Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 Boulevard | ||
Entity Address, Address Line Two | Suite | ||
Entity Address, City or Town | 320 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 1,174,147 | ||
Entity Common Stock, Shares Outstanding | 32,628,835 | ||
Documents Incorporated by Reference | NONE | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 273 | ||
Auditor Name | Prager Metis CPAs, LLC | ||
Auditor Location | Hackensack, New Jersey |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 57,291 | $ 37,035 |
Trade accounts receivable | 215,231 | 156,204 |
Inventory | 234,145 | 248,874 |
Prepaid expenses and other current assets | 76,684 | 74,438 |
Current assets of discontinued operations | 739 | 1,212 |
Total Current Assets | 584,090 | 517,763 |
Fixed assets, net | 252,404 | 303,770 |
Intangible and Other assets: | ||
Security deposits | 6,000 | 6,000 |
Operating lease–- right of use assets | 149,804 | 32,645 |
Total Intangible and Other assets | 155,804 | 38,645 |
TOTAL ASSETS | 992,298 | 860,178 |
Current Liabilities | ||
Accounts payable | 117,801 | 200,044 |
Current operating lease liabilities | 45,321 | 29,591 |
Current liabilities of discontinued operations | (1,100) | (1,399) |
Total Current Liabilities | 4,074,487 | 3,654,796 |
Operating lease liability – long term | 100,379 | |
Loan Payable–- SBA EIDL | 142,908 | 146,253 |
Total Liabilities | 4,317,774 | 3,801,049 |
STOCKHOLDERS’ DEFICIENCY | ||
Common Stock, $0.0001 par value, 55,000,000 shares authorized at December 31, 2023 and December 31, 2022, 32,732,169 and 32,630,506 shares issued and 32,628,835 and 32,527,172 outstanding at December 31, 2023 and December 31, 2022 respectively | 3,273 | 3,263 |
Additional Paid-in Capital | 29,365,070 | 29,355,626 |
Treasury Stock (103,334 shares of Common Stock as at December 31, 2023 and December 31, 2022 respectively, at cost) | (1,033) | (1,033) |
Accumulated Deficit | (32,820,490) | (32,426,429) |
Accumulated Other Comprehensive Income (Loss) | 127,677 | 127,675 |
Total Stockholders’ Deficiency | (3,325,476) | (2,940,871) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | 992,298 | 860,178 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIENCY | ||
Preferred Stock, value | ||
Series D Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIENCY | ||
Preferred Stock, value | 27 | 27 |
Nonrelated Party [Member] | ||
Current Liabilities | ||
Accrued interest | 472,897 | 424,897 |
Accrued liabilities | 151,816 | 91,352 |
Notes payable | 328,267 | 324,711 |
Related Party [Member] | ||
Current Liabilities | ||
Accrued interest | 195,522 | 146,007 |
Accrued liabilities | 2,270,590 | 1,946,220 |
Notes payable | $ 493,373 | $ 493,373 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 32,732,169 | 32,630,506 |
Common stock, shares outstanding | 32,628,835 | 32,527,172 |
Treasury stock, common shares | 103,334 | 103,334 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares oustanding | 1 | 1 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued | 270,306 | 270,306 |
Preferred stock, shares oustanding | 270,306 | 270,306 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Defined Benefit Plan Disclosure [Line Items] | ||
Revenue | $ 1,460,604 | $ 1,222,989 |
Cost of Goods Sold | 144,950 | 140,644 |
Gross Profit | 1,315,654 | 1,082,345 |
Operating Expenses: | ||
Research and development | 22,558 | |
Depreciation and amortization | 57,497 | 58,232 |
Selling, general and administrative | 1,195,408 | 1,330,627 |
Total Operating Expenses | 1,275,463 | 1,388,859 |
Operating income (loss) | 40,191 | (306,514) |
Other Income (Expense) | ||
Loss on foreign currency exchange | (206) | (964) |
Total Other Income (Expense) | (103,271) | (93,191) |
Loss Before Provision for Income Taxes | (63,080) | (399,705) |
Provision for income taxes | ||
Net Loss from continuing operations | (63,080) | (399,705) |
Loss from discontinued operations | (6,611) | (5,212) |
Net Loss | (69,691) | (404,917) |
Preferred stock dividends | (324,370) | (324,370) |
Net Loss Available to Common Stockholders | (394,061) | (729,287) |
Other Comprehensive Income (Loss) | ||
Foreign Currency Translation Adjustment | 2 | 1 |
Comprehensive Loss | $ (69,689) | $ (404,916) |
Net Loss Per Share–- basic and diluted | ||
Net Loss from continuing operations, basic | $ / shares | $ 0 | $ (0.01) |
Net Loss from continuing operations, diluted | $ / shares | 0 | (0.01) |
Loss from discontinued operations, basic | $ / shares | 0 | 0 |
Loss from discontinued operations, diluted | $ / shares | 0 | 0 |
Net Loss available to common stockholders, basic | $ / shares | (0.01) | (0.02) |
Net Loss available to common stockholders, diluted | $ / shares | $ (0.01) | $ (0.02) |
Weighted Average Number of Shares Outstanding - Basic | shares | 32,603,767 | 31,708,076 |
Weighted Average Number of Shares Outstanding - Diluted | shares | 32,603,767 | 31,708,076 |
Related Party [Member] | ||
Other Income (Expense) | ||
Interest expense | $ (49,515) | $ (39,563) |
Nonrelated Party [Member] | ||
Other Income (Expense) | ||
Interest expense | $ (53,550) | $ (52,664) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficiency - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ (2,940,871) | $ 2,395,213 |
Issuance of stock for board and consulting fees | 9,454 | 183,628 |
Comprehensive Income | 2 | 1 |
Net loss for period | (394,061) | (729,287) |
Balance | (3,325,476) | (2,940,871) |
Common Stock [Member] | ||
Balance | $ 3,263 | $ 3,092 |
Balance, shares | 32,630,506 | 30,921,701 |
Issuance of stock for board and consulting fees | $ 10 | $ 171 |
Issuance of stock for board and consulting fees, shares | 101,663 | 1,708,805 |
Balance | $ 3,273 | $ 3,263 |
Balance, shares | 32,732,169 | 32,630,506 |
Preferred Stock [Member] | Series C Preferred Stock [Member] | ||
Balance | $ 0 | $ 0 |
Balance, shares | 1 | 1 |
Issuance of stock for board and consulting fees | ||
Balance | $ 0 | $ 0 |
Balance, shares | 1 | 1 |
Preferred Stock [Member] | Series D Preferred Stock [Member] | ||
Balance | $ 27 | $ 27 |
Balance, shares | 270,306 | 270,306 |
Issuance of stock for board and consulting fees | ||
Balance | $ 27 | $ 27 |
Balance, shares | 270,306 | 270,306 |
Treasury Stock, Common [Member] | ||
Balance | $ (1,033) | $ 1,033 |
Balance, shares | (103,334) | (103,334) |
Issuance of stock for board and consulting fees | ||
Balance | $ 1,033 | $ (1,033) |
Balance, shares | (103,334) | (103,334) |
Additional Paid-in Capital [Member] | ||
Balance | $ 29,355,626 | $ 29,172,169 |
Issuance of stock for board and consulting fees | 9,444 | 183,457 |
Balance | 29,365,070 | 29,355,626 |
Retained Earnings [Member] | ||
Balance | (32,426,429) | 31,697,142 |
Net loss for period | (394,061) | (729,287) |
Balance | 32,820,490 | (32,426,429) |
AOCI Attributable to Parent [Member] | ||
Balance | 127,675 | 127,674 |
Comprehensive Income | 2 | 1 |
Balance | $ 127,677 | $ 127,675 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (69,691) | $ (404,917) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation of fixed assets | 60,752 | 61,403 |
Inventory provision | 15,515 | |
Stock based compensation | 10,141 | 185,610 |
Changes in assets and liabilities: | ||
Accounts receivable | (59,027) | (30,108) |
Inventory | 14,729 | (56,868) |
Prepaid expenses | (3,982) | (14,936) |
Accrued interest–- Related Party | 49,515 | 39,563 |
Accrued interest–- Other | 48,000 | 52,664 |
Accounts payable | (82,243) | (27,676) |
Accrued liabilities–- Other | 60,464 | (35,607) |
Changes in discontinued operations, net | 772 | (1,659) |
Cash provided by (used in) operating activities | 29,430 | (217,016) |
Cash flows from investing activities: | ||
Purchase of fixed assets | (9,386) | (2,780) |
Cash used in investing activities | (9,386) | (2,780) |
Cash flows from financing activities: | ||
Proceeds from Notes Payable–- Related Party | 172,500 | |
Proceeds – Notes Payable - Other | 63,122 | 56,249 |
Repayments - Notes Payable - Other | (62,911) | (62,860) |
Cash provided by financing activities | 211 | 165,889 |
Effect of exchange rate changes on cash | 1 | 1 |
Net increase (decrease) in cash | 20,256 | (53,906) |
