$MLSS
MILESTONE SCIENTIFIC INC.

2017 Q1 Form 10-Q Financial Statement

#000143774917009224 Filed on May 15, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $3.689M $3.569M
YoY Change 3.35% 28.85%
Cost Of Revenue $1.402M $1.368M
YoY Change 2.49% 46.62%
Gross Profit $2.287M $2.201M
YoY Change 3.89% 19.82%
Gross Profit Margin 61.99% 61.67%
Selling, General & Admin $2.708M $3.001M
YoY Change -9.78% 58.11%
% of Gross Profit 118.41% 136.34%
Research & Development $105.0K $143.4K
YoY Change -26.79% 1334.42%
% of Gross Profit 4.59% 6.52%
Depreciation & Amortization $34.54K $22.79K
YoY Change 51.59% 293.47%
% of Gross Profit 1.51% 1.04%
Operating Expenses $2.813M $3.145M
YoY Change -10.56% 65.67%
Operating Profit -$525.9K -$943.4K
YoY Change -44.25% 1226.04%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$1.209K -$1.237K
YoY Change -2.26% -99.65%
Pretax Income -$526.4K -$944.3K
YoY Change -44.26% 120.83%
Income Tax $7.201K $46.83K
% Of Pretax Income
Net Earnings -$504.9K -$750.1K
YoY Change -32.69% 78.85%
Net Earnings / Revenue -13.69% -21.01%
Basic Earnings Per Share -$0.02 -$0.03
Diluted Earnings Per Share -$0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 32.00M 22.61M
Diluted Shares Outstanding 32.00M 22.61M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.940M $2.670M
YoY Change 10.11% -71.38%
Cash & Equivalents $2.942M $2.672M
Short-Term Investments
Other Short-Term Assets $690.0K $510.0K
YoY Change 35.29% -41.38%
Inventory $4.534M $5.150M
Prepaid Expenses
Receivables $1.627M $2.270M
Other Receivables $0.00 $60.00K
Total Short-Term Assets $11.34M $10.66M
YoY Change 6.35% -29.26%
LONG-TERM ASSETS
Property, Plant & Equipment $142.2K $220.9K
YoY Change -35.64% 145.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $26.88K $17.36K
YoY Change 54.87% 73.55%
Total Long-Term Assets $4.291M $947.0K
YoY Change 353.16% -40.06%
TOTAL ASSETS
Total Short-Term Assets $11.34M $10.66M
Total Long-Term Assets $4.291M $947.0K
Total Assets $15.63M $11.61M
YoY Change 34.65% -30.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $889.1K $1.866M
YoY Change -52.36% 51.74%
Accrued Expenses $1.294M $1.375M
YoY Change -5.88% 118.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.622M $3.240M
YoY Change 11.79% 74.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.622M $3.240M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.590M $1.600M
YoY Change 124.38% -31.62%
SHAREHOLDERS EQUITY
Retained Earnings -$73.89M -$68.19M
YoY Change 8.36%
Common Stock $83.36M $79.10M
YoY Change 5.39%
Preferred Stock
YoY Change
Treasury Stock (at cost) $911.5K $911.5K
YoY Change 0.0%
Treasury Stock Shares $33.33K
Shareholders Equity $8.564M $10.00M
YoY Change
Total Liabilities & Shareholders Equity $12.15M $11.61M
YoY Change 4.64% -30.27%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$504.9K -$750.1K
YoY Change -32.69% 78.85%
Depreciation, Depletion And Amortization $34.54K $22.79K
YoY Change 51.59% 293.47%
Cash From Operating Activities -$874.0K -$1.390M
YoY Change -37.12% 104.41%
INVESTING ACTIVITIES
Capital Expenditures $4.822K
YoY Change 99.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$110.0K
YoY Change -100.0% -75.56%
Cash From Investing Activities -$130.0K
YoY Change -71.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $150.8K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 213.3K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -874.0K -1.390M
Cash From Investing Activities -130.0K
Cash From Financing Activities 213.3K 0.000
Net Change In Cash -660.7K -1.520M
YoY Change -56.53% 46.15%
FREE CASH FLOW
Cash From Operating Activities -$874.0K -$1.390M
Capital Expenditures $4.822K
Free Cash Flow -$874.0K -$1.395M
YoY Change -37.34% 104.39%

Facts In Submission

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PropertyPlantAndEquipmentNet
142166
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159026
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
105015
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
143442
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73886359
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73381491
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3688988
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3569374
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2707620
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3001130
CY2017Q1 us-gaap Servicing Fees
ServicingFees
25000
CY2016Q1 us-gaap Servicing Fees
ServicingFees
35000
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.40
CY2017Q1 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
104200
CY2017Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
43750
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
62500
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
8564159
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
8500223
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8536329
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8527148
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2017Q1 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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div> Use of Estimates</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preparation of financial statements in conformity with GAAP 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>
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32004548
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22609349
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32004548
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22609349

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