016 | ' |
2017 | 151,450 |
Total | $479,788 |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 03, 2010 | Dec. 29, 2009 | Dec. 31, 2013 | Sep. 30, 2010 | Dec. 31, 2013 | Oct. 14, 2010 | Mar. 31, 2010 | Nov. 15, 2010 | Oct. 26, 2010 | Dec. 31, 2013 | Dec. 20, 2010 | Nov. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-14 | Dec. 31, 2013 | 31-May-14 | Mar. 25, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 08, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | 31-May-14 | Sep. 30, 2013 | Dec. 31, 2013 | Aug. 08, 2013 | Dec. 31, 2013 | Aug. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 22, 2013 | Dec. 31, 2013 | Aug. 08, 2013 | |
Convertible debentures issued on December 29, 2009 and February 3, 2010 [Member] | Convertible debentures issued on December 29, 2009 and February 3, 2010 [Member] | Convertible debentures issued on December 29, 2009 and February 3, 2010 [Member] | Convertible debentures issued on September 30, 2010 and October 14, 2010 [Member] | Convertible debentures issued on September 30, 2010 and October 14, 2010 [Member] | Convertible debentures issued on September 30, 2010 and October 14, 2010 [Member] | Convertible debentures issued on March 31, 2010 and October 14, 2010 [Member] | Debentures payable issued on October 26, 2010 and November 15, 2010 [Member] | Debentures payable issued on October 26, 2010 and November 15, 2010 [Member] | Debentures payable issued on October 26, 2010 and November 15, 2010 [Member] | Convertible debenture issued on November 15, 2010 [Member] | Convertible debenture issued on November 15, 2010 [Member] | Convertible debenture issued on November 15, 2010 [Member] | Short term, unsecured notes payable issued on July to December 2012 [Member] | Short term, unsecured notes payable issued on July to December 2012 [Member] | Short term, unsecured notes payable issued on August to December 2012 [Member] | Short term, unsecured notes payable issued on January to September 2013 [Member] | Short term, unsecured notes payable issued on January to September 2013 [Member] | Short term, unsecured notes payable issued on January to September 2013 [Member] 2 | Short term, unsecured notes payable issued on January to September 2013 [Member] 2 | Term notes issued on March 25, 2011[Member] | Term notes issued on March 25, 2011[Member] | Short term issued in August to December 2012 [Member] | Short term issued in August to December 2012 [Member] | Unsecured loans issued in June to August 8 2013 [Member] | Unsecured loans issued in June to August 8 2013 [Member] | Short term, unsecured notes payable issued September 2012 [Member] | Short term, unsecured notes payable issued September 2012 [Member] | Insurance policy finance agreements [Member] | Insurance policy finance agreements [Member] | Insurance policy finance agreements [Member] | Short term, unsecured notes payable issued on June to September 2013 [Member] | Short term, unsecured notes payable issued on January to August 8, 2013 [Member] | Short term, unsecured notes payable issued on January to August 8, 2013 [Member] | Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | Term notes issued on October 22, 2013 [Member] | Short term, unsecured notes payable issued on January to August 8 2013 [Member] 1 | Short term, unsecured notes payable issued on January to August 8 2013 [Member] 1 | |||||
Peter Zachariou [Member] | David Cantor [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Notes Payable (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible debentures | ' | ' | ' | ' | $70,000 | $371,362 | ' | $85,000 | ' | $90,000 | $85,000 | $322,500 | $77,500 | ' | ' | $350,000 | ' | ' | $300,900 | $115,550 | ' | $325,744 | $91,519 | $210,000 | ' | ' | ' | $98,550 | ' | ' | ' | ' | ' | $74,043 | $28,525 | $10,000 | ' | $324,225 | ' | ' | ' | ' | ' | ' | $190,000 |
Term notes payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | 13,000 | ' | 42,900 | ' | ' | ' | ' | ' | ' | ' | 13,000 | 20,000 | 15,000 | 100,000 | ' | ' |
Percentage of company's common stock hold by beneficial owner | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debentures | ' | ' | ' | ' | 6.00% | 6.00% | ' | 6.00% | ' | 6.00% | 6.00% | 6.00% | 6.00% | ' | ' | 6.00% | ' | ' | 6.00% | 6.00% | ' | 6.00% | 6.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | 6.00% | ' | 6.00% | ' | ' | 6.00% | 6.00% | 16.00% | ' | 6.00% |
Conversion price | ' | ' | ' | ' | $1.88 | $1.88 | ' | $2.63 | ' | $2.63 | $2.63 | ' | ' | ' | ' | $2.85 | ' | ' | ' | ' | ' | ' | ' | ' | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on term notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' |
Number of common stock purchased by issuance of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Due on demand or one year after the issue date. | ' | ' | 'Due on demand or one year after the issue date. | ' | 'Due on demand or one year after the issue date. | ' | ' | ' | ' | ' | 'Due on demand or one year after the issue date. | ' | 'Due on demand or one year after the issue date. | ' | ' | ' | ' | ' | 'Due date has been extended over time to December 31, 2013. | ' | 'Due date has been extended over time to December 31, 2013. | ' | 'Due on demand or one year after the issue date. | 'Due on demand or one year after the issue date. | ' | 'Due date has been extended over time to December 31, 2013. | ' |
