Vycor Medical (VYCO) 10-Q 13 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 10, 2019
Document And Entity Information
Entity Registrant Name	VYCOR MEDICAL INC
Entity Central Index Key	0001424768
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		23,681,408
Trading Symbol	VYCO
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets
Cash	$ 101,054	$ 86,481
Trade accounts receivable	259,957	257,468
Inventory	254,386	203,122
Prepaid expenses and other current assets	154,412	82,575
Total Current Assets	769,809	629,646
Fixed assets, net	363,505	372,641
Intangible and Other assets:
Patents, net of accumulated amortization	32,309	35,303
Website, net of accumulated amortization		187
Other Assets - Long Term	25,145	6,000
Total Intangible and Other assets	38,309	41,490
TOTAL ASSETS	1,190,768	1,043,777
Current Liabilities
Accounts payable	178,604	92,955
Accrued interest: Other	244,601	232,765
Accrued interest: Related party	29,033	24,274
Accrued liabilities - Other	327,760	295,056
Accrued liabilities - Related Party	810,925	648,740
Notes payable: Other	347,643	325,814
Notes payable: Related Party	210,873	193,000
Total Current Liabilities	2,149,439	1,812,604
Long Term Liabilities - Capital Lease	19,145
STOCKHOLDERS' DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,306 and 270,306 issued and outstanding as at March 31, 2019 and December 31, 2018 respectively	27	27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at March 31, 2019 and December 31, 2018, 23,779,742 and 23,244,028 shares issued and 23,676,408 and 23,140,694 outstanding at March 31, 2019 and December 31, 2018 respectively	2,378	2,324
Additional Paid-in Capital	27,905,314	27,771,868
Treasury Stock (103,334 shares of Common Stock as at March 31, 2019 and December 31, 2018 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(29,012,169)	(28,669,686)
Accumulated Other Comprehensive Income (Loss)	127,667	127,673
Total Stockholders' Equity Deficiency	(977,816)	(768,827)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 1,190,768	$ 1,043,777

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	23,779,742	23,244,028
Common stock, shares outstanding	23,676,408	23,140,694
Treasury stock, shares	103,334	103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 350,666	$ 325,101
Cost of Goods Sold	36,198	29,343
Gross Profit	314,468	295,758
Operating expenses:
Depreciation and Amortization	15,085	42,003
Selling, General and administrative	462,221	568,305
Total Operating expenses	477,306	610,308
Operating loss	(162,838)	(314,550)
Other income (expense)
Interest expense: Related Party	(4,759)
Interest expense: Other	(11,953)	(12,026)
Loss on foreign currency exchange	(748)	(60)
Total Other Income (expense)	(17,460)	(12,086)
Loss Before Credit for Income Taxes	(180,298)	(326,636)
Credit for income taxes
Net Loss	(180,298)	(326,636)
Preferred stock dividends	(162,185)	(162,185)
Net Loss available to common stockholders	(342,483)	(488,821)
Other Comprehensive Loss
Foreign Currency Translation Adjustment	(6)	(1,162)
Comprehensive Loss	$ (342,489)	$ (489,983)
Net Loss Per Share
Basic and diluted	$ (0.01)	$ (0.02)
Weighted Average Number of Shares Outstanding - Basic and Diluted	23,146,646	19,985,877

