Vycor Medical (VYCO) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 13, 2020
Cover [Abstract]
Entity Registrant Name	VYCOR MEDICAL INC
Entity Central Index Key	0001424768
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,895,692
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash	$ 74,935	$ 60,717
Trade accounts receivable	137,397	274,551
Inventory	179,714	208,353
Prepaid expenses and other current assets	90,854	92,694
Current assets of discontinued operations	2,004	20,117
Total Current Assets	484,904	656,432
Fixed assets, net	389,146	364,953
Intangible and Other assets:
Patents, net of accumulated amortization	14,343	23,326
Security deposits	6,000	6,000
Operating lease - right of use assets	135,003	31,658
Long term assets of discontinued operations		9,574
Total Intangible and Other assets	155,346	70,558
TOTAL ASSETS	1,029,396	1,091,943
Current Liabilities
Accounts payable	131,117	245,412
Accrued interest: Other	316,798	280,765
Accrued interest: Related party	66,767	44,921
Accrued liabilities - Other	116,085	233,067
Accrued liabilities - Related Party	1,297,480	973,110
Notes payable: Other	555,666	328,032
Notes payable: Related Party	310,873	230,873
Current operating lease liabilities	44,079	28,010
Current liabilities of discontinued operations	9,884	82,216
Total Current Liabilities	2,848,749	2,446,406
Operating lease liability - Long term	88,097
STOCKHOLDERS' DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at September 30, 2020 and December 31, 2019 respectively	27	27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at September 30, 2020 and December 31, 2019, 26,999,026 and 25,391,884 shares issued and 26,895,692 and 25,288,550 outstanding at September. 30, 2020 and December 31, 2019 respectively	2,700	2,539
Additional Paid-in Capital	28,699,931	28,306,592
Treasury Stock (103,334 shares of Common Stock as at September 30, 2020 and December 31, 2019 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(30,736,750)	(29,790,258)
Accumulated Other Comprehensive Income	127,675	127,670
Total Stockholders' Deficiency	(1,907,450)	(1,354,463)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 1,029,396	$ 1,091,943

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	270,307	270,307
Preferred stock, shares outstanding	270,307	270,307
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	26,999,026	25,391,884
Common stock, shares outstanding	26,895,692	25,288,550
Treasury stock, shares	103,334	103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 275,925	$ 322,884	$ 850,430	$ 1,061,393
Cost of Goods Sold	40,551	28,962	98,338	97,446
Gross Profit	235,374	293,922	752,092	963,947
Operating expenses:
Depreciation and Amortization	14,495	15,218	43,780	44,855
General and administrative	427,250	444,371	1,260,742	1,344,853
Total Operating expenses	441,745	459,589	1,304,522	1,389,708
Operating loss	(206,371)	(165,667)	(552,430)	(425,761)
Other income (expense)
Interest expense: Related Party	(7,836)	(5,315)	(21,846)	(15,331)
Interest expense: Other	(12,099)	(12,109)	(36,033)	(36,074)
Loss on foreign currency exchange	(484)	(3)	(829)	(207)
Gain on other income	6,000		6,000
Total Other Income (expense)	(14,419)	(17,427)	(52,708)	(51,612)
Loss Before Credit for Income Taxes	(220,790)	(183,094)	(605,138)	(477,373)
Credit for income taxes
Net Loss from continuing operations	(220,790)	(183,094)	(605,138)	(477,373)
Income (Loss) from discontinued operations, net of tax	22,503	(26,515)	(16,984)	(97,838)
Net loss	(198,287)	(209,609)	(622,122)	(575,211)
Preferred stock dividends	(162,185)	(162,185)	(324,370)	(324,370)
Net Loss available to common stockholders	(360,472)	(371,794)	(946,492)	(899,581)
Other Comprehensive Loss
Foreign Currency Translation Adjustment	3	7	5	2
Comprehensive Loss	$ (198,284)	$ (209,602)	$ (622,117)	$ (575,209)
Net Loss Per Share - basic and diluted
Loss from continuing operations	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Income (Loss) from discontinued operations	0	0	0	0
Net loss available to common stockholders	$ (0.01)	$ (0.02)	$ (0.04)	$ (0.04)
Weighted Average Number of Shares Outstanding - Basic and Diluted	26,365,801	24,222,946	25,832,084	23,689,516

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Stock [Member]
Balance	$ 2,646	$ 2,432	$ 2,539	$ 2,324
Balance, shares	26,463,312	24,320,456	25,391,884	23,244,028
Issuance of stock for board and consulting fees	$ 54	$ 54	$ 161	$ 162
Issuance of stock for board and consulting fees, shares	535,714	535,714	1,607,142	1,612,142
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss
Balance	$ 2,700	$ 2,486	$ 2,700	$ 2,486
Balance, shares	26,999,026	24,856,170	26,999,026	24,856,170
Preferred C [Member]
Balance	$ 0	$ 0	$ 0	$ 0
Balance, shares	1	1	1	1
Issuance of stock for board and consulting fees
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss
Balance	$ 0	$ 0	$ 0	$ 0
Balance, shares	1	1	1	1
Preferred D [Member]
Balance	$ 27	$ 27	$ 27	$ 27
Balance, shares	270,306	270,306	270,306	270,306
Issuance of stock for board and consulting fees
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss
Balance	$ 27	$ 27	$ 27	$ 27
Balance, shares	270,306	270,306	270,306	270,306
Treasury Stock [Member]
Balance	$ (1,033)	$ (1,033)	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)	(103,334)	(103,334)
Issuance of stock for board and consulting fees
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss
Balance	$ (1,033)	$ (1,033)	$ (1,033)	$ (1,033)
Balance, shares	(103,334)	(103,334)	(103,334)	(103,334)
Additional Paid-In Capital [Member]
Balance	$ 28,573,484	$ 28,039,699	$ 28,306,592	$ 27,771,868
Issuance of stock for board and consulting fees	112,447	112,447	337,339	338,278
Directors deferred compensation granted	14,000	21,000	56,000	63,000
Accumulated Comprehensive Loss
Net loss
Balance	28,699,931	28,173,146	28,699,931	28,173,146
Accumulated Deficit [Member]
Balance	(30,376,278)	(29,197,473)	(29,790,258)	(28,669,686)
Issuance of stock for board and consulting fees
Directors deferred compensation granted
Accumulated Comprehensive Loss
Net loss	(360,472)	(371,794)	(946,492)	(899,581)
Balance	(30,736,750)	(29,569,267)	(30,736,750)	(29,569,267)
Accumulated Other Comprehensive Income (Loss) [Member]
Balance	127,672	127,668	127,670	127,673
Issuance of stock for board and consulting fees
Directors deferred compensation granted
Accumulated Comprehensive Loss	3	7	5	2
Net loss
Balance	127,675	127,675	127,675	127,675
Balance	(1,673,482)	(1,028,680)	(1,354,463)	(768,827)
Issuance of stock for board and consulting fees	112,501	112,501	337,500	338,440
Directors deferred compensation granted	14,000	21,000	56,000	63,000
Issuance of shares pursuant to exercise of warrants
Accumulated Comprehensive Loss	3	7	5	2
Net loss	(360,472)	(371,794)	(946,492)	(899,581)
Balance	$ (1,907,450)	$ (1,266,966)	$ (1,907,450)	$ (1,266,966)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (622,122)	$ (575,211)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets	8,983	9,170
Depreciation of fixed assets	35,939	37,201
Inventory provision	9,418	9,418
Stock based compensation	393,500	401,440
Changes in assets and liabilities:
Accounts receivable	137,154	44,521
Inventory	19,221	(34,455)
Prepaid expenses	2,661	(33,309)
Accrued interest - Related Party	21,846	15,332
Accrued interest - Other	36,033	35,901
Accounts payable	(114,295)	104,518
Accrued liabilities - Other	(116,982)	(25,818)
Changes in discontinued operations, net	(54,218)	497
Cash used in operating activities	(242,862)	(10,795)
Cash flows from investing activities:
Purchase of fixed assets	(60,132)	(21,560)
Changes in investing activities of discontinued operations, net	9,574	2,496
Cash used in investing activities	(50,558)	(19,064)
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party	80,000	17,873
Proceeds from Paycheck Protection Program and EIDL	208,600
Proceeds net of repayments Notes Payable - Other	19,034	25,244
Cash provided by financing activities	307,634	43,117
Effect of exchange rate changes on cash	4	(1,093)
Net increase (decrease) in cash	14,218	12,165
Cash at beginning of period	60,717	78,011
Cash at end of period	74,935	90,176
Non-Cash Transactions:
Common stock issued to related party for payment of accrued liabilities	$ 0	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
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, 2019 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These unaudited consolidated 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, 2019. The unaudited consolidated financial statements as of and for the nine months ended September 30, 2020 and 2019, 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 nine months ended September 30, 2020 and 2019 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Certain prior period amounts on the unaudited consolidated financial statements have been reclassified to conform to the current period 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 $946,492 for the nine months ended September 30, 2020 and has not generated sufficient positive cash flows from operations. As of September 30, 2020 the Company had a working capital deficiency of $688,725, excluding related party liabilities of $1,675,120. These conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The unaudited consolidated 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. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $316,798, which has a maturity date of December 31, 2020, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond December 31, 2020 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through November 30, 2021 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided 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	9 Months Ended
	Sep. 30, 2020
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. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations. 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, 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. Discontinued Operations In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Leases The Company has one leased building in Boca Raton, Florida that is classified as operating lease right-of use (“ROU”) assets and operating lease liabilities in the Company’s unaudited consolidated balance sheet as per ASC 842. 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 unaudited consolidated balance sheets, but did not have a material impact on our unaudited consolidated statements of comprehensive loss. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common stockholders 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: September 30, 2020 September 30, 2019 Stock options outstanding 680,000 700,000 Warrants to purchase common stock - 3,717,826 Debentures convertible into common stock 2,937,133 2,707,933 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 1,442,571 1,075,908 Total 6,331,756 9,473,719 Covid-19 In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) originated in Wuhan, China, and has since spread to a number of other countries, including the United States. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. In addition, as of the time of the filing of this Form 10-Q, several states in the United States remain in states of emergency, and travel restrictions continue to be applied in several countries around the world, including the United States. Vycor Medical experienced a reduction in demand during the nine months ended September 30, 2020 in the US and Internationally. Although neurosurgery is not considered an elective procedure, general hospital dislocation and diversion of resources away from non-emergency surgeries, or surgeries that can be postponed for a short period without harm, has impacted our revenues during the nine months ended September 30, 2020 and could continue to do so. In addition, sales and marketing efforts by Vycor’s representatives have been disrupted or curtailed due to lockdown and social distancing, and this has and may continue to hinder the recovery of revenues. While our operations are principally located in the United States, and our sub-contract manufacturers are located in the United States, we participate in a global supply chain, and the existence of a worldwide pandemic, the fear associated with COVID-19, or any, pandemic, and the reactions of governments around the world in response to COVID-19, or any, pandemic, to regulate the flow of labor and products and impede the travel of personnel, may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity. Disruptions to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from the closure of supplier and manufacturer facilities, interruptions in the supply of raw materials and components, personnel absences, or restrictions on the shipment of our or our suppliers’ or customers’ products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule. Although we have implemented business continuity plans for our offices and personnel to enable continuity of service remotely, if a critical number of our employees become too ill to work, or we are not able to access a sufficient quantity of our inventory for shipment due to enforced office closures, our production ability could be materially adversely affected in a rapid manner. Similarly, if our customers experience adverse business consequences due to COVID-19, or any other, pandemic, demand for our products could also be materially adversely affected in a rapid manner. Global health concerns, such as COVID-19, could also result in social, economic, and labor instability in the countries and localities in which we or our suppliers and customers operate. Any of these uncertainties could have a material adverse effect on our business, financial condition or results of operations.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. DISCONTINUED OPERATIONS In April 2020, the board of Vycor took the decision to close the German operations of NovaVision, including the German office and NovaVision GmbH, and instead migrate to a licensed business model; in June 2020 Vycor announced that it would be entering into a license agreement and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals; and has assumed responsibility for the current patients of NovaVision in the territory. The NovaVision German office was closed effective June 30, 2020. The Company will continue to fund the remaining expenses of the German operations, which are non-material, until such a time as NovaVision GmbH will be formally wound up. Reconciliation of the Major Line Items constituting Loss from discontinued operations, net of tax, that are presented in the Consolidated Statements of Comprehensive Loss For the three months ended For the nine months ended 2020 2019 2020 2019 Major line items constituting loss from discontinued operations Revenue $ 2,851 $ 23,424 $ 41,527 $ 65,471 Cost of Goods Sold 616 2,565 4,835 9,188 Gross Profit 2,235 20,859 36,692 56,283 Operating expenses: Depreciation and Amortization - (103 ) - 156 Selling, general and administrative 15,304 47,045 87,986 152,240 Total Operating expenses 15,304 46,942 87,986 152,396 Operating loss (13,069 ) (26,083 ) (51,294 ) (96,113 ) Other income (expense) Loss on foreign currency exchange (879 ) (432 ) (2,141 ) (1,725 ) Other income (loss) 36,451 36,451 Total Other Income (expense) 35,572 (432 ) 34,310 (1,725 ) Income (loss) Before Credit for Income Taxes 22,503 (26,515 ) (16,984 ) (97,838 ) Credit for income taxes - - - - Loss from discontinued operations, net of tax $ 22,503 $ (26,515 ) $ (16,984 ) $ (97,838 ) Other income comprises the net of non-cash adjustments made in connection with the Agreements with HeflerApp and the closure of the German operation: adjustments for assets and liabilities transferred to HelferApp or NovaVision Inc. or otherwise written off - $12,308; elimination of historic balance for NovaVision GmbH legal expenses funded by NovaVision Inc. - $34,727; and certain accruals for employee costs – ($10,584).

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	4. NOTES PAYABLE Related Parties Notes Payable Related Party Notes Payable consists of: September 30, 2020 December 31, 2019 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. The note was extended for another twelve months on its due date to June 25, 2021 or on demand by the Payee. $ 30,000 $ 30,000 Between March 26, 2018 and April 24, 2020 the Company issued various promissory notes to Fountainhead Capital Management Limited for $280,873. 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. Six notes were extended on their due dates for another twelve months. The Notes will be due between December 2020 and July 2021 or on demand by the Payee. 280,873 200,873 Total Related Party Notes Payable $ 310,873 $ 230,873 Other Notes Payable Other Notes Payable consists of: September 30, 2020 December 31, 2019 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 extended to December 31, 2020. The note is personally guaranteed by certain officers and directors of the Company. See further note below $ 300,000 $ 300,000 On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the aggregate amount of $58,600, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a Note dated May 16, 2020 issued by the Borrower, matures on May 16, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 16, 2020. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The Company’s use of the Loan qualifies and intends to apply once the forgiveness program commences. 58,600 - On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company. The proceeds of the Loan will be used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter. 150,000 - Insurance policy finance agreements and other. 47,066 28,032 Total Other Notes Payable: $ 555,666 $ 328,032 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 and 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 2,937,133 shares of Common Stock as of September 30, 2020. 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	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease	5. 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 that will expire on September 30, 2020. Based on the original lease agreement, the Company had the one-time option to renew the lease for another three years with minimum annual rent at market price, not less than the original lease payment amount. In January 2020, the Company exercised the option to extend the original lease for another three years with the expiration date of August 31, 2023. In accordance with ASC 842-10-35, the Company considered this lease extension as the modification of the original lease and re-measured the lease liability and the right-of-use assets on the commencement date of the lease extension. The Company recognized the following in its unaudited consolidated balance sheet at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Operating Lease ROU Assets $ 135,003 $ 31,658 $ 135,003 $ 31,658 Operating Lease Liabilities Current portion 44,079 28,010 Long-term portion $ 88,097 $ - $ 132,176 $ 28,010

Segment Reporting, Geographical

Segment Reporting, Geographical Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting, Geographical Information	6. 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. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue: Vycor Medical $ 250,648 $ 301,053 $ 776,932 $ 988,786 NovaVision $ 25,277 $ 21,831 $ 73,498 $ 72,607 $ 275,925 $ 322,884 $ 850,430 $ 1,061,393 Gross Profit Vycor Medical $ 211,089 $ 273,146 $ 683,125 $ 895,484 NovaVision $ 24,285 $ 20,776 $ 68,967 $ 68,463 $ 235,374 $ 293,922 $ 752,092 $ 963,947 September 30, 2020 December 31, 2019 Total Assets: Vycor Medical $ 990,852 $ 1,036,857 NovaVision 36,540 25,395 Discontinued operations 2,004 29,691 Total Assets $ 1,029,396 $ 1,091,943 (b) Geographic information The Company operates in two geographic segments, the United States and Europe. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue: United States $ 270,851 $ 320,476 $ 839,992 $ 1,051,237 Europe $ 5,074 $ 2,408 $ 10,438 $ 10,156 $ 275,925 $ 322,884 $ 850,430 $ 1,061,393 Gross Profit United States $ 230,321 $ 291,536 $ 741,675 $ 953,861 Europe $ 5,053 $ 2,386 $ 10,417 $ 10,086 $ 235,374 $ 293,922 $ 752,092 $ 963,947 September 30, 2020 December 31, 2019 Total Assets: United States $ 1,014,817 $ 1,055,312 Europe 12,575 6,940 Discontinued operations 2,004 29,691 Total Assets $ 1,029,396 $ 1,091,943

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	7. EQUITY Common Stock and Stock Grants During January to September 2020 and 2019, the Company granted 266,664 shares of Common Stock (valued at $56,000) 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 September 2020 and 2019, under the terms of the Consulting Agreement referred to in note 10, the Company issued 1,607,142 of Common Stock to Fountainhead for fees of $337,500 in each period respectively. Warrants and Options The details of the outstanding warrants and options are as follows: STOCK WARRANTS: Weighted average Number of shares exercise price Outstanding at December 31, 2019 3,717,826 $ 0.27 Granted - - Exercised - - Cancelled or expired (3,717,826 ) $ 0.27 Outstanding at September 30, 2020 - $ 0.00 STOCK OPTIONS: Weighted average Number of shares exercise price Outstanding at December 31, 2019 700,000 $ 0.28 Granted - - Exercised - - Cancelled or expired (20,000 ) (0.27 ) Outstanding at September 30, 2020 680,000 $ 0.28 As of September 30, 2020, the weighted-average remaining contractual life of outstanding warrants and options is 0 and 0.74 years, respectively.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	8. 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 each of the nine months ended September 30, 2020 and 2019, the Company recognized share-based compensation of $0 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 September 30, 2020 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”. 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 granted to non-employees for each of the nine months ended September 30, 2020 and 2019 was $266,664 and $299,997. The expense related to stock not issued during each of the periods ended September 30, 2020 and 2019 comprises $56,000 and $63,000, related to stock granted but not issued to directors under the Directors Deferred Compensation Plan. As of September 30, 2020, 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. There were no options or warrants issued during either of the periods ending September 30, 2020 and 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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 and has been extended for a further three years to August 31, 2023. The Company’s subsidiary in Germany occupied premises on a rolling 12 month lease agreement with a 3 month notice period of EUR1,650 per month (approximately $1,815), which was terminated effective June 30, 2020. Rent expense for the nine months ended September 30, 2020 and 2019 for the continuing operations was $59,008 and $57,202 respectively. See Note 5. Potential German tax liability In June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of €75,000 (approximately $82,000), with an additional interest charge of €12,000 (approximately $13,200). 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 was preliminarily reduced to zero. The Company did not accept this trade tax assessment and appealed against it to the relevant tax authorities with a view to its reduction. The relevant tax authorities agreed to suspend the assessment pending the outcome of certain court hearings and proposed tax legislation, and the Company agreed to make monthly payments on account totaling €75,000 (approximately $82,000) which were completed in October 2016 and fully expensed. At that time the Company appealed against the interest charge of €12,000 (approximately $13,200) which the tax authorities did not accept but also agreed to suspend pending the outcome of the hearings and proposed legislation outlined above. Accordingly, the Company has made no provision for this liability in the nine months ended September 30, 2020 and the year ended December 31, 2019 respectively.

Consulting and Other Agreements

Consulting and Other Agreements	9 Months Ended
	Sep. 30, 2020
Consulting And Other Agreements
Consulting and Other Agreements	10. CONSULTING AND OTHER AGREEMENTS The following agreements were entered into or remained in force during the period ended September 30, 2020: 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. Under the terms of the Amended Agreement, Fountainhead provides the executive management team of the Company, including the positions of CEO, President and CFO, whose employment agreements with the Company stipulate they receive no remuneration from the Company. During the nine months ended September 30, 2020 and September 30, 2019, under the terms of the Amended Agreement, Fountainhead received total fees of $337,500, which were paid through the issuance of 1,607,142 shares of Company Common Stock.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	11. RELATED PARTY TRANSACTIONS Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at September 30, 2020, 59.7% of the Company’s Common Stock and 70% of the Company’s Preferred D Stock. Peter Zachariou owns 26% of the Company’s Preferred D Stock. Adrian Liddell, Chairman, is a consultant for Fountainhead. During each of the nine months ended September 30, 2020 and September 30, 2019, under the terms of the Consulting Agreement referred to in note 10, the Company issued 1,607,142 shares of Common Stock to Fountainhead for fees of $337,500. During each of the nine months ended September 30, 2020 and 2019, the Company accrued an aggregate of $324,370 of Preferred D Stock dividends, of which $226,037 was in respect of Fountainhead and $83,386 was in respect of Peter Zachariou. During the nine months ended September 30, 2020 and 2019 the Company issued unsecured loan notes to Fountainhead for a total of $80,000 and $17,873, respectively. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary. There were no other related party transactions during the nine months ended September 30, 2020 and 2019.

Concentration

Concentration	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Concentration	12. CONCENTRATION Vycor Medical sells its neurosurgical devices in the US primarily direct to hospitals, and internationally through distributors who in turn sell to hospitals. Sales Concentration: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Number of customers over 10% 0 1 1 1 Percentage of sales 0 % 12 % 14 % 10 % Accounts Receivable Concentration At September 30, At December 31, 2020 2019 Number of customers over 10% 2 1 Percentage of accounts receivable 11% and 15 % 37 % The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and VBAS extension arms. Purchases from these manufacturers vary from quarter to quarter, with no purchases in some quarters, however on an annual basis purchases from each manufacturer represent over 10% of total annual purchases.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the unaudited 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)	9 Months Ended
	Sep. 30, 2020
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. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations.
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, 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.
Discontinued Operations	Discontinued Operations In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.
Leases	Leases The Company has one leased building in Boca Raton, Florida that is classified as operating lease right-of use (“ROU”) assets and operating lease liabilities in the Company’s unaudited consolidated balance sheet as per ASC 842. 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 unaudited consolidated balance sheets, but did not have a material impact on our unaudited consolidated statements of comprehensive loss. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss available to common stockholders 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: September 30, 2020 September 30, 2019 Stock options outstanding 680,000 700,000 Warrants to purchase common stock - 3,717,826 Debentures convertible into common stock 2,937,133 2,707,933 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 1,442,571 1,075,908 Total 6,331,756 9,473,719
Covid-19	Covid-19 In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) originated in Wuhan, China, and has since spread to a number of other countries, including the United States. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. In addition, as of the time of the filing of this Form 10-Q, several states in the United States remain in states of emergency, and travel restrictions continue to be applied in several countries around the world, including the United States. Vycor Medical experienced a reduction in demand during the nine months ended September 30, 2020 in the US and Internationally. Although neurosurgery is not considered an elective procedure, general hospital dislocation and diversion of resources away from non-emergency surgeries, or surgeries that can be postponed for a short period without harm, has impacted our revenues during the nine months ended September 30, 2020 and could continue to do so. In addition, sales and marketing efforts by Vycor’s representatives have been disrupted or curtailed due to lockdown and social distancing, and this has and may continue to hinder the recovery of revenues. While our operations are principally located in the United States, and our sub-contract manufacturers are located in the United States, we participate in a global supply chain, and the existence of a worldwide pandemic, the fear associated with COVID-19, or any, pandemic, and the reactions of governments around the world in response to COVID-19, or any, pandemic, to regulate the flow of labor and products and impede the travel of personnel, may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity. Disruptions to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from the closure of supplier and manufacturer facilities, interruptions in the supply of raw materials and components, personnel absences, or restrictions on the shipment of our or our suppliers’ or customers’ products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule. Although we have implemented business continuity plans for our offices and personnel to enable continuity of service remotely, if a critical number of our employees become too ill to work, or we are not able to access a sufficient quantity of our inventory for shipment due to enforced office closures, our production ability could be materially adversely affected in a rapid manner. Similarly, if our customers experience adverse business consequences due to COVID-19, or any other, pandemic, demand for our products could also be materially adversely affected in a rapid manner. Global health concerns, such as COVID-19, could also result in social, economic, and labor instability in the countries and localities in which we or our suppliers and customers operate. Any of these uncertainties could have a material adverse effect on our business, financial condition or results of operations.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
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: September 30, 2020 September 30, 2019 Stock options outstanding 680,000 700,000 Warrants to purchase common stock - 3,717,826 Debentures convertible into common stock 2,937,133 2,707,933 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan 1,442,571 1,075,908 Total 6,331,756 9,473,719

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Loss from Discontinued Operations	Reconciliation of the Major Line Items constituting Loss from discontinued operations, net of tax, that are presented in the Consolidated Statements of Comprehensive Loss For the three months ended For the nine months ended 2020 2019 2020 2019 Major line items constituting loss from discontinued operations Revenue $ 2,851 $ 23,424 $ 41,527 $ 65,471 Cost of Goods Sold 616 2,565 4,835 9,188 Gross Profit 2,235 20,859 36,692 56,283 Operating expenses: Depreciation and Amortization - (103 ) - 156 Selling, general and administrative 15,304 47,045 87,986 152,240 Total Operating expenses 15,304 46,942 87,986 152,396 Operating loss (13,069 ) (26,083 ) (51,294 ) (96,113 ) Other income (expense) Loss on foreign currency exchange (879 ) (432 ) (2,141 ) (1,725 ) Other income (loss) 36,451 36,451 Total Other Income (expense) 35,572 (432 ) 34,310 (1,725 ) Income (loss) Before Credit for Income Taxes 22,503 (26,515 ) (16,984 ) (97,838 ) Credit for income taxes - - - - Loss from discontinued operations, net of tax $ 22,503 $ (26,515 ) $ (16,984 ) $ (97,838 )

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Notes Payable	Related Party Notes Payable consists of: September 30, 2020 December 31, 2019 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. The note was extended for another twelve months on its due date to June 25, 2021 or on demand by the Payee. $ 30,000 $ 30,000 Between March 26, 2018 and April 24, 2020 the Company issued various promissory notes to Fountainhead Capital Management Limited for $280,873. 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. Six notes were extended on their due dates for another twelve months. The Notes will be due between December 2020 and July 2021 or on demand by the Payee. 280,873 200,873 Total Related Party Notes Payable $ 310,873 $ 230,873 Other Notes Payable Other Notes Payable consists of: September 30, 2020 December 31, 2019 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 extended to December 31, 2020. The note is personally guaranteed by certain officers and directors of the Company. See further note below $ 300,000 $ 300,000 On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the aggregate amount of $58,600, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, which was in the form of a Note dated May 16, 2020 issued by the Borrower, matures on May 16, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 16, 2020. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The Company’s use of the Loan qualifies and intends to apply once the forgiveness program commences. 58,600 - On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company. The proceeds of the Loan will be used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter. 150,000 - Insurance policy finance agreements and other. 47,066 28,032 Total Other Notes Payable: $ 555,666 $ 328,032

Lease (Tables)

Lease (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	The Company recognized the following in its unaudited consolidated balance sheet at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Operating Lease ROU Assets $ 135,003 $ 31,658 $ 135,003 $ 31,658 Operating Lease Liabilities Current portion 44,079 28,010 Long-term portion $ 88,097 $ - $ 132,176 $ 28,010

Segment Reporting, Geographic_2

Segment Reporting, Geographical Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Business Segments Information	Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue: Vycor Medical $ 250,648 $ 301,053 $ 776,932 $ 988,786 NovaVision $ 25,277 $ 21,831 $ 73,498 $ 72,607 $ 275,925 $ 322,884 $ 850,430 $ 1,061,393 Gross Profit Vycor Medical $ 211,089 $ 273,146 $ 683,125 $ 895,484 NovaVision $ 24,285 $ 20,776 $ 68,967 $ 68,463 $ 235,374 $ 293,922 $ 752,092 $ 963,947 September 30, 2020 December 31, 2019 Total Assets: Vycor Medical $ 990,852 $ 1,036,857 NovaVision 36,540 25,395 Discontinued operations 2,004 29,691 Total Assets $ 1,029,396 $ 1,091,943
Summary of Geographic Information	Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue: United States $ 270,851 $ 320,476 $ 839,992 $ 1,051,237 Europe $ 5,074 $ 2,408 $ 10,438 $ 10,156 $ 275,925 $ 322,884 $ 850,430 $ 1,061,393 Gross Profit United States $ 230,321 $ 291,536 $ 741,675 $ 953,861 Europe $ 5,053 $ 2,386 $ 10,417 $ 10,086 $ 235,374 $ 293,922 $ 752,092 $ 963,947 September 30, 2020 December 31, 2019 Total Assets: United States $ 1,014,817 $ 1,055,312 Europe 12,575 6,940 Discontinued operations 2,004 29,691 Total Assets $ 1,029,396 $ 1,091,943

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Stock Warrants	STOCK WARRANTS: Weighted average Number of shares exercise price Outstanding at December 31, 2019 3,717,826 $ 0.27 Granted - - Exercised - - Cancelled or expired (3,717,826 ) $ 0.27 Outstanding at September 30, 2020 - $ 0.00
Schedule of Stock Options	STOCK OPTIONS: Weighted average Number of shares exercise price Outstanding at December 31, 2019 700,000 $ 0.28 Granted - - Exercised - - Cancelled or expired (20,000 ) (0.27 ) Outstanding at September 30, 2020 680,000 $ 0.28

Concentration (Tables)

Concentration (Tables)	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Schedule of Concentration	Sales Concentration: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Number of customers over 10% 0 1 1 1 Percentage of sales 0 % 12 % 14 % 10 % Accounts Receivable Concentration At September 30, At December 31, 2020 2019 Number of customers over 10% 2 1 Percentage of accounts receivable 11% and 15 % 37 %

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net loss	$ (360,472)	$ (371,794)	$ (946,492)	$ (899,581)
Working capital deficiency	688,725		688,725
Related party liabilities	1,675,120		1,675,120
EuroAmerican Investment Corp. [Member]
Term note	300,000		300,000
Accrued interest	$ 316,798		$ 316,798
Maturity date			Dec. 31, 2020
EuroAmerican Investment Corp. [Member] | Extended Maturity [Member]
Maturity date			Nov. 30, 2021

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Common Stock Not Included in Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Potential shares of common stock that are not included in the calculation of diluted net loss per share	6,331,756	9,473,719
Stock Options Outstanding [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	680,000	700,000
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
Debentures Convertible into Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	2,937,133	2,707,933
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	1,442,571	1,075,908

Discontinued Operations (Detail

Discontinued Operations (Details Narrative)	Sep. 30, 2020USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Written off related to assets and liabilities transferred operations	$ 12,308
Legal expenses funded	34,727
Accruals employee costs	$ (10,584)

Discontinued Operations - Sched

Discontinued Operations - Schedule of Loss from Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Revenue	$ 2,851	$ 23,424	$ 41,527	$ 65,471
Cost of Goods Sold	616	2,565	4,835	9,188
Gross Profit	2,235	20,859	36,692	56,283
Depreciation and Amortization		(103)		156
Selling, general and administrative	15,304	47,045	87,986	152,240
Total Operating expenses	15,304	46,942	87,986	152,396
Operating loss	(13,069)	(26,083)	(51,294)	(96,113)
Loss on foreign currency exchange	(879)	(432)	(2,141)	(1,725)
Other income (loss)	36,451		36,451
Total Other Income (expense)	35,572	(432)	34,310	(1,725)
Income (loss) Before Credit for Income Taxes	22,503	(26,515)	(16,984)	(97,838)
Credit for income taxes
Loss from discontinued operations, net of tax	$ 22,503	$ (26,515)	$ (16,984)	$ (97,838)

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Sep. 30, 2020	Jan. 31, 2018
EuroAmerican Investment Corp. [Member]
Debt conversion shares issued	2,937,133
Warrants exercisable term		3 years
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 ($)	Sep. 30, 2020	Dec. 31, 2019
Total Related Party Notes Payable	$ 310,873	$ 230,873
Total Other Notes Payable	555,666	328,032
Citizens Bank [Member]
Total Other Notes Payable	58,600
EuroAmerican Investment Corp. [Member]
Total Other Notes Payable	300,000	300,000
Peter Zachariou [Member]
Total Related Party Notes Payable	30,000	30,000
Fountainhead Capital Management Limited [Member]
Total Related Party Notes Payable	280,873	200,873
Small Business Administration [Member]
Total Other Notes Payable	150,000
Insurance Policy Finance Agreements [Member]
Total Other Notes Payable	$ 47,066	$ 28,032

Notes Payable - Summary of No_2

Notes Payable - Summary of Notes Payable (Details) (Parenthetical) - USD ($)	Jul. 07, 2020	May 16, 2020	Jun. 25, 2018	Mar. 25, 2011	Sep. 30, 2020	Apr. 24, 2020
Small Business Administration [Member]
Notes interest rate	3.75%
Debt due date description	The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing twelve (12) months from the date of the note and is secured by essentially all of the assets of the Company.
Loans payable	$ 150,000
Monthly payments	$ 731
Debt term	30 years
Citizens Bank [Member] | Paycheck Protection Program [Member]
Value of notes issued		$ 58,600
Notes interest rate		1.00%
Citizens Bank [Member] | Payroll Protection Program [Member]
Debt due date description		The Loan, which was in the form of a Note dated May 16, 2020 issued by the Borrower, matures on May 16, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 16, 2020.
Debt maturity date		May 16, 2022
EuroAmerican Investment Corp. [Member]
Value of notes issued					$ 300,000
Debt maturity date					Dec. 31, 2020
EuroAmerican Investment Corp. [Member] | Extended Maturity [Member]
Debt due date				Dec. 31, 2020
Debt maturity date					Nov. 30, 2021
EuroAmerican Investment Corp. [Member] | Term Note [Member]
Value of notes issued				$ 300,000
Notes interest rate				16.00%
Debt due date				Jun. 25, 2011
Peter Zachariou [Member]
Value of notes issued			$ 30,000
Notes interest rate			10.00%
Debt due date			Jun. 25, 2021
Fountainhead Capital Management Limited [Member]
Value of notes issued						$ 280,873
Notes interest rate						10.00%
Debt due date description						The Notes will be due between December 2020 and July 2021 or on demand by the Payee.

Lease (Details Narrative)

Lease (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Rent expense	$ 59,008	$ 57,202
Lease expiration date	Sep. 30, 2020
Office Space [Member]
Rent expense	$ 5,700
Lease expiration date	Aug. 31, 2023
Lease renewal term	3 years
Lease term description	Based on the original lease agreement, the Company has the one-time option to renew the lease for another three years with minimum annual rent at market price, not less than the original lease payment amount. In January 2020, the Company exercised the option to extend the original lease for another three years with the expiration date of August 31, 2023. In accordance with ASC 842-10-35, the Company considered this lease extension as the modification of the original lease and re-measured the lease liability and the right-of-use assets on the commencement date of the lease extension.

Lease - Schedule of Supplementa

Lease - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease ROU Assets	$ 135,003	$ 31,658
Operating Lease ROU Assets	135,003	31,658
Operating Lease Liabilities Current portion	44,079	28,010
Operating Lease Liabilities Long-term portion	88,097
Operating Lease Liabilities	$ 132,176	$ 28,010

Segment Reporting, Geographic_3

Segment Reporting, Geographical Information (Details Narrative)	9 Months Ended
	Sep. 30, 2020Number
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue	$ 275,925	$ 322,884	$ 850,430	$ 1,061,393
Gross Profit	235,374	293,922	752,092	963,947
Total Assets	1,029,396		1,029,396		$ 1,091,943
Vycor Medical [Member]
Revenue	250,648	301,053	776,932	988,786
Gross Profit	211,089	273,146	683,125	895,484
Total Assets	990,852		990,852		1,036,857
Nova Vision [Member]
Revenue	25,277	21,831	73,498	72,607
Gross Profit	24,285	$ 20,776	68,967	$ 68,463
Total Assets	36,540		36,540		25,395
Discontinued Operations [Member]
Total Assets	$ 2,004		$ 2,004		$ 29,691

Segment Reporting, Geographic_5

Segment Reporting, Geographical Information - Summary of Geographic Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue	$ 275,925	$ 322,884	$ 850,430	$ 1,061,393
Gross Profit	235,374	293,922	752,092	963,947
Total Assets	1,029,396		1,029,396		$ 1,091,943
Discontinued Operations [Member]
Total Assets	2,004		2,004		29,691
United States [Member]
Revenue	270,851	320,476	839,992	1,051,237
Gross Profit	230,321	291,536	741,675	953,861
Total Assets	1,014,817		1,014,817		1,055,312
Europe [Member]
Revenue	5,074	2,408	10,438	10,156
Gross Profit	5,053	$ 2,386	10,417	$ 10,086
Total Assets	$ 12,575		$ 12,575		$ 6,940

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Weighted-average remaining contractual life of outstanding warrants	0 years
Weighted-average remaining contractual life of outstanding options	8 months 26 days
Fountainhead [Member] | Consulting Agreement [Member]
Number of common stock issued for fees	1,607,142	1,607,142
Number of common stock issued for fees, value	$ 337,500	$ 337,500
Non Employee Directors [Member] | Directors Deferred Compensation Plan [Member]
Shares issued for services	266,664	266,664
Value of shares issued for services	$ 56,000	$ 56,000

Equity - Schedule of Stock Warr

Equity - Schedule of Stock Warrants (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Equity [Abstract]
Number of shares Warrants Outstanding, Beginning Balance | shares	3,717,826
Number of shares Warrants, Granted | shares
Number of shares Warrants, Exercised | shares
Number of shares Warrants, Cancelled or expired | shares	(3,717,826)
Number of shares Warrants Outstanding, Ending Balance | shares
Weighted average exercise price per share Warrants, Outstanding, Beginning Balance | $ / shares	$ 0.27
Weighted average exercise price per share Warrants, Granted | $ / shares
Weighted average exercise price per share Warrants, Exercised | $ / shares
Weighted average exercise price per share Warrants, Cancelled or expired | $ / shares	0.27
Weighted average exercise price per share Warrants, Outstanding, Ending balance | $ / shares	$ 0

Equity - Schedule of Stock Opti

Equity - Schedule of Stock Options (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Equity [Abstract]
Number of shares Options Outstanding, Beginning Balance | shares	700,000
Number of shares Options, Granted | shares
Number of shares Options, Exercised | shares
Number of shares Options, Cancelled or expired | shares	(20,000)
Number of shares Options Outstanding, Ending Balance | shares	680,000
Weighted average exercise price per share Options, Outstanding, Beginning Balance | $ / shares	$ 0.28
Weighted average exercise price per share Options, Granted | $ / shares
Weighted average exercise price per share Options, Exercised | $ / shares
Weighted average exercise price per share Options, Cancelled or Expired | $ / shares	(0.27)
Weighted average exercise price per share Options, Outstanding, Ending balance | $ / shares	$ 0.28

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Non-employee [Member]
Share-based compensation	$ 266,664	$ 299,997
Directors [Member] | Directors Deferred Compensation Plan [Member]
Stock granted but not issued	56,000	63,000
Total unrecognized compensation costs	0	0
Employee Stock Options [Member]
Share-based compensation	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	Oct. 31, 2016USD ($)	Jun. 30, 2012USD ($)	Jun. 30, 2012EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2019USD ($)	Jun. 30, 2012EUR (€)
Rent expense				$ 59,008		$ 57,202
Lease termination date				Sep. 30, 2020	Sep. 30, 2020
Trade tax reduced	$ 82,000	$ 82,000
Interest expenses	13,200	$ 13,200
Euro Currency [Member]
Trade tax reduced	75,000						€ 75,000
Interest expenses	$ 12,000		€ 12,000
German [Member]
Rent expense				$ 1,815
German [Member] | Euro Currency [Member]
Rent expense | €					€ 1,650
Office Space [Member]
Rent expense				$ 5,700
Lease termination date				Aug. 31, 2023	Aug. 31, 2023

Consulting and Other Agreemen_2

Consulting and Other Agreements (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock option cash	$ 393,500	$ 401,440
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
Amendment Agreement [Member]
Number of common stock issued for fees, value	$ 337,500	$ 337,500
Number of common stock issued for fees	1,607,142	1,607,142

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fountainhead [Member] | Consultancy Agreement [Member]
Number of common stock issued for fees	1,607,142	1,607,142
Number of common stock issued for fees, value	$ 337,500	$ 337,500
Preferred D Stock dividends [Member]
Accrued dividends	324,370	324,370
Fountainhead [Member]
Accrued dividends	226,037	226,037
Fountainhead [Member] | Unsecured Loan [Member]
Unsecured loan notes issued	$ 80,000	$ 17,873
Unsecured loan notes interest rate	10.00%	10.00%
Fountainhead [Member] | Directors [Member]
Equity ownership percentage	59.70%
Fountainhead [Member] | Directors [Member] | Series D Preferred Stock [Member]
Equity ownership percentage	70.00%
Fountainhead [Member] | Peter Zachariou [Member] | Series D Preferred Stock [Member]
Equity ownership percentage	26.00%
Peter Zachariou [Member]
Accrued dividends	$ 83,386	$ 83,386

Concentration (Details Narrativ

Concentration (Details Narrative) - Purchase [Member]	9 Months Ended
	Sep. 30, 2020
Manufacturer One [Member]
Concentration risk, percentage	10.00%
Manufacturer Two [Member]
Concentration risk, percentage	10.00%
Manufacturer Three [Member]
Concentration risk, percentage	10.00%

Concentration - Schedule of Con

Concentration - Schedule of Concentration (Details) - Number	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Sales Revenue [Member]
Number of customers over 10%	0	1	1	1
Sales Revenue [Member] | Customer One [Member]
Concentration risk, percentage	0.00%	12.00%	14.00%	10.00%
Accounts Receivable [Member]
Number of customers over 10%			2		1
Accounts Receivable [Member] | Customer One [Member]
Concentration risk, percentage					37.00%
Accounts Receivable [Member] | Customer One [Member] | Minimum [Member]
Concentration risk, percentage			11.00%
Accounts Receivable [Member] | Customer One [Member] | Maximum [Member]
Concentration risk, percentage			15.00%