0001145443-12-000248.txt : 20120321 0001145443-12-000248.hdr.sgml : 20120321 20120321161213 ACCESSION NUMBER: 0001145443-12-000248 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120104 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120321 DATE AS OF CHANGE: 20120321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VYCOR MEDICAL INC CENTRAL INDEX KEY: 0001424768 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 203369218 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34932 FILM NUMBER: 12706067 BUSINESS ADDRESS: STREET 1: 6401 CONGRESS AVE STREET 2: SUITE 140 CITY: BOCA RATON, STATE: FL ZIP: 33487 BUSINESS PHONE: 562.558.2000 MAIL ADDRESS: STREET 1: 6401 CONGRESS AVE STREET 2: SUITE 140 CITY: BOCA RATON, STATE: FL ZIP: 33487 8-K/A 1 d29264-8ka.htm 8-K/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K/A

(Amendment No.1)

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

January 4, 2012

 

 

Vycor Medical, Inc.

(Exact name of registrant)

 

  

         
Delaware   333-149782   20-3369218
(State of Incorporation)   (Commission File Number)   (I.R.S. Employer Identification Number)

 

 

6401 Congress Avenue, Suite 140

Boca Raton, FL 33487

(Address of principal executive offices and zip code)

561-558-2000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

  

 

 

EXPLANATORY NOTE

 

This amendment is being filed pursuant to the instructions with respect to Item 9.01-- Financial Statements and Exhibits, which provides that financial statements required by said item may be filed with the initial report, or by amendment not later than 71 calendar days after the date that the initial report on Form 8-K must be filed. This Report includes the financial statements required in Item 9.01.

 


 

Item 1.01. Entry into a Material Definitive Agreement

 

On January 4, 2012, Vycor Medical, Inc. (“Vycor” or the “Company”) and its wholly-owned subsidiary, NovaVision, Inc. (“NovaVision”), entered into various agreements with Professor Arash Sahraie (“Prof. Sahraie”) and the University of Aberdeen (Scotland) (the “University”), relating to the acquisition of all of the shares of Sight Science, Ltd. (“Sight Science”) by NovaVision (the “Transaction”). The Company, NovaVision, Prof. Sahraie and the University are hereinafter collectively referred to as the “Parties”. The Company is filing this Amended Current Report on Form 8- K to report the consolidated financial statements and unaudited pro forma financial information required by Items 9.01(a) and 9.01(b) of Form 8-K, respectively.

 

Item 1.02. Completion of Acquisition or Disposition of Assets

 

Please refer to Item 1.01 above.

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired

The unaudited financial statements of Sight Science as of and for the three month period ended September 30, 2011 are filed with this Form 8-K/A as Exhibit 99.2. The audited financial statements of Sight Science as of and for the fiscal year ended June 30, 2011, and the related report of Paritz & Company, P.A. are filed with this Form 8-K/A as Exhibit 99.3.

(b) Pro Forma Financial Information

The unaudited pro forma condensed consolidated financial information included with this Form 8-K/A has been prepared to illustrate the pro forma effects of the acquisition of Sight Science. The unaudited pro forma condensed consolidated balance sheet as of September 30, 2011 and the unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2011 and the twelve months ended December 31, 2010 are filed with this Form 8-K/A as Exhibit 99.4. The unaudited pro forma condensed consolidated balance sheet as of September 30, 2011 gives effect to the acquisition of Sight Science as if it had occurred as of September 30, 2011. The unaudited pro forma condensed consolidated statement of operations for the nine months ended September 30, 2011 and the twelve months ended December 31, 2010 give effect to the acquisition of Sight Science as if it had occurred as of January 1, 2011 and January 1, 2010, respectively. All pro forma information in this Form 8-K/A has been prepared for informational purposes only and is not necessarily indicative of the past or future results of operations or financial position of Sight Science or the Company.

 

(d) Exhibits

 

Exhibit 2.1.

Share Purchase Agreement, dated as of January 4, 2012, by and between Vycor Medical, Inc., NovaVision, Inc., Professor Arash Sahraie and the University of Aberdeen (Scotland).

 

Exhibit 2.2

Patent Agreement dated as of January 4, 2012, by and between the University of Aberdeen (Scotland) and Sight Science, Ltd.

 

Exhibit 2.3

Staff Secondment Agreement dated as of January 4, 2012, by and between the University of Aberdeen (Scotland) and NovaVision, Inc.

 

Exhibit 2.4

Option Agreement dated as of January 4, 2012, by and between the University of Aberdeen (Scotland) and Sight Science, Ltd.

 

Exhibit 2.5

Non-Compete, Nondisclosure, and Ownership of Intellectual Property Agreement dated as of January 4 2012, by and between Vycor Medical, Inc., NovaVision, Inc. and Prof. Sahraie.

 

 


Exhibit 23.1*

Consent of Paritz & Company, P.A.

 

Exhibit 99.1

Vycor Medical, Inc. Press Release dated January 9, 2012 pertaining to the Transaction.

 

Exhibit 99.2*

Unaudited financial statements of Sight Science as of and for the nine months ended September 30, 2011

 

Exhibit 99.3*

Audited financial statements of Sight Science as of and for the year ended June 30, 2011 and related report of Paritz & Company, P.A, Registered independent auditors

 

Exhibit 99.4*

Unaudited Pro Forma Condensed Consolidated Balance Sheet as on September 30, 2011; Statement of Operations for the nine months ended September 30, 2011 and the twelve months ended December 30, 2010.

 

*

filed herewith

 

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  VYCOR MEDICAL, INC.
 
  By:  /s/ David Cantor
  Name: David Cantor
  Title: President

 

Dated: March 20, 2012

 

 
 EX-23 2 d29264_exh23.htm EX-23

 

Exhibit    23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the incorporation of our report dated March __, 2012 relating to the financial statements of Sight Science Limited as of and for the year ended June 30, 2011, which appear in this Current Report on Form 8-K/A of Vycor Medical, Inc.

 

/s/ Paritz & Company, P.A.

