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Vycor Medical (VYCO)

Cover

Cover - shares9 Months Ended
Sep. 30, 2021Nov. 12, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateSep. 30,
2021
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Current Fiscal Year End Date--12-31
Entity File Number001-34932
Entity Registrant NameVYCOR
MEDICAL, INC
Entity Central Index Key0001424768
Entity Tax Identification Number20-3369218
Entity Incorporation, State or Country CodeDE
Entity Address, Address Line One951
Broken Sound Parkway
Entity Address, Address Line TwoSuite 320
Entity Address, City or TownBoca Raton
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code33487
City Area Code(561)
Local Phone Number558-2020
Title of 12(b) SecurityCommon
Stock
Trading SymbolVYCO
Entity Current Reporting StatusYes
Entity Interactive Data CurrentNo
Entity Filer CategoryNon-accelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding30,749,447

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)Sep. 30, 2021Dec. 31, 2020
Current Assets
Cash $ 78,573 $ 46,002
Trade accounts receivable176,884 159,238
Inventory221,664 181,096
Prepaid expenses and other current assets84,759 76,988
Current assets of discontinued operations339 577
Total Current Assets562,219 463,901
Fixed assets, net378,112 381,087
Intangible and Other assets:
Patents, net of accumulated amortization2,366 11,349
Security deposits6,000 6,000
Operating lease - right of use assets90,924 124,183
Total Intangible and Other assets99,290 141,532
TOTAL ASSETS1,039,621 986,520
Current Liabilities
Accounts payable188,578 179,110
Accrued interest: Other369,168 328,897
Accrued interest: Related party98,356 74,603
Accrued liabilities – Other123,658 117,050
Accrued liabilities - Related Party1,621,850 1,297,480
Notes payable: Other338,727 384,587
Notes payable: Related Party320,873 310,873
Current operating lease liabilities46,324 44,623
Current liabilities of discontinued operations(424)3,605
Total Current Liabilities3,107,110 2,740,828
Loan Payable - SBA EIDL150,000 150,000
Operating lease liability - Long term42,625 77,008
Total Long-term Liabilities192,625 227,008
STOCKHOLDERS’ DEFICIENCY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 270,307 and 270,307 issued and outstanding as at September 30, 2021 and December 31, 2020 respectively27 27
Common Stock, $0.0001 par value, 55,000,000 shares authorized at September 30, 2021 and December 31, 2020, 30,852,781 and 27,534,740 shares issued and 30,749,447 and 27,431,406 outstanding at September 30, 2021 and December 31, 2020 respectively3,085 2,753
Additional Paid-in Capital29,120,212 28,826,378
Treasury Stock (103,334 shares of Common Stock as at September 30, 2021 and December 31, 2020 respectively, at cost)(1,033)(1,033)
Accumulated Deficit(31,510,080)(30,937,110)
Accumulated Other Comprehensive Income127,675 127,669
Total Stockholders’ Deficiency(2,260,114)(1,981,316)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY $ 1,039,621 $ 986,520

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / sharesSep. 30, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized10,000,000 10,000,000
Preferred stock, shares issued270,307 270,307
Preferred stock, shares outstanding270,307 270,307
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized55,000,000 55,000,000
Common stock, shares issued30,852,781 27,534,740
Common stock, shares outstanding30,749,447 27,431,406
Treasury stock, shares103,334 103,334

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Cost of Goods Sold35,145 40,551 102,950 98,338
Gross Profit296,942 235,374 1,016,313 752,092
Operating Expenses:
Research and development1,825 8,454
Depreciation and amortization17,728 14,495 49,275 43,780
Selling, general and administrative365,785 427,250 1,230,340 1,260,742
Total Operating Expenses385,338 441,745 1,288,069 1,304,522
Operating loss(88,396)(206,371)(271,756)(552,430)
Other income (Expense)
Interest expense: Related Party(8,088)(7,836)(23,753)(21,846)
Interest expense: Other(12,685)(12,099)(42,465)(36,033)
Loss on foreign currency exchange(372)(484)(1,371)(829)
Gain on other income 6,000 6,000
Forgiveness of debt: Paycheck Protection Program117,200 117,200
Total Other Income (Expense)96,055 (14,419)49,611 (52,708)
Income (Loss) Before Credit for Income Taxes7,659 (220,790)(222,145)(605,138)
Credit for income taxes
Net Income (Loss) from continuing operations7,659 (220,790)(222,145)(605,138)
Income (Loss) from discontinued operations, net of tax(3,966)22,503 (26,455)(16,984)
Net Income (Loss)3,693 (198,287)(248,600)(622,122)
Preferred stock dividends(162,185)(162,185)(324,370)(324,370)
Net Loss Available to Common Stockholders(158,492)(360,472)(572,970)(946,492)
Other Comprehensive Income (Loss)
Foreign Currency Translation Adjustment4 3 6 5
Comprehensive Income (Loss) $ 3,697 $ (198,284) $ (248,594) $ (622,117)
Net Income (Loss) Per Share - basic and diluted
Income (Loss) from continuing operations $ 0 $ (0.01) $ (0.01) $ (0.02)
Income (Loss) from discontinued operations0 0 0 0
Net loss available to common stockholders $ (0.01) $ (0.01) $ (0.02) $ (0.04)
Weighted Average Number of Shares Outstanding – Basic and Diluted30,219,556 26,365,801 29,249,192 25,832,084