Debt instruments, original maturity date | ' | ' | ' | ' | 31-Aug-10 | 31-Aug-10 | ' | 31-Aug-11 | ' | ' | 31-Aug-11 | 31-Aug-11 | 31-Aug-11 | ' | ' | 31-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | 25-Jun-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Jan-17 | ' | ' | ' | ' | ' | ' | 30-Nov-13 | ' | ' |
Debt instruments, extended maturity date description | ' | ' | ' | ' | 'Due date has been extended over time to January 2, 2017 | ' | 'Due date has been extended over time to December 31, 2013. | ' | 'Due date has been extended over time to December 31, 2013. | ' | 'Due date has been extended over time to January 2, 2017 | ' | ' | 'Due date has been extended over time to December 31, 2013. | ' | ' | 'Due date has been extended over time to December 31, 2013. | ' | ' | ' | ' | ' | ' | ' | ' | 'Due date for this note has been extended over time to November 30, 2013. | 'Due on demand or one year after the issue date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The note was repaid in January 2014. | ' | ' |
Repayments of insurance policy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of notes payable secured by first security interest | ' | ' | 1,316,362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of stock value | ' | ' | 3,061,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Notes Payable | $126,923 | $12,111 | $71,548 | $51,193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Geographical2
Segment Reporting, Geographical Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ' | ' | ' | ' |
Total Revenue | $358,122 | $231,674 | $1,089,374 | $1,205,263 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 315,165 | 201,656 | 935,542 | 1,025,733 |
Total Assets: | ' | ' | ' | ' |
Total Assets | 4,861,338 | ' | 2,115,250 | 2,561,160 |
Vycor Medical [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total Revenue | 263,711 | 130,665 | 724,367 | 770,676 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 233,409 | 116,279 | 628,839 | 668,729 |
Total Assets: | ' | ' | ' | ' |
Total Assets | 3,562,302 | ' | 799,120 | 1,055,026 |
NovaVision [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total Revenue | 94,411 | 101,009 | 365,007 | 434,587 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 81,756 | 85,377 | 306,703 | 357,004 |
Total Assets: | ' | ' | ' | ' |
Total Assets | $1,299,036 | ' | $1,316,130 | $1,506,134 |
Segment_Reporting_Geographical3
Segment Reporting, Geographical Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ' | ' | ' | ' |
Total Revenue | $358,122 | $231,674 | $1,089,374 | $1,205,263 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 315,165 | 201,656 | 935,542 | 1,025,733 |
Total Assets: | ' | ' | ' | ' |
Total Assets | 4,861,338 | ' | 2,115,250 | 2,561,160 |
United States [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total Revenue | 293,161 | 156,785 | 858,751 | 952,256 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 258,241 | 156,188 | 732,404 | 810,809 |
Total Assets: | ' | ' | ' | ' |
Total Assets | 4,413,757 | ' | 1,604,142 | 1,935,638 |
Europe [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total Revenue | 64,961 | 63,336 | 230,623 | 253,007 |
Gross Profit: | ' | ' | ' | ' |
Total Gross Profit | 56,924 | 45,468 | 203,138 | 214,924 |
Total Assets: | ' | ' | ' | ' |
Total Assets | $447,581 | ' | $511,108 | $625,522 |
Segment_Reporting_Geographical4
Segment Reporting, Geographical Information (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Segment | Segment | |
Segment Reporting, Geographical Information (Textual) | ' | ' |
Number of business segments | 2 | 2 |
Number of geographic segments | 2 | 2 |
Fixed_Assets_Details
Fixed Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,536,488 | $1,402,885 |
Less: Accumulated depreciation and amortization | -830,291 | -575,496 |
Property and Equipment, net | 706,197 | 827,389 |
Machinery and Equipment [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 146,344 | 123,355 |
Estimated Useful Lives | '3 years | '3 years |
Leasehold Improvements [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,206 | 6,206 |
Estimated Useful Lives | '5 years | '5 years |
Purchased Software [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 17,833 | 17,833 |
Estimated Useful Lives | '3 years | '3 years |
Molds and Tooling [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 234,230 | 234,230 |
Estimated Useful Lives | '5 years | '5 years |
Furniture and Fixtures [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 22,288 | 21,533 |
Estimated Useful Lives | '7 years | '7 years |
Therapy Devices [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | 87,906 | 76,513 |
Estimated Useful Lives | '3 years | '3 years |
Internally Developed Software [Member] | ' | ' |
Fixed Assets [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,021,681 | $923,215 |
Estimated Useful Lives | '5 years | '5 years |
Fixed_Assets_Details_Textual
Fixed Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fixed Assets Textuals [Abstract] | ' | ' | ' | ' |
Depreciation expense | $60,337 | $62,951 | $248,877 | $247,156 |
Depreciation allocated to cost of sales | ' | ' | $25,667 | $22,610 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' |
Trademarks | $251,157 | $251,157 | $251,157 |
