Vycor Medical (VYCO) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
Document And Entity Information
Entity Registrant Name	Vycor Medical Inc
Entity Central Index Key	1,424,768
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		19,170,265
Trading Symbol	VYCO
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash	$ 561,549	$ 56,859
Trade accounts receivable, net	247,728	148,784
Inventory	186,546	204,071
Prepaid expenses and other current assets	105,357	127,375
Total Current Assets	1,101,180	537,089
Fixed assets, net	475,150	401,051
Intangible and Other assets:
Trademarks	251,157	251,157
Patents, net of accumulated amortization	196,654	238,571
Website, net of accumulated amortization	13,815	14,958
Security deposits	42,424	42,424
Total Intangible and Other assets	504,050	547,110
TOTAL ASSETS	2,080,380	1,485,250
Current Liabilities
Accounts payable	113,545	249,949
Accrued interest: Other	148,601	136,765
Accrued interest: Related party	12,840	12,161
Accrued liabilities: Other	231,127	116,957
Accrued liabilities: Related Party	492,185	330,000
Monies in Escrow Related Party - Offering		101,000
Notes payable: Related Party		248,000
Notes payable: Other	331,243	316,856
Total Current Liabilities	1,329,541	1,511,688
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,306 issued and outstanding as at March 31, 2017 and December 31, 2016 respectively	27	27
Common Stock, $0.0001 par value, 25,000,000 shares authorized at March 31, 2017 and December 31, 2016, 17,688,777 and 11,439,357 shares issued and 17,585,443 and 11,336,023 outstanding at March 31, 2017 and December 31, 2016 respectively	1,769	1,144
Additional Paid-in Capital	26,259,479	25,007,850
Treasury Stock (103,334 shares of Common Stock as at March 31, 2017 and December 31, 2016 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(25,639,522)	(25,164,545)
Accumulated Other Comprehensive Income	130,119	130,119
Total Stockholders’ Equity (Deficit)	750,839	(26,438)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 2,080,380	$ 1,485,250

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	270,306	270,306
Preferred stock, shares outstanding	270,306	270,306
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	17,688,777	11,439,357
Common Stock, shares outstanding	17,585,443	11,336,023
Treasury Stock, shares	103,334	103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 428,399	$ 400,085
Cost of Goods Sold	47,976	67,238
Gross Profit	380,423	332,847
Operating expenses:
Depreciation and Amortization	69,372	63,283
General and administrative	610,773	784,342
Total Operating expenses	680,145	847,625
Operating loss	(299,722)	(514,778)
Other income (expense)
Interest expense: Related Party	(678)
Interest expense: Other	(12,043)	(11,980)
Loss on foreign currency exchange	(348)	(806)
Total Other Income (expense)	(13,069)	(12,786)
Loss Before Credit for Income Taxes	(312,791)	(527,564)
Credit for income taxes
Net Loss	(312,791)	(527,564)
Preferred stock dividends	(162,186)	(88,318)
Net Loss available to common shareholders	(474,977)	(615,882)
Comprehensive Loss
Foreign Currency Translation Adjustment
Comprehensive Loss	$ (474,977)	$ (615,882)
Net Loss Per Share
Basic and diluted	$ (0.03)	$ (0.06)
Weighted Average Number of Shares Outstanding - Basic and Diluted	15,247,264	10,934,887