Cash at beginning of year | 37,035 | 90,941 |
Cash at end of year | 57,291 | 37,035 |
Supplemental Disclosures of Cash Flow information: | ||
Cash paid for interest | 5,550 | 8,246 |
Cash paid for income tax | 0 | 0 |
Non-cash activities: | ||
Unamortized stock compensation | $ 2,364 | $ 3,050 |
BUSINESS OF THE COMPANY AND GOI
BUSINESS OF THE COMPANY AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS OF THE COMPANY AND GOING CONCERN | 1. BUSINESS OF THE COMPANY AND GOING CONCERN Business Description Vycor Medical, Inc. (the “Company”) designs, develops and markets neurological medical devices and therapies through two operating divisions: Vycor Medical and NovaVision. Vycor Medical focuses on brain and cervical surgical access systems for sale to hospitals and medical professionals; NovaVision focuses on neuro-stimulation therapies and diagnostic devices for the treatment and screening of vision field loss resulting from neurological damage. Ability to continue as a Going Concern The accompanying 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 $ 69,691 and $ 404,917 for the years ending December 31, 2023 and 2022 respectively and has not generated sufficient cash flows from operations. As at December 31, 2023 the Company had a working capital deficiency of $ 3,490,397 2,959,485 . As a result these conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The 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 $ 300,000 472,897 March 31, 2025 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and balances 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. Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts. Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue from product sales when obligations under the terms of a contract with customers are satisfied. Generally, this occurs with the transfer of control of the goods to customers. Vycor Medical does not provide for product returns or warranty costs. Vycor determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when Vycor satisfy a performance obligation NovaVision generates revenues from various programs, therapy services and other sources such as software license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical therapy program consists of NeuroEyeCoach, performed over 2-4 weeks, and six modules of Vision Restoration Therapy, performed over 6 months. A patient contract comprises set-up fees and monthly therapy fees. Set-up fees are recognized at the outset of the contract and therapy revenue is recognized ratably over the therapy period. Patient therapy is restricted to being completed by a patient within a specified time frame. Deferred revenue results from patients paying for the therapy in advance of receiving the therapy. As part of the adoption of ASC 606, see Note 7 to the Consolidated Financial Statements for further disaggregation of revenue. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off. Cash and cash equivalents The Company maintains cash balances at various financial institutions. Accounts at each institution in the U.S. are insured by the Federal Deposit Insurance Corporation up to $ 250,000 20,951 19,154 Accounts Receivable and Allowance for Doubtful Accounts Receivable The Company’s accounts receivable are due from the hospitals and distributors in the case of Vycor Medical, and from patients directly for therapy or physicians for diagnostic products in the case of NovaVision. Accounts receivable are due once products have been delivered or at the time the therapy is initiated; however, for NovaVision therapy patients sometimes credit is extended through various payment plans based on individual financial conditions, generally not to exceed the therapy period. The outstanding balances are stated net of an allowance for doubtful accounts. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We extend credit to our customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary. Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that we should abandon such efforts. Inventories Inventories consist of raw materials, work in process and finished goods that are stated at the lower of cost determined using the weighted average cost method, or net realizable value. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product. If the Company identifies excess, obsolete or unsalable items, its inventories are written down to their realizable value in the period in which the impairment is first identified. The charge provision for inventory obsolescence for the years ended December 31, 2023 and 2022 was $ 168 13,160 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 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 consolidated balance sheets but did not have a material impact on our consolidated statements of comprehensive loss. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. 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. Foreign Currency The Euro is the local currency of the country in which the discontinued operations of NovaVision GmbH conducts its operations and is considered the functional currency of this entity; the GB Pound is the local currency of the country in which Sight Science Limited conducts its operations and is considered the functional currency of this entity. All balance sheet amounts are translated to U.S. dollars using the U.S. exchange rate at the balance sheet date except for the equity section which is translated at historical rates. Operating statement amounts are translated using an average exchange rate for the period of operations. Foreign currency translation effects are accumulated as part of the accumulated other comprehensive income (loss) and included in stockholders’ deficiency in the accompanying Consolidated Balance Sheets. Educational marketing and advertising expenses The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred. There were no such expenses for the years ended December 31, 2023 and 2022. Income taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. Patents and Other Intangible Assets The Company capitalizes legal and related costs associated with the establishment and enhancement of patents for its products once patents have been applied for. Costs associated with the development of the patented item or processes are charged to research and development costs as incurred. The capitalized costs are amortized over the life of the patent. The Company reviews intangible assets on an annual in accordance with the authoritative guidance. Trademarks have an indefinite life and are reviewed annually by management for impairment in accordance with the authoritative guidance. Impairment of long-lived assets Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. Research and Development The Company expenses all research and development costs as incurred. For the years ended December 31, 2023 and 2022, the amounts charged to research and development expenses were $ 22,558 0 Software Development Costs The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years no Uses of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable and provision for inventory obsolescence. Stock Compensation The Company recognizes the cost of all stock -based payments under the relevant authoritative accounting guidance. Stock-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For stock-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation”. Stock-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. Convertible Instruments We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The embedded conversion option in connection with our convertible debt could not be exercised unless and until we completed a Qualifying Financing transaction. Accordingly, we determined based on authoritative guidance that the embedded conversion option is deemed to be a contingent conversion rather than active conversion option that did not require accounting recognition at the commitment dates of the issuances of the Notes. Fair Value Measurements We adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long-term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no financial instruments measured at fair value on a recurring basis. Net Loss Per Share Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (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. The following table sets forth the potential shares of common stock that are included in the calculation of diluted net income per share where a net income is reported: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE December 31, 2023 December 31, 2022 Debentures convertible into common stock 3,680,460 3,451,889 Preferred shares convertible into common stock 1,272,052 1,272,052 Total 4,952,512 4,723,941 Anti-dilutive shares 4,952,512 4,723,941 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 FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, to be effective for fiscal years beginning after December 15, 2023. The ASU is to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it will not have an impact on its accounting or reporting when implemented, as the additional disclosure effects items that are not applied at a segment level. The Company believes that other 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 | 12 Months Ended |