Patents [Member] | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Gross carrying Amount | ' | 772,414 | 705,662 |
Accumulated Amortization | ' | -328,319 | -202,767 |
Net carrying Amount | ' | 444,095 | 502,895 |
Website [Member] | ' | ' | ' |
Amortized intangible assets: | ' | ' | ' |
Gross carrying Amount | ' | 18,908 | 18,908 |
Accumulated Amortization | ' | -17,228 | -16,136 |
Net carrying Amount | ' | $1,680 | $2,772 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets (Textual) | ' | ' | ' | ' |
Amortization of intangible assets | $36,906 | $30,186 | $127,316 | $104,344 |
Patents [Member] | ' | ' | ' | ' |
Intangible Assets (Textual) | ' | ' | ' | ' |
Finite-lived intangible asset, useful life | ' | ' | '8 years | '8 years |
Website [Member] | ' | ' | ' | ' |
Intangible Assets (Textual) | ' | ' | ' | ' |
Finite-lived intangible asset, useful life | ' | ' | '5 years | '5 years |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jan. 15, 2013 | Aug. 14, 2007 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 24, 2014 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 25, 2014 | Mar. 11, 2014 | Jan. 02, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2012 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Aug. 31, 2012 | Apr. 30, 2012 | 31-May-13 | Dec. 31, 2013 | Nov. 30, 2012 | 31-May-13 | 31-May-13 | 31-May-13 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Mar. 31, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Feb. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Feb. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Securities Offering [Member] | Securities Offering [Member] | Steven Girgenti [Member] | Dr Oscar Bronsther [Member] | Alvaro Pascual - Leone [Member] | Jason Barton [Member] | Jose Romano [Member] | Josef Zihl [Member] | Lowell Rush [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Consulting and Advisory Services [Member] | Consulting and Advisory Services [Member] | Consulting and Advisory Services [Member] | Consulting and Advisory Services [Member] | Consulting and Advisory Services [Member] | Consulting and Advisory Services [Member] | Restricted Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||||||||
Maximum [Member] | Minimum [Member] | Subsequent Event [Member] | Fountainhead Capital Partners Limited [Member] | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | Garden State Securities, Inc (GSS) | J and M Group, Llc [Member] | Prof. Sahraie and the University of Aberdeen [Member] | Investor | Steven Girgenti [Member] | Steven Girgenti [Member] | Dr Oscar Bronsther [Member] | Dr Oscar Bronsther [Member] | Alvaro Pascual - Leone [Member] | Alvaro Pascual - Leone [Member] | Jason Barton [Member] | Jose Romano [Member] | Josef Zihl [Member] | Josef Zihl [Member] | Greenbridge Capital Partners Iv Llc [Member] | Mr. Jerrald Ginder [Member] | Brunella Jacs, LLC [Member] | Fountainhead Capital Partners Limited [Member] | Jason Barton and Jose Romano [Member] | Fiducuary Foundation [Member] | Kenneth Coviello [Member] | Heather Vinas [Member] | Investors [Member] | Lowell Rush [Member] | Consulting Agreement [Member] | Consulting Agreement [Member] | Fountainhead Capital Partners Limited [Member] | Placement Agent Agreement [Member] | Placement Agent Agreement [Member] | Fountainhead Capital Partners Limited [Member] | |||||||||||||||||||||||||||||||||||||||
Investor | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation shares issued to nonemployees for services, share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | 10,800 | ' | ' | 27,000 | ' | 7,200 | ' | ' | ' | ' | ' | ' | 95,667 | 50,371 | 8,688 | 5,928 | 9,500 | 5,928 | 2,997 | 3,704 | 3,704 | 3,704 | 5,068 | 2,778 | ' | 137,778 | 8,889 | ' | 3,792 | 14,815 | ' | ' | ' | 4,612 | 140,000 | 93,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation shares issued to nonemployees for services, value | ' | ' | ' | $33,000 | $168,655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $157,500 | $66,000 | $21,600 | $21,600 | $240,625 | $105,000 | $54,000 | $14,400 | $14,400 | ' | ' | ' | ' | ' | ' | ' | $170,000 | $20,000 | $20,000 | $20,000 | $20,000 | $7,318 | $12,500 | $12,500 | $12,500 | $12,500 | $9,375 | ' | ' | $30,000 | ' | $7,812 | $16,667 | ' | ' | ' | $10,000 | $157,500 | $105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation shares issued to nonemployees per share value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of reverse stock split | '1 for 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value (in dollars per share) | $0.00 | ' | ' | $0.00 | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.80 | ' | ' | ' | $1.80 | $1.80 | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | 25,000,000 | ' | ' | ' | 25,000,000 | 25,000,000 | ' | ' | ' | ' | 35,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | 10,000,000 | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | $0.00 | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares prior to reverse split | 892,749,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in number of shares as of stock split | 5,951,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares issued for round up of partial shares | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased into Treasury Stock from GreenBridge Capital Partner | ' | ' | 34,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,889 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348,149 |
