Vycor Medical (VYCO) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	VYCOR MEDICAL INC
Entity Central Index Key	1,424,768
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,972,766

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash	$ 103,605	$ 347,477
Trade accounts receivable, net of allowance for doubtful accounts of $2,711 and $2,711	162,371	106,340
Inventory	277,407	292,538
Prepaid expenses and other current assets	111,115	112,338
Total Current Assets	654,498	858,693
Fixed assets, net	501,847	521,105
Intangible and Other assets:
Trademarks	251,157	251,157
Patents, net of accumulated amortization	295,138	323,138
Website, net of accumulated amortization	18,400	19,548
Security deposits	42,840	49,090
Total Intangible and Other assets	607,535	642,933
TOTAL ASSETS	1,763,880	2,022,731
Current Liabilities
Accounts payable	190,552	250,367
Accrued interest: Other	100,601	88,634
Accrued liabilities	273,994	222,258
Notes payable: Other	325,813	315,750
TOTAL CURRENT LIABILITIES	890,960	877,009
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 261,168 and 252,336 issued and outstanding as at March 31, 2016 and December 31, 2015 respectively	26	25
Common Stock, $0.0001 par value, 25,000,000 shares authorized at March 31, 2016 and December 31, 2015, 11,066,179 and 11,032,560 shares issued and 10,962,845 and 10,929,226 outstanding at March 31, 2016 and December 31, 2015 respectively	1,107	1,103
Additional Paid-in Capital	24,689,132	24,346,057
Treasury Stock (103,334 shares of Common Stock as at March 31, 2016 and December 31, 2015 respectively, at cost)	(1,033)	(1,033)
Accumulated Deficit	(23,948,420)	(23,332,538)
Accumulated Other Comprehensive Income (Loss)	132,108	132,108
Total Stockholders' Equity	872,920	1,145,722
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,763,880	$ 2,022,731

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	261,168	252,336
Preferred stock, shares outstanding	261,168	252,336
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	11,066,179	11,032,560
Common Stock, shares outstanding	10,962,845	10,929,226
Treasury Stock, shares	103,334	103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 400,085	$ 328,552
Cost of Goods Sold	67,238	51,692
Gross Profit	332,847	276,860
Operating expenses:
Research and development	0	23,226
Depreciation and Amortization	63,283	82,649
General and administrative	784,342	779,302
Total Operating expenses	847,625	885,177
Operating loss	(514,778)	(608,317)
Other Expense
Interest expense: Other	(11,980)	(11,838)
Loss on foreign currency exchange	(806)	(91,872)
Change in fair value of derivative liability	0	(12,153)
Total Other Expense	(12,786)	(115,863)
Loss Before Provision for Income Taxes	(527,564)	(724,180)
Provision for Income Taxes	0	0
Net Loss	(527,564)	(724,180)
Preferred stock dividends	(88,318)	(82,446)
Net Loss available to common shareholders	(615,882)	(806,626)
Comprehensive Income (Loss)
Foreign Currency Translation Adjustment	0	(99,653)
Comprehensive Loss	$ (615,882)	$ (906,279)
Loss Per Share
Basic and diluted	$ (0.05)	$ (0.07)
Weighted Average Number of Shares Outstanding - Basic and Diluted	10,934,887	10,845,092