Dec. 31, 2023 | |
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; effective July 1, 2020, Vycor entered into a license agreement with a German-based partner. 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 from discontinued operations that are presented in the consolidated balance sheets and consolidated statements of comprehensive loss are as follows: SCHEDULE OF DISCONTINUED OPERATIONS Major line items constituting assets and liabilities in the consolidated balance sheets: December 31, December 31, 2023 2022 ASSETS Current Assets Cash $ 739 $ 1,212 Total Current Assets 739 1,212 TOTAL ASSETS $ 739 $ 1,212 LIABILITIES Current Liabilities Accounts payable $ 4 $ 693 Other current liabilities (1,104 ) (2,092 ) Total Current Liabilities $ (1,100 ) $ (1,399 ) Major line items constituting loss from discontinued operations 2023 2022 For the years ended December 31, 2023 2022 Revenue $ - $ - Cost of Goods Sold - - Gross Profit - - Operating Expenses: Selling, general and administrative 6,379 5,062 Total Operating Expenses 6,379 5,062 Operating Loss (6,379 ) (5,062 ) Other Income (Expense) Loss on foreign currency exchange (232 ) (150 ) Total Other Income (Expense) (232 ) (150 ) Loss Before Provision for Income Taxes (6,611 ) (5,212 ) Provision for income taxes - - Loss from discontinued operations, net of tax $ (6,611 ) $ (5,212 ) |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | 4. INVENTORY SCHEDULE OF INVENTORY December 31, 2023 December 31, 2022 Raw materials and work in process $ 88,236 $ 109,894 Finished goods 145,909 138,980 Total Inventory $ 234,145 $ 248,874 |
LEASE
LEASE | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASE | 5. LEASE The Company recognized the following related to a lease in its consolidated balance sheets: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 December 31, 2022 Operating Lease ROU Assets $ 149,804 $ 32,645 Operating Lease Liabilities Current portion $ 45,321 $ 29,591 Long-term portion 100,379 - Operating Lease Liabilities $ 145,700 $ 29,591 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 6. NOTES PAYABLE Related Party Notes Payable consists of: SUMMARY OF NOTES PAYABLE December 31, 2023 December 31, 2022 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10 The note was extended for another twelve months on its due date to June 25, 2024 or on demand by the Payee. $ 30,000 $ 30,000 Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $ 463,373 10 The Notes will be due between April 2024 and March 2025 or on demand by the Payee. 463,373 463,373 Total Related Party Notes Payable $ 493,373 $ 493,373 Other Notes Payable consists of: December 31, 2023 December 31, 2022 On March 25, 2011 the Company issued a term note for $ 300,000 16 March 31, 2025 $ 300,000 $ 300,000 Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below) 28,267 24,711 Total Notes Payable: $ 328,267 $ 324,711 Long-Term Notes Payable consists of: December 31, 2023 December 31, 2022 On July 7, 2020, the Company was granted a $ 150,000 30 3.75 731.00 $ 142,908 $ 146,253 Total Long-term Notes Payable: $ 142,908 $ 146,253 On January 24, 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $ 300,000 0.21 3,680,462 The Company routinely finances all their insurance policies through a third-party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments. |
SEGMENT REPORTING, GEOGRAPHICAL
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION | 7. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (a) Business segments The Company operates in two SCHEDULE OF BUSINESS SEGMENTS INFORMATION 2023 2022 Year Ended December 31, 2023 2022 Revenue: Vycor Medical $ 1,378,598 $ 1,130,915 NovaVision $ 82,006 $ 92,074 Revenue $ 1,460,604 $ 1,222,989 Gross Profit Vycor Medical $ 1,238,878 $ 997,667 NovaVision $ 76,776 $ 84,678 Gross Profit $ 1,315,654 $ 1,082,345 Operating Income (Loss) Vycor Medical $ 383,847 $ 239,327 NovaVision $ (191,810 ) $ (223,351 ) Corporate $ (151,846 ) $ (322,490 ) Operating Income (Loss) $ 40,191 $ (306,514 ) December 31, December 31, 2023 2022 Total Assets: Vycor Medical $ 957,936 $ 822,174 NovaVision 33,623 36,792 Discontinued operations 739 1,212 Total Assets $ 992,298 $ 860,178 (b) Geographic segments. The Company operates in two SUMMARY OF GEOGRAPHIC INFORMATION 2023 2022 Year Ended December 31, 2023 2022 Revenue: United States $ 1,453,895 $ 1,214,723 Europe $ 6,709 $ 8,266 Revenue $ 1,460,604 $ 1,222,989 Gross Profit United States $ 1,308,984 $ 1,074,143 Europe $ 6,670 $ 8,202 Gross Profit $ 1,315,654 $ 1,082,345 Operating Income (Loss) United States $ 60,484 $ (289,439 ) Europe $ (20,293 ) $ (17,075 ) Operating Income (Loss) $ 40,191 $ (306,514 ) December 31, December 31, 2023 2022 Total Assets: United States $ 985,718 $ 854,236 Europe 5,841 4,730 Discontinued operations 739 1,212 Total Assets $ 992,298 $ 860,178 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 8. FIXED ASSETS Fixed Assets and the estimated lives used in the computation of depreciation are as follows: SCHEDULE OF FIXED ASSETS Estimated December 31, December 31, Useful Lives 2023 2022 Machinery and equipment 3 years $ 70,832 $ 64,762 Leasehold Improvements 3 years 8,881 8,881 Purchased Software 3 years 27,706 27,706 Molds and Tooling 5 years 808,611 808,611 Furniture and fixtures 7 years 11,152 11,152 Therapy Devices 3 years 107,943 104,627 Internally Developed Software 5 years 363,472 363,472 Property, and Equipment, Gross 1,398,597 1,389,211 Less: Accumulated depreciation and amortization (1,146,193 ) (1,085,441 ) Property and Equipment, net 252,404 303,770 Depreciation expense for the years ended December 31, 2023 and 2022 was $ 60,752 61,403 3,255 3,171 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
EQUITY | 9. EQUITY Equity Transactions On April 1, 2023 and 2022 the Company issued 101,663 During the years ended December 31, 2023 and 2022, under the terms of the Consulting Agreement referred to in Note 13, the Company issued 0 1,607,142 0 171,428 During each of the years ended December 31, 2023 and 2022, the Company accrued an aggregate of $ 324,370 Equity Classes Our authorized capital stock consists of 55,000,000 0.0001 10,000,000 0.0001 32,628,835 1 270,306 Holders of our common stock are entitled to one vote for each share on all matters voted upon by our stockholders, including the election of directors, and do not have cumulative voting rights. Subject to the rights of holders of any then outstanding shares of our preferred stock, our common stockholders are entitled to any dividends that may be declared by our board. Holders of our common stock are entitled to share ratably in our net assets upon our dissolution or liquidation after payment or provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Holders of our common stock have no preemptive rights to purchase shares of our stock. The shares of our common stock are not subject to any redemption provisions and are not convertible into any other shares of our capital stock. All outstanding shares of our common stock are, and the shares of common stock to be issued in the offering will be, upon payment therefor, fully paid and non-assessable. The rights, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock we may issue in the future. Series C Convertible Preferred Stock shares (“Preferred C Stock”) are convertible (at the Holder’s option or mandatorily upon the occurrence of certain events) into 14,815 3.75 Series D Convertible Preferred shares (“Preferred D Stock”) are convertible into Company Common Shares at a price of $ 2.15 12 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | 10. 