 

Hackensack, New Jersey
March 20, 2012

 
 EX-99.2 3 d29264_exh99-2.htm EX-99.2

Exhibit    99.2

 

SIGHT SCIENCE LIMITED

 

FINANCIAL STATEMENTS

 

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011

 

 

 

SIGHT SCIENCE LIMITED
Balance Sheets



 

        September 30,
2011		   June 30,
2011
        (unaudited)    
ASSETS          
             
Current Assets          
  Cash     £ 16,346   £ 13,396 
  Accounts receivable, net       1,085     1,723 
          17,431     15,119
                 
Fixed assets, net       3,841       4,344
                 
TOTAL ASSETS     £ 21,272   £ 19,463
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT            
                 
Current Liabilities              
  Accounts payable     £ 8,287   £ 3,985
  Other current liabilities       24,006     20,032
          32,293     24,017
  Notes payable - long-term       47,426     47,426
                 
TOTAL LIABILITIES       79,719     71,443
                 
STOCKHOLDERS' DEFICIT              
  Ordinary shares, £1.00 nominal value, 1,000,000 shares authorized, 150 shares issued
and outstanding at September 30, 2011 and June 30, 2011, respectively		   150     150 
  Accumulated Deficit       (58,597)     (52,130)
          (58,447)      (51,980)
                 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT     £ 21,272   £ 19,463
                 
See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED
Statement of Operations

 

    For the three months ended
September 30,
         
       2011     2010 
             
Revenue   £ 8,236      21,800
             
Cost of Goods Sold     379      842
             
Gross Profit     7,857      20,958
             
Operating expenses:            
Depreciation and Amortization     124     124
General and administrative     14,020     12,717
             
Total Operating expenses     14,144     12,841
             
Operating (loss) income      (6,287)      8,117
             
Other income (expense)      (180)      (28)
             
Net (Loss) Income Before Taxes      (6,467)      8,089
             
Taxes      -      -
             
Net (Loss) Income   £  (6,467)   £  8,089
             
Net (Loss) Income Per Share            
Basic and diluted   £  (43)   £ 54
             
Weighted Average Number of Shares Outstanding      150      150

 

See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED

Statement of Cash Flows

 

    For the three months ended
September 30,
       
    2011 2010
Cash flows from operating activities:      
       
Net (loss) income   £ (6,467) £ 8,089
           
Adjustments to reconcile net (loss) income to cash          
used in operating activities:          
Depreciation of fixed assets      503   503
Net (loss) income as adjusted for non-cash items      (5,964)   8,592
           
Changes in assets and liabilities:          
Accounts receivable      638    964
Accounts payable      4,302   (1,212)
Other current liabilities     3,974   (3,347)
           
Cash used in operating activities      2,950    4,997
           
Cash flows provided by / (used in) investing activities:          
Purchase of fixed assets      -   (1,275) 
Cash provided by / (used in) investing activities      -    -
           
Net increase (decrease) in cash      2,950    3,722
           
Cash at beginning of period      13,396    29,961
           
Cash at end of period   £ 16,346 £ 33,683

 

See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2011
(unaudited)

 

1.  BASIS OF PRESENTATION, FORMATION AND BUSINESS

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. For further information, refer to the financial statements and footnotes thereto for the year ended December 31, 2010, filed as Exhibit 99.3 of this 8-K/A.

Business Description

Sight Science Limited (“Sight Science” or the “Company”), was incorporated in Aberdeen, Scotland, UK on November 15, 2006 and commenced trading on July 1, 2009.

 

The Company develops, markets and supports vision restoration therapy software and related devices. The Company provides Neuro-Eye Therarpy (NeET). Patients enter into individual contracts for this therapy. Patients eligible for the Company’s vision therapy have partial vision loss typically resulting from a stroke or traumatic brain injury.

 

2.   GOING CONCERN

The Company’s financial statements have been presented on a basis that contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and assumes the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of £6,467 for the three months ended September 30, 2011, and the Company expects to continue to incur substantial additional losses in the future, including development and marketing costs. The Company has generated negative cash flows from operations since inception. As of September 30, 2011 the Company had a shareholders’ deficit of £58,597 and cash and cash equivalents of £16,346. The Company believes it will not have enough cash to meet its various cash needs unless the Company is able to obtain additional cash from the issuance of debt or equity securities. There is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms, or at all. If adequate funds are not available, the Company may have to delay development or marketing of its therapies, or cease operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

 

 

3.   ACCOUNTING POLICIES

Accounting Convention

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and in accordance with the special provisions of Part 15 of the UK Companies Act 2006 related to small companies and with the Financial Reporting Standards for Smaller Entities (effective April 2008).

Recent Accounting Pronouncements

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Uses of estimates in the preparation of financial statements

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the 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 consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable and the completion by patients of paid-for therapies.

Revenue Recognition

Sight Science generates revenues from the provision of therapy services and other sources such as government grants, excluding value added tax. Therapy services revenues represent fees from the Company’s NeET vision restoration therapy software which is provided direct to patients. Sight Science recognizes revenue for providing the vision restoration therapy as the Company’s work effort is expended. The typical vision restoration therapy consists of six months of therapy, with a proportion of patients then going on to perform an additional period of therapy. 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.

Research grants and other subsidies represent revenue from Scottish Enterprise agencies to cover certain smaller company cost. The Company recognizes grant revenue when services or costs have been incurred.

Deferred revenue results from patients paying for the therapy in advance of receiving the therapy.

Research and Development

The Company expenses all research and development costs as incurred. For three months ended September 30, 2011 and 2010 the amounts charged to research and development expenses was £nil.

Educational marketing and advertising expenses

The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

 

Property and equipment

The Company records property and equipment at cost and calculates depreciation using the straight-line method over the estimated useful life of the assets, which is estimated to be four years. Maintenance, repairs and minor renewals are charged to expense when incurred. Replacements and major renewals are capitalized.

Income taxes

The Company accounts for income taxes in accordance with the current authoritative guidance. Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established, when it is more likely than not that such benefit will not be realized.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. There are no other potential ordinary shares, for example from the exercise of share options or the conversion of debt, that were outstanding during the period.

 

4.  OPERATING LOSS

The operating loss is after charging:

 

  Three months ended September 30.
  2011 2010
Depreciation – owned assets £503 £503
     
Directors’ remuneration and other benefits £2,000 £1,000

 

5.  PROPERTY AND EQUIPMENT

As of September 30, 2011 and June 30, 2011, Property and Equipment and the estimated lives used in the computation of depreciation is as follows:

 

    September 30 June 30,
  Estimated Useful lives 2011 2011
       
Machinery and equipment                       4 years £1,983 £1,983
Therapy Devices 4 years 6,068 6,068
    8,051 8,051
       
Less: Accumulated depreciation and amortization   (4,210) (3,707)
       
Property and Equipment, net   £3,841 £4,344
 

 

6.   CURRENT LIABILITIES

As of September 30 and June 30, 2011 Current Liabilities consisted of:

 

  September 30, June 30,
  2011 2011
     
Accounts payable – trade creditors         £8,287 £3,985
     
Credit card - 267
Taxation and Social Security 541 182
Accrued Directors’ fees 9,000 8,000
Deferred Revenue 8,164 10,000
Other Accrued liabilities 6,301 1,583
Other Current Liabilities 24,006 20,032

 

Total Current Liabilities

 £32,293 £24,017

 

7.   NOTES PAYABLE – LONG TERM

As of September 30 and June 30, 2011 Notes Payable – Long term consisted of an interest free loan of £47,426 from the University of Aberdeen to the Company dated July 7, 2009 and with a maturity date of July 6, 2014.