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common Stock [Member]
Balance	$ 2,324	$ 1,993
Balance, shares	23,244,028	19,925,322
Issuance of stock for board and consulting fees	$ 54	$ 25
Issuance of stock for board and consulting fees, shares	535,714	250,000
Balance	$ 2,378	$ 2,018
Balance, shares	23,779,742	20,175,322
Preferred C [Member]
Balance	$ 0	$ 0
Balance, shares	1	1
Balance	$ 0	$ 0
Balance, shares	1	1
Preferred D [Member]
Balance	$ 27	$ 27
Balance, shares	270,306	270,306
Balance	$ 27	$ 27
Balance, shares	270,306	270,306
Treasury Stock [Member]
Balance	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)
Balance	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)
Additional Paid-In Capital [Member]
Balance	$ 27,771,868	$ 26,921,574
Issuance of stock for board and consulting fees	112,446	92,475
Directors deferred compensation granted	21,000	21,000
Share based compensation issued to management/employees		4,871
Balance	27,905,314	27,039,920
Accumulated Deficit [Member]
Balance	(28,669,686)	(26,965,960)
Net loss	(342,483)	(488,821)
Balance	(29,012,169)	(27,454,781)
Accumulated Other Comprehensive Loss [Member]
Balance	127,673	124,841
Accumulated Comprehensive Loss	(6)	(1,162)
Balance	127,667	123,679
Balance	(768,827)	81,442
Issuance of stock for board and consulting fees	112,500	92,500
Directors deferred compensation granted	21,000	21,000
Issuance of shares pursuant to exercise of warrants
Share based compensation issued to management/employees		4,871
Accumulated Comprehensive Loss	(6)	(1,162)
Net loss	(342,483)	(488,821)
Balance	$ (977,816)	$ (290,170)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (180,298)	$ (326,636)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets	3,181	12,972
Depreciation of fixed assets	14,816	32,346
Inventory provision	3,139
Stock based compensation	133,500	25,871
Accrued liabilities - Related Party		112,500
Loss on foreign exchange	1,387
Changes in assets and liabilities:
Accounts receivable	(2,489)	(20,061)
Inventory	(54,403)	12,880
Prepaid expenses	(24,980)	(40,175)
Security Deposits		1,056
Accrued interest - Related Party	4,758
Accrued interest - Other	11,836	11,836
Accounts payable	85,649	(11,200)
Accrued liabilities - Other	(14,152)	43,945
Cash used in operating activities	(18,056)	(144,666)
Cash flows from investing activities:
Purchase of fixed assets	(6,325)	(13,230)
Cash used in investing activities	(6,325)	(13,230)
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party	17,873	30,000
Proceeds net of repayments Notes Payable - Other	21,829	25,166
Cash provided by financing activities	39,702	55,166
Effect of exchange rate changes on cash	(748)	(1,549)
Net increase (decrease) in cash	14,573	(104,279)
Cash at beginning of period	86,481	206,213
Cash at end of period	101,054	101,934
Non-Cash Transactions:
Common stock issued to related party for payment of accrued liabilities	$ 0	$ 92,500

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Vycor Medical, Inc. (the “Company” or “Vycor”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2018 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, 2018. The unaudited consolidated financial statements as of and for the three months ended March 31, 2019 and 2018, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three months ended March 31, 2019 and 2018 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 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 $180,298 for the three months ended March 31, 2019 and has not generated cash flows from operations. As of March 31, 2019 the Company had a working capital deficiency of $328,799, excluding related party liabilities of $1,050,831. 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 a reduction in cash operating losses for both the Vycor Medical and NovaVision divisions. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $244,601, which has a maturity date of December 31, 2019, having been extended on a number of occasions from its initial due date of June 11, 2011. The Company will intend to seek an extension to the note, although it is not known whether the note will be extended or the terms of any extension. However, the Company believes it may not have sufficient cash to meet its various cash needs through May 31, 2020 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. 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	3 Months Ended
	Mar. 31, 2019
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 The Company adopted Accounting Standards Codification 842, Leases ("ASC 842") in the first quarter of 2019. As a result the Company updated its significant accounting policies for leases below. Refer to Note 4 for additional information related to the Company's lease arrangements and the impact of the adoption of ASC 842 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, other than as disclosed above, 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. Leases The Company has one leased buildings in Boca Raton, Florida that is classified as operating lease right-of use ("ROU") assets and operating lease liabilities in the Company's consolidated balance sheet. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of Selling, General and Administrative expenses. The standard was effective for us beginning January 1, 2019. The Company elected the available practical expedients on adoption. The adoption had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. Finance leases are not material to the Company and were not impacted by the adoption of ASC 842, as finance lease liabilities and the corresponding assets were already recorded in the balance sheet under the previous guidance, ASC 840. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders 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, 2019 March 31, 2018 Stock options outstanding 700,000 720,000 Warrants to purchase common stock 3,717,826 6,829,386 Debentures convertible into common stock 2,593,337 2,364,765 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 875,910 558,612 Total 9,159,125 11,744,815

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Notes Payable	3. NOTES PAYABLE Related Parties Notes Payable Related Party Notes Payable consists of: March 31, 2019 December 31, 2018 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. $ 30,000 $ 30,000 In March 2019 and between March 2018 and July 2018 the Company issued various promissory notes to Fountainhead Capital Management Limited for $180,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Four notes were extended for another twelve months on their due dates which will be due between March and May 2020 or on demand by the Payee. 180,873 163,000 Total Related Party Notes Payable $ 210,873 $ 193,000 Other Notes Payable Other Notes Payable consists of: March 31, 2019 December 31, 2018 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 March 19, 2019, the note was extended to December 31, 2019. See further note below. $ 300,000 $ 300,000 Insurance policy finance agreements. 47,643 25,814 Total Notes Payable: $ 347,643 $ 325,814 in January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended until December 31, 2018 and was extended until December 31, 2019 in March 2019. The conversion terms of the Note were reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 2,595,337 shares of Common Stock as of March 31, 2019. 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.