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficiency (Unaudited) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Balance $ (2,178,768) $ (1,673,482) $ (1,981,316) $ (1,354,463)
Issuance of stock for board and consulting fees77,142 112,501 273,166 337,500
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted14,000 21,000 56,000
Accumulated Comprehensive Income4 3 6 5
Net loss for period available to common stockholders(158,492)(360,472)(572,970)(946,492)
Balance(2,260,114)(1,907,450)(2,260,114)(1,907,450)
Common Stock [Member]
Balance $ 3,032 $ 2,646 $ 2,753 $ 2,539
Balance, shares30,317,067 26,463,312 27,534,740 25,391,884
Balance, shares(30,317,067)(26,463,312)(27,534,740)(25,391,884)
Issuance of stock for board and consulting fees $ 53 $ 54 $ 171 $ 161
Issuance of stock for board and consulting fees,shares535,714 535,714 1,708,805 1,607,142
Issuance of stock related to deferred compensation of directors $ 161
Issuance of stock related to deferred compensation of directors,shares1,609,236
Accumulated Comprehensive Income
Balance $ 3,085 $ 2,700 $ 3,085 $ 2,700
Balance, shares30,852,781 26,999,026 30,852,781 26,999,026
Balance, shares(30,852,781)(26,999,026)(30,852,781)(26,999,026)
Preferred C [Member] | Preferred Stock [Member]
Balance $ 0 $ 0 $ 0 $ 0
Balance, shares1 1 1 1
Balance, shares(1)(1)(1)(1)
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted
Accumulated Comprehensive Income
Balance $ 0 $ 0 $ 0 $ 0
Balance, shares1 1 1 1
Balance, shares(1)(1)(1)(1)
Preferred D [Member | Preferred Stock [Member]
Balance $ 27 $ 27 $ 27 $ 27
Balance, shares270,306 270,306 270,306 270,306
Balance, shares(270,306)(270,306)(270,306)(270,306)
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted
Accumulated Comprehensive Income
Balance $ 27 $ 27 $ 27 $ 27
Balance, shares270,306 270,306 270,306 270,306
Balance, shares(270,306)(270,306)(270,306)(270,306)
Treasury Stock [Member]
Balance $ (1,033) $ (1,033) $ (1,033) $ (1,033)
Balance, shares103,334 103,334 103,334 103,334
Balance, shares(103,334)(103,334)(103,334)(103,334)
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted
Accumulated Comprehensive Income
Balance $ (1,033) $ (1,033) $ (1,033) $ (1,033)
Balance, shares103,334 103,334 103,334 103,334
Balance, shares(103,334)(103,334)(103,334)(103,334)
Additional Paid-in Capital [Member]
Balance $ 29,043,123 $ 28,573,484 $ 28,826,378 $ 28,306,592
Issuance of stock for board and consulting fees77,089 112,447 272,995 337,339
Issuance of stock related to deferred compensation of directors(161)
Directors deferred compensation granted14,000 21,000 56,000
Accumulated Comprehensive Income
Balance29,120,212 28,699,931 29,120,212 28,699,931
Retained Earnings [Member]
Balance(31,351,588)(30,376,278)(30,937,110)(29,790,258)
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted
Accumulated Comprehensive Income
Net loss for period available to common stockholders(158,492)(360,472)(572,970)(946,492)
Balance(31,510,080)(30,736,750)(31,510,080)(30,736,750)
AOCI Attributable to Parent [Member]
Balance127,671 127,672 127,669 127,670
Issuance of stock related to deferred compensation of directors
Directors deferred compensation granted
Accumulated Comprehensive Income4 3 6 5
Balance $ 127,675 $ 127,675 $ 127,675 $ 127,675

