VYCOR MEDICAL INC 10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the fiscal quarter ended June 30, 2024

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

	For the transition period from to

VYCOR MEDICAL, INC.

(Exact name of small business issuer as specified in its charter)

Delaware	001-34932	20-3369218
(State of	(Commission	(IRS Employer
Incorporation)	File Number)	Identification No.)

951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487

(Address of principal executive offices) (Zip code)

Issuer’s telephone number: (561) 558-2020

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock		VYCO		OTCQB

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐	Accelerated Filer ☐
Non-accelerated Filer ☐ (Do not check if a smaller reporting company)	Smaller Reporting Company ☒
	Emerging Growth Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

There were 32,628,835 shares outstanding of registrant’s common stock, par value $0.0001 per share, as of August 13, 2024.

Transitional Small Business Disclosure Format (check one): Yes ☐ No ☒

TABLE OF CONTENTS

		Page
	PART I

Item 1.	Financial Statements	3

	Unaudited Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	3

	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023.	4

	Unaudited Consolidated Statements of Stockholders’ Deficiency for the three and six months ended June 30, 2024 and 2023.	5

	Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023.	6

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22

Item 4.	Controls and Procedures	22

	PART II

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	24

SIGNATURES		25

PART 1

ITEM 1. FINANCIAL STATEMENTS

VYCOR MEDICAL, INC.

Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
	2024			2023
ASSETS
Current Assets
Cash	$	119,296		$	57,291
Trade accounts receivable		252,776			215,231
Inventory		218,313			234,145
Prepaid expenses and other current assets		52,092			76,684
Current assets of discontinued operations		1,017			739
Total Current Assets		643,494			584,090

Fixed assets, net		220,441			252,404

Intangible and Other assets:
Security deposits		6,000			6,000
Operating lease - right of use assets		127,037			149,804
Total Intangible and Other assets		133,037			155,804
TOTAL ASSETS	$	996,972		$	992,298

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities
Accounts payable	$	154,770		$	117,801
Accrued interest: Other		496,833			472,897
Accrued interest: Related Party		220,394			195,522
Accrued interest		220,394			195,522
Accrued liabilities - Other		159,886			151,816
Dividends payable - Related Party		2,432,775			2,270,590
Notes payable: Other		303,409			328,267
Notes payable: Related Party		493,373			493,373
Notes payable		493,373			493,373
Current operating lease liabilities		46,466			45,321
Current liabilities of discontinued operations		(672	)		(1,100	)
Total Current Liabilities		4,307,234			4,074,487

Operating lease liability - long term		76,857			100,379
Loan payable - SBA EIDL		141,188			142,908

Total Liabilities		4,525,279			4,317,774

STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized
Preferred C Stock, 1 and 1 share issued and outstanding as at June 30, 2024 and December 31, 2023 respectively		-			-
Preferred D Stock, 270,306 and 270,306 shares issued and outstanding as at June 30, 2024 and December 31, 2023 respectively		27			27
Preferred Stock, value		27			27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at June 30, 2024 and December 31, 2023, 32,732,169 and 32,732,169 shares issued and 32,628,835 and 32,628,835 shares outstanding at June 30, 2024 and December 31, 2023 respectively		3,273			3,273
Additional Paid-in Capital		29,365,070			29,365,070
Treasury Stock (103,334 shares of Common Stock as at June 30, 2024 and December 31, 2023 respectively, at cost)		(1,033	)		(1,033	)
Accumulated Deficit		(33,023,321	)		(32,820,490	)
Accumulated Other Comprehensive Income		127,677			127,677
Total Stockholders’ Deficiency		(3,528,307	)		(3,325,476	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$	996,972		$	992,298

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	2024			2023			2024			2023
	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023

Revenue	$	406,278		$	482,768		$	743,246		$	843,762
Cost of Goods Sold		35,163			39,797			72,169			70,596
Gross Profit		371,115			442,971			671,077			773,166

Operating Expenses:
Research and development		2,263			7,550			2,263			13,058
Depreciation and amortization		14,881			14,374			29,761			28,749
Selling, general and administrative		337,793			324,527			632,407			601,631
Total Operating Expenses		354,937			346,451			664,431			643,438
Operating income		16,178			96,520			6,646			129,728

Other Income (Expense)
Interest expense: Related Party		(12,841	)		(12,301	)		(24,872	)		(24,644	)
Interest expense: Other		(13,327	)		(13,359	)		(26,665	)		(26,593	)
Interest expense		(13,327	)		(13,359	)		(26,665	)		(26,593	)
Other income		-			-			4,544			-
Loss on foreign currency exchange		1			(69	)		(149	)		(131	)
Total Other Income (Expense)		(26,167	)		(25,729	)		(47,142	)		(51,368	)

Income (Loss) Before Provision for Income Taxes		(9,989	)		70,791			(40,496	)		78,360
Provision for income taxes		-			-			-			-
Net Income (Loss) from continuing operations		(9,989	)		70,791			(40,496	)		78,360
Loss from discontinued operations, net of tax		(49	)		(2,385	)		(150	)		(3,092	)
Net Income (Loss)		(10,038	)		68,406			(40,646	)		75,268

Preferred stock dividends		-			-			(162,185	)		(162,185	)
Net Income (Loss) Available to Common Stockholders	$	(10,038	)	$	68,406		$	(202,831	)	$	(86,917	)

Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustment		-			2			-			2
Comprehensive Income (Loss)	$	(10,038	)	$	68,408		$	(40,646	)	$	75,270

Net Income (Loss) Per Share - basic and diluted
Net Income (Loss) from continuing operations	$	(0.00	)	$	0.00		$	(0.00	)	$	0.00
Loss from discontinued operations	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Net Income (Loss) available to common stockholders	$	(0.00	)	$	0.00		$	(0.01	)	$	(0.00	)

Weighted Average Number of Shares Outstanding – Basic		32,628,835			32,628,835			32,628,835			32,578,285
Weighted Average Number of Shares Outstanding –Diluted		32,628,835			37,466,122			32,628,835			37,415,572

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

Consolidated Statements of Stockholders’ Deficiency

(Unaudited)

	Number		Amount		Number		Amount		Number		Amount		Number			Amount		Capital		Deficit			(Loss)		Total
	Common Stock				Preferred C				Preferred D				Treasury Stock					Additional Paid-in		Accumulated			Accum OCI
	Number		Amount		Number		Amount		Number		Amount		Number			Amount		Capital		Deficit			(Loss)		Total

Balance at March 31, 2024		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334)		$	(1,033)	$	29,365,070	$	(33,013,283)		$	127,677	$	(3,518,269	)
Issuance of stock for board and consulting fees
Issuance of stock for board and consulting fees, shares
Comprehensive Income
Net loss for three months ended June 30, 2024		-		-		-		-		-		-		-			-		-		(10,038	)		-		(10,038	)
Balance at June 30, 2024		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334)		$	(1,033)	$	29,365,070	$	(33,023,321)		$	127,677		(3,528,307	)

Balance at March 31, 2023		32,630,506	$	3,263		1	$	0		270,306	$	27		(103,334	)	$	(1,033)	$	29,355,626	$	(32,581,752)		$	127,675	$	(3,096,194	)

Issuance of stock for board and consulting fees		101,663		10															9,444							9,454
Foreign currency translation adjustment																								2		2
Net income for three months ended June 30, 2023		-		-		-		-		-		-		-			-		-		68,406			-		68,406
Balance at June 30, 2023		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334	)	$	(1,033)	$	29,365,070	$	(32,513,346)		$	127,677		(3,018,332	)

	Number		Amount		Number		Amount		Number		Amount		Number			Amount			Capital		Deficit			(Loss)		Total
	Common Stock				Preferred C				Preferred D				Treasury Stock						Paid-in		Accumulated			Accum OCI
	Number		Amount		Number		Amount		Number		Amount		Number			Amount			Capital		Deficit			(Loss)		Total

Balance at December 31, 2023		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,365,070	$	(32,820,490	)	$	127,677	$	(3,325,476	)
Net loss for six months ended June 30, 2024		-		-		-		-		-		-		-			-			-		(40,646	)		-		(40,646	)
Preferred stock dividends																						(162,185	)				(162,185	)
Balance at June 30, 2024		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,365,070	$	(33,023,321	)	$	127,677	$	(3,528,307	)

Balance at December 31, 2022		32,630,506	$	3,263		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,355,626	$	(32,426,429	)	$	127,675	$	(2,940,871	)
Balance		32,630,506	$	3,263		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,355,626	$	(32,426,429	)	$	127,675	$	(2,940,871	)
Issuance of stock for board and consulting fees		101,663		10																9,444							9,454
Foreign currency translation adjustment																									2		2
Net income for six months ended June 30, 2023		-		-		-		-		-		-		-			-			-		75,268			-		75,268
Net income loss		-		-		-		-		-		-		-			-			-		75,268			-		75,268
Preferred stock dividends																						(162,185	)				(162,185	)
Balance at June 30, 2023		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,365,070	$	(32,513,346	)	$	127,677	$	(3,018,332	)
Balance		32,732,169	$	3,273		1	$	0		270,306	$	27		(103,334	)	$	(1,033	)	$	29,365,070	$	(32,513,346	)	$	127,677	$	(3,018,332	)

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

Consolidated Statements of Cash Flows

(Unaudited)

	2024			2023
	For the six months ended
	June 30,			June 30,
	2024			2023
Cash flows from operating activities:
Net income (loss)	$	(40,646	)	$	75,268
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of fixed assets		31,301			30,425
Allowance for doubtful accounts – accounts receivable		4,865			-
Stock based compensation		2,364			5,414

Changes in operating assets and liabilities:
Accounts receivable		(42,410	)		(126,346	)
Inventory		15,832			29,384
Prepaid expenses		22,618			16,581
Accrued interest - Related Party		24,872			24,644
Accrued interest - Other		23,936			23,802
Accounts payable		36,969			(76,681	)
Accrued liabilities - Other		8,070			35,802
Changes in discontinued operations, net		150			492
Cash provided by operating activities		87,921			38,785
Cash flows from investing activities:
Sale of fixed assets		662			542
Cash provided by investing activities		662			542
Cash flows from financing activities:
Proceeds - Notes Payable -Other		-			1,664
Repayments - Notes Payable Other		(26,578	)		(24,622	)
Cash used in financing activities		(26,578	)		(22,958	)
Net increase in cash		62,005			16,369
Cash at beginning of period		57,291			37,035
Cash at end of period	$	119,296		$	53,404

Supplemental Disclosures of Cash Flow information:
Cash paid for interest	$	2,729		$	2,791
Cash paid for income tax	$	-		$	-
Non-Cash Activities:
Non-cash accrued dividends	$	162,185		$	162,185

See accompanying notes to consolidated financial statements

VYCOR MEDICAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2024

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Vycor Medical, Inc. (the “Company” or “Vycor”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2023 derives from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited consolidated financial statements as of and for the three and six months ended June 30, 2024 and 2023, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for any other interim period or for the entire year.

