Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.21.2
SEGMENT REPORTING
6 Months Ended
Jun. 30, 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 June 30, 2021 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Revenue:

                               

Product sales

  $ 199     $ -     $ -     $ 199  

Service

    8       -       -       8  

Total Revenue

    207       -       -       207  
                                 

Cost of goods sold

    62       -       -       62  
                                 

Gross profit

    145       -       -       145  
                                 

Operating expenses:

                               

Research and development

    1,455       212       -       1,667  

General and administrative

    5,523       953       4       6,480  

Depreciation and amortization

    48       1       -       49  

Total operating expenses

    7,026       1,166       4       8,196  
                                 

Loss from operations

    (6,881

)

    (1,166

)

    (4

)

    (8,051

)

                                 

Other income:

                               

Interest income and other income, net

    -       -       -       -  
                                 

Net loss

  $ (6,881

)

  $ (1,166

)

  $ (4

)

  $ (8,051

)

 

Summary Unaudited condensed consolidated Statement of Operations for the three months ended June 30, 2020 (000’s):

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

Total

 

Operating expenses:

                       

Research and development

  $ 1,087     $ 4,631     $ 5,718  

General and administrative

    8,128       8,480       16,608  

Depreciation and amortization

    22       -       22  

Total operating expenses

    9,237       13,111       22,348  
                         

Loss from Operations

    (9,237

)

    (13,111

)

    (22,348

)

                         

Other income:

                       

Interest income and other income, net

    2       -       2  
                         

Net loss

  $ (9,235

)

  $ (13,111

)

  $ (22,346

)

 

Summary Unaudited condensed consolidated Statement of Operations for the six months ended June 30, 2021 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Revenue:

                               

Product sales

  $ 314     $ -     $ -     $ 314  

Service

    11       -       -       11  

Total Revenue

    325       -       -       325  
                                 

Cost of goods sold

    161       -       -       161  
                                 

Gross profit

    164       -       -       164  
                                 

Operating expenses:

                               

Research and development

    2,731       202       -       2,933  

General and administrative

    11,980       1,767       4       13,751  

Depreciation and amortization

    89       2       -       91  

Total operating expenses

    14,800       1,971       4       16,775  
                                 

Loss from operations

    (14,636

)

    (1,971

)

    (4

)

    (16,611

)

                                 

Other income:

                               

Interest income and other income, net

    1       -       -       1  
                                 

Net loss

  $ (14,635

)

  $ (1,971

)

  $ (4

)

  $ (16,610

)

 

Summary Unaudited condensed consolidated Statement of Operations for the six months ended June 30, 2020 (000’s):

 

   

BioSig

Technologies, Inc

   

ViralClear

Pharmaceuticals, Inc.

   

Total

 

Operating expenses:

                       

Research and development

  $ 2,414     $ 8,231     $ 10,645  

General and administrative

    11,949       12,515       24,464  

Depreciation and amortization

    43       -       43  

Total operating expenses

    14,406       20,746       35,152  
                         

Loss from Operations

    (14,406

)

    (20,746

)

    (35,152

)

                         

Other income:

                       

Interest and other income, net

    28       14       42  
                         

Net loss

  $ (14,378

)

  $ (20,732

)

  $ (35,110

)

 

Summary of assets at June 30, 2021 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Cash

  $ 12,445     $ 3,059     $ -     $ 15,504  

Accounts receivable

    199       -       -       199  

Inventory

    731       -       -       731  

Other current assets

    513       2       -       515  

Total operating assets

    13,888       3,061       -       16,949  
                                 

Property and equipment, net

    382       6       -       388  

Right-to-use assets, net 

    252       -       -       252  

Other assets

    438       -       -       438  
                                 

Total assets

  $ 14,960     $ 3,067     $ -     $ 18,027