$MLSS
MILESTONE SCIENTIFIC INC.

2013 Q3 Form 10-Q Financial Statement

#000156459013001270 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q4 2012 Q3
Revenue $2.444M $2.270M $2.129M
YoY Change 14.79% 30.46% 21.67%
Cost Of Revenue $677.8K $910.0K $625.7K
YoY Change 8.32% 35.82% 4.29%
Gross Profit $1.766M $1.360M $1.504M
YoY Change 17.48% 27.1% 30.74%
Gross Profit Margin 72.27% 59.91% 70.61%
Selling, General & Admin $1.317M $1.600M $1.392M
YoY Change -5.32% 21.21% -18.15%
% of Gross Profit 74.58% 117.65% 92.55%
Research & Development $12.70K $40.00K $60.36K
YoY Change -78.96% -20.0% -703.63%
% of Gross Profit 0.72% 2.94% 4.01%
Depreciation & Amortization $20.00K $30.00K $20.00K
YoY Change 0.0% 50.0% -33.33%
% of Gross Profit 1.13% 2.21% 1.33%
Operating Expenses $1.330M $1.650M $1.452M
YoY Change -8.39% 20.44% -14.09%
Operating Profit $436.3K -$290.0K $51.65K
YoY Change 744.72% -3.33% -109.56%
Interest Expense $5.550K -$80.00K $36.50K
YoY Change -84.79% -27.27% -136.5%
% of Operating Profit 1.27% 70.67%
Other Income/Expense, Net $217.7K $36.50K
YoY Change 496.62%
Pretax Income $220.0K -$370.0K $20.00K
YoY Change 1000.0% -9.76% -103.13%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $218.5K -$370.0K $15.15K
YoY Change 1342.4% -9.76% -102.37%
Net Earnings / Revenue 8.94% -16.3% 0.71%
Basic Earnings Per Share $0.01 $0.00
Diluted Earnings Per Share $0.01 -$22.48K $0.00
COMMON SHARES
Basic Shares Outstanding 17.33M 16.24M
Diluted Shares Outstanding 17.72M 16.37M

Balance Sheet

Concept 2013 Q3 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $170.0K $270.0K
YoY Change 48.15% 70.0% -27.03%
Cash & Equivalents $401.8K $165.2K $273.5K
Short-Term Investments
Other Short-Term Assets $120.0K $240.0K $150.0K
YoY Change -20.0% -20.0% -37.5%
Inventory $1.380M $638.6K $1.610M
Prepaid Expenses
Receivables $1.570M $979.0K $790.0K
Other Receivables $130.0K $0.00 $0.00
Total Short-Term Assets $3.600M $2.499M $2.830M
YoY Change 27.21% -24.28% -9.0%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $36.62K $40.00K
YoY Change -25.0% -26.75% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $10.00K $7.317K $80.00K
YoY Change -87.5% -92.68% -27.27%
Total Long-Term Assets $2.750M $3.162M $3.100M
YoY Change -11.29% -14.3% -21.32%
TOTAL ASSETS
Total Short-Term Assets $3.600M $2.499M $2.830M
Total Long-Term Assets $2.750M $3.162M $3.100M
Total Assets $6.350M $5.661M $5.930M
YoY Change 7.08% -19.01% -15.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.810M $2.337M $2.610M
YoY Change -30.65% -40.54% -3.33%
Accrued Expenses $0.00 $360.0K $920.0K
YoY Change -100.0% -47.06% 4.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.550M $3.275M $3.520M
YoY Change -27.56% -28.97% -1.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $450.0K $450.0K
YoY Change -100.0% 0.0% -65.91%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $450.0K $450.0K
YoY Change -100.0% 0.0% -65.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.550M $3.275M $3.520M
Total Long-Term Liabilities $0.00 $450.0K $450.0K
Total Liabilities $2.554M $3.725M $3.970M
YoY Change -35.68% -26.39% -19.14%
SHAREHOLDERS EQUITY
Retained Earnings -$61.29M -$61.73M
YoY Change
Common Stock $65.99M $64.58M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $911.5K $911.5K
YoY Change
Treasury Stock Shares $33.33K $33.33K
Shareholders Equity $3.794M $1.937M $1.960M
YoY Change
Total Liabilities & Shareholders Equity $6.348M $5.661M $5.930M
YoY Change 7.04% -19.01% -15.89%

Cashflow Statement

Concept 2013 Q3 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $218.5K -$370.0K $15.15K
YoY Change 1342.4% -9.76% -102.37%
Depreciation, Depletion And Amortization $20.00K $30.00K $20.00K
YoY Change 0.0% 50.0% -33.33%
Cash From Operating Activities $430.0K -$100.0K $160.0K
YoY Change 168.75% -62.96% -27.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$210.0K
YoY Change
Cash From Investing Activities -$210.0K $0.00 -$10.00K
YoY Change 2000.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 430.0K -100.0K 160.0K
Cash From Investing Activities -210.0K 0.000 -10.00K
Cash From Financing Activities 10.00K 0.000 0.000
Net Change In Cash 230.0K -100.0K 150.0K
YoY Change 53.33% -64.29% -44.44%
FREE CASH FLOW
Cash From Operating Activities $430.0K -$100.0K $160.0K
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow $430.0K -$100.0K $170.0K
YoY Change 152.94% -61.54% -22.73%