Ability to continue as a Going Concern

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $40,646 for the six months ended June 30, 2024 and has not generated sufficient positive cash flows from operations. As of June 30, 2024 the Company had a working capital deficiency of $3,663,740 which includes related party liabilities of $3,146,542. These conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

The Company is executing on a plan to achieve a reduction in cash operating losses. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $496,833, which has a maturity date of March 31, 2025, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through August 31, 2025 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products, or cease some of its operations.

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Vycor Medical, Inc., and its wholly-owned subsidiaries, NovaVision, Inc. (a Delaware corporation), NovaVision GmbH (a German corporation) and Sight Science Limited (a UK corporation), both wholly owned subsidiaries of NovaVision, Inc. The Company is headquartered in Boca Raton, FL. All material inter-company account balances, transactions, and profits have been eliminated in consolidation. Following the decision in April 2020 to close the German office of NovaVision, the activities of NovaVision GmbH have been accounted for as discontinued operations.

Recent Accounting Pronouncements

From time-to-time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The FASB issued Accounting Standards Update (ASU) 2023-07 in November 2023, effective for fiscal years beginning after December 15, 2023. The ASU is designed to improve reportable segment disclosures. Management has assessed the ASU and has concluded that it does not have an impact on its accounting or reporting, 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.

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.

The Company disaggregates its revenue by division – Vycor and NovaVision – and by geography – United States and Europe – and presents the disaggregation in Note 7.

Net Income (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 conversion of preferred stock and convertible debt. Such potentially dilutive shares are excluded when the effect would be to increase a net income per share or reduce a net loss per share. No dilution adjustment has been made to the weighted average outstanding common shares in the periods presented of net loss because the assumed 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 where a net loss is reported:

	June 30, 2024
Debentures convertible into common stock		3,794,443
Preferred shares convertible into common stock		1,272,052
Total		5,066,495
Anti-dilutive shares		5,066,495

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:

	June 30, 2023
Debentures convertible into common stock		3,565,235
Preferred shares convertible into common stock		1,272,052
Total		4,837,287
Anti-dilutive shares		4,837,287

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 unaudited consolidated balance sheets and unaudited consolidated statements of comprehensive income (loss) are as follows:

SCHEDULE OF DISCONTINUED OPERATIONS

Major line items constituting assets and liabilities in the unaudited consolidated balance sheets

	June 30,			December 31,
	2024			2023
ASSETS
Current Assets
Cash	$	1,017		$	739
Total Current Assets		1,017			739

TOTAL ASSETS	$	1,017		$	739

LIABILITIES
Current Liabilities
Accounts payable	$	4		$	4
Other current liabilities		(676	)		(1,104	)
Total Current Liabilities	$	(672	)	$	(1,100	)

Major line items constituting loss from discontinued operations

	2020			2019			2024			2023
	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023

Revenue	$	-		$	-		$	-		$	-
Cost of Goods Sold		-			-			-			-
Gross Profit		-			-			-			-

Operating Expenses:
Selling, general and administrative		49			2,273			150			2,939
Total Operating Expenses		(49	)		(2,273	)		(150	)		(2,939	)
Operating Loss		(49	)		(2,273	)		(150	)		(2,939	)

Other Income (Expense)
Loss on foreign currency exchange		-			(112	)		-			(153	)
Total Other Income (Expense)		-			(112	)		-			(153	)

Loss Before Provision for Income Taxes		(49	)		(2,385	)		(150	)		(3,092	)
Provision for income taxes		-			-			-			-
Loss from discontinued operations, net of tax	$	(49	)	$	(2,385	)	$	(150	)	$	(3,092	)

4. NOTES PAYABLE

Related Parties Notes Payable

Related Party Notes Payable consists of:

SUMMARY OF NOTES PAYABLE

	June 30, 2024		December 31, 2023

On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $30,000. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. The note was extended for another twelve months on its due date to June 25, 2025 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. The notes bear interest at 10% per annum and are payable on the earlier of one year or five days following the delivery of written demand for payment by the Payee. All the notes were extended on their due dates for another twelve months. The Notes will be due between October 2024 and August 2025 or on demand by the Payee.		463,373		463,373
Total Related Party Notes Payable	$	493,373	$	493,373

Other Notes Payable

Other Notes Payable consists of:

	June 30, 2024		December 31, 2023
On March 25, 2011 the Company issued a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”). The term note bears interest at 16% per annum and was due June 25, 2011, and has been extended on a number of occasions. On the note’s most recent due date, the note was amended and extended to March 31, 2025. See further note below.	$	300,000	$	300,000
Insurance policy finance agreements and current portion of EIDL Loan (see Long-Term Notes Payable below)		3,409		28,267
Total Other Notes Payable:	$	303,409	$	328,267