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Cash flows from operating activities:
Net loss $ (248,600) $ (622,122)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization of intangible assets8,983 8,983
Depreciation of fixed assets41,665 35,939
Inventory provision9,270 9,418
Stock based compensation284,102 393,500
Forgiveness of debt Paycheck Protection Program(117,200)
Changes in assets and liabilities:
Accounts receivable(17,646)137,154
Inventory(49,838)19,221
Prepaid expenses2,871 2,661
Accrued interest - Related Party23,753 21,846
Accrued interest - Other40,271 36,033
Accounts payable9,468 (114,295)
Accrued liabilities - Other6,608 (116,982)
Changes in discontinued operations, net(3,791)(54,218)
Cash provided by (used in) operating activities(10,084)(242,862)
Cash flows from investing activities:
Purchase of fixed assets(38,690)(60,132)
Changes in investing activities of discontinued operations, net 9,574
Cash used in investing activities(38,690)(50,558)
Cash flows from financing activities:
Proceeds from Notes Payable - Related Party10,000 80,000
Proceeds from Paycheck Protection Program58,600 208,600
Proceeds net of repayments Notes Payable - Other12,740 19,034
Cash provided by (used in) financing activities81,340 307,634
Effect of exchange rate changes on cash5 4
Net decrease in cash32,571 14,218
Cash at beginning of period46,002 60,717
Cash at end of period78,573 74,935
Supplemental Disclosures of Cash Flow information:
Cash paid for interest2,193 0
Cash paid for income tax $ 0 $ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION1.
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, 2020 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, 2020. The
unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2021 and 2020, 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 nine months ended September 30,
2021 and 2020 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 $ 248,600 503,812 2,041,079 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 $ 300,000 364,798 March 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES2.
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 Company believes that recently issued accounting pronouncements
and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting
or that such impact will not be material to its financial position, results of operations and cash flows when implemented. Discontinued
Operations In
accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal
of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal
represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components
of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified
as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the
major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and
liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which
we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components
of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Accounting
for forgivable loan received under the Small Business Administration Paycheck Protection Program During
the year ended December 31, 2020 the Company received a loan of $ 58,600 58,600 The
Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the
interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB
ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or
wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly
reduced the liability by the amount forgiven and recorded a gain on the extinguishment. Net
Loss Per Share Basic
net loss per share is computed by dividing net loss available to common stockholders 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: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE
September 30, 2021 September 30, 2020
Stock options outstanding - 680,000
Debentures convertible into common stock 3,165,705 2,937,133
Preferred shares convertible into common stock 1,272,052 1,272,052
Directors Deferred Compensation Plan - 1,442,571
Total 4,437,757 6,331,756 Covid-19 Vycor
Medical experienced a significant reduction in demand during the twelve months ended December 31, 2020 in the US and Europe, particularly
in the second quarter, with some recovery in the third and fourth quarters. This recovery continued at a stronger level during the nine
months ended September 30, 2021 such that sales for the Vycor Medical division increased by 32% over the same period in 2020. Although
neurosurgery is not considered an elective procedure, general hospital dislocation and diversion of resources away from non-emergency
surgeries, or surgeries that can be postponed for a short period without harm, has impacted our revenues during the twelve months ended
December 31, 2020 and although this has recovered during the nine months ended September 30, 2021, COVID-19 remains classified as a pandemic
and this could impact future sales. In addition, sales and marketing efforts by Vycor’s representatives were disrupted or curtailed
during periods of lockdown and social distancing, and this may continue to hinder the recovery of revenues, particularly in certain international
territories where vaccination rates remain relatively low. While our operations are principally located in the United States, and our
sub-contract manufacturers are located in the United States, we participate in a global supply chain, and COVID-19 may impact our ability
to conduct normal business operations, which could adversely affect our results of operations and liquidity. Furthermore, our sub-contract
manufacturers have experienced, and continue to experience, staffing shortages and this has elongated our production lead times. Disruptions
to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could
include disruptions from supplier staff absences due to COVID-19 illness or isolation requirements, the closure of supplier and manufacturer
facilities, interruptions in the supply of raw materials and components, or restrictions on the shipment of our or our suppliers’
or customers’ products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule. Although
we have implemented business continuity plans for our offices and personnel to enable continuity of service remotely if required, if
a critical number of our employees become too ill to work, or we are not able to access a sufficient quantity of our inventory for shipment
due to enforced office closures, our production ability could be materially adversely affected in a rapid manner. Similarly, if our customers
experience adverse business consequences due to COVID-19, or any other, pandemic, demand for our products could also be materially adversely
affected in a rapid manner. Global health concerns, such as COVID-19, could also result in social, economic, and labor instability in
the countries and localities in which we or our suppliers and customers operate. Any of these uncertainties could have a material adverse
effect on our business, financial condition or results of operations.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS3.
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; in June 2020 Vycor announced that it would be entering into a license agreement
and transition agreement (the “Agreements”) with HelferApp GmbH, a cognitive therapy specialist. Under the Agreements, HelferApp
is licensed to provide NovaVision’s products and therapies in Germany, Austria and Switzerland to patients and professionals; and
has assumed responsibility for the current patients of NovaVision in the territory. 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 is 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 loss are as follows: Major
line items constituting assets and liabilities in the unaudited consolidated balance sheets SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS
September 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash $ 339 $ 577
Total Current Assets 339 577
TOTAL ASSETS $ 339 $ 577
LIABILITIES
Current Liabilities
Accounts payable $ 4 $ 422
Accrued liabilities – Other - 3,168
Other current liabilities (428 ) 15
Total Current Liabilities $ (424 ) $ 3,605 Major
line items constituting loss from discontinued operations
For the three months ended For the nine months ended
2021 2020 2021 2020
Revenue $ - $ 2,851 $ - $ 41,527
Cost of Goods Sold - 616 - 4,835
Gross Profit - 2,235 - 36,692
Operating Expenses:
Selling, general and administrative 3,921 15,304 25,567 87,986
Total Operating Expenses 3,921 15,304 25,567 87,986
Operating Loss (3,921 ) (13,069 ) (25,567 ) (51,294 )
Other Income (Expense)
Loss on foreign currency exchange (45 ) (879 ) (888 ) (2,141 )
Other income (loss) - 36,451 - 36,451
Total Other Income (Expense) (45 ) 35,572 (888 ) (34,310 )
Income (Loss) Before Credit for Income Taxes (3,966 ) 22,503 (26,455 ) (16,984 )
Credit for income taxes - - - -
Income (Loss) from discontinued operations, net of tax $ (3,966 ) $ 22,503 $ (26,455 ) $ (16,984 )

NOTES PAYABLE

NOTES PAYABLE9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE4.
NOTES PAYABLE Related
Parties Notes Payable Related
Party Notes Payable consists of: SUMMARY OF NOTES PAYABLE
September 30, 2021 December 31, 2020
$ 30,000 $ 30,000
On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10% June 25, 2022 $ 30,000 $ 30,000
Between March 26, 2018 and March 12, 2021 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $ 290,873 10% The Notes will be due between December 2021 and July 2022 or on demand by the Payee. 290,873 280,873
Total Related Party Notes Payable $ 320,873 $ 310,873 Other
Notes Payable Other
Notes Payable consists of:
September 30, 2021 December 31, 2020
On March 25, 2011 the Company issued a term note for $ 300,000 16% June 25, 2011 March 31, 2022 $ 300,000 $ 300,000
On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 1% - 58,600
On January 1, 2021, the Company was granted a second PPP loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 1% - -
Insurance policy finance agreements. 38,727 25,987
Total Notes Payable: $ 338,727 $ 384,587 Long-Term
Notes Payable consists of:
September 30, 2021 December 31, 2020
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $ 150,000 30 3.75% 731.00 $ 150,000 $ 150,000
Total Long-Term Notes Payable: $ 150,000 $ 150,000 In
January 2018 the Company entered into an amendment agreement (the “Amendment”) with EuroAmerican Investments (“EuroAmerican”)
regarding its $ 300,000 0.21 3,165,705 The
Company routinely finances all their insurance policies which requires a down payment and subsequent
monthly payments, the time periods vary from 10 months to 12 equal monthly payments.

