Vycor Medical (VYCO) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
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	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,217,049
Trading Symbol	VYCO
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash	$ 76,733	$ 206,213
Trade accounts receivable	136,322	110,422
Inventory	182,346	213,883
Prepaid expenses and other current assets	76,617	77,990
Total Current Assets	472,018	608,508
Fixed assets, net	473,829	489,170
Intangible and Other assets:
Trademarks	251,157	251,157
Patents, net of accumulated amortization	58,183	81,064
Website, net of accumulated amortization	8,104	10,389
Security deposits	6,528	9,169
Total Intangible and Other assets	323,972	351,779
TOTAL ASSETS	1,269,819	1,449,457
Current Liabilities
Accounts payable	117,978	141,319
Accrued interest: Other	208,568	184,765
Accrued interest: Related party	13,486	12,840
Accrued liabilities - Other	196,985	161,328
Accrued liabilities - Related Party	486,555	549,370
Notes payable: Other	323,080	318,393
Notes payable: Related Party	163,000
Total Current Liabilities	1,509,652	1,368,015
STOCKHOLDERS' EQUITY (DEFICIENCY)
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,306 and 270,306 issued and outstanding as at June 30, 2018 and December 31, 2017 respectively	27	27
Common Stock, $0.0001 par value, 55,000,000 shares authorized, 22,320,393 and 19,925,322 shares issued and 22,217,049 and 19,821,988 outstanding at June 30, 2018 and December 31, 2017 respectively	2,232	1,993
Additional Paid-in Capital	27,504,960	26,921,574
Treasury Stock (103,334 shares of Common Stock at cost)	(1,033)	(1,033)
Accumulated Deficit	(27,873,365)	(26,965,960)
Accumulated Other Comprehensive Income	127,346	124,841
Total Stockholders' Equity (Deficiency)	(239,833)	81,442
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)	$ 1,269,819	$ 1,449,457

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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	55,000,000	55,000,000
Common stock, shares issued	22,320,393	19,925,322
Common stock, shares outstanding	22,217,049	19,821,988
Treasury stock, shares	103,334	103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue	$ 301,665	$ 307,684	$ 626,766	$ 736,083
Cost of Revenues Sold	46,987	39,445	76,330	87,421
Gross Profit	254,678	268,239	550,436	648,662
Operating expenses:
Depreciation and Amortization	43,329	69,264	85,332	138,636
General and administrative	616,997	552,865	1,185,302	1,163,635
Total Operating expenses	660,326	622,129	1,270,634	1,302,271
Operating loss	(405,648)	(353,890)	(720,198)	(653,609)
Other income (expense)
Interest expense: Other	(12,199)	(8,809)	(24,225)	(20,853)
Interest expense: Related Party	(646)		(646)	(679)
Loss on foreign currency exchange	(91)	1,982	(151)	1,632
Total Other Income (expense)	(12,936)	(6,827)	(25,022)	(19,900)
Loss Before Credit for Income Taxes	(418,584)	(360,717)	(745,220)	(673,509)
Credit for income taxes
Net Loss	(418,584)	(360,717)	(745,220)	(673,509)
Preferred stock dividends			(162,185)	(162,185)
Net Loss available to common shareholders	(418,584)	(360,717)	(907,405)	(835,694)
Comprehensive Loss
Foreign Currency Translation Adjustment	3,667	(2,959)	2,505	(2,959)
Comprehensive Loss	$ (414,917)	$ (363,676)	$ (904,900)	$ (838,653)
Net Loss Per Share
Basic and diluted	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.05)
Weighted Average Number of Shares Outstanding - Basic and Diluted	21,542,847	18,674,287	20,768,663	16,970,241

