Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

v3.20.4
SEGMENT REPORTING
12 Months Ended
Dec. 31, 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 consolidated Statement of Operations for the year ended December 31, 2020:

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 4,399,182     $ 13,705,050     $ 31,630     $ 18,135,862  

General and administrative

    26,264,331       14,680,519       9,403       40,954,253  

Depreciation and amortization

    91,818       1,429       286       93,533  

Total operating expenses

    30,755,331       28,386,998       41,319       59,183,648  
                                 

Loss from Operations

    (30,755,331

)

    (28,386,998

)

    (41,319

)

    (59,183,648

)

                                 

Other income:

                               

Interest income and other income, net

    29,480       14,855       -       44,335  
                                 

Net loss

  $ (30,725,851

)

  $ (28,372,143

)

  $ (41,319

)

  $ (59,139,313

)

 

Summary of assets at December 31, 2020:

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Cash

  $ 22,684,516     $ 5,583,513     $ -     $ 28,268,029  

Inventory

    768,319       -       -       768,319  

Other current assets

    270,623       29,928       -       300,551  

Total operating assets

    23,723,458       5,613,441       -       29,336,899  
                                 

Property and equipment, net

    279,985       8,575       -       288,560  

Right-to-use assets, net 

    306,484       -       -       306,484  

Other assets

    453,494       -       -       453,494  
                                 

Total assets

  $ 24,763,421     $ 5,622,016     $ -     $ 30,385,437