LEASE

LEASE9 Months Ended
Sep. 30, 2021
Lease
LEASE5.
LEASE The
Company recognized the following related to a lease in its unaudited consolidated balance sheet at September 30, 2021 and December 31,
2020: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
September 30, 2021 December 31, 2020
Operating Lease ROU Assets $ 90,924 $ 124,183
Operating Lease ROU Assets $ 90,924 $ 124,183
Operating Lease Liabilities
Current portion $ 46,324 $ 44,623
Long-term portion 42,625 77,008
Operating Lease Liabilities $ 88,949 $ 121,631

SEGMENT REPORTING, GEOGRAPHICAL

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING, GEOGRAPHICAL INFORMATION6.
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 revenues, gross
profits and total assets for each segment: SCHEDULE OF BUSINESS SEGMENTS INFORMATION
Three Months Ended Nine Months Ended
2021 2020 2021 2020
Revenue:
Vycor Medical $ 301,540 $ 250,648 $ 1,026,572 $ 776,932
NovaVision $ 30,547 $ 25,277 $ 92,691 $ 73,498
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit
Vycor Medical $ 269,986 $ 211,089 $ 930,180 $ 683,125
NovaVision $ 26,956 $ 24,285 $ 86,133 $ 68,967
Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092
September
30, December
31,
2021 2020
Total Assets:
Vycor Medical $ 1,009,665 $ 953,730
NovaVision 29,617 32,213
Discontinued operations 339 577
Total Assets $ 1,039,621 $ 986,520 (b)
Geographic information 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 revenues, gross profits and total assets for each segment. SUMMARY OF GEOGRAPHIC INFORMATION
Three Months Ended Nine Months Ended
2021 2020 2021 2020
Revenue:
United States $ 328,250 $ 270,851 $ 1,104,939 $ 839,992
Europe $ 3,837 $ 5,074 $ 14,324 $ 10,438
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit
United States $ 293,187 $ 230,321 $ 1,002,169 $ 741,675
Europe $ 3,755 $ 5,053 $ 14,144 $ 10,417
Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092
September 30, December 31,
2021 2020
Total Assets:
United States $ 1,033,820 $ 980,239
Europe 5,462 5,704
Discontinued operations 339 577
Total Assets $ 1,039,621 $ 986,520

EQUITY

EQUITY9 Months Ended
Sep. 30, 2021
Equity [Abstract]
EQUITY7.
EQUITY Common
Stock Grants During
January to September 2021 and 2020, the Company granted 99,999 21,000 266,664 56,000 th 575,649 566,793 In
January 2021 the Company issued 466,794 On
April 1, 2021 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 10). During
January to September 2021 and 2020, under the terms of the Consulting Agreement referred to in note 10, the Company issued 1,607,142 253,037 337,500 Stock
Options The
details of the outstanding stock options are as follows: SCHEDULE OF STOCK OPTIONS
Weighted average
Number of shares exercise price
Outstanding at December 31, 2020 680,000 $ 0.28
Granted - -
Exercised - -
Cancelled or expired (680,000 ) (0.28 )
Outstanding at September 30, 2021 - $ -

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION8.
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 stock granted to non-employees for each of the nine months ended September 30, 2021 and 2020 was $ 284,102 393,500 0 56,000 0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES9.
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 $ 4,000
per month, plus other charges of approximately
$ 2,500
per month. The
lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023. The
Company’s subsidiary in Germany occupied premises on a rolling 12 month lease agreement with a 3 month notice period of EUR 1,650
per month (approximately $ 1,815 ),
which was terminated effective June 30, 2020. Rent expense for the nine months ended September 30, 2021 and 2020 for the continuing operations
was $ 58,691 and
$ 59,008 respectively.
See Note 5. Potential
German tax liability In
June 2012 the Company’s NovaVision German subsidiary received a preliminary assessment for Magdeburg City trade tax of € 75,000 82,000 12,000 13,200 75,000 82,000 12,000 13,200

CONSULTING AND OTHER AGREEMENTS

CONSULTING AND OTHER AGREEMENTS9 Months Ended
Sep. 30, 2021
Consulting And Other Agreements
CONSULTING AND OTHER AGREEMENTS10.
CONSULTING AND OTHER AGREEMENTS The
following agreements were entered into or remained in force during the period ended September 30, 2021: Consulting
Agreement with Fountainhead Effective
January 1, 2021, the Company made a slight amendment to the Fountainhead Consulting Agreement (“the Amended Agreement”).
Under the Amended Agreement, fees are payable to Fountainhead, with an option to receive $ 5,000 535,714 0.21 112,500 During
the nine months ended September 30, 2021 and September 30, 2020, under the terms of the Amended Agreement, Fountainhead received 1,607,142 253,037 1,607,142 337,500 Other
Agreements On
March 30, 2021, Vycor entered into a Consulting Agreement with Ricardo J. Komotar, M.D. (the “Agreement”) to provide certain
specified services over the three-year term of the Agreement. Under the Agreement, Dr. Komotar will provide general scientific advisory
consultancy services, and will also provide scientific advisory services based around certain specific pre-determined milestones. In
consideration of the Consultant’s services, the Company agreed to deliver to the Consultant over the course of the three-year term,
a total of 304,989
shares of Company Common Stock in respect of
the general consultancy, and up to 1,219,957
shares of Company Common Stock in respect of
the milestones, the actual number of shares to be delivered being determined by the achievement of the pre-determined milestones. On
April 1, 2021 101,663
shares of Company Common Stock (valued at market
price totaling $20,129) were issued under the terms of the Agreement, which is being amortized over twelve months.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS11.
RELATED PARTY TRANSACTIONS Peter
Zachariou and David Cantor, directors of the Company, are investment managers of Fountainhead, which owned, at September 30, 2021, 59.2% 70% 0.2% 26% During
each of the nine months ended September 30, 2021 and September 30, 2020, under the terms of the Consulting Agreement referred to in note
10, the Company issued 1,607,142 253,037 337,500 During
each of the nine months ended September 30, 2021 and 2020, the Company accrued an aggregate of $ 324,370 226,037 83,386 During
the nine months ended September 30, 2021 and 2020 the Company issued unsecured loan notes to Fountainhead for a total of $ 10,000 80,000 10% due on demand or by their one-year anniversary There
were no

