Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | MILESTONE SCIENTIFIC INC. | ||
Entity Central Index Key | 855,683 | ||
Trading Symbol | mlss | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,679,353 | ||
Entity Public Float | $ 42,784,395 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,602,229 | $ 4,194,384 |
Accounts receivable, net of allowance for doubtful accounts of $10,000 as of December31, 2016 and $5,000 as of December 31, 2015 | 802,384 | 1,437,401 |
Account receivable from related party | 2,083,610 | 356,400 |
Other receivable | 10,000 | 58,140 |
Inventories | 4,602,719 | 4,258,094 |
Advances on contracts | 700,900 | 1,215,128 |
Deferred cost | 620,041 | |
Prepaid expenses and other current assets | 291,929 | 304,604 |
Total current assets | 12,713,812 | 11,824,151 |
Furniture, fixtures & equipment net of accumulated depreciation of $659,144 as of December 31, 2016 and $566,477 as of December 31, 2015 | 159,026 | 235,935 |
Patents, net of accumulated amortization of $717,086 as of December 31, 2016 and $646,388 as of December 31, 2015 | 660,457 | 715,540 |
Other assets | 17,355 | 17,355 |
Total assets | 13,550,650 | 12,809,327 |
Current Liabilities: | ||
Accounts payable | 2,576,259 | 2,088,268 |
Accrued expenses and other payables | 1,436,262 | 1,555,567 |
Deferred revenue | 1,001,800 | |
Total current liabilities | 5,014,321 | 3,643,835 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, 33,333 shares held in the treasury, and 7,000 shares issued and outstanding as December 31, 2016 and December 31, 2015 | 7 | 7 |
Common stock, par value $.001; authorized 50,000,000 shares; 30,457,224 shares issued, 1,270,481 shares to be issued and 30,423,891 shares outstanding as of December 31, 2016; 21,720,497 shares issued, 963,451 shares to be issued and 21,687,164 shares outstanding as of December 31, 2015 | 31,720 | 22,685 |
Additional paid-in capital | 82,761,503 | 78,632,383 |
Accumulated deficit | (73,381,491) | (67,434,984) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific Inc. stockholders' equity | 8,500,223 | 10,308,575 |
Noncontrolling interest | 36,106 | (1,143,083) |
Total Equity | 8,536,329 | 9,165,492 |
Total liabilities and stockholders’ equity | 13,550,650 | 12,809,327 |
Milestone Education LLC [Member] | ||
Current Assets: | ||
Investment in Milestone Education LLC | 16,346 | |
Stockholders’ Equity | ||
Total Equity | $ 16,346 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 10,000 | $ 5,000 |
Furniture, fixtures & equipment, accumulated depreciation | 659,144 | 566,477 |
Patents, accumulated amortization | $ 717,086 | $ 646,388 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 7,000 | 7,000 |
Preferred stock, shares outstanding (in shares) | 7,000 | 7,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,457,224 | 21,720,497 |
Common stock, shares to be issued (in shares) | 1,270,481 | 963,451 |
Common stock, shares outstanding (in shares) | 30,423,891 | 21,687,164 |
Treasury stock, at cost (in shares) | 33,333 | 33,333 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | ||
Product sales, net | $ 10,482,005 | $ 9,491,569 |
Cost of products sold | 4,175,533 | 3,048,260 |
Gross profit | 6,306,472 | 6,443,309 |
Selling, general and administrative expenses | 11,549,961 | 9,399,201 |
Research and development expenses | 1,270,471 | 100,856 |
Total operating expenses | 12,820,432 | 9,500,057 |
Loss from operations | (6,513,960) | (3,056,748) |
Other (expenses) | (5,088) | (5,347) |
Interest income | 1,285 | 3,838 |
Loss before provision for income tax and equity in net earnings of equity investments | (6,517,763) | (3,058,257) |
Provision for income tax | 19,101 | (36,157) |
Loss before equity in net earnings of equity investments | (6,498,662) | (3,094,414) |
Income (loss) in equity investments | (795,827) | (2,445,489) |
Net Loss | (7,294,489) | (5,539,903) |
Net loss attributable to noncontrolling interests | (1,347,982) | (72,381) |
Net loss attributable to Milestone Scientific Inc. | $ (5,946,507) | $ (5,467,522) |
Net loss per share applicable to common stockholders— | ||
Basic (in dollars per share) | $ (0.22) | $ (0.26) |
Diluted (in dollars per share) | $ (0.22) | $ (0.26) |
Weighted average shares outstanding and to be issued— | ||
Basic (in shares) | 26,966,988 | 21,429,993 |
Diluted (in shares) | 26,966,988 | 21,429,993 |
Milestone Medical Inc. [Member] | ||
Revenue | ||
Income (loss) in equity investments | $ (2,019,211) | |
Milestone Education LLC [Member] | ||
Revenue | ||
Income (loss) in equity investments | (7,846) | |
Milestone China [Member] | ||
Revenue | ||
Income (loss) in equity investments | $ (795,827) | $ (418,432) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Milestone Medical Inc. [Member]Preferred Stock [Member] | Milestone Medical Inc. [Member]Common Stock [Member] | Milestone Medical Inc. [Member]Additional Paid-in Capital [Member] | Milestone Medical Inc. [Member]Retained Earnings [Member] | Milestone Medical Inc. [Member]Noncontrolling Interest [Member] | Milestone Medical Inc. [Member]Treasury Stock [Member] | Milestone Medical Inc. [Member] | Milestone Education LLC [Member]Preferred Stock [Member] | Milestone Education LLC [Member]Common Stock [Member] | Milestone Education LLC [Member]Additional Paid-in Capital [Member] | Milestone Education LLC [Member]Retained Earnings [Member] | Milestone Education LLC [Member]Noncontrolling Interest [Member] | Milestone Education LLC [Member]Treasury Stock [Member] | Milestone Education LLC [Member] | Private Placement [Member]Preferred Stock [Member] | Private Placement [Member]Common Stock [Member] | Private Placement [Member]Additional Paid-in Capital [Member] | Private Placement [Member]Retained Earnings [Member] | Private Placement [Member]Noncontrolling Interest [Member] | Private Placement [Member]Treasury Stock [Member] | Private Placement [Member] | Underwritten Public Offering [Member]Preferred Stock [Member] | Underwritten Public Offering [Member]Common Stock [Member] | Underwritten Public Offering [Member]Additional Paid-in Capital [Member] | Underwritten Public Offering [Member]Retained Earnings [Member] | Underwritten Public Offering [Member]Noncontrolling Interest [Member] | Underwritten Public Offering [Member]Treasury Stock [Member] | Underwritten Public Offering [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 7,000 | 22,379,447 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2014 | $ (1,965,230) | $ (1,965,230) | $ 7 | $ 22,380 | $ 77,504,415 | $ (61,967,462) | $ 394,528 | $ (911,516) | $ 15,042,352 | ||||||||||||||||||||||||||
Stock based compensation | 637,108 | 637,108 | |||||||||||||||||||||||||||||||||
Capital contribution from noncontrolling interest | 500,000 | 500,000 | |||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services (in shares) | 41,365 | ||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 41 | 119,959 | 120,000 | ||||||||||||||||||||||||||||||||
Common stock issued for payment of employee compensation (in shares) | 17,817 | ||||||||||||||||||||||||||||||||||
Common stock issued for payment of employee compensation | $ 18 | 49,982 | 50,000 | ||||||||||||||||||||||||||||||||
Common stock to be issued to employee for bonuses (in shares) | 29,865 | ||||||||||||||||||||||||||||||||||
Common stock to be issued to employee for bonuses | $ 29 | 99,971 | 100,000 | ||||||||||||||||||||||||||||||||
Common stock issued to employee for exercise of stock options (in shares) | 200,000 | ||||||||||||||||||||||||||||||||||
Common stock issued to employee for exercise of stock options | $ 200 | 199,800 | 200,000 | ||||||||||||||||||||||||||||||||
Exercise of stock options for consultants (in shares) | 16,666 | ||||||||||||||||||||||||||||||||||
Exercise of stock options for consultants | $ 17 | 21,148 | 21,165 | ||||||||||||||||||||||||||||||||
Net loss | (5,467,522) | (72,381) | (5,539,903) | ||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2015 | 7,000 | 22,685,160 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | $ 16,346 | $ 16,346 | $ 7 | $ 22,685 | 78,632,383 | (67,434,984) | (1,143,083) | (911,516) | 9,165,492 | ||||||||||||||||||||||||||
Stock based compensation | 580,347 | 580,347 | |||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services (in shares) | 270,526 | ||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 263 | 504,150 | 504,413 | ||||||||||||||||||||||||||||||||
Common stock issued for payment of employee compensation (in shares) | 14,181 | ||||||||||||||||||||||||||||||||||
Common stock issued for payment of employee compensation | $ 14 | 29,986 | 30,000 | ||||||||||||||||||||||||||||||||
Common stock to be issued to employee for bonuses (in shares) | 259,765 | ||||||||||||||||||||||||||||||||||
Common stock to be issued to employee for bonuses | $ 260 | 539,240 | 539,500 | ||||||||||||||||||||||||||||||||
Common stock issued to employee for exercise of stock options (in shares) | 327,778 | ||||||||||||||||||||||||||||||||||
Common stock issued to employee for exercise of stock options | $ 328 | 137,172 | 137,500 | ||||||||||||||||||||||||||||||||
Net loss | (5,946,507) | (1,347,982) | (7,294,489) | ||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 7,000 | 31,727,705 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 7 | $ 31,720 | 82,761,503 | (73,381,491) | 36,106 | (911,516) | 8,536,329 | ||||||||||||||||||||||||||||
Common stock to be issued to employee for stock program (in shares) | 31,053 | ||||||||||||||||||||||||||||||||||
Common stock to be issued to employee for stock program | $ 31 | 58,969 | 59,000 | ||||||||||||||||||||||||||||||||
Sale of Common Stock (in shares) | 1,104,200 | 2,000,000 | |||||||||||||||||||||||||||||||||
Sale of Common Stock | $ 1,104 | $ 2,223,896 | $ 2,225,000 | $ 2,000 | $ 2,571,220 | $ 2,573,220 | |||||||||||||||||||||||||||||
Common Stock exchanged for Milestone Medical Inc. (in shares) | 5,035,042 | ||||||||||||||||||||||||||||||||||
Common Stock exchanged for Milestone Medical Inc. | $ 5,035 | $ (2,515,860) | $ 2,510,825 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ 7,294,489 | $ 5,539,903 |
Adjustments to reconcile net loss to net cash (used in) by operating activities | ||
Depreciation expense | 92,226 | 27,947 |
Amortization of patents | 70,699 | 69,428 |
Common stock and options for compensation, consulting and vendor services | 1,850,760 | 1,128,274 |
Equity loss (gain) on joint venture | 795,827 | 2,445,489 |
Changes in operating assets and liabilities: | ||
Increase (Decrease) in accounts receivable | 635,017 | (207,248) |
Increase in due from related party | (1,727,210) | |