Lease

Lease	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Lease	4. LEASES The Company recognized the following related to leases in its Unaudited Consolidated Balance Sheet at March 31, 2019 (in millions): Three Months Ended March 31, 2019 2018 Operating Lease Assets Current portion $ 50,791 $ - –Long-term portion 19,145 - $ 69,936 $ - Operating Lease Liabilities Current portion $ 46,857 $ - Long-term portion 19,145 - $ 66,002 $ - Long term lease liabilities are due during 2020.

Segment Reporting, Geographical

Segment Reporting, Geographical Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting, Geographical Information	5. 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, 2019 2018 Revenue: Vycor Medical $ 297,106 $ 277,811 NovaVision 53,560 47,290 $ 350,666 $ 325,101 Gross Profit Vycor Medical $ 266,923 $ 253,569 NovaVision 47,545 42,189 $ 314,468 $ 295,758 March 31, 2019 December 31, 2018 Total Assets: Vycor Medical $ 1,060,319 $ 981,553 NovaVision 64,447 62,224 Total Assets $ 1,124,766 $ 1,043,777 (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, 2019 2018 Revenue: United States $ 320,616 $ 300,171 Europe 30,050 24,930 $ 350,666 $ 325,101 Gross Profit United States $ 288,291 $ 273,581 Europe 26,177 22,177 $ 314,468 $ 295,758 March 31, December 31, 2019 2018 Total Assets: United States $ 1,087,869 $ 1,010,067 Europe 36,897 33,710 Total Assets $ 1,124,766 $ 1,043,777

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity	6. EQUITY Common Stock and Stock Grants During January to March 2019, the Company granted 99,999 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 2019, the Company issued 535,714 shares of Common Stock to Fountainhead for fees of $112,500 in accordance with the terms of a consulting agreement. 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, 2018 3,717,826 $ 0.27 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2019 3,717,826 $ 0.27 STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2018 1,380,000 $ 0.53 Granted - - Exercised - - Cancelled or expired (680,000 ) (0.79 ) Outstanding at March 31, 2019 700,000 $ 0.28 As of March 31, 2019, the weighted-average remaining contractual life of outstanding warrants and options is 0.87 and 2.21 years, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	7. 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, 2019 and 2018, the Company recognized share-based compensation of $0 and $4,871 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, 2019 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 three months ended March 31, 2019 and 2018 was $133,500. The expense related to stock not issued during the periods ended March 31, 2019 and 2018 comprise: $21,000, respectively for both periods, related to stock granted but not issued to directors under the Directors Deferred Compensation Plan. As of March 31, 2019, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options. 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, 2019 and 2018: Three Months Ended March 31, 2019 2018 Risk-free interest rates - % 2.41 % Expected life - 1.5 years Expected dividends - % 0 % Expected volatility - % 107 % Vycor Common Stock fair value $ - $ 0.49

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. 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 three months ended March 31, 2019 and 2018 was $24,706 and $25,168 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. Accordingly, the Company has made no provision for this liability in the three months ended March 31, 2019 and the year ended December 31, 2018 respectively.

Consulting and Other Agreements

Consulting and Other Agreements	3 Months Ended
	Mar. 31, 2019
Consulting And Other Agreements
Consulting and Other Agreements	9. CONSULTING AND OTHER AGREEMENTS The following agreements were entered into or remained in force during the period ended March 31, 2019: Consulting Agreement with Fountainhead In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement (“the Amended Agreement”). Under the Amended Agreement, 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 $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. During the three months ended March 31, 2019, under the terms of the Amended Agreement, Fountainhead received total fees of $112,500, which were paid through the issuance of 535,714 shares of Company Common Stock.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	10. RELATED PARTY TRANSACTIONS Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at March 31, 2019, 54% of the Company’s Common Stock and 70% of the Company’s Preferred D Stock. Adrian Liddell, Chairman, is a consultant for Fountainhead. During the three months ended March 31, 2019, under the terms of the Consulting Agreement referred to in note 8, the Company issued 535,714 shares of Common Stock to Fountainhead for fees of $112,500. During the three months ended March 31, 2019 and 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 for both periods. During the three months ended March 31, 2019 and 2018 the Company issued unsecured loan notes to Fountainhead for a total of $17,873 and $30,000, respectively. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary. During the three months ended March 31, 2018, under the terms of the Consulting Agreement referred to in note 8, the Company issued 250,000 shares of Common Stock to Fountainhead for fees of $92,500 accrued at December 31, 2017 and accrued fees of $112,500, which were paid after the period end through the issuance of 234,375 shares of Company Common Stock.