Long-Term Notes Payable consists of:

	June 30, 2024		December 31, 2023
On July 7, 2020, the Company was granted a $150,000 loan under the Economic Injury Disaster Loan Program pursuant to the Coronavirus Aid, Relief and Economic Security (CARES) Act (“Loan”). The Loan, evidenced by a promissory note dated July 7, 2020, has a term of thirty (30) years, bears interest at a fixed rate of three and three-quarters percent (3.75%) per annum, with monthly payments in the amount of $731.00 per month commencing July 7, 2021 and is secured by essentially all of the assets of the Company. The proceeds of the Loan have been used for general working capital purposes to alleviate economic injury caused by disaster occurring in the month of January 2020 and continuing thereafter.	$	141,188	$	142,908

Total Long-term Notes Payable:	$	141,188	$	142,908

In January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”) regarding its $300,000 loan note (the “Note”). Under the Amendment, the Note was extended and the conversion terms of the Note were reduced to $0.21, the same as the offering price of the 2018 Offering. Conversion of the Note and accrued interest would result in the issuance of 3,794,443 shares of Common Stock as of June 30, 2024. Notwithstanding, EuroAmerican agreed that the Note could not be converted without first offering the Company the right to redeem the Note at principal and accrued interest, and secondly Fountainhead the right to purchase the Note, which cannot be converted prior to such offer and the failure of the Company and Fountainhead to exercise such option in accordance with the amendment terms. The amendment was recognized as a modification, based on the guidance in ASC 470-50.

The Company routinely finances all their insurance policies through a third-party finance company which requires a down payment and subsequent monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

5. INVENTORY

SCHEDULE OF INVENTORY

	June 30, 2024		December 31, 2023

Raw materials and work in process	$	79,550	$	88,236
Finished goods		138,763		145,909
Total Inventory	$	218,313	$	234,145

6. LEASE

The Company recognized the following related to a lease in its unaudited consolidated balance sheets at June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023

Operating Lease ROU Assets	$	127,037	$	149,804

Operating Lease Liabilities
Current portion	$	46,466	$	45,321
Long-term portion		76,857		100,379
Operating Lease Liabilities Total	$	123,323	$	145,700

7. SEGMENT REPORTING, GEOGRAPHICAL INFORMATION

(a) Business segments

The Company operates in two business segments: Vycor Medical, which focuses on devices for neurosurgery; and NovaVision, which focuses on neuro stimulation therapies and diagnostic devices for the treatment and screening of vision field loss and which includes Sight Science. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the disaggregated revenues, gross profits, operating income (loss) and total assets for each segment:

	2024			2023			2024			2023
	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023
Revenue:
Vycor Medical	$	387,249		$	463,335		$	705,807		$	800,199
NovaVision		19,029			19,433			37,439			43,563
Revenue	$	406,278		$	482,768		$	743,246		$	843,762
Gross Profit
Vycor Medical	$	352,963		$	425,228		$	636,039		$	732,854
NovaVision		18,152			17,743			35,038			40,312
Gross Profit	$	371,115		$	442,971		$	671,077		$	773,166

Operating Income (Loss)
Vycor Medical	$	98,488		$	184,135		$	170,373		$	306,547
NovaVision		(43,101	)		(55,924	)		(84,568	)		(105,284	)
Corporate		(39,209	)		(31,691	)		(79,159	)		(71,535	)
Operating Income (Loss)	$	16,178		$	96,520		$	6,646		$	129,728

	June 30,		December 31,
	2024		2023
Total Assets:
Vycor Medical	$	962,674	$	957,936
NovaVision		33,281		33,623
Discontinued operations		1,017		739
Total Assets	$	996,972	$	992,298

(b) Geographic segments

The Company operates in two geographic segments, the United States and Europe. Discontinued operations were part of NovaVision and revenues and assets were in Europe; see Note 3. Set out below are the disaggregated revenues, gross profits, operating income (loss) and total assets for each segment.

SUMMARY OF GEOGRAPHIC INFORMATION

	2024			2023			2024			2023
	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023
Revenue:
United States	$	405,742		$	481,508		$	741,673		$	840,125
Europe		536			1,260			1,573			3,637
Revenue	$	406,278		$	482,768		$	743,246		$	843,762
Gross Profit
United States	$	370,579		$	441,743		$	669,504		$	769,604
Europe		536			1,228			1,573			3,562
Gross Profit	$	371,115		$	442,971		$	671,077		$	773,166
Operating Income (Loss)
United States	$	61,834		$	133,220		$	97,854		$	210,382
Europe		(6,447	)		(5,009	)		(12,049	)		(9,119	)
Corporate		(39,209	)		(31,691	)		(79,159	)		(71,535	)
Operating Income (Loss)	$	16,178		$	96,520		$	6,646		$	129,728

	June 30,		December 31,
	2024		2023
Total Assets:
United States	$	994,941	$	985,718
Europe		1,014		5,841
Discontinued operations		1,017		739
Total Assets	$	996,972	$	992,298

8. EQUITY

Equity Transactions

On April 1, 2023 the Company issued 101,663 shares of Common Stock to Ricardo Komotar (RJK Consulting), a consultant, in accordance with the terms of a consulting agreement (see Note 11).

