Vycor Medical Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Vycor Medical Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

VYCOR MEDICAL INC (VYCO) filed a Annual Report (10-K) with the SEC on April 16, 2024. Vycor Medical Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 951 Broken Sound Parkway, Suite 320, Boca Raton, FL 33487. Vycor Medical Inc. is incorporated in Delaware. The SIC code for the company is 3841, which pertains to Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking VYCOR MEDICAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vycor Medical Inc.'s financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's financial position, including assets, liabilities, equity, and changes in financial condition, as well as its operational performance and strategic direction.

Risk Assessment

Risk Level: medium — VYCOR MEDICAL INC shows moderate risk based on this filing. The company's 10-K filing indicates a lack of specific financial performance data (revenue, net income, etc.) within the provided text, making a definitive assessment of its financial health and growth trajectory difficult.

Analyst Insight

Investors should review the full 10-K document for detailed financial statements and management's discussion and analysis to understand Vycor Medical Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 2024-04-16 — Filing Date (Date the 10-K was filed)
• 3841 — SIC Code (Standard Industrial Classification for Surgical & Medical Instruments & Apparatus)

Key Players & Entities

• VYCOR MEDICAL INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• Boca Raton, FL (location) — Business address city and state
• 3841 (industry_code) — Standard Industrial Classification code

FAQ

Industry Context

Vycor Medical Inc. operates within the Surgical & Medical Instruments & Apparatus industry (SIC 3841). This sector involves the manufacturing and distribution of medical devices and equipment.

Regulatory Implications

The filing is a Form 10-K, which is a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies to provide a comprehensive overview of their business and financial condition.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and disclosures.
2. Analyze the company's business operations and strategic initiatives outlined in the report.
3. Assess the identified risk factors and their potential impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date Vycor Medical Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted from the provided text, and no prior filing data is available for comparison.

Key Financial Figures

• $0.10 — d fiscal quarter. $ 1,174,147 (assuming $0.10 per share) If securities are register
• $0.0001 — 8,835 shares of common stock par value $0.0001 as of April 16, 2024 DOCUMENTS INCORP
• $4,300 — L.P., for a gross rent of approximately $4,300 per month, plus other charges of approx
• $2,700 — th, plus other charges of approximately $2,700 per month. The lease terminated on Augu
• $1,378,598 — in: Vycor Medical recorded revenue of $1,378,598 from the sale of its products for the y
• $247,683 — ended December 31, 2023, an increase of $247,683 (or 22%) over 2022. Most of the increas
• $82,006 — 2022. NovaVision recorded revenues of $82,006 for the year ended December 31, 2023, a
• $10,068 — ended December 31, 2023, a decrease of $10,068 from 2022, and gross margin of 94%, com
• $22,558 — Research & Development expenses were $22,558 for the year ended December 31, 2023 co
• $0 — ear ended December 31, 2023 compared to $0 for the year ended December 31, 2022, r
• $135,219 — nd Administrative expenses decreased by $135,219 to $1,195,408 in 2023 from $1,330,627 i
• $1,195,408 — ative expenses decreased by $135,219 to $1,195,408 in 2023 from $1,330,627 in 2022. Includ
• $1,330,627 — by $135,219 to $1,195,408 in 2023 from $1,330,627 in 2022. Included within Selling, Gener
• $10,141 — arious periods. The charge for 2023 was $10,141, a decrease of $175,469 from $185,610 i
• $175,469 — rge for 2023 was $10,141, a decrease of $175,469 from $185,610 in 2022, following an ame

Filing Documents

• form10-k.htm (10-K) — 955KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• form10-k_001.jpg (GRAPHIC) — 34KB
• 0001493152-24-014837.txt (&nbsp;) — 5539KB
• vyco-20231231.xsd (EX-101.SCH) — 40KB
• vyco-20231231_cal.xml (EX-101.CAL) — 66KB
• vyco-20231231_def.xml (EX-101.DEF) — 225KB
• vyco-20231231_lab.xml (EX-101.LAB) — 333KB
• vyco-20231231_pre.xml (EX-101.PRE) — 300KB
• form10-k_htm.xml (XML) — 749KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 5 Item 1B Unresolved Staff Comments 5 Item 2.

Properties

Properties 5 Item 3.

Legal Proceedings

Legal Proceedings 5 Item 4. Mine Safety Disclosures 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 6 Item 6

Selected Financial Data

Selected Financial Data 6 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 6 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 9 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 9 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 31 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 32 PART III Item 10. Directors, Executive Officers, Promoters and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 34 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 36 Item 14. Principal Accountant Fees and Services 37 PART IV Item 15. Exhibits, Financial Statement Schedules 37

SIGNATURES

SIGNATURES 39 2 PART I This Form 10-K contains some forward-looking statements. 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 "Business," as well as in this Form 10-K 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-K generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking

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View this 10-K filing on SEC EDGAR