CONCENTRATION

CONCENTRATION9 Months Ended
Sep. 30, 2021
Risks and Uncertainties [Abstract]
CONCENTRATION12.
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:
Three Months Ended
2021 2020
Number of customers over 10% - -
Percentage of sales 0 % 0 %
Nine Months Ended
2021 2020
Number of customers over 10% - 1
Percentage of sales 0 % 14 % Accounts
Receivable Concentration
At September 30, At December 31,
2021 2020
Number of customers over 10% 0 2
Percentage of accounts receivable 0 % 10 % The
Company has three sub-contract manufacturers from which it purchases, respectively, VBAS injection molded parts, completed and sterilized
VBAS units, and VBAS extension arms. Purchases from these manufacturers vary from quarter to quarter, with no purchases in some quarters,
however on an annual basis purchases from each manufacturer represent over 10%

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS13.
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 which would require
recognition or disclosure in the financial statements.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
Principles of ConsolidationPrinciples
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 PronouncementsRecent
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 recently issued accounting pronouncements
and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting
or that such impact will not be material to its financial position, results of operations and cash flows when implemented.
Discontinued OperationsDiscontinued
Operations In
accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal
of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal
represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components
of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified
as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the
major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and
liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which
we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components
of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.
Accounting for forgivable loan received under the Small Business Administration Paycheck Protection ProgramAccounting
for forgivable loan received under the Small Business Administration Paycheck Protection Program During
the year ended December 31, 2020 the Company received a loan of $ 58,600 58,600 The
Company accounted for the loans as a financial liability in accordance with FASB ASC 470 and accrued interest in accordance with the
interest method under FASB ASC 835-30. For purposes of derecognition of the liability, FASB ASC 470-50-15-4 refers to guidance in FASB
ASC 405-20. Based on this guidance, the proceeds of the loans were recorded as a liability until either (1) the loans are, in part or
wholly, forgiven and the Company has been “legally released”, or (2) the Company pays off the loans. The Company has accordingly
reduced the liability by the amount forgiven and recorded a gain on the extinguishment.
Net Loss Per ShareNet
Loss Per Share Basic
net loss per share is computed by dividing net loss available to common stockholders 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: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE
September 30, 2021 September 30, 2020
Stock options outstanding - 680,000
Debentures convertible into common stock 3,165,705 2,937,133
Preferred shares convertible into common stock 1,272,052 1,272,052
Directors Deferred Compensation Plan - 1,442,571
Total 4,437,757 6,331,756
Covid-19Covid-19 Vycor
Medical experienced a significant reduction in demand during the twelve months ended December 31, 2020 in the US and Europe, particularly
in the second quarter, with some recovery in the third and fourth quarters. This recovery continued at a stronger level during the nine
months ended September 30, 2021 such that sales for the Vycor Medical division increased by 32% over the same period in 2020. Although
neurosurgery is not considered an elective procedure, general hospital dislocation and diversion of resources away from non-emergency
surgeries, or surgeries that can be postponed for a short period without harm, has impacted our revenues during the twelve months ended
December 31, 2020 and although this has recovered during the nine months ended September 30, 2021, COVID-19 remains classified as a pandemic
and this could impact future sales. In addition, sales and marketing efforts by Vycor’s representatives were disrupted or curtailed
during periods of lockdown and social distancing, and this may continue to hinder the recovery of revenues, particularly in certain international
territories where vaccination rates remain relatively low. While our operations are principally located in the United States, and our
sub-contract manufacturers are located in the United States, we participate in a global supply chain, and COVID-19 may impact our ability
to conduct normal business operations, which could adversely affect our results of operations and liquidity. Furthermore, our sub-contract
manufacturers have experienced, and continue to experience, staffing shortages and this has elongated our production lead times. Disruptions
to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could
include disruptions from supplier staff absences due to COVID-19 illness or isolation requirements, the closure of supplier and manufacturer
facilities, interruptions in the supply of raw materials and components, or restrictions on the shipment of our or our suppliers’
or customers’ products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule. Although
we have implemented business continuity plans for our offices and personnel to enable continuity of service remotely if required, if
a critical number of our employees become too ill to work, or we are not able to access a sufficient quantity of our inventory for shipment
due to enforced office closures, our production ability could be materially adversely affected in a rapid manner. Similarly, if our customers
experience adverse business consequences due to COVID-19, or any other, pandemic, demand for our products could also be materially adversely
affected in a rapid manner. Global health concerns, such as COVID-19, could also result in social, economic, and labor instability in
the countries and localities in which we or our suppliers and customers operate. Any of these uncertainties could have a material adverse
effect on our business, financial condition or results of operations.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHAREThe
following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share: SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE
September 30, 2021 September 30, 2020
Stock options outstanding - 680,000
Debentures convertible into common stock 3,165,705 2,937,133
Preferred shares convertible into common stock 1,272,052 1,272,052
Directors Deferred Compensation Plan - 1,442,571
Total 4,437,757 6,331,756

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS
September 30, 2021 December 31, 2020
ASSETS
Current Assets
Cash $ 339 $ 577
Total Current Assets 339 577
TOTAL ASSETS $ 339 $ 577
LIABILITIES
Current Liabilities
Accounts payable $ 4 $ 422
Accrued liabilities – Other - 3,168
Other current liabilities (428 ) 15
Total Current Liabilities $ (424 ) $ 3,605 Major
line items constituting loss from discontinued operations
For the three months ended For the nine months ended
2021 2020 2021 2020
Revenue $ - $ 2,851 $ - $ 41,527
Cost of Goods Sold - 616 - 4,835
Gross Profit - 2,235 - 36,692
Operating Expenses:
Selling, general and administrative 3,921 15,304 25,567 87,986
Total Operating Expenses 3,921 15,304 25,567 87,986
Operating Loss (3,921 ) (13,069 ) (25,567 ) (51,294 )
Other Income (Expense)
Loss on foreign currency exchange (45 ) (879 ) (888 ) (2,141 )
Other income (loss) - 36,451 - 36,451
Total Other Income (Expense) (45 ) 35,572 (888 ) (34,310 )
Income (Loss) Before Credit for Income Taxes (3,966 ) 22,503 (26,455 ) (16,984 )
Credit for income taxes - - - -
Income (Loss) from discontinued operations, net of tax $ (3,966 ) $ 22,503 $ (26,455 ) $ (16,984 )

