$MLSS
MILESTONE SCIENTIFIC INC.

2017 Q3 Form 10-Q Financial Statement

#000143774917019359 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $2.854M $3.187M
YoY Change -10.44% 29.54%
Cost Of Revenue $1.045M $1.518M
YoY Change -31.17% 91.06%
Gross Profit $1.809M $1.669M
YoY Change 8.4% 0.2%
Gross Profit Margin 63.4% 52.38%
Selling, General & Admin $3.206M $2.934M
YoY Change 9.27% 18.29%
% of Gross Profit 177.2% 175.79%
Research & Development $16.88K $303.3K
YoY Change -94.43% 1366.76%
% of Gross Profit 0.93% 18.17%
Depreciation & Amortization $164.9K $30.00K
YoY Change 449.56% 0.0%
% of Gross Profit 9.11% 1.8%
Operating Expenses $3.223M $3.237M
YoY Change -0.44% 29.44%
Operating Profit -$1.414M -$1.568M
YoY Change -9.86% 87.73%
Interest Expense $0.00 $846.00
YoY Change -100.0% -18.89%
% of Operating Profit
Other Income/Expense, Net -$1.046K -$846.00
YoY Change 23.64% 33.86%
Pretax Income -$1.411M -$1.569M
YoY Change -10.07% 87.59%
Income Tax $6.475K $16.52K
% Of Pretax Income
Net Earnings -$1.411M -$1.701M
YoY Change -17.06% 8.41%
Net Earnings / Revenue -49.44% -53.39%
Basic Earnings Per Share -$0.04 -$0.06
Diluted Earnings Per Share -$0.04 -$0.06
COMMON SHARES
Basic Shares Outstanding 33.57M 29.16M
Diluted Shares Outstanding 33.57M 29.16M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.310M $2.320M
YoY Change -0.43% -47.15%
Cash & Equivalents $2.307M $2.323M
Short-Term Investments
Other Short-Term Assets $910.0K $280.0K
YoY Change 225.0% -46.15%
Inventory $4.166M $4.319M
Prepaid Expenses
Receivables $2.000M $2.553M
Other Receivables $500.0K $0.00
Total Short-Term Assets $11.59M $10.74M
YoY Change 7.93% -19.06%
LONG-TERM ASSETS
Property, Plant & Equipment $119.7K $181.9K
YoY Change -34.18% 51.59%
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% -13.23%
Total Long-Term Assets $3.949M $877.4K
YoY Change 350.08% 11.06%
TOTAL ASSETS
Total Short-Term Assets $11.59M $10.74M
Total Long-Term Assets $3.949M $877.4K
Total Assets $15.54M $11.62M
YoY Change 33.77% -17.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $616.0K $2.274M
YoY Change -72.9% 191.49%
Accrued Expenses $2.163M $1.742M
YoY Change 24.17% 28.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.054M $4.400M
YoY Change 14.86% 106.57%
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 $5.054M $4.400M
Total Long-Term Liabilities $1.400M $0.00
Total Liabilities $6.454M $4.670M
YoY Change 38.2% 57.24%
SHAREHOLDERS EQUITY
Retained Earnings -$76.78M -$71.64M
YoY Change 7.17%
Common Stock $86.48M $79.51M
YoY Change 8.77%
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 $8.787M $6.952M
YoY Change
Total Liabilities & Shareholders Equity $15.54M $11.62M
YoY Change 33.77% -17.37%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.411M -$1.701M
YoY Change -17.06% 8.41%
Depreciation, Depletion And Amortization $164.9K $30.00K
YoY Change 449.56% 0.0%
Cash From Operating Activities -$610.0K -$1.100M
YoY Change -44.55% -18.52%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K $10.00K
YoY Change -1700.0% -200.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K
YoY Change -99.77%
Cash From Investing Activities -$160.0K $20.00K
YoY Change -900.0% -99.53%
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 120.0K 210.0K
YoY Change -42.86%
NET CHANGE
Cash From Operating Activities -610.0K -1.100M
Cash From Investing Activities -160.0K 20.00K
Cash From Financing Activities 120.0K 210.0K
Net Change In Cash -650.0K -870.0K
YoY Change -25.29% -129.59%
FREE CASH FLOW
Cash From Operating Activities -$610.0K -$1.100M
Capital Expenditures -$160.0K $10.00K
Free Cash Flow -$450.0K -$1.110M
YoY Change -59.46% -17.16%

Facts In Submission

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CY2016Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2017Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
47
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
3222880
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
3237218
us-gaap Operating Expenses
OperatingExpenses
9238056
us-gaap Operating Expenses
OperatingExpenses
9982107
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1413607
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1568183
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4749
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14945
CY2017Q3 us-gaap Pension Expense
PensionExpense
51000
us-gaap Pension Expense
PensionExpense
152000
CY2017Q3 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
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
552010
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
291929
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; 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-family:Times New Roman, Times, serif;font-size:10pt;"> Reclassifications</div></div></div> <div style=" margin: 0pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; 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>
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
150836
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
2543
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2225000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
62500
us-gaap Profit Loss
ProfitLoss
-3535980
us-gaap Profit Loss
ProfitLoss
-5321628
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-1417546
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-1839002
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119729
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159026
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16884
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
303268
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
241964
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
756045
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-76778556
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73381491
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2853813
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3186596
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
9066550
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8973726
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3205996
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2933950
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8996092
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9226062
CY2017Q3 us-gaap Servicing Fees
ServicingFees
25000
us-gaap Servicing Fees
ServicingFees
75000
CY2016Q3 us-gaap Servicing Fees
ServicingFees
25000
us-gaap Servicing Fees
ServicingFees
75000
us-gaap Share Based Compensation
ShareBasedCompensation
530966
us-gaap Share Based Compensation
ShareBasedCompensation
1136430
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
0
us-gaap Stock Issued1
StockIssued1
2484354
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
422509
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
2486000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
15000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
62500
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
8787163
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
8500223
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9087752
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8536329
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2017Q3 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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;"><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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;">&nbsp;</div> <div style=" margin: 0pt 7.5pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to ma<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ke 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><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">.</div></div></div></div></div></div></div>
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33573676
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29155712
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32501221
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25965566
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33573676
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29155712
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32501221
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25965566

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