Decrease (Increase) in other receivable | 48,515 | (58,140) |
Increase in inventories | (509,462) | (875,034) |
Decrease (Increase) to advances on contracts | 514,228 | (450,407) |
Increase in deferred cost | (620,041) | |
Decrease to prepaid expenses and other current assets | 12,675 | 192,601 |
(Increase) in other assets | (2,670) | |
Increase in accounts payable | 486,348 | 173,068 |
Decrease in accrued expenses and other payables | (755,915) | 220,038 |
Increase in deferred revenue | 1,001,800 | |
Net cash (used in) operating activities | (5,398,581) | (2,946,338) |
Cash flows from investing activities: | ||
Purchases of intangible assets | (15,615) | (9,939) |
Purchases of property and equipment | (15,344) | (67,581) |
Consolidation of variable interest entity | 39,165 | (3,649,751) |
Net cash provided by (used in) investing activities | 8,206 | (3,727,271) |
Cash flows from financing activities: | ||
Net proceeds on private placement offering | 2,225,000 | |
Net proceeds on public offering | 2,573,220 | |
Capital contribution from noncontrolling interest | 500,000 | |
Net cash provided by investing activities | 4,798,220 | 500,000 |
Net (decrease) in cash and cash equivalents | (592,155) | (6,173,609) |
Cash and cash equivalents at beginning of year | 4,194,384 | 10,367,993 |
Cash and cash equivalents at end of year | 3,602,229 | 4,194,384 |
Supplemental disclosure of cash flow information: | ||
Net assets acquired from variable interest entity | 16,346 | 566,775 |
Milestone Medical Inc. [Member] | ||
Adjustments to reconcile net loss to net cash (used in) by operating activities | ||
Equity loss (gain) on joint venture | 2,019,211 | |
Milestone Education LLC [Member] | ||
Adjustments to reconcile net loss to net cash (used in) by operating activities | ||
Equity loss (gain) on joint venture | 7,846 | |
Milestone China [Member] | ||
Adjustments to reconcile net loss to net cash (used in) by operating activities | ||
Equity loss (gain) on joint venture | $ 795,827 | $ 418,432 |
Note A - Organization, Business
Note A - Organization, Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A — ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION All references in this report to “ Milestone Scientific,” “us,” “our,” “we,” or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Milestone Advanced Cosmetic and Milestone Medical (all described below) and affiliate, Milestone Education (described below), unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: CompuDent®; CompuMed®; CompuFlo®; DPS Dynamic Pressure Sensing Technology®; Milestone Scientific ®; the Milestone logo ®; SafetyWand®; STA Single Tooth Anesthesia System®; and The Wand ®. Milestone Scientific was incorporated in the State of Delaware in August 1989. 47 no third In May 2014, May 2014 $10 $3 $.001 (two $1.50 $7 (7,000 $1,000 $2.37 May 14, 2019, $1.50 On June 1, 2015, NYSE MKT”) under the ticker symbol “MLSS”. In June 2016, additional $2.0 one $2.00 May 2014 In the second 2016, one two (described below) common stock, a previously consolidated variable interest entity. As a result of the exchange program, at December 31, 2016, 91% In July 2016, 510(k) instrument. This clearance is necessary to begin commercialization of these medical instruments in the United States. In December 2016, 510(k) Articular Computer Controlled Injection System, it did not adequately document that the device met the equivalency standard required for 510(k) 510(k) $100,000. In December 2016, 2,000,000 1,592,775 shares of common stock, including 92,775 $1.50. three $2.55 January 2017, 123,700 $1.499 $3,200,000, December 16, 2016, 3 333 209466). As of December 31, 2016, majority-owned subsidiaries variable interest entity including, Wand Dental, Inc., a Delaware corporation ("Wand Dental"), Milestone Advanced Cosmetic Systems, Inc. ("Milestone Advanced Cosmetic"), Milestone Medical Inc. ("Milestone Medical") and Milestone Education LLC ("Milestone Education"). Milestone Education are variable interest entity for which Milestone Scientific is the primary beneficiary. All significant, intra-entity transactions and balances have been eliminated in the consolidation. (See Note E to the Consolidated Financial Statements). Milestone Scientific has incurred operating losses and negative cash flows from operating activities since its inception, except for 2013. generation of increased revenue, positive operating income and cash flow from operations. The previous equity financings provided Milestone Scientific with the opportunity to continue to develop medical instruments and aggressively market its already commercialized dental instruments throughout the world. Management believes its cash on hand and remaining net current assets are sufficient to meet its obligations over the next twelve 10K. may |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental, Milestone Advanced Cosmetic and Milestone Medical. Milestone Education is a variable interest entity of which Milestone Scientific is the primary beneficiary and is consolidated into Milestone Scientific's financial statements. Prior to December 31, 2015, 2. Reclassifications Certain reclassifications have been made to the 2015 2016 3. A variable interest entity (“VIE”) is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific ’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity. Milestone Scientific is the primary beneficiary of Milestone Medical as of December 31, 2015 January 2016. and Milestone Education are included in the accompanying consolidated financial statements. Because Milestone Scientific had an increasing variable interest in Milestone China, it further considered the guidance in Accounting Standard Codification ("ASC") 810 ● Power Criterion: The power to direct the activities that most significantly impact the entity ’s economic performance; and ● Losses/Benefits Criterion: The obligation to abso rb losses that could potentially be significant or the right to receive benefits that could potentially be significant to the VIE. Milestone management does not have the ability to control the activities that most significantly impact Milestone China' s economics and, therefore, the power criterion has not been met. Management placed the most weight on the relationship and significance of activities of Milestone China to the majority shareholder/CEO of Milestone China. As majority shareholder, majority holder of voting rights, and the active CEO, the 53% 810. 4. Milestone Scientific considers all highly liquid investments purchased with an original maturity of three 5 . Accounts Receivable Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the inability of its customers to make payments on amounts billed. A majority of credit sales are due within ninety 6 . Product Return and Warranty Milestone Scientific generally does not accept non-defective returns from its customers. Product returns under warranty are accepted, evaluated and repaired or replaced in accordance with the Warranty Policy. Returns not within the Warranty Policy are evaluated and the customer is charged for the repair. 7. Inventories principally consist of finished goods and component parts stated at the lower of cost (first first thod) or market. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirements. 8. Investments in which Milestone Scientific has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long term assets on the Consolidated Bal ance Sheets. Under this method of accounting, share of the net earnings or losses of the investee is presented below the income tax line on the Consolidated Statements of Operations. evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may 9. Equipment is recorded at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, which range from five seven 10. Intangible Assets - Patents Patents are recorded at cost to prepare and file the applicable documents with the US Patent Office, or internationally with the applicable governmental office in the respective country. Although certain patents have not yet been approved, the costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. If the applicable patent application is ultimately rejected, the remaining unamortized balance will be expensed in the period in which Milestone Scientific receives notice of such rejection. Patent defense costs, to the extent applicable are expensed as incurred. Patent applications filed and patents obtained in foreign countries are subject to the laws and procedures that differ from those in the United States. Patent protection in foreign countries may may 11. Milestone Scientific reviews long-lived assets for impairment whenever events or circumstances (i.e. a triggering event) indicate that the carrying amounts may no December 31, 2016. 12. Revenue from product sales is recognized, net of discounts and allowances to domestic distributors, on the date of shipment for substantially all shipments, since the shipment terms are FOB warehouse. Milestone Scientific recognizes revenue on date of arrival of the goods at the customer's location, where shipments are FOB destination. Shipments to international distributors are FOB warehouse, therefore revenue is recognized on shipment of the goods. In all cases the price to the buyer is fixed and the collectability is reasonably assured. Further, Milestone Scientific has no obligation on these sales for any post installation, set-up or maintenance, these being the responsibility of the buyer. Milestone Scientific's only obligation after sale is the normal commercial warranty against manufacturing defects if the alleged defective unit is returned within the warranty period. Instrument and hand pieces are not bundled but rather sold separately and, as such, there are no multiple element determinations in connection with the revenue recognition. 13. Milestone Scientific includes shipping and handling costs in cost of goods sold. These costs are billed to customers at the time of shipment for domestic shipments. International shipments are FOB warehouse, therefore no Milestone Scientific. 14. Research and development costs, which consist principally of new product development costs payable to third 15. Milestone Scientific accounts for income taxes pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. 16. Milestone Scientific presents “ basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of Statement of Financial Accounting Standards ASC Topic 260. Since Milestone Scientific had net losses for 2016 2015, would have been anti-dilutive. Such outstanding options and warrants totaled 3,329,769 1,427,769 December 31, 2016 2015, 17. 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 going concern considerations, and valuation allowances on deferred tax assets. Actual results could differ from those estimates . 18. Fair Value Measurements: We follow the provisions of ASC 820, one ● Level 1 nadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. ● Level 2 1 or the assets or liabilities, either directly or indirectly. ● Level 3 Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may 19. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 The weighted-average fair value of the options granted during 2016 2015 $1.70 $3.01, 2016 2015 2016 2015 Volatility 181 % 167 % Risk-free interest 0.99 % 1.73 % Expected Life (in years) 5 5 Dividend yield 0 % 0 % Forfeiture Rate 6 % 6 % 20 . Recent Accounting Pronouncements In May 2014, five 1) 2) 3) 4) 5) August 2015, one December 15, 2017, December 15, 2016. In August 2014, ASU”) No.2014 15, 205 40).The December 15, 2016. December 31, 2016. In November 2015, December 15, 2016 In February 2016, No.2016 02, 842). December 15, 2018 December 15, 2020. In March 2016, No.2016 07, 323): December 15, 2016. In March 2016, No.2016 07, Investments - Equity Method and Joint Ventures” (Topic 323): December 15, 2016. not believe that this new accounting pronouncement will have a material impact on our financial statements. In June 2016, No.2016 13, Financial Instruments – Credit Losses” (Topic 326).: December 15, 2018. In August 2016, No.2016 15, 230). December 15, 2017. |