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 shares of common stock granted to non-employees for the years ended December 31, 2023 and 2022 was $ 10,141 185,610 171,428 0 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES Loss Before Taxes SUMMARY OF LOSS BEFORE TAXES December 31, 2023 December 31, 2022 Domestic $ (42,829 ) $ (382,553 ) Foreign (26,862 ) (22,364 ) Loss Before Taxes $ (69,691 ) $ (404,917 ) The reconciliation of income tax expense (credit) at the U.S. statutory rate of 21 SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE STATUTORY RATE 2023 2022 Year Ended December 31, 2023 2022 US statutory rate $ (14,635 ) $ (85,033 ) Tax difference between foreign and U.S. (289 ) (204 ) Change in Valuation Allowance (14,924 ) (85,237 ) Tax Provision $ - $ - Deferred Income Taxes The Company has operations in the US, Germany and the UK and incurred net operating losses since inception. The Company has not reflected any tax benefit related to such net operating losses in the financial statements. Prior to August 15, 2007 the Company’s US operating entity was a limited liability company and losses were passed through to the individual members, therefore the Company only has potential tax benefits from the date it became a ‘C’ corporation. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company and its subsidiaries’ deferred tax assets at December 31, 2023 and December 31, 2022 are as follows: SCHEDULE OF DEFERRED TAX ASSETS December 31, 2023 December 31, 2022 Operating loss carry-forward – US $ 19,888,000 $ 19,881,000 Operating loss carry-forward – Foreign $ 1,630,000 $ 1,656,000 Deferred tax asset before Valuation allowance – US 4,176,000 4,175,000 Deferred tax asset before Valuation allowance – Foreign 485,000 497,000 Valuation allowance (4,661,000 ) (4,672,000 ) Net deferred tax asset $ — $ — In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The authoritative guidance requires a valuation allowance to reduce the deferred tax assets recorded if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Furthermore, in circumstances in which management has determined that existing conditions or events raise substantial doubt about its ability to continue as a going concern the authoritative guidance requires that a valuation allowance should be recorded for all deferred tax assets. Accordingly, management has determined that a 100 The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. 15.5 8 Net Operating Loss Carry-Forwards As of December 31, 2023 and 2022, the Company had U.S. accumulated losses for tax purposes of approximately $ 19,888,000 19,881,000 Federal tax laws impose significant restrictions on the utilization of net operating loss carry-forwards and in the event of a change in ownership of the Company, as defined by the Internal Revenue Code Section 382. The Company’s net operating loss carry-forwards may be subject to the above limitations. As of December 31, 2023 and 2022, the Company had German accumulated losses for tax purposes of approximately $ 1,392,000 1,450,000 As of December 31, 2023 and 2022, the Company had UK accumulated losses for tax purposes of approximately $ 238,000 206,000 Tax Rates The applicable US income tax rate for the Company for both of the years ended December 31, 2023 and 2022 was 21 31.58 19 If any earnings were distributed to US in the form of dividends or otherwise, after the repayment of intercompany debt, the Company would be subject to additional US income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. Uncertain Tax Position The Company has recorded no |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. 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 $ 4,300 2,700 August 31, 2023 three years and four months 74,464 79,314 The table below provides the future lease payments each year until the lease expiration date: SCHEDULE OF FUTURE LEASE PAYMENTS Future Lease Payments Year Liability 2024 $ 51,576 2025 $ 52,092 2026 $ 53,655 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 | 12 Months Ended |
Dec. 31, 2023 | |
Consulting And Other Agreements | |
CONSULTING AND OTHER AGREEMENTS | 13. CONSULTING AND OTHER AGREEMENTS The following agreements remained in force during the years ended December 31, 2023 and 2022: Consulting Agreement with Fountainhead In March 2017 and effective April 1, 2017, the Company amended the Fountainhead Consulting Agreement. Under the Amended Agreement, fees of $ 450,000 0.21 535,714 0.21 112,500 Effective October 1, 2022 the Amended Agreement was terminated by Fountainhead and the Company by mutual agreement. Effective the same date the Company entered into revised employment agreements with Peter Zachariou, David Cantor and Adrian Liddell under which they would continue as CEO, President and CFO respectively as individuals and not as representatives of Fountainhead; there is no compensation payable under the employment agreements. During the years ended December 31, 2023 and 2022 the Company issued 0 1,607,142 0 171,428 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 1,219,957 101,663 9,455 12,200 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 14. RELATED PARTY TRANSACTIONS AND BALANCES Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at December 31, 2023, 62.3 69.7 0.15 25.7 During each of the years ended December 31, 2023 and 2022, under the terms of the Consultancy Agreement referred to in Note 14, the Company issued 0 1,607,142 0 171,428 During the years ended December 31, 2023 and 2022, respectively, the Company issued unsecured loan notes to Fountainhead for a total of $ 0 172,500 10 due on demand or by their one-year anniversary During the years ended December 31, 2023 and 2022, respectively, the Company accrued interest on related party loans of $ 49,515 39,563 During each of the years ended December 31, 2023 and 2022, the Company accrued an aggregate of $ 324,370 226,037 83,386 2,270,590 1,946,220 1,582,260 1,356,224 583,701 500,315 |
CONCENTRATION
CONCENTRATION | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | 15. 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 Year ended December 31, 2023 2022 Number of customers over 10% 1 0 Percentage of sales 11 % 0 % Accounts Receivable Concentration At December 31, 2023 2022 Number of customers over 10% 0 1 Percentage of accounts receivable 0 % 13 % The Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized VBAS units, and 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 | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the consolidated financial statements were issued and has determined that, other than that disclosed above, there were no significant subsequent events or transactions that would require recognition or disclosure in the financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company accounts, transactions, and balances 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. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers and all the related amendments (new revenue standard) to all contracts. Vycor Medical generates revenue from the sale of its surgical access system to hospitals and other medical professionals. Vycor Medical records revenue from product sales when obligations under the terms of a contract with customers are satisfied. Generally, this occurs with the transfer of control of the goods to customers. Vycor Medical does not provide for product returns or warranty costs. Vycor determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when Vycor satisfy a performance obligation NovaVision generates revenues from various programs, therapy services and other sources such as software license sales. Therapy services revenues represent fees from NovaVision’s vision restoration therapy software, eye movement training software, diagnostic software, clinic set up and training fees, and the professional and support services associated with the therapy. NovaVision provides vision restoration therapy directly to patients. The typical therapy program consists of NeuroEyeCoach, performed over 2-4 weeks, and six modules of Vision Restoration Therapy, performed over 6 months. A patient contract comprises set-up fees and monthly therapy fees. Set-up fees are recognized at the outset of the contract and therapy revenue is recognized ratably over the therapy period. Patient therapy is restricted to being completed by a patient within a specified time frame. Deferred revenue results from patients paying for the therapy in advance of receiving the therapy. As part of the adoption of ASC 606, see Note 7 to the Consolidated Financial Statements for further disaggregation of revenue. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation; on the cash flow statement, proceeds from and repayments of insurance financing has been separated out rather than being netted off. |
Cash and cash equivalents | Cash and cash equivalents The Company maintains cash balances at various financial institutions. Accounts at each institution in the U.S. are insured by the Federal Deposit Insurance Corporation up to $ 250,000 20,951 19,154 |
Accounts Receivable and Allowance for Doubtful Accounts Receivable | Accounts Receivable and Allowance for Doubtful Accounts Receivable The Company’s accounts receivable are due from the hospitals and distributors in the case of Vycor Medical, and from patients directly for therapy or physicians for diagnostic products in the case of NovaVision. Accounts receivable are due once products have been delivered or at the time the therapy is initiated; however, for NovaVision therapy patients sometimes credit is extended through various payment plans based on individual financial conditions, generally not to exceed the therapy period. The outstanding balances are stated net of an allowance for doubtful accounts. We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We extend credit to our customers based on an evaluation of their financial condition and other factors. We generally do not require collateral or other security to support accounts receivable. We perform ongoing credit evaluations of our customers and maintain an allowance for potential bad debts if required. We determine whether an allowance for doubtful accounts is required by evaluating specific accounts where information indicates the customers may have an inability to meet financial obligations. In these cases, we use assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. We may also record a general allowance as necessary. Direct write-offs are taken in the period when we have exhausted our efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that we should abandon such efforts. |
Inventories | Inventories Inventories consist of raw materials, work in process and finished goods that are stated at the lower of cost determined using the weighted average cost method, or net realizable value. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product. If the Company identifies excess, obsolete or unsalable items, its inventories are written down to their realizable value in the period in which the impairment is first identified. The charge provision for inventory obsolescence for the years ended December 31, 2023 and 2022 was $ 168 13,160 |
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 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 consolidated balance sheets but did not have a material impact on our consolidated statements of comprehensive loss. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. |
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. |
Foreign Currency | Foreign Currency The Euro is the local currency of the country in which the discontinued operations of NovaVision GmbH conducts its operations and is considered the functional currency of this entity; the GB Pound is the local currency of the country in which Sight Science Limited conducts its operations and is considered the functional currency of this entity. All balance sheet amounts are translated to U.S. dollars using the U.S. exchange rate at the balance sheet date except for the equity section which is translated at historical rates. Operating statement amounts are translated using an average exchange rate for the period of operations. Foreign currency translation effects are accumulated as part of the accumulated other comprehensive income (loss) and included in stockholders’ deficiency in the accompanying Consolidated Balance Sheets. |
Educational marketing and advertising expenses | Educational marketing and advertising expenses The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred. There were no such expenses for the years ended December 31, 2023 and 2022. |
Income taxes | Income taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. |
Fixed assets | Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. |
Patents and Other Intangible Assets | Patents and Other Intangible Assets The Company capitalizes legal and related costs associated with the establishment and enhancement of patents for its products once patents have been applied for. Costs associated with the development of the patented item or processes are charged to research and development costs as incurred. The capitalized costs are amortized over the life of the patent. The Company reviews intangible assets on an annual in accordance with the authoritative guidance. Trademarks have an indefinite life and are reviewed annually by management for impairment in accordance with the authoritative guidance. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are to be held and used, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable. Assets to be disposed of are carried at the lower of carrying value or estimated net realizable value. |
Research and Development | Research and Development The Company expenses all research and development costs as incurred. For the years ended December 31, 2023 and 2022, the amounts charged to research and development expenses were $ 22,558 0 |
Software Development Costs | Software Development Costs The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years no |
Uses of estimates in the preparation of financial statements | Uses of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimated. To the extent management’s estimates prove to be incorrect, financial results for future periods may be adversely affected. Significant estimates and assumptions contained in the accompanying consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable and provision for inventory obsolescence. |
Stock Compensation | Stock Compensation The Company recognizes the cost of all stock -based payments under the relevant authoritative accounting guidance. Stock-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For stock-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation”. Stock-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718, ASC Topic 505, “Equity Payments to Non-Employees” or other applicable authoritative guidance. |
Convertible Instruments | Convertible Instruments We evaluate and account for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. We account for convertible instruments (when we have determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: We record when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. The embedded conversion option in connection with our convertible debt could not be exercised unless and until we completed a Qualifying Financing transaction. Accordingly, we determined based on authoritative guidance that the embedded conversion option is deemed to be a contingent conversion rather than active conversion option that did not require accounting recognition at the commitment dates of the issuances of the Notes. |