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (527,564)	$ (724,180)
Adjustments to reconcile net loss to cash used in operating activities:
Amortization of intangible assets	29,148	21,521
Depreciation of fixed assets	36,431	63,794
Inventory provision	2,544	7,580
Share based compensation	254,762	88,150
(Gain) loss on foreign exchange	806	91,872
Unrealized gain on change in fair value of derivative liability	0	12,153
Changes in assets and liabilities:
Accounts receivable	(56,032)	(43,920)
Inventory	12,588	17,433
Prepaid expenses	37,102	10,077
Accrued interest: Other	11,967	11,836
Accounts payable	(59,815)	(69,838)
Accrued liabilities	51,734	5,376
Security Deposits	6,250	6,250
Cash used in operating activities	(200,079)	(501,896)
Cash flows used in investing activities:
Purchase of fixed assets	(17,172)	(12,497)
Acquisition of patents	0	(66,276)
Cash used in investing activities	(17,172)	(78,773)
Cash flows from financing activities:
Repayment of Notes Payable: Other	(25,815)	(25,328)
Cash provided by financing activities	(25,815)	(25,328)
Effect of exchange rate changes on cash	(806)	(446)
Net increase (decrease) in cash	(243,872)	(606,443)
Cash at beginning of period	347,477	1,891,658
Cash at end of period	103,605	1,285,215
Supplemental Disclosures of Cash Flow information:
Interest paid:	0	0
Non-Cash Transactions:
Preferred stock dividends satisfied in new preferred stock	$ 88,318	$ 82,446

1. Basis of Presentation

1. Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	The consolidated financial statements of the Company present the financial position, results of operations, and cash flows of Vycor Medical, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in comprehensive financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2015 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The consolidated financial statements for the three months ended March 31, 2016 and 2015, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. The results of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Certain prior period amounts have been reclassified to conform to the current presentation.

2. Going Concern

2. Going Concern	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	The Company’s financial statements have been presented on a basis that contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and assumes the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $527,564 for the three months ended March 31, 2016, and the Company expects to continue to incur additional losses in the future, including additional development costs, costs related to marketing and manufacturing expenses. The Company has incurred negative cash flows from operations since inception. As of March 31, 2016 the Company had a stockholders’ equity of $872,920 and cash and cash equivalents of $103,605. The Company believes it would not have enough cash to meet its various cash needs unless the Company is able to obtain additional cash from the issuance of debt or equity securities. There is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms. If adequate funds are not available, the Company may have to delay development or commercialization of products or technologies that the Company would otherwise seek to commercialize, or cease some or all of its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

3. Significant Accounting Polic

3. Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Principles of Consolidation 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 profits have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the current year presentation. Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: March 31, December 31, 2016 2015 Stock options outstanding 705,557 25,557 Warrants to purchase common stock 6,007,048 6,007,048 Debentures convertible into common stock 222,556 215,908 Preferred shares convertible into common stock 1,229,545 1,188,471 Directors Deferred Compensation Plan 32,667 - Total 8,197,373 7,436,984

4. Notes Payable

4. Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE	As of March 31, 2016 and December 31, 2015, Notes Payable consists of: March 31, 2016 December 31, 2015 On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company an adjusted conversion price of $1.80 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended to December 31, 2016. 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2016 the Company made payments of $25,815. The notes are due over the next twelve months. 25,813 15,750 Total Notes Payable: 325,813 315,750 The company assesses the value of the beneficial conversion feature of its convertible debt by determining the intrinsic value of such conversion, under ASC 470, at the time of issuance. At the time of issuance of the convertible debt instruments set out above, the fair value of the stock was either the same or less than the conversion price, and so there was no value attributable to any beneficial conversion feature.

5. Segment Reporting, Geographi

5. Segment Reporting, Geographical Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION	(a) Business segments The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended March 31, 2016 2015 Revenue: Vycor Medical $ 348,920 $ 258,849 NovaVision $ 51,165 $ 69,703 $ 400,085 $ 328,552 Gross Profit Vycor Medical $ 286,607 $ 219,051 NovaVision $ 46,240 $ 57,809 $ 332,847 $ 276,860 March 31, December 31, 2016 2015 Total Assets: Vycor Medical $ 942,233 $ 1,150,291 NovaVision 821,647 872,440 Total Assets $ 1,763,880 $ 2,022,31 (b) Geographic information The Company operates in two geographic segments, the United States and Europe. Set out below are the revenues, gross profits and total assets for each segment. Three Months Ended March 31, 2016 2015 Revenue: United States $ 372,305 $ 283,939 Europe $ 27,780 $ 44,613 $ 400,085 $ 328,552 Gross Profit United States $ 307,237 $ 238,352 Europe $ 25,610 $ 38,508 $ 332,847 $ 276,860 March 31, December 31, 2016 2015 Total Assets: United States $ 1,454,128 $ 1,699,589 Europe 309,752 323,142 Total Assets $ 1,763,880 $ 2,022,731