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (745,220)	$ (673,509)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets	25,166	86,118
Depreciation of fixed assets	64,902	60,214
Inventory provision		2,544
Stock based compensation	358,625	197,868
Accrued liabilities - Related Party		82,500
loss on foreign exchange		1,634
Changes in assets and liabilities:
Accounts receivable	(25,900)	30,897
Inventory	31,537	26,507
Prepaid expenses	1,375	47,970
Security Deposits	2,641	(4,245)
Accrued interest - Related Party	646	680
Accrued interest - Other	23,803	23,803
Accounts payable	(23,341)	(128,956)
Accrued liabilities - Other	35,657	(3,542)
Cash used in operating activities	(250,109)	(249,517)
Cash flows from investing activities:
Purchase of fixed assets	(50,035)	(88,012)
Cash used in investing activities	(50,035)	(88,012)
Cash flows from financing activities:
Proceeds from issuance of common stock, net		842,207
Proceeds from Notes Payable - Related Party	163,000
Proceeds net of repayments Notes Payable - Other	4,687	(37,735)
Cash provided by financing activities	167,687	804,472
Effect of exchange rate changes on cash	2,977	(5,047)
Net increase (decrease) in cash	(129,480)	461,896
Cash at beginning of period	206,213	56,859
Cash at end of period	76,733	518,755
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	0	0
Cash paid for income tax	0	0
Non-Cash Transactions:
Common stock issued upon conversion of debt	0	248,000
Common stock issued in respect of funds held in escrow	0	101,000
Common stock issued to related party for payment of accrued liabilities	$ 225,000	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION 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 8 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2017 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, 2017. The unaudited consolidated financial statements as of and for the three and six months ended June 30, 2018 and 2017, 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 and six months ended June 30, 2018 and 2017 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. Ability to continue as a Going Concern The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $745,220 for the six months ended June 30, 2018 and has not generated cash flows from operations. As of June 30, 2018 the Company had a working capital deficiency of $374,593, excluding related party liabilities of $663,041. As a result, these conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. The Company is executing on a plan to achieve growth in revenues for both the Vycor Medical and NovaVision divisions as well as a reduction in costs, thereby reducing its cash operating usage. However, the Company believes it may not have sufficient cash to meet its various cash needs through August 31, 2019 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead Capital Management Limited (“Fountainhead”), the Company’s largest shareholder, is currently providing working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company 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. 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: June 30, 2018 June 30, 2017 Stock options outstanding 1,380,000 725,557 Warrants to purchase common stock 3,717,826 7,875,417 Debentures convertible into common stock 2,421,752 255,871 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 615,619 364,356 Total 9,407,249 10,493,253

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Notes Payable	3. NOTES PAYABLE Related Parties Notes Payable Related Party Notes Payable consists of: June 30, 2018 December 31, 2017 In the period the Company issued promissory notes to Fountainhead Capital Management Limited and Peter Zachariou for $163,000. 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. 163,000 - Total Related Party Notes Payable 163,000 - Other Notes Payable Other Notes Payable consists of: June 30, 2018 December 31, 2017 On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to December 31, 2018. See further note below. 300,000 300,000 Insurance policy finance agreements. 23,080 18,393 Total Notes Payable: 323,080 318,393 On January 24, 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended until December 31, 2018 and the conversion terms of the Note reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 2,421,752 shares of Common Stock as of June 30, 2018. Notwithstanding, EuroAmerican agreed that the Note could not be converted without first offering the Company the right to redeem the Note at principal and accrued interest, and secondly Fountainhead the right to purchase the Note, which cannot be converted prior to such offer and the failure of the Company and Fountainhead to exercise such option in accordance with the amendment terms. In addition, the Company agreed to issue warrants to purchase 2,308,405 shares of Common Stock at $0.27, the same terms as the 2018 Offering, exercisable for three years from January 1, 2018, if and when the conversion option is exercised. The amendment was recognized as a modification, based on the guidance in ASC 470-50. The Company routinely finances all their insurance policies through a third party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

Segment Reporting, Geographical

Segment Reporting, Geographical Information	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: Vycor Medical $ 253,292 $ 252,324 $ 531,103 $ 622,210 NovaVision $ 48,373 $ 55,360 $ 95,663 $ 113,873 $ 301,665 $ 307,684 $ 626,766 $ 736,083 Gross Profit Vycor Medical $ 209,998 $ 218,257 $ 463,567 $ 546,853 NovaVision $ 44,680 $ 49,982 $ 86,869 $ 101,809 $ 254,678 $ 268,239 $ 550,436 $ 648,662 June 30, 2018 December 31, 2017 Total Assets: Vycor Medical $ 845,267 $ 977,145 NovaVision 424,552 472,312 Total Assets $ 1,269,819 $ 1,449,457 (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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: United States $ 276,952 $ 279,908 $ 577,123 $ 680,979 Europe $ 24,713 $ 27,776 $ 49,643 $ 55,104 $ 301,665 $ 307,684 $ 626,766 $ 736,083 Gross Profit United States $ 233,603 $ 242,912 $ 507,184 $ 598,612 Europe $ 21,075 $ 25,327 $ 43,252 $ 50,050 $ 254,678 $ 268,239 $ 550,436 $ 648,662 June 30, 2018 December 31, 2017 Total Assets: United States $ 1,092,286 $ 1,263,197 Europe 177,533 186,260 Total Assets $ 1,269,819 $ 1,449,457

