Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.21.2
SEGMENT REPORTING
9 Months Ended
Sep. 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 September 30, 2021 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Revenue:

                               

Product sales

  $ 100     $ -     $ -     $ 100  

Service

    8       -       -       8  

Total revenue

    108       -       -       108  
                                 

Cost of goods sold

    38       -       -       38  
                                 

Gross profit

    70       -       -       70  
                                 

Operating expenses:

                               

Research and development

    1,311       4       -       1,315  

General and administrative

    5,975       529       1       6,505  

Depreciation and amortization

    50       1       -       51  

Total operating expenses

    7,336       534       1       7,871  
                                 

Loss from operations

    (7,266

)

    (534

)

    (1

)

    (7,801

)

                                 

Other income:

                               

Interest income and other income, net

    1       -       -       1  

Gain on settlement of debt

    -       553       -       553  
                                 

Net loss

  $ (7,265

)

  $ 19     $ (1

)

  $ (7,247

)

 

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

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 698     $ 4,183     $ 30     $ 4,911  

General and administrative

    6,807       1,358       -       8,165  

Depreciation and amortization

    24       -       -       24  

Total operating expenses

    7,529       5,541       30       13,100  
                                 

Loss from operations

    (7,529

)

    (5,541

)

    (30

)

    (13,100

)

                                 

Other income:

                               

Interest income and other income, net

    2       -       -       2  
                                 

Net loss

  $ (7,527

)

  $ (5,541

)

  $ (30

)

  $ (13,098

)

 

Summary unaudited condensed consolidated Statement of Operations for the nine months ended September 30, 2021 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Revenue:

                               

Product sales

  $ 414     $ -     $ -     $ 414  

Service

    19       -       -       19  

Total revenue

    433       -       -       433  
                                 

Cost of goods sold

    199       -       -       199  
                                 

Gross profit

    234       -       -       234  
                                 

Operating expenses:

                               

Research and development

    4,042       206       -       4,248  

General and administrative

    17,954       2,297       5       20,256  

Depreciation and amortization

    139       3       -       142  

Total operating expenses

    22,135       2,506       5       24,646  
                                 

Loss from operations

    (21,901

)

    (2,506

)

    (5

)

    (24,412

)

                                 

Other income:

                               

Interest income and other income, net

    2       -       -       2  

Gain on settlement of debt

    -       553       -       553  
                                 

Net loss

  $ (21,899

)

  $ (1,953

)

  $ (5

)

  $ (23,857

)

 

Summary unaudited condensed consolidated Statement of Operations for the nine months ended September 30, 2020 (000’s):

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Operating expenses:

                               

Research and development

  $ 3,112     $ 12,414     $ 30     $ 15,556  

General and administrative

    18,756       13,873       -       32,629  

Depreciation and amortization

    66       -       1       67  

Total operating expenses

    21,934       26,287       31       48,252  
                                 

Loss from operations

    (21,934

)

    (26,287

)

    (31

)

    (48,252

)

                                 

Other income (expense):

                               

Interest income and other income, net

    30       15       -       45  

Loss on foreign currency translation

    -       (1

)

    -       (1

)

                                 

Net loss

  $ (21,904

)

  $ (26,273

)

  $ (31

)

  $ (48,208

)

 

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

 

   

BioSig

Technologies, Inc.

   

ViralClear

Pharmaceuticals, Inc.

   

NeuroClear

Technologies,

Inc.

   

Total

 

Cash

  $ 15,138     $ 2,397     $ -     $ 17,535  

Accounts receivable

    100       -       -       100  

Inventory

    1,881       -       -       1,881  

Employee advances

    50       -       -       50  

Other current assets

    431       2       -       433  

Total operating assets

    17,600       2,399       -       19,999  
                                 

Property and equipment, net

    551       6       -       557  

Right-to-use assets, net 

    693       -       -       693  

Other assets

    424       -       -       424  
                                 

Total assets

  $ 19,268     $ 2,405     $ -     $ 21,673