During each of the six months ended June 30, 2024 and 2023, the Company accrued $162,185 of dividends in respect of Company Series D Convertible Preferred shares (see Note 12).

Equity Classes

Our authorized capital stock consists of 55,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, the rights and preferences of which may be established from time to time by our board. As of August 13, 2024, there were 32,628,835 shares of common stock, one (1) share of Series C Preferred Stock (“Preferred C Stock”) and 270,306 shares of Series D Preferred Stock (“Preferred D Stock”) outstanding.

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.

Preferred C Stock shares are convertible (at the Holder’s option or mandatorily upon the occurrence of certain events) into 14,815 shares of the Company’s Common Stock (at $3.75 per share). The Preferred C Stock carries no dividend or other rights.

Preferred D Stock shares are convertible into Company Common Shares at a price of $2.15. The Series D carry a cumulative preferred dividend of 12% per annum, payable in cash semi-annually in February and August of each year. The Company is able to redeem the Series D at par at any time, at its sole option.

9. 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 each of the six months ended June 30, 2024 and 2023 was $2,364 and $5,414, respectively. Aggregate stock-based compensation for shares of common stock granted to non-employees for each of the three months ended June 30, 2024 and 2023 was $0 and $2,364, respectively. As of June 30, 2024 and December 31, 2023, there was $0 of total unrecognized compensation costs related to warrant and stock awards and non-vested options (see Note 11).

10. 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 per month, plus other charges of approximately $2,700 per month. The lease terminated on August 31, 2023 and was extended for a further three years and four months to December 31, 2026. Rent expense for the six months ended June 30, 2024 and 2023 was $42,321 and $37,173 respectively. Rent expense for the three months ended June 30, 2024 and 2023 was $21,289 and $16,487 respectively.

Potential German tax liability

In June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of €75,000 (approximately $82,000), with an additional interest charge of €12,000 (approximately $13,200). This assessment is for the 2010 fiscal year and relates to the Company’s acquisition of the assets of the former NovaVision, Inc. An initial assessment for corporate tax for the same period was preliminarily reduced to zero. The Company did not accept this trade tax assessment and appealed against it to the relevant tax authorities with a view to its reduction. The relevant tax authorities agreed to suspend the assessment pending the outcome of certain court hearings and proposed tax legislation, and the Company agreed to make monthly payments on account totaling €75,000 (approximately $82,000) which were completed in October 2016 and fully expensed. At that time the Company appealed against the interest charge of €12,000 (approximately $13,200) which the tax authorities did not accept but also agreed to suspend pending the outcome of the hearings and proposed legislation outlined above. Accordingly, the Company has made no provision for this liability as of June 30, 2024 and December 31, 2023 respectively. The Company is in the process of winding down the entity, as disclosed in Note 3.

11. CONSULTING AND OTHER AGREEMENTS

The following agreements were entered into or remained in force during the periods ended June 30, 2024 and 2023:

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. On April 1, 2023, 101,663 shares of Company Common Stock (valued at $9,455) were issued under the terms of the Agreement, which was amortized over twelve months, with amortization for the three and six months ended June 30, 2024 and 2023 of $0 and $2,364 and $2,364 and $5,414, respectively (see Notes 8 and 9).

12. RELATED PARTY TRANSACTIONS

Peter Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead which owned, at June 30, 2024, 62.3% of the Company’s Common Stock and 69.7% of the Company’s Series D Preferred Stock. Peter Zachariou owns 0.15% of the Company’s Common Stock and 25.7% of the Company’s Series D Preferred Stock. Adrian Liddell, Chairman is a consultant to Fountainhead.

During each of the six months ended June 30, 2024 and 2023, the Company accrued an aggregate of $162,185 of Preferred D Stock dividends, of which $113,019 was regarding Fountainhead and $41,693 was regarding Peter Zachariou. Total accrued Preferred D Stock dividends at June 30, 2024 and December 31, 2023 was $2,432,775 and $2,270,590, respectively, of which $1,695,280 and $1,582,260 respectively, was regarding Fountainhead and $625,394 and $583,701, respectively, was regarding Peter Zachariou.

During the six months ended June 30, 2024 and 2023 the Company accrued interest on related party loans of $24,872 and $24,644, respectively.

During the three months ended June 30, 2024 and 2023 the Company accrued interest on related party loans of $12,841 and $12,301, respectively.

13. 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:

	For the three months ended June 30,						For the six months ended June 30,
	2024			2023			2024			2023

Number of customers over 10%		0			1			0			1
Percentage of sales		0	%		14	%		0	%		11	%

Accounts Receivable Concentration

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% of total annual purchases.

14. SUBSEQUENT EVENTS

The Company has evaluated the existence of events and transactions subsequent to the balance sheet date through the date the unaudited consolidated financial statements were issued and has determined that there were no significant subsequent events or transactions that would require recognition or disclosure in the financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward Looking Statements

This Interim Report on Form 10-Q contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding Vycor Medical, Inc. (the “Company” or “Vycor,” also referred to as “us”, “we” or “our”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties. Forward-looking statements include statements regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategies, (c) anticipated trends in our industries, (d) our future financing plans and (e) our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” as well as in this Form 10-Q generally. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results.