6. Equity

6. Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY	Preferred Stock During the three months ended March 31, 2016, the Company paid an aggregate of 8,831 shares of Preferred D Stock, valued at $88,318 representing preferred stock dividends. The Preferred D shares are convertible on their terms at $2.15 per share of Common Stock into 41,074 shares. An aggregate of 8,424 shares of Preferred D Stock dividends were in respect of related parties (See Note 11). Common Stock and Stock Grants During January to March 2016, the Company granted 21,556 shares of Common Stock (valued at $15,000) to non-employee Directors. Under the terms of the Directors Deferred Compensation Plan, the receipt of these shares is deferred until the January 15 th During January to March 2016, the Company issued: 16,952 shares of Common Stock (valued at $11,562) to members of the NovaVision, Inc. Scientific Advisory Board in respect of their services. During January to March 2016, in accordance with the terms the Consulting Agreement, the Company issued 16,667 shares of Common Stock (valued at $30,000) to Fountainhead. Warrants and Options The details of the outstanding warrants and options are as follows: STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2014 5,911,715 $2.57 Granted 100,000 $2.56 Exercised - - Cancelled or expired (4,667) - Outstanding at December 31, 2015 6,007,048 $2.57 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2016 6,007,048 $2.57 STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2014 5,557 $20.25 Granted 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2015 25,557 $20.25 Granted 680,000 $0.79 Exercised - - Cancelled or expired - - Outstanding at March 31, 2016 705,557 $0.97 As of March 31, 2016, the weighted-average remaining contractual life of outstanding warrants and options is 1.01 and 2.40 years, respectively.

7. Share-Based Compensation

7. Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	Stock Option Plan Under ASC Topic 718, the Company estimates the fair value of option awards on the date of grant using an option pricing model. The grant date fair value is recognized over the option vesting period, the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Under these standards, compensation cost for employee cost for employee stock-based awards is based on the estimated grant-date fair value and recognized over the vesting period of the applicable award on a straight-line basis. For the periods ended March 31, 2016 and 2015, the Company recognized share-based compensation of $198,200 and $25,011, respectively, for employee stock options. Stock appreciation rights may be granted either on a stand alone basis or in conjunction with all or part of any other stock options granted under the plan. As of March 31, 2016 there were no awards of any stock appreciation rights. Non-Employee Stock Compensation The Company from time to time issues common stock, stock options or common stock warrants to acquire services or goods from non-employees. Common stock, stock options and common stock warrants issued to other than employees or directors are recorded on the basis of their fair value, which is measured as of the “measurement date” using an option pricing model. The “measurement date” for options and warrants related to contracts that have substantial disincentives to non-performance is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant. Aggregate stock-based compensation expense charged to operations for stock and warrants granted to non-employees for the three months ended March 31, 2016 was $56,562. Stock-based Compensation Valuation Methodology Stock-based compensation resulting from the issuance of Common Stock is calculated by reference to the valuation of the Stock on the date of issuance, the expense being recognized as the compensation is earned. Stock-based compensation expenses related to employee options and warrants granted to non-employees are recognized as the stock options and warrants are earned. The fair value of the stock options or warrants granted is estimated at the grant date, using the Black-Scholes option pricing model, and the expense is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant. The grant date fair value of employee share options and similar instruments is estimated using the Black-Scholes option pricing model on the basis of the fair value of the underlying common stock on the measurement date, adjusted for the unique characteristics of those equity instruments, using the assumptions noted in the table below. Expected volatility is based on the historical volatility of a peer group of publicly traded companies. The expected term of options and warrants was based upon the expected life of the option or warrant, and the risk-free rate is based on the U.S. Treasury Constant Maturity rate. The following assumptions were used in calculations of the Black-Scholes option pricing model for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Risk-free interest rates .0.91% 1.07% Expected life 1.5 years 3 years Expected dividends 0% 0% Expected volatility 95% 101% Vycor Common Stock fair value $0.71 $2.00

