Document and Entity Information
Document and Entity Information | 1 Months Ended |
Jul. 24, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | VYCOR MEDICAL INC |
Entity Central Index Key | 1,424,768 |
Amendment Flag | false |
Document Type | POS AM |
Document Period End Date | Jul. 24, 2015 |
Entity Filer Category | Smaller Reporting Company |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | |||
Cash | $ 1,285,215 | $ 1,891,658 | $ 31,303 |
Trade accounts receivable, net of allowance for doubtful accounts of $6,470 and $2,721 and $6,474 | 166,046 | 123,815 | 212,660 |
Inventory | 310,735 | 336,021 | 206,926 |
Prepaid expenses and other current assets | 244,537 | 217,800 | 208,063 |
Total Current Assets | 2,006,533 | 2,569,294 | 658,952 |
Fixed assets, net | 530,383 | 582,434 | 706,197 |
Intangible and Other assets: | |||
Trademarks | 251,157 | 251,157 | 251,157 |
Patents, net of accumulated amortization | 390,486 | 345,113 | 444,095 |
Website, net of accumulated amortization | 11,770 | 12,576 | 1,680 |
Security deposits | 46,919 | 53,169 | 53,169 |
Total Intangible and Other assets | 700,332 | 662,015 | 750,101 |
TOTAL ASSETS | 3,237,248 | 3,813,743 | 2,115,250 |
Current Liabilities | |||
Accounts payable | 150,008 | $ 221,703 | 254,024 |
Accrued interest | 52,469 | 238,299 | |
Accrued interest: Other | $ 40,634 | 147,984 | |
Accrued liabilities | 315,876 | 320,927 | $ 1,838,443 |
Derivative liability | 31,945 | $ 19,792 | |
Notes payable | 330,259 | $ 2,373,557 | |
Notes payable: Other | $ 321,785 | 578,185 | |
TOTAL CURRENT LIABILITIES | 880,557 | 924,841 | 5,430,492 |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 243,804, 235,560 and 16.2 issued and outstanding as at March 31, 2015 and December 31, 2014 respectively | 24 | 24 | 1 |
Common Stock, $0.0001 par value, 25,000,000 shares authorized 10,914,396, 10,879,899 and 6,757,225 shares issued and 10,811,062, 10,776,565 and 6,635,891outstanding at March 31, 2015, December 31, 2014 and December 31, 2013 respectively | 1,090 | 1,088 | 675 |
Additional Paid-in Capital | 24,078,553 | 23,903,793 | 13,762,689 |
Treasury Stock (103,334 shares of Common Stock as of March 31, 2015, December 31, 2014 and December 31, 2013 respectively, at cost) | (1,033) | (1,033) | (1,033) |
Accumulated Deficit | (21,888,744) | (21,082,118) | (17,032,405) |
Accumulated Other Comprehensive Income | 166,801 | 67,148 | (45,170) |
Total Stockholders' Equity | 2,356,691 | 2,888,902 | (3,315,243) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,237,248 | $ 3,813,743 | $ 2,115,250 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | |||
Allowance for doubtful accounts receivable | $ 6,470 | $ 2,721 | $ 6,474 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 243,804 | 235,560 | 16.2 |
Preferred stock, shares outstanding | 243,804 | 235,560 | 16.2 |
Common Stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 10,914,396 | 10,879,899 | 6,757,225 |
Common Stock, shares outstanding | 10,811,062 | 10,776,565 | 6,635,891 |
Treasury Stock, shares | 103,334 | 103,334 | 103,334 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Operations [Abstract] | ||||
Revenue | $ 328,552 | $ 358,122 | $ 1,250,292 | $ 1,089,374 |
Cost of Goods Sold | 51,692 | 42,957 | 156,300 | 153,832 |
Gross Profit | 276,860 | 315,165 | 1,093,992 | 935,542 |
Operating expenses: | ||||
Research and development | 23,226 | 15,356 | 69,114 | 53,451 |
Depreciation and Amortization | 82,649 | 94,096 | 368,605 | 350,526 |
General and administrative | 779,302 | 1,198,252 | 3,388,421 | 2,813,041 |
Total Operating expenses | 885,177 | 1,307,704 | 3,826,140 | 3,217,018 |
Operating loss | $ (608,317) | (992,539) | (2,732,148) | (2,281,476) |
Other income (expense) | ||||
Interest expense: Related Party | (33,829) | (80,093) | (131,400) | |
Interest expense: Other | $ (11,838) | (14,294) | (50,627) | (59,897) |
Gain (loss) on foreign currency exchange | (91,872) | (632) | (105,685) | $ 28,282 |
Loss on extinguishment of debt | (682,039) | |||
Loss on extension of warrants | (146,488) | |||
Change in fair value of derivative liability | (12,153) | 253,284 | (252,633) | |
Total Other income (expense) | (115,863) | 204,529 | (1,317,565) | $ (163,015) |
Loss Before Provision for Income Taxes | $ (724,180) | $ (788,010) | $ (4,049,713) | $ (2,444,491) |
Provision for Income Taxes | ||||
Net Loss | $ (724,180) | $ (788,010) | $ (4,049,713) | $ (2,444,491) |
Preferred dividends | (82,446) | |||
Net Loss available to common shareholders | (806,626) | $ (788,010) | ||
Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustment | (99,653) | 522 | (112,318) | 34,375 |
Net Comprehensive Loss | $ (906,279) | $ (787,488) | $ (4,162,031) | $ (2,410,116) |
Loss Per Share Basic and diluted | $ (0.07) | $ (0.09) | $ (0.54) | $ (0.39) |
Weighted Average Number of Shares Outstanding | 10,845,092 | 8,995,082 | 7,559,407 | 6,324,175 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficiency) - USD ($) | Total | Preferred Stock - Series C | Preferred Stock - Series D | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accum OCI (Loss) |
Beginning Balance at Dec. 31, 2012 | $ (1,457,650) | $ 1 | $ 602 | $ (1,033) | $ 13,141,489 | $ (14,587,914) | $ (10,795) | |
Beginning Balance at Dec. 31, 2012 | 39.3 | 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 | |||||||
Common stock issuance for conversion of preferred shares and warrants | $ 34 | (34) | ||||||
Common stock issuance for conversion of preferred shares and warrants, Shares | (38) | 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 | |||||||
Return of equity into Treasury Stock | ||||||||
Return of equity into Treasury Stock, Shares | (34,445) | |||||||
Accumulated Comprehensive Loss | $ (34,375) | $ (34,375) | ||||||
Net loss | (2,444,491) | $ (2,444,491) | ||||||
Ending Balance at Dec. 31, 2013 | (3,315,243) | $ 1 | $ 675 | $ (1,033) | $ 13,762,689 | $ (17,032,405) | $ (45,170) | |
Ending Balance at Dec. 31, 2013 | 1 | 6,757,225 | (103,334) | |||||
Issuance of stock for board and consulting fees | 292,520 | $ 13 | 292,507 | |||||
Issuance of stock for board and consulting fees, shares | 131,505 | |||||||
Share-based compensation for consulting services | 5,522 | 5,522 | ||||||
Issuances of shares and warrants pursuant to offering | 3,387,724 | $ 278 | 3,387,446 | |||||
Issuances of shares and warrants pursuant to offering, Shares | 2,777,808 | |||||||
Preferred shares issued in exchange for debt | 3,037,626 | $ 24 | 3,037,602 | |||||
Preferred shares issued in exchange for debt, Shares | 235,559 | |||||||
Revaluation of warrants on extension | 146,488 | 146,488 | ||||||
Common stock issuance for conversion of preferred shares and warrants | (162,017) | $ (1) | $ 42 | (162,059) | ||||
Common stock issuance for conversion of preferred shares and warrants, Shares | 420,838 | |||||||
Common stock issuance for accrued consulting fees | 1,097,645 | $ 79 | 1,097,566 | |||||
Common stock issuance for accrued consulting fees, shares | 792,523 | |||||||
Reclassification of derivative liability to equity | 2,336,032 | $ 2,336,032 | ||||||
Accumulated Comprehensive Loss | 112,318 | $ 112,318 | ||||||
Net loss | (4,049,713) | $ (4,049,713) | ||||||
Ending Balance at Dec. 31, 2014 | 2,888,902 | $ 24 | $ 1,088 | $ (1,033) | $ 23,903,793 | $ (21,082,118) | $ 67,148 | |
Ending Balance at Dec. 31, 2014 | 1 | 235,559 | 10,879,899 | (103,334) | ||||
Net loss | (724,180) | |||||||
Ending Balance at Mar. 31, 2015 | $ 2,356,691 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||||
Net loss | $ (724,180) | $ (788,010) | $ (4,049,713) | $ (2,444,491) |
Adjustments to reconcile net loss to cash used in operating activities: | ||||
Amortization of intangible assets | 21,521 | 36,906 | 128,381 | 127,316 |
Depreciation of fixed assets | 63,794 | $ 60,337 | 254,608 | 248,877 |
Provision for inventory | 7,580 | 2,567 | 35,000 | |
Share based compensation expense | 88,150 | $ 168,655 | 376,662 | 450,447 |
(Gain) loss on foreign exchange | 99,653 | (28,282) | 105,685 | $ (28,282) |
Change in fair value of derivative liability | 12,153 | (253,284) | 252,633 | |
Loss on extinguishment of debt | 682,039 | |||
Loss on extension of warrants | 146,488 | |||
Changes in assets and liabilities: | ||||
Accounts receivable | (43,920) | (76,361) | 88,845 | $ (67,868) |
Inventory | 17,433 | (21,446) | (131,663) | 48,651 |
Prepaid expenses | (23,724) | $ (75,635) | (88,356) | 60,256 |
Security Deposits | 6,250 | |||
Accounts payable | $ (69,838) | $ (80,833) | (32,321) | 65,820 |
Accrued interest: Related Party | 33,829 | (255,034) | 131,401 | |
Accrued interest: Other | $ 11,836 | (129,459) | (90,617) | 59,745 |
Accrued liabilities | (3,564) | (8,652) | (87,976) | 574,757 |
Other current liabilities | 8,940 | 3,887 | (2,997) | (20,054) |
Cash used in operating activities | (527,916) | (1,158,348) | (2,700,769) | (758,425) |
Cash flows used in investing activities: | ||||
Purchase of fixed assets | $ (12,497) | (29,634) | (130,845) | $ (128,054) |
Purchase of website | (5,628) | $ (13,842) | ||
Acquisition of subsidiary, net of cash acquired | $ (163,201) | |||
Acquisition of patents | $ (66,276) | (5,361) | $ (26,455) | (66,752) |
Cash used in investing activities | $ (78,773) | (40,623) | (171,142) | (358,007) |
Cash flows from financing activities: | ||||
Proceeds from issuance of Common Stock Offering | 4,070,140 | $ 5,000,000 | 332,832 | |
Proceeds from issuance of Notes Payable: Related Party | 640,744 | |||
Net proceeds from issuance of Notes Payable: Other | $ 33,801 | 28,525 | $ 83,486 | $ 187,043 |
Repayment of Notes Payable: Related Party | (126,519) | (126,519) | ||
Repayment of Notes Payable: Other | $ (25,328) | (126,923) | (231,337) | $ (71,548) |
Cash provided by financing activities | 8,473 | 3,845,223 | 4,725,630 | 1,089,071 |
Effect of exchange rate changes on cash | (8,227) | 29,534 | 6,606 | (1,157) |
Net increase (decrease) in cash | (606,443) | 2,675,786 | 1,860,325 | (28,518) |
Cash at beginning of period | 1,891,658 | 31,303 | 31,303 | 59,821 |
Cash at end of period | $ 1,285,215 | 2,707,089 | 1,891,658 | 31,303 |
Supplemental Disclosures of Cash Flow information: | ||||
Interest paid: | $ 143,871 | $ 462,194 | 156 | |
Preferred stock dividends satisfied in new preferred stock | $ 82,446 | |||
Non-Cash Transactions: | ||||
Common Stock issued on conversion of Preferred C Shares | 1,157,500 | |||
Acquisition of subsidiary: Deferred consideration payable | 161,530 | |||
Foreign exchange difference on deferred consideration | 1,671 | |||
Net non-cash transaction | $ 163,201 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation [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, 2014 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, 2014. The condensed consolidated financial statements for the three months ended March 31, 2015 and 2014, 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, 2015 and 2014 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 C
Formation and Business of the Company | 12 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation [Abstract] | |
FORMATION AND BUSINESS OF THE COMPANY | 1. FORMATION AND BUSINESS OF THE COMPANY Business Description Vycor Medical, Inc. (the “Company”) designs, develops and markets neurological medical devices and therapies through two operating divisions: Vycor Medical and NovaVision. Vycor Medical focuses on brain and cervical surgical access systems for sale to hospitals and medical professionals; NovaVision focuses on neuro-stimulation therapies and diagnostic devices for the treatment and screening of vision field loss resulting from neurological damage. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | ||
