$MLSS
MILESTONE SCIENTIFIC INC.

2017 Q2 Form 10-Q Financial Statement

#000143774917014710 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $2.524M $2.372M
YoY Change 6.41% 34.24%
Cost Of Revenue $873.6K $789.8K
YoY Change 10.61% 38.38%
Gross Profit $1.650M $1.582M
YoY Change 4.31% 32.26%
Gross Profit Margin 65.39% 66.7%
Selling, General & Admin $3.083M $3.291M
YoY Change -6.33% 27.02%
% of Gross Profit 186.8% 208.04%
Research & Development $120.1K $309.3K
YoY Change -61.19% 1543.65%
% of Gross Profit 7.28% 19.55%
Depreciation & Amortization $31.85K $50.00K
YoY Change -36.31% 400.0%
% of Gross Profit 1.93% 3.16%
Operating Expenses $3.203M $3.600M
YoY Change -11.05% 37.96%
Operating Profit -$1.552M -$2.018M
YoY Change -23.09% 42.78%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$1.024K -$1.004K
YoY Change 1.99% -11.15%
Pretax Income -$1.551M -$2.019M
YoY Change -23.18% -4.07%
Income Tax $4.664K $16.79K
% Of Pretax Income
Net Earnings -$1.479M -$1.587M
YoY Change -6.81% -23.45%
Net Earnings / Revenue -58.6% -66.91%
Basic Earnings Per Share -$0.05 -$0.06
Diluted Earnings Per Share -$0.05 -$0.06
COMMON SHARES
Basic Shares Outstanding 32.40M 25.99M
Diluted Shares Outstanding 32.40M 25.99M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.950M $3.180M
YoY Change -7.23% -54.57%
Cash & Equivalents $2.946M $3.184M
Short-Term Investments
Other Short-Term Assets $930.0K $380.0K
YoY Change 144.74% -53.09%
Inventory $4.498M $4.269M
Prepaid Expenses
Receivables $1.420M $2.583M
Other Receivables $500.0K $70.00K
Total Short-Term Assets $11.50M $11.69M
YoY Change -1.66% -18.85%
LONG-TERM ASSETS
Property, Plant & Equipment $170.6K $201.7K
YoY Change -15.45% 71.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $26.88K $11.38K
YoY Change 136.19% -34.43%
Total Long-Term Assets $1.598M $908.5K
YoY Change 75.83% -2.42%
TOTAL ASSETS
Total Short-Term Assets $11.50M $11.69M
Total Long-Term Assets $1.598M $908.5K
Total Assets $13.10M $12.60M
YoY Change 3.92% -17.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $985.7K $2.498M
YoY Change -60.53% 213.82%
Accrued Expenses $1.652M $1.493M
YoY Change 10.67% 30.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.036M $3.990M
YoY Change 1.14% 105.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.400M
YoY Change
Total Long-Term Liabilities $1.400M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.036M $3.990M
Total Long-Term Liabilities $1.400M $0.00
Total Liabilities $5.436M $4.170M
YoY Change 30.35% 50.0%
SHAREHOLDERS EQUITY
Retained Earnings -$75.37M -$69.81M
YoY Change 7.95% 8.31%
Common Stock $83.63M $79.16M
YoY Change 5.66% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $911.5K $911.5K
YoY Change 0.0% 0.0%
Treasury Stock Shares $33.33K $33.33K
Shareholders Equity $7.356M $8.430M
YoY Change
Total Liabilities & Shareholders Equity $13.10M $12.60M
YoY Change 3.92% -17.85%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$1.479M -$1.587M
YoY Change -6.81% -23.45%
Depreciation, Depletion And Amortization $31.85K $50.00K
YoY Change -36.31% 400.0%
Cash From Operating Activities -$80.00K -$1.630M
YoY Change -95.09% -5.78%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$10.00K
YoY Change 300.0% -75.0%
Acquisitions
YoY Change
Other Investing Activities $140.0K
YoY Change -102.14%
Cash From Investing Activities -$40.00K $130.0K
YoY Change -130.77% -101.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.0K 2.020M
YoY Change -93.56% 392.68%
NET CHANGE
Cash From Operating Activities -80.00K -1.630M
Cash From Investing Activities -40.00K 130.0K
Cash From Financing Activities 130.0K 2.020M
Net Change In Cash 10.00K 520.0K
YoY Change -98.08% -106.6%
FREE CASH FLOW
Cash From Operating Activities -$80.00K -$1.630M
Capital Expenditures -$40.00K -$10.00K
Free Cash Flow -$40.00K -$1.620M
YoY Change -97.53% -4.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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0
CY2016Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26878
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
17355
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1024
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1004
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1763
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1936
CY2017Q2 us-gaap Other Receivables
OtherReceivables
CY2016Q4 us-gaap Other Receivables
OtherReceivables
10000
us-gaap Payments For Postemployment Benefits
PaymentsForPostemploymentBenefits
203111
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
39199
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
15616
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3349
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15668
CY2017Q2 us-gaap Pension Expense
PensionExpense
51000
us-gaap Pension Expense
PensionExpense
51000
CY2016Q2 us-gaap Pension Expense
PensionExpense
102000
us-gaap Pension Expense
PensionExpense
102000
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
746491
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
291929
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
62500
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-1540509
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-2094101
us-gaap Profit Loss
ProfitLoss
-2118501
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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; text-indent: 0pt; 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;">3.</div>&nbsp;<div style="display: inline; font-weight: bold;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Reclassifications</div></div></div></div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; 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;">2016</div> financial statements to conform to the consolidated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> financial statement presentation. These reclassifications had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on net loss or cash flows as previously reported.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</div></div></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
150836
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2000000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
16346
us-gaap Profit Loss
ProfitLoss
-3354962
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
170552
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159026
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
120065
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
309335
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
225080
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
452780
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-75365184
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
15000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
62500
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73381491
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2523750
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2371710
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
6212738
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5836196
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3082534
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3290998
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5790161
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6292109
CY2017Q2 us-gaap Servicing Fees
ServicingFees
25000
us-gaap Servicing Fees
ServicingFees
50000
CY2016Q2 us-gaap Servicing Fees
ServicingFees
35000
us-gaap Servicing Fees
ServicingFees
70000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.40
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
104200
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
422509
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
7356427
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
8500223
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8536329
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7661123
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; text-indent: 0pt; 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;">18.</div> Use of Estimates</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 27pt; font-family: &quot;Times New Roman&quot;,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 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></div>
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32399997
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25989857
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32122482
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24362441
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32399997
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25989857
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32122482
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24362441

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