Treasury stock repurchased, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,033.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon exercise of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,590 | 32,152 | 177,439 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.05 | ' | ' | ' | 2.05 | 3.08 | ' | ' | ' | ' | ' |
Warrants issued/sold to purchase shares of common stock | ' | ' | ' | 2,261,214 | ' | 420,838 | 792,523 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,419 | 396,262 | ' | ' | ' | 210,419 | 396,262 | ' | ' | ' |
Number of investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 332,832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued upon conversion of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 342,974 | ' |
Consultancy agreement term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock converted into Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348,149 |
Stock issued, shares, issued for Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | ' | ' | ' | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued for cash, Stock splits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate sale of closing comprised shares, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,070,140 | 1,276,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock shares, Shares | ' | ' | ' | 2,261,214 | ' | 420,838 | 792,523 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 516,594 | 30,000 | ' | ' | ' | ' | ' | 709,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,130,621 | ' | ' | 324,805 | 2,062,108 | 1,130,621 | ' | ' | ' | ' | ' |
Warrants exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Number of shares of common stock percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Shares of series C convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.15 | ' | ' |
Aggregate investment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 757,700 | ' | ' |
Conversion of stock, shares converted | ' | 107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | $5,000 | $1,563 | $1,563 | $1,563 | $3,125 | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000 | $5,400 | $3,600 | $66,000 | $4,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,294 | 2,222 | 710 | 694 | 694 | 1,420 | 2,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,276 | 3,000 | 2,000 | 30,000 | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares under the original Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Warrants [Member] | ' | ' | ' |
Details of the outstanding rights, options and warrants and value of such rights, options and warrants | ' | ' | ' |
Options Outstanding, Beginning Balance | 1,404,599 | 1,749,874 | 1,747,347 |
Number of shares, Granted | 3,810,579 | ' | 4,667 |
Number of shares, Exercised | ' | -341,941 | ' |
Number of shares, Cancelled or expired | -212,961 | -3,334 | -2,140 |
Options Outstanding, Ending Balance | 5,002,217 | 1,404,599 | 1,749,874 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $3.39 | $3.03 | $3.07 |
Weighted average exercise price per share, Granted | $2.52 | ' | $4.50 |
Weighted average exercise price per share, Exercised | ' | $1.49 | ' |
Weighted average exercise price per share, Cancelled or expired | $4.50 | $10.50 | $36 |
Weighted average exercise price per share, Outstanding, Ending balance | $2.68 | $3.39 | $3.03 |
Stock options [Member] | ' | ' | ' |
Details of the outstanding rights, options and warrants and value of such rights, options and warrants | ' | ' | ' |
Options Outstanding, Beginning Balance | 5,557 | 5,557 | 5,557 |
Number of shares, Granted | ' | ' | ' |
Number of shares, Exercised | ' | ' | ' |
Number of shares, Cancelled or expired | ' | ' | ' |
Options Outstanding, Ending Balance | 5,557 | 5,557 | 5,557 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $20.25 | $20.25 | $20.25 |
Weighted average exercise price per share, Granted | ' | ' | ' |
Weighted average exercise price per share, Exercised | ' | ' | ' |
Weighted average exercise price per share, Cancelled or expired | ' | ' | ' |
Weighted average exercise price per share, Outstanding, Ending balance | $20.25 | $20.25 | $20.25 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Options and warrants expensed | ' | ' | ' | ' |
Risk-free interest rates | 0.78% | ' | ' | ' |
Expected life | '3 years | ' | ' | '3 years |
Expected dividends | 0.00% | ' | ' | 0.00% |
Expected volatility | 75.00% | ' | ' | ' |
Vycor Common Stock fair value minimum | $2.05 | ' | ' | $3 |
Vycor Common Stock fair value maximum | ' | ' | ' | $4.50 |
Maximum [Member] | ' | ' | ' | ' |
Options and warrants expensed | ' | ' | ' | ' |
Risk-free interest rates | ' | ' | ' | 1.60% |
Expected volatility | ' | ' | ' | 99.00% |
Minimum [Member] | ' | ' | ' | ' |
Options and warrants expensed | ' | ' | ' | ' |
Risk-free interest rates | ' | ' | ' | 0.42% |
Expected volatility | ' | ' | ' | 96.00% |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 2 Months Ended | 3 Months Ended | 2 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||