Concentration

Concentration	3 Months Ended
	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Concentration	11. CONCENTRATION Vycor Medical sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals. For the three months ended March 31, 2019 sales to no customer represented over 10% of total sales and for the three months ended March 31, 2018 sales to one customer represented 14% of total sales.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. 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 Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 The Company adopted Accounting Standards Codification 842, Leases ("ASC 842") in the first quarter of 2019. As a result the Company updated its significant accounting policies for leases below. Refer to Note 4 for additional information related to the Company's lease arrangements and the impact of the adoption of ASC 842 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, other than as disclosed above, 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.
Leases	Leases The Company has one leased buildings in Boca Raton, Florida that is classified as operating lease right-of use ("ROU") assets and operating lease liabilities in the Company's consolidated balance sheet. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of Selling, General and Administrative expenses. The standard was effective for us beginning January 1, 2019. The Company elected the available practical expedients on adoption. The adoption had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. Finance leases are not material to the Company and were not impacted by the adoption of ASC 842, as finance lease liabilities and the corresponding assets were already recorded in the balance sheet under the previous guidance, ASC 840.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common shareholders 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, 2019 March 31, 2018 Stock options outstanding 700,000 720,000 Warrants to purchase common stock 3,717,826 6,829,386 Debentures convertible into common stock 2,593,337 2,364,765 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 875,910 558,612 Total 9,159,125 11,744,815

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 March 31, 2018 Stock options outstanding 700,000 720,000 Warrants to purchase common stock 3,717,826 6,829,386 Debentures convertible into common stock 2,593,337 2,364,765 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 875,910 558,612 Total 9,159,125 11,744,815

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Notes Payable	Related Party Notes Payable consists of: March 31, 2019 December 31, 2018 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. $ 30,000 $ 30,000 In March 2019 and between March 2018 and July 2018 the Company issued various promissory notes to Fountainhead Capital Management Limited for $180,873. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. Four notes were extended for another twelve months on their due dates which will be due between March and May 2020 or on demand by the Payee. 180,873 163,000 Total Related Party Notes Payable $ 210,873 $ 193,000 Other Notes Payable Other Notes Payable consists of: March 31, 2019 December 31, 2018 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 March 19, 2019, the note was extended to December 31, 2019. See further note below. $ 300,000 $ 300,000 Insurance policy finance agreements. 47,643 25,814 Total Notes Payable: $ 347,643 $ 325,814

Lease (Tables)

Lease (Tables)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Schedule of Supplemental Balance Sheet Information Related to Leases	The Company recognized the following related to leases in its Unaudited Consolidated Balance Sheet at March 31, 2019 (in millions): Three Months Ended March 31, 2019 2018 Operating Lease Assets Current portion $ 50,791 $ - –Long-term portion 19,145 - $ 69,936 $ - Operating Lease Liabilities Current portion $ 46,857 $ - Long-term portion 19,145 - $ 66,002 $ -

Segment Reporting, Geographic_2

Segment Reporting, Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Business Segments Information	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, 2019 2018 Revenue: Vycor Medical $ 297,106 $ 277,811 NovaVision 53,560 47,290 $ 350,666 $ 325,101 Gross Profit Vycor Medical $ 266,923 $ 253,569 NovaVision 47,545 42,189 $ 314,468 $ 295,758 March 31, 2019 December 31, 2018 Total Assets: Vycor Medical $ 1,060,319 $ 981,553 NovaVision 64,447 62,224 Total Assets $ 1,124,766 $ 1,043,777
Summary of 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, 2019 2018 Revenue: United States $ 320,616 $ 300,171 Europe 30,050 24,930 $ 350,666 $ 325,101 Gross Profit United States $ 288,291 $ 273,581 Europe 26,177 22,177 $ 314,468 $ 295,758 March 31, December 31, 2019 2018 Total Assets: United States $ 1,087,869 $ 1,010,067 Europe 36,897 33,710 Total Assets $ 1,124,766 $ 1,043,777

