Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.21.1
SEGMENT REPORTING
3 Months Ended
Mar. 31, 2021
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 March 31, 2021:

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Revenue:

                               

Product sales

  $ 115,367     $ -     $ -     $ 115,367  

Service

    2,680       -       -       2,680  

Total Revenue

    118,047       -       -       118,047  
                                 

Cost of goods sold

    98,618       -       -       98,618  
                                 

Gross profit

    19,429       -       -       19,429  
                                 

Operating expenses:

                               

Research and development

    1,275,993       (10,286

)

    -       1,265,707  

General and administrative

    6,456,625       814,386       450       7,271,461  

Depreciation and amortization

    40,728       857       -       41,585  

Total operating expenses

    7,773,346       804,957       450       8,578,753  
                                 

Loss from operations

    (7,753,917

)

    (804,957

)

    (450

)

    (8,559,324

)

                                 

Other income:

                               

Interest income and other income, net

    606       114       -       720  
                                 

Net loss

  $ (7,753,311

)

  $ (804,843

)

  $ (450

)

  $ (8,558,604

)

 

Summary Unaudited condensed consolidated Statement of Operations for the three months ended March 31, 2020:

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 1,327,003     $ 3,599,711     $ -     $ 4,926,714  

General and administrative

    3,819,438       4,035,782       -       7,855,220  

Depreciation and amortization

    21,015       -       -       21,015  

Total operating expenses

    5,167,456       7,635,493       -       12,802,949  
                                 

Loss from operations

    (5,167,456

)

    (7,635,493

)

    -       (12,802,949

)

                                 

Other income:

                               

Interest income and other income, net

    25,411       14,165       -       39,576  
                                 

Net loss

  $ (5,142,045

)

  $ (7,621,328

)

  $ -     $ (12,763,373

)

 

Summary of assets at March 31, 2021:

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Cash

  $ 18,060,472     $ 4,414,394     $ -     $ 22,474,866  

Inventory

    649,937       -       -       649,937  

Other current assets

    203,757       4,989       -       208,746  

Total operating assets

    18,914,166       4,419,383       -       23,333,549  
                                 

Property and equipment, net

    373,684       7,717       -       381,401  

Right-to-use assets, net 

    356,266       -       -       356,266  

Other assets

    444,743       -       -       444,743  
                                 

Total assets

  $ 20,088,859     $ 4,427,100     $ -     $ 24,515,959