Jul. 02, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 24, 2014 | Jan. 02, 2014 | Sep. 30, 2013 | Mar. 14, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 29, 2008 | Feb. 29, 2008 | 31-May-10 | Feb. 29, 2008 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Mar. 31, 2014 | Nov. 30, 2013 | Mar. 31, 2014 | Jan. 02, 2014 | Jul. 02, 2013 | Jan. 02, 2013 | Mar. 31, 2014 | |
Subsequent Event [Member] | Stock options [Member] | Stock options [Member] | Stock options [Member] | Stock Warrants [Member] | Stock Warrants [Member] | Stock Warrants [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | Dr Donald O Rourke [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Scientific Advisory Board [Member] | Scientific Advisory Board [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Non Employee Stock Compensation [Member] | Consulting Agreement [Member] | Consulting Agreement [Member] | Extension Agreement [Member] | Extension Agreement [Member] | Extension Agreement [Member] | Extension Agreement [Member] | Advisory Agreement [Member] | Advisory Agreement [Member] | Advisory Agreement [Member] | Advisory Agreement [Member] | ||||||||||
Stock Warrants [Member] | Chief Executive Officer [Member] | President [Member] | President [Member] | Common Stock [Member] | Steven Girgenti [Member] | Steven Girgenti [Member] | Dr Oscar Bronsther [Member] | Dr Oscar Bronsther [Member] | Alvaro Pascual - Leone [Member] | Alvaro Pascual - Leone [Member] | Jason Barton [Member] | Jason Barton [Member] | Jose Romano [Member] | Jose Romano [Member] | Josef Zihl [Member] | Josef Zihl [Member] | Lowell Rush [Member] | Lowell Rush [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | J And M Groups Llc [Member] | ||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of outstanding voting stock for the options to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'More than 10%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Not less than 110% of the fair market value of the common stock on the grant date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option expired period determined by the board of directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Not extend mare than 10 years from the grant date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding voting stock expire from grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period for employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,810,579 | ' | 4,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of number of shares covered by plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.52 | ' | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.14 | ' | $0.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options vested on first anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options vested on second anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options vested on third anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant expire date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled or expired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expenses | ' | ' | ' | $316,000 | ' | $450,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $36,250 | $50,000 | $28,125 | $35,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,620 | $41,380 | ' | ' | ' | ' | ' | $37,500 | $33,000 | ' |
Weighted-average remaining contractual life of outstanding options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 10 months 17 days | '4 years 1 month 13 days | ' | '2 years 4 months 6 days | '10 months 28 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation shares issued to nonemployees for services, share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | 10,800 | ' | ' | 27,000 | ' | 7,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,294 | 8,688 | 2,222 | 9,500 | 710 | 2,997 | 694 | 3,792 | 694 | 3,792 | 1,420 | 5,068 | 2,222 | 4,612 | ' | ' | 3,000 | 3,000 | 2,000 | 2,000 | 6,276 | ' | ' | 2,500 |
Share-based compensation shares issued to nonemployees for services, value | ' | ' | ' | 33,000 | 168,655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,500 | 66,000 | 21,600 | 21,600 | 240,625 | 105,000 | 54,000 | 14,400 | 14,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,813 | 5,000 | 20,000 | 5,000 | 20,000 | 1,563 | 7,813 | 1,563 | 7,813 | 1,563 | 7,813 | 3,125 | 12,500 | 5,000 | 10,000 | ' | ' | 5,400 | 5,400 | 3,600 | 3,600 | 15,000 | ' | ' | 4,700 |
consultancy agreement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '3 months | ' | ' | ' | '12 months | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation costs related to warrant and stock awards and non-vested options | ' | ' | ' | ' | ' | 78,621 | ' | ' | 175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, Restricted Stock, shares | 45,000 | 15,000 | 30,000 | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 30,000 | ' |
Stock Issued during period, Restricted Stock, value | ' | ' | 66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | 66,000 | ' |
Warrants issued to purchase common stock shares, Shares | ' | ' | ' | 2,261,214 | ' | ' | 420,838 | 792,523 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Purchase Value Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued or issuable to purchase additional shares Common stock price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of loss before taxes | ' | ' | ' | ' |