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stock Options [Member]
Schedule of Warrants and Options	STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2018 1,380,000 $ 0.53 Granted - - Exercised - - Cancelled or expired (680,000 ) (0.79 ) Outstanding at March 31, 2019 700,000 $ 0.28
Stock Warrants [Member]
Schedule of Warrants and Options	STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2018 3,717,826 $ 0.27 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2019 3,717,826 $ 0.27

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based Payment Arrangement [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, 2019 and 2018: Three Months Ended March 31, 2019 2018 Risk-free interest rates - % 2.41 % Expected life - 1.5 years Expected dividends - % 0 % Expected volatility - % 107 % Vycor Common Stock fair value $ - $ 0.49

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net loss	$ 180,298	$ 326,636
Working capital deficiency	328,799
Related party liabilities	1,050,831
EuroAmerican Investment Corp [Member]
Term note	300,000
Accrued interest	$ 244,601
Maturity date	Dec. 31, 2019

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Common Stock Not Included in Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Potential shares of common stock that are not included in the calculation of diluted net loss per share	9,159,125	11,744,815
Stock Options Outstanding [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	700,000	720,000
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	6,829,386
Debentures Convertible into Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	2,593,337	2,364,765
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	875,910	558,612

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Jan. 31, 2018
EuroAmerican Investment Corp [Member]
Debt conversion shares issued	2,595,337
EuroAmerican Investment Corp [Member]
Note payable other		$ 300,000
Conversion price		$ 0.21
EuroAmerican Investment Corp [Member] | Stock Warrants [Member]
Warrant to purchase common stock		2,308,405
Warrant exercise price		$ 0.27

Notes Payable - Summary of Note

Notes Payable - Summary of Notes Payable (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Total Related Party Notes Payable	$ 210,873	$ 193,000
Total Other Notes Payable	347,643	325,814
Peter Zachariou [Member]
Total Related Party Notes Payable	30,000	30,000
Fountainhead Capital Management Limited [Member]
Total Related Party Notes Payable	180,873	163,000
Insurance Policy Finance Agreements [Member]
Total Other Notes Payable	47,643	25,814
EuroAmerican Investment Corp [Member]
Total Other Notes Payable	$ 300,000	$ 300,000

Notes Payable - Summary of No_2

Notes Payable - Summary of Notes Payable (Details) (Parenthetical) - USD ($)	Jun. 25, 2018	Mar. 25, 2011	Mar. 31, 2019	Jul. 31, 2018
Peter Zachariou [Member]
Promissory notes issued	$ 30,000
Notes interest rate	10.00%
Fountainhead Capital Management Limited [Member]
Promissory notes issued			$ 180,873	$ 180,873
Notes interest rate			10.00%	10.00%
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, 2019

Lease (Details Narrative)

Lease (Details Narrative)	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Operating lease Long term lease liabilities, description	Long term lease liabilities are due during 2020.

Lease - Schedule of Supplementa

Lease - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Notes to Financial Statements
Operating lease assets current portion	$ 50,791
Operating lease assets –long-term portion	19,145
Operating lease assets	69,936
Operating lease liabilities current portion	46,857
Operating lease liabilities long-term portion	19,145
Operating lease liabilities	$ 66,002

Segment Reporting, Geographic_3

Segment Reporting, Geographical Information (Details Narrative)	12 Months Ended
	Dec. 30, 2018Number
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting, Geographic_4

Segment Reporting, Geographical Information - Schedule of Business Segments Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Total Revenue	$ 350,666	$ 325,101
Total Gross Profit	314,468	295,758
Total Assets	1,190,768		$ 1,043,777
Vycor Medical [Member]
Total Revenue	297,106	277,811
Total Gross Profit	266,923	253,569
Total Assets	1,060,319		981,553
NovaVision [Member]
Total Revenue	53,560	47,290
Total Gross Profit	47,545	$ 42,189
Total Assets	$ 64,447		$ 62,224

Segment Reporting, Geographic_5

Segment Reporting, Geographical Information - Summary of Geographic Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Total Revenue	$ 350,666	$ 325,101
Total Gross Profit	314,468	295,758
Total Assets	1,190,768		$ 1,043,777
United States [Member]
Total Revenue	320,616	300,171
Total Gross Profit	288,291	273,581
Total Assets	1,087,869		1,010,067
Europe [Member]
Total Revenue	30,050	24,930
Total Gross Profit	26,177	$ 22,177
Total Assets	$ 36,897		$ 33,710