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES 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. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and profits have been eliminated in consolidation. 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. Derivative Liability The Company accounts for the 34,723 Series A Warrants issued in connection with the Offering (all as defined in Note 5), the holders of which have not waived their anti-dilution rights (as detailed further in Note 5) 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 remeasurement 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 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, 2015 and 2014 were $12,497 and $29,634, respectively. 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: March 31, March 31, 2015 2014 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 6,011,715 5,002,217 Debentures convertible into common stock 195,816 518,631 Preferred shares convertible into common stock 1,148,782 14,815 Total 7,381,870 5,541,220 | 2. SIGNIFICANT ACCOUNTING POLICIES 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. 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 balances have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the current year presentation. 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 not 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, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical 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. NovaVision’s saccadic training software is generally completed within 2-4 weeks and revenue is therefore recognized fully at commencement. Deferred revenue results from patients paying for the therapy in advance of receiving the therapy. Cash and cash equivalents The Company maintains cash balances at various financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Cash balances may at times exceed the FDIC insured limits. Cash also includes a US investment account in a money market backed by government securities up to 105% of the account balance. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Included within cash are deposits paid by patients, held by the Company until the patient returns the VRT device at the end of therapy. At December 31, 2014 and 2013 patient deposits amounted to $32,869 and $25,467, respectively, and are reserved against in Other Current Liabilities. 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 are stated at the weighted average cost method. 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. The provision for inventory for the years ended December 31, 2014 and 2013 was $17,200 and $35,000, respectively. 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. Foreign Currency The Euro is the local currency of the country in which NovaVision GmbH conducts its operations and is considered the functional currency of this entity; the GB Pound is the local currency of the country in which Sight Science Limited conducts its operations and is considered the functional currency of this entity. All balance sheet amounts are translated to U.S. dollars using the U.S. exchange rate at the balance sheet date except for the equity section which is translated at historical rates. Operating statement amounts are translated using an average exchange rate for the period of operations. Foreign currency translation effects are accumulated as part of the accumulated other comprehensive income (loss) and included in shareholders’ (deficit) in the accompanying Consolidated Balance Sheet. Educational marketing and advertising expenses The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred. Income taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Fixed assets Fixed assets 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. Derivative Liability The Company accounts for the 34,723 Series A Warrants issued in connection with the Offering (all as defined in Note 7), the holders of which have not waived their anti-dilution rights (as detailed further in Note 7) 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 are 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 remeasurement 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). 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 The Company expenses all research and development costs as incurred. For the years ended December 31, 2014 and 2013, the amounts charged to research and development expenses were $69,114 and $53,451, respectively. Software Development Costs The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. 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. For the year ended December 31, 2014 the Company’s VRT 7.0 program completed the preliminary project stage, following which there was a capitalization of $73,413 of software development costs. 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) and $29,784 for the NeuroEyeCoach Pro Physician Model. 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, 2014 2013 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 5,911,715 1,404,599 Debentures convertible into common stock 171,138 441,768 Preferred shares convertible into common stock 1,110,438 239,265 Total 7,218,848 2,091,189 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. In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers . This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective beginning in fiscal 2017, and early adoption is not permitted. The standard allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. |
Notes Payable
Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Notes Payable [Abstract] | ||
NOTES PAYABLE | 3. NOTES PAYABLE As of March 31, 2015 and December 31, 2014, Notes Payable consists of: March 31, 2015 December 31, 2014 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 to December 31, 2015. 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2015 the Company received proceeds from Insurance policy finance agreement of $33,801 and made repayments of $25,328. The notes are due over the next twelve months. 30,259 21,786 Total Notes Payable: $330,259 $321,786 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 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. | 3. NOTES PAYABLE Related Party Notes Payable As of December 31, 2014 and December 31, 2013 Related Party Notes Payable consists of: December 31, December 31, 2014 2013 During the years 2009 to 2013 the Company issued convertible debentures in the aggregate amount of $1,733,006, 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. On August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor, see Note below. - 1,733,007 During the years 2010 to 2013, the Company issued convertible debentures in the amount of $645,550 payable to Peter Zachariou, a Director of the Company. These debentures accrue 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 August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor. - 625,550 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 February 2014. - 15,000 Total Related Party Notes Payable: - $2,373,557 Other Notes Payable As of December 31, 2014 and 2013 Other Notes Payable consists of: December 31, December 31, 2014 2013 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 to December 31, 2015, subject to certain early repayment provisions. 300,000 300,000 During the years 2012 to 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $111,550. 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 was extended to January 2, 2017, subject to certain early repayment provisions. On August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor. - 111,550 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. This note was repaid in June 2014. - 42,900 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 year ended December 31, 2014 the Company received proceeds from Insurance policy finance agreement of $81,913 and made repayments of $83,862. The notes are due over the next twelve months. 21,786 23,735 Total Other Notes Payable: $321,786 $578,185 On August 5, 2014, the Company entered into a series of agreements with Fountainhead, along with certain other related and non-related parties (together, the “Fountainhead Parties”), to exchange all of the parties’ $2,355,587 of debt into Company Series D Convertible Preferred (“Series D”) shares of an equivalent value that are convertible into Company Common Shares at a price of $2.15. The Fountainhead Parties also received a number of warrants equivalent to 75% of the Company Common Shares issuable on conversion of the Series D, exercisable at $3.08 per share for a period of three (3) years from the date of issuance. Under Applicable Accounting Guidance ASC 405 and 470, the exchange is accounted for as an extinguishment of debt. The Company is required to compare the carrying value of the securities being extinguished with the fair value of the securities being issued in exchange. The fair values of the securities issued were determined using a variety of techniques including Black-Scholes at an aggregate of $3,037,626. The securities issued in exchange were recorded on the balance sheet at this aggregate fair value and the difference of $682,039 between fair value of the new securities and the carrying value of the extinguished securities was recognized in the income statement as a loss on extinguishment of debt. |
Segment Reporting, Geographical
Segment Reporting, Geographical Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Geographical Information [Abstract] | ||
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | 4. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (a) Business segments The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended March 31, 2015 2014 Revenue: Vycor Medical $258,849 $263,711 NovaVision 69,703 94,411 Total Revenue $328,552 $358,122 Gross Profit: Vycor Medical $219,051 $233,409 NovaVision 57,809 81,756 Total Gross Profit $276,860 $315,165 March 31, December 31, 2015 2014 Total Assets: Vycor Medical $2,116,843 $2,644,513 NovaVision 1,120,405 1,169,230 Total Assets $3,237,248 $3,813,743 (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. Three Months Ended March 31, 2015 2014 Revenue: United States $283,939 $293,161 Europe 44,613 64,961 Total Revenue $328,552 $358,122 Gross Profit: United States $238,352 $258,241 Europe $38,508 $56,924 Total Gross Profit $276,860 $315,165 March 31, December 31, 2015 2014 Total Assets: United States $2,835,655 $3,367,679 Europe 401,593 446,064 Total Assets $3,237,248 $3,813,743 | 4. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (a) Business segments The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss. Set out below are the revenues, gross profits and total assets for each segment. Table insert nonbanded – table December 31, 2014 2013 Revenue: Vycor Medical $893,028 $724,367 NovaVision 357,264 365,007 Total Revenue $1,250,292 $1,089,374 Gross Profit: Vycor Medical 780,424 628,839 NovaVision 313.568 306,703 Total Gross Profit $1,093,992 $935,542 Total Assets: Vycor Medical $2,644,513 $799,120 NovaVision 1,169,230 1,316,130 Total Assets $3,813,743 $2,115,250 (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. Table insert nonbanded – tableful December 31, 2014 2013 Revenue: United States $1,034,034 $858,751 Europe 216,258 230,623 Total Revenue $1,250,292 $1,089,374 Gross Profit: United States $901,503 $732,404 Europe 192,489 203,138 Total Gross Profit $1,093,992 $935,542 Total Assets: United States $3,367,679 $1,604,142 Europe 446,064 511,108 Total Assets $3,813,743 $2,115,250 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2014 | |
Fixed Assets [Abstract] | |
FIXED ASSETS | 5. FIXED ASSETS As of December 31, 2014 and 2013, Fixed Assets and the estimated lives used in the computation of depreciation are as follows: December 31, December 31, Estimated Useful Lives 2014 2013 Machinery and equipment 3 years $136,356 $146,344 Leasehold Improvements 5 years 6,206 6,206 Purchased Software 3 years 24,993 17,833 Molds and Tooling 5 years 234,230 234,230 Furniture and fixtures 7 years 20,079 22,288 Therapy Devices 3 years 86,286 87,906 Internally Developed Software 5 years 1,143,918 1,021,681 1,652,068 1,536,488 Less: Accumulated depreciation and amortization (1,069,634) (830,291) Property and Equipment, net $582,434 $706,197 Depreciation expense for the years ended December 31, 2014 and 2013 was $254,608 and $248,877 respectively, including $14,383 and $25,667 respectively for Therapy Devices which is allocated to Cost of Sales. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS As of December 31, 2014 and 2013, Intangible Assets consists of: Table insert nonbanded – tableful December 31, 2014 2013 Amortized intangible assets: Patent (8 years useful life) Gross carrying Amount $799,362 $772,414 Accumulated Amortization (454,249) (328,319) $345,113 $444,095 Amortized intangible assets: Website (5 years useful life) Gross carrying Amount $32,750 $18,908 Accumulated Amortization $(20,174) $(17,228) $12,576 $1,680 Intangible assets not subject to amortization Trademarks $251,157 $251,157 Intangible asset amortization expense for the periods ended December 31, 2014 and 2013 was $128,381 and $127,316, respectively. |
Equity
Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
EQUITY | 5. EQUITY Equity Issuance During January to March 2015, the Company issued: 2,717 shares of Common Stock (valued at $5,000) to Steven Girgenti, 2,660 shares of Common Stock (valued at $5,000) to Oscar Bronsther and 2,660 shares of Common Stock (valued at $5,000) to Lowell Rush in consideration for services provided to the Board of Directors; and 919 shares of Common Stock (valued at $1,563) to Alvaro Pascual-Leone, 1,838 shares of Common Stock (valued at $3,125) to Josef Zihl and 831 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 March 2015, in accordance with the terms the Consulting Agreement, the Company issued 8,152 shares of Common Stock (valued at $15,000) to Fountainhead. During the period ended March 2015, in accordance with the terms of an investor relations advisory agreement, the Company issued 13,889 shares of Common Stock (valued at $25,000) to Acorn Management Partners. During the period ended March 2015 Preferred D Stock, convertible into shares of Common Stock, was issued in respect of Preferred Dividends as follows: 5,745 shares of Preferred D Stock, convertible into 26,721 shares of Common Stock (valued at $57,453) to Fountainhead; 2,119 shares of Preferred D Stock, convertible into 9,856 shares of Common Stock (valued at $21,194) to Peter Zachariou; and 380 shares of Preferred D Stock, convertible into 1,767 shares of Common Stock (valued at $3,799) to Craig Kirsch. Warrants and Options The details of the outstanding warrants and options are as follows: Weighted average Number of exercise price STOCK WARRANTS: shares per share Outstanding at December 31, 2013 1,404,599 $3.39 Granted 5,226,120 2.61 Exercised - - Cancelled or expired (719,004 ) 4.46 Outstanding at December 31, 2014 5,911,715 $2.57 Granted 100,000 2.56 Exercised - - Cancelled or expired - - Outstanding at March 31, 2015 6,011,715 $2.57 Weighted average Number of exercise price STOCK OPTIONS: shares per share Outstanding at December 31, 2013 5,557 $20.25 Granted 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2014 25,557 $5.97 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2015 25,557 $5.97 As of March 31, 2015, the weighted-average remaining contractual life of outstanding warrants and options is 2.01 and 2.95 years, respectively. | 7. EQUITY 2014 Private Placement Offering On January 2, January 31, February 28, March 31, and April 25, 2014 the Company completed five 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 $5,000,000 in the Units), which were issued pursuant to five separate Securities Purchase Agreements between the Company and the Investors in each of the four Closings. In the aggregate, the Company issued 2,777,808 shares of Common Stock, Series A Warrants to purchase an aggregate of 1,388,919 shares of Common Stock and Series B Warrants to purchase an aggregate of 1,388,919 shares of Common Stock. 