Note C - Inventories
Note C - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE C — INVENTORIES December 31 2016 2015 Inventories consist of the following: Finished goods $ 4,573,667 $ 4,252,612 Component parts and other materials 29,052 5,482 Total $ 4,602,719 $ 4,258,094 |
Note D - Advances on Contracts
Note D - Advances on Contracts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Advances to Contract Manufacturer [Text Block] | NOTE D — ADVANCES ON CONTRACTS Milestone Scientific has entered into fixed arrangements with a contract manufacturer to manufacture STA Instruments and handpieces, CompuDent® December 31, 2016 2015 $700,900 $1,215,128, |
Note E - Consolidation of Varia
Note E - Consolidation of Variable Interest Entity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | NOTE E – CONSOLIDATION OF VARIABLE INTEREST ENTITY Milestone Medical As of December 31, 2016, 91% delivery instruments, utilizing an exclusive royalty-free license to Milestone Scientific's CompuFlo technology. The license was contributed by Milestone Scientific for its initial 50% September, 2011. Since its initi al investment in Milestone Medical, Milestone Scientific had accounted for the investment in accordance with the equity method of accounting. However, during 2015, secondary December 2015, April 2016, As a result of the change in circumstances around the proposed offering in December 2015 nship with Milestone Medical and Milestone Medical's status as a VIE and determined that Milestone Medical did not have sufficient capital at risk to support its activities without additional financial support from Milestone Scientific. Since the factors giving rise to concluding that Milestone Medical is a VIE happened proximate to the end of fiscal year 2015, December 31, 2015. In the second 2016, one two 91% December 31, 2016. Milestone Education LLC Milestone Education is a 50% 2013 accounted for its investment in Milestone Education using the equity method of accounting through December 31, 2015. 81% December 31, 2016. January 2016. The financial information in the table below summarizes the combined results of operations of Milestone Scientific and its subsidiaries, including Milestone Medical and Milestone Education, on a pro forma basis as though the companies had been combined as of the beginning of the earliest period presented. The pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the consolidation had taken place at the beginning of the period presented. December 31, 2015 Pro Forma (unaudited) Revenue Sales $ 9,624,375 Cost of products sold 3,061,299 Gross Profit 6,563,076 Selling, general and administrative expenses 12,781,813 Research and development expenses 892,255 Operating expenses 13,674,068 Loss from operations (7,110,992 ) Other expenses (6,845 ) Interest income 3,846 Loss before provision for income tax and equity in net earnings of equity investments (7,113,991 ) Provision for Income Tax (36,157 ) Loss before equity in net earnings of equity investments (7,150,148 ) Loss on earnings from China Joint Venture (418,432 ) Loss in equity investments (418,432 ) Net loss (7,568,580 ) Less: Net loss attributable to the noncontrolling interests (2,101,056 ) Net loss attributable to Milestone Scientific Inc. $ (5,467,524 ) |
Note F - Investment in Unconsol
Note F - Investment in Unconsolidated Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE F – INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES Advance Ocular Science SA Advanced Ocular Sciences SA (“ Advanced Ocular”) is an entity organized to develop an instrument that delivers injections into the eyes. Advanced Ocular is a shell company as of December 31, 2016. 25% 2015, $78,798 2016. December 31, 2016. As such, Milestone Scientific has written-off the $78,798 December 31, 2016. December 31, 2016 been made by Milestone Scientific. The suspended losses approximated $19,700 December 31, 2016. Milestone China Ltd. In June 2014, $1 772 $1,296 forty (40%) In 2014, January 2016, 308 $400,000 ($1,296 $165,000 Milestone Scientific recorded a loss on its investment in Milestone China of $795,827 $418,432 twelve December 31, 2016, 2015, $0 December 31, 2016 2015. $1,124,350, $215,347 December 3, 2016 2015. Milestone Scientific had $3,425,000 sales of instruments and handpieces during the twelve December 31, 2016 $1,001,800 $620,041 as of December 31, 2016. $2,714,600 2016, December 31, 2016. 2015, $507,000 $938,304 Milestone Scientific recognizes the total revenue and costs of goods sold at the time the shipment of instruments and handpieces to Milestone China. However, due to timing differences of when the inventory is sold to Milestone China and when Milestone China sells the acquired inventory to third 323 third $630,990 69,781, December 31, 2016 2015, $1.7 December 31, 2016 The following table includes summarized financial information of Milestone China : December 31, 2016 (unaudited) December 31, 2015 (unaudited) Assets: Current Assets $ 9,362,198 $ 772,999 Non -Current Assets 2,467,547 903,766 Total Assets: 11,829,745 1,676,765 Liabilities: Current Liabilities 9,900,611 580,613 Stockholders' equity 1,929,134 1,096,152 Total liabilities and stockholders ’ equity $ 11,829,745 $ 1,676,765 December 31, 2016 (unaudited) December 31, 2015 (unaudited) Net Sales $ 1,126,484 $ 2,303,660 Cost of Goods Sold 976,106 2,096,569 Gross Profit 150,378 207,091 Other Expenses (2,834,980 ) (1,342,357 ) Net Losses $ (2,684,602 ) $ (1,135,266 ) |
Note G - Furniture, Fixtures an
Note G - Furniture, Fixtures and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE G — FURNITURE, FIXTURES AND EQUIPMENT December 31 2016 2015 Furniture, Fixtures and Equipment consist of the following: Leasehold improvements $ 24,734 $ 24,734 Office furniture and equipment 135,802 134,948 Molds 7,200 7,200 Trade show displays 143,357 136,029 Computers and software 224,840 217,265 Tooling Safety Wand 125,022 20,377 Tooling equipment-STA & Wand 11,100 115,745 EPI and IA Instruments 82,363 82,362 STA Trials Instruments 63,752 63,752 Total 818,170 802,412 Less accumulated depreciation (659,144 ) (566,477 ) Total $ 159,026 $ 235,935 Depreciation expense was $92,226 $27,947 December 31, 2016 2015, |
Note H - Patents
Note H - Patents | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE H — PATENTS Patents are amortized utilizing the straight-line method over estimated useful lives ranging from 10 20 12 $70,699 2016 $69,428 2015. |
Note I - Stockholders' Equity
Note I - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE I — STOCKHOLDERS’ EQUITY ISSUANCES COMMON STOCK In June 2016, $2.0 one $2.00 May 2014 In July 2016, $250,000 104,200 $2.40 July 22, 2016, 3 333 209466). In December 2016, 2,000,000 1,592,775 92,775 partial exercise of the over-allotment option granted to the underwriters. Each share of common stock was sold in combination with a warrant to purchase 0.75 .75 $1.50 $3,000,000. three $2.55 January 2017, 123,700 $1.499 $186,000. $3,200,000, $426,780. ISSUANCES OF PREFERRED STOCK In May 2014, $10 $3 (two $1.50 $7 million of our Series A Convertible Preferred Stock ("preferred stock") (7,000 $1,000 $2.37 May 14, 2019, $1.50 common stock, as a single class, on all matters submitted for the approval of the holders of common stock and has the number of votes equal to the number of shares of our common stock into which they are then convertible. In addition, preferred stock is also entitled to share, pari passu, in any cash dividends declared on common stock on as converted basis. SHARES TO BE ISSUED December 31, 2016 2015, 1,270,481 963,451 employees of Milestone Scientific. Such shares will be issued to each party upon termination of their employment. The number of shares was fixed at the date of grant and were fully vested upon grant date. SHARES RESERVED FO R FUTURE ISSUANCE At December 31, 2016 2015 4,600,250 2,391,220 3,329,769 1,427,769 December 31, 2016 2015 1,270,481 963,451 |
Note J - Stock Option Plans