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
SUMMARY OF NOTES PAYABLE SUMMARY OF NOTES PAYABLE
September 30, 2021 December 31, 2020
$ 30,000 $ 30,000
On June 25, 2018 the Company issued promissory notes to Peter Zachariou for $ 30,000 10% June 25, 2022 $ 30,000 $ 30,000
Between March 26, 2018 and March 12, 2021 the Company issued eleven promissory notes to Fountainhead Capital Management Limited for $ 290,873 10% The Notes will be due between December 2021 and July 2022 or on demand by the Payee. 290,873 280,873
Total Related Party Notes Payable $ 320,873 $ 310,873 Other
Notes Payable Other
Notes Payable consists of:
September 30, 2021 December 31, 2020
On March 25, 2011 the Company issued a term note for $ 300,000 16% June 25, 2011 March 31, 2022 $ 300,000 $ 300,000
On May 16, 2020, the Company was granted a loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 1% - 58,600
On January 1, 2021, the Company was granted a second PPP loan from Citizens Bank N.A. in the amount of $ 58,600 The Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 1% - -
Insurance policy finance agreements. 38,727 25,987
Total Notes Payable: $ 338,727 $ 384,587 Long-Term
Notes Payable consists of:
September 30, 2021 December 31, 2020
On July 7, 2020, the Company was advised that the Small Business Administration (SBA) had approved a $ 150,000 30 3.75% 731.00 $ 150,000 $ 150,000
Total Long-Term Notes Payable: $ 150,000 $ 150,000

LEASE (Tables)

LEASE (Tables)9 Months Ended
Sep. 30, 2021
Lease
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
September 30, 2021 December 31, 2020
Operating Lease ROU Assets $ 90,924 $ 124,183
Operating Lease ROU Assets $ 90,924 $ 124,183
Operating Lease Liabilities
Current portion $ 46,324 $ 44,623
Long-term portion 42,625 77,008
Operating Lease Liabilities $ 88,949 $ 121,631

SEGMENT REPORTING, GEOGRAPHIC_2

SEGMENT REPORTING, GEOGRAPHICAL INFORMATION (Tables)9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
SCHEDULE OF BUSINESS SEGMENTS INFORMATION SCHEDULE OF BUSINESS SEGMENTS INFORMATION
Three Months Ended Nine Months Ended
2021 2020 2021 2020
Revenue:
Vycor Medical $ 301,540 $ 250,648 $ 1,026,572 $ 776,932
NovaVision $ 30,547 $ 25,277 $ 92,691 $ 73,498
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit
Vycor Medical $ 269,986 $ 211,089 $ 930,180 $ 683,125
NovaVision $ 26,956 $ 24,285 $ 86,133 $ 68,967
Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092
September
30, December
31,
2021 2020
Total Assets:
Vycor Medical $ 1,009,665 $ 953,730
NovaVision 29,617 32,213
Discontinued operations 339 577
Total Assets $ 1,039,621 $ 986,520
SUMMARY OF GEOGRAPHIC INFORMATION SUMMARY OF GEOGRAPHIC INFORMATION
Three Months Ended Nine Months Ended
2021 2020 2021 2020
Revenue:
United States $ 328,250 $ 270,851 $ 1,104,939 $ 839,992
Europe $ 3,837 $ 5,074 $ 14,324 $ 10,438
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit
United States $ 293,187 $ 230,321 $ 1,002,169 $ 741,675
Europe $ 3,755 $ 5,053 $ 14,144 $ 10,417
Gross Profit $ 296,942 $ 235,374 $ 1,016,313 $ 752,092
September 30, December 31,
2021 2020
Total Assets:
United States $ 1,033,820 $ 980,239
Europe 5,462 5,704
Discontinued operations 339 577
Total Assets $ 1,039,621 $ 986,520

EQUITY (Tables)

EQUITY (Tables)9 Months Ended
Sep. 30, 2021
Equity [Abstract]
SCHEDULE OF STOCK OPTIONS SCHEDULE OF STOCK OPTIONS
Weighted average
Number of shares exercise price
Outstanding at December 31, 2020 680,000 $ 0.28
Granted - -
Exercised - -
Cancelled or expired (680,000 ) (0.28 )
Outstanding at September 30, 2021 - $ -

CONCENTRATION (Tables)

CONCENTRATION (Tables)9 Months Ended
Sep. 30, 2021
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION SCHEDULE OF CONCENTRATION Sales
Concentration:
Three Months Ended
2021 2020
Number of customers over 10% - -
Percentage of sales 0 % 0 %
Nine Months Ended
2021 2020
Number of customers over 10% - 1
Percentage of sales 0 % 14 % Accounts
Receivable Concentration
At September 30, At December 31,
2021 2020
Number of customers over 10% 0 2
Percentage of accounts receivable 0 % 10 %

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net loss $ (3,693) $ 198,287 $ 248,600 $ 622,122
Working capital deficiency503,812 503,812
Related party liabilities2,041,079 2,041,079
EuroAmerican Investment Corp [Member]
Term note300,000 300,000
Accrued interest $ 364,798 $ 364,798
Maturity dateMar. 31,
2022

SCHEDULE OF COMMON STOCK NOT IN

SCHEDULE OF COMMON STOCK NOT INCLUDED IN CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share4,437,757 6,331,756
Stock Option Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share 680,000
Debentures Convertible into Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share3,165,705 2,937,133
Preferred Shares Convertible to Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share1,272,052 1,272,052
Deferred Compensation, Share-based Payments [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that are not included in the calculation of diluted net loss per share 1,442,571

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)9 Months Ended12 Months Ended
Sep. 30, 2021Dec. 31, 2020
Paycheck Protection Program [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Proceeds from loan $ 58,600 $ 58,600