 

8. INCOME TAXES  

The Company has incurred losses since inception and no liability to UK corporation tax arose for the three months ended September 30, 2011 and 2010.

 

9.   COMMITMENTS AND CONTINGENCIES

Lease

The Company executed a lease agreement for administrative office space on the University of Aberdeen’s premises. The lease is for one year to May 8, 2012 at a rental of £2,000 per annum.

Sponsorship of the Stroke Association

In February 2011 the Company entered into an agreement to sponsor the production of the Visual Problems After Stroke factsheet which is distributed by the Stroke Association to individuals who register in the UK. The amount of sponsorship is £2,650.

 

10. RELATED PARTY TRANSACTIONS

The Company entered into a secondment agreement in July, 2009 with the University of Aberdeen, for the services of Prof. Arash Sahraie at a cost of approximately £7500 per annum.

 

 

11. SUBSEQUENT EVENTS

On January 3, 2012 the Notes Payable – Long term, together with certain other payables due to the University of Aberdeen, were converted into 16 new ordinary shares of the Company.

On January 4, 2012 the shareholders of Sight Science entered into various agreements for the sale of all the shares of the Company to NovaVision, Inc. (“NovaVision”), a subsidiary of Vycor Medical, Inc. (“Vycor”), for a total consideration of £384,768. NovaVision agreed to pay the Sight Science shareholders £200,000 cash, of which £100,000 was paid at the Closing on January 4, 2012 and an additional £100,000 cash to be paid to the Sight Science shareholders on the one-year anniversary of the Closing. In addition, the Sight Science shareholders received at Closing further consideration in the form of 14,350,000 Vycor restricted shares, which are the subject of lock-up agreements between the Parties, and which at Closing were valued at £184,768.

 

 
 EX-99.3 4 d29264_exh99-3.htm EX-99.3

Exhibit    99.3

 

SIGHT SCIENCE LIMITED

 

FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED JUNE 30, 2011

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

 

Board of Directors
Sight Science Limited
Aberdeen, Scotland

 

We have audited the accompanying balance sheet of Sight Science Limited as of June 30, 2011 and the related statement of operations, changes in stockholders’ deficit and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred a loss since inception, has a net accumulated deficit and may be unable to raise further equity. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Sight Science Limited as of June 30, 2011 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United Kingdom.

 

/s/ Paritz & Company, P.A.
Hackensack, New Jersey
March 20, 2012

 

 

 

SIGHT SCIENCE LIMTED
Balance Sheet

 

         June 30, 2011
ASSETS      
         
Current Assets      
  Cash     £ 13,396
  Accounts receivable, net       1,723
          15,119
           
Fixed assets, net       4,344 
           
TOTAL ASSETS     £ 19,463
           
LIABILITIES AND STOCKHOLDERS' DEFICIT      
           
Current Liabilities        
  Accounts payable     £ 3,985
  Other current liabilities       20,032
          24,017
  Notes payable - long-term       47,426
           
TOTAL LIABILITIES       71,443
           
STOCKHOLDERS' DEFICIT        
  Ordinary shares, £1.00 nominal value, 1,000,000 shares authorized,
150 shares issued and outstanding at June 30, 2011		   150
  Accumulated Deficit       (52,130)
           
          (52,130)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT     £ 19,463
           
See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED
Statement of Operations
 

 

      For the year ended
      June 30, 2011
       
       
       
Revenue   £ 61,868
       
Cost of Goods Sold     3,092
       
Gross Profit     58,776
       
Operating expenses:      
Depreciation and Amortization     496
General and administrative     70,197
       
Total Operating expenses      70,693
       
Operating loss      (11,917)
       
Other income (expense)      (125)
       
Net Loss Before Taxes      (12,042)
       
Taxes      -
       
Net Loss   £  (12,042)
       
Loss Per Share      
Basic and diluted   £  (80)
       
Weighted Average Number of Shares Outstanding      150

 

See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMTED
Statement of Changes in Shareholders’ Deficit

 

    Ordinary Shares   Accumulated      
    Shares   Value   Deficit   Total
                 
Ordinary share issuance at incorporation of the Company, November 15 2006     150   £ 150         £ 150
                         
Net loss for period ended June 30, 2010                 (40,088)     (40,088)
                         
                         
Balance at June 30, 2010     150   £ 150   £ (40,088)   £ (39,938)
                         
Net loss for the twelve months ended June 30, 2011                 (12,042)     (12,042)
                         
                         
Balance at June 30, 2011     150   £ 150   £ (52,130)   £ (51,980)

 

See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED

Statement of Cash Flows

 

    For the year ended June 30
     
    2011
Cash flows from operating activities:    
     
Net loss   £ (12,042)
       
Adjustments to reconcile net loss to cash      
used in operating activities:      
Depreciation of fixed assets     2,013
Net loss as adjusted for non-cash items     (10.029)
       
Changes in assets and liabilities:      
Accounts receivable     60 
Accounts payable      (5,952)
Other current liabilities      631
       
Cash used in operating activities     (15,290)
       
Cash flows provided by / (used in) investing activities:      
Purchase of fixed assets     (1,275)
Cash provided by / (used in) investing activities     (1,275)
       
Net increase (decrease) in cash     (16,565)
       
Cash at beginning of period      29,961
       
Cash at end of period   £ 13,396

 

See accompanying notes to financial statements

 

 

SIGHT SCIENCE LIMITED
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2011

 

1.  FORMATION AND BUSINESS OF THE COMPANY

 

Business Description

 

Sight Science Limited (“Sight Science” or the “Company”), was incorporated in Aberdeen, Scotland, UK on November 15, 2006 and commenced trading on July 1, 2009.

 

The Company develops, markets and supports vision restoration therapy software and related devices. The Company provides Neuro-Eye Therarpy (NeET). Patients enter into individual contracts for this therapy. Patients eligible for the Company’s vision therapy have partial vision loss typically resulting from a stroke or traumatic brain injury.

