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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 15 - SUBSEQUENT EVENTS Effective April 19, 2023, the Company implemented a workforce reduction of 27 employees, representing approximately 17% of the Company’s employees. Affected employees received severance payments aggregating approximately $100,000, accrued paid time-off balances and payment by the Company of each affected employee’s COBRA premium for one month. The Company does not expect to incur any material write offs or charges as a result of this action. The Company undertook this workforce reduction to lower operating expenses and preserve capital while continuing efforts to introduce new product lines (including the Company’s POD® device which was acquired from AFD), increase revenues and work towards its stated goal of achieving cash flow positive operations. The Company believes this action will reduce its cash burn by approximately $500,000 per quarter, without taking into account any potential year-over-year increases in revenue from operations or other late 2022 and 2023 cost cutting measures previously announced and undertaken by the Company. On June 1, 2023, the Company entered into a non-exclusive distribution agreement with a leading supplier of respiratory products such as continuous positive airway pressure equipment (“CPAP”) in the United States. The intent of the agreement is to explore, during a 90-day trial period, a business arrangement under which the supplier will have the right to distribute Company products in the United States. Products that will be distributed under the agreement include the Company’s POD®, NightBlock (being rebranded as SleepPODTM) and Versa devices. Either party may terminate this agreement during the 90-day trial period. Pursuant to an agreement executed on May 29, 2023, the Company and Stanford University will commence a sponsored clinical research study to evaluate the efficacy of the Vivos’ FDA-registered DNA appliance compared to the standard of care, CPAP for treatment of sleep apnea. Enrollment of 150 patients with moderate to severe sleep apnea (apnea-hypopnea index score of 15 or greater) and study participants will be randomly assigned to either treatment with Vivos’ FDA-registered DNA appliance or CPAP. The protocol has been finalized and enrollment will begin later in 2023.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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