Note J - Stock Option Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE J — STOCK OPTION PLANS The 2004 750,000 s common stock. Options may three five December 31, 2016 June 2011, approved the 2011 "2011 2,000,000 three five In May 2016, e Scientific's stockholders approved the following amendments to the 2011 i. Renaming of the 2011 2011 ii. Providing for awards of restricted common stock; and iii. Increasing the maximum number of shares of common stock reserved for grants under the 2011 2,000,000 4,000,000. Milestone Scientific recognizes compensation expense on a straight line basis over the requisite service period and in the case of performance based options over the period of the expected performance. For the twelve December 31, 2016 2015 $579,103 $637,108 December 31, 2016 2015, $678,842 $1,167,865 2.58 2.78 December 31, 2016 2015, A summary of option activity for employees under the plans and changes during the year ended December 31, 2016, Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Outstanding January 1, 2015 1,472,130 0.79 2.88 1,430,231 Exercisable, December 31, 2015 1,036,185 1.10 2.75 1,244,074 Granted 157,306 3.01 4.18 Exercised during 2015 (200,000 ) 1.00 - - Forfeited or expired (10,000 ) 1.00 - - Outstanding December 31, 2015 1,419,436 1.56 2.79 1,220,338 Exercisable, December 31, 2015 1,041,680 1.29 2.41 1,135,819 Granted 520,337 1.79 4.38 - Exercised during 2016 (327,778 ) .75 - - Forfeited or expired (100,000 ) 2.35 - - Outstanding December 31,2016 1,511,995 1.74 2.97 102,605 Exercisable, December 31, 2016 1,054,202 1.65 2.51 102,605 A summary of option activity for non-employees under the plans as of December 31, 2016 2015, Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Outstanding, January 1, 2015 16,666 1.27 0.62 17,166 Exercisable, January 1, 2015 16,666 1.27 0.62 17,166 Granted 8333 2.70 4.83 22,499 Exercised (16,666 ) 1.27 - - Outstanding, December 31, 2015 8,333 2.70 4.83 - Exercisable, December 31, 2015 2,777 2.70 4.83 - Granted 216,666 2.53 - - Exercised - - - - Outstanding, December 31, 2016 224,999 2.53 5.32 - Exercisable, December 31, 2016 14,734 2.72 4.36 - The fair value of the non-employee options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant. In accordance with the provisions of FASB ASC 505, of the grant at each presentation date unless there is a significant disincentive for non-performance or until performance has been. For the twelve December 31, 2016, $25,346 twelve December 31, 2015, $7,050 December 31, 2016, $678,842 2.49 |
Note K - Employment Contract an
Note K - Employment Contract and Deferred Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Employment Contract and Deferred Compensation Disclosure [Text Block] | NOTE K–EMPLOYMENT CONTRACT AND DEFERRED COMPENSATION Employment Contracts As of September 1, 2009, five Officer (the "2009 2009 one August 1 2009 $300,000 may $400,000, one one five (110%) 10% one third first three 30 2012 In accordance with the 2009 855,810 $980,906 December 31, 2016 735,369 common stock are to be paid out at the end of the contract in settlement of $730,985 December 31, 2015 On December 1, 2016, $280,000 one September 1, 2016 August 31, 2017 one September 1 st through August 31 st of each successive year (each a “Renewal Term”), unless prior to June 1st |
Note L - Income Taxes
Note L - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE L — INCOME TAXES Due to Milestone Scientific®€™ s history of operating losses, a full valuation allowances has been provided for all of Milestone Scientific®€™s deferred tax assets at December 31, 2016 2015, Deferred tax attributes resulting from differences between financial accounting amounts and tax bases of assets and liabilities at December 31, 2016 2015 2016 2015 Current assets Allowance for doubtful accounts-short term $ 4,000 $ 2,000 Warranty reserve 36,000 43,000 Deferred officers compensation 395,000 643,000 Subtotal 435,000 688,000 Valuation allowance (435,000 ) (688,000 ) Non-current assets Depreciation and amortization $ 135,000 $ 149,000 Net operating loss carryforward 18,456,000 16,160,000 Federal tax effect of state deferred tax assets - (117,000 ) Subtotal 18,591,000 16,192,000 Valuation allowance (18,591,000 ) (16,192,000 ) As of December 31, 2016, $51,807,000. As of December 31, 2015 $46,875,000, December 2036. December 31, 2016 $10,047,000. December 31, 2015 $3,771,000. December 2036. The utilization of Milestone Scientific's net operating losses may 382 may 100% For the year ended December 31, 2016 2015, ate tax liability was approximately $13,000 $62,000. A reconciliation of the statutory tax rates for the years ended December 31, 2016 2015 Statutory rate 34 % 34 % State income tax - all states 6 % 6 % Non-deductible stock based compensation 3 % - 43 % 40 % Current year valuation allowance (43 %) (40 %) Benefit for income taxes 0 % 0 % Accounting for Uncertain Tax Positions: Accounting for uncertainties in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, disclosure and transition. At December 31, 2016, 2015, 2013, 2014, 2015 |
Note M - Product Sales and Sign
Note M - Product Sales and Significant Customers and Vendors | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Product Sales and Significant Customers and Vendors Disclosure [Text Block] | NOTE M — PRODUCT SALES AND SIGNIFICANT CUSTOMERS AND VENDORS Milestone Scientific ’s consolidated dental sales by product and by geographical region are as follows: Years Ended December 31, 2016 2015 DOMESTIC Instruments $ 852,148 27.5 % $ 623,195 17.8 % Handpieces 2,102,394 67.9 % 2,799,785 79.8 % Other 143,762 4.6 % 83,362 2.4 % Total Domestic $ 3,098,304 100.0 % $ 3,506,342 100.0 % INTERNATIONAL Instruments $ 3,264,633 44.2 % $ 2,062,556 34.5 % Handpieces 4,063,811 55.1 % 3,836,002 64.1 % Other 55,257 0.7 % 86,669 1.4 % Total International $ 7,383,701 100.0 % $ 5,985,227 100.0 % DOMESTIC/INTERNATIONAL ANALYSIS Domestic $ 3,098,304 29.6 % $ 3,506,342 36.9 % International $ 7,383,701 70.4 % $ 5,985,227 63.1 % Total Product Sales $ 10,482,005 100.0 % $ 9,491,569 100.0 % Milestone Scientific has informal arrangements with the manufacturer of the STA, CompuDent® and CompuMed® instruments, one March 2016, 3,000 $656,752 December 31, 2016. December 31, 2016 2015. For the year ended December 31, 2016, two one 58% (31% 27%), receivable for the two $2,994,686, 85% December 31, 2016. December 31, 2015, two one 33% (15% 15%), three $1,100,000, 69% December 31, 2015. |
Note N - Related Parties
Note N - Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE N -- RELATED PARTIES Milestone Scientific has a manufacturing agreement with one purchase orders, but without minimum purchase commitments. Purchases of handpieces from this vendor in China were $3,025,249 $2,698,522 December 31, 2016 2015 $1,235,052 $716,519 December 31, 2016 2015, Milestone Scientific has $3,245,000 sales of instruments and handpieces during the twelve December 31, 2016 Milestone Scientific recorded deferred revenues and cost associates with the sales to Milestone China $1,001,800 $620,041 December 31, 2016. $2,714,600 2016, December 31, 2016. 2015, $507,000 $938,304 Milestone Scientific recognizes the total revenue and costs of goods sold at the time the shipment of instruments and handpieces to Milestone China. However, due to timing differences of when the inventory is sold to Milestone China and when Milestone China sells the acquired inventory to third 323 third $630,990 69,781, December 31, 2016 2015, $1.7 December 31, 2016 In June 2016, raised an additional $2.0 one $2.00 In August 2013, three $100,000 |
Note O - Commitments and Other
Note O - Commitments and Other | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE O — COMMITMENTS AND OTHER (1) The headquarters for Milestone Scientific is located at 220 7,625 January 31, 2020 $12,522. 2017. third Aggregate minimum rental commitments under noncancelable operating leases are as follows: Year Ending December 31, 2017 150,264 2018 150,264 2019 161,532 2020 152,142 $ 614,202 For the years ended December 31, 2016 2015, $133,657and $121,866 (2) Milestone Scientific has informal arrangements for the manufacture of its product, The STA Single Tooth Anesthesia System® two The termination of the manufacturing relationship with any of the above manufacturers could have a material adverse effect on Milestone Scientific’s ability to produce and sell its products. Although alternate sources of supply exist and new manufacturing relationships could be established, Milestone Scientific would need to recover its existing tools or have new tools produced. Establishment of new manufacturing relationships could involve significant expense and delay. Any curtailment or interruption of the supply, whether or not as a result of termination of such a relationship, would have a material adverse effect on Milestone Scientific’s financial condition, business and results of operations. (3) Milestone Scientific's employment agreement with its Chief Executive Officer provides for payments of $203,111 five third twelve December 31, 2016 2015 $203,111 $236,963 The technology underlying the SafetyWand ® CompuFlo® CompuDent® January 1, 2005. 2.5% 5% 8,333 third The Director of Clinical Affairs’ royalty fee was $526,737 $442,763 twelve December 31, 2016 2015, $275,000 $185,751 twelve December 31, 2016 2015, |
Note P - Pension Plan
Note P - Pension Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE P — PENSION PLAN Milestone Scientific has a Defined Contribution Plan that allows eligible employees to contribute part of their salary through payroll deductions. Milestone Scientific does not contribute to this plan, but does pay the administrative costs of the plan, which were not significant. |
Note Q - Subsequent Events
Note Q - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE Q — SUBSEQUENT EVENTS In January 2017, December 2016, 123,700 shares of common stock at the public offering price of $1.499 $186,000 In Janu ary 2017, 1,065,084 532,542 96% In February 2017, 2,000 $1.4 third 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental, Milestone Advanced Cosmetic and Milestone Medical. Milestone Education is a variable interest entity of which Milestone Scientific is the primary beneficiary and is consolidated into Milestone Scientific's financial statements. Prior to December 31, 2015, |
Reclassification, Policy [Policy Text Block] | 2. Reclassifications Certain reclassifications have been made to the 2015 2016 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | 3. A variable interest entity (“VIE”) is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific ’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity. Milestone Scientific is the primary beneficiary of Milestone Medical as of December 31, 2015 January 2016. and Milestone Education are included in the accompanying consolidated financial statements. Because Milestone Scientific had an increasing variable interest in Milestone China, it further considered the guidance in Accounting Standard Codification ("ASC") 810 ● Power Criterion: The power to direct the activities that most significantly impact the entity ’s economic performance; and ● Losses/Benefits Criterion: The obligation to abso rb losses that could potentially be significant or the right to receive benefits that could potentially be significant to the VIE. Milestone management does not have the ability to control the activities that most significantly impact Milestone China' s economics and, therefore, the power criterion has not been met. Management placed the most weight on the relationship and significance of activities of Milestone China to the majority shareholder/CEO of Milestone China. As majority shareholder, majority holder of voting rights, and the active CEO, the 53% 810. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 4. Milestone Scientific considers all highly liquid investments purchased with an original maturity of three |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | 5 . Accounts Receivable Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the inability of its customers to make payments on amounts billed. A majority of credit sales are due within ninety |