8. Fair Value Measurements

8. Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	The Company has adopted ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The adoption of ASC 820 did not have an impact on the Company’s financial position or results of operations. Under the terms of the Offering during the period January 2 to April 25, 2014, in five separate closings, a total of 2,397,631 Series A Warrants and Placement Agent Warrants were issued, which carried anti-dilution rights. Effective May 15, 2014 these anti-dilution rights were waived for all but 34,723 of the Series A Warrants and for all of the Placement Agent Warrants. The Company accounted for the Series A Warrants in accordance with the guidance contained in ASC 815-40-15-7D, whereby under that provision, because they had anti-dilution rights, they did not meet the criteria for equity treatment and needed to be recorded as a liability. Accordingly, the Company classified the warrant instrument as a liability at its fair value and adjusted the instrument to fair value at each reporting period. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis (the 34,723 Series A Warrants above) as of March 31, 2016 and December 31, 2015 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the liability, and includes situations where there is little, if any, market activity for the liability: Description March 31, 2016 and December 31, 2015 Level 1 Level 2 Level 3 Warrant Liability $0 $- $- $0 The table below provides a reconciliation of the beginning and ending balances for the liabilities measured using fair significant unobservable inputs (Level 3): Three months ended March 31, 2016 2015 Balance at start of period $- $19,792 Change in fair value - 12,153 Balance at end of period $- $31,945 The fair value of the Series A Warrants Warrants was determined using a Monte Carlo Simulation. This model requires the input of highly subjective assumptions, including the expected price volatility, which is based on the historical volatility of a peer group of publicly traded companies. Changes in the subjective input assumptions can materially affect the estimate of fair value of the warrants and the Company’s results of operations could be impacted. The following assumptions were used in calculations of the Monte Carlo Simulation model for the three months ended March 31, 2015 and 2014: Three Months Ended March 31, 2016 2015 Risk-free interest rates - 0.56% Expected life - 1.84 years Expected dividends - 0% Expected volatility - 93% Vycor Common Stock fair value - $1.84

9. Commitments and Contingencie

9. Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Lease The Company leases approximately 10,000 sq. ft located at 6401 Congress Ave., Suite 140, Boca Raton, FL 33487 from Catexor Limited Partnership for a gross rent of $15,439 plus sales tax per month. The term of the lease is 5 years and 6 months terminating July, 2017. The Company’s subsidiaries in Germany and the UK occupy properties on short term lease agreements. Rent expense for the three months ended March 31, 2016 and 2015 was $53,654 and $47,211 respectively. Potential German tax liability In June 2012 the Company's German subsidiary received a preliminary assessment for Magdeburg City trade tax of approximately €75,000 (approximately $94,000). This assessment is for the 2010 fiscal year and relates to the Company's acquisition of the assets of the former NovaVision, Inc. An initial assessment for corporate tax for the same period has been preliminarily reduced to zero. The Company has not accepted this trade tax assessment and is in discussion with the relevant tax authorities with a view to its reduction. The tax authorities have agreed to suspend the assessment pending the outcome of certain court hearings, and the Company has agreed to make limited monthly payments on account. To the extent that this assessment (either a higher or a reduced amount) is ultimately confirmed by the tax authorities, the Company believes it has a very strong claim against certain professional advisors which would offset the liability in full. Accordingly, the Company has made no provision for this liability years ended December 31 2015 and 2014 respectively, other than recording the monthly payments as an expense. Potential Patent Infringement The Company was made aware in 2012 that a competitor had been granted a patent for related technology, and appeared to be

