$MLSS
MILESTONE SCIENTIFIC INC.

2015 Q4 Form 10-K Financial Statement

#000143774917005780 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 2014 Q4
Revenue $2.490M $9.492M $2.670M
YoY Change -6.74% -8.14% -4.64%
Cost Of Revenue $750.0K $3.048M $1.010M
YoY Change -25.74% -16.04% 5.21%
Gross Profit $1.740M $6.443M $1.660M
YoY Change 4.82% -3.86% -9.29%
Gross Profit Margin 69.88% 67.88% 62.17%
Selling, General & Admin $2.430M $9.399M $2.660M
YoY Change -8.65% 26.94% 78.52%
% of Gross Profit 139.66% 145.88% 160.24%
Research & Development $50.00K $100.9K $10.00K
YoY Change 400.0% 14.29% 0.0%
% of Gross Profit 2.87% 1.57% 0.6%
Depreciation & Amortization $30.00K $27.95K $30.00K
YoY Change 0.0% 60.8% 0.0%
% of Gross Profit 1.72% 0.43% 1.81%
Operating Expenses $2.480M $9.500M $2.660M
YoY Change -6.77% 26.79% 76.16%
Operating Profit -$740.0K -$3.057M -$1.000M
YoY Change -26.0% 286.84% -412.5%
Interest Expense $1.760M $3.840K -$360.0K
YoY Change -588.89% 43.93% -152.17%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.509K $0.00
YoY Change -99.83%
Pretax Income $1.020M -$3.058M -$1.360M
YoY Change -175.0% 80.11% -233.33%
Income Tax $0.00 $36.16K $10.00K
% Of Pretax Income 0.0%
Net Earnings -$1.410M -$5.468M -$1.370M
YoY Change 2.92% 221.24% -234.31%
Net Earnings / Revenue -56.63% -57.6% -51.31%
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$65.31K -$0.26 -$64.05K
COMMON SHARES
Basic Shares Outstanding 21.48M 21.43M
Diluted Shares Outstanding 21.43M

Balance Sheet

Concept 2015 Q4 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.190M $4.194M $10.37M
YoY Change -59.59% -59.54% 801.74%
Cash & Equivalents $4.194M $4.194M $10.37M
Short-Term Investments
Other Short-Term Assets $300.0K $304.6K $450.0K
YoY Change -33.33% -32.99% 200.0%
Inventory $4.258M $5.473M $2.497M
Prepaid Expenses
Receivables $1.437M $1.794M $1.541M
Other Receivables $60.00K $58.14K $0.00
Total Short-Term Assets $11.82M $11.82M $15.58M
YoY Change -24.12% -24.12% 219.33%
LONG-TERM ASSETS
Property, Plant & Equipment $235.9K $235.9K $88.82K
YoY Change 165.64% 165.64% 270.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.00K $16.35K $1.260M
YoY Change -98.41% 2894.15%
Other Assets $17.36K $17.36K $14.69K
YoY Change 18.18% 18.18% 13.69%
Total Long-Term Assets $985.2K $985.2K $1.895M
YoY Change -48.01% -48.01% -40.33%
TOTAL ASSETS
Total Short-Term Assets $11.82M $11.82M $15.58M
Total Long-Term Assets $985.2K $985.2K $1.895M
Total Assets $12.81M $12.81M $17.48M
YoY Change -26.71% -26.71% 116.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.088M $2.088M $1.454M
YoY Change 43.63% 43.63% -28.04%
Accrued Expenses $1.556M $1.556M $981.2K
YoY Change 58.54% 88.69%
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 $3.644M $3.644M $2.435M
YoY Change 49.64% 49.64% -3.96%
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 $3.644M $3.644M $2.435M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.500M $2.501M $2.830M
YoY Change -11.66% -11.62% 11.42%
SHAREHOLDERS EQUITY
Retained Earnings -$67.43M -$61.97M
YoY Change 8.82%
Common Stock $78.66M $77.53M
YoY Change 1.46% 16.24%
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 $10.31M $10.31M $14.65M
YoY Change
Total Liabilities & Shareholders Equity $12.81M $12.81M $17.48M
YoY Change -26.71% -26.71% 116.97%

Cashflow Statement

Concept 2015 Q4 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$1.410M -$5.468M -$1.370M
YoY Change 2.92% 221.24% -234.31%
Depreciation, Depletion And Amortization $30.00K $27.95K $30.00K
YoY Change 0.0% 60.8% 0.0%
Cash From Operating Activities $810.0K -$2.946M $380.0K
YoY Change 113.16% -881.65% -53.66%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $67.58K -$30.00K
YoY Change 0.0% -17.79% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$970.0K -$3.650M -$810.0K
YoY Change 19.75% 582.41% 268.18%
Cash From Investing Activities -$1.000M -$3.727M -$840.0K
YoY Change 19.05% 185.72% 265.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 500.0K 550.0K
YoY Change -101.82% -95.07% 243.75%
NET CHANGE
Cash From Operating Activities 810.0K -2.946M 380.0K
Cash From Investing Activities -1.000M -3.727M -840.0K
Cash From Financing Activities -10.00K 500.0K 550.0K
Net Change In Cash -200.0K -6.174M 90.00K
YoY Change -322.22% -166.95% -88.0%
FREE CASH FLOW
Cash From Operating Activities $810.0K -$2.946M $380.0K
Capital Expenditures -$30.00K $67.58K -$30.00K
Free Cash Flow $840.0K -$3.014M $410.0K
YoY Change 104.88% -1122.6% -50.6%

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InventoryNet
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CY2015Q4 us-gaap Inventory Net
InventoryNet
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CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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InvestmentIncomeInterest
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CY2015 us-gaap Investment Income Interest
InvestmentIncomeInterest
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LeaseAndRentalExpense
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CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2016 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2020-01-31
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2015Q4 us-gaap Liabilities Current
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CY2016Q1 us-gaap Long Term Purchase Commitment Minimum Quantity Required
LongTermPurchaseCommitmentMinimumQuantityRequired
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CY2016Q4 us-gaap Minority Interest
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CY2015Q4 us-gaap Minority Interest
MinorityInterest
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4798220
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
500000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
8206
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3727271
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2946338
CY2016 us-gaap Net Income Loss
NetIncomeLoss
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CY2015 us-gaap Net Income Loss
NetIncomeLoss
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CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2015 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-5398581
CY2016 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
16346
CY2015 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
566775
CY2015 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
500000
CY2016Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
47
CY2016 us-gaap Operating Expenses
OperatingExpenses
12820432
CY2015 us-gaap Operating Expenses
OperatingExpenses
9500057
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-6513960
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-3056748
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
614202
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
150264
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
152142
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
161532
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
150264
CY2016 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
12522
CY2016Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2015Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
17355
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
17355
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5347
CY2016Q4 us-gaap Other Receivables
OtherReceivables
10000
CY2015Q4 us-gaap Other Receivables
OtherReceivables
58140
CY2016 us-gaap Payments For Postemployment Benefits
PaymentsForPostemploymentBenefits
203111
CY2016 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
15615
CY2015 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
9939
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15344
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
67581
CY2016 us-gaap Pension Expense
PensionExpense
203111
CY2015 us-gaap Pension Expense
PensionExpense
236963
CY2016Q4 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
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
291929
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
304604
CY2016 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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp; Reclassifications</div></div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"><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;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Certain reclassifications have been made to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> financial statements to conform to the consolidated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> financial statement presentation. These reclassifications had no effect on net loss or cash flows as previously reported.</div></div></div></div></div>
CY2016Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
250000
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2573220
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2014Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
10000000
CY2016Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2000000
CY2016 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2225000
CY2015 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
CY2015 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
500000
CY2016 us-gaap Profit Loss
ProfitLoss
-7294489
CY2015 us-gaap Profit Loss
ProfitLoss
-5539903
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
818170
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
802412
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159026
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
235935
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11549961
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1270471
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
100856
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9399201
CY2013Q3 us-gaap Servicing Fees
ServicingFees
100000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.81
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.67
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0099
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0173
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.70
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73381491
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67434984
CY2016 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
10482005
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
9491569
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.01
CY2016 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.40
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
104200
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
59000
CY2015 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
120000
CY2016 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
504413
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
50000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
30000
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
200000
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
137500
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
8500223
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10308575
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8536329
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9165492
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15042352
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26966988
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21429993
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div> Use of Estimates</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to the allowance for doubtful accounts, inventory valuation, and cash flow assumptions regarding evaluations for impairment of long-lived assets and going concern considerations, and valuation allowances on deferred tax assets. Actual results could differ from those estimates<div style="display: inline; font-weight: bold;">.</div></div></div></div></div></div>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26966988
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21429993

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