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	5. EQUITY Common Stock and Stock Grants During January to June 2018, the Company granted 105,092 shares of Common Stock (valued at $42,000) 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 June 2018, the Company issued 1,281,124 shares of Common Stock to Fountainhead for fees of $450,000 of which $225,000 was accrued at December 31, 2017 in accordance with the terms of a Consulting Agreement. On April 20, 2018, the Company issued an aggregate of 1,113,936 shares of Company Common Stock on the cashless exercise of an aggregate of Warrants to purchase 3,111,560 shares of Common Stock 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, 2017 6,929,386 $ 0.31 Granted - - Exercised (3,111,560 ) 0.28 Cancelled or expired (100,000 ) 2.56 Outstanding at June 30, 2018 3,717,826 $ 0.27 STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2017 725,557 $ 0.95 Granted 680,000 0.28 Exercised - - Cancelled or expired (25,557 ) 5.97 Outstanding at June 30, 2018 1,380,000 $ 0.53 In March 2017 options to purchase 660,000 shares of Common Stock were granted to Fountainhead under the terms of a Consulting Agreement, subject to performance vesting milestones; these milestones were achieved and the options fully vested on June 30, 2018. In March 2018 options to purchase 660,000 shares of Common Stock were granted to Fountainhead under the terms of the Consulting Agreement. These options will vest on April 1, 2019 subject to the achievement of certain milestones by March 31, 2019. These options are not included in the above table until such a time as they vest. As of June 30, 2018, the weighted-average remaining contractual life of outstanding warrants and options is 1.62 and 1.86 years, respectively.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 and 2017, the Company recognized share-based compensation of $4,871 and $1,609, 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 June 30, 2018 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 for stock and warrants granted to non-employees for the six months ended June 30, 2018 and 2017 was $353,800 and $278,759. The expense related to stock not issued during the periods ended June 30, 2018 and 2017 comprise: $42,000, respectively for both periods, related to stock granted but not issued to directors under the Directors Deferred Compensation Plan; and $86,754 related to the issuance of 660,000 options in the six months ended June 30 , During the six months ended June 30, 2018 and 2017, options with a value of $216,582 and $86,754, respectively, were granted to Fountainhead with performance vesting conditions, (see Note 8). The performance conditions of the options granted during 2017 have now been met and these options became fully vested in June 2018. The value of the 2018 options will not be recognized as share-based compensation unless or until the Company concludes that it is probable 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 six months ended June 30, 2018 and 2017: Six Months Ended June 30, 2018 2017 Risk-free interest rates 1.72-2.41 % 1.5 % Expected life 1.5-4 years 1.5 years Expected dividends 0 % 0 % Expected volatility 102-107 % 104 % Vycor Common Stock fair value $ 0.20-0.49 $ 0.20

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. COMMITMENTS AND CONTINGENCIES Lease The Company leases office space located at 951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487 from WPT Land 2 L.P., for a gross rent of approximately $5,700 plus sales tax per month. The lease terminates September 30, 2020. The Company’s subsidiary in Germany occupies premises on a short-term lease agreement. Rent expense for the six months ended June 30, 2018 and 2017 was $49,979 and $100,978 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 which were completed in October 2016. 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 six months ended June 30, 2018 and the year ended December 31, 2017 respectively.