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Weighted-average remaining contractual life of outstanding warrants	10 months 14 days
Weighted-average remaining contractual life of outstanding options	2 years 2 months 16 days
Fountainhead [Member] | Consulting Agreement [Member]
Number of common stock issued for fees	535,714	250,000	234,375
Number of common stock issued for fees, value	$ 112,500	$ 92,500	$ 112,500
Non Employee Directors [Member]
Shares issued for services	99,999
Value of shares issued for services	$ 21,000

Equity - Schedule of Warrants a

Equity - Schedule of Warrants and Options (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Stock Options [Member]
Number of shares Outstanding, Beginning Balance | shares	1,380,000
Number of shares, Granted | shares
Number of shares, Exercised | shares
Number of shares, Cancelled or expired | shares	(680,000)
Number of shares Outstanding, Ending Balance | shares	700,000
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares	$ 0.53
Weighted average exercise price per share, Granted | $ / shares
Weighted average exercise price per share, Exercised | $ / shares
Weighted average exercise price per share, Cancelled or expired | $ / shares	(0.79)
Weighted average exercise price per share, Outstanding, Ending balance | $ / shares	$ 0.28
Stock Warrants [Member]
Number of shares Outstanding, Beginning Balance | shares	3,717,826
Number of shares, Granted | shares
Number of shares, Exercised | shares
Number of shares, Cancelled or expired | shares
Number of shares Outstanding, Ending Balance | shares	3,717,826
Weighted average exercise price per share, Outstanding, Beginning Balance | $ / shares	$ 0.27
Weighted average exercise price per share, Granted | $ / shares
Weighted average exercise price per share, Exercised | $ / shares
Weighted average exercise price per share, Cancelled or expired | $ / shares
Weighted average exercise price per share, Outstanding, Ending balance | $ / shares	$ 0.27

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Non-employee [Member]
Share-based compensation	$ 133,500	$ 133,500
Total unrecognized compensation costs	0
Directors [Member] | Deferred Compensation Plan [Member]
Stock granted but not issued	21,000	21,000
Employee Stock Options [Member]
Share-based compensation	$ 0	$ 4,871

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, 2019	Mar. 31, 2018
Share-based Payment Arrangement [Abstract]
Risk-free interest rates	0.00%	2.41%
Expected life	0 years	1 year 6 months
Expected dividends	0.00%	0.00%
Expected volatility	0.00%	107.00%
Vycor Common Stock fair value	$ 0	$ 0.49

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2012USD ($)	Jun. 30, 2012EUR (€)
Rent expense	$ 5,700
Lease termination date	Sep. 30, 2020
Trade tax			$ 85,000
German [Member]
Rent expense	$ 24,706	$ 25,168
Euro Currency [Member]
Trade tax | €				€ 75,000

Consulting and Other Agreemen_2

Consulting and Other Agreements (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Stock option cash	$ 133,500	$ 25,871
Fountainhead Consulting Agreement [Member] | March 2017 and Effective April 1, 2017 [Member]
Payment of fees	450,000
Stock option cash	$ 5,000
Common stock exercise price	$ 0.21
Consulting Agreement [Member] | Fountainhead [Member]
Number of common stock issued for fees, value	$ 112,500	$ 92,500	$ 112,500
Number of common stock issued for fees	535,714	250,000	234,375

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Consulting Agreement [Member] | Fountainhead [Member]
Number of common stock issued for fees	535,714	250,000	234,375
Number of common stock issued for fees, value	$ 112,500	$ 92,500	$ 112,500
Preferred D Stock[Member]
Accrued dividends	162,185	162,185
Fountainhead [Member] | Unsecured Loan [Member]
Unsecured loan notes issued	$ 17,873	30,000
Unsecured loan notes interest rate	10.00%
Fountainhead [Member] | Directors [Member]
Equity ownership percentage	54.00%
Fountainhead [Member] | Directors [Member] | Series D Preferred D Stock [Member]
Equity ownership percentage	70.00%
Related Parties [Member] | Preferred D Stock[Member]
Accrued dividends	$ 154,712	$ 154,712

Concentration (Details Narrativ

Concentration (Details Narrative) - Sales Revenue [Member]	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
No Customer [Member]
Concentration Risk, Percentage	10.00%
One Customer [Member]
Concentration Risk, Percentage		14.00%