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. 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. 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. Under the terms of the Placement Agent agreement with Garden State Securities, Inc. (“GSS”) (see Note 12), the Company issued an aggregate of 402,033 Placement Agent Warrants, on almost identical terms to the Series A Warrants. The Series A Warrants and Placement Agent Warrants carried 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). Effective May 15, 2014 these anti-dilution rights were waived for all but 34,723 of the Series A Warrants and for all of the Placement Agent Warrants. Accordingly, 34,723 shares of Common Stock are subject to anti-dilution and are recorded as a derivative liability in accordance with the guidance contained in ASC 815-40-15-7D (see Notes 2 and 9) Other Equity Transactions During January to December 2014, the Company issued: 8,516 shares of Common Stock (valued at $20,000) to Steven Girgenti, 8,939 shares of Common Stock (valued at $20,000) to Oscar Bronsther and 8,435 shares of Common Stock (valued at $18,750) to Lowell Rush in consideration for services provided to the Board of Directors; and 2,720 shares of Common Stock (valued at $6,250) to Alvaro Pasual-Leone, 5,441 shares of Common Stock (valued at $12,500) to Josef Zihl and 2,793 shares of Common Stock (valued at $6,250) 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 2014, in accordance with the terms the Consulting Agreement, the Company issued 27,368 shares of Common Stock (valued at $60,000) to Fountainhead. During January 2014, the Company issued 3,000 and 2,000 shares respectively of Common Stock (valued at $5,400 and $3,600 respectively) to Del Mar Consulting Group, LLC and Alex Partners respectively under the terms of their advisory amendment agreements. 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 December 2014, rather than 7,500 shares per month under the original agreement. 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 June to December 2014, in accordance with the terms of an investor relations advisory agreement, the Company issued 27,000 shares of Common Stock (valued at $62,820) to Hayden IR, LLC. On August 5, 2014, the Company entered into a series of agreements with Fountainhead, along with certain other related and non-related parties (together, the “Fountainhead Parties”), to exchange all of the parties’ $2,355,587 of debt into an equivalent amount of Company preferred equity. Under the terms of the exchange, the Fountainhead Parties received 235,590 of newly-issued Company Series D Convertible Preferred shares (“Series D”) that are convertible into Company Common Shares at a price of $2.15. The Series D carry a cumulative preferred dividend of 7% per annum, payable in cash or Series D at the Company’s option. On the second (2 nd In August 2014, Fountainhead entered into an agreement with the Company preventing it from selling any Vycor Shares currently held by Fountainhead below $4.50. In return, the Company agreed to extend the life of certain of Fountainhead’s existing warrants expiring in 2015 to the same 3-year term as the warrants issued under the exchange of Fountainhead debt into Company Preferred Shares. The fair value of the extended terms was determined, using Black-Scholes, and recorded on the balance sheet, and the difference between fair value of the extended terms and of the existing terms of $146,488 was recognized in the income statement as loss on extension of warrants. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-Based Compensation [Abstract] | ||
SHARE-BASED COMPENSATION | 6. SHARE-BASED COMPENSATION 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 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. For the period ended March 31, 2015 and 2014, the Company recognized share-based compensation of $25,011 and $0, respectively, for employee stock options. 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, 2015 there were no awards of any stock appreciation rights. Non-Employee Stock Compensation 3 months ended March 31, 2015 Name Description $ in period Steven Girgenti 2,717 shares issued for services rendered to the board of directors $5,000 Oscar Bronsther 2,660 shares issued for services rendered to the board of directors $5,000 Lowell Rush 2,660 shares issued for services rendered to the board of directors $5,000 Alvaro Pascual-Leone 919 shares issued for services rendered to the Scientific Advisory Board $1,563 Jason Barton 831 shares issued for services rendered to the Scientific Advisory Board $1,563 Jose Romano 831 shares issued for services rendered to the Scientific Advisory Board $1,563 Josef Zihl 1,838 shares issued for services rendered to the Scientific Advisory Board $3,125 Fountainhead Capital Mgmt 8,152 shares issued in accordance with the terms of the consulting agreement $15,000 Acorn Management Partners 13,889 shares issued in relation to an investor advisory agreement $20,834 Gordon Holmes 100,000 warrants issued in relation to an investor advisory agreement $4,492 Total Compensation $63,139 Totals and Fair Values Aggregate stock-based compensation expense charged to operations for stock and warrants granted to the employees and non-employees for the three months ended March 31, 2015 was $88,150. As of March 31, 2015, there was $4,167 of total unrecognized compensation costs related to warrant and stock awards and non-vested options. Stock-based compensation expenses related to common stock, options and warrants granted to employees and non-employees are recognized as the services are received or the stock, options and warrants are earned. The common stock, options or warrants meet the criteria for equity treatment and their fair is estimated at the grant date. Expense related to common stock is recognized on a straight-line basis over the period during which services are to be received; expense related to options and warrants is recognized on a straight-line basis over the shorter of the period during which services are to be received or the life of the option or warrant. The fair value of the common stock is determined by the then-prevailing share price. The grant date fair value of the options and warrants 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. Expected volatility is based on the historical volatility of a peer group of publicly traded companies. The following assumptions were used in calculations of the Black-Scholes option pricing model for the three months ended March 31, 2015 and 2014: Three months ended March 31, 2015 2014 Risk-free interest rates 1.07% 0.78% Expected life 3 years 3 years Expected dividends 0% 0% Expected volatility 101% 75% Vycor Common Stock fair value $2.00 $2.05 | 8. 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 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. For the years ended December 31, 2014 and 2013, 20,000 and 0 employee stock options were granted. For the years ended December 31, 2014 and 2013, 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 December 31, 2014 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 details of the outstanding rights, options and warrants and value of such rights, options and warrants are as follows: Weighted average exercise price STOCK WARRANTS: Number of shares per share Outstanding at December 31, 2012 1,749,874 $3.03 Granted - - Exercised (341,941) 1.49 Cancelled or expired (3,334) 10.50 Outstanding at December 31, 2013 1,404,599 $3.39 Granted 5,226,120 $2.61 Exercised - - Cancelled or expired (719,004) $4.46 Outstanding at December 31, 2014 5,911,715 $2.57 Weighted average exercise price STOCK OPTIONS: Number of shares 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 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2014 25,557 $5.97 As of December 31, 2014, the weighted-average remaining contractual life of outstanding warrants and options is 2.24 and 3.20 years, respectively. Non-Employee Stock Compensation During the year ended December 31, 2014, the Company issued an aggregate of 8,516, 8,939 and 8,435 shares of common stock, respectively, valued at $20,000, $20,000 and $18,750 to each of Steven Girgenti, Oscar Bronsther and Lowell Rush for services rendered to the board of directors. For the year ended December 31, 2014, a total of $58,750 was recognized as share-based compensation for the issuance of these shares. During the year ended December 31, 2014 the Company issued an aggregate of 2,720, 2,793 and 2,793 shares of common stock, respectively, valued at $6,250, to each of Alvaro Pascual-Leone, Jason Barton and Jose Romano and 5,441 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, 2014 an aggregate of $31,250 was recognized as share-based compensation for the issuance of these shares. During January to December 2014, in accordance with the terms the Consulting Agreement, the Company issued 27,368 shares of Common Stock valued at $60,000 to Fountainhead. 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. 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 year ended December 31, 2014 aggregate stock compensation of $78,620 was recognized as share-based compensation in connection with these agreements. Under the extension agreement, the Company had 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. 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 27,000 restricted shares of Company Common Stock to the broker-dealer on execution, which was valued on the date of issuance at $66,000, which was recognized as share based compensation through December 31, 2014. In March 2014, the Company entered into a one-month 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 March 2014. In March 2014, the Company entered into an investor relations advisory agreement with Hayden IR, LLC, under which the Company issued 18,000 shares of Common Stock valued at $43,020, which is being amortized over the six months from April to September, 2014. In November 2014 the Company issued 9,000 shares of Common Stock valued at $19,800 which was amortized by December 31, 2014. For the year ended December 31, 2014 total stock compensation of $62,820 was recognized as share-based compensation in connection with this agreement. Aggregate stock-based compensation expense charged to operations for stock and warrants granted to the above non-employees for the year ended December 31, 2014 was $376,662. As of December 31, 2014, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options. 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. The stock compensation expensed during the year ended December 31, 2014 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, 2014: Year ended December 31, 2014 2013 Risk-free interest rates 0.78% 0.42-1.60 % Expected life 3 years 3 years Expected dividends 0% 0% Expected volatility 75% 96-99% Vycor Common Stock fair value $2.05 $3.00-$4.50 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | ||
FAIR VALUE MEASUREMENTS | 7. 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, 2015 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 March 31, 2015 Level 1 Level 2 Level 3 Warrant Liability $31,945 $- $- $31,945 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 January 1, 2015 $19,792 Change in fair value 12,153 Balance at March 31, 2015 $31,945 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, 2015 and 2014: Three months ended March 31, 2015 2014 Risk-free interest rates 0.56% 0.68-0.93% Expected life 1.84 years 3 years Expected dividends 0% 0% Expected volatility 93% 71-83% Vycor Common Stock fair value $1.84 $1.88-2.39 | 9. 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. Under the terms of the Offering, during the period January 2 to April 25, 2014, in five separate closings, a total of 2,397,631 Series A Warrants and Placement Agent Warrants were issued as part of the Offering, which carried anti-dilution rights. Effective May 15, 2014 these anti-dilution rights were waived for all but 34,723 of the Series A Warrants and for all of the Placement Agent Warrants. The Company accounts for the Series A Warrants 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. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis (the Series A Warrants described above) as of September 30, 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: December 31, Description 2014 Level 1 Level 2 Level 3 Warrant Liability $19,792 $- $- $19,792 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 January 1, 2014 $- Issuance of Series A Warrants and Placement Agent Warrants as part of Offering Units on January 2, 2,103,195 January 31, February 24, February 28 and March 31, April 25, 2014 Change in fair value during period 252,633 Reclassification to equity from waiver of anti-dilution on May 15, 2014 (2,336,036) Balance at December 31, 2014 $19,792 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 year ended December 31, 2014 and 2013: Year ended December 31, 2014 2013 Risk-free interest rates 0.58-0.93% - Expected life 2.09 – 3.00 years - Expected dividends 0% - Expected volatility 71-97% - Vycor Common Stock fair value $1.79-$2.70 - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