10. Consulting and Other Agreem

10. Consulting and Other Agreements	3 Months Ended
	Mar. 31, 2016
Consulting and Other Agreements [Abstract]
CONSULTING AND OTHER AGREEMENTS	The following agreements were entered into or remained in force during the three months ended March 31, 2016: Under the terms of an amended Consulting Agreement between the Company and Fountainhead, Fountainhead is paid a monthly retainer of $10,000 per month, payable $5,000 in cash and $5,000 payable in Company Common Stock at the end of each quarter. Effective September 2015, Fountainhead agreed to receive all of the fees in Common Stock. In January 2015, as amended in May 2015, the Company entered into a twelve month agreement, subject to early termination, to provide financial advisory, strategic business planning and professional relations services, with Acorn Management Partners (“Acorn”). Under the terms of the Agreement, as amended in May and July 2015, Acorn received a total of $53,000 in cash and $50,000 in shares of Restricted Common Stock during the period. The Acorn Agreement was terminated in October 2015.

11. Related Party Transactions

11. Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Peter Zachariou, director and David Cantor, director are investment managers of Fountainhead Capital Management which is a related party due to the size of its shareholding. Adrian Liddell, Chairman is a consultant for Fountainhead Capital Management. On March 31 2016, in accordance with the terms of the Consulting Agreement, the Company issued 16,667 shares of Common Stock (valued at $30,000) to Fountainhead. During the three months ended March 31, 2016, the Company paid an aggregate of 8,424 shares of Preferred D Stock, valued at $84,248 representing preferred stock dividends. The Preferred D shares are convertible on their terms at $2.15 per share of Common Stock into 39,181 shares.

12. Subsequent Events

12. Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10Q: During April 2016, the Company issued unsecured loan notes to Fountainhead for a total of $50,000. The loan notes bear interest at a rate of 10% and are due on demand or by their one-year anniversary.

3. Significant Accounting Pol18

3. Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	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 profits have been eliminated in consolidation. Certain reclassifications and format changes have been made to prior year amounts to conform to the current year presentation.
Recent Accounting Pronouncements	From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.
Net Loss Per Share	Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented because the assumed exercise of outstanding options and warrants and the conversion of preferred stock and debt would be anti-dilutive. The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: March 31, December 31, 2016 2015 Stock options outstanding 705,557 25,557 Warrants to purchase common stock 6,007,048 6,007,048 Debentures convertible into common stock 222,556 215,908 Preferred shares convertible into common stock 1,229,545 1,188,471 Directors Deferred Compensation Plan 32,667 - Total 8,197,373 7,436,984

3. Significant Accounting Pol19

3. Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Potential shares of common stock that are not included in the calculation of diluted net loss per share	March 31, December 31, 2016 2015 Stock options outstanding 705,557 25,557 Warrants to purchase common stock 6,007,048 6,007,048 Debentures convertible into common stock 222,556 215,908 Preferred shares convertible into common stock 1,229,545 1,188,471 Directors Deferred Compensation Plan 32,667 - Total 8,197,373 7,436,984

4. Notes Payable (Tables)

4. Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Components of notes payable	March 31, 2016 December 31, 2015 On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011. In connection with the loan the Company also issued EuroAmerican warrants to purchase 400,000 shares of the Company’s common stock at an exercise price of $4.50 per share for a period of three (3) years. On June 25, 2011 the due date for this note was extended to September 25, 2011 and the Holder was granted the right to convert all or any amount of the principal face amount of the debenture then outstanding and accrued interest into shares of common stock of the Company an adjusted conversion price of $1.80 per share, subject to adjustment and does not require bifurcation. The due date for this note has been extended to December 31, 2016. 300,000 300,000 Insurance policy finance agreements. During the period ended March 31, 2016 the Company made payments of $25,815. The notes are due over the next twelve months. 25,813 15,750 Total Notes Payable: 325,813 315,750