 

2.   GOING CONCERN

The Company’s financial statements have been presented on a basis that contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and assumes the Company will continue as a going concern. The Company has incurred losses since its inception, including a net loss of £12,042 for the year ended June 30, 2011, and the Company expects to continue to incur substantial additional losses in the future, including development and marketing costs. The Company has generated negative cash flows from operations since inception. As of June 30, 2011 the Company had a shareholders’ deficit of £51,980 and cash and cash equivalents of £13,396. The Company believes it will not have enough cash to meet its various cash needs unless the Company is able to obtain additional cash from the issuance of debt or equity securities. There is no assurance that additional funds from the issuance of equity will be available for the Company to finance its operations on acceptable terms, or at all. If adequate funds are not available, the Company may have to delay development or marketing of its therapies, or cease operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

 

3.   ACCOUNTING POLICIES

Accounting Convention

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and in accordance with the special provisions of Part 15 of the UK Companies Act 2006 related to small companies and with the Financial Reporting Standards for Smaller Entities (effective April 2008).

Recent Accounting Pronouncements

From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and

 

reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Uses of estimates in the preparation of financial statements

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the 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 consolidated financial statements include management’s estimate of the allowance for uncollectible accounts receivable and the completion by patients of paid-for therapies.

Revenue Recognition

Sight Science generates revenues from the provision of therapy services and other sources such as government grants, excluding value added tax. Therapy services revenues represent fees from the Company’s NeET vision restoration therapy software which is provided direct to patients. Sight Science recognizes revenue for providing the vision restoration therapy as the Company’s work effort is expended. The typical vision restoration therapy consists of six months of therapy, with a proportion of patients then going on to perform an additional period of therapy. A patient contract comprise 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.

Research grants and other subsidies represent revenue from Scottish Enterprise agencies to cover certain smaller company cost. The Company recognizes grant revenue when services or costs have been incurred.

Deferred revenue results from patients paying for the therapy in advance of receiving the therapy.

Research and Development

The Company expenses all research and development costs as incurred. For year ended June 30, 2011 the amounts charged to research and development expenses was £nil.

Educational marketing and advertising expenses

The Company may incur costs for the education of customers on the uses and benefits of its products. The Company will include education, marketing and advertising expense as a component of selling, general and administrative costs as such costs are incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Property and equipment

The Company records property and equipment at cost and calculates depreciation using the straight-line method over the estimated useful life of the assets, which is estimated to be four years. Maintenance, repairs and minor renewals are charged to expense when incurred. Replacements and major renewals are capitalized.

Income taxes

The Company accounts for income taxes in accordance with the current authoritative guidance. Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that

 

will be in effect when the differences are expected to reverse. Valuation allowances are established, when it is more likely than not that such benefit will not be realized.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. There are no other potential ordinary shares, for example from the exercise of share options or the conversion of debt, that were outstanding during the period.

 

4.  OPERATING LOSS

The operating loss is after charging:

 

  Year ended June 30, 2011
Depreciation – owned assets £2,013
   
Directors’ remuneration and other benefits £8,000

 

 

5. PROPERTY AND EQUIPMENT

As of June 30, 2011, Property and Equipment and the estimated lives used in the computation of depreciation is as follows:

 

    June 30,
  Estimated Useful lives 2011
     
Machinery and equipment                       4 years £1,983
Therapy Devices 4 years 6,068
    8,051
     
Less: Accumulated depreciation and amortization   (3,707)
     
Property and Equipment, net   £4,344

 

 

6.   CURRENT LIABILITIES

As of June 30, 2011 Current Liabilities consisted of:

 

  June 30,
  2011
   
Accounts payable – trade creditors         £3,985
   
Credit card 267
Taxation and Social Security 182
Accrued Directors’ fees 8,000
Deferred Revenue 10,000
Other Accrued liabilities 1,583
Total Other Liabilities 20,032

 

Total Current Liabilities

 £24,017

 

7.   NOTES PAYABLE – LONG TERM

As of June 30, 2011 Notes Payable – Long term consisted of an interest free loan of £47,426 from the University of Aberdeen to the Company dated July 7, 2009 and with a maturity date of July 6, 2014.

 

8. INCOME TAXES  

The Company has incurred losses since inception and no liability to UK corporation tax arose for the year ended June 30, 2011.

 

9.   COMMITMENTS AND CONTINGENCIES

Lease

The Company executed a lease agreement for administrative office space on the University of Aberdeen’s premises. The lease is for one year to May 8, 2012 at a rental of £2,000 per annum.

Sponsorship of the Stroke Association

In February 2011 the Company entered into an agreement to sponsor the production of the Visual Problems After Stroke factsheet which is distributed by the Stroke Association to individuals who register in the UK. The amount of sponsorship is £2,650

 

10. RELATED PARTY TRANSACTIONS

The Company entered into a secondment agreement in July, 2009 with the University of Aberdeen, for the services of Prof. Arash Sahraie at a cost of approximately £7500 per annum

 

11. SUBSEQUENT EVENTS

On January 3, 2012 the Notes Payable – Long term, together with certain other payables due to the University of Aberdeen, were converted into 16 new ordinary shares of the Company.

 

On January 4, 2012 the shareholders of Sight Science entered into various agreements for the sale of all the shares of the Company to NovaVision, Inc. (“NovaVision”), a subsidiary of Vycor Medical, Inc. (“Vycor”), for a total consideration of £384,768. NovaVision agreed to pay the Sight Science shareholders £200,000 cash, of which £100,000 was paid at the Closing on January 4, 2012 and an additional £100,000 cash to be paid to the Sight Science shareholders on the one-year anniversary of the Closing. In addition, the Sight Science shareholders received at Closing further consideration in the form of 14,350,000 Vycor restricted shares, which are the subject of lock-up agreements between the Parties, and which at Closing were valued at £184,768.

 

 
 EX-99.4 5 d29264_exh99-4.htm EX-99.4

mainpages

Exhibit    99.4

 


VYCOR MEDICAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


On January 4, 2012, Vycor Medical, Inc.“(Vycor” or “the Company”) acquired all of the shares of Sight Science Limited (“Sight Science”) for a total of £384,768 ($597,660). In consideration of the Share Purchase Agreement and other Transaction agreements, the Company agreed to pay the Sight Science shareholders £200,000 (US$ 310,660) cash, of which £100,000 (US$155,330) was paid at the Closing and an additional £100,000 (US$155,330) cash to be paid to the Sight Science shareholders on the one-year anniversary of the Closing.  In addition, the Sight Science shareholders received at Closing further consideration in the form of 14,350,000 restricted shares of the Company, which are the subject of lock-up agreements between the Parties, and which at Closing were valued at £184,768 (US$287,000).

The following unaudited pro forma condensed consolidated balance sheet as of September 30, 2011 and the unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2011 and the fiscal year ended December 31, 2010 give effect to the Company’s purchase of Sight Science. The acquisition has been accounted for as a business combination under ASC 805 and the initial purchase price was allocated to Sight Science’s assets and liabilities based on their fair values at the date of the acquisition.