INCOME TAXES | 10. INCOME TAXES Loss Before Taxes December 31, 2014 December 31, 2013 Domestic $3,646,424 $2,216,711 Foreign 403,289 227,780 $4,049,713 $2,444,491 The reconciliation of income tax expense at the U.S. statutory rate of 35% in 2014 and 2013, to the Company's effective tax rate is as follows: Year Ended December 31, 2014 2013 US statutory rate $(1,417,399) $(855,572) Tax difference between foreign and U.S. 28,909 21,169 Change in Valuation Allowance (1,388,490) (834,403) Tax Provision $- $- 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, 2014 and December 31, 2013 are as follows: December 31, 2014 December 31, 2013 Operating loss carry-forward $4,800,000 $3,100,000 Deferred tax asset before Valuation allowance 4,800,000 3,100,000 Valuation allowance (4,800,000) (3,100,000) 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, 2014 and December 31, 2013. Net Operating Loss Carry-Forwards As of December 31, 2014 and 2013, the Company had U.S. accumulated losses for tax purposes of approximately $13,800,000 and $9,000,000 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, 2014 and 2013, the Company had German accumulated losses for tax purposes of approximately $740,000 and $620,000 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, 2014 and 2013, the Company had UK accumulated losses for tax purposes of approximately $180,000 and $140,000 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, 2014 and 2013 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, 2014 and 2013 was 31.58%; the UK applicable rate for both the years ended December 31, 2014 and 2013 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 2014 and 2013. Accordingly, the Company has not recorded any interest or penalty in regard to any unrecognized benefit. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES 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 three months ended March 31, 2015 and 2014 was $47,211 and $50,178 respectively. 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. 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, 2015, other than recording the monthly payments as an expense. 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 Patent 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. | 11. COMMITMENTS AND CONTINGENCIES 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, 2014 and 2013 was $202,083 and $182,197 respectively. 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, 2014 and 2013). Potential China 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 initiated an invalidation of the competitor’s patent; in March 2014 the Patent Re-examination Board issued an Examination Decision invalidating all the claims of the competitor’s patent. The competitor appealed the decision, but the Company has contested the appeal. A final decision on the appeal is pending. The Company has, in the interim, also prepared to enforce its own patent against this competitor. 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 has filed documents with the State Intellectual Property Office opposing grant of the patent application. 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 Agreements
Consulting and Other Agreements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Consulting and Other Agreements [Abstract] | ||
CONSULTING AND OTHER AGREEMENTS | 9. CONSULTING AND OTHER AGREEMENTS The following agreements were entered into or remained in force during the three months ended March 31, 2015: Under the terms of an amended Consulting Agreement between the Company and Fountainhead, Fountainhead is paid a monthly retainer of $10,000 per month, payable $5,000 in cash and $5,000 payable in Company Common Stock at the end of each quarter. In January 2015, the Company entered into a twelve (12) month agreement to provide financial advisory, strategic business planning and professional relations services, with Acorn Management Partners (“Acorn”). Under the terms of the Acorn Agreement, Acorn receives $8,000 in cash per month and 25,000 shares of Restricted Common Stock in the first two three month periods and $8,000 in cash per month and 75,000 shares of restricted common stock in the final two three month periods. In March 2015, the Company entered into a twelve (12) month agreement to provide investor relations services with Gordon Holmes. Under the terms of the agreement, Gordon Holmes received warrants to purchase 100,000 Vycor shares of Common Stock at $2.56, exercisable for a period of three years. | 12. CONSULTING AND OTHER AGREEMENTS The following agreements were entered into or remained in force during the year ended December 31, 2014: Consulting Agreement with Fountainhead 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. 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. These agreements expired at the end of February 2014. Garden State Securites, Inc. (“GSS”) Advisory and Placement Agent Agreements 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”). Under the terms of the Advisory Agreement, GSS was 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 issued 45,000 restricted shares of Company Common Stock to the broker-dealer, 15,000 of which were issuable on the date of the execution of the Agreement and 30,000 additional shares were issued on March 11, 2014. The Agreement also called for the Company to reimburse certain out-of-pocket expenses. 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 were payable. Investor Relations Agreements In March 2014, the Company entered into a twelve (12) month investor relations advisory agreement, as amended (“Hayden Agreements”) in June 2014, with Hayden IR, LLC. Under the terms of Hayden Agreements, Hayden receives $8,500 in cash per month and 36,000 shares of Common Stock; 18,000 issued in June 2014 and 3,000 shares issued monthly from October 2014 of which 9,000 were issued in November 2014. In October 2014, the Company entered into consulting agreements with JLS Ventures, LLC (“JLS”) and JDR Capital Partners (“JDR”) relating to implementation of the Company’s global Investor Relations and Public Relations Strategy. Effective as of December 3, 2014, the Company terminated each of the JLS and JDR agreements. These terminations were amicable on the part of all parties. With respect to the JLS agreement, the Company agreed that JLS could retain all amounts paid by the Company for services through the date of termination and the parties agreed that no further amounts were due and payable by the Company on account of the agreement and JLS agreed to return the 100,000 shares of Company common stock which had been previously issued to JLS. With respect to the JDR agreement, the Company agreed that JDR could retain all amounts paid by the Company for services through the date of termination and the parties agreed that no further amounts were due and payable by the Company on account of the agreement. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS On March 31 2015, in accordance with the terms of the Consulting Agreement, the Company issued 8,152 shares of Common Stock (valued at $15,000) to Fountainhead. | 13. RELATED PARTY TRANSACTIONS 2014 Private Placement Offering Under the terms of the Offering, there were certain agreements with Related Parties: (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 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. Other Related Party Transactions During January to December 2014, in accordance with the terms the Consulting Agreement, the Company issued 27,368 shares of Common Stock (valued at $60,000) to Fountainhead. During 2014 related party accrued interest due payments were made to: Fountainhead ($236,952); Peter Zachariou, a director of the Company ($81,840); and David Cantor, a director of the Company ($247). On August 5, 2014, the Company entered into a series of agreements with Fountainhead, along with certain other related and non-related parties (together, the “Fountainhead Parties”), to exchange all of the parties’ $2,355,587 of debt into an equivalent amount of Company preferred equity. Under the terms of the exchange, the Fountainhead Parties received 235,590 of newly-issued Company Series D Convertible Preferred shares (“Series D”) that are convertible into Company Common Shares at a price of $2.15. The Series D carry a cumulative preferred dividend of 7% per annum, payable in cash or Series D at the Company’s option. On the second (2 nd At the same time, in a transaction not related to the aforementioned exchange of securities, Fountainhead entered into an agreement with the Company preventing Fountainhead from selling any Company Common Shares currently held by Fountainhead below $4.50 per share. In return, the Company agreed to extend the life of certain of Fountainhead’s existing warrants expiring in 2015 to the expiration date as the warrants being issued under the exchange. There were no other related party transactions during the year ended December 31, 2014. |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10Q: Share Issuance During April to May 2015, the Company issued 2,660 shares of Common Stock (valued at $5,000) to Steven Girgenti, in consideration for services provided to the Board of Directors, and 925 and 1,849 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. During April 2015 the Company issued 4,630 shares of Common Stock (valued at $8,333) to Acorn Partners in accordance with the terms of the Acorn Agreement. | 14. SUBSEQUENT EVENTS Share Issuance During January to March 2015, the Company issued 2,717 shares of Common Stock (valued at $5,000) to Steven Girgenti, 919 shares of Common Stock (valued at $1,562) to Alvaro Pascale-Leone and 1,838 share of Common Stock (valued at $3,125) to Josef Zihl. During January 2015, the Company issued 13,889 shares of Common Stock (valued at $25,000) to Acorn Management Partners, LLC, in respect of an investor relations services agreement. Other Subsequent Events In March 2015 Vycor agreed to pay $65,000 in cash to purchase a portfolio of two pending United States patent applications which disclose approaches to integrating surgical navigation systems into optically-transparent neurosurgical obturators. |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | ||
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. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and profits have been eliminated in 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. 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 balances have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the current year presentation. |
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 not 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, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical 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. NovaVision’s saccadic training software is generally completed within 2-4 weeks and revenue is therefore recognized fully at commencement. Deferred revenue results from patients paying for the therapy in advance of receiving the therapy. | |
Cash and cash equivalents | Cash and cash equivalents The Company maintains cash balances at various financial institutions. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Cash balances may at times exceed the FDIC insured limits. Cash also includes a US investment account in a money market backed by government securities up to 105% of the account balance. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Included within cash are deposits paid by patients, held by the Company until the patient returns the VRT device at the end of therapy. At December 31, 2014 and 2013 patient deposits amounted to $32,869 and $25,467, respectively, and are reserved against in Other Current Liabilities. | |
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 weighted average cost method. 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. The provision for inventory for the years ended December 31, 2014 and 2013 was $17,200 and $35,000, respectively. 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. | |
Foreign Currency | Foreign Currency The Euro is the local currency of the country in which NovaVision GmbH conducts its operations and is considered the functional currency of this entity; the GB Pound is the local currency of the country in which Sight Science Limited conducts its operations and is considered the functional currency of this entity. All balance sheet amounts are translated to U.S. dollars using the U.S. exchange rate at the balance sheet date except for the equity section which is translated at historical rates. Operating statement amounts are translated using an average exchange rate for the period of operations. Foreign currency translation effects are accumulated as part of the accumulated other comprehensive income (loss) and included in shareholders’ (deficit) in the accompanying Consolidated Balance Sheet. | |
Educational marketing and advertising expenses | Educational marketing and advertising expenses The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred. | |
Income taxes | Income taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. | |
Fixed assets | Fixed assets Fixed assets 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. | |
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. | 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. In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers . This guidance requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective beginning in fiscal 2017, and early adoption is not permitted. The standard allows for either a full retrospective or a modified retrospective transition method. The Company is currently evaluating the impact of this standard, including the transition method, on its consolidated results of operations, financial position and cash flows. |
