$MLSS
MILESTONE SCIENTIFIC INC.

2018 Q2 Form 10-Q Financial Statement

#000143774918015605 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $2.428M $2.524M
YoY Change -3.77% 6.41%
Cost Of Revenue $1.022M $873.6K
YoY Change 16.94% 10.61%
Gross Profit $1.407M $1.650M
YoY Change -14.74% 4.31%
Gross Profit Margin 57.93% 65.39%
Selling, General & Admin $2.822M $3.083M
YoY Change -8.46% -6.33%
% of Gross Profit 200.57% 186.8%
Research & Development $9.775K $120.1K
YoY Change -91.86% -61.19%
% of Gross Profit 0.69% 7.28%
Depreciation & Amortization $245.1K $31.85K
YoY Change 669.75% -36.31%
% of Gross Profit 17.42% 1.93%
Operating Expenses $2.832M $3.203M
YoY Change -11.58% -11.05%
Operating Profit -$1.425M -$1.552M
YoY Change -8.23% -23.09%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.756K -$1.024K
YoY Change 71.48% 1.99%
Pretax Income -$1.425M -$1.551M
YoY Change -8.17% -23.18%
Income Tax $4.075K $4.664K
% Of Pretax Income
Net Earnings -$1.343M -$1.479M
YoY Change -9.18% -6.81%
Net Earnings / Revenue -55.3% -58.6%
Basic Earnings Per Share -$0.04 -$0.05
Diluted Earnings Per Share -$0.04 -$0.05
COMMON SHARES
Basic Shares Outstanding 35.30M 32.40M
Diluted Shares Outstanding 35.30M 32.40M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $870.0K $2.950M
YoY Change -70.51% -7.23%
Cash & Equivalents $865.7K $2.946M
Short-Term Investments
Other Short-Term Assets $2.280M $930.0K
YoY Change 145.16% 144.74%
Inventory $2.310M $4.498M
Prepaid Expenses
Receivables $1.840M $1.420M
Other Receivables $0.00 $500.0K
Total Short-Term Assets $10.98M $11.50M
YoY Change -4.54% -1.66%
LONG-TERM ASSETS
Property, Plant & Equipment $105.5K $170.6K
YoY Change -38.13% -15.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.88K $26.88K
YoY Change 0.0% 136.19%
Total Long-Term Assets $2.453M $1.598M
YoY Change 53.54% 75.83%
TOTAL ASSETS
Total Short-Term Assets $10.98M $11.50M
Total Long-Term Assets $2.453M $1.598M
Total Assets $13.43M $13.10M
YoY Change 2.54% 3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.365M $985.7K
YoY Change 38.53% -60.53%
Accrued Expenses $1.938M $1.652M
YoY Change 17.28% 10.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.110M $4.036M
YoY Change 100.96% 1.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $1.400M
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $1.400M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.110M $4.036M
Total Long-Term Liabilities $0.00 $1.400M
Total Liabilities $8.110M $5.436M
YoY Change 49.2% 30.35%
SHAREHOLDERS EQUITY
Retained Earnings -$81.78M -$75.37M
YoY Change 8.52% 7.95%
Common Stock $87.87M $83.63M
YoY Change 5.06% 5.66%
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 $5.171M $7.356M
YoY Change
Total Liabilities & Shareholders Equity $13.43M $13.10M
YoY Change 2.54% 3.92%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.343M -$1.479M
YoY Change -9.18% -6.81%
Depreciation, Depletion And Amortization $245.1K $31.85K
YoY Change 669.75% -36.31%
Cash From Operating Activities -$980.0K -$80.00K
YoY Change 1125.0% -95.09%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$40.00K
YoY Change -100.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$40.00K
YoY Change -100.0% -130.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.0K 130.0K
YoY Change -292.31% -93.56%
NET CHANGE
Cash From Operating Activities -980.0K -80.00K
Cash From Investing Activities 0.000 -40.00K
Cash From Financing Activities -250.0K 130.0K
Net Change In Cash -1.230M 10.00K
YoY Change -12400.0% -98.08%
FREE CASH FLOW
Cash From Operating Activities -$980.0K -$80.00K
Capital Expenditures $0.00 -$40.00K
Free Cash Flow -$980.0K -$40.00K
YoY Change 2350.0% -97.53%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Operating Expenses
OperatingExpenses
6015241
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1424687
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1552435
us-gaap Operating Income Loss
OperatingIncomeLoss
-3426340
us-gaap Operating Income Loss
OperatingIncomeLoss
-2078374
CY2018Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2017Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26878
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26878
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1756
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1024
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3457
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1763
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4531
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
39199
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3349
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
484753
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
436410
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, 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;">3.</div>&nbsp; Reclassifications</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Certain reclassifications have been made to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> financial statements to conform to the condensed consolidated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</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></div></div></div></div></div>
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
150836
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
62500
CY2018Q2 us-gaap Professional Fees
ProfessionalFees
39000
us-gaap Professional Fees
ProfessionalFees
107751
CY2017Q2 us-gaap Professional Fees
ProfessionalFees
68751
us-gaap Professional Fees
ProfessionalFees
137502
us-gaap Profit Loss
ProfitLoss
-3325371
us-gaap Profit Loss
ProfitLoss
-2118501
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-1350001
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-1540509
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
105529
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
141760
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9775
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
120065
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
235592
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
225080
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-81784998
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-78568284
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2428498
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2523750
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4234103
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6212738
CY2018Q2 us-gaap Royalty Expense
RoyaltyExpense
116956
us-gaap Royalty Expense
RoyaltyExpense
202481
CY2017Q2 us-gaap Royalty Expense
RoyaltyExpense
123764
us-gaap Royalty Expense
RoyaltyExpense
305672
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2821837
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3082534
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5840601
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5790161
us-gaap Share Based Compensation
ShareBasedCompensation
170901
us-gaap Share Based Compensation
ShareBasedCompensation
237858
us-gaap Stock Issued1
StockIssued1
286602
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
249749
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
286602
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
37500
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
5171422
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
7243884
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7500628
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5319509
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32122482
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
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="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">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>
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35297906
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32399997
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34939306
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32122482
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35297906
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32399997
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34939306

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