Brain Scientific Files Its Annual Report on Form 10-K Announcing 2020 Results
NEW YORK, April 19, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Brain Scientific Inc. (OTCQB: BRSF) (the “Company” or “Brain Scientific”), a neurology-focused medical device and software company, filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020, with the U.S. Securities and Exchange Commission (SEC). Brain Scientific is a neurodiagnostic and predictive technology platform company seeking to provide a centralized platform for data acquisition and analysis of EEG data that combines innovative medical device technologies with cloud-based telehealth services.
The Company focuses primarily on establishing diagnostic protocols to identify pathological risk factors involving the brain and driving novel insights into cognitive health that support early treatment of neurological disorders. Brain Scientific’s key products, NeuroCap, a pre-gelled disposable EEG headset, and NeuroEEG, a 16-channel, portable, wireless, miniature EEG amplifier, were cleared for marketing by the U.S. Food and Drug Administration (FDA) in 2018.
- The Company is bringing the production of NeuroCaps to the U.S. during 2021 and has already evaluated several possible manufacturers.
- A commercial roll-out of the NeuroEEG™ and NeuroCap™ is underway on a limited basis within the United States market, expected to be followed by the Canadian market.
- The initial entry market is identified as ICU’s, acute care settings and other emergency departments in the United States.
- The Company has established a wholly owned subsidiary in Russia and has established a wholly owned subsidiary in Europe (Poland) for product distribution and certification.
- Research and development efforts were significantly increased in 2020 with an R&D investment of $275,926, a 266% increase over 2019’s total of $103,616.
The Company announced that the NeuroCap™ will now be available to the pediatric market in the United States.
“In 2020, Brain Scientific made good progress toward our vision of introducing transformative brain diagnostic solutions that apply cutting edge technologies and establish a new innovative norm for clinicians,” said Boris Goldstein, Chairman of the Company’s Board of Directors. “We made strides on the operations front to improve lead times and quality control, as well as connections to expand our customer base in early 2021.”
The Company expects the following developmental milestones to be completed within the next 24 months:
- Scale production in the U.S. and expend into EU market.
- Introduction of a long-term monitoring cap.
- Introduction of a long-term monitoring 24-channel EEG.
- Launch of data storage capabilities for normalized data brain scans.
- Further development of the Company’s planned AI neuro net.
- Perfect application for minimally invasive graphene electrodes connected to the micro-EEG.
- File international patent applications in Latin America, Europe and beyond.
Revenue for the fiscal year ended Dec. 31, 2020, was $544,275, compared to $489,202 for the fiscal year ended Dec. 31, 2019.
Total assets at the end of 2020 were $440,218, compared to $291,002 at the end of 2019. Total liabilities at the end of 2020 were $5,237,042, compared to $1,186,534 at the end of 2019. Eighty percent of the increase in liabilities were from the addition of $2.6 million in derivative liabilities and $694,000 in convertible notes payable, net.
About Brain Scientific
Brain Scientific is a commercial-stage healthcare company with two FDA-cleared products, providing next-gen solutions to the neurology market. The Company’s smart diagnostic devices and sensors simplify administration, shorten scan time and cut costs, allowing clinicians to make rapid decisions remotely and bridge the widening gap in access to neurological care. To learn more about our corporate strategy, devices, or for investor relations, please visit: www.brainscientific.com or email us at email@example.com.
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