$MLSS
MILESTONE SCIENTIFIC INC.

2014 Form 10-K Financial Statement

#000156459015002296 Filed on April 01, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $10.33M $2.800M $10.01M
YoY Change 3.21% 23.35% 15.76%
Cost Of Revenue $3.631M $960.0K $3.199M
YoY Change 13.5% 5.49% 4.68%
Gross Profit $6.702M $1.830M $6.813M
YoY Change -1.62% 34.56% 21.82%
Gross Profit Margin 64.86% 65.36% 68.05%
Selling, General & Admin $7.404M $1.490M $5.530M
YoY Change 33.89% -6.88% -6.75%
% of Gross Profit 110.47% 81.42% 81.17%
Research & Development $88.24K $10.00K $191.3K
YoY Change -53.88% -75.0% 6.3%
% of Gross Profit 1.32% 0.55% 2.81%
Depreciation & Amortization $17.38K $30.00K $18.18K
YoY Change -4.38% 0.0% -3.4%
% of Gross Profit 0.26% 1.64% 0.27%
Operating Expenses $7.493M $1.510M $5.726M
YoY Change 30.85% -8.48% -6.33%
Operating Profit -$790.2K $320.0K $1.465M
YoY Change -153.94% -210.34% -381.53%
Interest Expense $2.668K $690.0K $70.80K
YoY Change -96.23% -962.5% -59.75%
% of Operating Profit 215.63% 4.83%
Other Income/Expense, Net -$907.8K $0.00 $378.2K
YoY Change -340.02% 8.08%
Pretax Income -$1.698M $1.020M $1.465M
YoY Change -215.91% -375.68% -268.38%
Income Tax $9.509K $0.00
% Of Pretax Income 0.0%
Net Earnings -$1.702M $1.020M $1.465M
YoY Change -216.18% -375.68% -268.32%
Net Earnings / Revenue -16.47% 36.43% 14.63%
Basic Earnings Per Share -$0.08 $0.09
Diluted Earnings Per Share -$0.08 $58.72K $0.08
COMMON SHARES
Basic Shares Outstanding 20.06M 17.13M
Diluted Shares Outstanding 20.06M 17.48M

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.37M $1.150M $1.150M
YoY Change 801.56% 576.47% 576.47%
Cash & Equivalents $10.37M $1.147M $1.150M
Short-Term Investments
Other Short-Term Assets $454.6K $150.0K $150.0K
YoY Change 203.05% -37.5% -37.5%
Inventory $3.218M $1.322M $2.050M
Prepaid Expenses
Receivables $1.541M $1.533M $1.530M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.58M $4.880M $4.880M
YoY Change 219.31% 95.28% 95.2%
LONG-TERM ASSETS
Property, Plant & Equipment $88.82K $23.99K $20.00K
YoY Change 344.1% -34.5% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $42.08K $970.0K
YoY Change -100.0%
Other Assets $14.69K $12.92K $10.00K
YoY Change 46.9% 76.53% 0.0%
Total Long-Term Assets $1.895M $3.176M $3.180M
YoY Change -40.41% 0.42% 0.63%
TOTAL ASSETS
Total Short-Term Assets $15.58M $4.880M $4.880M
Total Long-Term Assets $1.895M $3.176M $3.180M
Total Assets $17.48M $8.055M $8.060M
YoY Change 116.84% 42.29% 42.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.454M $2.020M $2.020M
YoY Change -28.02% -13.53% -13.68%
Accrued Expenses $0.00 $520.0K $520.0K
YoY Change -100.0% 44.44% 44.44%
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 $2.435M $2.536M $2.540M
YoY Change -4.13% -22.57% -22.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.435M $2.536M $2.540M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.830M $2.540M $2.540M
YoY Change 11.4% -31.8% -31.72%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $66.70M
YoY Change 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $33.33K
Shareholders Equity $14.65M $5.520M $5.520M
YoY Change
Total Liabilities & Shareholders Equity $17.48M $8.055M $8.060M
YoY Change 116.84% 42.29% 42.4%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$1.702M $1.020M $1.465M
YoY Change -216.18% -375.68% -268.32%
Depreciation, Depletion And Amortization $17.38K $30.00K $18.18K
YoY Change -4.38% 0.0% -3.4%
Cash From Operating Activities $376.9K $820.0K $1.260M
YoY Change -70.08% -920.0% -2634.29%
INVESTING ACTIVITIES
Capital Expenditures $82.21K -$10.00K $5.539K
YoY Change 1384.2% -118.46%
Acquisitions
YoY Change
Other Investing Activities -$534.8K -$220.0K -$530.0K
YoY Change 0.91%
Cash From Investing Activities -$1.305M -$230.0K -$561.4K
YoY Change 132.38% 1771.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.0K
YoY Change 33.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.15M 160.0K 280.0K
YoY Change 3524.42% 86.67%
NET CHANGE
Cash From Operating Activities 376.9K 820.0K 1.260M
Cash From Investing Activities -1.305M -230.0K -561.4K
Cash From Financing Activities 10.15M 160.0K 280.0K
Net Change In Cash 9.221M 750.0K -561.4K
YoY Change -1742.5% -850.0% 1029.14%
FREE CASH FLOW
Cash From Operating Activities $376.9K $820.0K $1.260M
Capital Expenditures $82.21K -$10.00K $5.539K
Free Cash Flow $294.7K $830.0K $1.254M
YoY Change -76.51% -930.0% -6462.01%