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775742
CY2013Q3 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
450000
CY2013Q3 mlss Remaining Balance Due From Distributer
RemainingBalanceDueFromDistributer
24160
CY2012Q4 mlss Remaining Balance Due From Distributer
RemainingBalanceDueFromDistributer
527172
mlss Sales Credit Period
SalesCreditPeriod
P60D
mlss Instrument Development Period From Inception Date
InstrumentDevelopmentPeriodFromInceptionDate
P30M
mlss Number Of Development Of Instruments
NumberOfDevelopmentOfInstruments
2
CY2013Q3 mlss Investment To Medical Joint Venture
InvestmentToMedicalJointVenture
0
CY2013Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
89000
CY2013Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.50
CY2013Q3 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
50000
mlss Loss On Medical Joint Venture
LossOnMedicalJointVenture
259291
CY2013Q3 mlss Loss On Medical Joint Venture
LossOnMedicalJointVenture
212199
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1283741
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
36666
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1207075
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
794620
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.79
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.94
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.87
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.84
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y26D
mlss Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm
mlss Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageRemainingContractualTerm
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y5M27D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y11M5D
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
768692
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
614768
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
421506
CY2013Q3 mlss Advance Payment To Supplier
AdvancePaymentToSupplier
2554000
CY2012Q4 mlss Advance Payment To Supplier
AdvancePaymentToSupplier
2827000
CY2013Q3 mlss Advances On Inventory Purchases Current And Non Current
AdvancesOnInventoryPurchasesCurrentAndNonCurrent
2554000
CY2012Q4 mlss Advances On Inventory Purchases Current And Non Current
AdvancesOnInventoryPurchasesCurrentAndNonCurrent
2827000
CY2013Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
18000
CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
705000
mlss Utilization Period Of Advance
UtilizationPeriodOfAdvance
P12M
CY2008 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
450000
CY2008 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2009-01-19
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2015-01-05
CY2013Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
45000
CY2013Q3 us-gaap Debt Instrument Interest Rate At Period End
DebtInstrumentInterestRateAtPeriodEnd
0.12
CY2013Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
0.32
CY2013Q3 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
450000
CY2013Q3 mlss Interest Converted Into Common Stock
InterestConvertedIntoCommonStock
333907
CY2009Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1300000
CY2013Q3 us-gaap Share Price
SharePrice
1.40
mlss Stock Issued During Period Shares Non Employee Directors Compensation
StockIssuedDuringPeriodSharesNonEmployeeDirectorsCompensation
13043
mlss Stock Issued During Period Shares Directors Full Year Compensation
StockIssuedDuringPeriodSharesDirectorsFullYearCompensation
30000
mlss Shares Issued To Directors For Purchase Of Options
SharesIssuedToDirectorsForPurchaseOfOptions
40000
mlss Year Of Warrants Expired
YearOfWarrantsExpired
2012
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
50000
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
2146096
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1439640
CY2013Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
854680
CY2012Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
808908
CY2013Q3 mlss Number Of Customers
NumberOfCustomers
3
CY2012Q3 mlss Number Of Customers
NumberOfCustomers
2
mlss Number Of Customers
NumberOfCustomers
4
mlss Number Of Customers
NumberOfCustomers
2
CY2013Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.57
CY2012Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.54
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.52
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.4
mlss Number Of Customers Involved In Accounts Receivables
NumberOfCustomersInvolvedInAccountsReceivables
2
CY2012 mlss Number Of Customers Involved In Accounts Receivables
NumberOfCustomersInvolvedInAccountsReceivables
3
CY2013Q3 mlss Accounts Receivable Net Current And Noncurrent Percentage
AccountsReceivableNetCurrentAndNoncurrentPercentage
0.54
CY2012Q4 mlss Accounts Receivable Net Current And Noncurrent Percentage
AccountsReceivableNetCurrentAndNoncurrentPercentage
0.38
CY2013Q3 mlss Accounts Receivable Net Current And Noncurrent
AccountsReceivableNetCurrentAndNoncurrent
919381
CY2012Q4 mlss Accounts Receivable Net Current And Noncurrent
AccountsReceivableNetCurrentAndNoncurrent
421890
CY2013Q3 mlss Consulting Fees To Director
ConsultingFeesToDirector
12350
CY2012Q3 mlss Consulting Fees To Director
ConsultingFeesToDirector
39000
mlss Consulting Fees To Director
ConsultingFeesToDirector
90350
mlss Consulting Fees To Director
ConsultingFeesToDirector
117000
mlss Additional Payment To Director As Percentage Of Sales Value Using Certain Specify Technology
AdditionalPaymentToDirectorAsPercentageOfSalesValueUsingCertainSpecifyTechnology
0.025
mlss Additional Payment To Director As Percentage Of Sales Value Using Other Kind Of Technology
AdditionalPaymentToDirectorAsPercentageOfSalesValueUsingOtherKindOfTechnology
0.05
CY2013Q3 us-gaap Accounts Payable Trade Current And Noncurrent
AccountsPayableTradeCurrentAndNoncurrent
3095763
CY2010Q1 us-gaap Long Term Purchase Commitment Minimum Quantity Required
LongTermPurchaseCommitmentMinimumQuantityRequired
12000
CY2013Q3 mlss Joint Venture Expenses Incurred
JointVentureExpensesIncurred
CY2010Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
5261640

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