Derivative Liability | Derivative Liability The Company accounts for the 34,723 Series A Warrants issued in connection with the Offering (all as defined in Note 5), the holders of which have not waived their anti-dilution rights (as detailed further in Note 5) 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 remeasurement 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). | Derivative Liability The Company accounts for the 34,723 Series A Warrants issued in connection with the Offering (all as defined in Note 7), the holders of which have not waived their anti-dilution rights (as detailed further in Note 7) 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 are 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 remeasurement 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). |
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, 2014 and 2013, the amounts charged to research and development expenses were $69,114 and $53,451, respectively. | |
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 once the software has been brought into service. Capitalized software development costs for the three months ended March 31, 2015 and 2014 were $12,497 and $29,634, respectively. | Software Development Costs The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. 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. For the year ended December 31, 2014 the Company’s VRT 7.0 program completed the preliminary project stage, following which there was a capitalization of $73,413 of software development costs. 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) and $29,784 for the NeuroEyeCoach Pro Physician Model. |
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) | |
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. The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: March 31, March 31, 2015 2014 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 6,011,715 5,002,217 Debentures convertible into common stock 195,816 518,631 Preferred shares convertible into common stock 1,148,782 14,815 Total 7,381,870 5,541,220 | 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, 2014 2013 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 5,911,715 1,404,599 Debentures convertible into common stock 171,138 441,768 Preferred shares convertible into common stock 1,110,438 239,265 Total 7,218,848 2,091,189 |
Significant Accounting Polici23
Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | March 31, March 31, 2015 2014 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 6,011,715 5,002,217 Debentures convertible into common stock 195,816 518,631 Preferred shares convertible into common stock 1,148,782 14,815 Total 7,381,870 5,541,220 | December 31, December 31, 2014 2013 Stock options outstanding 25,557 5,557 Warrants to purchase common stock 5,911,715 1,404,599 Debentures convertible into common stock 171,138 441,768 Preferred shares convertible into common stock 1,110,438 239,265 Total 7,218,848 2,091,189 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Notes Payable [Abstract] | ||
Components of notes payable | March 31, 2015 December 31, 2014 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 to December 31, 2015. 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2015 the Company received proceeds from Insurance policy finance agreement of $33,801 and made repayments of $25,328. The notes are due over the next twelve months. 30,259 21,786 Total Notes Payable: $330,259 $321,786 | December 31, December 31, 2014 2013 During the years 2009 to 2013 the Company issued convertible debentures in the aggregate amount of $1,733,006, 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. On August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor, see Note below. - 1,733,007 During the years 2010 to 2013, the Company issued convertible debentures in the amount of $645,550 payable to Peter Zachariou, a Director of the Company. These debentures accrue 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 August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor. - 625,550 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 February 2014. - 15,000 Total Related Party Notes Payable: - $2,373,557 December 31, December 31, 2014 2013 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 to December 31, 2015, subject to certain early repayment provisions. 300,000 300,000 During the years 2012 to 2013 the Company issued short term, unsecured notes payable to Craig Kirsch in the aggregate amount of $111,550. 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 was extended to January 2, 2017, subject to certain early repayment provisions. On August 5, 2014 the holder exchanged the note into Series D Convertible Preferred Stock of Vycor. - 111,550 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. This note was repaid in June 2014. - 42,900 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 year ended December 31, 2014 the Company received proceeds from Insurance policy finance agreement of $81,913 and made repayments of $83,862. The notes are due over the next twelve months. 21,786 23,735 Total Other Notes Payable: $321,786 $578,185 |
Segment Reporting, Geographic25
Segment Reporting, Geographical Information (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Geographical Information [Abstract] | ||
Business segments information | Three Months Ended March 31, 2015 2014 Revenue: Vycor Medical $258,849 $263,711 NovaVision 69,703 94,411 Total Revenue $328,552 $358,122 Gross Profit: Vycor Medical $219,051 $233,409 NovaVision 57,809 81,756 Total Gross Profit $276,860 $315,165 March 31, December 31, 2015 2014 Total Assets: Vycor Medical $2,116,843 $2,644,513 NovaVision 1,120,405 1,169,230 Total Assets $3,237,248 $3,813,743 | December 31, 2014 2013 Revenue: Vycor Medical $893,028 $724,367 NovaVision 357,264 365,007 Total Revenue $1,250,292 $1,089,374 Gross Profit: Vycor Medical 780,424 628,839 NovaVision 313.568 306,703 Total Gross Profit $1,093,992 $935,542 Total Assets: Vycor Medical $2,644,513 $799,120 NovaVision 1,169,230 1,316,130 Total Assets $3,813,743 $2,115,250 |
Summary of geographic information | Three Months Ended March 31, 2015 2014 Revenue: United States $283,939 $293,161 Europe 44,613 64,961 Total Revenue $328,552 $358,122 Gross Profit: United States $238,352 $258,241 Europe $38,508 $56,924 Total Gross Profit $276,860 $315,165 March 31, December 31, 2015 2014 Total Assets: United States $2,835,655 $3,367,679 Europe 401,593 446,064 Total Assets | December 31, 2014 2013 Revenue: United States $1,034,034 $858,751 Europe 216,258 230,623 Total Revenue $1,250,292 $1,089,374 Gross Profit: United States $901,503 $732,404 Europe 192,489 203,138 Total Gross Profit $1,093,992 $935,542 Total Assets: United States $3,367,679 $1,604,142 Europe 446,064 511,108 Total Assets $3,813,743 $2,115,250 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Fixed Assets [Abstract] | |
Summary of fixed assets | December 31, December 31, Estimated Useful Lives 2014 2013 Machinery and equipment 3 years $136,356 $146,344 Leasehold Improvements 5 years 6,206 6,206 Purchased Software 3 years 24,993 17,833 Molds and Tooling 5 years 234,230 234,230 Furniture and fixtures 7 years 20,079 22,288 Therapy Devices 3 years 86,286 87,906 Internally Developed Software 5 years 1,143,918 1,021,681 1,652,068 1,536,488 Less: Accumulated depreciation and amortization (1,069,634) (830,291) Property and Equipment, net $582,434 $706,197 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Intangible Assets [Abstract] | |
Summary of Intangible Assets | December 31, 2014 2013 Amortized intangible assets: Patent (8 years useful life) Gross carrying Amount $799,362 $772,414 Accumulated Amortization (454,249) (328,319) $345,113 $444,095 Amortized intangible assets: Website (5 years useful life) Gross carrying Amount $32,750 $18,908 Accumulated Amortization $(20,174) $(17,228) $12,576 $1,680 Intangible assets not subject to amortization Trademarks $251,157 $251,157 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Derivative [Line Items] | |
Summary of outstanding warrants and options | Weighted average Number of exercise price STOCK OPTIONS: shares per share Outstanding at December 31, 2013 5,557 $20.25 Granted 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2014 25,557 $5.97 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2015 25,557 $5.97 |
Stock Warrants [Member] | |
Derivative [Line Items] | |
Summary of outstanding warrants and options | Weighted average Number of exercise price STOCK WARRANTS: shares per share Outstanding at December 31, 2013 1,404,599 $3.39 Granted 5,226,120 2.61 Exercised - - Cancelled or expired (719,004 ) 4.46 Outstanding at December 31, 2014 5,911,715 $2.57 Granted 100,000 2.56 Exercised - - Cancelled or expired - - Outstanding at March 31, 2015 6,011,715 $2.57 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share-Based Compensation [Abstract] | ||
Schedule of assumptions used in calculations of the Black-Scholes option pricing model | Three months ended March 31, 2015 2014 Risk-free interest rates 1.07% 0.78% Expected life 3 years 3 years Expected dividends 0% 0% Expected volatility 101% 75% Vycor Common Stock fair value $2.00 $2.05 | Year ended December 31, 2014 2013 Risk-free interest rates 0.78% 0.42-1.60 % Expected life 3 years 3 years Expected dividends 0% 0% Expected volatility 75% 96-99% Vycor Common Stock fair value $2.05 $3.00-$4.50 |
Schedule of non-employee stock compensation | 3 months ended March 31, 2015 Name Description $ in period Steven Girgenti 2,717 shares issued for services rendered to the board of directors $5,000 Oscar Bronsther 2,660 shares issued for services rendered to the board of directors $5,000 Lowell Rush 2,660 shares issued for services rendered to the board of directors $5,000 Alvaro Pascual-Leone 919 shares issued for services rendered to the Scientific Advisory Board $1,563 Jason Barton 831 shares issued for services rendered to the Scientific Advisory Board $1,563 Jose Romano 831 shares issued for services rendered to the Scientific Advisory Board $1,563 Josef Zihl 1,838 shares issued for services rendered to the Scientific Advisory Board $3,125 Fountainhead Capital Mgmt 8,152 shares issued in accordance with the terms of the consulting agreement $15,000 Acorn Management Partners 13,889 shares issued in relation to an investor advisory agreement $20,834 Gordon Holmes 100,000 warrants issued in relation to an investor advisory agreement $4,492 Total Compensation $63,139 | |
Summary of outstanding rights, options and warrants | Weighted average exercise price STOCK WARRANTS: Number of shares per share Outstanding at December 31, 2012 1,749,874 $3.03 Granted - - Exercised (341,941) 1.49 Cancelled or expired (3,334) 10.50 Outstanding at December 31, 2013 1,404,599 $3.39 Granted 5,226,120 $2.61 Exercised - - Cancelled or expired (719,004) $4.46 Outstanding at December 31, 2014 5,911,715 $2.57 Weighted average exercise price STOCK OPTIONS: Number of shares 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 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2014 25,557 $5.97 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | ||
Schedule liabilities measured at fair value on a recurring basis | Description March 31, 2015 Level 1 Level 2 Level 3 Warrant Liability $31,945 $- $- $31,945 | December 31, Description 2014 Level 1 Level 2 Level 3 Warrant Liability $19,792 $- $- $19,792 |
Schedule of liabilities measured using fair significant unobservable inputs (Level 3) | Balance at January 1, 2015 $19,792 Change in fair value 12,153 Balance at March 31, 2015 $31,945 | Balance at January 1, 2014 $- Issuance of Series A Warrants and Placement Agent Warrants as part of Offering Units on January 2, 2,103,195 January 31, February 24, February 28 and March 31, April 25, 2014 Change in fair value during period 252,633 Reclassification to equity from waiver of anti-dilution on May 15, 2014 (2,336,036) Balance at December 31, 2014 $19,792 |
Schedule of fair value assumptions used in calculation of the Monte Carlo Simulation model | Three months ended March 31, 2015 2014 Risk-free interest rates 0.56% 0.68-0.93% Expected life 1.84 years 3 years Expected dividends 0% 0% Expected volatility 93% 71-83% Vycor Common Stock fair value $1.84 $1.88-2.39 | Year ended December 31, 2014 2013 Risk-free interest rates 0.58-0.93% - Expected life 2.09 – 3.00 years - Expected dividends 0% - Expected volatility 71-97% - Vycor Common Stock fair value $1.79-$2.70 - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Summary of loss before taxes | December 31, 2014 December 31, 2013 Domestic $3,646,424 $2,216,711 Foreign 403,289 227,780 $4,049,713 $2,444,491 |
Company effective tax rate on U.S statutory rate | Year Ended December 31, 2014 2013 US statutory rate $(1,417,399) $(855,572) Tax difference between foreign and U.S. 28,909 21,169 Change in Valuation Allowance (1,388,490) (834,403) Tax Provision $- $- |
Summary of deferred tax assets and valuation allowance | December 31, 2014 December 31, 2013 Operating loss carry-forward $4,800,000 $3,100,000 Deferred tax asset before Valuation allowance 4,800,000 3,100,000 Valuation allowance (4,800,000) (3,100,000) Net deferred tax asset $— $— |
Significant Accounting Polici32
Significant Accounting Policies (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 7,381,870 | 5,541,220 | 7,218,848 | 2,091,189 |
Stock options outstanding [Member] | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 25,557 | 5,557 | 25,557 | 5,557 |