Standard Product Warranty, Policy [Policy Text Block] | 6 . Product Return and Warranty Milestone Scientific generally does not accept non-defective returns from its customers. Product returns under warranty are accepted, evaluated and repaired or replaced in accordance with the Warranty Policy. Returns not within the Warranty Policy are evaluated and the customer is charged for the repair. |
Inventory, Policy [Policy Text Block] | 7. Inventories principally consist of finished goods and component parts stated at the lower of cost (first first thod) or market. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirements. |
Equity Method Investments, Policy [Policy Text Block] | 8. Investments in which Milestone Scientific has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long term assets on the Consolidated Bal ance Sheets. Under this method of accounting, share of the net earnings or losses of the investee is presented below the income tax line on the Consolidated Statements of Operations. evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may |
Property, Plant and Equipment, Policy [Policy Text Block] | 9. Equipment is recorded at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, which range from five seven |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 10. Intangible Assets - Patents Patents are recorded at cost to prepare and file the applicable documents with the US Patent Office, or internationally with the applicable governmental office in the respective country. Although certain patents have not yet been approved, the costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. If the applicable patent application is ultimately rejected, the remaining unamortized balance will be expensed in the period in which Milestone Scientific receives notice of such rejection. Patent defense costs, to the extent applicable are expensed as incurred. Patent applications filed and patents obtained in foreign countries are subject to the laws and procedures that differ from those in the United States. Patent protection in foreign countries may may |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 11. Milestone Scientific reviews long-lived assets for impairment whenever events or circumstances (i.e. a triggering event) indicate that the carrying amounts may no December 31, 2016. |
Revenue Recognition, Policy [Policy Text Block] | 12. Revenue from product sales is recognized, net of discounts and allowances to domestic distributors, on the date of shipment for substantially all shipments, since the shipment terms are FOB warehouse. Milestone Scientific recognizes revenue on date of arrival of the goods at the customer's location, where shipments are FOB destination. Shipments to international distributors are FOB warehouse, therefore revenue is recognized on shipment of the goods. In all cases the price to the buyer is fixed and the collectability is reasonably assured. Further, Milestone Scientific has no obligation on these sales for any post installation, set-up or maintenance, these being the responsibility of the buyer. Milestone Scientific's only obligation after sale is the normal commercial warranty against manufacturing defects if the alleged defective unit is returned within the warranty period. Instrument and hand pieces are not bundled but rather sold separately and, as such, there are no multiple element determinations in connection with the revenue recognition. |
Shipping and Handling Cost, Policy [Policy Text Block] | 13. Milestone Scientific includes shipping and handling costs in cost of goods sold. These costs are billed to customers at the time of shipment for domestic shipments. International shipments are FOB warehouse, therefore no Milestone Scientific. |
Research and Development Expense, Policy [Policy Text Block] | 14. Research and development costs, which consist principally of new product development costs payable to third |
Income Tax, Policy [Policy Text Block] | 15. Milestone Scientific accounts for income taxes pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. |
Earnings Per Share, Policy [Policy Text Block] | 16. Milestone Scientific presents “ basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of Statement of Financial Accounting Standards ASC Topic 260. Since Milestone Scientific had net losses for 2016 2015, would have been anti-dilutive. Such outstanding options and warrants totaled 3,329,769 1,427,769 December 31, 2016 2015, |
Use of Estimates, Policy [Policy Text Block] | 17. 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 going concern considerations, and valuation allowances on deferred tax assets. Actual results could differ from those estimates . |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 18. Fair Value Measurements: We follow the provisions of ASC 820, one ● Level 1 nadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. ● Level 2 1 or the assets or liabilities, either directly or indirectly. ● Level 3 Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 19. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 The weighted-average fair value of the options granted during 2016 2015 $1.70 $3.01, 2016 2015 2016 2015 Volatility 181 % 167 % Risk-free interest 0.99 % 1.73 % Expected Life (in years) 5 5 Dividend yield 0 % 0 % Forfeiture Rate 6 % 6 % |
New Accounting Pronouncements, Policy [Policy Text Block] | 20 . Recent Accounting Pronouncements In May 2014, five 1) 2) 3) 4) 5) August 2015, one December 15, 2017, December 15, 2016. In August 2014, ASU”) No.2014 15, 205 40).The December 15, 2016. December 31, 2016. In November 2015, December 15, 2016 In February 2016, No.2016 02, 842). December 15, 2018 December 15, 2020. In March 2016, No.2016 07, 323): December 15, 2016. In March 2016, No.2016 07, Investments - Equity Method and Joint Ventures” (Topic 323): December 15, 2016. not believe that this new accounting pronouncement will have a material impact on our financial statements. In June 2016, No.2016 13, Financial Instruments – Credit Losses” (Topic 326).: December 15, 2018. In August 2016, No.2016 15, 230). December 15, 2017. |
Note B - Summary of Significa25
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Volatility 181 % 167 % Risk-free interest 0.99 % 1.73 % Expected Life (in years) 5 5 Dividend yield 0 % 0 % Forfeiture Rate 6 % 6 % |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31 2016 2015 Inventories consist of the following: Finished goods $ 4,573,667 $ 4,252,612 Component parts and other materials 29,052 5,482 Total $ 4,602,719 $ 4,258,094 |
Note E - Consolidation of Var27
Note E - Consolidation of Variable Interest Entity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2015 Pro Forma (unaudited) Revenue Sales $ 9,624,375 Cost of products sold 3,061,299 Gross Profit 6,563,076 Selling, general and administrative expenses 12,781,813 Research and development expenses 892,255 Operating expenses 13,674,068 Loss from operations (7,110,992 ) Other expenses (6,845 ) Interest income 3,846 Loss before provision for income tax and equity in net earnings of equity investments (7,113,991 ) Provision for Income Tax (36,157 ) Loss before equity in net earnings of equity investments (7,150,148 ) Loss on earnings from China Joint Venture (418,432 ) Loss in equity investments (418,432 ) Net loss (7,568,580 ) Less: Net loss attributable to the noncontrolling interests (2,101,056 ) Net loss attributable to Milestone Scientific Inc. $ (5,467,524 ) |
Note F - Investment in Uncons28
Note F - Investment in Unconsolidated Subsidiaries (Tables) - Milestone China [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2016 (unaudited) December 31, 2015 (unaudited) Assets: Current Assets $ 9,362,198 $ 772,999 Non -Current Assets 2,467,547 903,766 Total Assets: 11,829,745 1,676,765 Liabilities: Current Liabilities 9,900,611 580,613 Stockholders' equity 1,929,134 1,096,152 Total liabilities and stockholders ’ equity $ 11,829,745 $ 1,676,765 |
Condensed Income Statement [Table Text Block] | December 31, 2016 (unaudited) December 31, 2015 (unaudited) Net Sales $ 1,126,484 $ 2,303,660 Cost of Goods Sold 976,106 2,096,569 Gross Profit 150,378 207,091 Other Expenses (2,834,980 ) (1,342,357 ) Net Losses $ (2,684,602 ) $ (1,135,266 ) |
Note G - Furniture, Fixtures 29
Note G - Furniture, Fixtures and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31 2016 2015 Furniture, Fixtures and Equipment consist of the following: Leasehold improvements $ 24,734 $ 24,734 Office furniture and equipment 135,802 134,948 Molds 7,200 7,200 Trade show displays 143,357 136,029 Computers and software 224,840 217,265 Tooling Safety Wand 125,022 20,377 Tooling equipment-STA & Wand 11,100 115,745 EPI and IA Instruments 82,363 82,362 STA Trials Instruments 63,752 63,752 Total 818,170 802,412 Less accumulated depreciation (659,144 ) (566,477 ) Total $ 159,026 $ 235,935 |
Note J - Stock Option Plans (Ta
Note J - Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Outstanding January 1, 2015 1,472,130 0.79 2.88 1,430,231 Exercisable, December 31, 2015 1,036,185 1.10 2.75 1,244,074 Granted 157,306 3.01 4.18 Exercised during 2015 (200,000 ) 1.00 - - Forfeited or expired (10,000 ) 1.00 - - Outstanding December 31, 2015 1,419,436 1.56 2.79 1,220,338 Exercisable, December 31, 2015 1,041,680 1.29 2.41 1,135,819 Granted 520,337 1.79 4.38 - Exercised during 2016 (327,778 ) .75 - - Forfeited or expired (100,000 ) 2.35 - - Outstanding December 31,2016 1,511,995 1.74 2.97 102,605 Exercisable, December 31, 2016 1,054,202 1.65 2.51 102,605 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Outstanding, January 1, 2015 16,666 1.27 0.62 17,166 Exercisable, January 1, 2015 16,666 1.27 0.62 17,166 Granted 8333 2.70 4.83 22,499 Exercised (16,666 ) 1.27 - - Outstanding, December 31, 2015 8,333 2.70 4.83 - Exercisable, December 31, 2015 2,777 2.70 4.83 - Granted 216,666 2.53 - - Exercised - - - - Outstanding, December 31, 2016 224,999 2.53 5.32 - Exercisable, December 31, 2016 14,734 2.72 4.36 - |
Note L - Income Taxes (Tables)