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (312,791)	$ (527,564)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets	43,059	29,148
Depreciation of fixed assets	29,992	36,431
Inventory provision	2,544	2,544
Stock based compensation	61,047	254,762
Loss on foreign exchange		806
Changes in assets and liabilities:
Accounts receivable	(98,944)	(56,032)
Inventory	14,982	12,588
Prepaid expenses	27,030	37,102
Accrued interest other	679
Accrued interest other	11,836	11,967
Accounts payable	(136,403)	(59,815)
Accrued liabilities	114,168	57,984
Cash used in operating activities	(242,801)	(200,079)
Cash flows from investing activities:
Purchase of fixed assets	(71,331)	(17,172)
Cash used in investing activities	(71,331)	(17,172)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	842,207
Repayment of Notes Payable - Other	(23,385)	(25,815)
Cash provided by (used in) financing activities	818,822	(25,815)
Effect of exchange rate changes on cash		(806)
Net increase (decrease) in cash	504,690	(243,872)
Cash at beginning of period	56,859	347,477
Cash at end of period	561,549	103,605
Non-Cash Transactions:
Preferred stock dividends satisfied in new preferred stock		88,318
Common stock issued upon conversion of debt	248,000
Common stock issued in respect of funds held in escrow	$ 101,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [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 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 omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2016 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, 2016. The consolidated financial statements as of and for the three months ended March 31, 2017 and 2016, 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, 2017 and 2016 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Ability to continue as a Going Concern The Company has incurred losses since its inception, including a net loss of $312,791 and $527,564 for the three month period ended March 31, 2017 and 2016 respectively. As at December 31, 2016 the Company had stockholder’s deficiency of $26,483 and cash of $56,859. As a result, these conditions had raised substantial doubt regarding our ability to continue as a going concern. However, on January 11, and February 23, 2017 the Company completed the sale of $1,274,717 in shares of Common Stock and Warrants to accredited investors. Included in these gross proceeds is the conversion of $248,000 of debt on the balance sheet at December 31, 2016, so that proceeds net of debt conversion were $1,026,717. The Private Placement raised net cash proceeds, after debt conversion and expenses, of $943,207, of which 842,207 was received during the period. As at March 31, 2017 the Company had stockholder’s equity of $750,839 and cash of $561,549. Management has evaluated the effects of the Private Placement on the Company’s financial condition, as well as the continued revenue growth coupled with improved margins and control of expenses. Management is of the opinion that any potential going concern uncertainty that previously existed has been remediated, and that its cash and cash equivalents of $561,549 at March 31, 2017, together with the continued reduction in losses as a result of initiatives outlined in “Liquidity and Plan of Operations” in Item 2. will be sufficient to meet its anticipated cash requirements through at least June 30, 2018.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	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. All material inter-company accounts, transactions, and profits have been eliminated in consolidation. Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15 —Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued and if management’s plans will alleviate that doubt. Management is required to make this evaluation for both annual and interim reporting periods. The Company adopted this guidance for the fiscal year ended December 31, 2016. This adoption did not have a material impact on the Company’s consolidated financial statements. 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. 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, 2017 December 31, 2016 Stock options outstanding 725,557 705,557 Warrants to purchase common stock 8,469,239 6,007,048 Debentures convertible into common stock 248,112 242,647 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 297,690 176,479 Total 11,012,650 8,403,783

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable	3. NOTES PAYABLE Related Party Notes Payable As of March 31, 2017 and December 31, 2016 Related Party Notes Payable consists of: March 31, 2017 December 31, 2016 In the period the Company issued promissory notes to Fountainhead Capital Management Limited for $248,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The notes were converted into 1,180,953,shares of common stock and 1,180,953 warrants in connection with the Private Placement in January 2017. - 248,000 Total Related Party Notes Payable - 248,000 Other Notes Payable As of March 31, 2017 and December 31, 2016, Other Notes Payable consists of: March 31, 2017 December 31, 2016 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 note 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 May 31, 2017 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2017 the Company made payments of $23,385. The notes are due over the next twelve months. 31,243 16,856 Total Notes Payable: 331,243 316,856 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.

Segment Reporting, Geographical

Segment Reporting, Geographical Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [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, 2017 2016 Revenue: Vycor Medical $ 369,887 $ 348,920 NovaVision $ 58,512 $ 51,165 $ 428,399 $ 400,085 Gross Profit Vycor Medical $ 328,596 $ 286,607 NovaVision $ 51,827 $ 46,240 $ 380,423 $ 332,847 March 31, 2017 December 31, 2016 Total Assets: Vycor Medical $ 1,450,057 $ 805,716 NovaVision 630,323 679,534 Total Assets $ 2,080,380 $ 1,485,250 (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. Three Months Ended March 31, 2017 2016 Revenue: United States $ 401,072 $ 372,305 Europe $ 27,327 $ 27,780 $ 428,399 $ 400,085 Gross Profit United States $ 355,701 $ 307,237 Europe $ 24,722 $ 25,610 $ 380,423 $ 332,847 March 31, 2017 December 31, 2016 Total Assets: United States $ 1,861,679 $ 1,258,624 Europe 218,701 226,626 Total Assets $ 2,080,380 $ 1,485,250

