$MLSS
MILESTONE SCIENTIFIC INC.

2018 Q3 Form 10-Q Financial Statement

#000143774918020817 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $1.622M $2.854M
YoY Change -43.16% -10.44%
Cost Of Revenue $1.742M $1.045M
YoY Change 66.82% -31.17%
Gross Profit -$120.2K $1.809M
YoY Change -106.64% 8.4%
Gross Profit Margin -7.41% 63.4%
Selling, General & Admin $2.886M $3.206M
YoY Change -9.98% 9.27%
% of Gross Profit 177.2%
Research & Development $1.500K $16.88K
YoY Change -91.12% -94.43%
% of Gross Profit 0.93%
Depreciation & Amortization $345.0K $164.9K
YoY Change 109.25% 449.56%
% of Gross Profit 9.11%
Operating Expenses $4.427M $3.223M
YoY Change 37.37% -0.44%
Operating Profit -$4.548M -$1.414M
YoY Change 221.7% -9.86%
Interest Expense $1.540K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$1.784K -$1.046K
YoY Change 70.55% 23.64%
Pretax Income -$4.548M -$1.411M
YoY Change 222.3% -10.07%
Income Tax $1.622K $6.475K
% Of Pretax Income
Net Earnings -$4.393M -$1.411M
YoY Change 211.34% -17.06%
Net Earnings / Revenue -270.79% -49.44%
Basic Earnings Per Share -$0.12 -$0.04
Diluted Earnings Per Share -$0.12 -$0.04
COMMON SHARES
Basic Shares Outstanding 35.59M 33.57M
Diluted Shares Outstanding 35.59M 33.57M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $414.8K $2.310M
YoY Change -82.04% -0.43%
Cash & Equivalents $414.8K $2.307M
Short-Term Investments
Other Short-Term Assets $1.236M $910.0K
YoY Change 35.87% 225.0%
Inventory $2.246M $4.166M
Prepaid Expenses
Receivables $1.014M $2.000M
Other Receivables $0.00 $500.0K
Total Short-Term Assets $7.055M $11.59M
YoY Change -39.14% 7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $94.59K $119.7K
YoY Change -21.0% -34.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.88K $26.88K
YoY Change 0.0% 54.87%
Total Long-Term Assets $570.0K $3.949M
YoY Change -85.57% 350.08%
TOTAL ASSETS
Total Short-Term Assets $7.055M $11.59M
Total Long-Term Assets $570.0K $3.949M
Total Assets $7.625M $15.54M
YoY Change -50.94% 33.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.307M $616.0K
YoY Change 112.09% -72.9%
Accrued Expenses $2.003M $2.163M
YoY Change -7.38% 24.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.579M $5.054M
YoY Change 30.18% 14.86%
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 $6.579M $5.054M
Total Long-Term Liabilities $0.00 $1.400M
Total Liabilities $6.579M $6.454M
YoY Change 1.94% 38.2%
SHAREHOLDERS EQUITY
Retained Earnings -$86.18M -$76.78M
YoY Change 12.24% 7.17%
Common Stock $88.01M $86.48M
YoY Change 1.77% 8.77%
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 $915.6K $8.787M
YoY Change
Total Liabilities & Shareholders Equity $7.625M $15.54M
YoY Change -50.94% 33.77%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$4.393M -$1.411M
YoY Change 211.34% -17.06%
Depreciation, Depletion And Amortization $345.0K $164.9K
YoY Change 109.25% 449.56%
Cash From Operating Activities -$437.6K -$610.0K
YoY Change -28.26% -44.55%
INVESTING ACTIVITIES
Capital Expenditures -$6.510K -$160.0K
YoY Change -95.93% -1700.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$14.53K -$160.0K
YoY Change -90.92% -900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 120.0K
YoY Change -100.0% -42.86%
NET CHANGE
Cash From Operating Activities -437.6K -610.0K
Cash From Investing Activities -14.53K -160.0K
Cash From Financing Activities 0.000 120.0K
Net Change In Cash -452.1K -650.0K
YoY Change -30.44% -25.29%
FREE CASH FLOW
Cash From Operating Activities -$437.6K -$610.0K
Capital Expenditures -$6.510K -$160.0K
Free Cash Flow -$431.1K -$450.0K
YoY Change -4.2% -59.46%

Facts In Submission

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CY2018Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
CY2017Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
500000
CY2018Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2017Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
650000
CY2018Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
53
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
4427375
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
3222880
us-gaap Operating Expenses
OperatingExpenses
10503934
us-gaap Operating Expenses
OperatingExpenses
9238056
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26878
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
26878
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1784
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1046
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5239
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3278
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
8020
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
39520
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6505
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4749
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
7000
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7000
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
7
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
446264
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
436410
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="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></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
us-gaap Profit Loss
ProfitLoss
-7729937
us-gaap Profit Loss
ProfitLoss
-3535980
CY2018Q3 us-gaap Profit Loss
ProfitLoss
-4404565
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-1417546
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
94590
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
141760
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1500
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16884
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
215655
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
241964
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-86179797
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-78568284
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1622246
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2853813
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5856351
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9066550
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8748485
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8996092
us-gaap Share Based Compensation
ShareBasedCompensation
247425
us-gaap Share Based Compensation
ShareBasedCompensation
530966
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2886081
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3205996
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued1
StockIssued1
2484354
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
289750
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
286601
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
45000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
915647
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
7243884
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7500628
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1045947
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33333
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
911516
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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="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;">15.</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></div></div></div>
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35586995
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33573676
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35086822
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32501221
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35586995
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33573676
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35086822
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32501221

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