Vycor Medical Inc. Files Q2 2024 10-Q Report

TL;DR

Vycor Medical Q2 10-Q filed. Financials and operations detailed.

AI Summary

Vycor Medical Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This 10-Q filing provides investors and stakeholders with a crucial update on Vycor Medical Inc.'s financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal risks and opportunities, but without specific negative disclosures, the risk level is moderate.

Key Numbers

• Q2 2024 — Reporting Period (Financials and operations for the second quarter of 2024 are detailed.)
• 2024-06-30 — Period End Date (The financial data presented in the 10-Q pertains to this date.)

Key Players & Entities

• VYCOR MEDICAL INC (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240813 (date) — Filing date
• BOCA RATON, FL (location) — Company headquarters location

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1475KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-031547.txt ( ) — 5943KB
• vyco-20240630.xsd (EX-101.SCH) — 32KB
• vyco-20240630_cal.xml (EX-101.CAL) — 58KB
• vyco-20240630_def.xml (EX-101.DEF) — 183KB
• vyco-20240630_lab.xml (EX-101.LAB) — 269KB
• vyco-20240630_pre.xml (EX-101.PRE) — 239KB
• form10-q_htm.xml (XML) — 1027KB

Financial Statements

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

Management's Discussion and Analysis of Financial Condition and Results of Operation 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

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

SIGNATURES 25 2 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

View Full Filing

View this 10-Q filing on SEC EDGAR