Fair Value Measurements | Fair Value Measurements We adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long-term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no financial instruments measured at fair value on a recurring basis. |
Net Loss Per Share | Net Loss Per Share Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (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. The following table sets forth the potential shares of common stock that are included in the calculation of diluted net income per share where a net income is reported: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE December 31, 2023 December 31, 2022 Debentures convertible into common stock 3,680,460 3,451,889 Preferred shares convertible into common stock 1,272,052 1,272,052 Total 4,952,512 4,723,941 Anti-dilutive shares 4,952,512 4,723,941 |
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 FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, to be effective for fiscal years beginning after December 15, 2023. The ASU is to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it will not have an impact on its accounting or reporting when implemented, as the additional disclosure effects items that are not applied at a segment level. The Company believes that other 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. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 included in the calculation of diluted net income per share where a net income is reported: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE December 31, 2023 December 31, 2022 Debentures convertible into common stock 3,680,460 3,451,889 Preferred shares convertible into common stock 1,272,052 1,272,052 Total 4,952,512 4,723,941 Anti-dilutive shares 4,952,512 4,723,941 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF DISCONTINUED OPERATIONS | Reconciliation of the major line items from discontinued operations that are presented in the consolidated balance sheets and consolidated statements of comprehensive loss are as follows: SCHEDULE OF DISCONTINUED OPERATIONS Major line items constituting assets and liabilities in the consolidated balance sheets: December 31, December 31, 2023 2022 ASSETS Current Assets Cash $ 739 $ 1,212 Total Current Assets 739 1,212 TOTAL ASSETS $ 739 $ 1,212 LIABILITIES Current Liabilities Accounts payable $ 4 $ 693 Other current liabilities (1,104 ) (2,092 ) Total Current Liabilities $ (1,100 ) $ (1,399 ) Major line items constituting loss from discontinued operations 2023 2022 For the years ended December 31, 2023 2022 Revenue $ - $ - Cost of Goods Sold - - Gross Profit - - Operating Expenses: Selling, general and administrative 6,379 5,062 Total Operating Expenses 6,379 5,062 Operating Loss (6,379 ) (5,062 ) Other Income (Expense) Loss on foreign currency exchange (232 ) (150 ) Total Other Income (Expense) (232 ) (150 ) Loss Before Provision for Income Taxes (6,611 ) (5,212 ) Provision for income taxes - - Loss from discontinued operations, net of tax $ (6,611 ) $ (5,212 ) |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY December 31, 2023 December 31, 2022 Raw materials and work in process $ 88,236 $ 109,894 Finished goods 145,909 138,980 Total Inventory $ 234,145 $ 248,874 |
LEASE (Tables)
LEASE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | The Company recognized the following related to a lease in its consolidated balance sheets: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 December 31, 2022 Operating Lease ROU Assets $ 149,804 $ 32,645 Operating Lease Liabilities Current portion $ 45,321 $ 29,591 Long-term portion 100,379 - Operating Lease Liabilities $ 145,700 $ 29,591 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SUMMARY OF NOTES PAYABLE | Related Party Notes Payable consists of: SUMMARY OF NOTES PAYABLE December 31, 2023 December 31, 2022 On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10 The note was extended for another twelve months on its due date to June 25, 2024 or on demand by the Payee. $ 30,000 $ 30,000 Between March 26, 2018 and November 17, 2022 the Company issued fifteen promissory notes to Fountainhead Capital Management Limited for $ 463,373 10 The Notes will be due between April 2024 and March 2025 or on demand by the Payee. 463,373 463,373 Total Related Party Notes Payable $ 493,373 $ 493,373 Other Notes Payable consists of: December 31, 2023 December 31, 2022 On March 25, 2011 the Company issued a term note for $ 300,000 16 March 31, 2025 $ 300,000 $ 300,000 Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below) 28,267 24,711 Total Notes Payable: $ 328,267 $ 324,711 Long-Term Notes Payable consists of: December 31, 2023 December 31, 2022 On July 7, 2020, the Company was granted a $ 150,000 30 3.75 731.00 $ 142,908 $ 146,253 Total Long-term Notes Payable: $ 142,908 $ 146,253 |
SEGMENT REPORTING, GEOGRAPHIC_2
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF BUSINESS SEGMENTS INFORMATION | SCHEDULE OF BUSINESS SEGMENTS INFORMATION 2023 2022 Year Ended December 31, 2023 2022 Revenue: Vycor Medical $ 1,378,598 $ 1,130,915 NovaVision $ 82,006 $ 92,074 Revenue $ 1,460,604 $ 1,222,989 Gross Profit Vycor Medical $ 1,238,878 $ 997,667 NovaVision $ 76,776 $ 84,678 Gross Profit $ 1,315,654 $ 1,082,345 Operating Income (Loss) Vycor Medical $ 383,847 $ 239,327 NovaVision $ (191,810 ) $ (223,351 ) Corporate $ (151,846 ) $ (322,490 ) Operating Income (Loss) $ 40,191 $ (306,514 ) December 31, December 31, 2023 2022 Total Assets: Vycor Medical $ 957,936 $ 822,174 NovaVision 33,623 36,792 Discontinued operations 739 1,212 Total Assets $ 992,298 $ 860,178 |
SUMMARY OF GEOGRAPHIC INFORMATION | SUMMARY OF GEOGRAPHIC INFORMATION 2023 2022 Year Ended December 31, 2023 2022 Revenue: United States $ 1,453,895 $ 1,214,723 Europe $ 6,709 $ 8,266 Revenue $ 1,460,604 $ 1,222,989 Gross Profit United States $ 1,308,984 $ 1,074,143 Europe $ 6,670 $ 8,202 Gross Profit $ 1,315,654 $ 1,082,345 Operating Income (Loss) United States $ 60,484 $ (289,439 ) Europe $ (20,293 ) $ (17,075 ) Operating Income (Loss) $ 40,191 $ (306,514 ) December 31, December 31, 2023 2022 Total Assets: United States $ 985,718 $ 854,236 Europe 5,841 4,730 Discontinued operations 739 1,212 Total Assets $ 992,298 $ 860,178 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS | Fixed Assets and the estimated lives used in the computation of depreciation are as follows: SCHEDULE OF FIXED ASSETS Estimated December 31, December 31, Useful Lives 2023 2022 Machinery and equipment 3 years $ 70,832 $ 64,762 Leasehold Improvements 3 years 8,881 8,881 Purchased Software 3 years 27,706 27,706 Molds and Tooling 5 years 808,611 808,611 Furniture and fixtures 7 years 11,152 11,152 Therapy Devices 3 years 107,943 104,627 Internally Developed Software 5 years 363,472 363,472 Property, and Equipment, Gross 1,398,597 1,389,211 Less: Accumulated depreciation and amortization (1,146,193 ) (1,085,441 ) Property and Equipment, net 252,404 303,770 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SUMMARY OF LOSS BEFORE TAXES | Loss Before Taxes SUMMARY OF LOSS BEFORE TAXES December 31, 2023 December 31, 2022 Domestic $ (42,829 ) $ (382,553 ) Foreign (26,862 ) (22,364 ) Loss Before Taxes $ (69,691 ) $ (404,917 ) |
SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE STATUTORY RATE | The reconciliation of income tax expense (credit) at the U.S. statutory rate of 21 SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE STATUTORY RATE 2023 2022 Year Ended December 31, 2023 2022 US statutory rate $ (14,635 ) $ (85,033 ) Tax difference between foreign and U.S. (289 ) (204 ) Change in Valuation Allowance (14,924 ) (85,237 ) Tax Provision $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS December 31, 2023 December 31, 2022 Operating loss carry-forward – US $ 19,888,000 $ 19,881,000 Operating loss carry-forward – Foreign $ 1,630,000 $ 1,656,000 Deferred tax asset before Valuation allowance – US 4,176,000 4,175,000 Deferred tax asset before Valuation allowance – Foreign 485,000 497,000 Valuation allowance (4,661,000 ) (4,672,000 ) Net deferred tax asset $ — $ — |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE LEASE PAYMENTS | The table below provides the future lease payments each year until the lease expiration date: SCHEDULE OF FUTURE LEASE PAYMENTS Future Lease Payments Year Liability 2024 $ 51,576 2025 $ 52,092 2026 $ 53,655 |