Warrants to purchase common stock [Member] | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 6,011,715 | 5,002,217 | 5,911,715 | 1,404,599 |
Debentures convertible into common stock [Member] | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 195,816 | 518,631 | 171,138 | 441,768 |
Preferred shares convertible into common stock [Member] | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | ||||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 1,148,782 | 14,815 | 1,110,438 | 239,265 |
Significant Accounting Polici33
Significant Accounting Policies (Details Textual) - USD ($) | Jan. 04, 2012 | Nov. 30, 2010 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Accounting Policies (Textual) | ||||||
Federal deposit insurance corporation | $ 250,000 | |||||
Percentage of money market backed by government | 105.00% | |||||
Patient deposits | $ 32,869 | $ 25,467 | ||||
Provision for inventory | $ 7,580 | 2,567 | 35,000 | |||
Research and development expenses | $ 23,226 | $ 15,356 | 69,114 | $ 53,451 | ||
Estimated useful life of software | 5 years | |||||
Preliminary project stage, software development costs | 73,413 | |||||
Capitalized software development cost additions | 21,463 | |||||
Total capitalized value | $ 119,106 | |||||
Warrants issued in connection with offering | 34,723 | |||||
NeuroEyeCoach retail [Member] | ||||||
Significant Accounting Policies (Textual) | ||||||
Software development value | $ 540,000 | |||||
Total capitalized value | $ 29,784 | |||||
Sight Science Limited [Member] | ||||||
Significant Accounting Policies (Textual) | ||||||
Software development value | $ 363,472 | |||||
Software Development Costs [Member] | ||||||
Significant Accounting Policies (Textual) | ||||||
Estimated useful life of software | 5 years | |||||
Capitalized software development cost additions | $ 12,497 | $ 29,634 | ||||
Series A Warrants [Member] | ||||||
Significant Accounting Policies (Textual) | ||||||
Warrants issued in connection with offering | 34,723 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Components of notes payable | |||
Total Related Party Notes Payable: | $ 330,259 | $ 321,786 | $ 2,373,557 |
Convertible debentures issued during the years 2009 to 2013[Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 1,733,006 | ||
Convertible debentures issued during the years 2010 to 2013[Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 625,550 | ||
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 15,000 | ||
Term notes issued on March 25, 2011[Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 300,000 | $ 300,000 | 300,000 |
Short term, unsecured notes payable issued during the years 2012 to 2013[Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 111,550 | ||
Short term, unsecured notes payable issued on September 2012[Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 42,900 | ||
Term notes issued on October 22, 2013 [Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | 100,000 | ||
Insurance policy finance agreements [Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | $ 30,259 | $ 21,786 | 23,736 |
Other Notes Payable [Member] | |||
Components of notes payable | |||
Total Related Party Notes Payable: | $ 321,786 | $ 578,185 |
Notes Payable (Details Textual)
Notes Payable (Details Textual) | Aug. 05, 2014USD ($)$ / shares | Oct. 22, 2013USD ($) | Mar. 25, 2011USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | Jun. 25, 2011$ / shares |
Notes Payable (Textual) | |||||||
Debt instrument, maturity date, description | Due on demand or one year after the issue date | ||||||
Loss on extinguishment of debt | $ (682,039) | ||||||
Fountainhead [Member] | |||||||
Notes Payable (Textual) | |||||||
Debt converted into preferred shares | $ 2,355,587 | ||||||
Common stock price per share | $ / shares | $ 2.15 | ||||||
Percentage of warrants issued as common stock to debtors | 75 | ||||||
Exercise price of warrant | $ / shares | $ 3.08 | ||||||
Fair value of securities | 3,037,626 | ||||||
Loss on extinguishment of debt | $ 682,039 | ||||||
Convertible debentures issued during the years 2009 to 2013[Member] | |||||||
Notes Payable (Textual) | |||||||
Issuance of convertible debentures | $ 1,733,006 | ||||||
Percentage of company's common stock hold by beneficial owner | 50.00% | ||||||
Interest rate on debentures | 6.00% | ||||||
Conversion price | $ / shares | $ 1.88 | ||||||
Convertible debentures issued during the years 2010 to 2013[Member] | |||||||
Notes Payable (Textual) | |||||||
Issuance of convertible debentures | $ 645,550 | ||||||
Interest rate on debentures | 6.00% | ||||||
Conversion price | $ / shares | $ 2.85 | ||||||
Short term, unsecured notes payable issued on August 9 to December 2013 [Member] | |||||||
Notes Payable (Textual) | |||||||
Debt instruments, extended maturity date description | This note was repaid in February 2014 | ||||||
Issuance of convertible debentures | $ 15,000 | ||||||
Interest rate on debentures | 6.00% | ||||||
Short term, unsecured notes payable issued during the years 2012 to 2013[Member] | |||||||
Notes Payable (Textual) | |||||||
Debt instruments, extended maturity date description | The due date for this note was extended to January 2, 2017 | ||||||
Issuance of convertible debentures | $ 111,550 | ||||||
Interest rate on debentures | 6.00% | ||||||
Debt instrument, maturity date, description | Due on demand or one year | ||||||
Short term, unsecured notes payable issued on September 2012[Member] | |||||||
Notes Payable (Textual) | |||||||
Issuance of convertible debentures | $ 42,900 | ||||||
Interest rate on debentures | 6.00% | ||||||
Debt instrument, maturity date, description | This note was repaid in June 2014. | ||||||
Term notes issued on March 25, 2011[Member] | |||||||
Notes Payable (Textual) | |||||||
Term notes payables | $ 300,000 | ||||||
Interest rate on term notes | 16.00% | ||||||
Number of common stock purchased by issuance of warrants | shares | 400,000 | ||||||
Exercise price of warrants | $ / shares | $ 4.50 | $ 1.80 | |||||
Period of warrants | 3 years | ||||||
Debt instruments, original maturity date | Jun. 25, 2011 | ||||||
Debt instruments, extended maturity date description | The due date for this note has been extended to December 31, 2015 | ||||||
Term notes issued on October 22, 2013 [Member] | |||||||
Notes Payable (Textual) | |||||||
Interest rate on term notes | 16.00% | ||||||
Debt instruments, original maturity date | Nov. 30, 2013 | ||||||
Issuance of convertible debentures | $ 100,000 | ||||||
Debt notes repaid description | This note was repaid in January 2014. | ||||||
Insurance policy finance agreements [Member] | |||||||
Notes Payable (Textual) | |||||||
Issuance of convertible debentures | $ 81,912 | $ 33,801 | |||||
Repayment of convertible debt | $ 25,328 | ||||||
Repayments of insurance policy | $ 83,862 |
Segment Reporting, Geographic36
Segment Reporting, Geographical Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | ||||
Total Revenue | $ 328,552 | $ 358,122 | $ 1,250,292 | $ 1,089,374 |
Gross Profit: | ||||
Total Gross Profit | 276,860 | 315,165 | 1,093,992 | 935,542 |
Total Assets: | ||||
Total Assets | 3,237,248 | 3,813,743 | 2,115,250 | |
Vycor Medical [Member] | ||||
Revenue: | ||||
Total Revenue | 258,849 | 263,711 | 893,028 | 724,367 |
Gross Profit: | ||||
Total Gross Profit | 219,051 | 233,409 | 780,424 | 628,839 |
Total Assets: | ||||
Total Assets | 2,116,843 | 2,644,513 | 799,120 | |
NovaVision [Member] | ||||
Revenue: | ||||
Total Revenue | 69,703 | 94,411 | 357,264 | 365,007 |
Gross Profit: | ||||
Total Gross Profit | 57,809 | $ 81,756 | 313.568 | 306,703 |
Total Assets: | ||||
Total Assets | $ 1,120,405 | $ 1,169,230 | $ 1,316,130 |
Segment Reporting, Geographic37
Segment Reporting, Geographical Information (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | ||||
Total Revenue | $ 328,552 | $ 358,122 | $ 1,250,292 | $ 1,089,374 |
Gross Profit: | ||||
Total Gross Profit | 276,860 | 315,165 | 1,093,992 | 935,542 |
Total Assets: | ||||
Total Assets | 3,237,248 | 3,813,743 | 2,115,250 | |
United States [Member] | ||||
Revenue: | ||||
Total Revenue | 283,939 | 293,161 | 1,034,034 | 858,751 |
Gross Profit: | ||||
Total Gross Profit | 238,352 | 258,241 | 901,503 | 732,404 |
Total Assets: | ||||
Total Assets | 2,835,655 | 3,367,679 | 1,604,142 | |
Europe [Member] | ||||
Revenue: | ||||
Total Revenue | 44,613 | 64,961 | 216,258 | 230,623 |
Gross Profit: | ||||
Total Gross Profit | 38,508 | $ 56,924 | 192,489 | 203,138 |
Total Assets: | ||||
Total Assets | $ 401,593 | $ 446,064 | $ 511,108 |
Segment Reporting, Geographic38
Segment Reporting, Geographical Information (Details Textual) | 12 Months Ended |
Dec. 31, 2014Segment | |
Segment Reporting, Geographical Information (Textual) | |
Number of business segments | 2 |
Number of geographic segments | 2 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fixed Assets [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,652,068 | $ 1,536,488 | |
Less: Accumulated depreciation and amortization | (1,069,634) | (830,291) | |
Property and Equipment, net | $ 530,383 | 582,434 | 706,197 |
Estimated Useful Lives | 5 years | ||
Machinery and Equipment [Member] | |||
Fixed Assets [Line Items] | |||
Property, Plant and Equipment, Gross | $ 136,356 | $ 146,344 | |
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 | $ 24,993 | $ 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 | $ 20,079 | $ 22,288 | |
Estimated Useful Lives | 7 years | 7 years | |
Therapy Devices [Member] | |||
Fixed Assets [Line Items] | |||
Property, Plant and Equipment, Gross | $ 86,286 | $ 87,906 | |
Estimated Useful Lives | 3 years | 3 years | |
Internally Developed Software [Member] | |||
Fixed Assets [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,143,918 | $ 1,021,681 | |
Estimated Useful Lives | 5 years | 5 years |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fixed Assets (Textual) | ||||
Depreciation expense | $ 63,794 | $ 60,337 | $ 254,608 | $ 248,877 |
Depreciation allocated to cost of sales | $ 14,383 | $ 25,667 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Trademarks | $ 251,157 | $ 251,157 | $ 251,157 |
Patents [Member] | |||
Amortized intangible assets: | |||
Gross carrying Amount | 799,362 | 772,414 | |
Accumulated Amortization | (454,249) | (328,319) | |
FiniteLivedIntangibleAssetsNet | 345,113 | 444,095 | |
Website [Member] | |||
Amortized intangible assets: | |||
Gross carrying Amount | 32,750 | 18,908 | |
Accumulated Amortization | (20,174) | (17,228) | |
FiniteLivedIntangibleAssetsNet | $ 12,576 | $ 1,680 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets (Textual) | ||||
Amortization of intangible assets | $ 21,521 | $ 36,906 | $ 128,381 | $ 127,316 |
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) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Outstanding, Beginning Balance | 25,557 | 5,557 | 5,557 |
Number of shares, Granted | 20,000 | ||
Number of shares, Exercised | |||
Number of shares, Cancelled or expired | |||
Options Outstanding, Ending Balance | 25,557 | 25,557 | 5,557 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $ 5.97 | $ 20.25 | $ 20.25 |
Weighted average exercise price per share, Granted | $ 2 | ||
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 | $ 5.97 | $ 5.97 | $ 20.25 |
Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Outstanding, Beginning Balance | 5,911,715 | 1,404,599 | |
Number of shares, Granted | 100,000 | 5,226,120 | |
Number of shares, Exercised | |||
Number of shares, Cancelled or expired | (719,004) | ||
Options Outstanding, Ending Balance | 6,011,715 | 5,911,715 | 1,404,599 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $ 2.57 | $ 3.39 | |
Weighted average exercise price per share, Granted | $ 2.56 | $ 2.61 | |
Weighted average exercise price per share, Exercised | |||
Weighted average exercise price per share, Cancelled or expired | $ 4.46 | ||
Weighted average exercise price per share, Outstanding, Ending balance | $ 2.57 | $ 2.57 | $ 3.39 |
Equity (Details Textual)
Equity (Details Textual) | Aug. 05, 2014USD ($)$ / shares | Feb. 24, 2014USD ($)shares | Aug. 31, 2014USD ($)$ / shares | Mar. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Aug. 05, 2015$ / shares | May. 15, 2014shares | Jan. 02, 2014USD ($)shares |
Equity (Textual) | |||||||||
Warrants issued to purchase common stock shares, Shares | 420,838 | 2,777,808 | 792,523 | ||||||
Issuance of series A warrants and placement agent warrants shares | 2,397,631 | ||||||||
Loss on extension of warrants | $ | $ (146,488) | ||||||||
Effective share price under anti dilutive right | $ / shares | $ 2.05 | ||||||||
Steven Girgenti [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 5,000 | $ 20,000 | |||||||
Common stock issued shares | 2,717 | 8,516 | |||||||
Dr Oscar Bronsther [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 5,000 | $ 20,000 | |||||||
Common stock issued shares | 2,660 | 8,939 | |||||||
Alvaro Pascual - Leone [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 1,563 | $ 6,250 | |||||||
Common stock issued shares | 919 | 2,720 | |||||||
Jason Barton [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 1,563 | $ 6,250 | |||||||
Common stock issued shares | 831 | 2,793 | |||||||
Jose Romano [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 1,563 | $ 6,250 | |||||||
Common stock issued shares | 831 | 2,793 | |||||||
Josef Zihl [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 3,125 | $ 12,500 | |||||||
Common stock issued shares | 1,838 | 5,441 | |||||||
Fountainhead Capital Partners Limited [Member] | |||||||||
Equity (Textual) | |||||||||