The unaudited pro forma condensed consolidated balance sheet presents the financial position of the Company as if the acquisition of Sight Science occurred on September 30, 2011. The unaudited pro forma condensed consolidated statement of operations for the nine months ended September 30, 2011 and year ended December 31, 2010 has been prepared as if the acquisition occurred on January 1, 2011 and January 1, 2011, respectively.

As required under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 805, Business Combinations, the Company commissioned an independent appraisal of the assets acquired which was finalized in March 2011. The Company determined the fair value of the assets acquired pursuant to the acquisition method as defined in ASC 805 and ASC 350, Intangibles-Goodwill and Other. Included in this valuation were assumptions concerning the cost of equity determined via the build-up method, the cost of debt and the weighted average cost of capital.  Cash flows as included in the valuation were projected based on historical operations as well as management’s projections for future results based on these historical amounts.  The trademark and patent valuations were based upon the Relief-from Royalty Method on an after tax basis.  The value of the Internally Developed Software was based upon the Multi-period Excess Earnings Method utilizing, among other factors, a discount rate based on the Weighted Average Cost of Capital.

The unaudited pro forma condensed consolidated financial statements, which have been prepared in accordance with rules prescribed by Article 11 of Regulation S-X, are provided for informational purposes only and are not necessarily indicative of the past or future results of the operations or financial position of the Company.

This information should be read in conjunction with the previously filed Current Report on Form 8-K filed with the Securities and Exchange Commission on January 10, 2012, the previously filed historical financial statements and accompanying notes of the Company contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2011 and the historical financial statements and accompanying notes of Sight Science included in this report on Form 8-K/A.



1


 



VYCOR MEDICAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

SEPTEMBER 30, 2011

ASSETS

Vycor

 

Sight Science

 

Adjustments

 

Proforma Combined

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 $1,833,831

 

25,541

 

$(156,250)

A

 $1,703,122

 

Accounts receivable  

 113,575

 

1,695

 

 

 

 115,270

 

Inventory

 118,157

 

 

 

 

 

 118,157

 

Prepaid expenses and other current assets

 1,176,941

 

 

 

 

 

 1,176,941

 

 

Total current assets

3,242,504

 

27,236

 

(156,250)

 

3,113,490

 

 

 

 

 

 

 

 

 

 

Fixed assets, net

671,607

 

6,002

 

 365,625

A

 1,043,234

Intangible and Other assets

 

 

 

 

 

 

 

 

Intangible assets, net

 130,000

 

 

 

 121,875

A

 251,875

 

Patents, net of accumulated amortization

 343,622

 

 

 

 181,250

A

 524,872

 

Website, net of accumulated amortization

 5,165

 

 

 

 

 

 5,165

 

Security deposits

 8,988

 

 

 

 

 

 8,988

 

487,775

 

 

 

303,125

 

790,900

 

 

Total assets

$4,401,886

 

33,238

 

$512,500

 

$4,947,624

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 $241,889

 

12,948

 

(9,230)

D

 $245,607

 

Accrued interest

 24,986

 

 

 

 

 

 24,986

 

Accrued liabilities

 658,098

 

 

 

45,043

B

 704,041

 

Other Current Liabilities

 101,179

 

37,510

 

(14,063)

C

 124,626

 

Notes payable - current

 318,327

 

 

 

 

 

 318,327

 

 

Total current liabilities

1,344,479

 

50,458

 

22,650

 

1,417,587

 

 

 

 

 

 

 

 

 

 

 

Notes payable – long term

1,316,362

 

74,103

 

(74,103)

C

 1,316,362

 

Other long term liabilities

 

 

 

 

156,250

A

 156,250

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

2,660,841

 

124,561

 

104,797

 

2,890,199

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

Preferred stock

 1

 

 

 

 

 

 1

 

Common stock

80,616

 

234

 

1,201

A,D

82,051

 

Additional paid-in capital

 12,461,726

 

 

 

287,265

A,C,D

 12,748,991

 

Accumulated deficit

 (10,803,211)

 

(91,874)

 

119,554

C,E,F

 (10,775,531)

 

Accumulated Other Comprehensive Income

 1,913

 

317

 

(317)

D

 1,913

 

 

Total shareholders’ equity (deficit)

1,741,045

 

(91,323)

 

407,703

 

2,057,425

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

$4,401,886

 

$33,238

 

$512,500

 

$4,947,624



2


 



VYCOR MEDICAL, INC.

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements



Although the transaction took place on January 4, 2012 and will be recorded in Vycor's financial statements at the closing $/£ rate on January 3, 2012, for the purposes of the pro forma the adjustments and transaction are recorded at the September 30, 2011 balance sheet rate. Both rates are shown below.

 

 

 

 

 

 

 

 

 

 

A

 

Reflects the acquisition by Vycor of the share capital of Sight Science. The transaction took place on January 4, 2012 and comprised:

 

 

 

 

 

 

 Sep 30, 2011 rate

 

 Jan 3, 2012 rate

 

 

 

Cash at closing

 £100,000

 

 

 $156,250

 

 $155,330

 

 

 

Cash due on January 4, 2013

 £100,000

 

 

 $156,250

 

 $155,330

 

 

 

Stock consideration

 £184,768

 

 

 $288,700

 

 $287,000

 

 

 

Total Consideration

 £384,768

 

 

 $601,200

 

 $597,660

 

 

 

 

 

 

 

 

 

 

 

 

 

Reflects the ASC 805 valuation of the intangible assets acquired in the transaction:

 

 

 

 

Trademarks and Tradenames

 £78,000

 

 

 $121,875

 

 $121,157

 

 

 

Patents

 £116,000

 

 

 $181,250

 

 $180,183

 

 

 

Developed Software

 £234,000

 

 

 $365,625

 

 $363,472

 

 

 

Total Fair Value of Assets Acquired

£431,886

 

 

$674,822

 

$670,849

 

 

 

 

 

 

 

 

 

 

 

 

 

Negative Goodwill: Excess of Fair Value of Assets Acquired over Total Consideration

 

$73,622

 

 

 

 

 

 

 

 

 

 

 

 

 

B

 

Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

C

 

Reflects the conversion of University of Aberdeen's loan to Sight Science and certain accounts payable balances just prior to Closing, together with the payment of outstanding director's fees by the vendors at closing

 

 

Loan

 £47,426

 

 

 $74,103

 

 $73,667

 

 

 

Accounts payable balances

 £5,907

 

 

 $9,230

 

 $9,175

 

 

 

Directors fees

 £9,000

 

 

 $14,063

 

 $13,980

 

 

 

 

£62,333

 

 

$97,395

 

$96,822

 

 

 

This contribution to Sight Science’s capital is eliminated in adjustment D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

 

Reflects the elimination of Sight Science's shareholders' equity in consolidation.