Note L - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Current assets Allowance for doubtful accounts-short term $ 4,000 $ 2,000 Warranty reserve 36,000 43,000 Deferred officers compensation 395,000 643,000 Subtotal 435,000 688,000 Valuation allowance (435,000 ) (688,000 ) Non-current assets Depreciation and amortization $ 135,000 $ 149,000 Net operating loss carryforward 18,456,000 16,160,000 Federal tax effect of state deferred tax assets - (117,000 ) Subtotal 18,591,000 16,192,000 Valuation allowance (18,591,000 ) (16,192,000 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Statutory rate 34 % 34 % State income tax - all states 6 % 6 % Non-deductible stock based compensation 3 % - 43 % 40 % Current year valuation allowance (43 %) (40 %) Benefit for income taxes 0 % 0 % |
Note M - Product Sales and Si32
Note M - Product Sales and Significant Customers and Vendors (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Sales by Product and by Geographical Region [Table Text Block] | Years Ended December 31, 2016 2015 DOMESTIC Instruments $ 852,148 27.5 % $ 623,195 17.8 % Handpieces 2,102,394 67.9 % 2,799,785 79.8 % Other 143,762 4.6 % 83,362 2.4 % Total Domestic $ 3,098,304 100.0 % $ 3,506,342 100.0 % INTERNATIONAL Instruments $ 3,264,633 44.2 % $ 2,062,556 34.5 % Handpieces 4,063,811 55.1 % 3,836,002 64.1 % Other 55,257 0.7 % 86,669 1.4 % Total International $ 7,383,701 100.0 % $ 5,985,227 100.0 % DOMESTIC/INTERNATIONAL ANALYSIS Domestic $ 3,098,304 29.6 % $ 3,506,342 36.9 % International $ 7,383,701 70.4 % $ 5,985,227 63.1 % Total Product Sales $ 10,482,005 100.0 % $ 9,491,569 100.0 % |
Note O - Commitments and Other
Note O - Commitments and Other (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | Year Ending December 31, 2017 150,264 2018 150,264 2019 161,532 2020 152,142 $ 614,202 |
Note A - Organization, Busine34
Note A - Organization, Business and Basis of Presentation (Details Textual) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / shares | May 31, 2014USD ($)$ / sharesshares | Sep. 30, 2011 | Jan. 31, 2017USD ($)$ / shares | Jun. 30, 2016$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | |
Number of Countries in which Entity Operates | 47 | 47 | ||||||||
Proceeds from Issuance of Private Placement | $ | $ 2,000,000 | $ 10,000,000 | $ 2,225,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Shares Issued, Price Per Share | $ 2.40 | |||||||||
Estimated Cost to Generate Market Studies Data | $ | $ 100,000 | $ 100,000 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 104,200 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 250,000 | $ 2,573,220 | ||||||||
UNITED STATES | ||||||||||
Number of Medical Instruments Sold | 0 | |||||||||
Milestone Medical Inc. [Member] | ||||||||||
Share Exchange Program, Number of Shares of VIE Common Stock Received Per Share of Entity's Common Stock | shares | 2 | |||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | 91.00% | ||||||||
Milestone Medical Inc. [Member] | Subsequent Event [Member] | ||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 96.00% | |||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ | $ 7,000,000 | |||||||||
Temporary Equity, Shares Issued | shares | 7,000 | |||||||||
Temporary Equity, Par or Stated Value Per Share | $ 1,000 | |||||||||
Share Price | 2.37 | |||||||||
Preferred Stock, Conversion Price if Threshold Prices not Achieved on Future Date | $ 1.50 | |||||||||
Private Placement [Member] | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 3,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 2,000,000 | |||||||||
Sale of Stock, Price Per Share | $ 1.50 | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 1,000,000 | |||||||||
Shares Issued, Price Per Share | $ 2 | $ 1.50 | $ 2 | |||||||
Stock Issued During Period, Shares, New Issues | shares | 2,000,000 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 3,000,000 | |||||||||
Private Placement [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1,000 | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 7,000 | |||||||||
Underwritten Public Offering [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1.50 | $ 1.50 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,000,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,592,775 | 1,592,775 | ||||||||
Class of Warrant or Right, Expiration Period | 3 years | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.55 | $ 2.55 | ||||||||
Proceeds from Issuance of Common Stock | $ | $ 3,000,000 | |||||||||
Over-Allotment Option [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 92,775 | 92,775 | ||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1.499 | $ 1.499 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 123,700 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 186,000 | $ 3,200,000 | ||||||||
Underwritten Public Offering Including Over Allotment Options [Member] | Subsequent Event [Member] | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 3,200,000 |
Note B - Summary of Significa35
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.70 | $ 3.01 |
Shipping, Handling and Transportation Costs | $ 0 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | |
Options and Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,329,769 | 1,427,769 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Milestone China [Member] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 53.00% |
Note B - Summary of Significa36
Note B - Summary of Significant Accounting Policies - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Volatility | 181.00% | 167.00% |
Risk-free interest | 0.99% | 1.73% |
Expected Life (in years) (Year) | 5 years | 5 years |
Dividend yield | 0.00% | 0.00% |
Forfeiture Rate | 6.00% | 6.00% |
Note C - Inventories - Summary
Note C - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Finished goods | $ 4,573,667 | $ 4,252,612 |
Component parts and other materials | 29,052 | 5,482 |
Total | $ 4,602,719 | $ 4,258,094 |
Note D - Advances on Contracts
Note D - Advances on Contracts (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Advances on Inventory Purchases | $ 700,900 | $ 1,215,128 |
Note E - Consolidation of Var39
Note E - Consolidation of Variable Interest Entity (Details Textual) - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2011 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Milestone Medical Inc. [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | 91.00% | ||
Share Exchange Program, Number of Shares of VIE Common Stock Received Per Share of Entity's Common Stock | 2 | |||
Milestone Education LLC [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||
Percentage of Revenue from Services Performed to Variable Interest Entity | 81.00% |
Note E - Consolidation of Var40
Note E - Consolidation of Variable Interest Entity - Pro Forma Financial Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Sales Revenue, Goods, Net | $ 10,482,005 | $ 9,491,569 |
Cost of Goods Sold | 4,175,533 | 3,048,260 |
Gross Profit | 6,306,472 | 6,443,309 |
Selling, general and administrative expenses | 11,549,961 | 9,399,201 |
Research and development expenses | 1,270,471 | 100,856 |
Operating expenses | 12,820,432 | 9,500,057 |
Loss from operations | (6,513,960) | (3,056,748) |
Other (expenses) | (5,088) | (5,347) |
Interest income | 1,285 | 3,838 |
Loss before provision for income tax and equity in net earnings of equity investments | (6,517,763) | (3,058,257) |
Provision for Income Tax | (19,101) | 36,157 |
Loss before equity in net earnings of equity investments | (6,498,662) | (3,094,414) |
Income (Loss) from Equity Method Investments | (795,827) | (2,445,489) |
Net Losses | (7,294,489) | (5,539,903) |
Less: Net loss attributable to the noncontrolling interests | 1,347,982 | 72,381 |
Net loss attributable to Milestone Scientific Inc. | (5,946,507) | (5,467,522) |
Milestone China [Member] | ||
Income (Loss) from Equity Method Investments | (795,827) | $ (418,432) |
Milestone Medical Inc. & Milestone Education LLC [Member] | Pro Forma [Member] | ||
Sales Revenue, Goods, Net | 9,624,375 | |
Cost of Goods Sold | 3,061,299 | |
Gross Profit | 6,563,076 | |
Selling, general and administrative expenses | 12,781,813 | |
Research and development expenses | 892,255 | |
Operating expenses | 13,674,068 | |
Loss from operations | (7,110,992) | |
Other (expenses) | (6,845) | |
Interest income | 3,846 | |
Loss before provision for income tax and equity in net earnings of equity investments | (7,113,991) | |
Provision for Income Tax | (36,157) | |
Loss before equity in net earnings of equity investments | (7,150,148) | |
Income (Loss) from Equity Method Investments | (418,432) | |
Net Losses | (7,568,580) | |
Less: Net loss attributable to the noncontrolling interests | 2,101,056 | |
Net loss attributable to Milestone Scientific Inc. | (5,467,524) | |
Milestone Medical Inc. & Milestone Education LLC [Member] | Pro Forma [Member] | Milestone China [Member] | ||
Income (Loss) from Equity Method Investments | $ (418,432) |
Note F - Investment in Uncons41
Note F - Investment in Unconsolidated Subsidiaries (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017USD ($) | Mar. 31, 2016 | Jan. 31, 2016USD ($)$ / item | Jun. 30, 2014USD ($)$ / shares | Mar. 21, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment, Minimum Quantity Required | 3,000 | ||||||
Long-term Purchase Commitment, Amount | $ 656,752 | ||||||
Income (Loss) from Equity Method Investments | (795,827) | $ (2,445,489) | |||||
Sales Revenue, Goods, Net | 10,482,005 | 9,491,569 | |||||
Deferred Costs, Current | 620,041 | ||||||
Cost of Goods Sold | $ 4,175,533 | 3,048,260 | |||||
STA Instrument [Member] | Subsequent Event [Member] | |||||||
Long-term Purchase Commitment, Minimum Quantity Required | 2,000 | ||||||
Long-term Purchase Commitment, Amount | $ 1,400,000 | ||||||
Advanced Ocular Sciences SA [Member] | |||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||
Advances to Affiliate | 78,798 | ||||||
Write-off of Advances to Affiliate | $ 78,798 | ||||||
Cost-method Investments, Realized Losses | 19,700 | ||||||
Equity Method Investments | 0 | ||||||
Milestone China [Member] | |||||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||||
Cost-method Investments, Realized Losses | 1,124,350 | 215,347 | |||||
Equity Method Investments | $ 1,000,000 | 0 | 0 | ||||
Long-term Purchase Commitment, Minimum Quantity Required | 308 | 772 | |||||
Distributor Price Per Instrument | $ / shares | $ 1,296 | ||||||
Long-term Purchase Commitment, Amount | $ 400,000 | ||||||
Long-term Purchase Commitment, Amount per Instrument | $ / item | 1,296 | ||||||
Additional Equity Method Investments | $ 165,000 | ||||||
Income (Loss) from Equity Method Investments | (795,827) | (418,432) | |||||