Any or all of our forward-looking statements in this report may turn out to be inaccurate. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” and matters described in this Form 10-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to publicly update any forward-looking statements, whether as the result of new information, future events, or otherwise. We intend that all forward-looking statements be subject to the safe harbor provisions of the PSLRA.

1. Organizational History

The Company was formed as a limited liability company under the laws of the State of New York on June 17, 2005 as “Vycor Medical LLC”. On August 14, 2007, we converted into a Delaware corporation and changed our name to “Vycor Medical, Inc.” (“Vycor”). The Company’s listing went effective on February 2009 and on November 29, 2010 Vycor completed the acquisition of substantially all of the assets of NovaVision, Inc. (“NovaVision”) and on January 4, 2012 Vycor, through its wholly-owned NovaVision subsidiary, completed the acquisition of all the shares of Sight Science Limited (“Sight Science”), a previous competitor to NovaVision.

2. Overview of Business

Vycor is dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and operates two distinct business units within the medical device industry. Vycor Medical designs, develops and markets medical devices for use in neurosurgery. NovaVision provides non-invasive rehabilitation therapies for those who have vision disorders resulting from neurological brain damage such as that caused by a stroke. Both businesses adopt a minimally or non-invasive approach. The Company leverages joint resources across the divisions to operate in a cost-efficient manner.

The Company periodically engages in discussions with potential strategic partners for or purchasers of each or both of our operating divisions. 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, entering into a license agreement with a local German partner. Under the agreement, the partner is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals. The NovaVision German office was closed effective June 30, 2020.

Vycor Medical

Vycor Medical designs, develops and markets medical devices for use in neurosurgery. Vycor Medical’s ViewSite Brain Access System (“VBAS”) is a next generation retraction and access system. Vycor Medical is ISO 13485:2016 and MDSAP (Medical Device Single Audit Program) certified, and VBAS has U.S. FDA 510(k) clearance and CE Marking for Europe (Class III) for brain and spine surgeries, and regulatory approvals in several other international markets.

NovaVision

NovaVision provides non-invasive, computer-based rehabilitation therapies targeted at people who have impaired vision as a result of stroke or other brain injury.

Strategy

The Company is continuing to execute on a plan to achieve revenue growth and a reduction in annual cash operating losses, and generated cash operating income for the six months ended June 30, 2024 and the year ended December 31, 2023. For Vycor Medical this plan includes: increasing market penetration in the US; increasing international growth in territories where we are not represented or under-represented and continued new product development in response to market demands and demonstrating applicability in a broader range of pathologies. In the US the Company is focused on increasing market penetration through targeting neurosurgeons systematically, both through its distribution and marketing network and also directly by leveraging existing key opinion leader (“KOL”) neurosurgeon VBAS supporters to access new neurosurgeon users.

The Company has for some time been working to better integrate its VBAS with neuronavigation. The first phase of the modification of the existing VBAS product range was completed in September 2017 and was well received by surgeons. The second phase involved the introduction of an optional Alignment Clip accessory that snaps onto the VBAS and allows for a neuronavigation pointer to be fully integrated into the body of the VBAS; this new model range, known as the VBAS AC, was launched in September 2022, with the international roll-out being largely complete by the end of 2023. The Company will continue to work with neuronavigation companies to seek ways to further integrate the VBAS with neuronavigation and with other companies with complementary technologies used in neurosurgery. We will also be exploring with neurosurgeons and focus groups additional selected development work targeted at increasing the ease and applicability of our products to additional common procedures.

For NovaVision, given the company’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the distribution of its broad range of patient and professional products is by partnering with entities in selected geographies that have either direct access to the end users or a desire and financial wherewithal to leverage the NovaVision therapy platform, including into new areas. As a result, the Company closed the NovaVision German office and entered into a license agreement with a local German for Germany, Austria and Switzerland. Management is also open to a broad range of alternatives for NovaVision as a whole, which could comprise distribution and marketing partnerships, licensing, merger or sale.

Comparison of the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023

Revenue and Gross Margin:

	Three months ended
	June 30,
	2024		2023		% Change
Revenue:
Vycor Medical	$	387,249	$	463,335		-16	%
NovaVision		19,029		19,433		-2	%
	$	406,278	$	482,768		-16	%
Gross Profit
Vycor Medical	$	352,963	$	425,228		-17	%
NovaVision		18,152		17,743		2	%
	$	371,115	$	442,971		-16	%

Vycor Medical recorded revenue of $387,249 from the sale of its products for the three months ended June 30, 2024, a decrease of $76,086, or 16%, over the same period in 2023. The 2023 revenues included an international pre-order of which approximately $35,000 related to sales that would normally have occurred in the July to October 2023 period. The remainder of the change is a result of timing differences with both US hospital and international orders. Gross margin of 91% and 92% was recorded for the three months ended June 30, 2024 and 2023, respectively.

NovaVision recorded revenues of $19,029 for the three months ended June 30, 2024, a decrease of $404 over the same period in 2023. Gross margin was 95%, compared to 91% for the same period in 2023.