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	5. EQUITY Common Stock and Stock Grants During January to March 2017, the Company granted 87,878 shares of Common Stock (valued at $21,000) to non-employee Directors. Under the terms of the Directors Deferred Compensation Plan, the receipt of these shares is deferred until the January 15 th During January to March 2017, the Company issued 36,484 shares of Common Stock (valued at $8,438) to members of the NovaVision, Inc. Scientific Advisory Board in respect of their services. During January to March 2017, the Company issued 142,857 shares of Common Stock (valued at $30,000) to Fountainhead in accordance with the terms of a Consulting Agreement. Private Placement On January 11 and February 23, 2017, the Company completed the sale of $1,274,717 in shares of Vycor Common Stock (each a “Share”) and Warrants (together with the Shares, the “Securities”) to accredited investors (the “Investors”). The Shares were issued in a private placement (the “Private Placement”) pursuant to the terms of Stock Purchase Agreements between the Company and each of the Investors, and was limited to current shareholders of the Company as of November 9, 2016 (the “Record Date”). Included in these gross proceeds is the conversion of $248,000 of debt on the balance sheet at December 31, 2016 and $101,000 funds held in escrow on the balance sheet at December 31, 2016. The Private Placement raised net cash proceeds, after debt conversion and expenses, of $943,207, of which $842,207 was received during the period. The Private Placement was undertaken as a private placement offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Rule 506(b) of Regulation D promulgated under the Act since, among other things, the transaction did not involve a public offering and the securities were acquired for investment purposes only and not with a view to or for sale in connection with any distribution thereof. The Securities comprised one Share at a purchase price $0.21 per share and a Warrant to purchase one Share at an exercise price of $0.27, exercisable over a period of three (3) years. A total of 6,070,079 Shares and Warrants to purchase 6,070,079 Shares were issued in the Private Placement. Warrants and Options The details of the outstanding warrants and options are as follows: STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2015 6,007,048 $ 2.57 Granted - - Exercised - - Cancelled or expired - - Outstanding at December 31, 2016 6,007,048 $ 2.57 Granted 6,272,770 $ 0.27 Exercised - - Cancelled or expired (3,810,579 ) - Outstanding at March 31, 2017 8,469,239 $ 2.18 STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2015 25,557 $ 20.25 Granted 680,000 $ 0.79 Exercised - - Cancelled or expired - - Outstanding at December 31, 2016 705,557 $ 20.25 Granted 20,000 $ 0.27 Exercised - - Cancelled or expired - - Outstanding at March 31, 2017 725,557 $ 1.89 On March 31, 2017 options to purchase 660,000 shares of Common Stock were granted to Fountainhead under the terms of a Consulting Agreement. These options will vest on April 1, 2018 subject to the achievement of certain milestones by March 31, 2018. These options are not included in the above table until such a time as they vest. As of March 31, 2017, the weighted-average remaining contractual life of outstanding warrants and options is 2.18 and 1.89 years, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	6. SHARE-BASED COMPENSATION Stock Option Plan 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 three months ended March 31, 2017 and 2016, the Company recognized share-based compensation of $1,609 and $198,200, 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, 2017 there were no awards of any stock appreciation rights. Non-Employee Stock Compensation The Company from time to time issues common stock, stock options or common stock warrants to acquire services or goods from non-employees. Common stock, stock options and common stock warrants issued to other than employees or directors are recorded on the basis of their fair value, which is measured as of the “measurement date” using an option pricing model. 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. Aggregate stock-based compensation expense charged to operations for stock and warrants granted to non-employees for the three months ended March 31, 2017 and 2016 was $141,938 and $56,562, of which $59,438 and $56,562 related to stock issued during the periods; $82,500 was accrued and issued following the period ended March 31, 2017. During the three months ended March 31, 2017 warrants with a value of $86,754 were granted with performance vesting conditions; the value of these options will not be recognized as share-based compensation unless or until the Company concludes that it is probably the performance conditions will be achieved. Stock-based Compensation Valuation Methodology 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. Expected volatility is based on the historical volatility of a peer group of publicly traded companies. The expected term of options and warrants was based upon the expected life of the option or warrant, and the risk-free rate is based on the U.S. Treasury Constant Maturity rate. The following assumptions were used in calculations of the Black-Scholes option pricing model for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Risk-free interest rates 1.50 % 0.91 % Expected life 1.5 years 1.5 years Expected dividends 0 % 0 % Expected volatility 104 % 95 % Vycor Common Stock fair value $ 0.20 $ 0.71