Consulting and Other Agreements

Consulting and Other Agreements	6 Months Ended
	Jun. 30, 2018
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 period ended June 30, 2018: Consulting Agreement with Fountainhead In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement (“the Amendment”). Under the Amendment, fees of $450,000 are payable to Fountainhead, with an option to receive $5,000 per month in cash and the remainder payable in Company Common Stock issued at the higher of the Private Placement price ($0.21) and the average price for the 30 days prior to issuance, and deliverable at the end of each fiscal quarter. The Consulting Agreement also contains provisions for Fountainhead to receive a higher proportion of its fees in cash subject to certain future liquidity events and Board approval. 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 was subject to the achievement of certain milestones; these milestones were achieved and the options fully vested on June 30, 2018. In March 2018 Fountainhead was granted options pursuant to the Vycor Medical, Inc. 2018 Stock Option Plan, to purchase 660,000 shares of Company Common Stock at an exercise price of $0.46 (the average closing price for the 5 trading days before the grant). Vesting of these options is subject to the achievement of certain milestones by March 31, 2019. During the six months ended June 30, 2018, under the terms of this amended Consulting Agreement, Fountainhead received total fees of $225,000, which were paid through the issuance of 575,284 shares of Company Common Stock. Also under the terms of the consulting agreement Fountainhead was issued $225,000 in fees accrued as at December 31, 2017 through the issuance of 705,841 shares of Company Common Stock.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	9. RELATED PARTY TRANSACTIONS Peter Zachariou, and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at June 30, 2018, 51% of the Company’s Common Stock and 70% of the Company’s Preferred D Stock. Adrian Liddell, Chairman, is a consultant for Fountainhead. As referred to in Note 3, on January 24, 2018 the Company entered into the Amendment with EuroAmerican. regarding its $300,000 Note. Under the Amendment, EuroAmerican granted a right of first refusal prior to converting or selling or the Note a) first to Vycor to redeem the Note and accrued interest at face value and b) if not exercised second to Fountainhead to purchase the Note and accrued interest at face value on the same terms. In March 2017 Fountainhead was granted options pursuant to the Vycor Medical, Inc. 2008 Stock Option Plan, to purchase 660,000 shares of Company Common Stock at an exercise price of $0.27, subject to performance vesting conditions. These options became fully vested in June 2018 following the achievement of the milestones. In March 2018 Fountainhead was granted options pursuant to the Vycor Medical, Inc. 2018 Stock Option Plan, to purchase 660,000 shares of Company Common Stock at an exercise price of $0.46 (the average closing price for the 5 trading days before the grant). Vesting of these options is subject to the achievement of certain milestones by March 31, 2019. During the six months ended June 30, 2018, under the terms of the Consulting Agreement referred to in note 8, the Company issued 1,281,124 shares of Common Stock to Fountainhead for fees of $450,000 of which $225,000 was accrued at December 31, 2017. During the six months ended June 30, 2018, the Company accrued an aggregate of $162,185 of Preferred D Stock dividends, of which an aggregate of $154,712 Preferred D Stock dividends were in respect of related parties. During the six months ended June 30, 2018 the Company issued unsecured loan notes to Fountainhead for a total of $133,000. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary. During the period ended June 30, 2018, the Company issued unsecured loan notes to Peter Zachariou for a total of $30,000. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary.

Concentration

Concentration	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Concentration	10. CONCENTRATION Vycor sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals. The sales to one international distributor represented 30% and 0%, respectively, of total sales for the three months ended June 30, 2018 and 2017. The sales to one international distributor represented 14% and 10%, respectively, of total sales for the six months ended June 30, 2018 and 2017. The accounts receivable from one international distributor represented 26% of total Accounts Receivable at June 30, 2018 and another international distributor represented 12% at December 31, 2017 of total Accounts Receivable at December 31, 2017 respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	11. SUBSEQUENT EVENTS The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the consolidated financial statements were issued and has determined that there were no significant subsequent events or transactions which would require recognition or disclosure in the financial statements.

Significant Accounting Polici17

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and profits have been eliminated in consolidation.
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.
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: June 30, 2018 June 30, 2017 Stock options outstanding 1,380,000 725,557 Warrants to purchase common stock 3,717,826 7,875,417 Debentures convertible into common stock 2,421,752 255,871 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 615,619 364,356 Total 9,407,249 10,493,253

Significant Accounting Polici18

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
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: June 30, 2018 June 30, 2017 Stock options outstanding 1,380,000 725,557 Warrants to purchase common stock 3,717,826 7,875,417 Debentures convertible into common stock 2,421,752 255,871 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 615,619 364,356 Total 9,407,249 10,493,253

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Notes Payable	Related Parties Notes Payable Related Party Notes Payable consists of: June 30, 2018 December 31, 2017 In the period the Company issued promissory notes to Fountainhead Capital Management Limited and Peter Zachariou for $163,000. 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. 163,000 - Total Related Party Notes Payable 163,000 - Other Notes Payable Other Notes Payable consists of: June 30, 2018 December 31, 2017 On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to December 31, 2018. See further note below. 300,000 300,000 Insurance policy finance agreements. 23,080 18,393 Total Notes Payable: 323,080 318,393