SCHEDULE OF LOSS FROM DISCONTIN

SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Cash $ 339 $ 339 $ 577
Total Current Assets339 339 577
TOTAL ASSETS339 339 577
Accounts payable4 4 422
Accrued liabilities – Other 3,168
Other current liabilities(428)(428)15
Total Current Liabilities(424)(424) $ 3,605
Revenue $ 2,851 $ 41,527
Cost of Goods Sold 616 4,835
Gross Profit 2,235 36,692
Selling, general and administrative3,921 15,304 25,567 87,986
Total Operating Expenses3,921 15,304 25,567 87,986
Operating Loss(3,921)(13,069)(25,567)(51,294)
Loss on foreign currency exchange(45)(879)(888)(2,141)
Other income (loss) 36,451 36,451
Total Other Income (Expense)(45)35,572 (888)(34,310)
Income (Loss) Before Credit for Income Taxes(3,966)22,503 (26,455)(16,984)
Credit for income taxes
Income (Loss) from discontinued operations, net of tax $ (3,966) $ 22,503 $ (26,455) $ (16,984)

SUMMARY OF NOTES PAYABLE (Detai

SUMMARY OF NOTES PAYABLE (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Short-term Debt [Line Items]
Total Related Party Notes Payable $ 320,873 $ 310,873
Total Notes Payable338,727 384,587
Total Long-term Notes Payable150,000 150,000
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Total Long-term Notes Payable150,000 150,000
EuroAmerican Investment Corp [Member]
Short-term Debt [Line Items]
Total Notes Payable300,000 300,000
Citizens Bank [Member] | Paycheck Protection Program [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Total Notes Payable 58,600
Citizens Bank [Member] | Second Paycheck Protection Program [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Total Notes Payable
Peter Zachariou [Member]
Short-term Debt [Line Items]
Total Related Party Notes Payable30,000 30,000
Fountainhead Capital Management Limited [Member]
Short-term Debt [Line Items]
Total Related Party Notes Payable290,873 280,873
Insurance Policy Finance Agreements [Member]
Short-term Debt [Line Items]
Total Notes Payable $ 38,727 $ 25,987

SUMMARY OF NOTES PAYABLE (Det_2

SUMMARY OF NOTES PAYABLE (Details) (Parenthetical) - USD ($)Jan. 03, 2021Jul. 07, 2020May 16, 2020Jun. 25, 2018Mar. 25, 2011Sep. 30, 2021Mar. 12, 2021
EuroAmerican Investment Corp [Member] | Extended Maturity [Member]
Short-term Debt [Line Items]
Debt due dateMar. 31,
2022
Term Note [Member] | EuroAmerican Investment Corp [Member]
Short-term Debt [Line Items]
Value of notes issued $ 300,000
Notes interest rate16.00%
Debt due dateJun. 25,
2011
Paycheck Protection Program [Member] | Citizens Bank [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Value of notes issued $ 58,600
Notes interest rate1.00%
Debt due dateMay 16,
2022
Debt due date descriptionThe Loan, which was in the form of a Note issued by the Borrower, matures on May 16, 2022 and bears interest at a rate of 1% per annum.
Second Paycheck Protection Program [Member] | Citizens Bank [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Value of notes issued $ 58,600
Notes interest rate1.00%
Debt due dateJan. 1,
2026
Debt due date descriptionThe Loan, which was in the form of a Note issued by the Borrower, matures on January 1, 2026 and bears interest at a rate of 1% per annum.
Economic Injury Disaster Loan Program [Member] | CARES Act [Member]
Short-term Debt [Line Items]
Value of notes issued $ 150,000
Notes interest rate3.75%
Debt instrument, term30 years
Debt instrument, periodic payment $ 731
Peter Zachariou [Member]
Short-term Debt [Line Items]
Value of notes issued $ 30,000
Notes interest rate10.00%
Debt due dateJun. 25,
2022
Fountainhead Capital Management Limited [Member]
Short-term Debt [Line Items]
Value of notes issued $ 290,873
Notes interest rate10.00%
Debt due date descriptionThe Notes will be due between December 2021 and July 2022 or on demand by the Payee.

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)Sep. 30, 2021Jan. 31, 2018
EuroAmerican Investment Corp [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt conversion shares issued3,165,705
EuroAmerican Investment Corp [Member]
Defined Benefit Plan Disclosure [Line Items]
Note payable other $ 300,000
Conversion price $ 0.21

SCHEDULE OF SUPPLEMENTAL BALANC

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Lease
Operating Lease ROU Assets $ 90,924 $ 124,183
Operating Lease ROU Assets90,924 124,183
Current portion46,324 44,623
Long-term portion42,625 77,008
Operating Lease Liabilities $ 88,949 $ 121,631

SCHEDULE OF BUSINESS SEGMENTS I

SCHEDULE OF BUSINESS SEGMENTS INFORMATION (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit296,942 235,374 1,016,313 752,092
Total Assets1,039,621 1,039,621 $ 986,520
Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Total Assets339 339 577
Vycor Medical [Member]
Segment Reporting Information [Line Items]
Revenue301,540 250,648 1,026,572 776,932
Gross Profit269,986 211,089 930,180 683,125
Total Assets1,009,665 1,009,665 953,730
Nova Vision [Member]
Segment Reporting Information [Line Items]
Revenue30,547 25,277 92,691 73,498
Gross Profit26,956 $ 24,285 86,133 $ 68,967
Total Assets $ 29,617 $ 29,617 $ 32,213

SUMMARY OF GEOGRAPHIC INFORMATI

SUMMARY OF GEOGRAPHIC INFORMATION (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue $ 332,087 $ 275,925 $ 1,119,263 $ 850,430
Gross Profit296,942 235,374 1,016,313 752,092
Total Assets1,039,621 1,039,621 $ 986,520
Discontinued Operations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Assets339 339 577
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue328,250 270,851 1,104,939 839,992
Gross Profit293,187 230,321 1,002,169 741,675
Total Assets1,033,820 1,033,820 980,239
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue3,837 5,074 14,324 10,438
Gross Profit3,755 $ 5,053 14,144 $ 10,417
Total Assets $ 5,462 $ 5,462 $ 5,704