CONCENTRATION (Tables)
CONCENTRATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION | SCHEDULE OF CONCENTRATION Sales Concentration Year ended December 31, 2023 2022 Number of customers over 10% 1 0 Percentage of sales 11 % 0 % Accounts Receivable Concentration At December 31, 2023 2022 Number of customers over 10% 0 1 Percentage of accounts receivable 0 % 13 % |
BUSINESS OF THE COMPANY AND G_2
BUSINESS OF THE COMPANY AND GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income (Loss) Attributable to Parent | $ 69,691 | $ 404,917 |
Working capital deficit | 3,490,397 | |
Other Liabilities | 2,959,485 | |
EuroAmerican Investment Corp [Member] | ||
Working capital deficiency including term note | 300,000 | |
Interest Payable | $ 472,897 | |
Maturity date | Mar. 31, 2025 |
SCHEDULE OF COMMON STOCK NOT IN
SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 4,952,512 | 4,723,941 |
Debentures Convertible into Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 3,680,460 | 3,451,889 |
Preferred Shares Convertible to Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 1,272,052 | 1,272,052 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Federal deposit insurance corporation | $ 250,000 | |
Provision for inventory obsolescence | 168 | $ 13,160 |
Research and development expenses | $ 22,558 | |
Estimated useful life of software | 5 years | |
Capitalized software development | $ 0 | 0 |
Health Care Patient [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Patient deposits | $ 20,951 | $ 19,154 |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current Assets | ||
Cash | $ 739 | $ 1,212 |
Total Current Assets | 739 | 1,212 |
TOTAL ASSETS | 739 | 1,212 |
Current Liabilities | ||
Accounts payable | 4 | 693 |
Other current liabilities | (1,104) | (2,092) |
Total Current Liabilities | (1,100) | (1,399) |
Revenue | ||
Cost of Goods Sold | ||
Gross Profit | ||
Selling, general and administrative | 6,379 | 5,062 |
Total Operating Expenses | 6,379 | 5,062 |
Operating Loss | (6,379) | (5,062) |
Loss on foreign currency exchange | (232) | (150) |
Total Other Income (Expense) | (232) | (150) |
Loss Before Provision for Income Taxes | (6,611) | (5,212) |
Provision for income taxes | ||
Loss from discontinued operations, net of tax | $ (6,611) | $ (5,212) |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 88,236 | $ 109,894 |
Finished goods | 145,909 | 138,980 |
Total Inventory | $ 234,145 | $ 248,874 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease ROU Assets, Total | $ 149,804 | $ 32,645 |
Current portion | 45,321 | 29,591 |
Long-term portion | 100,379 | |
Operating Lease Liabilities | $ 145,700 | $ 29,591 |
SUMMARY OF NOTES PAYABLE (Detai
SUMMARY OF NOTES PAYABLE (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Total Notes Payable | $ 328,267 | $ 324,711 |
Total Long term Notes Payable | 142,908 | 146,253 |
Economic Injury Disaster Loan Program [Member] | CARES Act [Member] | ||
Short-Term Debt [Line Items] | ||
Total Long term Notes Payable | 142,908 | 146,253 |
Insurance Policy Finance Agreements [Member] | ||
Short-Term Debt [Line Items] | ||
Total Notes Payable | 28,267 | 24,711 |
EuroAmerican Investment Corp [Member] | ||
Short-Term Debt [Line Items] | ||
Total Notes Payable | 300,000 | 300,000 |
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 | 463,373 | 463,373 |
Related Party [Member] | ||
Short-Term Debt [Line Items] | ||
Total Related Party Notes Payable | $ 493,373 | $ 493,373 |
SUMMARY OF NOTES PAYABLE (Det_2
SUMMARY OF NOTES PAYABLE (Details) (Parenthetical) - USD ($) | 56 Months Ended | |||
Jul. 07, 2020 | Jun. 25, 2018 | Mar. 25, 2011 | Nov. 17, 2022 | |
Economic Injury Disaster Loan Program [Member] | CARES Act [Member] | ||||
Short-Term Debt [Line Items] | ||||
Face amount | $ 150,000 | |||
Notes interest rate | 3.75% | |||
Debt instrument, term | 30 years | |||
Debt instrument periodic payment | $ 731 | |||
EuroAmerican Investment Corp [Member] | ||||
Short-Term Debt [Line Items] | ||||
Face amount | $ 300,000 | |||
Notes interest rate | 16% | |||
EuroAmerican Investment Corp [Member] | Extended Maturity [Member] | ||||
Short-Term Debt [Line Items] | ||||
Conversion due date | Mar. 31, 2025 | |||
Peter Zachariou [Member] | ||||
Short-Term Debt [Line Items] | ||||
Face amount | $ 30,000 | |||
Notes interest rate | 10% | |||
Debt maturity date description | The note was extended for another twelve months on its due date to June 25, 2024 or on demand by the Payee. | |||
Fountainhead Capital Management Limited [Member] | ||||
Short-Term Debt [Line Items] | ||||
Face amount | $ 463,373 | |||
Notes interest rate | 10% | |||
Debt maturity date description | The Notes will be due between April 2024 and March 2025 or on demand by the Payee. |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - EuroAmerican Investment Corp [Member] - Amendment Agreement [Member] | Jan. 24, 2018 USD ($) $ / shares shares |
Defined Benefit Plan Disclosure [Line Items] | |
Other Notes Payable | $ | $ 300,000 |
Offering price | $ / shares | $ 0.21 |
Conversion shares | shares | 3,680,462 |
SCHEDULE OF BUSINESS SEGMENTS I
SCHEDULE OF BUSINESS SEGMENTS INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,460,604 | $ 1,222,989 |
Gross Profit | 1,315,654 | 1,082,345 |
Operating Income (Loss) | 40,191 | (306,514) |
Total Assets | 992,298 | 860,178 |
Discontinued Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 739 | 1,212 |
Vycor Medical [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,378,598 | 1,130,915 |
Gross Profit | 1,238,878 | 997,667 |
Operating Income (Loss) | 383,847 | 239,327 |
Total Assets | 957,936 | 822,174 |
Nova Vision [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 82,006 | 92,074 |
Gross Profit | 76,776 | 84,678 |
Operating Income (Loss) | (191,810) | (223,351) |
Total Assets | 33,623 | 36,792 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (Loss) | $ (151,846) | $ (322,490) |
SUMMARY OF GEOGRAPHIC INFORMATI
SUMMARY OF GEOGRAPHIC INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 1,460,604 | $ 1,222,989 |
Gross Profit | 1,315,654 | 1,082,345 |
Operating Income (Loss) | 40,191 | (306,514) |
Total Assets | 992,298 | 860,178 |
Discontinued Operations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | 739 | 1,212 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 1,453,895 | 1,214,723 |
Gross Profit | 1,308,984 | 1,074,143 |
Operating Income (Loss) | 60,484 | (289,439) |
Total Assets | 985,718 | 854,236 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 6,709 | 8,266 |
Gross Profit | 6,670 | 8,202 |
Operating Income (Loss) | (20,293) | (17,075) |
Total Assets | $ 5,841 | $ 4,730 |
SEGMENT REPORTING, GEOGRAPHIC_3
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 Integer | |
Business Segments [Member] | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Geographic Segments [Member] | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, and Equipment, Gross | $ 1,398,597 | $ 1,389,211 |
Less: Accumulated depreciation and amortization | (1,146,193) | (1,085,441) |
Property and Equipment, net | $ 252,404 | 303,770 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Property, and Equipment, Gross | $ 70,832 | 64,762 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Property, and Equipment, Gross | $ 8,881 | 8,881 |
Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Property, and Equipment, Gross | $ 27,706 | 27,706 |
Tools, Dies and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Property, and Equipment, Gross | $ 808,611 | 808,611 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Property, and Equipment, Gross | $ 11,152 | 11,152 |
Therapy Devices [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Property, and Equipment, Gross | $ 107,943 | 104,627 |
Internally Developed Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Property, and Equipment, Gross | $ 363,472 | $ 363,472 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 60,752 | $ 61,403 |