Segment Reporting, Geographic20

Segment Reporting, Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: Vycor Medical $ 253,292 $ 252,324 $ 531,103 $ 622,210 NovaVision $ 48,373 $ 55,360 $ 95,663 $ 113,873 $ 301,665 $ 307,684 $ 626,766 $ 736,083 Gross Profit Vycor Medical $ 209,998 $ 218,257 $ 463,567 $ 546,853 NovaVision $ 44,680 $ 49,982 $ 86,869 $ 101,809 $ 254,678 $ 268,239 $ 550,436 $ 648,662 June 30, 2018 December 31, 2017 Total Assets: Vycor Medical $ 845,267 $ 977,145 NovaVision 424,552 472,312 Total Assets $ 1,269,819 $ 1,449,457
Summary of Geographic Information	Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue: United States $ 276,952 $ 279,908 $ 577,123 $ 680,979 Europe $ 24,713 $ 27,776 $ 49,643 $ 55,104 $ 301,665 $ 307,684 $ 626,766 $ 736,083 Gross Profit United States $ 233,603 $ 242,912 $ 507,184 $ 598,612 Europe $ 21,075 $ 25,327 $ 43,252 $ 50,050 $ 254,678 $ 268,239 $ 550,436 $ 648,662 June 30, 2018 December 31, 2017 Total Assets: United States $ 1,092,286 $ 1,263,197 Europe 177,533 186,260 Total Assets $ 1,269,819 $ 1,449,457

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Stock Option [Member]
Schedule of Warrants and Options	STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2017 725,557 $ 0.95 Granted 680,000 0.28 Exercised - - Cancelled or expired (25,557 ) 5.97 Outstanding at June 30, 2018 1,380,000 $ 0.53
Warrant [Member]
Schedule of Warrants and Options	STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2017 6,929,386 $ 0.31 Granted - - Exercised (3,111,560 ) 0.28 Cancelled or expired (100,000 ) 2.56 Outstanding at June 30, 2018 3,717,826 $ 0.27

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 and 2017: Six Months Ended June 30, 2018 2017 Risk-free interest rates 1.72-2.41 % 1.5 % Expected life 1.5-4 years 1.5 years Expected dividends 0 % 0 % Expected volatility 102-107 % 104 % Vycor Common Stock fair value $ 0.20-0.49 $ 0.20

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 418,584	$ 360,717	$ 745,220	$ 673,509
Working capital deficiency	374,593		374,593
Related party liabilities	$ 663,041		$ 663,041

Significant Accounting Polici24

Significant Accounting Policies - Schedule of Common Stock Not Included in Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Potential shares of common stock that are not included in the calculation of diluted net loss per share	9,407,249	10,493,253
Stock Options Outstanding [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	1,380,000	725,557
Warrants to Purchase Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	3,717,826	7,875,417
Debentures Convertible into Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	2,421,752	255,871
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	615,619	364,356

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - EuroAmerican Investment Corp [Member] - USD ($)	Jan. 24, 2018	Mar. 25, 2011	Jun. 30, 2018
Debt extended due date		Dec. 31, 2018
Warrant [Member]
Warrant to purchase of common stock	2,308,405
Warrant to purchase of common stock price per share	$ 0.27
Warrant term	3 years
Offering exercisable term description	2018 Offering, exercisable for three years from January 1, 2018, if and when the conversion option is exercised.
Amendment Agreement [Member]
Note payable other	$ 300,000
Debt extended due date	Dec. 31, 2018
Debt conversion price	$ 0.21
Number of common stock, shares converted			2,421,752

Notes Payable - Summary of Note

Notes Payable - Summary of Notes Payable (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Total Related Party Notes Payable	$ 163,000
Total Other Notes Payable	323,080	318,393
Fountainhead Capital Management Limited and Peter Zachariou [Member]
Total Related Party Notes Payable	163,000
Other Notes Payable [Member]
Total Other Notes Payable	300,000	300,000
Insurance Policy Finance Agreements [Member]
Total Other Notes Payable	$ 23,080	$ 18,393

Notes Payable - Summary of No27

Notes Payable - Summary of Notes Payable (Details) (Parenthetical) - USD ($)	Mar. 25, 2011	Jun. 30, 2018	Dec. 31, 2017
Related party notes payable		$ 163,000
EuroAmerican Investment Corp [Member]
Notes interest rate	16.00%
Term notes	$ 300,000
Debt due date	Jun. 25, 2011
Debt extended due date	Dec. 31, 2018
Fountainhead Capital Management Limited and Peter Zachariou [Member]
Related party notes payable		$ 163,000
Notes interest rate		10.00%
Interest rate description		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.