SCHEDULE OF STOCK OPTIONS (Deta

SCHEDULE OF STOCK OPTIONS (Details)9 Months Ended
Sep. 30, 2021$ / sharesshares
Equity [Abstract]
Number of shares Options Outstanding, Beginning Balance | shares680,000
Weighted average exercise price per share Options, Outstanding, Beginning balance | $ / shares $ 0.28
Number of shares Options, Granted | shares
Weighted average exercise price per share Options, Granted | $ / shares
Number of shares Options, Exercised | shares
Weighted average exercise price per share Options, Exercised | $ / shares
Number of shares Options, Cancelled or expired | shares(680,000)
Weighted average exercise price per share Options, Cancelled or expired | $ / shares $ (0.28)
Number of shares Options Outstanding, Ending Balance | shares
Weighted average exercise price per share Options, Outstanding, Ending balance | $ / shares

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)Apr. 02, 2021Jan. 31, 2021Sep. 30, 2021Sep. 30, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture
Fountainhead [Member] | Fountainhead Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of common stock issued1,607,142 1,607,142
Number of common stock issued, value $ 253,037 $ 337,500
Directors Deferred Compensation Plan [Member]. | Oscar Bronsther [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of common stock issued466,794
Non-employee Directors [Member] | Directors Deferred Compensation Plan [Member].
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture99,999 266,664
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture $ 21,000 $ 56,000
Steve Girgenti [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Shares Issued575,649
Lowell Rush [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred Compensation Arrangement with Individual, Shares Issued566,793
Consultant [Member] | Ricardo Komotar [Member] | Consulting Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of common stock issued101,663

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Non-employee Directors [Member] | Directors Deferred Compensation Plan [Member].
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to unissued stock $ 0 $ 56,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount0
Non-employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense $ 284,102 $ 393,500

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)Oct. 31, 2016USD ($)Oct. 31, 2016EUR (€)Jun. 30, 2012USD ($)Jun. 30, 2012EUR (€)Sep. 30, 2021USD ($)Sep. 30, 2021EUR (€)Sep. 30, 2020USD ($)Oct. 31, 2016EUR (€)Jun. 30, 2012EUR (€)
Product Liability Contingency [Line Items]
Payments for Rent $ 58,691 $ 59,008
Trade tax reduced $ 82,000 $ 82,000 € 75,000 € 75,000
Interest expenses $ 13,200 € 12,000 $ 13,200 € 12,000
GERMANY
Product Liability Contingency [Line Items]
Payments for Rent1,815
GERMANY | Euro Currency [Member]
Product Liability Contingency [Line Items]
Payments for Rent | € € 1,650
Office Space [Member]
Product Liability Contingency [Line Items]
Payments for Rent4,000
Other charges $ 2,500
Lessee, Operating Lease, DescriptionThe
lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023.
The
lease terminated September 30, 2020 and was extended for a further three years to August 31, 2023.

CONSULTING AND OTHER AGREEMEN_2

CONSULTING AND OTHER AGREEMENTS (Details Narrative) - USD ($)Apr. 02, 2021Mar. 30, 2021Sep. 30, 2021Sep. 30, 2020
Stock option cash $ 284,102 $ 393,500
Fountainhead Consulting Agreement [Member] | Fountainhead [Member]
Number of common stock issued1,607,142 1,607,142
Number of common stock issued, value $ 253,037 $ 337,500
Amended Agreement [Member] | Fountainhead [Member]
Number of common stock issued1,607,142 1,607,142
Number of common stock issued, value $ 253,037 $ 337,500
January 1, 2021 [Member] | Fountainhead Consulting Agreement [Member]
Stock option cash $ 5,000
Number of common stock issued535,714
Common stock exercise price $ 0.21
January 1, 2021 [Member] | Amended Agreement [Member]
Number of common stock issued, value $ 112,500
General Consultancy [Member] | Ricardo J Komotar M D [Member]
Stock Issued During Period, Shares, Issued for Services304,989
Milestones [Member] | Ricardo J Komotar M D [Member]
Number of common stock issued101,663
Stock Issued During Period, Shares, Issued for Services1,219,957

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Related Party Transaction [Line Items]
Accrued dividends $ 162,185 $ 162,185 $ 324,370 $ 324,370
Related party transaction amount $ 0 $ 0
Fountainhead [Member] | Fountainhead Consulting Agreement [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues1,607,142 1,607,142
Stock Issued During Period, Value, New Issues $ 253,037 $ 337,500
Fountainhead [Member]
Related Party Transaction [Line Items]
Accrued dividends226,037 226,037
Fountainhead [Member] | Unsecured Loan [Member]
Related Party Transaction [Line Items]
Unsecured loan notes issued $ 10,000 $ 80,000
Unsecured loan notes interest rate10.00%10.00%10.00%10.00%
Unsecured loan maturity descriptiondue on demand or by their one-year anniversarydue on demand or by their one-year anniversary
Peter Zachariou [Member]
Related Party Transaction [Line Items]
Accrued dividends $ 83,386 $ 83,386
Peter Zachariou [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage26.00%26.00%
Directors [Member] | Fountainhead [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage59.20%59.20%
Directors [Member] | Fountainhead [Member] | Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage70.00%70.00%
Directors [Member] | Fountainhead [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage0.20%0.20%

SCHEDULE OF CONCENTRATION (Deta

SCHEDULE OF CONCENTRATION (Details) - Customer Concentration Risk [Member] - Integer3 Months Ended9 Months Ended12 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Revenue Benchmark [Member]
Concentration Risk [Line Items]
Number of customers over 10% 1
Revenue Benchmark [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage0.00%0.00%0.00%14.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of customers over 10%0 2
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage0.00%10.00%

CONCENTRATION (Details Narrativ

CONCENTRATION (Details Narrative) - Purchase [Member] - Customer Concentration Risk [Member]9 Months Ended
Sep. 30, 2021
Manufacturer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage10.00%
Manufacturer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage10.00%
Manufacturer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage10.00%