Equity Method Investment, Unrealized Intercompany Profit (Loss) Not Eliminated, Amount | 630,990 | 69,781 | |||||
Milestone China [Member] | Subsequent Event [Member] | Proceeds from Related Party for Sale of Goods [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 1,700,000 | ||||||
Milestone China [Member] | Instruments and Handpieces [Member] | |||||||
Sales Revenue, Goods, Net | 3,425,000 | ||||||
Deferred Costs, Current | 620,041 | ||||||
Milestone China [Member] | STA Instruments and Handpieces [Member] | |||||||
Accounts Receivable, Related Parties | $ 2,714,600 | ||||||
Milestone China [Member] | Handpieces [Member] | |||||||
Cost of Goods Sold | 507,000 | ||||||
Milestone China [Member] | STA Instrument [Member] | |||||||
Cost of Goods Sold | $ 938,304 |
Note F - Investment in Uncons42
Note F - Investment in Unconsolidated Subsidiaries - Balance Sheet Accounts for Milestone China (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | $ 12,713,812 | $ 11,824,151 | |
Total Assets: | 13,550,650 | 12,809,327 | |
Stockholders' equity | 8,536,329 | 9,165,492 | $ 15,042,352 |
Total liabilities and stockholders’ equity | 13,550,650 | 12,809,327 | |
Milestone China [Member] | |||
Current Assets | 9,362,198 | 772,999 | |
Non -Current Assets | 2,467,547 | 903,766 | |
Total Assets: | 11,829,745 | 1,676,765 | |
Current Liabilities | 9,900,611 | 580,613 | |
Stockholders' equity | 1,929,134 | 1,096,152 | |
Total liabilities and stockholders’ equity | $ 11,829,745 | $ 1,676,765 |
Note F - Investment in Uncons43
Note F - Investment in Unconsolidated Subsidiaries - Income Statement Accounts for Milestone China (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of products sold | $ 4,175,533 | $ 3,048,260 |
Gross Profit | 6,306,472 | 6,443,309 |
Net Losses | (7,294,489) | (5,539,903) |
Milestone China [Member] | ||
Net Sales | 1,126,484 | 2,303,660 |
Cost of products sold | 976,106 | 2,096,569 |
Gross Profit | 150,378 | 207,091 |
Other Expenses | (2,834,980) | (1,342,357) |
Net Losses | $ (2,684,602) | $ (1,135,266) |
Note G - Furniture, Fixtures 44
Note G - Furniture, Fixtures and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 92,226 | $ 27,947 |
Note G - Furniture, Fixtures 45
Note G - Furniture, Fixtures and Equipment - Summary of Furniture, Fixtures and Equipment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Furniture, fixtures and equipment | $ 818,170 | $ 802,412 |
Less accumulated depreciation | (659,144) | (566,477) |
Total | 159,026 | 235,935 |
Leasehold Improvements [Member] | ||
Furniture, fixtures and equipment | 24,734 | 24,734 |
Office Furniture and Equipment [Member] | ||
Furniture, fixtures and equipment | 135,802 | 134,948 |
Tools, Dies and Molds [Member] | ||
Furniture, fixtures and equipment | 7,200 | 7,200 |
Trade Show Displays [Member] | ||
Furniture, fixtures and equipment | 143,357 | 136,029 |
Computer and Software [Member] | ||
Furniture, fixtures and equipment | 224,840 | 217,265 |
Tooling Safety Wand [Member] | ||
Furniture, fixtures and equipment | 125,022 | 20,377 |
Tooling Equipment - STA and Wand [Member] | ||
Furniture, fixtures and equipment | 11,100 | 115,745 |
EPI and IA Instruments [Member] | ||
Furniture, fixtures and equipment | 82,363 | 82,362 |
STA Trials Instruments [Member] | ||
Furniture, fixtures and equipment | $ 63,752 | $ 63,752 |
Note H - Patents (Details Textu
Note H - Patents (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of Intangible Assets | $ 70,699 | $ 69,428 |
Patents [Member] | ||
Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension | 12 years | |
Amortization of Intangible Assets | $ 70,699 | $ 69,428 |
Patents [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Patents [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note I - Stockholders' Equity (
Note I - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2014 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Issuance of Private Placement | $ 2,000,000 | $ 10,000,000 | $ 2,225,000 | |||||
Shares Issued, Price Per Share | $ 2.40 | |||||||
Proceeds from Issuance of Common Stock | $ 250,000 | $ 2,573,220 | ||||||
Stock Issued During Period, Shares, New Issues | 104,200 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,600,250 | 4,600,250 | 2,391,220 | |||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 1,270,481 | 1,270,481 | 963,451 | |||||
Other Stock Options and Warrants [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,329,769 | 3,329,769 | 1,427,769 | |||||
Chief Executive Officer, Chief Financial Officer and Employees [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance | 1,270,481 | 1,270,481 | 963,451 | |||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,000,000 | |||||||
Shares Issued, Price Per Share | $ 2 | $ 1.50 | ||||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||||||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||||||
Private Placement [Member] | Series A Convertible Preferred Stock [Member] | ||||||||
Shares Issued, Price Per Share | $ 1,000 | |||||||
Stock Issued During Period, Shares, New Issues | 7,000 | |||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 7,000,000 | |||||||
Preferred Stock, Redemption Price Per Share | $ 2.37 | |||||||
Private Placement [Member] | Series A Convertible Preferred Stock [Member] | Conversion Price if Certain Conditions are Not Met [Member] | ||||||||
Preferred Stock, Redemption Price Per Share | $ 1.50 | |||||||
Underwritten Public Offering [Member] | ||||||||
Shares Issued, Price Per Share | $ 1.50 | $ 1.50 | ||||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||||||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,592,775 | 1,592,775 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | 0.75 | ||||||
Class of Warrant or Right, Expiration Period | 3 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.55 | $ 2.55 | ||||||
Over-Allotment Option [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 92,775 | 92,775 | ||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||||||
Shares Issued, Price Per Share | $ 1.499 | $ 1.499 | ||||||
Proceeds from Issuance of Common Stock | $ 186,000 | $ 3,200,000 | ||||||
Stock Issued During Period, Shares, New Issues | 123,700 | |||||||
Payments of Stock Issuance Costs | $ 426,780 |
Note J - Stock Option Plans (De
Note J - Stock Option Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2011 | Jul. 31, 2004 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2016 | Apr. 30, 2016 | |
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 520,337 | 157,306 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 579,103 | $ 637,108 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 678,842 | $ 1,167,865 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 211 days | 2 years 284 days | ||||
Non-employee Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 216,666 | 8,333 | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 25,346 | $ 7,050 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 678,842 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 178 days | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercise Period from Grant Date | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expire Period after Grant Date | 5 years | |||||
Stock Option Plan 2004 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 750,000 | |||||
Stock Option Plan 2011 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercise Period from Grant Date | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expire Period after Grant Date | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 2,000,000 |
Note J - Stock Option Plans - S
Note J - Stock Option Plans - Summary of Option Activity for Employees and Non-employees (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | |||||||
Number of options (in shares) | 1,419,436 | 1,472,130 | |||||
Weighted average exercise price, outstanding (in dollars per share) | $ 1.56 | $ 0.79 | |||||
Weighted average remaining contractual life, outstanding (Year) | 2 years 354 days | 2 years 288 days | 2 years 321 days | ||||
Aggregate intrinsic value, outstanding | $ 1,430,231 | $ 102,605 | $ 1,220,338 | ||||
Number of options, exercisable (in shares) | 1,041,680 | 1,036,185 | 1,036,185 | 1,054,202 | 1,041,680 | 1,036,185 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.29 | $ 1.10 | $ 1.10 | $ 1.65 | $ 1.29 | $ 1.10 | |
Weighted average remaining contractual life, exercisable (Year) | 2 years 186 days | 2 years 149 days | 2 years 273 days | ||||
Aggregate intrinsic value, exercisable | $ 102,605 | $ 1,135,819 | $ 1,244,074 | ||||
Number of options granted (in shares) | 520,337 | 157,306 | |||||
Weighted average exercise price, granted (in dollars per share) | $ 1.79 | $ 3.01 | |||||
Weighted average remaining contractual life, granted (Year) | 4 years 138 days | 4 years 65 days | |||||
Number of options exercised (in shares) | (327,778) | (200,000) | |||||
Weighted average exercise price, exercised (in dollars per share) | $ 0.75 | $ 1 | |||||
Weighted average remaining contractual life, exercised (Year) | |||||||
Number of options forfeited and expired (in shares) | (100,000) | (10,000) | |||||
Weighted average exercise price, forfeited or expired (in dollars per share) | $ 2.35 | $ 1 | |||||
Number of options (in shares) | 1,511,995 | 1,419,436 | 1,472,130 | ||||
Weighted average exercise price, outstanding (in dollars per share) | $ 1.74 | $ 1.56 | $ 0.79 | ||||
Number of options, exercisable (in shares) | 1,041,680 | 1,036,185 | |||||
Weighted average exercise price, exercisable (in dollars per share) | $ 1.29 | $ 1.10 | |||||
Number of options, exercisable (in shares) | 1,054,202 | 1,041,680 | 1,036,185 | ||||
Weighted average exercise price, exercisable (in dollars per share) | $ 1.65 | $ 1.29 | $ 1.10 | ||||
Non-employee Options [Member] | |||||||
Number of options (in shares) | 8,333 | 16,666 | |||||
Weighted average exercise price, outstanding (in dollars per share) | $ 2.70 | $ 1.27 | |||||
Weighted average remaining contractual life, outstanding (Year) | 5 years 116 days | 4 years 302 days | 226 days | ||||
Aggregate intrinsic value, outstanding | $ 17,166 | ||||||
Number of options, exercisable (in shares) | 2,777 | 16,666 | 16,666 | 14,734 | 2,777 | 16,666 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.70 | $ 1.27 | $ 1.27 | $ 2.72 | $ 2.70 | $ 1.27 | |
Weighted average remaining contractual life, exercisable (Year) | 4 years 131 days | 4 years 302 days | 226 days | ||||
Aggregate intrinsic value, exercisable | $ 17,166 | ||||||
Number of options granted (in shares) | 216,666 | 8,333 | |||||
Weighted average exercise price, granted (in dollars per share) | $ 2.53 | $ 2.70 | |||||