Segment Reporting, Geographic28

Segment Reporting, Geographical Information (Details Narrative)	6 Months Ended
	Jun. 30, 2018Number
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting, Geographic29

Segment Reporting, Geographical Information - Schedule of Business Segments Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Total Revenue	$ 301,665	$ 307,684	$ 626,766	$ 736,083
Total Gross Profit	254,678	268,239	550,436	648,662
Total Assets	1,269,819		1,269,819		$ 1,449,457
Vycor Medical [Member]
Total Revenue	253,292	252,324	531,103	622,210
Total Gross Profit	209,998	218,257	463,567	546,853
Total Assets	845,267		845,267		977,145
NovaVision [Member]
Total Revenue	48,373	55,360	95,663	113,873
Total Gross Profit	44,680	$ 49,982	86,869	$ 101,809
Total Assets	$ 424,552		$ 424,552		$ 472,312

Segment Reporting, Geographic30

Segment Reporting, Geographical Information - Summary of Geographic Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Total Revenue	$ 301,665	$ 307,684	$ 626,766	$ 736,083
Total Gross Profit	254,678	268,239	550,436	648,662
Total Assets	1,269,819		1,269,819		$ 1,449,457
United States [Member]
Total Revenue	276,952	279,908	577,123	680,979
Total Gross Profit	233,603	242,912	507,184	598,612
Total Assets	1,092,286		1,092,286		1,263,197
Europe [Member]
Total Revenue	24,713	27,776	49,643	55,104
Total Gross Profit	21,075	$ 25,327	43,252	$ 50,050
Total Assets	$ 177,533		$ 177,533		$ 186,260

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	Apr. 20, 2018	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Common stock issued to related party for payment of accrued fees				$ 225,000	$ 0
Weighted-average remaining contractual life of outstanding warrants				1 year 7 months 13 days
Weighted-average remaining contractual life of outstanding options				1 year 10 months 10 days
Fountainhead [Member] | Consulting Agreement [Member]
Common stock shares issued to related party for payment of accrued fees				1,281,124
Common stock issued to related party for payment of accrued fees				$ 450,000		$ 225,000
Number of common stock shares issued on cashless exercise	1,113,936
Number of warrants to purchase shares of common stock	3,111,560
Number of options to purchase shares of common stock		660,000	660,000
Non Employee Directors [Member]
Shares issued for services				105,092
Value of shares issued for services				$ 42,000

Equity - Schedule of Warrants a

Equity - Schedule of Warrants and Options (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Stock Option [Member]
Number of shares Outstanding, Beginning Balance | shares	725,557
Number of shares, Granted | shares	680,000
Number of shares, Exercised | shares
Number of shares, Cancelled or expired | shares	(25,557)
Number of shares Outstanding, Ending Balance | shares	1,380,000
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares	$ 0.95
Weighted average exercise price per share, Granted | $ / shares	0.28
Weighted average exercise price per share, Exercised | $ / shares
Weighted average exercise price per share, Cancelled or expired | $ / shares	5.97
Weighted average exercise price per share, Outstanding, Ending balance | $ / shares	$ 0.53
Warrant [Member]
Number of shares Outstanding, Beginning Balance | shares	6,929,386
Number of shares, Granted | shares
Number of shares, Exercised | shares	(3,111,560)
Number of shares, Cancelled or expired | shares	(100,000)
Number of shares Outstanding, Ending Balance | shares	3,717,826
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares	$ 0.31
Weighted average exercise price per share, Granted | $ / shares
Weighted average exercise price per share, Exercised | $ / shares	0.28
Weighted average exercise price per share, Cancelled or expired | $ / shares	2.56
Weighted average exercise price per share, Outstanding, Ending balance | $ / shares	$ 0.27