 

 

 

 

 

 

 

 

 

 

E

 

Reflects the effect on the net loss for the period for the acquisition, including the negative goodwill (A) and the transaction costs (B)

 



3


 



VYCOR MEDICAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011


 

 

Vycor

 

Sight Science

 

Adjustments

 

Pro forma Combined

 

 

 

 

 

 

 

 

 

Revenue

 518,731

 

 55,025

 

 

 

 573,756

 

 

 

 

 

 

 

 

 

Cost of revenue

 93,863

 

 2,805

 

 

 

 96,668

 

 

 

 

 

 

 

 

 

 

Gross profit

424,868

 

 52,220

 

 

 

477,088

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 94,960

 

 –

 

 

 

 94,960

 

Depreciation and amortization

 155,381

 

 600

 

 

 

 155,981

 

Sales, General and administrative

 4,002,430

 

 85,623

 

 

 

4,088,053

 

Costs related to Acquisition of Subsidiary

 

 

 

 

 45,943

F

45,943

 

Negative Goodwill on Acquisition of Subsidiary

 

 

 

 

(73,622)

G

(73,622)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

4,252,771

 

86,223

 

(27,679)

 

4,311,315

 

 

 

 

 

 

 

 

 

 

Loss from operations

(3,827,903)

 

(34,003)

 

27,679

 

 (3,834,227)

 

 

 

 

 

 

 

 

 

Net Interest and Other income (expense)

(92,149)

 

(415)

 

 

 

(92,564)

 

 

 

 

 

 

 

 

 

 

Net loss

$(3,920,052)

 

$(34,418)

 

$27,679

 

$(3,926,791)

 

 

 

 

 

 

 

 

 

Loss per Share

 

 

 

 

 

 

 

 

Basic and diluted

$(0.005)

 

 

 

 

 

$(0.005)

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

Basic and diluted

770,330,972

 

 

 

 

 

784,680,972

 

 

 

 

 

 

 

 

 



Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements


F

 

Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011

 

 

 

 

 

 

 

 

 

 

G

 

Reflects the negative goodwill generated from the excess of the Fair Value of the Assets acquired over the Consideration paid as set out in more detail in Note A

 

 

 

 

 

 

 

 

 

 

 




4


 


VYCOR MEDICAL, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2010

 

 

Vycor

 

Sight Science

 

Adjustments

 

Pro forma Combined

 

 

 

 

 

 

 

 

 

Revenue

 316,450

 

 98,395

 

 

 

 414,845

 

 

 

 

 

 

 

 

 

Cost of revenue

 48,737

 

 4,918

 

 

 

 53,655

 

 

 

 

 

 

 

 

 

 

Gross profit

267,713

 

93,477

 

 

 

361,190

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 15,208

 

 –

 

 

 

 15,208

 

Depreciation and amortization

 56,801

 

 789

 

 

 

 57,590

 

Sales, General and administrative

 1,921,422

 

 111,641

 

 

 

 2,033,063

 

Costs related to Acquisition of Subsidiary

 

 

 

 

 45,943

I

 45,943

 

Negative Goodwill on Acquisition of Subsidiary

 

 

 

 

(73,622)

J

(73,622)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

1,993,431

 

112,430

 

(27,679)

 

2,078,182

 

 

 

 

 

 

 

 

 

 

Loss from operations

(1,725,718)

 

(18,953)

 

27,679

 

(1,716,992)

 

 

 

 

 

 

 

 

 

Net Interest and Other income (expense)

(258,104)

 

(199)

 

 

 

(258,303)

 

 

 

 

 

 

 

 

 

 

Net loss

$(1,983,822)

 

$(19,152)

 

$27,679

 

$(1,975,295)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per Share

 

 

 

 

 

 

 

 

Basic and diluted

$(0.003)

 

 

 

 

 

$(0.003)

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

Basic and diluted

663,168,900

 

 

 

 

 

677,518,900

 

 

 

 

 

 

 

 

 




Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements


The pro forma financial information above includes the audited statements of operations for Vycor and Sight Science for their respective most recent fiscal year ends; in Vycor’s case this is December 31, 2010 and in Sight Science’s case this is June 30, 2011.
 

 

 

Reflects the depreciation and amortization of the acquired intangible assets to the extent these were greater than the carrying value in Sight Science's financial statements

 

 

 

I

 

Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011

 

 

 

 

 

 

 

 

 

J

 

Reflects the negative goodwill generated from the excess of the Fair Value of the Assets acquired over the Consideration paid as set out in more detail in Note A

 

 

 

 

 

 

 

 

 