5. Segment Reporting, Geograp21

5. Segment Reporting, Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of business segments information	Three Months Ended March 31, 2016 2015 Revenue: Vycor Medical $ 348,920 $ 258,849 NovaVision $ 51,165 $ 69,703 $ 400,085 $ 328,552 Gross Profit Vycor Medical $ 286,607 $ 219,051 NovaVision $ 46,240 $ 57,809 $ 332,847 $ 276,860 March 31, December 31, 2016 2015 Total Assets: Vycor Medical $ 942,233 $ 1,150,291 NovaVision 821,647 872,440 Total Assets $ 1,763,880 $ 2,022,31
Summary of geographic information	Three Months Ended March 31, 2016 2015 Revenue: United States $ 372,305 $ 283,939 Europe $ 27,780 $ 44,613 $ 400,085 $ 328,552 Gross Profit United States $ 307,237 $ 238,352 Europe $ 25,610 $ 38,508 $ 332,847 $ 276,860 March 31, December 31, 2016 2015 Total Assets: United States $ 1,454,128 $ 1,699,589 Europe 309,752 323,142 Total Assets $ 1,763,880 $ 2,022,731

6. Equity (Tables)

6. Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Warrant [Member]
Derivative [Line Items]
Schedule of warrants and options	STOCK WARRANTS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2014 5,911,715 $2.57 Granted 100,000 $2.56 Exercised - - Cancelled or expired (4,667) - Outstanding at December 31, 2015 6,007,048 $2.57 Granted - - Exercised - - Cancelled or expired - - Outstanding at March 31, 2016 6,007,048 $2.57
Stock Option [Member]
Derivative [Line Items]
Schedule of warrants and options	STOCK OPTIONS: Weighted average Number of shares exercise price per share Outstanding at December 31, 2014 5,557 $20.25 Granted 20,000 $2.00 Exercised - - Cancelled or expired - - Outstanding at December 31, 2015 25,557 $20.25 Granted 680,000 $0.79 Exercised - - Cancelled or expired - - Outstanding at March 31, 2016 705,557 $0.97

7. Share-Based Compensation (Ta

7. Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of assumptions used in calculations of the Black-Scholes option pricing model	Three Months Ended March 31, 2016 2015 Risk-free interest rates .0.91% 1.07% Expected life 1.5 years 3 years Expected dividends 0% 0% Expected volatility 95% 101% Vycor Common Stock fair value $0.71 $2.00

8. Fair Value Measurements (Tab

8. Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule liabilities measured at fair value on a recurring basis	Description March 31, 2016 and December 31, 2015 Level 1 Level 2 Level 3 Warrant Liability $0 $- $- $0
Schedule of liabilities measured using fair significant unobservable inputs (Level 3)	Three months ended March 31, 2016 2015 Balance at start of period $- $19,792 Change in fair value - 12,153 Balance at end of period $- $31,945
Schedule of fair value assumptions used in calculation of the Monte Carlo Simulation model	Three Months Ended March 31, 2016 2015 Risk-free interest rates - 0.56% Expected life - 1.84 years Expected dividends - 0% Expected volatility - 93% Vycor Common Stock fair value - $1.84

3. Significant Accounting Pol25

3. Significant Accounting Policies (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	8,197,373	7,436,984
Stock Option Plan [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	705,557	25,557
Warrant [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	6,007,048	6,007,048
Debentures Convertible
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	222,556	215,908
Convertible Preferred Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	1,229,545	1,188,471
Directors Deferred Compensation Plan [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share
Potential shares of common stock that are not included in the calculation of diluted net loss per share	32,667	0

4. Notes Payable (Details)

4. Notes Payable (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Components of notes payable
Total Related Party Notes Payable:	$ 325,813	$ 315,750
Term Note [Member]
Components of notes payable
Total Related Party Notes Payable:	300,000	300,000
Insurance Policy Finance Agreements [Member]
Components of notes payable
Total Related Party Notes Payable:	$ 25,813	$ 15,750