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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 $15,439 plus sales tax per month. The term of the lease is 5 years and 6 months terminating July, 2017. The Company’s subsidiary in Germany occupies premises on a short term lease agreement. Rent expense for the three months ended March 31, 2017 and 2016 was $51,513 and $53,654 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 $85,000). 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 (either 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 in the three months ended March 31, 2017 and the year ended December 31, 2016 respectively, 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 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, however this competitor appears to have abandoned its product offering, making an enforcement action moot for the time being. 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
	Mar. 31, 2017
Consulting And Other Agreements
Consulting and Other Agreements	8. CONSULTING AND OTHER AGREEMENTS The following agreements were entered into or remained in force during the three months ended March 31, 2017: During the three months ended March 31, 2017, under the terms of an amended Consulting Agreement between the Company and Fountainhead, Fountainhead was paid a monthly retainer of $10,000 per month in Company Common Stock issued at the end the quarter. In March 2017 and effective April 1, 2017, as part of a streamlining of compensation arrangements with executive management, the Company established the March 2017 Compensation Plan. Under this Plan, the Company amended the Fountainhead Consulting Agreement (“the Amendment”) to increase the annual fees by $330,000 to a total of $37,500 per month; at the same time, annual compensation payable to executive management under the March 2016 Compensation Plan was reduced by $330,000 to $0. These changes therefore have no financial impact on the Company. The other terms of the Consulting Agreement remain the same, including the ability of Fountainhead at its option to receive $5,000 per month in cash and the remainder payable in Company Common Stock issued at the recent Private Placement price and deliverable at the end of each fiscal quarter. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of fees in cash subject to certain future liquidity events, and subject to Board approval. Under the Amendment, Fountainhead was granted options pursuant to the Vycor Medical, Inc. 2008 Stock Option Plan, to purchase 660,000 shares of Company Common Stock at the same $0.27 exercise price as that of the warrants issued in the Private Placement. Vesting of these options is subject to the achievement of certain milestones by March 31, 2018. These options are equivalent to a grant of options to executive management under the March 2016 Compensation Plan, the change being made as part of the same streamlining.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	9. RELATED PARTY TRANSACTIONS Peter Zachariou, director and David Cantor, director are investment managers of Fountainhead Capital Management which is a related party due to the size of its shareholding. Adrian Liddell, Chairman is a consultant for Fountainhead Capital Management. During the period ended March 31, 2017, in accordance with the terms of the Consulting Agreement, the Company issued 142,857 shares of Common Stock (valued at $30,000) to Fountainhead. On January 11, and February 23, 2017 the Company completed the sale of $1,274,717 in shares of Common Stock and Warrants to accredited investors (the “Private Placement”). Fountainhead subscribed a total of $477,939 of shares in the Private Placement of which approximately $248,000 represented amounts that Fountainhead had already advanced to the Company and was held in the form of notes. As a result, Fountainhead was issued 2,275,901 shares of Common Stock and Warrants to purchase 2,275,901 shares of Common Stock an exercise price of $0.27. During the period ended March 31, 2017, following the achievement of certain milestones established in the March 2016 Compensation Plan, the Company accrued deferred compensation of $82,500. This together with the balance of the deferred compensation accrued during the year ended December 31, 2016, was paid to Fountainhead in common stock subsequent to the quarter end (See Note 10).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10Q: On April 30, 2017, following the achievement of certain milestones established in the March 2016 Compensation Plan, 1,571,429 shares of Common Stock, valued at $330,000, were issued to Fountainhead.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and profits have been eliminated in consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15 —Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued and if management’s plans will alleviate that doubt. Management is required to make this evaluation for both annual and interim reporting periods. The Company adopted this guidance for the fiscal year ended December 31, 2016. This adoption did not have a material impact on the Company’s consolidated financial statements. 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.
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, 2017 December 31, 2016 Stock options outstanding 725,557 705,557 Warrants to purchase common stock 8,469,239 6,007,048 Debentures convertible into common stock 248,112 242,647 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 297,690 176,479 Total 11,012,650 8,403,783

Significant Accounting Polici17

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule Of Common Stock Not Included In Calculation Of Diluted Net Loss Per Share	The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: March 31, 2017 December 31, 2016 Stock options outstanding 725,557 705,557 Warrants to purchase common stock 8,469,239 6,007,048 Debentures convertible into common stock 248,112 242,647 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 297,690 176,479 Total 11,012,650 8,403,783

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Notes Payable	Related Party Notes Payable As of March 31, 2017 and December 31, 2016 Related Party Notes Payable consists of: March 31, 2017 December 31, 2016 In the period the Company issued promissory notes to Fountainhead Capital Management Limited for $248,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The notes were converted into 1,180,953,shares of common stock and 1,180,953 warrants in connection with the Private Placement in January 2017. - 248,000 Total Related Party Notes Payable - 248,000 Other Notes Payable As of March 31, 2017 and December 31, 2016, Other Notes Payable consists of: March 31, 2017 December 31, 2016 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 note 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 May 31, 2017 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2017 the Company made payments of $23,385. The notes are due over the next twelve months. 31,243 16,856 Total Notes Payable: 331,243 316,856

Segment Reporting, Geographic19

Segment Reporting, Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Business Segments Information	Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended March 31, 2017 2016 Revenue: Vycor Medical $ 369,887 $ 348,920 NovaVision $ 58,512 $ 51,165 $ 428,399 $ 400,085 Gross Profit Vycor Medical $ 328,596 $ 286,607 NovaVision $ 51,827 $ 46,240 $ 380,423 $ 332,847 March 31, 2017 December 31, 2016 Total Assets: Vycor Medical $ 1,450,057 $ 805,716 NovaVision 630,323 679,534 Total Assets $ 2,080,380 $ 1,485,250
Summary of Geographic Information	Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended March 31, 2017 2016 Revenue: United States $ 401,072 $ 372,305 Europe $ 27,327 $ 27,780 $ 428,399 $ 400,085 Gross Profit United States $ 355,701 $ 307,237 Europe $ 24,722 $ 25,610 $ 380,423 $ 332,847 March 31, 2017 December 31, 2016 Total Assets: United States $ 1,861,679 $ 1,258,624 Europe 218,701 226,626 Total Assets $ 2,080,380 $ 1,485,250

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Warrant [Member]
Schedule of Warrants and Options	The details of the outstanding warrants and options are as follows: STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2015 6,007,048 $ 2.57 Granted - - Exercised - - Cancelled or expired - - Outstanding at December 31, 2016 6,007,048 $ 2.57 Granted 6,272,770 $ 0.27 Exercised - - Cancelled or expired (3,810,579 ) - Outstanding at March 31, 2017 8,469,239 $ 2.18
Stock Option [Member]
Schedule of Warrants and Options	STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2015 25,557 $ 20.25 Granted 680,000 $ 0.79 Exercised - - Cancelled or expired - - Outstanding at December 31, 2016 705,557 $ 20.25 Granted 20,000 $ 0.27 Exercised - - Cancelled or expired - - Outstanding at March 31, 2017 725,557 $ 1.89

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Assumptions Used in Calculations of Black-Scholes Option Pricing Model	The following assumptions were used in calculations of the Black-Scholes option pricing model for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Risk-free interest rates 1.50 % 0.91 % Expected life 1.5 years 1.5 years Expected dividends 0 % 0 % Expected volatility 104 % 95 % Vycor Common Stock fair value $ 0.20 $ 0.71

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	Feb. 23, 2017	Feb. 23, 2017	Jan. 11, 2017	Jan. 11, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Net loss					$ 312,791	$ 527,564
Stockholder's deficiency					(750,839)		$ 26,438
Cash					561,549	103,605	56,859	$ 347,477
Debt instruments conversion of gross proceeds							$ 248,000
Proceeds from issuance of debt					1,026,717
Proceeds from issuance of common stock, net					842,207
Private Placement [Member]
Proceeds from issuance of debt					943,207
Private Placement [Member] | Accredited Investors [Member]
Sale of stock, value		$ 1,274,717		$ 1,274,717	$ 477,939
Common Stock and Warrants [Member] | Private Placement [Member] | Accredited Investors [Member]
Sale of stock, value	$ 1,274,717		$ 1,274,717

Significant Accounting Polici23

Significant Accounting Policies - Schedule of Common Stock Not Included in Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Potential shares of common stock that are not included in the calculation of diluted net loss per share	11,012,650	8,403,783
Stock Option Outstanding [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	725,557	705,557
Warrant to Purchase Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	8,469,239	6,007,048
Debentures Convertible into Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	248,112	242,647
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	1,272,052	1,272,052
Directors Deferred Compensation Plan [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	297,690	176,479

Notes Payable - Summary of Note

Notes Payable - Summary of Notes Payable (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Total Related Party Notes Payable		$ 248,000
Total Other Notes Payable	331,243	316,856
Fountainhead Capital Management Limited [Member]
Total Related Party Notes Payable		248,000
Other Notes Payable [Member]
Total Other Notes Payable	300,000	300,000
Insurance Policy Finance Agreements [Member]
Total Other Notes Payable	$ 31,243	$ 16,856

Notes Payable - Summary of No25

Notes Payable - Summary of Notes Payable (Details) (Parenthetical) - USD ($)	Mar. 25, 2011	Mar. 31, 2017
EuroAmerican Investment Corp [Member]
Notes interest rate	16.00%
Term notes	$ 300,000
Debt due date	Jun. 25, 2011
Warrants to purchase shares	400,000
Common stock exercise price	$ 4.50
Common stock exercise period	3 years
Conversion price	$ 1.80
Debt extended due date	May 31, 2017
Fountainhead Capital Management Limited [Member]
Promissory notes issued		$ 248,000
Notes interest rate		10.00%
Number of common stock, shares converted		1,180,953
Common stock exercise price		$ 0.27
Fountainhead Capital Management Limited [Member] | Warrant [Member]
Number of common stock, shares converted		1,180,953
Insurance Policy Finance Agreements [Member]
Payments made for notes		$ 23,385

Segment Reporting, Geographic26

Segment Reporting, Geographical Information - Schedule of Business Segments Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Total Revenue	$ 428,399	$ 400,085
Total Gross Profit	380,423	332,847
Total Assets	2,080,380		$ 1,485,250
Vycor Medical [Member]
Total Revenue	369,887	348,920
Total Gross Profit	328,596	286,607
Total Assets	1,450,057		805,716
NovaVision [Member]
Total Revenue	58,512	51,165
Total Gross Profit	51,827	$ 46,240
Total Assets	$ 630,323		$ 679,534

Segment Reporting, Geographic27

Segment Reporting, Geographical Information - Summary of Geographic Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Total Revenue	$ 428,399	$ 400,085
Total Gross Profit	380,423	332,847
Total Assets	2,080,380		$ 1,485,250
United States [Member]
Total Revenue	401,072	372,305
Total Gross Profit	355,701	307,237
Total Assets	1,861,679		1,258,624
Europe [Member]
Total Revenue	27,327	27,780
Total Gross Profit	24,722	$ 25,610
Total Assets	$ 218,701		$ 226,626

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	Feb. 23, 2017	Jan. 11, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Stock issued during period, value			$ 59,438	$ 56,562
Common stock issued in respect of funds held in escrow			101,000
Private Placement [Member]
Proceeds from conversion of debt					$ 248,000
Common stock issued in respect of funds held in escrow					$ 101,000
Proceeds from issuance of private placement			943,207
Debt conversion and expenses			$ 842,207
Warrant exercise price			$ 0.27
Warrants term			3 years
Warrants to purchase, shares			6,070,079
Sale of stock, number of shares issued in transaction			6,070,079
NovaVision, Inc [Member]
Shares issued for services			36,484
Value of shares issued for services			$ 8,438
Fountainhead [Member] | Consulting Agreement [Member]
Stock issued during period			142,857
Stock issued during period, value			$ 30,000
Number of options to purchase shares of common stock			660,000
Accredited Investors [Member] | Private Placement [Member]
Sale of stock, value	$ 1,274,717	$ 1,274,717	$ 477,939
Non Employee Directors [Member]
Shares issued for services			87,878
Value of shares issued for services			$ 21,000