5


 
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This Report includes the financial statements required in Item 9.01. 1833831 -156250 1703122 113575 115270 118157 118157 1176941 1176941 3242504 -156250 3113490 671607 1043234 130000 121875 251875 343622 181250 524872 5165 5165 8988 8988 487775 303125 790900 4401886 512500 4947624 241889 -9230 245607 24986 24986 658098 45943 704041 101179 -14063 124626 318327 318327 1344479 22650 1417587 1316362 -74103 1316362 156250 156250 2660841 104797 2890199 1 1 80616 1201 82051 12461726 287265 12748991 -10803211 119554 -10775531 1913 -317 1913 1741045 407703 2057425 4401886 512500 4947624 316450 414845 518731 573756 48737 53655 93863 96668 267713 361190 424868 477088 15208 15208 94960 94960 56801 57590 155381 155981 1921422 2033063 4002430 4088053 1993431 -27679 2078182 4252771 -27679 4311315 -1725718 27679 -1716992 -3827903 27679 -3834227 258104 258303 92149 92564 -1983822 27679 -1975295 -3920052 27679 -3926791 -0.003 -0.003 -0.005 -0.005 663168900 677518900 770330972 784680972 156250 100000 155330 156250 100000 155330 288700 184768 287000 601200 384768 597660 74103 47426 73667 9230 5907 9175 14063 9000 13980 25541 1695 27236 6002 33238 12948 37510 50458 74103 124561 234 -91874 317 -91323 33238 55025 2805 52220 600 85623 86223 -34003 415 -34418 98395 93477 4918 789 111641 112430 -18953 199 -19152 -73622 365625 45943 -73622 45943 -73622 45943 45943 -73622 -73622 78000 116000 234000 121157 180183 363472 121875 181250 365625 62333 96822 97395 431886 670849 674822 Reflects the elimination of Sight Science's shareholders' equity in consolidation Reflects the conversion of University of Aberdeen's loan to Sight Science and certain accounts payable balances just prior to Closing, together with the payment of outstanding director's fees by the vendors at closing Loan £47,426 $74,103 $73,667 Accounts payable balances £5,907 $9,230 $9,175 Directors fees £9,000 $14,063 $13,980 £62,333 $97,395 $96,822 This contribution to Sight Science's capital is eliminated in adjustment D Reflects the effect on the net loss for the period for the acquisition, including the negative goodwill (A) and the transaction costs (B) Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011 Reflects the acquisition by Vycor of the share capital of Sight Science. The transaction took place on January 4, 2012 and comprised: Sep 30, 2011 rate Jan 3, 2012 rate Cash at closing £100,000 $156,250 $155,330 Cash due on January 4, 2013 £100,000 $156,250 $155,330 Stock consideration £184,768 $288,700 $287,000 Total Consideration £384,768 $601,200 $597,660 Reflects the ASC 805 valuation of the intangible assets acquired in the transaction: Trademarks and Tradenames £78,000 $121,875 $121,157 Patents £116,000 $181,250 $180,183 Developed Software £234,000 $365,625 $363,472 Total Fair Value of Assets Acquired £431,886 $674,822 $670,849 Negative Goodwill: Excess of Fair Value of Assets Acquired over Total Consideration $73,622 Reflects the negative goodwill generated from the excess of the Fair Value of the Assets acquired over the Consideration paid as set out in more detail in Note A EX-101.CAL 7 vyco-20110930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 vyco-20110930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 vyco-20110930_lab.xml XBRL LABEL FILE EX-101.PRE 10 vyco-20110930_pre.xml XBRL PRESENTATION FILE EX-101.SCH 11 vyco-20110930.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET link:presentationLink link:definitionLink link:calculationLink 003 - Statement - UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 13 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\V9CAE-60U.%]F8S%C7S0X,31?8C9F9%\R83!F M9C8X-S)D9#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\V M9CAE-60U.%]F8S%C7S0X,31?8C9F9%\R83!F9C8X-S)D9#<-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-F8X935D-3A?9F,Q8U\T.#$T7V(V9F1? 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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (USD $)
Sep. 30, 2011
Vycor
  
Current assets:  
Cash and cash equivalents $ 1,833,831
Accounts receivable 113,575
Inventory 118,157
Prepaid expenses and other current assets 1,176,941
Total current assets 3,242,504
Fixed assets, net 671,607
Intangible and Other assets  
Intangible assets, net 130,000
Patents, net of accumulated amortization 343,622
Website, net of accumulated amortization 5,165
Security deposits 8,988
Intangible and Other Asset 487,775
Total assets 4,401,886
Current liabilities:  
Accounts payable 241,889
Accrued interest 24,986
Accrued liabilities 658,098
Other Current Liabilities 101,179
Notes payable - current 318,327
Total current liabilities 1,344,479
Notes payable - long term 1,316,362
Other long term liabilities   
Total liabilities 2,660,841
Shareholders' equity (deficit):  
Preferred stock 1
Common stock 80,616
Additional paid-in capital 12,461,726
Accumulated deficit (10,803,211)
Accumulated Other Comprehensive Income 1,913
Total shareholders' equity (deficit) 1,741,045
Total liabilities and shareholders' equity 4,401,886
Sight Science
  
Current assets:  
Cash and cash equivalents 25,541
Accounts receivable 1,695
Inventory   
Prepaid expenses and other current assets   
Total current assets 27,236
Fixed assets, net 6,002
Intangible and Other assets  
Intangible assets, net   
Patents, net of accumulated amortization   
Website, net of accumulated amortization   
Security deposits   
Intangible and Other Asset   
Total assets 33,238
Current liabilities:  
Accounts payable 12,948
Accrued interest   
Accrued liabilities   
Other Current Liabilities 37,510
Notes payable - current   
Total current liabilities 50,458
Notes payable - long term   
Other long term liabilities 74,103
Total liabilities 124,561
Shareholders' equity (deficit):  
Preferred stock   
Common stock 234
Additional paid-in capital   
Accumulated deficit (91,874)
Accumulated Other Comprehensive Income 317
Total shareholders' equity (deficit) (91,323)
Total liabilities and shareholders' equity 33,238
Adjustments
  
Current assets:  
Cash and cash equivalents (156,250) [1]
Accounts receivable   
Inventory   
Prepaid expenses and other current assets   
Total current assets (156,250)
Fixed assets, net 365,625 [1]
Intangible and Other assets  
Intangible assets, net 121,875 [1]
Patents, net of accumulated amortization 181,250 [1]
Website, net of accumulated amortization   
Security deposits   
Intangible and Other Asset 303,125
Total assets 512,500
Current liabilities:  
Accounts payable (9,230) [2]
Accrued interest   
Accrued liabilities 45,943 [3]
Other Current Liabilities (14,063) [4]
Notes payable - current   
Total current liabilities 22,650
Notes payable - long term (74,103) [4]
Other long term liabilities 156,250 [1]
Total liabilities 104,797
Shareholders' equity (deficit):  
Preferred stock   
Common stock 1,201 [1],[2]
Additional paid-in capital 287,265 [1],[2],[4]
Accumulated deficit 119,554 [3],[4],[5]
Accumulated Other Comprehensive Income (317) [2]
Total shareholders' equity (deficit) 407,703
Total liabilities and shareholders' equity 512,500
Proforma Combined
  