5. Segment Reporting, Geograp27

5. Segment Reporting, Geographical Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue:
Total Revenue	$ 400,085	$ 328,552
Gross Profit:
Total Gross Profit	332,847	276,860
Total Assets:
Total Assets	1,763,880		$ 2,022,731
Vycor Medical [Member]
Revenue:
Total Revenue	348,920	258,849
Gross Profit:
Total Gross Profit	286,607	219,051
Total Assets:
Total Assets	942,233		1,150,291
Novavision [Member]
Revenue:
Total Revenue	51,165	69,703
Gross Profit:
Total Gross Profit	46,240	$ 57,809
Total Assets:
Total Assets	$ 821,647		$ 872,440

5. Segment Reporting, Geograp28

5. Segment Reporting, Geographical Information (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue:
Total Revenue	$ 400,085	$ 328,552
Gross Profit:
Total Gross Profit	332,847	276,860
Total Assets:
Total Assets	1,763,880		$ 2,022,731
United States
Revenue:
Total Revenue	372,305	283,939
Gross Profit:
Total Gross Profit	307,237	238,352
Total Assets:
Total Assets	1,454,128		1,699,589
Europe [Member]
Revenue:
Total Revenue	27,780	44,613
Gross Profit:
Total Gross Profit	25,610	$ 38,508
Total Assets:
Total Assets	$ 309,752		$ 323,142

6. Equity (Details)

6. Equity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Warrant [Member]
Details of the outstanding rights, options and warrants and value of such rights, options and warrants
Options Outstanding, Beginning Balance	6,007,048	5,911,715
Number of shares, Granted	0	100,000
Number of shares, Exercised	0	0
Number of shares, Cancelled or expired	0	(4,667)
Options Outstanding, Ending Balance	6,007,048	6,007,048
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 2.57	$ 2.57
Weighted average exercise price per share, Granted	0	2.56
Weighted average exercise price per share, Exercised	0	0
Weighted average exercise price per share, Cancelled or expired	0	0
Weighted average exercise price per share, Outstanding, Ending balance	$ 2.57	$ 2.57
Stock Option [Member]
Details of the outstanding rights, options and warrants and value of such rights, options and warrants
Options Outstanding, Beginning Balance	25,557	5,557
Number of shares, Granted	680,000	20,000
Number of shares, Exercised	0	0
Number of shares, Cancelled or expired	0	0
Options Outstanding, Ending Balance	705,557	25,557
Weighted average exercise price per share, Outstanding, Beginning Balance	$ 20.25	$ 20.25
Weighted average exercise price per share, Granted	0.79	2
Weighted average exercise price per share, Exercised	0	0
Weighted average exercise price per share, Cancelled or expired	0	0
Weighted average exercise price per share, Outstanding, Ending balance	$ 0.97	$ 20.25

7. Share-Based Compensation (De

7. Share-Based Compensation (Details 1) - Employee Stock Option [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Options and warrants expensed
Risk-free interest rates	0.91%	1.07%
Expected life	1 year 6 months	3 years
Expected dividends	0.00%	0.00%
Expected volatility	95.00%	101.00%
Vycor Common Stock fair value	$ 0.71	$ 2

7. Share-Based Compensation (31

7. Share-Based Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Share-Based Compensation (Textual)
Share-based compensation	$ 198,200	$ 25,011

8. Fair Value Measurements (Det

8. Fair Value Measurements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant Liability	$ 0
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant Liability	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant Liability	0
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant Liability	$ 0	$ 0	$ 31,945	$ 19,792

8. Fair Value Measurements (D33

8. Fair Value Measurements (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Balance at end of period	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Balance at start of period	0	$ 19,792
Change in fair value during period	0	12,153
Balance at end of period	$ 0	$ 31,945

8. Fair Value Measurements (D34

8. Fair Value Measurements (Details 2) - Warrant [Member] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Assumptions [Abstract]
Risk-free interest rates	0.00%	0.56%
Expected life		1 year 10 months 2 days
Expected dividends	0.00%	0.00%
Expected volatility	0.00%	93.00%
Vycor common stock fair value	$ 0	$ 1.84

9. Commitments and Contingenc35

9. Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commitments and Contingencies
Rent expense	$ 53,654	$ 47,211