Domestic | ' | ' | $2,216,711 | $2,613,733 |
Foreign | ' | ' | 227,780 | 312,477 |
Net loss | ($788,010) | ($662,672) | ($2,444,491) | ($2,926,210) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of deferred tax assets and valuation allowance | ' | ' |
Operating loss carry-forward | $3,100,000 | $2,700,000 |
Deferred tax asset before Valuation allowance | 3,100,000 | 2,700,000 |
Valuation allowance | -3,100,000 | -2,700,000 |
Net deferred tax asset | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Textual [Abstract] | ' | ' |
Percentage appropriation of valuation allowance as decided by management | 100.00% | 100.00% |
U.S. federal | ' | ' |
Income Taxes Textual [Abstract] | ' | ' |
Net operating loss carryforwards | 9,000,000 | 7,600,000 |
Operating loss carry forwards expiration | '2027 through 2032 | ' |
Income tax rate | 35.00% | 35.00% |
German Tax Authority | ' | ' |
Income Taxes Textual [Abstract] | ' | ' |
Net operating loss carryforwards | 620,000 | 490,000 |
Income tax rate | 31.58% | 31.58% |
Uk Tax Authority | ' | ' |
Income Taxes Textual [Abstract] | ' | ' |
Net operating loss carryforwards | 140,000 | 100,000 |
Income tax rate | 20.00% | 20.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Warrant Liability | $1,511,033 | ' |
Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Warrant Liability | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Warrant Liability | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Warrant Liability | $1,511,033 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Balance at December 31, 2013 | $1,511,033 | ' | ' |
Issuance Of Series A Warrants And Placement Agent Warrants | ' | ' | 1,764,317 |
Fair Value Adjustment of Warrants | ' | ' | -253,284 |
Balance at March 31, 2014 | $1,511,033 | ' | $1,511,033 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Assumptions [Abstract] | ' | ' | ' | ' |
Expected life | '3 years | ' | ' | '3 years |
Expected dividends | 0.00% | ' | ' | 0.00% |
Vycor Common Stock fair value maximum | ' | ' | ' | $4.50 |
Warrant [Member] | ' | ' | ' | ' |
Fair Value Assumptions [Abstract] | ' | ' | ' | ' |
Risk-free interest rates, Minimum | 0.68% | ' | ' | ' |
Risk-free interest rates, Maximum | 0.93% | ' | ' | ' |
Expected life | '3 years | ' | ' | ' |
Expected dividends | 0.00% | ' | ' | ' |
Expected volatility, Minimum | 71.00% | ' | ' | ' |
Expected volatility, Maximum | 83.00% | ' | ' | ' |
Vycor Common Stock fair value minimum | 1.88 | ' | ' | ' |
Vycor Common Stock fair value maximum | 2.39 | ' | ' | ' |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details Textual) (Fair Value, Measurements, Recurring [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value, Measurements, Recurring [Member] | ' |
Fair Value measurements (Textuals) | ' |
Issuance of series A warrants and placement agent warrants shares | 2,062,108 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | |
sqft | ||||||
Commitments and Contingencies (Textual) | ' | ' | ' | ' | ' | ' |
Area of leased building (sq. ft) | ' | ' | 10,000 | ' | ' | ' |
Rent expenses plus sales tax (per month) | ' | ' | $14,260 | ' | ' | ' |
Term of lease | ' | ' | '5 years 6 months | ' | ' | ' |
Lease expiration date | ' | ' | 31-Jul-17 | ' | ' | ' |
Approximate preliminary assessed trade tax | 94,000 | 75,000 | ' | ' | ' | ' |
Rent expense | ' | ' | $50,178 | $48,553 | $182,197 | $190,023 |
Consulting_and_Other_Agreement1
Consulting and Other Agreements (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 2 Months Ended | ||
Jul. 02, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jan. 02, 2014 | Oct. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Fountainhead [Member] | Fountainhead [Member] | Del Mar Consulting [Member] | Del Mar Consulting [Member] | Alex Partners, LLC [Member] | Alex Partners, LLC [Member] | ||||
Consulting and Other Agreements (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting agreement duration | ' | ' | ' | ' | ' | '12 months | ' | '12 months | ' |
Shares received under consulting agreement, value | ' | ' | ' | ' | ' | $157,500 | ' | $105,000 | ' |
Shares received under consulting agreement, shares | ' | ' | ' | ' | ' | 33,000 | 33,000 | 27,000 | 27,000 |
Cash payment pursuant to consulting agreement | ' | ' | ' | ' | ' | 7,200 | 66,000 | 4,800 | 54,000 |
Payment of monthly retainer under consulting agreement | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' |
Maximum cash payment for consulting services (monthly) | ' | ' | ' | 10,000 | 5,000 | ' | ' | ' | ' |
Stock issued during period, Restricted Stock, shares | 45,000 | 15,000 | 30,000 | ' | ' | ' | ' | ' | ' |
Description of agreement | ' | '(i) 90 days from the date of execution of the Agreement or (ii) the end of the offering period of any securities financing undertaken by the Company in connection with the Placement Agent Agreement. | ' | ' | ' | ' | ' | ' | ' |
Description of accrued and paid of consulting fee at the option of consultant | ' | ' | ' | ' | '(i) in Vycor stock at any time at the average closing price for the 30 days prior to the end of the quarter in which the accrual is made; or (ii) in cash following the closing of a fundraising of no less than $2.5 million or on the sale of the Company or a substantial part of the assets thereof. This agreement was amended in January 2014 following the Initial Closing of the Offering | ' | ' | ' | ' |