Warrants exercisable period | 3 years | ||||||||
Warrant exercise price | $ / shares | $ 4.50 | ||||||||
Common stock issued value | $ | $ 8,152,000 | $ 30,000 | |||||||
Common stock issued shares | 15,000 | 12,605 | |||||||
Loss on extension of warrants | $ | $ 146,488 | ||||||||
Lowell Rush [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 5,000 | $ 18,750 | |||||||
Common stock issued shares | 2,660 | 8,435 | |||||||
Fountainhead [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 15,000 | ||||||||
Common stock issued shares | 8,152 | ||||||||
Convertible Debt | $ | $ 2,355,587 | ||||||||
Acorn Management Partners [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 25,000 | ||||||||
Common stock issued shares | 13,889 | ||||||||
Securities Offering [Member] | |||||||||
Equity (Textual) | |||||||||
Aggregate sale of closing comprised shares, value | $ | $ 5,000,000 | ||||||||
Fountainhead Capital Partners Limited [Member] | |||||||||
Equity (Textual) | |||||||||
Debt converted into preferred shares | $ | $ 2,355,587 | ||||||||
Percentage Of Warrants Issued As Common Stock To Debtors | 75 | ||||||||
Consulting and Advisory Services [Member] | |||||||||
Equity (Textual) | |||||||||
Shares under the original Agreement | $ | 7,500 | ||||||||
Consulting and Advisory Services [Member] | Del Mar Consulting [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 5,400 | ||||||||
Common stock issued shares | 3,000 | ||||||||
Consulting and Advisory Services [Member] | Alex Partners, LLC [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 3,600 | ||||||||
Common stock issued shares | 2,000 | ||||||||
Consulting and Advisory Services [Member] | Garden State Securities, Inc (GSS) | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 66,000 | ||||||||
Common stock issued shares | 30,000 | ||||||||
Consulting and Advisory Services [Member] | J and M Group, Llc [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 4,700 | ||||||||
Common stock issued shares | 2,500 | ||||||||
Consulting and Advisory Services [Member] | Fountainhead [Member] | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 60,000 | ||||||||
Common stock issued shares | 27,368 | ||||||||
Consulting and Advisory Services [Member] | Hayden IR, LLC | |||||||||
Equity (Textual) | |||||||||
Common stock issued value | $ | $ 62,820 | ||||||||
Common stock issued shares | 27,000 | ||||||||
Common Stock [Member] | |||||||||
Equity (Textual) | |||||||||
Warrant exercise price | $ / shares | $ 1.80 | ||||||||
Anti Dulutive Shares | 34,723 | ||||||||
Series A Warrants [Member] | |||||||||
Equity (Textual) | |||||||||
Warrants issued to purchase common stock shares, Shares | 210,419 | 34,723 | |||||||
Warrants exercisable period | 3 years | ||||||||
Number of shares of common stock percentage | 50.00% | ||||||||
Warrant exercise price | $ / shares | $ 2.05 | ||||||||
Anti dulutive shares waived | 34,723 | ||||||||
Series A Warrants [Member] | Fountainhead Capital Partners Limited [Member] | |||||||||
Equity (Textual) | |||||||||
Warrants issued to purchase common stock shares, Shares | 1,388,919 | 396,262 | |||||||
Accrued consulting fee | $ | $ 1,426,542 | ||||||||
Series A Warrants [Member] | Placement Agent Agreement [Member] | |||||||||
Equity (Textual) | |||||||||
Shares issued during period | 402,033 | 34,723 | |||||||
Series B Warrants [Member] | |||||||||
Equity (Textual) | |||||||||
Warrants issued to purchase common stock shares, Shares | 210,419 | ||||||||
Shares issued during period | 1,130,621 | ||||||||
Warrants exercisable period | 3 years | ||||||||
Number of shares of common stock percentage | 50.00% | ||||||||
Warrant exercise price | $ / shares | $ 3.08 | ||||||||
Series B Warrants [Member] | Fountainhead Capital Partners Limited [Member] | |||||||||
Equity (Textual) | |||||||||
Warrants issued to purchase common stock shares, Shares | 1,388,919 | 396,262 | |||||||
Series C Preferred Stock [Member] | |||||||||
Equity (Textual) | |||||||||
Shares of series C convertible preferred stock | 15.15 | ||||||||
Aggregate investment amount | $ | $ 757,700 | ||||||||
Preferred Stock - Series D (Member) | Craig Kirsch [Member] | |||||||||
Equity (Textual) | |||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 380 | ||||||||
Shares converted into common stock, Shares | 1,767 | ||||||||
Debt converted into preferred shares | $ | $ 3,799 | ||||||||
Preferred Stock - Series D (Member) | Peter Zachariou [Member] | |||||||||
Equity (Textual) | |||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 2,119 | ||||||||
Shares converted into common stock, Shares | 9,856 | ||||||||
Debt converted into preferred shares | $ | $ 21,194 | ||||||||
Preferred Stock - Series D (Member) | Fountainhead Capital Partners Limited [Member] | |||||||||
Equity (Textual) | |||||||||
Warrant exercise price | $ / shares | $ 3.08 | ||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 5,745 | ||||||||
Shares converted into common stock, Shares | 26,721 | ||||||||
Debt converted into preferred shares | $ | $ 235,590 | $ 57,453 | |||||||
Share Price | $ / shares | $ 4.50 | $ 2.15 | |||||||
Preferred stock, dividend rate, percentage | 7.00% | ||||||||
Percentage Of Companys Common Stock Hold By Beneficial Owner | 50.00% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | $ 63,139 |
Steven Girgenti [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 5,000 |
Dr Oscar Bronsther [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 5,000 |
Lowell Rush [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 5,000 |
Alvaro Pascual - Leone [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 1,563 |
Jason Barton [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 1,563 |
Jose Romano [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 1,563 |
Josef Zihl [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 3,125 |
Fountainhead Capital Partners Limited [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 15,000 |
Acorn Management Partners [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | 20,834 |
Gordon Holmes [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Common stock issued value | $ 4,492 |
Share-Based Compensation (Det46
Share-Based Compensation (Details 1) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Warrants [Member] | |||
Details of the outstanding rights, options and warrants and value of such rights, options and warrants | |||
Options Outstanding, Beginning Balance | 5,911,715 | 1,404,599 | 1,749,874 |
Number of shares, Granted | 100,000 | 5,226,120 | |
Number of shares, Exercised | (341,941) | ||
Number of shares, Cancelled or expired | (719,004) | (3,334) | |
Options Outstanding, Ending Balance | 6,011,715 | 5,911,715 | 1,404,599 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $ 2.57 | $ 3.39 | $ 3.03 |
Weighted average exercise price per share, Granted | $ 2.56 | $ 2.61 | |
Weighted average exercise price per share, Exercised | $ 1.49 | ||
Weighted average exercise price per share, Cancelled or expired | $ 4.46 | 10.50 | |
Weighted average exercise price per share, Outstanding, Ending balance | $ 2.57 | $ 2.57 | $ 3.39 |
Stock options [Member] | |||
Details of the outstanding rights, options and warrants and value of such rights, options and warrants | |||
Options Outstanding, Beginning Balance | 25,557 | 5,557 | 5,557 |
Number of shares, Granted | 20,000 | ||
Number of shares, Exercised | |||
Number of shares, Cancelled or expired | |||
Options Outstanding, Ending Balance | 25,557 | 25,557 | 5,557 |
Weighted average exercise price per share, Outstanding, Beginning Balance | $ 5.97 | $ 20.25 | $ 20.25 |
Weighted average exercise price per share, Granted | $ 2 | ||
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 | $ 5.97 | $ 5.97 | $ 20.25 |
Share-Based Compensation (Det47
Share-Based Compensation (Details 2) - Stock options [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options and warrants expensed | ||||
Risk-free interest rates | 1.07% | 0.78% | 0.78% | |
Expected life | 3 years | 3 years | 3 years | 3 years |
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 101.00% | 75.00% | 75.00% | |
Vycor Common Stock fair value | $ 2 | $ 2.05 | $ 2.05 | |
Maximum [Member] | ||||
Options and warrants expensed | ||||
Risk-free interest rates | 1.60% | |||
Expected volatility | 99.00% | |||
Vycor Common Stock fair value | $ 4.50 | |||
Minimum [Member] | ||||
Options and warrants expensed | ||||
Risk-free interest rates | 0.42% | |||
Expected volatility | 96.00% | |||
Vycor Common Stock fair value | $ 3 |
Share-Based Compensation (Det48
Share-Based Compensation (Details Textual) - USD ($) | Mar. 14, 2014 | Jan. 02, 2014 | Jun. 02, 2013 | Feb. 13, 2008 | Mar. 31, 2014 | Jul. 31, 2013 | Feb. 29, 2008 | Nov. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 24, 2014 | Sep. 30, 2013 |
Share-Based Compensation (Textual) | ||||||||||||||
Share based compensation | $ 88,150 | $ 0 | $ 0 | |||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 376,662 | |||||||||||||
Total unrecognized compensation costs | $ 4,167 | $ 175,000 | ||||||||||||
Stock issued during period, Restricted Stock, shares | 45,000 | 30,000 | ||||||||||||
Stock Issued during period, Restricted Stock, value | $ 66,000 | |||||||||||||
Warrants issued to purchase common stock shares, Shares | 792,523 | 2,777,808 | 420,838 | |||||||||||
Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share based compensation | $ 62,820 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 18,000 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 43,020 | |||||||||||||
Common stock issued value | $ 9,000 | |||||||||||||
Common stock issued shares | 19,800 | |||||||||||||
Stock options [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Number of shares, Granted | 20,000 | |||||||||||||
Exercise price per share | $ 2 | |||||||||||||
Weighted-average remaining contractual life of outstanding options | 3 years 2 months 12 days | |||||||||||||
Stock Warrants [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Number of shares, Granted | 100,000 | 5,226,120 | ||||||||||||
Exercise price per share | $ 2.56 | $ 2.61 | ||||||||||||
Weighted-average remaining contractual life of outstanding options | 2 years 2 months 27 days | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 0 | |||||||||||||
Steven Girgenti [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 5,000 | $ 20,000 | ||||||||||||
Common stock issued shares | 2,717 | 8,516 | ||||||||||||
Dr Oscar Bronsther [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 5,000 | $ 20,000 | ||||||||||||
Common stock issued shares | 2,660 | 8,939 | ||||||||||||
Alvaro Pascual - Leone [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 1,563 | $ 6,250 | ||||||||||||
Common stock issued shares | 919 | 2,720 | ||||||||||||
Jason Barton [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 1,563 | $ 6,250 | ||||||||||||
Common stock issued shares | 831 | 2,793 | ||||||||||||
Jose Romano [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 1,563 | $ 6,250 | ||||||||||||
Common stock issued shares | 831 | 2,793 | ||||||||||||
Josef Zihl [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 3,125 | $ 12,500 | ||||||||||||
Common stock issued shares | 1,838 | 5,441 | ||||||||||||
Del Mar Consulting [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 33,000 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 66,000 | |||||||||||||
consultancy agreement period | 3 months | |||||||||||||
Alex Partners, LLC [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 27,000 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 54,000 | |||||||||||||
consultancy agreement period | 3 months | |||||||||||||
Lowell Rush [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 5,000 | $ 18,750 | ||||||||||||
Common stock issued shares | 2,660 | 8,435 | ||||||||||||
Dr Donald O Rourke [Member] | Stock Warrants [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Warrants issued to purchase common stock shares, Shares | 7,000 | |||||||||||||
Warrants issued to purchase common stock shares, Value | $ 5,522 | |||||||||||||
Warrants issue to purchase common stock of share at an exercise price | $ 3.08 | |||||||||||||
Warrants issue to purchase common stock of exercisable for period | 3 years | |||||||||||||
Fountainhead Capital Management Limited [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 15,000 | |||||||||||||
Common stock issued shares | 8,152 | |||||||||||||
Acorn Management Partners [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 25,000 | |||||||||||||
Common stock issued shares | 13,889 | |||||||||||||
Gordon Holmes [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 100,000 | |||||||||||||
Common stock issued shares | 4,492 | |||||||||||||
Stock Option Plan [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Ownership percentage of outstanding voting stock for the options to be granted | More than 10%. | 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. | 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. | Not extend mare than 10 years from the grant date. | ||||||||||||
Outstanding voting stock expire from grant date | 10 years | 10 years | ||||||||||||
Vesting period for employees | 3 years | 3 years | ||||||||||||
Percentage of number of shares covered by plan | 10.00% | 10.00% | ||||||||||||
Share based compensation | $ 25,011 | $ 0 | ||||||||||||
Non Employee Stock Compensation [Member] | Steven Girgenti [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 8,516 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 20,000 | |||||||||||||