Selling, General and Administrative Expenses:

Selling, general and administrative expenses increased by $13,266 to $337,793 for the three months ended June 30, 2024 from $324,527 for the same period in 2023. Included within Selling, General and Administrative Expenses are non-cash charges for stock-based compensation as the result of amortizing employee and non-employee shares, warrants and options which have been issued by the Company over various periods. The charge for the three months ended June 30, 2024 was $0, a $2,364 decrease from the charge in 2023. Also included within Selling, General and Administrative Expenses are Sales Commissions, which decreased by $13,837 from $96,894 to $83,057 in 2024 reflecting lower US sales during the period.

The remaining Selling, General and Administrative expenses increased by $29,467 from $225,269 to $254,736 in 2024, as follows:

Regulatory	$	20,876
Audit and accounting		8,427
Payroll		(5,911	)
Patent fees and costs		(9,565	)
Other		15,640
Total change	$	29,467

Interest Expense:

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the three months ended June 30, 2024 was $12,841 compared to $12,301 for 2023. Other Interest expense for the three months ended June 30, 2024 was $13,327 compared to $13,359 for 2023.

Operating loss from Discontinued Operations:

Operating loss from Discontinued Operations decreased by $2,336 to $49 in 2024 from $2,385 in 2023; the Company has some minor ongoing costs related to the wind-down of the discontinued operations in Germany but no revenues.

Comparison of the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023

Revenue and Gross Margin:

	Six months ended
	June 30,
	2024		2023		% Change
Revenue:
Vycor Medical	$	705,807	$	800,199		-12	%
NovaVision		37,439		43,563		-14	%
	$	743,246	$	843,762		-12	%
Gross Profit
Vycor Medical	$	636,039	$	732,854		-13	%
NovaVision		35,038		40,312		-13	%
	$	671,077	$	773,166		-13	%

Vycor Medical recorded revenue of $705,807 from the sale of its products for the six months ended June 30, 2024, a decrease of $94,392, or 12%, over the same period in 2023. The 2023 revenues included an international pre-order of which approximately $35,000 related to sales that would normally have occurred in the July to October 2023 period. The remainder of the change is a result of timing differences with both US hospital and international orders. Gross margin of 90% and 92% was recorded for the six months ended June 30, 2024 and for the same period in 2023.

NovaVision recorded revenues of $37,439 for the six months ended June 30, 2024, a decrease of $6,124 over the same period in 2023. Gross margin was 94%, compared to 93% for the same period in 2023.

Selling, General and Administrative Expenses:

Selling, general and administrative expenses increased by $30,776 to $632,407 for the six months ended June 30, 2024 from $601,631 for the same period in 2023. Included within Selling, General and Administrative Expenses are non-cash charges for stock-based compensation as the result of amortizing employee and non-employee shares, warrants and options which have been issued by the Company over various periods. The charge for the six months ended June 30, 2024 was $2,364, a decrease of $3,050 from $5,414 in 2023. Also included within Selling, General and Administrative Expenses are Sales Commissions, which decreased by $12,099 from $158,470 to $146,371 reflecting lower US sales during the period.

The remaining Selling, General and Administrative expenses increased by $45,925 from $437,747 to $483,672 in 2024 as follows:

Regulatory	$	23,720
Scientific and clinical consulting		10,800
Audit and accounting		9,856
Payroll		(20,102	)
Other		21,651
Total change	$	45,925

Interest Expense:

Interest comprises expense on the Company’s debt and insurance policy financing. Related Party Interest expense for the six months ended June 30, 2024 was $24,872 compared to $24,644 for 2023. Other Interest expense for the six months ended June 30, 2024 was $26,665 compared to $26,593 for 2023.

Other Income:

Other income comprises the historic customer credits written off of $4,544 during the six months ended June 30, 2024.

Operating loss from Discontinued Operations:

Operating loss from Discontinued Operations decreased by $2,942 to $150 in 2024 from $3,092 in 2023; the Company has some minor ongoing costs related to the wind-down of the discontinued operations in Germany but no revenues.

Liquidity

The following table shows liquidity data as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023			$ Change
Cash	$	119,296		$	57,291		$	62,005
Accounts receivable, inventory and other current assets	$	524,198		$	526,799		$	(2,601	)
Total current liabilities	$	(4,307,234	)	$	(4,074,487	)	$	(232,747	)
Working capital	$	(3,663,740	)	$	(3,490,397	)	$	(173,343	)

The following table shows cash flow for the periods ended June 30, 2024 and 2023:

	June 30, 2024			June 30, 2023			$ Change
Cash provided by operating activities	$	87,921		$	38,785		$	49,136
Cash provided by investing activities	$	662		$	542		$	120
Cash used in financing activities	$	(26,578	)	$	(22,958	)	$	(3,620	)
Effect of exchange rate changes on cash	$	-		$	-		$	-
Net increase in cash	$	62,005		$	16,369		$	45,636

Operating Activities. Cash provided by operating activities comprises net loss adjusted for non-cash items and the effect of changes in working capital and other activities. The net repayment of normal insurance financing should also be taken into account when considering cash provided by operating activities.

The following table shows the principal components of cash provided by operating activities during the six months ended June 30, 2024 and 2023, with a commentary of changes during the periods and known or anticipated future changes:

	June 30, 2024			June 30, 2023			$ Change
Net income (loss)	$	(40,646	)	$	75,268		$	(115,914	)

Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation of fixed assets	$	31,301		$	30,425		$	876
Allowance for doubtful accounts - accounts receivable	$	4,865			-		$	4,865
Stock based compensation	$	2,364		$	5,414		$	(3,050	)
	$	38,530		$	35,839		$	2,691

Net income (loss) adjusted for non-cash items	$	(2,116	)	$	111,107		$	(113,223	)
Changes in working capital
Accounts receivable	$	(42,410	)	$	(126,346	)	$	83,936
Accounts payable and accrued liabilities	$	45,039		$	(40,879	)	$	85,918
Inventory	$	15,832		$	29,384		$	(13,552	)
Prepaid expenses	$	22,618		$	16,581		$	6,037
Accrued interest (not paid in cash)	$	48,808		$	48,446		$	362
Changes in discontinued operations, net	$	150		$	492		$	(342	)
	$	90,037		$	(72,322	)	$	162,359

Cash provided by operating activities	$	87,921		$	38,785		$	49,136

The adjustments to reconcile net loss to cash of $38,530 in the period have no impact on liquidity. The negative change in net income (loss) adjusted for non-cash items of $113,223 was primarily due a decrease in sales. The change in accounts payable and accrued liabilities of $85,918 between the 2024 and 2023 periods was partly due to the settlement of expenses during the 2023 period that were incurred during the final quarter of 2022 and a timing increase in accounts payable and accrued liabilities in the 2024 period.

Additional inventory of $41,247 was purchased during the six months ended June 30, 2024 as part of normal production, and the Company anticipates purchasing additional new inventory of approximately $100,000 during the next twelve months for VBAS devices.

Investing Activities. There was no cash used in investing activities during the six months ended June 30, 2024 and 2023. The Company anticipates limited investing activities during the next twelve months.

Financing Activities. During the six months ended June 30, 2024, the Company repaid loans primarily related to insurance of $26,578. During the six months ended June 30, 2023 the Company received insurance financing proceeds of $1,664 and made repayments of $24,622.

Liquidity and Plan of Operations, Ability to Continue as a Going Concern

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of $40,646 for the six months ended June 30, 2024 and has not generated sufficient positive cash flows from operations. As of June 30, 2024 the Company had a working capital deficiency of $3,663,740, which includes related party liabilities of $3,146,542. These conditions, among others, raise substantial doubt regarding our ability to continue as a going concern. The unaudited consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

As described earlier in this ITEM 1 “Strategy”, the Company is executing on a plan to achieve a reduction in cash operating losses, and generated cash operating income for the six months ended June 30, 2024. Included within the working capital deficiency above is a term note for $300,000 to EuroAmerican Investment Corp. (“EuroAmerican”), together with accrued interest of $496,833, which has a maturity date of March 31, 2025, having been extended on a number of occasions from its initial due date of June 11, 2011. At this time, it is not known whether any further extension of the note beyond March 31, 2025 will be available. However, the Company believes it may not have sufficient cash to meet its various cash needs through August 31, 2025 unless the Company is able to obtain additional cash from the issuance of debt or equity securities. Fountainhead, the Company’s largest shareholder, has provided working capital funding to the Company on an as-needed basis, although there is no guarantee that this will continue to be the case. The Company may consider seeking additional equity or debt funding, although there is no assurance that this would be available on acceptable terms or at all. If adequate funds are not available, the Company may have to delay or curtail development or commercialization of products or cease some of its operations.

Critical Accounting Policies and Estimates

Uses of estimates in the preparation of financial statements

The preparation of unaudited consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the unaudited 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 unaudited consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable, provision for inventory obsolescence, useful life of intangible assets, and the fair values of options and warrant included in the determination of debt discounts and stock-based compensation.

A detailed description of our significant accounting policies can be found in our most recent Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable

ITEM 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures

We are required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer (also our principal executive officer) and our chief financial officer (also our principal financial and accounting officer) to allow for timely decisions regarding required disclosure.

The Company’s management, including our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”), have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our CEO and our CFO have concluded that a material weakness occurred as of April 1, 2021 with the resignation of the independent members of the Company’s Audit Committee as of that date. Effective that date, our disclosure and controls were no longer effective to ensure that information required to be disclosed by the Company in the reports its files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its CEO and its CFO, as appropriate, to allow timely decisions regarding required disclosure.

The matter involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were a lack of a functioning audit committee with independent members, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures. This weakness occurred as of April 1, 2021 due to the resignation of the independent members of the Audit Committee from the Board of Directors effective as of April 1, 2021.

Management believes that the material weakness set forth did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors, results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

(b) Changes in Internal Controls

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company’s management, including the Company’s CEO and CFO, does not expect that the Company’s internal control over financial reporting will prevent all errors and all fraud. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

PART II

ITEM 1. LEGAL PROCEEDINGS

We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. As of August 13, 2024, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements.

ITEM 1A. RISK FACTORS.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None

Index to Exhibits

31.1		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 13, 2024

	Vycor Medical, Inc.
	(Registrant)

	By:	/s/ Peter C. Zachariou
		Peter C. Zachariou
		Chief Executive Officer and Director
		(Principal Executive Officer)

	Date	August 13 2024

	By:	/s/ Adrian Liddell
		Adrian Liddell
		Chairman of the Board and Director
		(Principal Financial and Accounting Officer)

	Date	August 13, 2024

At
June 30, 2024

At
December 31, 2023

Number of customers over 10%

Percentage of accounts receivable