Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.20.2
SEGMENT REPORTING
9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 12 — SEGMENT REPORTING

 

In accordance with ASC 280-10, the Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has three reportable segments: BioSig Technologies, Inc. (parent), NeuroClear Technologies, Inc. and ViralClear Pharmaceuticals, Inc.

 

Information concerning the operations of the Company’s reportable segments is as follows:

 

Summary Unaudited condensed consolidated Statement of Operations for the three months ended September 30, 2020:

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 698,310     $ 4,182,887     $ 29,630     $ 4,910,827  

General and administrative

    6,807,422       1,357,805       261       8,165,488  

Depreciation and amortization

    23,012       -       857       23,869  

    Total operating expenses

    7,528,744       5,540,692       30,748       13,100,184  
                                 

Loss from Operations

    (7,528,744

)

    (5,540,692

)

    (30,748

)

    (13,100,184

)

                                 

Other income:

                               

Interest income and other income, net

    1,453       290       -       1,743  
                                 

Net loss

  $ (7,527,291

)

  $ (5,540,402

)

  $ (30,748

)

  $ (13,098,441

)

 

Summary Unaudited condensed consolidated Statement of Operations for the nine months ended September 30, 2020:

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 3,112,294     $ 12,413,801     $ 29,630     $ 15,555,725  

General and administrative

    18,755,512       13,873,146       261       32,628,919  

Depreciation and amortization

    66,235       -       857       67,092  

    Total operating expenses

    21,934,041       26,286,947       30,748       48,251,736  
                                 

Loss from Operations

    (21,934,041

)

    (26,286,947

)

    (30,748

)

    (48,251,736

)

                                 

Other income:

                               

Interest income and other income, net

    28,915       14,697       -       43,612  
                                 

Net loss

  $ (21,905,126

)

  $ (26,272,250

)

  $ (30,748

)

  $ (48,208,124

)

 

Property and equipment are held primarily by BioSig Technologies, Inc. segment.