Non Employee Stock Compensation [Member] | Dr Oscar Bronsther [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 8,939 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 20,000 | |||||||||||||
Non Employee Stock Compensation [Member] | Alvaro Pascual - Leone [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 2,720 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 6,250 | |||||||||||||
Non Employee Stock Compensation [Member] | Jason Barton [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 2,793 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 6,250 | |||||||||||||
Non Employee Stock Compensation [Member] | Jose Romano [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 2,793 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 6,250 | |||||||||||||
Non Employee Stock Compensation [Member] | Josef Zihl [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 5,441 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 12,500 | |||||||||||||
Non Employee Stock Compensation [Member] | Lowell Rush [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 8,435 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 18,750 | |||||||||||||
Non Employee Stock Compensation [Member] | Board of Directors Chairman [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, value | 31,250 | |||||||||||||
Non Employee Stock Compensation [Member] | Scientific Advisory Board [Member] | Common Stock [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, value | 58,750 | |||||||||||||
Consulting Agreement [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share based compensation | 78,620 | |||||||||||||
Consulting Agreement [Member] | Fountainhead Capital Management Limited [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Common stock issued value | $ 60,000 | |||||||||||||
Common stock issued shares | 27,368 | |||||||||||||
Extension Agreement [Member] | Del Mar Consulting [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 3,000 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 5,400 | |||||||||||||
Extension Agreement [Member] | Alex Partners, LLC [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 2,000 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 3,600 | |||||||||||||
Advisory Agreement [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Stock issued during period, Restricted Stock, shares | 27,000 | |||||||||||||
Stock Issued during period, Restricted Stock, value | $ 66,000 | |||||||||||||
Advisory Agreement [Member] | J and M Group, LLC [Member] | ||||||||||||||
Share-Based Compensation (Textual) | ||||||||||||||
Share-based compensation shares issued to nonemployees for services, share | 2,500 | |||||||||||||
Share-based compensation shares issued to nonemployees for services, value | $ 4,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Warrant Liability | $ 31,945 | $ 19,792 | |
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 | $ 31,945 | $ 19,792 |
Fair Value Measurements (Deta50
Fair Value Measurements (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Balance | $ 19,792 | |
Balance | 31,945 | $ 19,792 |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Balance | 19,792 | |
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, April 25, 2014 | $ 2,103,195 | |
Change in fair value during period | 12,153 | 252,633 |
Reclassification to equity from waiver of anti-dilution on May 15, 2014 | (2,336,036) | |
Balance | $ 31,945 | $ 19,792 |
Fair Value Measurements (Deta51
Fair Value Measurements (Details 2) - Warrant [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Assumptions [Abstract] | ||||
Risk-free interest rates | 0.56% | |||
Risk-free interest rates, minimum | 0.58% | |||
Risk-free interest rates, maximum | 0.93% | |||
Expected life | 1 year 10 months 2 days | 3 years | ||
Expected dividends | 0.00% | 0.00% | 0.00% | |
Expected volatility | 93.00% | |||
Expected volatility, minimum | 71.00% | 71.00% | ||
Expected volatility, maximum | 83.00% | 97.00% | ||
Vycor Common Stock fair value | $ 1.84 | |||
Vycor common stock fair value minimum | $ 1.88 | $ 1.79 | ||
Vycor common stock fair value maximum | $ 2.39 | $ 2.70 | ||
Minimum [Member] | ||||
Fair Value Assumptions [Abstract] | ||||
Risk-free interest rates | 0.68% | |||
Expected life | 2 years 1 month 2 days | |||
Maximum [Member] | ||||
Fair Value Assumptions [Abstract] | ||||
Risk-free interest rates | 0.93% | |||
Expected life | 3 years |
Fair Value Measurements (Deta52
Fair Value Measurements (Details Textual) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value measurements (Textuals) | ||
Issuance of series A warrants and placement agent warrants shares | 2,397,631 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value measurements (Textuals) | ||
Issuance of series A warrants and placement agent warrants shares | 2,062,108 | 34,723 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of loss before taxes | ||||
Domestic | $ 3,646,424 | $ 2,216,711 | ||
Foreign | 403,289 | 227,780 | ||
Loss Before Provision for Income Taxes | $ (724,180) | $ (788,010) | $ (4,049,713) | $ (2,444,491) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
US statutory rate | $ (1,417,399) | $ (855,572) | ||
Tax difference between foreign and U.S. | 28,909 | 21,169 | ||
Change in Valuation Allowance | $ (1,388,490) | $ (834,403) | ||
Provision for Income Taxes |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of deferred tax assets and valuation allowance | ||
Operating loss carry-forward | $ 4,800,000 | $ 3,100,000 |
Deferred tax asset before Valuation allowance | 4,800,000 | 3,100,000 |
Valuation allowance | $ (4,800,000) | $ (3,100,000) |
Net deferred tax asset |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Income tax rate percent | 35.00% | 35.00% |
Accumulated losses on tax | $ 13,800,000 | $ 9,000,000 |
Non-Guarantor Subsidiaries [Member] | ||
Income Taxes [Line Items] | ||
Income tax rate percent | 35.00% | 35.00% |
German [Member] | ||
Income Taxes [Line Items] | ||
Accumulated losses on tax | $ 740,000 | $ 620,000 |
German [Member] | Non-Guarantor Subsidiaries [Member] | ||
Income Taxes [Line Items] | ||
Income tax rate percent | 31.50% | 31.50% |
UNITED KINGDOM | ||
Income Taxes [Line Items] | ||
Accumulated losses on tax | $ 180,000 | $ 140,000 |
UNITED KINGDOM | Non-Guarantor Subsidiaries [Member] | ||
Income Taxes [Line Items] | ||
Income tax rate percent | 20.00% | 20.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012USD ($) | Jun. 30, 2012EUR (€) | Mar. 31, 2015USD ($)ft² | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($) | |
Commitments and Contingencies (Textual) | ||||||
Area of leased building (sq. ft) | ft² | 10,000 | 10,000 | ||||
Rent expenses plus sales tax (per month) | $ 14,260 | $ 14,260 | ||||
Term of lease | 5 years 6 months | 5 years 6 months | ||||
Lease expiration date | Jul. 31, 2017 | Jul. 31, 2017 | ||||
Approximate preliminary assessed trade tax | $ 94,000 | € 75,000 | ||||
Rent expense | $ 47,211 | $ 50,178 | $ 202,083 | $ 182,197 |
Consulting and Other Agreemen58
Consulting and Other Agreements (Details) - Subsequent Event Type [Domain] - USD ($) | Nov. 30, 2014 | Jun. 30, 2014 | Mar. 14, 2014 | Jan. 02, 2014 | Jan. 31, 2015 | Oct. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2013 | Jul. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 |
Consulting and Other Agreements (Textual) | |||||||||||
Restricted shares of common stock issuable under the agreement | 45,000 | 30,000 | |||||||||
Restricted shares of common stock issuable under the agreement, Value | $ 66,000 | ||||||||||
Shares received under consulting agreement, value | $ 63,139 | ||||||||||
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. | ||||||||||
Broker Dealer [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Stock issued during period, restricted stock award issuable of execution agreement, shares | 15,000 | ||||||||||
JLS Ventures [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Stock issued during period, Repurchase of common stock shares | 100,000 | ||||||||||
Fountainhead [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Maximum cash payment for consulting services (monthly) | $ 10,000 | 10,000 | |||||||||
Consulting fees paid by cash | $ 5,000 | 5,000 | |||||||||
Consulting fees payable through common stock | $ 5,000 | ||||||||||
Description of agreement | Consulting Agreement to extend the term of the Consulting Agreement to January 2, 2015 | ||||||||||
Del Mar Consulting [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Shares received under consulting agreement, value | $ 66,000 | ||||||||||
Shares received under consulting agreement, shares | 33,000 | ||||||||||
Alex Partners, LLC [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Shares received under consulting agreement, value | $ 54,000 | ||||||||||
Shares received under consulting agreement, shares | 27,000 | ||||||||||
Hayden IR, LLC | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Restricted shares of common stock issuable under the agreement | 9,000 | 18,000 | 3,000 | 36,000 | |||||||
Consulting agreement duration | 12 months | ||||||||||
Shares received under consulting agreement, value | $ 8,500 | ||||||||||
Acorn Agreement [Member] | Restricted Stock [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Restricted shares of common stock issuable under the agreement | 25,000 | 75,000 | |||||||||
Restricted shares of common stock issuable under the agreement, Value | $ 8,000 | $ 8,000 | |||||||||
Gordon Holmes [Member] | |||||||||||
Consulting and Other Agreements (Textual) | |||||||||||
Warrants to purchase common stock | 100,000 | ||||||||||
Exercise price of warrants | $ 2.56 |
Related Party Transactions (Det
Related Party Transactions (Details) - Subsequent Event Type [Domain] - USD ($) | Aug. 05, 2014 | Jan. 02, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions (Textual) | |||||
Loan amount | $ 330,259 | $ 2,373,557 | |||
Common Stock issued to Fountainhead | $ 1,090 | $ 1,088 | $ 675 | ||
Common Stock issued to Fountainhead, Shares | 10,914,396 | 10,879,899 | 6,757,225 | ||
Common stock issued value | $ 63,139 | ||||
Consulting Agreement [Member] | |||||
Related Party Transactions (Textual) | |||||
Extension of maturity date | Fountainhead amended their Consulting Agreement to extend the term of the Consulting Agreement to January 2, 2015. | ||||
Decrease in retainer payable to Fountainhead | $ 10,000 | ||||
Retainer payable to Fountainhead | 5,000 | ||||
Common Stock issued to Fountainhead | $ 60,000 | ||||
Common Stock issued to Fountainhead, Shares | 27,368 | ||||
Employment Agreements [Member] | |||||
Related Party Transactions (Textual) | |||||
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. | ||||
Conversion Agreement [Member] | |||||
Related Party Transactions (Textual) | |||||
Accrued consulting fee | $ 1,426,542 | ||||
Fountainhead [Member] | |||||
Related Party Transactions (Textual) | |||||
Common stock held | 4.50 | ||||
Repayment of debt | $ 91,519 | ||||
Debt converted into preferred shares | $ 235,590 | ||||
Face amount of the exchanged debt | $ 2,355,587 | ||||
Common stock price per share | $ 2.15 | ||||
Number of additional warrants of common shares | 50.00% | ||||
Exercise price of warrant | $ 3.08 | ||||
Period of warrants | 3 years | ||||
Number of shares of common stock percentage | 75.00% | ||||
Warrants expiration description | Warrants expiring in 2015 | ||||
Accrued interest due payment | $ (236,952) | ||||
Common stock issued, shares | 8,152 | ||||
Common stock issued value | $ 15,000 | ||||
Fountainhead [Member] | Maximum [Member] | |||||
Related Party Transactions (Textual) | |||||
Preferred stock, dividend rate, percentage | 7.00% | ||||
Fountainhead [Member] | Minimum [Member] | |||||
Related Party Transactions (Textual) | |||||
Preferred stock, dividend rate, percentage | 12.00% | ||||
Peter Zachariou [Member] | |||||
Related Party Transactions (Textual) | |||||
Repayment of debt | 20,000 | ||||
Accrued interest due payment | (81,840) | ||||
David Cantor [Member] | |||||
Related Party Transactions (Textual) | |||||
Repayment of debt | 15,000 | ||||
Accrued interest due payment | (247) | ||||
Fountainhead and Peter Zachariou [Member] | |||||
Related Party Transactions (Textual) | |||||
Loan amount | $ 2,247,037 | ||||
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 $2,247,037) to January 2, 2017, subject to the earlier repayment of such debt upon the occurrence of certain specified conditions. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Jan. 31, 2015 | May. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Events (Textual) | |||||
Common stock issued in consideration for services | $ 63,139 | ||||
Portfolio expense | $ 65,000 | ||||
Subsequent Event [Member] | Steven Girgenti [Member] | |||||
Subsequent Events (Textual) | |||||
Common stock issued in consideration for services | $ 5,000 | $ 5,000 | |||
Common stock issued in consideration for services, Shares | 2,660 | 2,717 | |||
Subsequent Event [Member] | Alvaro Pasual Leone [Member] | |||||
Subsequent Events (Textual) | |||||
Common stock issued in consideration for services | $ 1,563 | $ 1,562 | |||
Common stock issued in consideration for services, Shares | 925 | 919 | |||
Subsequent Event [Member] | Josef Zihl [Member] | |||||
Subsequent Events (Textual) | |||||
Common stock issued in consideration for services | $ 3,125 | $ 3,125 | |||
Common stock issued in consideration for services, Shares | 1,849 | 1,838 | |||
Subsequent Event [Member] | Acorn Management Partners [Member] | |||||
Subsequent Events (Textual) | |||||
Common stock issued in consideration for services | $ 8,333 | $ 25,000 | |||
Common stock issued in consideration for services, Shares | 4,630 | 13,889 |