Current assets:  
Cash and cash equivalents 1,703,122
Accounts receivable 115,270
Inventory 118,157
Prepaid expenses and other current assets 1,176,941
Total current assets 3,113,490
Fixed assets, net 1,043,234
Intangible and Other assets  
Intangible assets, net 251,875
Patents, net of accumulated amortization 524,872
Website, net of accumulated amortization 5,165
Security deposits 8,988
Intangible and Other Asset 790,900
Total assets 4,947,624
Current liabilities:  
Accounts payable 245,607
Accrued interest 24,986
Accrued liabilities 704,041
Other Current Liabilities 124,626
Notes payable - current 318,327
Total current liabilities 1,417,587
Notes payable - long term 1,316,362
Other long term liabilities 156,250
Total liabilities 2,890,199
Shareholders' equity (deficit):  
Preferred stock 1
Common stock 82,051
Additional paid-in capital 12,748,991
Accumulated deficit (10,775,531)
Accumulated Other Comprehensive Income 1,913
Total shareholders' equity (deficit) 2,057,425
Total liabilities and shareholders' equity $ 4,947,624
[1] Reflects the acquisition by Vycor of the share capital of Sight Science. The transaction took place on January 4, 2012 and comprised: Sep 30, 2011 rate Jan 3, 2012 rate Cash at closing £100,000 $156,250 $155,330 Cash due on January 4, 2013 £100,000 $156,250 $155,330 Stock consideration £184,768 $288,700 $287,000 Total Consideration £384,768 $601,200 $597,660 Reflects the ASC 805 valuation of the intangible assets acquired in the transaction: Trademarks and Tradenames £78,000 $121,875 $121,157 Patents £116,000 $181,250 $180,183 Developed Software £234,000 $365,625 $363,472 Total Fair Value of Assets Acquired £431,886 $674,822 $670,849 Negative Goodwill: Excess of Fair Value of Assets Acquired over Total Consideration $73,622
[2] Reflects the elimination of Sight Science's shareholders' equity in consolidation
[3] Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011
[4] Reflects the conversion of University of Aberdeen's loan to Sight Science and certain accounts payable balances just prior to Closing, together with the payment of outstanding director's fees by the vendors at closing Loan £47,426 $74,103 $73,667 Accounts payable balances £5,907 $9,230 $9,175 Directors fees £9,000 $14,063 $13,980 £62,333 $97,395 $96,822 This contribution to Sight Science's capital is eliminated in adjustment D
[5] Reflects the effect on the net loss for the period for the acquisition, including the negative goodwill (A) and the transaction costs (B)
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UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (Parentheticals)
Jan. 03, 2012
USD ($)
Jan. 03, 2012
GBP (£)
Sep. 30, 2011
USD ($)
Jan. 03, 2012
Trademarks and Tradenames
USD ($)
Jan. 03, 2012
Trademarks and Tradenames
GBP (£)
Sep. 30, 2011
Trademarks and Tradenames
USD ($)
Jan. 03, 2012
Patents
USD ($)
Jan. 03, 2012
Patents
GBP (£)
Sep. 30, 2011
Patents
USD ($)
Jan. 03, 2012
Developed Software
USD ($)
Jan. 03, 2012
Developed Software
GBP (£)
Sep. 30, 2011
Developed Software
USD ($)
Cash at closing $ 155,330 £ 100,000 $ 156,250                  
Cash due on January 4, 2013 155,330 100,000 156,250                  
Stock consideration 287,000 184,768 288,700                        
Business Acquisition, Cost of Acquired Entity, Purchase Price, Total 597,660 384,768 601,200                        
Acquired Finite-lived Intangible Asset 670,849 431,886 674,822 121,157 78,000 121,875 180,183 116,000 181,250 363,472 234,000 365,625
Loan 73,667 47,426 74,103                  
Accounts payable balances 9,175 5,907 9,230                  
Directors fees 13,980 9,000 14,063                  
Business Acquisition, Purchase Price Allocation, Current Liabilities, Total 96,822 62,333 97,395                  
Negative Goodwill $ 73,622                      
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Document and Entity Information
 9 Months Ended
Sep. 30, 2011
Document and Entity Information [Abstract]  
Entity Registrant Name VYCOR MEDICAL INC
Entity Central Index Key 0001424768
Document Type 8-K
Document Period End Date Sep. 30, 2011
Amendment Flag true
Amendment Description This amendment is being filed pursuant to the instructions with respect to Item 9.01-- Financial Statements and Exhibits, which provides that financial statements required by said item may be filed with the initial report, or by amendment not later than 71 calendar days after the date that the initial report on Form 8-K must be filed. This Report includes the financial statements required in Item 9.01.
XML 19 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Vycor
    
Revenue $ 518,731 $ 316,450
Cost of revenue 93,863 48,737
Gross profit 424,868 267,713
Operating expenses    
Research and development 94,960 15,208
Depreciation and amortization 155,381 56,801
Sales, General and administrative 4,002,430 1,921,422
Costs related to Acquisition of Subsidiary      
Negative Goodwill on Acquisition of Subsidiary      
Total operating expenses 4,252,771 1,993,431
Loss from operations (3,827,903) (1,725,718)
Net Interest and Other income (expense) (92,149) (258,104)
Net loss (3,920,052) (1,983,822)
Loss per Share    
Basic and diluted (in dollars per share) $ (0.005) $ (0.003)
Weighted average number of common shares outstanding    
Basic and diluted (in shares) 770,330,972 663,168,900
Sight Science
    
Revenue 55,025 98,395
Cost of revenue 2,805 4,918
Gross profit 52,220 93,477
Operating expenses    
Research and development      
Depreciation and amortization 600 789
Sales, General and administrative 85,623 111,641
Costs related to Acquisition of Subsidiary      
Negative Goodwill on Acquisition of Subsidiary      
Total operating expenses 86,223 112,430
Loss from operations (34,003) (18,953)
Net Interest and Other income (expense) (415) (199)
Net loss (34,418) (19,152)
Loss per Share    
Basic and diluted (in dollars per share)      
Weighted average number of common shares outstanding    
Basic and diluted (in shares)      
Adjustments
    
Revenue      
Cost of revenue      
Gross profit      
Operating expenses    
Research and development      
Depreciation and amortization      
Sales, General and administrative      
Costs related to Acquisition of Subsidiary 45,943 [1] 45,943 [1]
Negative Goodwill on Acquisition of Subsidiary (73,622) [2] (73,622) [2]
Total operating expenses (27,679) (27,679)
Loss from operations 27,679 27,679
Net Interest and Other income (expense)      
Net loss 27,679 27,679
Loss per Share    
Basic and diluted (in dollars per share)      
Weighted average number of common shares outstanding    
Basic and diluted (in shares)      
Proforma Combined
    
Revenue 573,756 414,845
Cost of revenue 96,668 53,655
Gross profit 477,088 361,190
Operating expenses    
Research and development 94,960 15,208
Depreciation and amortization 155,981 57,590
Sales, General and administrative 4,088,053 2,033,063
Costs related to Acquisition of Subsidiary 45,943 45,943
Negative Goodwill on Acquisition of Subsidiary (73,622) (73,622)
Total operating expenses 4,311,315 2,078,182
Loss from operations (3,834,227) (1,716,992)
Net Interest and Other income (expense) (92,564) (258,303)
Net loss $ (3,926,791) $ (1,975,295)
Loss per Share    
Basic and diluted (in dollars per share) $ (0.005) $ (0.003)
Weighted average number of common shares outstanding    
Basic and diluted (in shares) 784,680,972 677,518,900
[1] Reflects the transaction costs incurred by Vycor in connection with the acquisition and not accrued at September 30, 2011
[2] Reflects the negative goodwill generated from the excess of the Fair Value of the Assets acquired over the Consideration paid as set out in more detail in Note A
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