Weighted average remaining contractual life, granted (Year) | 4 years 302 days | ||||||
Number of options exercised (in shares) | (16,666) | ||||||
Number of options (in shares) | 224,999 | 8,333 | 16,666 | ||||
Weighted average exercise price, outstanding (in dollars per share) | $ 2.53 | $ 2.70 | $ 1.27 | ||||
Number of options, exercisable (in shares) | 2,777 | 16,666 | |||||
Weighted average exercise price, exercisable (in dollars per share) | $ 2.70 | $ 1.27 | |||||
Aggregate intrinsic value, granted | $ 22,499 | ||||||
Number of options, exercisable (in shares) | 14,734 | 2,777 | 16,666 | ||||
Weighted average exercise price, exercisable (in dollars per share) | $ 2.72 | $ 2.70 | $ 1.27 |
Note K - Employment Contract 50
Note K - Employment Contract and Deferred Compensation (Details Textual) - Chief Executive Officer [Member] - USD ($) | Dec. 01, 2016 | Sep. 01, 2009 | Dec. 31, 2016 | Dec. 31, 2015 |
Chief Executive Officer, Employment Agreement Period | 1 year | 5 years | ||
Chief Executive Officer, Automatic Extended Employment Agreement Period | 1 year | 1 year | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 280,000 | $ 300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | |||
Minimum Shareholding Percentage in Company | 10.00% | |||
Options Exercisable Period | 30 days | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 855,810 | 735,369 | ||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 980,906 | $ 730,985 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||
Maximum [Member] | ||||
Accrued Bonuses, Current | $ 400,000 |
Note L - Income Taxes (Details
Note L - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Percentage of Valuation Allowance | 100.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 13,000 | $ 62,000 |
Operating Loss Carryforwards, Valuation Allowance | 0 | 0 |
Unrecognized Tax Benefits | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 46,875,000 | |
Operating Loss Carryforwards, Valuation Allowance | 0 | 0 |
Domestic Tax Authority [Member] | Parent Company [Member] | ||
Operating Loss Carryforwards | 51,807,000 | |
Domestic Tax Authority [Member] | Milestone Medical Inc. [Member] | ||
Operating Loss Carryforwards | 31 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 3,771,000 | |
Operating Loss Carryforwards, Valuation Allowance | 0 | $ 0 |
State and Local Jurisdiction [Member] | Parent Company [Member] | ||
Operating Loss Carryforwards | $ 10,047,000 |
Note L - Income Taxes - Deferre
Note L - Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts-short term | $ 4,000 | $ 2,000 |
Warranty reserve | 36,000 | 43,000 |
Deferred officers compensation | 395,000 | 643,000 |
Subtotal | 435,000 | 688,000 |
Valuation allowance | (435,000) | (688,000) |
Depreciation and amortization | 135,000 | 149,000 |
Net operating loss carryforward | 18,456,000 | 16,160,000 |
Federal tax effect of state deferred tax assets | (117,000) | |
Subtotal | 18,591,000 | 16,192,000 |
Valuation allowance | $ (18,591,000) | $ (16,192,000) |
Note L - Income Taxes - Reconci
Note L - Income Taxes - Reconciliation of the Statutory Tax Rates (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory rate | 34.00% | 34.00% |
State income tax - all states | 6.00% | 6.00% |
Non-deductible stock based compensation | 3.00% | |
43.00% | 40.00% | |
Current year valuation allowance | (43.00%) | (40.00%) |
Benefit for income taxes | 0.00% | 0.00% |
Note M - Product Sales and Si54
Note M - Product Sales and Significant Customers and Vendors (Details Textual) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment, Minimum Quantity Required | 3,000 | ||
Long-term Purchase Commitment, Amount | $ 656,752 | ||
Accounts Receivable, Gross | $ 2,994,686 | $ 1,100,000 | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Number of Customers | 2 | ||
Concentration Risk, Percentage | 58.00% | 33.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Customer One [Member] | |||
Concentration Risk, Percentage | 31.00% | 15.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Customer Two [Member] | |||
Concentration Risk, Percentage | 27.00% | 15.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Customers | 2 | 3 | |
Concentration Risk, Percentage | 85.00% | 69.00% |
Note M - Product Sales and Si55
Note M - Product Sales and Significant Customers and Vendors - Sales by Product and by Geographical Region (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Product sales, net | $ 10,482,005 | $ 9,491,569 |
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | ||
Product sales, net | $ 10,482,005 | $ 9,491,569 |
Product sales, percent | 100.00% | 100.00% |
Domestic [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 3,098,304 | $ 3,506,342 |
Product sales, percent | 100.00% | 100.00% |
Domestic [Member] | Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | ||
Product sales, net | $ 3,098,304 | $ 3,506,342 |
Product sales, percent | 29.60% | 36.90% |
Domestic [Member] | Instruments [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 852,148 | $ 623,195 |
Product sales, percent | 27.50% | 17.80% |
Domestic [Member] | Handpieces [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 2,102,394 | $ 2,799,785 |
Product sales, percent | 67.90% | 79.80% |
Domestic [Member] | Other Products [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 143,762 | $ 83,362 |
Product sales, percent | 4.60% | 2.40% |
International [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 7,383,701 | $ 5,985,227 |
Product sales, percent | 100.00% | 100.00% |
International [Member] | Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | ||
Product sales, net | $ 7,383,701 | $ 5,985,227 |
Product sales, percent | 70.40% | 63.10% |
International [Member] | Instruments [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 3,264,633 | $ 2,062,556 |
Product sales, percent | 44.20% | 34.50% |
International [Member] | Handpieces [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 4,063,811 | $ 3,836,002 |
Product sales, percent | 55.10% | 64.10% |
International [Member] | Other Products [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member] | ||
Product sales, net | $ 55,257 | $ 86,669 |
Product sales, percent | 0.70% | 1.40% |
Note N - Related Parties (Detai
Note N - Related Parties (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | May 31, 2014 | Aug. 31, 2013 | Mar. 21, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2016 | |
Sales Revenue, Goods, Net | $ 10,482,005 | $ 9,491,569 | |||||
Deferred Costs, Current | 620,041 | ||||||
Cost of Goods Sold | 4,175,533 | 3,048,260 | |||||
Proceeds from Issuance of Private Placement | $ 2,000,000 | $ 10,000,000 | 2,225,000 | ||||
Shares Issued, Price Per Share | $ 2.40 | ||||||
Service Agreement Period | 3 years | ||||||
Servicing Fees | $ 100,000 | ||||||
Private Placement [Member] | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,000,000 | ||||||
Shares Issued, Price Per Share | $ 2 | $ 1.50 | |||||
Milestone China [Member] | |||||||
Equity Method Investment, Unrealized Intercompany Profit (Loss) Not Eliminated, Amount | 630,990 | 69,781 | |||||
Milestone China [Member] | Subsequent Event [Member] | Proceeds from Related Party for Sale of Goods [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 1,700,000 | ||||||
Wand Dental Inc [Member] | Related Vendor in China [Member] | |||||||
Due to Related Parties | 1,235,052 | 716,519 | |||||
Handpieces [Member] | Milestone China [Member] | |||||||
Cost of Goods Sold | 507,000 | ||||||
Instruments and Handpieces [Member] | Milestone China [Member] | |||||||
Sales Revenue, Goods, Net | 3,425,000 | ||||||
Deferred Costs, Current | 620,041 | ||||||
STA Instruments and Handpieces [Member] | Milestone China [Member] | |||||||
Accounts Receivable, Related Parties | 2,714,600 | ||||||
STA Instrument [Member] | Milestone China [Member] | |||||||
Cost of Goods Sold | 938,304 | ||||||
CHINA | Handpieces [Member] | |||||||
Purchase Obligation | $ 3,025,249 | $ 2,698,522 |
Note O - Commitments and Othe57
Note O - Commitments and Other (Details Textual) | Jan. 01, 2005 | Dec. 31, 2016USD ($)ft²shares | Dec. 31, 2015USD ($) |
Area of Office Space | ft² | 7,625 | ||
Operating Leases, Rent Expense, Minimum Rentals | $ 12,522 | ||
Operating Leases, Rent Expense | 133,657 | $ 121,866 | |
Payments for Postemployment Benefits | $ 203,111 | ||
Define Benefit Plan, Payment Period | 5 years | ||
Pension Expense | $ 203,111 | 236,963 | |
Additional Percentage of Director Compensation on Sales Value Using Certain Specify Technology | 2.50% | ||
Additional Percentage of Director Compensation Sales Value Using Other Kind of Technology | 5.00% | ||
Lease Expiration Date | Jan. 31, 2020 | ||
Director of Clinical Affairs [Member] | |||
Stock Issued During Period, Shares, Stock Options Exercised, Attributable to Consultants | shares | 8,333 | ||
Royalty Expense | $ 526,737 | 442,763 | |
Professional Fees | $ 275,000 | $ 185,751 |
Note O - Commitments and Othe58
Note O - Commitments and Other - Aggregate Minimum Rental Commitments (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 150,264 |
2,018 | 150,264 |
2,019 | 161,532 |
2,020 | 152,142 |
$ 614,202 |
Note Q - Subsequent Events (Det
Note Q - Subsequent Events (Details Textual) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($)$ / sharesshares | Jul. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2016 | Sep. 30, 2011 | Jan. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Stock Issued During Period, Shares, New Issues | shares | 104,200 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 2.40 | |||||||
Proceeds from Issuance of Common Stock | $ | $ 250,000 | $ 2,573,220 | ||||||
Long-term Purchase Commitment, Minimum Quantity Required | 3,000 | |||||||
Long-term Purchase Commitment, Amount | $ | $ 656,752 | |||||||
Milestone Medical Inc. [Member] | ||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | 91.00% | ||||||
Subsequent Event [Member] | STA Instrument [Member] | ||||||||
Long-term Purchase Commitment, Minimum Quantity Required | 2,000 | |||||||
Long-term Purchase Commitment, Amount | $ | $ 1,400,000 | |||||||
Subsequent Event [Member] | Milestone Medical Inc. [Member] | ||||||||
Stock Exchanged | shares | 1,065,084 | 1,065,084 | ||||||
Stock Issued During Period, Shares, Exchanged for Common Stock of VIEs | shares | 532,542 | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 96.00% | |||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 123,700 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 1.499 | $ 1.499 | ||||||
Proceeds from Issuance of Common Stock | $ | $ 186,000 | $ 3,200,000 |