$MLSS
MILESTONE SCIENTIFIC INC.

2016 Q3 Form 10-Q Financial Statement

#000143774916041564 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $3.187M $2.490M $2.460M
YoY Change 29.54% -6.74% -2.96%
Cost Of Revenue $1.518M $750.0K $794.3K
YoY Change 91.06% -25.74% -4.3%
Gross Profit $1.669M $1.740M $1.666M
YoY Change 0.2% 4.82% -2.34%
Gross Profit Margin 52.38% 69.88% 67.71%
Selling, General & Admin $2.934M $2.430M $2.480M
YoY Change 18.29% -8.65% 34.92%
% of Gross Profit 175.79% 139.66% 148.91%
Research & Development $303.3K $50.00K $20.68K
YoY Change 1366.76% 400.0% -29.6%
% of Gross Profit 18.17% 2.87% 1.24%
Depreciation & Amortization $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 50.0%
% of Gross Profit 1.8% 1.72% 1.8%
Operating Expenses $3.237M $2.480M $2.501M
YoY Change 29.44% -6.77% 33.91%
Operating Profit -$1.568M -$740.0K -$835.4K
YoY Change 87.73% -26.0% 415.0%
Interest Expense $846.00 $1.760M $1.043K
YoY Change -18.89% -588.89% 38.15%
% of Operating Profit
Other Income/Expense, Net -$846.00 $0.00 -$632.00
YoY Change 33.86%
Pretax Income -$1.569M $1.020M -$836.4K
YoY Change 87.59% -175.0% 133.31%
Income Tax $16.52K $0.00 $27.11K
% Of Pretax Income 0.0%
Net Earnings -$1.701M -$1.410M -$1.569M
YoY Change 8.41% 2.92% 337.73%
Net Earnings / Revenue -53.39% -56.63% -63.79%
Basic Earnings Per Share -$0.06 $0.07
Diluted Earnings Per Share -$0.06 -$65.31K -$0.07
COMMON SHARES
Basic Shares Outstanding 29.16M 21.48M 21.42M
Diluted Shares Outstanding 29.16M 21.42M

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.320M $4.190M $4.390M
YoY Change -47.15% -59.59% -57.3%
Cash & Equivalents $2.323M $4.194M $4.391M
Short-Term Investments
Other Short-Term Assets $280.0K $300.0K $520.0K
YoY Change -46.15% -33.33% 40.54%
Inventory $4.319M $4.258M $4.020M
Prepaid Expenses
Receivables $2.553M $1.437M $2.350M
Other Receivables $0.00 $60.00K $2.000M
Total Short-Term Assets $10.74M $11.82M $13.27M
YoY Change -19.06% -24.12% -14.99%
LONG-TERM ASSETS
Property, Plant & Equipment $181.9K $235.9K $120.0K
YoY Change 51.59% 165.64% 53.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $20.00K $180.0K
YoY Change -100.0% -98.41% -78.05%
Other Assets $17.36K $17.36K $20.00K
YoY Change -13.23% 18.18% 54.83%
Total Long-Term Assets $877.4K $985.2K $790.0K
YoY Change 11.06% -48.01% -52.4%
TOTAL ASSETS
Total Short-Term Assets $10.74M $11.82M $13.27M
Total Long-Term Assets $877.4K $985.2K $790.0K
Total Assets $11.62M $12.81M $14.06M
YoY Change -17.37% -26.71% -18.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.274M $2.088M $780.0K
YoY Change 191.49% 43.63% -41.83%
Accrued Expenses $1.742M $1.556M $1.351M
YoY Change 28.94% 58.54% 121.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.400M $3.644M $2.130M
YoY Change 106.57% 49.64% 6.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.400M $3.644M $2.130M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.670M $2.500M $2.970M
YoY Change 57.24% -11.66% 48.5%
SHAREHOLDERS EQUITY
Retained Earnings -$71.64M -$67.43M
YoY Change 8.82%
Common Stock $79.51M $78.66M
YoY Change 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $911.5K $911.5K
YoY Change 0.0%
Treasury Stock Shares $33.33K $33.33K
Shareholders Equity $6.952M $10.31M $11.10M
YoY Change
Total Liabilities & Shareholders Equity $11.62M $12.81M $14.06M
YoY Change -17.37% -26.71% -18.59%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.701M -$1.410M -$1.569M
YoY Change 8.41% 2.92% 337.73%
Depreciation, Depletion And Amortization $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 50.0%
Cash From Operating Activities -$1.100M $810.0K -$1.350M
YoY Change -18.52% 113.16% 694.12%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$30.00K -$10.00K
YoY Change -200.0% 0.0% -80.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$970.0K $4.300M
YoY Change -99.77% 19.75% -53.66%
Cash From Investing Activities $20.00K -$1.000M $4.290M
YoY Change -99.53% 19.05% -53.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 210.0K -10.00K 0.000
YoY Change -101.82% -100.0%
NET CHANGE
Cash From Operating Activities -1.100M 810.0K -1.350M
Cash From Investing Activities 20.00K -1.000M 4.290M
Cash From Financing Activities 210.0K -10.00K 0.000
Net Change In Cash -870.0K -200.0K 2.940M
YoY Change -129.59% -322.22% -67.94%
FREE CASH FLOW
Cash From Operating Activities -$1.100M $810.0K -$1.350M
Capital Expenditures $10.00K -$30.00K -$10.00K
Free Cash Flow -$1.110M $840.0K -$1.340M
YoY Change -17.16% 104.88% 1016.67%

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us-gaap Pension Expense
PensionExpense
152000
CY2015Q3 us-gaap Pension Expense
PensionExpense
50778
us-gaap Pension Expense
PensionExpense
152000
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
276903
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
304604
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:20.4pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:-18pt;"><div style="display: inline; font-weight: bold;">2.</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp; </div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:20.4pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Certai<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">n reclassifications have been made to the 2015 financial statements to conform to the consolidated 2016 financial statement presentation. These reclassifications had no effect on net loss or cash flows as previously reported.</div></div></div></div>
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
250000
CY2016Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2000000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2225000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2543
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
500000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12750
us-gaap Profit Loss
ProfitLoss
-5321628
us-gaap Profit Loss
ProfitLoss
-4121167
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-1839002
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-1574857
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
181906
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
235935
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
303268
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20676
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
756045
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
49616
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71642654
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67434984
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3186596
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2459958
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8973726
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
6996921
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2933950
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2480354
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9226062
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6969332
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.40
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
104200
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
366495
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2225000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
22500
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
6952468
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10308575
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9165492
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7221639
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29155712
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21418145
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25965566
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21375317
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29155712
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21418145
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25965566
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21375317

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