Minimum cash payment for consulting services | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Jan. 02, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Employment Agreements [Member] | Consulting Agreement [Member] | Consulting Agreement [Member] | Conversion Agreement [Member] | Fountainhead [Member] | Fountainhead [Member] | Fountainhead [Member] | Peter Zachariou [Member] | Peter Zachariou [Member] | Peter Zachariou [Member] | David Cantor [Member] | David Cantor [Member] | Fountainhead And Peter Zachariou [Member] | ||||
Investor | ||||||||||||||||
Related Party Transactions (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount | $2,373,556 | ' | $1,732,812 | ' | ' | ' | ' | ' | ' | $415,744 | ' | $210,000 | $300,000 | ' | $15,000 | $2,247,037 |
Interest rate on secured debentures and Preferred C Stock | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured loan notes, due date | 'Due on demand or by their one-year anniversary. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants sold to purchase shares | ' | ' | ' | ' | ' | ' | ' | ' | 177,439 | ' | ' | ' | ' | ' | ' | ' |
Warrant sale price | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $1.88 | ' | ' | ' | ' | ' | ' | ' |
Number of investors | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Loan repayment term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fountainhead and Peter Zachariou agreed to extend the maturity of all of the Company's debt obligations due to them due to as of August 9, 2013 (aggregating $2,247,037) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | 91,519 | ' | ' | 20,000 | ' | ' | 15,000 | ' | ' |
Annual compensation of employment agreements | ' | ' | ' | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of employment agreements | ' | ' | ' | 'The aforementioned Employment Agreements provide for annual compensation of $110,000, payment of which is deferred for 12 months from the Effective Date and is subject to the achievement of certain enumerated milestone conditions. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in retainer payable to Fountainhead | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retainer payable to Fountainhead | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension of maturity date | ' | ' | ' | ' | 'Fountainhead amended their Consulting Agreement to extend the term of the Consulting Agreement to to January 2, 2015. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued consulting fee | ' | ' | ' | ' | ' | ' | 1,426,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock issued to Fountainhead | $675 | $1,028 | $602 | ' | ' | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock issued to Fountainhead, Shares | 6,757,225 | 10,285,832 | 6,020,555 | ' | ' | 6,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Aug. 09, 2013 | Aug. 14, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 25, 2014 | Mar. 11, 2014 | Feb. 28, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 11, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | Apr. 25, 2014 | Mar. 11, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | 31-May-14 | Apr. 25, 2014 | Mar. 11, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 11, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Mar. 11, 2014 | |
Private Agent [Member] | Employment Agreements [Member] | Common Stock [Member] | Common Stock [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Securities Offering [Member] | Securities Offering [Member] | Securities Offering [Member] | Fountainhead [Member] | Fountainhead [Member] | Fountainhead [Member] | Fountainhead [Member] | Peter Zachariou [Member] | Craig Kirsch [Member] | Euro American [Member] | David Cantor [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Common Stock [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Steven Girgenti [Member] | Oscar Bronsther [Member] | Lowell Rush [Member] | Alvaro Pasual Leone [Member] | Alex Partners Llc [Member] | Jason Barton And Jose Romano [Member] | Del Mar Consulting [Member] | Josef Zihl [Member] | J And M Group, Llc [Member] | Fountainhead Capital Management Limited [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series C Convertible Preferred Stock [Member] | Securities Offering [Member] | Securities Offering [Member] | Securities Offering [Member] | Fountainhead [Member] | Consulting Agreement [Member] | Conversion Agreement [Member] | Peter Zachariou [Member] | Craig Kirsch [Member] | Osbaldo [Member] | Euro American [Member] | Euro American [Member] | Euro American [Member] | Original Agreement [Member] | ||||||||||||||||||||||||||||
Steven Girgenti [Member] | Alvaro Pasual Leone [Member] | Josef Zihl [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering allowed for maximum proceeds | $200,000 | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional public offering provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of separate Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,070,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,276,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during period | ' | ' | ' | ' | ' | ' | ' | ' | 50,372 | ' | 1,130,621 | ' | ' | ' | ' | ' | ' | 792,523 | ' | ' | ' | ' | ' | ' | 516,594 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 991,232 | ' | ' | ' | ' | ' | ' | ' | 495,621 | ' | ' | ' | ' | ' | 495,621 | ' | 709,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 |