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Issuances of common stock		$ 842,207
Stock Option [Member]
Issuances of common stock	$ 86,754
Number of issuance of options	660,000
Directors [Member] | Deferred Compensation Plan [Member]
Stock granted but not issued	$ 42,000	42,000
Fountainhead [Member]
Number of option granted	216,582	86,754
Employees [Member]
Share-based compensation	4,871	1,609
Non-employee [Member]
Share-based compensation	353,800	$ 278,759
Total unrecognized compensation costs	$ 0

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Assumptions Used in Calculations of Black-Scholes Option Pricing Model (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Risk-free interest rates		1.50%
Expected life		1 year 6 months
Expected dividends	0.00%	0.00%
Expected volatility		104.00%
Vycor Common Stock fair value		$ 0.20
Minimum [Member]
Risk-free interest rates	1.72%
Expected life	1 year 6 months
Expected volatility	102.00%
Vycor Common Stock fair value	$ 0.20
Maximum [Member]
Risk-free interest rates	2.41%
Expected life	4 years
Expected volatility	107.00%
Vycor Common Stock fair value	$ 0.49

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2012
Rent expense	$ 5,700
Lease termination date	Sep. 30, 2020
Trade tax			$ 85,000
Euro [Member]
Trade tax			$ 75,000
Germany [Member]
Rent expense	$ 49,979	$ 100,978

Consulting and Other Agreemen36

Consulting and Other Agreements (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Stock option cash					$ 358,625	$ 197,868
2018 Stock Option Plan [Member] | Fountainhead [Member]
Number of options to purchase shares of common stock			660,000	660,000
Common stock options exercise price	$ 0.46	$ 0.27	$ 0.46	$ 0.27
Vesting period description			Vesting of these options is subject to the achievement of certain milestones by March 31, 2019.	These options became fully vested in June 2018 following the achievement of the milestones.
Fountainhead Consulting Agreement [Member] | March 2017 and Effective April 1, 2017 [Member]
Payment of fees					450,000
Stock option cash					$ 5,000
Fountainhead Consulting Agreement [Member] | March 2017 and Effective April 1, 2017 [Member] | 2008 Stock Option Plan [Member]
Common stock exercise price					$ 0.27
Number of options to purchase shares of common stock					660,000
Fountainhead Consulting Agreement [Member] | March 2017 and Effective April 1, 2017 [Member] | Private Placement [Member]
Common stock exercise price					$ 0.21
Consulting Agreement [Member] | Fountainhead [Member]
Number of options to purchase shares of common stock	660,000	660,000
Aggregate fee received					$ 225,000		$ 225,000
Issuance of shares of common stock					572,824		705,841

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jan. 24, 2018
Common stock issued to related party for payment of accrued fees					$ 225,000	$ 0
Fountainhead [Member] | Consulting Agreement [Member]
Stock based granted options	660,000	660,000
Issuance of shares of common stock					572,824		705,841
Common stock issued to related party for payment of accrued fees					$ 450,000		$ 225,000
Aggregate fee received					225,000		$ 225,000
Fountainhead [Member] | 2018 Stock Option Plan [Member]
Stock based granted options			660,000	660,000
Common stock options exercise price	$ 0.46	$ 0.27	$ 0.46	$ 0.27
Vesting period description			Vesting of these options is subject to the achievement of certain milestones by March 31, 2019.	These options became fully vested in June 2018 following the achievement of the milestones.
Preferred D Stock[Member]
Aggregate dividends					162,185
Preferred D Stock[Member] | Related Party [Member]
Aggregate dividends					154,712
EuroAmerican [Member]
Debt instrument face value								$ 300,000
Fountainhead [Member]
Unsecured loan notes issued					$ 133,000
Unsecured loan notes interest rate					10.00%
Debt term					1 year
Fountainhead [Member] | Consulting Agreement [Member]
Issuance of shares of common stock							1,281,124
Common stock issued to related party for payment of accrued fees							$ 450,000
Aggregate fee received							$ 225,000
Fountainhead [Member] | Directors [Member]
Equity ownership percentage					51.00%
Fountainhead [Member] | Directors [Member] | Preferred D Stock[Member]
Equity ownership percentage					70.00%
Peter Zachariou [Member]
Unsecured loan notes issued					$ 30,000
Unsecured loan notes interest rate					10.00%
Debt term					1 year

Concentration (Details Narrativ

Concentration (Details Narrative) - International Distributor [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Sales [Member]
Concentration risk, percentage	30.00%	0.00%	14.00%	10.00%
Accounts Receivable [Member]
Concentration risk, percentage			26.00%		12.00%