Equity - Schedule of Warrants a

Equity - Schedule of Warrants and Options (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Warrant [Member]
Number of shares Outstanding, Beginning Balance	6,007,048	6,007,048
Number of shares, Granted	6,272,770
Number of shares, Exercised
Number of shares, Cancelled or expired	(3,810,579)
Number of shares Outstanding, Ending Balance	8,469,239	6,007,048
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 2.57	$ 3
Weighted average exercise price per share, Granted	0.27
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	$ 2.18	$ 2.57
Stock Option [Member]
Number of shares Outstanding, Beginning Balance	705,557	25,557
Number of shares, Granted	20,000	680,000
Number of shares, Exercised
Number of shares, Cancelled or expired
Number of shares Outstanding, Ending Balance	725,557	705,557
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 20.25	$ 20.25
Weighted average exercise price per share, Granted	0.27	1
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	$ 1.89	$ 20.25

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based compensation	$ 1,609	$ 198,200
Number of stock issued during period	59,438	56,562
Accrued compensation	82,500
Warrant [Member]
Share-based compensation	86,754
Non-employee [Member]
Share-based compensation	$ 141,938	$ 56,562

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Assumptions Used in Calculations of Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rates	1.50%	0.91%
Expected life	1 year 6 months	1 year 6 months
Expected dividends	0.00%	0.00%
Expected volatility	104.00%	95.00%
Vycor Common Stock fair value	$ 0.20	$ 0.71

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	3 Months Ended
	Mar. 31, 2017USD ($)ft²	Mar. 31, 2016USD ($)	Jun. 30, 2012USD ($)	Jun. 30, 2012EUR (€)
Area of lease | ft²	10,000
Rent expense	$ 15,439
Lease term	5 years 6 months
Trade tax			$ 85,000
Euro [Member]
Trade tax | €				€ 75,000
Germany [Member]
Rent expense	$ 51,513	$ 53,654

Consulting and Other Agreemen33

Consulting and Other Agreements (Details Narrative) - Consulting Agreement [Member]	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
March 2017 [Member]
Number of shares issued under the agreement | shares	330,000
Annual fee per month	$ 37,500
Cash per month	$ 5,000
Common stock exercise price | $ / shares	$ 0.27
March 2017 [Member] | 2008 Stock Option Plan [Member] | Fountainhead [Member]
Purchase of common stock | shares	660,000
March 2017 [Member] | Maximum [Member]
Management fees payable	$ 330,000
March 2017 [Member] | Minimum [Member]
Management fees payable	0
Fountainhead Capital Management Limited [Member]
Monthly retainer amount	$ 10,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Feb. 23, 2017	Jan. 11, 2017	Mar. 31, 2017	Dec. 31, 2016
Number of shares issued			17,688,777	11,439,357
Value of shares issued			$ 1,769	$ 1,144
Private Placement [Member]
Warrants to purchase, shares			6,070,079
Warrant exercise price			$ 0.27
Fountainhead Capital Management Limited [Member]
Unsecured loan notes issued			$ 248,000
Number of common stock issued shares			2,275,901
Warrants to purchase, shares			2,275,901
Warrant exercise price			$ 0.27
March 2016 Compensation Plan [Member]
Accrued deferred compensation			$ 82,500
Fountainhead [Member] | Consulting Agreement [Member]
Number of shares issued			142,857
Value of shares issued			$ 30,000
Number of common stock issued shares			142,857
Accredited Investors [Member] | Private Placement [Member]
Sale of stock, value	$ 1,274,717	$ 1,274,717	$ 477,939

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016
Number of common stock issued value		$ 59,438	$ 56,562
Subsequent Event [Member] | March 2016 Compensation Plan [Member]
Number of common stock issued shares	1,571,429
Number of common stock issued value	$ 330,000