Therapy Devices [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 3,255 | $ 3,171 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 02, 2023 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||
Dividends | $ 324,370 | $ 324,370 | ||
Common stock, shares authorized | 55,000,000 | 55,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares outstanding | 32,628,835 | 32,527,172 | ||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 1 | 1 | ||
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 270,306 | 270,306 | ||
Series C Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares new issues | 14,815 | |||
Share price | $ 3.75 | |||
Series D Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Share price | $ 2.15 | |||
Cumulative preferred dividend rate | 12% | |||
Fountainhead [Member] | Consulting Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares new issues | 0 | 1,607,142 | ||
Number of common stock issued, value | $ 0 | $ 171,428 | ||
Consultant [Member] | Ricardo Komotar [Member] | Consulting Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares new issues | 101,663 | 101,663 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non Employee Directors [Member] | Directors Deferred Compensation Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 0 | |
Fountainhead Consulting Agreement [Member] | March 2017 and Effective April 1, 2017 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Payment of fees | $ 171,428 | |
Non-employees [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expense | $ 10,141 | $ 185,610 |
SUMMARY OF LOSS BEFORE TAXES (D
SUMMARY OF LOSS BEFORE TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (42,829) | $ (382,553) |
Foreign | (26,862) | (22,364) |
Net Loss | $ (69,691) | $ (404,917) |
SCHEDULE OF RECONCILIATION OF I
SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE STATUTORY RATE (Details) - USD ($) | 12 Months Ended | ||
Dec. 22, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 15.50% | 21% | |
US statutory rate | $ (14,635) | $ (85,033) | |
Tax difference between foreign and U.S. | (289) | (204) | |
Change in Valuation Allowance | (14,924) | (85,237) | |
Tax Provision |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ (4,661,000) | $ (4,672,000) |
Net deferred tax asset | ||
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry-forward – Foreign | 19,888,000 | 19,881,000 |
Deferred tax asset before Valuation allowance – Foreign | 4,176,000 | 4,175,000 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carry-forward – Foreign | 1,630,000 | 1,656,000 |
Deferred tax asset before Valuation allowance – Foreign | $ 485,000 | $ 497,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 22, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets valuation allowance, percent | 100% | 100% | |
Income tax rate description | The U.S. Tax Cuts and Jobs Act (Tax Act) was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21% and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively. | ||
U.S. income tax at a rate | 15.50% | 21% | |
Foreign cash and net current assets percentage | 8% | ||
Operating carry forwards | $ 19,888,000 | $ 19,881,000 | |
Income tax rate percent | 21% | 21% | |
Unrecognized tax benefits | $ 0 | $ 0 | |
GERMANY | |||
Operating Loss Carryforwards [Line Items] | |||
Operating carry forwards | $ 1,392,000 | $ 1,450,000 | |
Income tax rate percent | 31.58% | 31.58% | |
UNITED KINGDOM | |||
Operating Loss Carryforwards [Line Items] | |||
Operating carry forwards | $ 238,000 | $ 206,000 | |
Income tax rate percent | 19% | 19% |
SCHEDULE OF FUTURE LEASE PAYMEN
SCHEDULE OF FUTURE LEASE PAYMENTS (Details) | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 51,576 |
2025 | 52,092 |
2026 | $ 53,655 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended | |||||||
Oct. 31, 2016 USD ($) | Oct. 31, 2016 EUR (€) | Jun. 30, 2012 USD ($) | Jun. 30, 2012 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2016 EUR (€) | Jun. 30, 2012 EUR (€) | |
Property, Plant and Equipment [Line Items] | ||||||||
Rent expense | $ 74,464 | $ 79,314 | ||||||
Trade tax reduced | $ 82,000 | $ 82,000 | € 75,000 | € 75,000 | ||||
Interest expenses | $ 13,200 | € 12,000 | $ 13,200 | € 12,000 | ||||
Office Space [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Rent expense | 4,300 | |||||||
Other charges | $ 2,700 | |||||||
Lease expire date | Aug. 31, 2023 | |||||||
Lease extended expire date | three years and four months |
CONSULTING AND OTHER AGREEMEN_2
CONSULTING AND OTHER AGREEMENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 01, 2023 | Apr. 01, 2022 | Mar. 30, 2021 | Mar. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | |
General Consultancy [Member] | Ricardo J Komotar M.D. [Member] | ||||||
Number of common stock issued for services, shares | 304,989 | |||||
Milestones [Member] | Ricardo J Komotar M.D. [Member] | ||||||
Number of common stock issued, value | $ 9,455 | $ 12,200 | ||||
Number of common stock issued for services, shares | 1,219,957 | |||||
Milestones [Member] | Ricardo J Komotar M.D. [Member] | Common Stock [Member] | ||||||
Number of common stock issued, value | 101,663 | 101,663 | ||||
Fountainhead Consulting Agreement [Member] | ||||||
Consulting fee | $ 450,000 | |||||
Common stock exercise price | $ 0.21 | |||||
Fountainhead Consulting Agreement [Member] | Fountainhead [Member] | ||||||
Shares, issued | 0 | 1,607,142 | ||||
Number of common stock issued, value | $ 0 | $ 171,428 | ||||
Fountainhead Consulting Agreement [Member] | January 1, 2021 [Member] | ||||||
Common stock exercise price | $ 0.21 | |||||
Shares, issued | 535,714 | |||||
Number of common stock issued, value | $ 112,500 | |||||
Consultancy Agreement [Member] | Fountainhead [Member] | ||||||
Shares, issued | 0 | 1,607,142 | ||||
Number of common stock issued, value | $ 0 | $ 171,428 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Increase decrease in interest payable net | $ 49,515 | $ 39,563 |
Preferred stock dividends income | 324,370 | 324,370 |
Accrued dividends, total | 2,270,590 | 1,946,220 |
Fountainhead [Member] | ||
Related Party Transaction [Line Items] | ||
Preferred stock dividends income | 226,037 | 226,037 |
Accrued dividends, total | 1,582,260 | 1,356,224 |
Peter Zachariou [Member] | ||
Related Party Transaction [Line Items] | ||
Preferred stock dividends income | 83,386 | 83,386 |
Accrued dividends, total | 583,701 | 500,315 |
Unsecured Loan [Member] | Fountainhead [Member] | ||
Related Party Transaction [Line Items] | ||
Unsecured loan notes issued | $ 0 | $ 172,500 |
Bear interest rate | 10% | 10% |
Unsecured loan maturity description | due on demand or by their one-year anniversary | due on demand or by their one-year anniversary |
Fountainhead [Member] | Fountainhead Consulting Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Stock issued during period, shares | 0 | 1,607,142 |
Stock issued during period, value, new issues | $ 0 | $ 171,428 |
Directors [Member] | Fountainhead [Member] | Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Common stock, ownership percentage | 62.30% | |
Directors [Member] | Fountainhead [Member] | Series D Preferred Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Common stock, ownership percentage | 69.70% | |
Chairman [Member] | Fountainhead [Member] | Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Common stock, ownership percentage | 15% | |
Chairman [Member] | Fountainhead [Member] | Series D Preferred Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Common stock, ownership percentage | 25.70% |
SCHEDULE OF CONCENTRATION (Deta
SCHEDULE OF CONCENTRATION (Details) - Customer Concentration Risk [Member] - Integer | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers over 10% | 1 | 0 |
Revenue Benchmark [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11% | 0% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers over 10% | 0 | 1 |
Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0% | 13% |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Manufacturer Three [Member] | Purchase [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10% | 10% |