Facts In Submission

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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17. Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.67%;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 valuation allowances on deferred tax assets. Actual results could differ from those estimates<font style="font-weight:bold;">.</font></p></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.49
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.68
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0162
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0137
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014 mlss Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.06
CY2013 mlss Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.06
CY2014 mlss Sales Credit Period
SalesCreditPeriod
P60D
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2466829
CY2013Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1186376
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
30270
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
135276
CY2014Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
721197
CY2013Q3 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
450000
CY2013Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
410081
CY2013Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
614344
CY2014 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
147731
CY2013 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
614344
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
75000
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
56666
CY2014 mlss Stock Issued During Period Value Exercise Of Stock Options To Three Independent Directors
StockIssuedDuringPeriodValueExerciseOfStockOptionsToThreeIndependentDirectors
41250
CY2013 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
135714
CY2014 mlss Stock To Be Issued Shares To Employee For Bonuses
StockToBeIssuedSharesToEmployeeForBonuses
112131
CY2013 mlss Stock To Be Issued Shares To Employee For Bonuses
StockToBeIssuedSharesToEmployeeForBonuses
204222
CY2014Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2443749
CY2013Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3497761
CY2007Q4 mlss Share Based Compensation Arrangement By Share Based Payment Award Of Shares Authorized Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOfSharesAuthorizedValue
2000000
CY2007Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.90
CY2014Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2013Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
0
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
2000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
2000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
12000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
10000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Impairment Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses
31000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
392000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
725000
CY2014Q4 us-gaap Deferred Tax Assets Gross Current
DeferredTaxAssetsGrossCurrent
406000
CY2013Q4 us-gaap Deferred Tax Assets Gross Current
DeferredTaxAssetsGrossCurrent
768000
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance Current
DeferredTaxAssetsValuationAllowanceCurrent
406000
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance Current
DeferredTaxAssetsValuationAllowanceCurrent
768000
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15686000
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
14855000
CY2014Q4 us-gaap Deferred Tax Assets Gross Noncurrent
DeferredTaxAssetsGrossNoncurrent
15686000
CY2013Q4 us-gaap Deferred Tax Assets Gross Noncurrent
DeferredTaxAssetsGrossNoncurrent
14855000
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
15686000
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
14855000
CY2014 mlss Percentage Of Valuation Allowance
PercentageOfValuationAllowance
1.00
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.34
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
-0.34
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.06
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.06
CY2014 mlss Effective Income Tax Rate Reconciliation At Federal Statutory Rate And State And Local Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryRateAndStateAndLocalIncomeTaxRate
-0.40
CY2013 mlss Effective Income Tax Rate Reconciliation At Federal Statutory Rate And State And Local Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryRateAndStateAndLocalIncomeTaxRate
-0.40
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.40
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.40
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2014 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
CY2014 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2014Q4 mlss Accounts Receivable Net Current And Noncurrent Percentage
AccountsReceivableNetCurrentAndNoncurrentPercentage
0.69
CY2013Q4 mlss Accounts Receivable Net Current And Noncurrent Percentage
AccountsReceivableNetCurrentAndNoncurrentPercentage
0.48
CY2014 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.45
CY2013 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.42
CY2014 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
9085
CY2014 mlss Area Of Office Space
AreaOfOfficeSpace
5893
CY2014 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-06-30
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
114985
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
114985
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
114985
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
109020
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
54510
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
508485
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
42785
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
41653
CY2014 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
43424
CY2014 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
145000
CY2014 mlss Additional Payment To Director As Percentage Of Sales Value Using Certain Specify Technology
AdditionalPaymentToDirectorAsPercentageOfSalesValueUsingCertainSpecifyTechnology
0.025
CY2014 mlss Additional Payment To Director As Percentage Of Sales Value Using Other Kind Of Technology
AdditionalPaymentToDirectorAsPercentageOfSalesValueUsingOtherKindOfTechnology
0.05
CY2014 us-gaap Professional Fees
ProfessionalFees
43290
CY2013 us-gaap Professional Fees
ProfessionalFees
99450
CY2010Q1 us-gaap Long Term Purchase Commitment Minimum Quantity Required
LongTermPurchaseCommitmentMinimumQuantityRequired
12000
CY2010Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
5261640
CY2013Q3 mlss Number Of Agreement Between Shareholder And Company
NumberOfAgreementBetweenShareholderAndCompany
3
CY2013Q3 us-gaap Servicing Fees
ServicingFees
100000
CY2014Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.4998
CY2014Q4 us-gaap Line Of Credit
LineOfCredit
2000000
CY2014Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0325

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