Stock issued during period, value | ' | ' | ' | 170,000 | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | 4,070,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 386,262 | 386,262 | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500 | 272,796 | ' | ' | ' | ' | 7,500 | 272,796 | ' | ' | ' | 354,704 | 354,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, par value (In dollars per share) | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.05 | 3.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Consulting Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,426,542 | ' | ' | ' | ' | ' | ' | ' |
Sale of an additional Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000 | ' | 982,040 | 1,784,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 757,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | 107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants for an aggregate shares of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 420,838 | ' | ' | ' | ' | ' | ' | 210,420 | ' | ' | ' | ' | ' | 210,420 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock investment | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cash placement fee | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of gross proceeds received | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of advisory fee | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of non-accountable administrative fee | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares sold in offering | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of placement agent to reduction | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diligence expenses | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal fees | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual compensation | ' | ' | ' | ' | ' | ' | ' | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly retainer payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and the remainder accrued or payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt obligations | ' | ' | 229,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,519 | ' | ' | ' | 20,000 | 3,000 | 100,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,641,487 | ' | ' | 605,550 | 108,550 | 42.9 | ' | ' | ' | ' |
Debt instrument, maturity date, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Peter Zachariou ("Zachariou") agreed to extend the maturity of all of the Company's debt obligations to Zachariou at of August 9, 2013 (aggregating $605,550) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. | 'Craig Kirsch ("Kirsch") agreed to extend the maturity of all of the Company's debt obligations to Kirsch at of August 9, 2013 (aggregating $108,550) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. | 'Osbaldo Trading Limited ("Osbaldo") agreed to extend the maturity of all of the Company's debt obligations to Osbaldo at of August 9, 2013 (aggregating $42.900) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. | 'Euro-American Investment Corp. ("Euro-American") agreed to extend the maturity of the Company's convertible debt obligation to Euro-American to January 2, 2015. | ' | ' | ' |
Fountainhead agreed to extend the maturity of all of the Company's debt obligations to Fountainhead as of August 9, 2013 (aggregating $1,641,487) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.80 | $4.50 | ' |
Shares issued for services, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,516 | 2,222 | 2,222 | 710 | 2,000 | 694 | 3,000 | 1,420 | 2,500 | 6,276 | ' | ' | ' | 2,222 | 727 | 1,453 | 258,298 | ' | ' | ' | ' | ' | 258,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000 | ' | ' | ' | ' | 10,000 | 5,000 | 5,000 | 1,563 | 3,600 | 1,563 | 5,400 | 3,125 | 4,700 | 15,000 | ' | ' | ' | 5,000 | 1,563 | 3,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of additional units at final close offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 929,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering Agreements and removal of anti-dilution, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The investors agreed to waive their anti-dilution rights (which arose in the event the Company sold securities at a price below $2.05 within one year of the date that the initial Registration Statement has been declared effective by the SEC) in consideration of the Company's agreement not to sell any securities at a price below $2.05 within such one-year period. The Waivers become effective as to all the Common Stock issued in the offering once the Company receives the agreement of the holders of eighty percent (80%) of the Common Stock issued in the offering and the holders of eighty percent (80%) of the Common Stock issued in each closing. As of May 14, 2014, the Company had received waivers from the holders of 93.9 percent of the shares issued in the offering, and over 80 percent for each closing, and so the Waivers have been declared effective on 100 percent of the Common Stock issued in the Offering. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |