Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-34932 | |
Entity Registrant Name | VYCOR MEDICAL, INC | |
Entity Central Index Key | 0001424768 | |
Entity Tax Identification Number | 20-3369218 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 951 Broken Sound Parkway | |
Entity Address, Address Line Two | Suite 320 | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33487 | |
City Area Code | (561) | |
Local Phone Number | 558-2020 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | VYCO | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,749,447 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 78,573 | $ 46,002 |
Trade accounts receivable | 176,884 | 159,238 |
Inventory | 221,664 | 181,096 |
Prepaid expenses and other current assets | 84,759 | 76,988 |
Current assets of discontinued operations | 339 | 577 |
Total Current Assets | 562,219 | 463,901 |
Fixed assets, net | 378,112 | 381,087 |
Intangible and Other assets: | ||
Patents, net of accumulated amortization | 2,366 | 11,349 |
Security deposits | 6,000 | 6,000 |
Operating lease - right of use assets | 90,924 | 124,183 |
Total Intangible and Other assets | 99,290 | 141,532 |
TOTAL ASSETS | 1,039,621 | 986,520 |
Current Liabilities | ||
Accounts payable | 188,578 | 179,110 |
Accrued interest: Other | 369,168 | 328,897 |
Accrued interest: Related party | 98,356 | 74,603 |
Accrued liabilities – Other | 123,658 | 117,050 |
Accrued liabilities - Related Party | 1,621,850 | 1,297,480 |
Notes payable: Other | 338,727 | 384,587 |
Notes payable: Related Party | 320,873 | 310,873 |
Current operating lease liabilities | 46,324 | 44,623 |
Current liabilities of discontinued operations | (424) | 3,605 |
Total Current Liabilities | 3,107,110 | 2,740,828 |
Loan Payable - SBA EIDL | 150,000 | 150,000 |
Operating lease liability - Long term | 42,625 | 77,008 |
Total Long-term Liabilities | 192,625 | 227,008 |
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, 2021 and December 31, 2020 respectively | 27 | 27 |
Common Stock, $0.0001 par value, 55,000,000 shares authorized at September 30, 2021 and December 31, 2020, 30,852,781 and 27,534,740 shares issued and 30,749,447 and 27,431,406 outstanding at September 30, 2021 and December 31, 2020 respectively | 3,085 | 2,753 |
Additional Paid-in Capital | 29,120,212 | 28,826,378 |
Treasury Stock (103,334 shares of Common Stock as at September 30, 2021 and December 31, 2020 respectively, at cost) | (1,033) | (1,033) |
Accumulated Deficit | (31,510,080) | (30,937,110) |
Accumulated Other Comprehensive Income | 127,675 | 127,669 |
Total Stockholders’ Deficiency | (2,260,114) | (1,981,316) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | $ 1,039,621 | $ 986,520 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 30,852,781 | 27,534,740 |
Common stock, shares outstanding | 30,749,447 | 27,431,406 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue | $ 332,087 | $ 275,925 | $ 1,119,263 | $ 850,430 |
Cost of Goods Sold | 35,145 | 40,551 | 102,950 | 98,338 |
Gross Profit | 296,942 | 235,374 | 1,016,313 | 752,092 |
Operating Expenses: | ||||
Research and development | 1,825 | 8,454 | ||
Depreciation and amortization | 17,728 | 14,495 | 49,275 | 43,780 |
Selling, general and administrative | 365,785 | 427,250 | 1,230,340 | 1,260,742 |
Total Operating Expenses | 385,338 | 441,745 | 1,288,069 | 1,304,522 |
Operating loss | (88,396) | (206,371) | (271,756) | (552,430) |
Other income (Expense) | ||||
Interest expense: Related Party | (8,088) | (7,836) | (23,753) | (21,846) |
Interest expense: Other | (12,685) | (12,099) | (42,465) | (36,033) |
Loss on foreign currency exchange | (372) | (484) | (1,371) | (829) |
Gain on other income | 6,000 | 6,000 | ||
Forgiveness of debt: Paycheck Protection Program | 117,200 | 117,200 | ||
Total Other Income (Expense) | 96,055 | (14,419) | 49,611 | (52,708) |
Income (Loss) Before Credit for Income Taxes | 7,659 | (220,790) | (222,145) | (605,138) |
Credit for income taxes | ||||
Net Income (Loss) from continuing operations | 7,659 | (220,790) | (222,145) | (605,138) |
Income (Loss) from discontinued operations, net of tax | (3,966) | 22,503 | (26,455) | (16,984) |
Net Income (Loss) | 3,693 | (198,287) | (248,600) | (622,122) |
Preferred stock dividends | (162,185) | (162,185) | (324,370) | (324,370) |
Net Loss Available to Common Stockholders | (158,492) | (360,472) | (572,970) | (946,492) |
Other Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustment | 4 | 3 | 6 | 5 |
Comprehensive Income (Loss) | $ 3,697 | $ (198,284) | $ (248,594) | $ (622,117) |
Net Income (Loss) Per Share - basic and diluted | ||||
Income (Loss) from continuing operations | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Income (Loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net loss available to common stockholders | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.04) |
Weighted Average Number of Shares Outstanding – Basic and Diluted | 30,219,556 | 26,365,801 | 29,249,192 | 25,832,084 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ (2,178,768) | $ (1,673,482) | $ (1,981,316) | $ (1,354,463) |
Issuance of stock for board and consulting fees | 77,142 | 112,501 | 273,166 | 337,500 |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | 14,000 | 21,000 | 56,000 | |
Accumulated Comprehensive Income | 4 | 3 | 6 | 5 |
Net loss for period available to common stockholders | (158,492) | (360,472) | (572,970) | (946,492) |
Balance | (2,260,114) | (1,907,450) | (2,260,114) | (1,907,450) |
Common Stock [Member] | ||||
Balance | $ 3,032 | $ 2,646 | $ 2,753 | $ 2,539 |
Balance, shares | 30,317,067 | 26,463,312 | 27,534,740 | 25,391,884 |
Balance, shares | (30,317,067) | (26,463,312) | (27,534,740) | (25,391,884) |
Issuance of stock for board and consulting fees | $ 53 | $ 54 | $ 171 | $ 161 |
Issuance of stock for board and consulting fees,shares | 535,714 | 535,714 | 1,708,805 | 1,607,142 |
Issuance of stock related to deferred compensation of directors | $ 161 | |||
Issuance of stock related to deferred compensation of directors,shares | 1,609,236 | |||
Accumulated Comprehensive Income | ||||
Balance | $ 3,085 | $ 2,700 | $ 3,085 | $ 2,700 |
Balance, shares | 30,852,781 | 26,999,026 | 30,852,781 | 26,999,026 |
Balance, shares | (30,852,781) | (26,999,026) | (30,852,781) | (26,999,026) |
Preferred C [Member] | Preferred Stock [Member] | ||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Balance, shares | 1 | 1 | 1 | 1 |
Balance, shares | (1) | (1) | (1) | (1) |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | ||||
Accumulated Comprehensive Income | ||||
Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Balance, shares | 1 | 1 | 1 | 1 |
Balance, shares | (1) | (1) | (1) | (1) |
Preferred D [Member | Preferred Stock [Member] | ||||
Balance | $ 27 | $ 27 | $ 27 | $ 27 |
Balance, shares | 270,306 | 270,306 | 270,306 | 270,306 |
Balance, shares | (270,306) | (270,306) | (270,306) | (270,306) |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | ||||
Accumulated Comprehensive Income | ||||
Balance | $ 27 | $ 27 | $ 27 | $ 27 |
Balance, shares | 270,306 | 270,306 | 270,306 | 270,306 |
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 |
Balance, shares | (103,334) | (103,334) | (103,334) | (103,334) |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | ||||
Accumulated Comprehensive Income | ||||
Balance | $ (1,033) | $ (1,033) | $ (1,033) | $ (1,033) |
Balance, shares | 103,334 | 103,334 | 103,334 | 103,334 |
Balance, shares | (103,334) | (103,334) | (103,334) | (103,334) |
Additional Paid-in Capital [Member] | ||||
Balance | $ 29,043,123 | $ 28,573,484 | $ 28,826,378 | $ 28,306,592 |
Issuance of stock for board and consulting fees | 77,089 | 112,447 | 272,995 | 337,339 |
Issuance of stock related to deferred compensation of directors | (161) | |||
Directors deferred compensation granted | 14,000 | 21,000 | 56,000 | |
Accumulated Comprehensive Income | ||||
Balance | 29,120,212 | 28,699,931 | 29,120,212 | 28,699,931 |
Retained Earnings [Member] | ||||
Balance | (31,351,588) | (30,376,278) | (30,937,110) | (29,790,258) |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | ||||
Accumulated Comprehensive Income | ||||
Net loss for period available to common stockholders | (158,492) | (360,472) | (572,970) | (946,492) |
Balance | (31,510,080) | (30,736,750) | (31,510,080) | (30,736,750) |
AOCI Attributable to Parent [Member] | ||||
Balance | 127,671 | 127,672 | 127,669 | 127,670 |
Issuance of stock related to deferred compensation of directors | ||||
Directors deferred compensation granted | ||||
Accumulated Comprehensive Income | 4 | 3 | 6 | 5 |
Balance | $ 127,675 | $ 127,675 | $ 127,675 | $ 127,675 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (248,600) | $ (622,122) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Amortization of intangible assets | 8,983 | 8,983 |
Depreciation of fixed assets | 41,665 | 35,939 |
Inventory provision | 9,270 | 9,418 |
Stock based compensation | 284,102 | 393,500 |
Forgiveness of debt Paycheck Protection Program | (117,200) | |
Changes in assets and liabilities: | ||
Accounts receivable | (17,646) | 137,154 |
Inventory | (49,838) | 19,221 |
Prepaid expenses | 2,871 | 2,661 |
Accrued interest - Related Party | 23,753 | 21,846 |
Accrued interest - Other | 40,271 | 36,033 |
Accounts payable | 9,468 | (114,295) |
Accrued liabilities - Other | 6,608 | (116,982) |
Changes in discontinued operations, net | (3,791) | (54,218) |
Cash provided by (used in) operating activities | (10,084) | (242,862) |
Cash flows from investing activities: | ||
Purchase of fixed assets | (38,690) | (60,132) |
Changes in investing activities of discontinued operations, net | 9,574 | |
Cash used in investing activities | (38,690) | (50,558) |
Cash flows from financing activities: | ||
Proceeds from Notes Payable - Related Party | 10,000 | 80,000 |
Proceeds from Paycheck Protection Program | 58,600 | 208,600 |
Proceeds net of repayments Notes Payable - Other | 12,740 | 19,034 |
Cash provided by (used in) financing activities | 81,340 | 307,634 |
Effect of exchange rate changes on cash | 5 | 4 |
Net decrease in cash | 32,571 | 14,218 |
Cash at beginning of period | 46,002 | 60,717 |
Cash at end of period | 78,573 | 74,935 |
Supplemental Disclosures of Cash Flow information: | ||
Cash paid for interest | 2,193 | 0 |
Cash paid for income tax | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 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, 2020. The unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2021 and 2020, 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 and nine months ended September 30, 2021 and 2020 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 $ 248,600 503,812 2,041,079 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 $ 300,000 364,798 March 31, 2022 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
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 account balances, 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 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. Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program During the year ended December 31, 2020 the Company received a loan of $ 58,600 58,600 The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment. 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: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE September 30, 2021 September 30, 2020 Stock options outstanding - 680,000 Debentures convertible into common stock 3,165,705 2,937,133 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan - 1,442,571 Total 4,437,757 6,331,756 Covid-19 Vycor Medical experienced a significant reduction in demand during the twelve months ended December 31, 2020 in the US and Europe, particularly in the second quarter, with some recovery in the third and fourth quarters. This recovery continued at a stronger level during the nine months ended September 30, 2021 such that sales for the Vycor Medical division increased by 32% over the same period in 2020. 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 twelve months ended December 31, 2020 and although this has recovered during the nine months ended September 30, 2021, COVID-19 remains classified as a pandemic and this could impact future sales. In addition, sales and marketing efforts by Vycor’s representatives were disrupted or curtailed during periods of lockdown and social distancing, and this may continue to hinder the recovery of revenues, particularly in certain international territories where vaccination rates remain relatively low. 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 COVID-19 may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity. Furthermore, our sub-contract manufacturers have experienced, and continue to experience, staffing shortages and this has elongated our production lead times. Disruptions to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from supplier staff absences due to COVID-19 illness or isolation requirements, the closure of supplier and manufacturer facilities, interruptions in the supply of raw materials and components, 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 required, 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, 2021 | |
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 is formally wound up. Reconciliation of the major line items from discontinued operations that are presented in the unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive loss are as follows: Major line items constituting assets and liabilities in the unaudited consolidated balance sheets SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS September 30, 2021 December 31, 2020 ASSETS Current Assets Cash $ 339 $ 577 Total Current Assets 339 577 TOTAL ASSETS $ 339 $ 577 LIABILITIES Current Liabilities Accounts payable $ 4 $ 422 Accrued liabilities – Other - 3,168 Other current liabilities (428 ) 15 Total Current Liabilities $ (424 ) $ 3,605 Major line items constituting loss from discontinued operations For the three months ended For the nine months ended 2021 2020 2021 2020 Revenue $ - $ 2,851 $ - $ 41,527 Cost of Goods Sold - 616 - 4,835 Gross Profit - 2,235 - 36,692 Operating Expenses: Selling, general and administrative 3,921 15,304 25,567 87,986 Total Operating Expenses 3,921 15,304 25,567 87,986 Operating Loss (3,921 ) (13,069 ) (25,567 ) (51,294 ) Other Income (Expense) Loss on foreign currency exchange (45 ) (879 ) (888 ) (2,141 ) Other income (loss) - 36,451 - 36,451 Total Other Income (Expense) (45 ) 35,572 (888 ) (34,310 ) Income (Loss) Before Credit for Income Taxes (3,966 ) 22,503 (26,455 ) (16,984 ) Credit for income taxes - - - - Income (Loss) from discontinued operations, net of tax $ (3,966 ) $ 22,503 $ (26,455 ) $ (16,984 ) |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 4. NOTES PAYABLE Related Parties Notes Payable Related Party Notes Payable consists of: SUMMARY OF NOTES PAYABLE September 30, 2021 December 31, 2020 $ 30,000 $ 30,000 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10% June 25, 2022 $ 30,000 $ 30,000 Between March 26, 2018 and March 12, 2021 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $ 290,873 10% The Notes will be due between December 2021 and July 2022 or on demand by the Payee. 290,873 280,873 Total Related Party Notes Payable $ 320,873 $ 310,873 Other Notes Payable Other Notes Payable consists of: September 30, 2021 December 31, 2020 On March 25, 2011 the Company issued a term note for $ 300,000 16% June 25, 2011 March 31, 2022 $ 300,000 $ 300,000 On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 1% - 58,600 On January 1, 2021, the Company was granted a second PPP loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 1% - - Insurance policy finance agreements. 38,727 25,987 Total Notes Payable: $ 338,727 $ 384,587 Long-Term Notes Payable consists of: September 30, 2021 December 31, 2020 On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $ 150,000 30 3.75% 731.00 $ 150,000 $ 150,000 Total Long-Term Notes Payable: $ 150,000 $ 150,000 In January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $ 300,000 0.21 3,165,705 The Company routinely finances all their insurance policies 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, 2021 | |
Lease | |
LEASE | 5. LEASE The Company recognized the following related to a lease in its unaudited consolidated balance sheet at September 30, 2021 and December 31, 2020: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES September 30, 2021 December 31, 2020 Operating Lease ROU Assets $ 90,924 $ 124,183 Operating Lease ROU Assets $ 90,924 $ 124,183 Operating Lease Liabilities Current portion $ 46,324 $ 44,623 Long-term portion 42,625 77,008 Operating Lease Liabilities $ 88,949 $ 121,631 |
SEGMENT REPORTING, GEOGRAPHICAL
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
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: SCHEDULE OF BUSINESS SEGMENTS INFORMATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: Vycor Medical $ 301,540 $ 250,648 $ 1,026,572 $ 776,932 NovaVision $ 30,547 $ 25,277 $ 92,691 $ 73,498 Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430 Gross Profit Vycor Medical $ 269,986 $ 211,089 $ 930,180 $ 683,125 NovaVision $ 26,956 $ 24,285 $ 86,133 $ 68,967 Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092 September 30, December 31, 2021 2020 Total Assets: Vycor Medical $ 1,009,665 $ 953,730 NovaVision 29,617 32,213 Discontinued operations 339 577 Total Assets $ 1,039,621 $ 986,520 (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. SUMMARY OF GEOGRAPHIC INFORMATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: United States $ 328,250 $ 270,851 $ 1,104,939 $ 839,992 Europe $ 3,837 $ 5,074 $ 14,324 $ 10,438 Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430 Gross Profit United States $ 293,187 $ 230,321 $ 1,002,169 $ 741,675 Europe $ 3,755 $ 5,053 $ 14,144 $ 10,417 Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092 September 30, December 31, 2021 2020 Total Assets: United States $ 1,033,820 $ 980,239 Europe 5,462 5,704 Discontinued operations 339 577 Total Assets $ 1,039,621 $ 986,520 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
EQUITY | 7. EQUITY Common Stock Grants During January to September 2021 and 2020, the Company granted 99,999 21,000 266,664 56,000 th 575,649 566,793 In January 2021 the Company issued 466,794 On April 1, 2021 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 10). During January to September 2021 and 2020, under the terms of the Consulting Agreement referred to in note 10, the Company issued 1,607,142 253,037 337,500 Stock Options The details of the outstanding stock options are as follows: SCHEDULE OF STOCK OPTIONS Weighted average Number of shares exercise price Outstanding at December 31, 2020 680,000 $ 0.28 Granted - - Exercised - - Cancelled or expired (680,000 ) (0.28 ) Outstanding at September 30, 2021 - $ - |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | 8. STOCK-BASED 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, or their contractual value if different in the case of common stock. 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. Non-Employee Stock Compensation Aggregate stock-based compensation for stock granted to non-employees for each of the nine months ended September 30, 2021 and 2020 was $ 284,102 393,500 0 56,000 0 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 4,000 per month, plus other charges of approximately $ 2,500 per month. The lease terminated September 30, 2020 and was 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 EUR 1,650 per month (approximately $ 1,815 ), which was terminated effective June 30, 2020. Rent expense for the nine months ended September 30, 2021 and 2020 for the continuing operations was $ 58,691 and $ 59,008 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 82,000 12,000 13,200 75,000 82,000 12,000 13,200 |
CONSULTING AND OTHER AGREEMENTS
CONSULTING AND OTHER AGREEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021: Consulting Agreement with Fountainhead Effective January 1, 2021, the Company made a slight amendment to the Fountainhead Consulting Agreement (“the Amended Agreement”). Under the Amended Agreement, fees are payable to Fountainhead, with an option to receive $ 5,000 535,714 0.21 112,500 During the nine months ended September 30, 2021 and September 30, 2020, under the terms of the Amended Agreement, Fountainhead received 1,607,142 253,037 1,607,142 337,500 Other Agreements On March 30, 2021, Vycor entered into a Consulting Agreement with Ricardo J. Komotar, M.D. (the “Agreement”) to provide certain specified services over the three-year term of the Agreement. Under the Agreement, Dr. Komotar will provide general scientific advisory consultancy services, and will also provide scientific advisory services based around certain specific pre-determined milestones. In consideration of the Consultant’s services, the Company agreed to deliver to the Consultant over the course of the three-year term, a total of 304,989 shares of Company Common Stock in respect of the general consultancy, and up to 1,219,957 shares of Company Common Stock in respect of the milestones, the actual number of shares to be delivered being determined by the achievement of the pre-determined milestones. On April 1, 2021 101,663 shares of Company Common Stock (valued at market price totaling $20,129) were issued under the terms of the Agreement, which is being amortized over twelve months. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021, 59.2% 70% 0.2% 26% During each of the nine months ended September 30, 2021 and September 30, 2020, under the terms of the Consulting Agreement referred to in note 10, the Company issued 1,607,142 253,037 337,500 During each of the nine months ended September 30, 2021 and 2020, the Company accrued an aggregate of $ 324,370 226,037 83,386 During the nine months ended September 30, 2021 and 2020 the Company issued unsecured loan notes to Fountainhead for a total of $ 10,000 80,000 10% due on demand or by their one-year anniversary There were no |
CONCENTRATION
CONCENTRATION | 9 Months Ended |
Sep. 30, 2021 | |
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. SCHEDULE OF CONCENTRATION Sales Concentration: Three Months Ended 2021 2020 Number of customers over 10% - - Percentage of sales 0 % 0 % Nine Months Ended 2021 2020 Number of customers over 10% - 1 Percentage of sales 0 % 14 % Accounts Receivable Concentration At September 30, At December 31, 2021 2020 Number of customers over 10% 0 2 Percentage of accounts receivable 0 % 10 % 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% |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 | |
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 account balances, 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 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. |
Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program | Accounting for forgivable loan received under the Small Business Administration Paycheck Protection Program During the year ended December 31, 2020 the Company received a loan of $ 58,600 58,600 The Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly reduced the liability by the amount forgiven and recorded a gain on the extinguishment. |
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: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE September 30, 2021 September 30, 2020 Stock options outstanding - 680,000 Debentures convertible into common stock 3,165,705 2,937,133 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan - 1,442,571 Total 4,437,757 6,331,756 |
Covid-19 | Covid-19 Vycor Medical experienced a significant reduction in demand during the twelve months ended December 31, 2020 in the US and Europe, particularly in the second quarter, with some recovery in the third and fourth quarters. This recovery continued at a stronger level during the nine months ended September 30, 2021 such that sales for the Vycor Medical division increased by 32% over the same period in 2020. 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 twelve months ended December 31, 2020 and although this has recovered during the nine months ended September 30, 2021, COVID-19 remains classified as a pandemic and this could impact future sales. In addition, sales and marketing efforts by Vycor’s representatives were disrupted or curtailed during periods of lockdown and social distancing, and this may continue to hinder the recovery of revenues, particularly in certain international territories where vaccination rates remain relatively low. 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 COVID-19 may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity. Furthermore, our sub-contract manufacturers have experienced, and continue to experience, staffing shortages and this has elongated our production lead times. Disruptions to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from supplier staff absences due to COVID-19 illness or isolation requirements, the closure of supplier and manufacturer facilities, interruptions in the supply of raw materials and components, 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 required, 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, 2021 | |
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: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE September 30, 2021 September 30, 2020 Stock options outstanding - 680,000 Debentures convertible into common stock 3,165,705 2,937,133 Preferred shares convertible into common stock 1,272,052 1,272,052 Directors Deferred Compensation Plan - 1,442,571 Total 4,437,757 6,331,756 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS | SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS September 30, 2021 December 31, 2020 ASSETS Current Assets Cash $ 339 $ 577 Total Current Assets 339 577 TOTAL ASSETS $ 339 $ 577 LIABILITIES Current Liabilities Accounts payable $ 4 $ 422 Accrued liabilities – Other - 3,168 Other current liabilities (428 ) 15 Total Current Liabilities $ (424 ) $ 3,605 Major line items constituting loss from discontinued operations For the three months ended For the nine months ended 2021 2020 2021 2020 Revenue $ - $ 2,851 $ - $ 41,527 Cost of Goods Sold - 616 - 4,835 Gross Profit - 2,235 - 36,692 Operating Expenses: Selling, general and administrative 3,921 15,304 25,567 87,986 Total Operating Expenses 3,921 15,304 25,567 87,986 Operating Loss (3,921 ) (13,069 ) (25,567 ) (51,294 ) Other Income (Expense) Loss on foreign currency exchange (45 ) (879 ) (888 ) (2,141 ) Other income (loss) - 36,451 - 36,451 Total Other Income (Expense) (45 ) 35,572 (888 ) (34,310 ) Income (Loss) Before Credit for Income Taxes (3,966 ) 22,503 (26,455 ) (16,984 ) Credit for income taxes - - - - Income (Loss) from discontinued operations, net of tax $ (3,966 ) $ 22,503 $ (26,455 ) $ (16,984 ) |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SUMMARY OF NOTES PAYABLE | SUMMARY OF NOTES PAYABLE September 30, 2021 December 31, 2020 $ 30,000 $ 30,000 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10% June 25, 2022 $ 30,000 $ 30,000 Between March 26, 2018 and March 12, 2021 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $ 290,873 10% The Notes will be due between December 2021 and July 2022 or on demand by the Payee. 290,873 280,873 Total Related Party Notes Payable $ 320,873 $ 310,873 Other Notes Payable Other Notes Payable consists of: September 30, 2021 December 31, 2020 On March 25, 2011 the Company issued a term note for $ 300,000 16% June 25, 2011 March 31, 2022 $ 300,000 $ 300,000 On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 1% - 58,600 On January 1, 2021, the Company was granted a second PPP loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 1% - - Insurance policy finance agreements. 38,727 25,987 Total Notes Payable: $ 338,727 $ 384,587 Long-Term Notes Payable consists of: September 30, 2021 December 31, 2020 On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $ 150,000 30 3.75% 731.00 $ 150,000 $ 150,000 Total Long-Term Notes Payable: $ 150,000 $ 150,000 |
LEASE (Tables)
LEASE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease | |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES September 30, 2021 December 31, 2020 Operating Lease ROU Assets $ 90,924 $ 124,183 Operating Lease ROU Assets $ 90,924 $ 124,183 Operating Lease Liabilities Current portion $ 46,324 $ 44,623 Long-term portion 42,625 77,008 Operating Lease Liabilities $ 88,949 $ 121,631 |
SEGMENT REPORTING, GEOGRAPHIC_2
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF BUSINESS SEGMENTS INFORMATION | SCHEDULE OF BUSINESS SEGMENTS INFORMATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: Vycor Medical $ 301,540 $ 250,648 $ 1,026,572 $ 776,932 NovaVision $ 30,547 $ 25,277 $ 92,691 $ 73,498 Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430 Gross Profit Vycor Medical $ 269,986 $ 211,089 $ 930,180 $ 683,125 NovaVision $ 26,956 $ 24,285 $ 86,133 $ 68,967 Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092 September 30, December 31, 2021 2020 Total Assets: Vycor Medical $ 1,009,665 $ 953,730 NovaVision 29,617 32,213 Discontinued operations 339 577 Total Assets $ 1,039,621 $ 986,520 |
SUMMARY OF GEOGRAPHIC INFORMATION | SUMMARY OF GEOGRAPHIC INFORMATION Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue: United States $ 328,250 $ 270,851 $ 1,104,939 $ 839,992 Europe $ 3,837 $ 5,074 $ 14,324 $ 10,438 Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430 Gross Profit United States $ 293,187 $ 230,321 $ 1,002,169 $ 741,675 Europe $ 3,755 $ 5,053 $ 14,144 $ 10,417 Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092 September 30, December 31, 2021 2020 Total Assets: United States $ 1,033,820 $ 980,239 Europe 5,462 5,704 Discontinued operations 339 577 Total Assets $ 1,039,621 $ 986,520 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTIONS | SCHEDULE OF STOCK OPTIONS Weighted average Number of shares exercise price Outstanding at December 31, 2020 680,000 $ 0.28 Granted - - Exercised - - Cancelled or expired (680,000 ) (0.28 ) Outstanding at September 30, 2021 - $ - |
CONCENTRATION (Tables)
CONCENTRATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION | SCHEDULE OF CONCENTRATION Sales Concentration: Three Months Ended 2021 2020 Number of customers over 10% - - Percentage of sales 0 % 0 % Nine Months Ended 2021 2020 Number of customers over 10% - 1 Percentage of sales 0 % 14 % Accounts Receivable Concentration At September 30, At December 31, 2021 2020 Number of customers over 10% 0 2 Percentage of accounts receivable 0 % 10 % |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss | $ (3,693) | $ 198,287 | $ 248,600 | $ 622,122 |
Working capital deficiency | 503,812 | 503,812 | ||
Related party liabilities | 2,041,079 | 2,041,079 | ||
EuroAmerican Investment Corp [Member] | ||||
Term note | 300,000 | 300,000 | ||
Accrued interest | $ 364,798 | $ 364,798 | ||
Maturity date | Mar. 31, 2022 |
SCHEDULE OF COMMON STOCK NOT IN
SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 4,437,757 | 6,331,756 |
Stock Option Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 680,000 | |
Debentures Convertible into Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 3,165,705 | 2,937,133 |
Preferred Shares Convertible to Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 1,272,052 | 1,272,052 |
Deferred Compensation, Share-based Payments [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential shares of common stock that are not included in the calculation of diluted net loss per share | 1,442,571 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Paycheck Protection Program [Member] | CARES Act [Member] | ||
Short-term Debt [Line Items] | ||
Proceeds from loan | $ 58,600 | $ 58,600 |
SCHEDULE OF LOSS FROM DISCONTIN
SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Cash | $ 339 | $ 339 | $ 577 | ||
Total Current Assets | 339 | 339 | 577 | ||
TOTAL ASSETS | 339 | 339 | 577 | ||
Accounts payable | 4 | 4 | 422 | ||
Accrued liabilities – Other | 3,168 | ||||
Other current liabilities | (428) | (428) | 15 | ||
Total Current Liabilities | (424) | (424) | $ 3,605 | ||
Revenue | $ 2,851 | $ 41,527 | |||
Cost of Goods Sold | 616 | 4,835 | |||
Gross Profit | 2,235 | 36,692 | |||
Selling, general and administrative | 3,921 | 15,304 | 25,567 | 87,986 | |
Total Operating Expenses | 3,921 | 15,304 | 25,567 | 87,986 | |
Operating Loss | (3,921) | (13,069) | (25,567) | (51,294) | |
Loss on foreign currency exchange | (45) | (879) | (888) | (2,141) | |
Other income (loss) | 36,451 | 36,451 | |||
Total Other Income (Expense) | (45) | 35,572 | (888) | (34,310) | |
Income (Loss) Before Credit for Income Taxes | (3,966) | 22,503 | (26,455) | (16,984) | |
Credit for income taxes | |||||
Income (Loss) from discontinued operations, net of tax | $ (3,966) | $ 22,503 | $ (26,455) | $ (16,984) |
SUMMARY OF NOTES PAYABLE (Detai
SUMMARY OF NOTES PAYABLE (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Total Related Party Notes Payable | $ 320,873 | $ 310,873 |
Total Notes Payable | 338,727 | 384,587 |
Total Long-term Notes Payable | 150,000 | 150,000 |
Economic Injury Disaster Loan Program [Member] | CARES Act [Member] | ||
Short-term Debt [Line Items] | ||
Total Long-term Notes Payable | 150,000 | 150,000 |
EuroAmerican Investment Corp [Member] | ||
Short-term Debt [Line Items] | ||
Total Notes Payable | 300,000 | 300,000 |
Citizens Bank [Member] | Paycheck Protection Program [Member] | CARES Act [Member] | ||
Short-term Debt [Line Items] | ||
Total Notes Payable | 58,600 | |
Citizens Bank [Member] | Second Paycheck Protection Program [Member] | CARES Act [Member] | ||
Short-term Debt [Line Items] | ||
Total Notes Payable | ||
Peter Zachariou [Member] | ||
Short-term Debt [Line Items] | ||
Total Related Party Notes Payable | 30,000 | 30,000 |
Fountainhead Capital Management Limited [Member] | ||
Short-term Debt [Line Items] | ||
Total Related Party Notes Payable | 290,873 | 280,873 |
Insurance Policy Finance Agreements [Member] | ||
Short-term Debt [Line Items] | ||
Total Notes Payable | $ 38,727 | $ 25,987 |
SUMMARY OF NOTES PAYABLE (Det_2
SUMMARY OF NOTES PAYABLE (Details) (Parenthetical) - USD ($) | Jan. 03, 2021 | Jul. 07, 2020 | May 16, 2020 | Jun. 25, 2018 | Mar. 25, 2011 | Sep. 30, 2021 | Mar. 12, 2021 |
EuroAmerican Investment Corp [Member] | Extended Maturity [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt due date | Mar. 31, 2022 | ||||||
Term Note [Member] | EuroAmerican Investment Corp [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 300,000 | ||||||
Notes interest rate | 16.00% | ||||||
Debt due date | Jun. 25, 2011 | ||||||
Paycheck Protection Program [Member] | Citizens Bank [Member] | CARES Act [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 58,600 | ||||||
Notes interest rate | 1.00% | ||||||
Debt due date | May 16, 2022 | ||||||
Debt due date description | The Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 and bears interest at a rate of 1% per annum. | ||||||
Second Paycheck Protection Program [Member] | Citizens Bank [Member] | CARES Act [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 58,600 | ||||||
Notes interest rate | 1.00% | ||||||
Debt due date | Jan. 1, 2026 | ||||||
Debt due date description | The Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 and bears interest at a rate of 1% per annum. | ||||||
Economic Injury Disaster Loan Program [Member] | CARES Act [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 150,000 | ||||||
Notes interest rate | 3.75% | ||||||
Debt instrument, term | 30 years | ||||||
Debt instrument, periodic payment | $ 731 | ||||||
Peter Zachariou [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 30,000 | ||||||
Notes interest rate | 10.00% | ||||||
Debt due date | Jun. 25, 2022 | ||||||
Fountainhead Capital Management Limited [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Value of notes issued | $ 290,873 | ||||||
Notes interest rate | 10.00% | ||||||
Debt due date description | The Notes will be due between December 2021 and July 2022 or on demand by the Payee. |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2021 | Jan. 31, 2018 |
EuroAmerican Investment Corp [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt conversion shares issued | 3,165,705 | |
EuroAmerican Investment Corp [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Note payable other | $ 300,000 | |
Conversion price | $ 0.21 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Lease | ||
Operating Lease ROU Assets | $ 90,924 | $ 124,183 |
Operating Lease ROU Assets | 90,924 | 124,183 |
Current portion | 46,324 | 44,623 |
Long-term portion | 42,625 | 77,008 |
Operating Lease Liabilities | $ 88,949 | $ 121,631 |
SCHEDULE OF BUSINESS SEGMENTS I
SCHEDULE OF BUSINESS SEGMENTS INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 332,087 | $ 275,925 | $ 1,119,263 | $ 850,430 | |
Gross Profit | 296,942 | 235,374 | 1,016,313 | 752,092 | |
Total Assets | 1,039,621 | 1,039,621 | $ 986,520 | ||
Discontinued Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 339 | 339 | 577 | ||
Vycor Medical [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 301,540 | 250,648 | 1,026,572 | 776,932 | |
Gross Profit | 269,986 | 211,089 | 930,180 | 683,125 | |
Total Assets | 1,009,665 | 1,009,665 | 953,730 | ||
Nova Vision [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 30,547 | 25,277 | 92,691 | 73,498 | |
Gross Profit | 26,956 | $ 24,285 | 86,133 | $ 68,967 | |
Total Assets | $ 29,617 | $ 29,617 | $ 32,213 |
SUMMARY OF GEOGRAPHIC INFORMATI
SUMMARY OF GEOGRAPHIC INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $ 332,087 | $ 275,925 | $ 1,119,263 | $ 850,430 | |
Gross Profit | 296,942 | 235,374 | 1,016,313 | 752,092 | |
Total Assets | 1,039,621 | 1,039,621 | $ 986,520 | ||
Discontinued Operations [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total Assets | 339 | 339 | 577 | ||
UNITED STATES | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 328,250 | 270,851 | 1,104,939 | 839,992 | |
Gross Profit | 293,187 | 230,321 | 1,002,169 | 741,675 | |
Total Assets | 1,033,820 | 1,033,820 | 980,239 | ||
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 3,837 | 5,074 | 14,324 | 10,438 | |
Gross Profit | 3,755 | $ 5,053 | 14,144 | $ 10,417 | |
Total Assets | $ 5,462 | $ 5,462 | $ 5,704 |
SCHEDULE OF STOCK OPTIONS (Deta
SCHEDULE OF STOCK OPTIONS (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of shares Options Outstanding, Beginning Balance | shares | 680,000 |
Weighted average exercise price per share Options, Outstanding, Beginning balance | $ / shares | $ 0.28 |
Number of shares Options, Granted | shares | |
Weighted average exercise price per share Options, Granted | $ / shares | |
Number of shares Options, Exercised | shares | |
Weighted average exercise price per share Options, Exercised | $ / shares | |
Number of shares Options, Cancelled or expired | shares | (680,000) |
Weighted average exercise price per share Options, Cancelled or expired | $ / shares | $ (0.28) |
Number of shares Options Outstanding, Ending Balance | shares | |
Weighted average exercise price per share Options, Outstanding, Ending balance | $ / shares |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Apr. 02, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | ||||
Fountainhead [Member] | Fountainhead Consulting Agreement [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Number of common stock issued | 1,607,142 | 1,607,142 | ||
Number of common stock issued, value | $ 253,037 | $ 337,500 | ||
Directors Deferred Compensation Plan [Member]. | Oscar Bronsther [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Number of common stock issued | 466,794 | |||
Non-employee Directors [Member] | Directors Deferred Compensation Plan [Member]. | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 99,999 | 266,664 | ||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 21,000 | $ 56,000 | ||
Steve Girgenti [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Shares Issued | 575,649 | |||
Lowell Rush [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Shares Issued | 566,793 | |||
Consultant [Member] | Ricardo Komotar [Member] | Consulting Agreement [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Number of common stock issued | 101,663 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Non-employee Directors [Member] | Directors Deferred Compensation Plan [Member]. | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expense related to unissued stock | $ 0 | $ 56,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | |
Non-employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 284,102 | $ 393,500 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Oct. 31, 2016USD ($) | Oct. 31, 2016EUR (€) | Jun. 30, 2012USD ($) | Jun. 30, 2012EUR (€) | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Sep. 30, 2020USD ($) | Oct. 31, 2016EUR (€) | Jun. 30, 2012EUR (€) |
Product Liability Contingency [Line Items] | |||||||||
Payments for Rent | $ 58,691 | $ 59,008 | |||||||
Trade tax reduced | $ 82,000 | $ 82,000 | € 75,000 | € 75,000 | |||||
Interest expenses | $ 13,200 | € 12,000 | $ 13,200 | € 12,000 | |||||
GERMANY | |||||||||
Product Liability Contingency [Line Items] | |||||||||
Payments for Rent | 1,815 | ||||||||
GERMANY | Euro Currency [Member] | |||||||||
Product Liability Contingency [Line Items] | |||||||||
Payments for Rent | € | € 1,650 | ||||||||
Office Space [Member] | |||||||||
Product Liability Contingency [Line Items] | |||||||||
Payments for Rent | 4,000 | ||||||||
Other charges | $ 2,500 | ||||||||
Lessee, Operating Lease, Description | The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. | The lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. |
CONSULTING AND OTHER AGREEMEN_2
CONSULTING AND OTHER AGREEMENTS (Details Narrative) - USD ($) | Apr. 02, 2021 | Mar. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Stock option cash | $ 284,102 | $ 393,500 | ||
Fountainhead Consulting Agreement [Member] | Fountainhead [Member] | ||||
Number of common stock issued | 1,607,142 | 1,607,142 | ||
Number of common stock issued, value | $ 253,037 | $ 337,500 | ||
Amended Agreement [Member] | Fountainhead [Member] | ||||
Number of common stock issued | 1,607,142 | 1,607,142 | ||
Number of common stock issued, value | $ 253,037 | $ 337,500 | ||
January 1, 2021 [Member] | Fountainhead Consulting Agreement [Member] | ||||
Stock option cash | $ 5,000 | |||
Number of common stock issued | 535,714 | |||
Common stock exercise price | $ 0.21 | |||
January 1, 2021 [Member] | Amended Agreement [Member] | ||||
Number of common stock issued, value | $ 112,500 | |||
General Consultancy [Member] | Ricardo J Komotar M D [Member] | ||||
Stock Issued During Period, Shares, Issued for Services | 304,989 | |||
Milestones [Member] | Ricardo J Komotar M D [Member] | ||||
Number of common stock issued | 101,663 | |||
Stock Issued During Period, Shares, Issued for Services | 1,219,957 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Accrued dividends | $ 162,185 | $ 162,185 | $ 324,370 | $ 324,370 |
Related party transaction amount | $ 0 | $ 0 | ||
Fountainhead [Member] | Fountainhead Consulting Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,607,142 | 1,607,142 | ||
Stock Issued During Period, Value, New Issues | $ 253,037 | $ 337,500 | ||
Fountainhead [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accrued dividends | 226,037 | 226,037 | ||
Fountainhead [Member] | Unsecured Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Unsecured loan notes issued | $ 10,000 | $ 80,000 | ||
Unsecured loan notes interest rate | 10.00% | 10.00% | 10.00% | 10.00% |
Unsecured loan maturity description | due on demand or by their one-year anniversary | due on demand or by their one-year anniversary | ||
Peter Zachariou [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accrued dividends | $ 83,386 | $ 83,386 | ||
Peter Zachariou [Member] | Series D Preferred Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 26.00% | 26.00% | ||
Directors [Member] | Fountainhead [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 59.20% | 59.20% | ||
Directors [Member] | Fountainhead [Member] | Series D Preferred Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 70.00% | 70.00% | ||
Directors [Member] | Fountainhead [Member] | Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 0.20% | 0.20% |
SCHEDULE OF CONCENTRATION (Deta
SCHEDULE OF CONCENTRATION (Details) - Customer Concentration Risk [Member] - Integer | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers over 10% | 1 | ||||
Revenue Benchmark [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 0.00% | 0.00% | 0.00% | 14.00% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers over 10% | 0 | 2 | |||
Accounts Receivable [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 0.00% | 10.00% |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) - Purchase [Member] - Customer Concentration Risk [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Manufacturer Three [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Manufacturer One [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Manufacturer Two [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |