Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 14, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | MILESTONE SCIENTIFIC INC. | |
Entity Central Index Key | 0000855683 | |
Trading Symbol | mlss | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 65,869,023 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $.001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 16,610,217 | $ 1,516,272 |
Accounts receivable, net | 107,286 | 1,710,665 |
Prepaid expenses and other current assets | 468,919 | 519,063 |
Inventories, net | 1,852,453 | 1,620,509 |
Advances on contracts | 842,180 | 710,662 |
Total current assets | 19,881,055 | 6,077,171 |
Furniture, fixtures and equipment, net | 30,925 | 44,976 |
Patents, net | 355,755 | 382,260 |
Right of use assets | 632,536 | 15,977 |
Other assets | 24,150 | 35,905 |
Total assets | 20,963,688 | 6,556,289 |
Current liabilities: | ||
Accounts payable | 461,527 | 1,379,425 |
Accounts payable, related party | 519,393 | 1,358,752 |
Accrued expenses and other payables | 1,048,006 | 775,055 |
Accrued expenses, related party | 653,796 | 1,057,957 |
Current portion of finance leases | 6,108 | 3,904 |
Current operating lease right-of-use liabilities | 66,682 | 15,977 |
Note payable | 272,099 | |
Deferred profit, related party | 340,476 | 340,476 |
Total current liabilities | 3,368,087 | 4,927,642 |
Finance lease liabilities, non-current | 32,596 | |
Operating lease right-of-use liabilities | 594,416 | |
Total liabilities | 3,995,099 | 4,927,642 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock, par value $.001; authorized 75,000,000 shares; 63,236,164 shares issued and 63,202,831 shares outstanding as of June 30, 2020; 49,410,176 shares issued and 49,376,843 shares outstanding as of December 31, 2019; | 63,236 | 49,410 |
Additional paid in capital | 116,199,595 | 96,082,324 |
Accumulated deficit | (98,315,363) | (93,524,297) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific Inc. stockholders' equity | 17,035,952 | 1,695,921 |
Noncontrolling interest | (67,363) | (67,274) |
Total stockholders’ equity | 16,968,589 | 1,628,647 |
Total liabilities and stockholders’ equity | $ 20,963,688 | $ 6,556,289 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 63,236,164 | 49,410,176 |
Common stock, shares outstanding (in shares) | 63,202,831 | 49,376,843 |
Treasury stock, at cost, shares (in shares) | 33,333 | 33,333 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Product sales, net | $ 167,674 | $ 2,257,851 | $ 1,979,060 | $ 4,173,759 |
Cost of products sold | 55,626 | 752,183 | 615,326 | 1,370,876 |
Gross profit | 112,048 | 1,505,668 | 1,363,734 | 2,802,883 |
Selling, general and administrative expenses | 3,176,768 | 2,517,970 | 5,929,580 | 4,627,023 |
Research and development expenses | 108,170 | 95,529 | 215,650 | 101,875 |
Total operating expenses | 3,284,938 | 2,613,499 | 6,145,230 | 4,728,898 |
Loss from operations | (3,172,890) | (1,107,831) | (4,781,496) | (1,926,015) |
Interest income fees | (4,062) | (2,375) | (8,159) | (3,618) |
Change in fair value of derivative liability | 12,462 | 52,722 | ||
Loss before provision for income taxes and net of equity investments | (3,176,952) | (1,097,744) | (4,789,655) | (1,876,911) |
Provision for income taxes | (1,250) | (14,163) | (1,500) | (18,627) |
Loss before equity in net earnings (losses) of equity investments | (3,178,202) | (1,111,907) | (4,791,155) | (1,895,538) |
Earnings from China Joint Venture | (58,664) | (49,100) | ||
Net loss | (3,178,202) | (1,053,243) | (4,791,155) | (1,846,437) |
Net loss attributable to noncontrolling interests | 11,738 | 11,959 | 24,476 | 22,402 |
Net loss attributable to Milestone Scientific Inc. | $ (3,166,464) | $ (1,041,284) | $ (4,766,679) | $ (1,824,036) |
Net loss per share applicable to common stockholders— | ||||
Basic (in dollars per share) | $ (0.06) | $ (0.02) | $ (0.09) | $ (0.04) |
Diluted (in dollars per share) | $ (0.06) | $ (0.02) | $ (0.09) | $ (0.04) |
Weighted average shares outstanding and to be issued— | ||||
Basic (in shares) | 56,694,793 | 45,366,237 | 51,728,806 | 41,904,581 |
Diluted (in shares) | 56,694,793 | 45,366,237 | 51,728,806 | 41,904,581 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Consultant [Member]Preferred Stock [Member] | Consultant [Member]Common Stock [Member] | Consultant [Member]Additional Paid-in Capital [Member] | Consultant [Member]Retained Earnings [Member] | Consultant [Member]Noncontrolling Interest [Member] | Consultant [Member]Treasury Stock [Member] | Consultant [Member] | Board of Directors [Member]Preferred Stock [Member] | Board of Directors [Member]Common Stock [Member] | Board of Directors [Member]Additional Paid-in Capital [Member] | Board of Directors [Member]Retained Earnings [Member] | Board of Directors [Member]Noncontrolling Interest [Member] | Board of Directors [Member]Treasury Stock [Member] | Board of Directors [Member] | Public Offering [Member]Preferred Stock [Member] | Public Offering [Member]Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | Public Offering [Member]Retained Earnings [Member] | Public Offering [Member]Noncontrolling Interest [Member] | Public Offering [Member]Treasury Stock [Member] | Public Offering [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] | April 6, 2020 Public Offering [Member]Preferred Stock [Member] | April 6, 2020 Public Offering [Member]Common Stock [Member] | April 6, 2020 Public Offering [Member]Additional Paid-in Capital [Member] | April 6, 2020 Public Offering [Member]Retained Earnings [Member] | April 6, 2020 Public Offering [Member]Noncontrolling Interest [Member] | April 6, 2020 Public Offering [Member]Treasury Stock [Member] | April 6, 2020 Public Offering [Member] | June 30, 2020 Public Offering [Member]Preferred Stock [Member] | June 30, 2020 Public Offering [Member]Common Stock [Member] | June 30, 2020 Public Offering [Member]Additional Paid-in Capital [Member] | June 30, 2020 Public Offering [Member]Retained Earnings [Member] | June 30, 2020 Public Offering [Member]Noncontrolling Interest [Member] | June 30, 2020 Public Offering [Member]Treasury Stock [Member] | June 30, 2020 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, 2018 | 7,000 | 36,329,600 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 7 | $ 36,330 | $ 88,414,718 | $ (85,999,929) | $ (11,402) | $ (911,516) | $ 1,528,208 | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 56,988 | 56,988 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 20,588 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 21 | 6,979 | 7,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | 118,115 | 22,727 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | $ 118 | $ 39,882 | $ 40,000 | $ 23 | $ 7,477 | $ 7,500 | |||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses (in shares) | 175,715 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | $ 175 | 61,325 | 61,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (782,752) | (10,443) | (793,195) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in offering (in shares) | 6,282,400 | 714,286 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in offering | $ 6,281 | $ 1,968,265 | $ 1,974,546 | $ 714 | $ 249,286 | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrants and shares to be issued to derivative liability ( Note 9) | (406,045) | (406,045) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2019 | 7,000 | 43,663,431 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2019 | $ 7 | $ 43,662 | 90,398,875 | (86,782,681) | (21,845) | (911,516) | 2,726,502 | ||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 7,000 | 36,329,600 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 7 | $ 36,330 | 88,414,718 | (85,999,929) | (11,402) | (911,516) | 1,528,208 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (1,846,437) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 47,132,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 47,132 | 89,559,585 | (87,823,965) | (33,804) | (911,516) | 837,432 | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2019 | 7,000 | 43,663,431 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2019 | $ 7 | $ 43,662 | 90,398,875 | (86,782,681) | (21,845) | (911,516) | 2,726,502 | ||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 44,712 | 44,712 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 41,667 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 42 | 14,958 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | 265,140 | 82,442 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | $ 265 | 139,735 | 140,000 | $ 82 | 29,918 | 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | (1,041,284) | (11,959) | (1,053,243) | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrants and shares to be issued to derivative liability ( Note 9) | $ (2,902) | (1,062,637) | (1,065,539) | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Preferred Shares to Common Stock (mandatory) (in shares) | (7,000) | 5,982,906 | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Preferred Shares to Common Stock (mandatory) | $ (7) | $ 5,983 | (5,976) | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrants and shares to be issued to derivative liability ( Note 9) (in shares) | (2,903,336) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 47,132,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 47,132 | 89,559,585 | (87,823,965) | (33,804) | (911,516) | 837,432 | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 49,410,176 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 49,410 | 96,082,324 | (93,524,297) | (67,274) | (911,516) | 1,628,647 | |||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 30,715 | 30,715 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 22,633 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 23 | 14,989 | 15,012 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | 25,000 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses (in shares) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | 171,046 | 171,046 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants (in shares) | 460,725 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants | $ 460 | 229,902 | 230,362 | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (1,600,215) | (12,738) | (1,612,953) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 49,893,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 49,893 | 96,553,976 | (95,124,512) | (80,012) | (911,516) | 487,829 | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 49,410,176 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 49,410 | 96,082,324 | (93,524,297) | (67,274) | (911,516) | 1,628,647 | |||||||||||||||||||||||||||||||||||||||||||
Net loss | (4,791,155) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 63,236,164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 63,236 | 116,199,595 | (98,315,363) | (67,363) | (911,516) | 16,968,589 | |||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 49,893,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 49,893 | 96,553,976 | (95,124,512) | (80,012) | (911,516) | 487,829 | |||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 23,946 | 23,946 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 11,450 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 11 | 14,989 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | 278,581 | 39,232 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | $ 279 | $ 381,520 | $ 381,799 | $ 39 | $ 53,967 | $ 54,006 | |||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses (in shares) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | 462,504 | 462,304 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants (in shares) | 620,750 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants | $ 621 | 718,029 | 718,650 | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (3,166,464) | (11,738) | (3,178,202) | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees for bonuses (in shares) | 202,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employees for bonuses | $ 203 | (203) | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in offering (in shares) | 5,420,000 | 6,770,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in offering | $ 5,420 | $ 4,621,022 | $ 4,626,442 | $ 6,770 | $ 13,369,845 | $ 13,376,615 | |||||||||||||||||||||||||||||||||||||||||||
Acquired controlling interest in Milestone Advanced Cosmetic Systems | (24,387) | 24,387 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 63,236,164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 63,236 | $ 116,199,595 | $ (98,315,363) | $ (67,363) | $ (911,516) | $ 16,968,589 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (4,791,155) | $ (1,846,437) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 31,851 | 24,993 |
Amortization of patents | 26,506 | 26,506 |
Inventory reserve | (2,061) | |
Stock compensation | 58,219 | 101,700 |
Employees paid in stock | 714,005 | |
Expense paid in stock | 406,800 | |
Non-cash operating lease expense | 28,901 | |
Earnings on China joint venture | (49,100) | |
Change in fair value of derivative liability | (52,722) | |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 1,603,379 | 319,537 |
Decrease in accounts receivable, related party | 100,000 | |
Decrease in other assets | 11,755 | 9,523 |
(Increase) decrease in inventories | (231,944) | 652,631 |
(Increase) decrease in advances on contracts | (131,518) | 118,669 |
Decrease in prepaid expenses and other current assets | 50,162 | 7,978 |
(Decrease) in accounts payable | (917,898) | (12,573) |
(Decrease) in accounts payable, related party | (839,359) | (380,482) |
Decrease in deferred cost, related party | 50,000 | |
Increase in accrued expenses | 272,953 | 284,128 |
(Decrease) increase in accrued expenses, related party | (404,161) | 125,428 |
(Decrease) in deferred revenue, related party | (99,997) | |
Net cash used in operating activities | (4,111,504) | (622,279) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (15,499) | (8,104) |
Net cash used in investing activities | (15,499) | (8,104) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 949,012 | |
Payments finance lease obligations | (4,937) | |
Net proceeds from note payable | 272,099 | |
Net proceeds from Public Placement Offering | 18,003,037 | 1,974,547 |
Net proceeds from Private Placement Offering | 250,000 | |
Net cash provided by financing activities | 19,220,948 | 2,224,547 |
Net increase (decrease) in cash and cash equivalents | 15,093,945 | 1,594,164 |
Cash and cash equivalents at beginning of period | 1,516,272 | 743,429 |
Cash and cash equivalents at end of period | 16,610,217 | 2,337,593 |
Supplemental non-cash disclosure of cash flow information: | ||
Shares issued to board of directors | 37,000 | |
Shares issued to employees for compensation | 22,500 | |
Shares issued to consultants in lieu of cash payments | 180,000 | |
Initial recognition of operating lease-right of use assets | 706,251 | (166,292) |
Initial recognition of operating lease right to used liabilities | (706,251) | 166,292 |
Derivative liability | $ 1,471,585 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 All references in this report to “Milestone Scientific, Inc.,” “us,” “our,” “we,” the “Company “or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Inc., Milestone Advanced Cosmetic Inc. and Milestone Medical Inc. and affiliate, Milestone Education LLC, 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 Safety Wand STA Single Tooth Anesthesia System The Wand Milestone Scientific was incorporated in the State of Delaware in August 1989. The Wand® CompuDent®, STA Single Tooth Anesthesia System® CompuMed®. CompuDent® CompuMed® 60 During 2016, 510 CompuFlo June 2017, CompuFlo eleven In December 2016, 510 not 510 510 2020. On April 21, 2020, |
Note 2 - Liquidity
Note 2 - Liquidity | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one In the second 2020 two April June 2020, $4.6 $13.4 9. June 30, 2020 $16.6 $15.1 December 31, 2019. two The coronavirus (COVID- 19 December 2019 third 19, third fourth June 30, 2020, third 19 may third fourth 2020. third |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 1. The unaudited condensed 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 (wholly owned), Milestone Advanced Cosmetic (majority owned), Milestone Education (wholly owned) and Milestone Medical (majority owned). All significant, intra-entity transactions and balances have been eliminated in consolidation. 2. The unaudited condensed consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10Q 8 X. not not may December 31, 2019, 10 3. Certain reclassification have been made to the 2019 2020 no 4. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to the allowance for doubtful accounts, inventory valuation, and cash flow assumptions regarding evaluations for impairment of long-lived assets and going concern considerations, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. 5. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To perform revenue recognition for customer arrangements the Company performs the following five i. identification of the promised goods or services in the contract; ii. determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; iii. measurement of the transaction price, including the constraint on variable consideration; iv. allocation of the transaction price to the performance obligations based on estimated selling prices; and v. recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company derives its revenues from the sale of its products, primarily dental instruments, handpieces, and other related products. The Company sells its products through a global distribution network and that includes both exclusive and non-exclusive distribution agreements with related and third Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon date of shipment. For certain arrangements where the shipping terms are FOB destination, revenue is recognized upon delivery. The Company has no Sales Returns The Company records allowances for product returns as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including the customers' return rights and the Company's historical experience with returns and the amount of product in the distribution channel not may Financing and Payment Our payment terms differ by geography and customer, but payment is generally required within 90 Disaggregation of Revenue We operate in two 11 six June 30, 2020 2019. 6. 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. Because Milestone Scientific has a variable interest in Milestone China it considered the guidance in 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 absorb losses that could potentially be significant or the right to receive benefits that could potentially be significant to the VIE. Milestone Scientific does not not not 810. 6. 7. Milestone Scientific considers all highly liquid investments purchased with an original maturity of three 8. 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. Most credit sales are due within 90 not June 30, 2020, December 31, 2019, $10,000 9. Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first not 10. Investments in which Milestone Scientific can exercise significant influence, but do not may 11. 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 two seven 12. 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. The costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. Patents and other developed technology acquired from another business entity will be amortized based on the estimated useful life of the patent. These patents and developed technology are recorded at the acquisition cost. 13. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not ● significant under performance relative to expected historical or projected future operating results, ● significant changes in the manner of our use of the acquired assets or the strategy for our overall business ● significant negative industry or economic trends ● significant technological changes, which would render the technology obsolete Recoverability of assets that will continue to be used in the Company's operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. 14. On April 27, 2020, $272,000, March 27, 2020. The Loan, which was in the form of a Note dated April 27, 2020, April 27, 2022 1.00% November 26, 2020. may no may February 15, 2020. may 15. Research and development costs, which consist principally of new product development costs payable to third 16. 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. On June 30, 2020 December 31, 2019, no No 2016, 2017, 2018 17. Basic earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. In periods where there is net income, we applied the two two two not not Since Milestone Scientific had net losses in the six June 30, 2020 2019, not 7,686,628 5,053,832 June 30, 2020 2019, 18. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market at the measurement date (exit price). We are required to classify fair value measurements in one ● Level 1 ● Level 2 1 ● 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 an input to the fair value measurement requires judgment and may June 30, 2020 not 19. The Company does not December 31, 2019. 815, 9, 20. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 21. At the inception of an arrangement, we determine whether an arrangement is, or contains, a lease. An arrangement is, or contains, a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with a term greater than one not 12 not Finance and operating lease right-of-use assets represent the Company's right to use an underlying asset over the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and obligations are recognized at the lease commencement date based on the present value of lease payments, net of incentives, over the lease term. The interest rate implicit in our leases is typically not We evaluate the classification of our leases as either finance leases or operating leases. Leases that are economically similar to the purchase of assets are generally classified as finance leases; otherwise, the leases are classified as operating leases. Lease cost for our operating leases is recognized on a straight-line basis over the lease term. Included in lease cost are any variable lease payments incurred in the period that are not 12 22. In June 2016, No. 2016 13, 326 December 15, 2022. On November 28, 2018, 2018 13, 820 820. 1 2 3 3 2018 13 December 15, 2019, not |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consist of the following: June 30, 2020 December 31, 2019 Dental finished goods, net $ 1,506,621 $ 1,306,763 Medical finished goods, net 255,217 213,861 Component parts and other materials 90,615 99,885 Total inventories $ 1,852,453 $ 1,620,509 On June 30, 2020, $450,000 $9,500. December 31, 2019, $450,000 $318,000. $308,000 December 31, 2019 second 2020. |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Advances to Contract Manufacturer [Text Block] | NOTE 5 The advances on contracts represent funding of future STA inventory purchases, epidural instruments, and epidural replacements parts. The balance of the advances as of June 30, 2020 December 31, 2019 $842,000 $710,000, |
Note 6 - Investment in and Tran
Note 6 - Investment in and Transactions with Equity Investees | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 6 Milestone China Ltd. Ownership In June 2014, $1 forty 40% 75% In first 2020, China. However, as of June 30, 2020, 19 28.4% Related Party Transactions Milestone China is Milestone Scientific's exclusive distributor in China. During 2017 2018, 2018, $2.8 $950,000 $1.25 fourth 2018. For the three six June 30, 2020 not three six June 30, 2019 not $50,000 $100,000 United System transaction In April 2020, 13 2018, not $370,260 $100,000 April 2020, $170,260 April 23, 2020, $1.59, June 2020, $100,000 July 2020. $1.4 $370,260 three June 30, 2020. Milestone Advanced Cosmetic Systems Inc. In May 2020, 50% $900,000 50% one $900,000 100% Gross Profit Deferral Due to timing differences of when the inventory sold to Milestone China is recognized and when Milestone China sells the acquired inventory to third 323 40% third At June 30, 2020 December 31, 2019, $340,476 three six June 30, 2020 2019 $9,564 $58,664 third Equity Method Disclosures As a result of the COVID- 19 not not three six June 30, 2020. not not Milestone Scientific, in previous years, reduced its investment in Milestone China to zero $4.3 December 31, 2019, three six June 30, 2020 not not |
Note 7 - Patents
Note 7 - Patents | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 June 30, 2020 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,022,108 ) $ 355,755 Total $ 1,377,863 $ (1,022,108 ) $ 355,755 December 31, 2019 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (995,603 ) $ 382,260 Total $ 1,377,863 $ (995,603 ) $ 382,260 Patents are amortized utilizing the straight-line method over estimated useful lives ranging from 3 20 $13,200 $26,500 three six June 30, 2020 2019, |
Note 8 - Note Payable
Note 8 - Note Payable | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Effect of COVID-19 Pandemic [Text Block] | NOTE 8 On April 27, 2020, $272,000, March 27, 2020. 2.5 seven eight The Loan, matures on April 27, 2022 1.00% November 26, 2020. April 27, 2022 not may no may February 15, 2020. may |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9— PUBLIC OFFERING AND PRIVATE PLACEMENT February 2019, $2.0 5,715,000 1,428,750 5 $0.50 $198,000 567,400 141,850 Also, in February 2019, $250,000 714,286 178,571 Bp4 Bp4's 5 $0.50 In the second 2020, two April 2020, $5.1 5,420,000 2,710,000 $0.95 $1.20 three 3 June 2020, second $14.6 6,770,000 3,749,000 $2.15 $2.60 three 3 WARRANTS The following table summarizes information about shares issuable under warrants outstanding as of June 30, 2020: Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2020 1,074,171 $ 0.50 4.10 $ 956,012 Issued 6,459,000 2.01 3.00 - Exercised (1,081,475) 0.88 - - Expired or cancelled - - - - Outstanding and exercisable at June 30, 2020 6,451,696 $ 1.95 2.98 $ 2,430,184 The following table summarizes information about shares issuable under warrants outstanding as of June 30, 2019: Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2019 1,592,775 $ 2.55 0.48 $ - Issued 1,749,171 0.50 4.60 - Exercised - - Expired or cancelled - - - - Outstanding and exercisable at June 30, 2019 3,341,946 $ 1.48 2.60 $ - PREFERRED STOCK In May 2014, $10 $3 two million $1.50 $7 7,000 $1,000 $2.545, May 14, 2019. These shares were mandatory convertible on May 14, 2019, $2.54 $1.50 not $3.15 On May 14, 2019, $1.17 5,982,906 SHARES TO BE ISSUED As of June 30, 2020 2019, 2,370,345 2,185,910 As of June 30, 2020, 2019, 149,285 717,456 The following table summarizes information about shares to be issued on June 30, 2020 2019, June 30, 2020 June 30, 2019 Shares-to-be-issued, outstanding January 1, 2,375,760 2,470,565 Granted in current period 358,482 1,029,424 Issued in current period (214,612 ) (596,623 ) Shares-to be issued outstanding June 30, 2,519,630 2,903,366 OUTSTANDING EQUITY INSTRUMENTS IN EXCESS OF AUTHORIZED SHARES As a result of the shares and warrants issued in the public and private offerings as well as other issuance of common stock during 2019, not June 30, 2019, The initial fair value of the warrants was determined using a Black-Scholes option pricing model. The following assumptions were used to value the warrants at the grant date: 2016 Warrants 2019 Warrants Expected Term (years) .04 years 5 years Volatility 100% 85 % Dividend yield 0% 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 2.09% 2.50 % Weighted average fair value of warrants granted - $ 0.22 Number of shares underlying warrants granted 201,044 1,749,171 As these warrants are liability-classified, they were revalued on June 30, 2019 2016 Warrants 2019 Warrants Expected Term (years) .04 years 4.6 Volatility 100% 85 % Dividend yield 0% 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 2.09% 1.76 % Weighted average fair value of warrants granted - $ 0.21 Additionally, as of June 30, 2019 2,900,000 $0.36 June 30, 2019) three six June 30, 2019 $12,500 $52,700, On December 17, 2019, 75,000,000. December 17, 2019, no six June 30, 2020. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 The utilization of Milestone Scientific's net operating losses may 382 may 100% |
Note 11 - Segment and Geographi
Note 11 - Segment and Geographic Data | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Product Sales and Significant Customers and Vendors Disclosure [Text Block] | NOTE 11 We conduct our business through two not The following tables present information about our reportable and operating segments: Net Sales: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ 165,674 $ 2,242,751 $ 1,969,260 $ 4,158,259 Medical 2,000 15,100 9,800 15,550 Total net sales $ 167,674 $ 2,257,851 $ 1,979,060 $ 4,173,809 Operating (Loss): Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ (650,236 ) $ 629,474 $ (223,856 ) $ 1,121,440 Medical (814,429 ) (664,658 ) (1,484,241 ) (1,156,341 ) Corporate (1,708,225 ) (1,072,647 ) (3,073,399 ) (1,891,114 ) Total operating loss $ (3,172,890 ) $ (1,107,831 ) $ (4,781,496 ) $ (1,926,015 ) Depreciation and Amortization: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ 3,101 $ 3,950 $ 8,800 $ 7,886 Medical 621 5,999 4,333 12,170 Corporate 17,416 15,507 45,224 31,445 Total depreciation and amortization $ 21,138 $ 25,456 $ 58,357 $ 51,501 (Loss) before taxes and equity in earnings of affiliates: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ (651,384 ) $ 627,051 $ (225,845 ) $ 1,120,035 Medical (815,391 ) (664,007 ) (1,486,310 ) (1,156,393 ) Corporate (1,710,177 ) (1,060,788 ) (3,077,500 ) (1,840,553 ) Total loss before taxes and equity in earnings of affiliate $ (3,176,952 ) $ (1,097,744 ) $ (4,789,655 ) $ (1,876,911 ) Total Assets: June 30,2020 December 31, 2019 Dental $ 3,206,689 $ 5,008,324 Medical 679,115 590,727 Corporate 17,077,884 957,238 Total assets $ 20,963,688 $ 6,556,289 The following table presents information about our operations by geographic area for three June 30, 2020 2019. Three months ended June 30, 2020 Three months ended June 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ - $ - $ - $ 119,338 $ 10,800 $ 130,138 Handpieces 36,812 2,000 38,812 897,057 300 897,357 Other 1,542 - 1,542 31,358 - 31,358 Total Domestic US $ 38,354 $ 2,000 $ 40,354 $ 1,047,753 $ 11,100 $ 1,058,853 International ROW Devices $ 31,800 $ - $ 31,800 $ 357,796 $ $ 357,796 Handpieces 87,632 - 87,632 760,163 4,000 764,163 Other 7,888 - 7,888 27,039 - 27,039 Total International ROW $ 127,320 $ - $ 127,320 $ 1,144,998 $ 4,000 $ 1,148,998 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 50,000 - 50,000 Other - - - - - - Total China $ - $ - $ - $ 50,000 $ - $ 50,000 Total Product Sales $ 165,674 $ 2,000 $ 167,674 $ 2,242,751 $ 15,100 $ 2,257,851 The following table presents information about our operations by geographic area for the six June 30, 2020 2019. Six months ended June 30, 2020 Six months ended June 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ 525 $ - $ 525 $ 221,405 $ 10,800 $ 232,205 Handpieces 633,490 2,000 635,490 1,597,016 300 1,597,316 Other 21,590 - 21,590 45,753 45,753 Total Domestic US $ 655,605 $ 2,000 $ 657,605 $ 1,864,174 $ 11,100 $ 1,875,274 International ROW Devices $ 274,304 $ 7,600 $ 281,904 $ 665,068 $ - $ 665,068 Handpieces 1,017,923 200 1,018,123 1,480,667 4,400 1,485,067 Other 21,428 - 21,428 48,350 48,350 Total International-ROW $ 1,313,655 $ 7,800 $ 1,321,455 $ 2,194,085 $ 4,400 $ 2,198,485 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 100,000 - 100,000 Other - - - - Total China $ - $ - $ - $ 100,000 $ - $ 100,000 Total Product Sales $ 1,969,260 $ 9,800 $ 1,979,060 $ 4,158,260 $ 15,500 $ 4,173,759 |
Note 12 - Concentrations
Note 12 - Concentrations | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 12 Milestone Scientific has informal arrangements with third June 30, 2020 December 31, 2019. For the six June 30, 2020, 2019 37% 50% one three June 30, 2020 40% one 23% one three June 30, 2019 52% one 61% 0%, June 30, 2020, 77%, December 31, 2019. The COVID- 19 second may 19 no may may may 19 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 United Systems Milestone Scientific has a manufacturing agreement with United Systems (whose controlling shareholder, Tom Cheng, is a significant stockholder of Milestone Scientific), the principal manufacturers of its handpieces, pursuant to which it manufactures products under specific purchase orders, but without minimum purchase commitments. Purchases from this manufacturer were approximately $725,000 $505,000 six June 30, 2020 2019, June 30, 2020 December 31, 2019, $281,000 $943,000, February 2019, 285,714 $0.35 $100,000 July 2019. April 29, 2020, $370,260 6. Milestone China As of June 30, 2020, 40% 6. Other As of June 30, 2020, December 31, 2019, $356,000, $380,000, August 2016, $25,000 $50,000 three six June 30, 2020, 2019, In January 2017, twelve twelve $20,000 $40,000 three six June 30, 2020, 2019, $97,000 $199,000 six June 30, 2020 2019, $78,000 six June 30, 2020 2019, June 30, 2020 December 31, 2019, $284,000 $390,000, |
Note 14 - Commitments
Note 14 - Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 14 ( 1 third June 30, 2020, $736,120 $313,766 August 2019, 100 2020. June 30, 2020, $299,000 100 $149,500 2021, $121,649 ( 2 Operating Leases In June 2015, 774 January 31, 2020 $12,522. not not not August 2019, not seven 7 January 8, 2020. April 1, 2020 January 1 $9,275 $10,898 $2.00 $11,130 not As of June 30, 2020, $632,536 $661,098, $66,682 $594,416 December 31, 2019, $15,977 $15,977. six June 30, 2020, five $43,242. June 30, 2020, $38,704, $6,108 $32,596 Cash flow information related to the Company's right-of-use assets and related lease liabilities were as follows: Three months ended June 30, Six months ended June 30, Lease cost 2020 2019 2020 2019 Cash paid for operating lease liabilities 30,820 39,555 48,084 79,109 Cash paid for finance lease liabilities 2,685 - 4,937 Right-of-use assets obtained in exchange for new operating lease liabilities (1) - - 663,009 175,557 Property and equipment obtained in exchange for new finance lease liabilities - 43,242 - (1) For the Six months ended June 30, 2019, the balance includes operating leases existing as of the adoption of ASC 842 on January 1, 2019. - - - - Weighted-average remaining lease term - operating leases (years) - - 7 0 Weighted-average remaining lease term- finance leases (years) - - 5 0 ( 3 The technology underlying the Safety Wand CompuFlo CompuDent January 1, 2005. 2.5% 5% third 13 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15— Since the quarter ended June 30, 2020, 37,500 $0.50 $18,750 15,000 $1.20 $18,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. The unaudited condensed 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 (wholly owned), Milestone Advanced Cosmetic (majority owned), Milestone Education (wholly owned) and Milestone Medical (majority owned). All significant, intra-entity transactions and balances have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | 2. The unaudited condensed consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10Q 8 X. not not may December 31, 2019, 10 |
Reclassification, Comparability Adjustment [Policy Text Block] | 3. Certain reclassification have been made to the 2019 2020 no |
Use of Estimates, Policy [Policy Text Block] | 4. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to the allowance for doubtful accounts, inventory valuation, and cash flow assumptions regarding evaluations for impairment of long-lived assets and going concern considerations, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Revenue [Policy Text Block] | 5. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To perform revenue recognition for customer arrangements the Company performs the following five i. identification of the promised goods or services in the contract; ii. determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; iii. measurement of the transaction price, including the constraint on variable consideration; iv. allocation of the transaction price to the performance obligations based on estimated selling prices; and v. recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company derives its revenues from the sale of its products, primarily dental instruments, handpieces, and other related products. The Company sells its products through a global distribution network and that includes both exclusive and non-exclusive distribution agreements with related and third Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon date of shipment. For certain arrangements where the shipping terms are FOB destination, revenue is recognized upon delivery. The Company has no Sales Returns The Company records allowances for product returns as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including the customers' return rights and the Company's historical experience with returns and the amount of product in the distribution channel not may Financing and Payment Our payment terms differ by geography and customer, but payment is generally required within 90 Disaggregation of Revenue We operate in two 11 six June 30, 2020 2019. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | 6. 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. Because Milestone Scientific has a variable interest in Milestone China it considered the guidance in 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 absorb losses that could potentially be significant or the right to receive benefits that could potentially be significant to the VIE. Milestone Scientific does not not not 810. 6. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 7. Milestone Scientific considers all highly liquid investments purchased with an original maturity of three |
Accounts Receivable [Policy Text Block] | 8. 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. Most credit sales are due within 90 not June 30, 2020, December 31, 2019, $10,000 |
Inventory, Policy [Policy Text Block] | 9. Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first not |
Equity Method Investments [Policy Text Block] | 10. Investments in which Milestone Scientific can exercise significant influence, but do not may |
Property, Plant and Equipment, Policy [Policy Text Block] | 11. 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 two seven |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 12. 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. The costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. Patents and other developed technology acquired from another business entity will be amortized based on the estimated useful life of the patent. These patents and developed technology are recorded at the acquisition cost. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 13. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not ● significant under performance relative to expected historical or projected future operating results, ● significant changes in the manner of our use of the acquired assets or the strategy for our overall business ● significant negative industry or economic trends ● significant technological changes, which would render the technology obsolete Recoverability of assets that will continue to be used in the Company's operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. |
Debt, Policy [Policy Text Block] | 14. On April 27, 2020, $272,000, March 27, 2020. The Loan, which was in the form of a Note dated April 27, 2020, April 27, 2022 1.00% November 26, 2020. may no may February 15, 2020. may |
Research and Development Expense, Policy [Policy Text Block] | 15. Research and development costs, which consist principally of new product development costs payable to third |
Income Tax, Policy [Policy Text Block] | 16. 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. On June 30, 2020 December 31, 2019, no No 2016, 2017, 2018 |
Earnings Per Share, Policy [Policy Text Block] | 17. Basic earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. In periods where there is net income, we applied the two two two not not Since Milestone Scientific had net losses in the six June 30, 2020 2019, not 7,686,628 5,053,832 June 30, 2020 2019, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 18. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market at the measurement date (exit price). We are required to classify fair value measurements in one ● Level 1 ● Level 2 1 ● 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 an input to the fair value measurement requires judgment and may June 30, 2020 not |
Derivatives, Policy [Policy Text Block] | 19. The Company does not December 31, 2019. 815, 9, |
Share-based Payment Arrangement [Policy Text Block] | 20. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 |
Lessee, Leases [Policy Text Block] | 21. At the inception of an arrangement, we determine whether an arrangement is, or contains, a lease. An arrangement is, or contains, a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with a term greater than one not 12 not Finance and operating lease right-of-use assets represent the Company's right to use an underlying asset over the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and obligations are recognized at the lease commencement date based on the present value of lease payments, net of incentives, over the lease term. The interest rate implicit in our leases is typically not We evaluate the classification of our leases as either finance leases or operating leases. Leases that are economically similar to the purchase of assets are generally classified as finance leases; otherwise, the leases are classified as operating leases. Lease cost for our operating leases is recognized on a straight-line basis over the lease term. Included in lease cost are any variable lease payments incurred in the period that are not 12 |
New Accounting Pronouncements, Policy [Policy Text Block] | 22. In June 2016, No. 2016 13, 326 December 15, 2022. On November 28, 2018, 2018 13, 820 820. 1 2 3 3 2018 13 December 15, 2019, not |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2020 December 31, 2019 Dental finished goods, net $ 1,506,621 $ 1,306,763 Medical finished goods, net 255,217 213,861 Component parts and other materials 90,615 99,885 Total inventories $ 1,852,453 $ 1,620,509 |
Note 7 - Patents (Tables)
Note 7 - Patents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2020 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,022,108 ) $ 355,755 Total $ 1,377,863 $ (1,022,108 ) $ 355,755 December 31, 2019 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (995,603 ) $ 382,260 Total $ 1,377,863 $ (995,603 ) $ 382,260 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2020 1,074,171 $ 0.50 4.10 $ 956,012 Issued 6,459,000 2.01 3.00 - Exercised (1,081,475) 0.88 - - Expired or cancelled - - - - Outstanding and exercisable at June 30, 2020 6,451,696 $ 1.95 2.98 $ 2,430,184 Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2019 1,592,775 $ 2.55 0.48 $ - Issued 1,749,171 0.50 4.60 - Exercised - - Expired or cancelled - - - - Outstanding and exercisable at June 30, 2019 3,341,946 $ 1.48 2.60 $ - |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | June 30, 2020 June 30, 2019 Shares-to-be-issued, outstanding January 1, 2,375,760 2,470,565 Granted in current period 358,482 1,029,424 Issued in current period (214,612 ) (596,623 ) Shares-to be issued outstanding June 30, 2,519,630 2,903,366 |
Schedule of Warrant or Right Outstanding and Options, Valuation Assumptions [Table Text Block] | 2016 Warrants 2019 Warrants Expected Term (years) .04 years 5 years Volatility 100% 85 % Dividend yield 0% 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 2.09% 2.50 % Weighted average fair value of warrants granted - $ 0.22 Number of shares underlying warrants granted 201,044 1,749,171 2016 Warrants 2019 Warrants Expected Term (years) .04 years 4.6 Volatility 100% 85 % Dividend yield 0% 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 2.09% 1.76 % Weighted average fair value of warrants granted - $ 0.21 |
Note 11 - Segment and Geograp_2
Note 11 - Segment and Geographic Data (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Net Sales: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ 165,674 $ 2,242,751 $ 1,969,260 $ 4,158,259 Medical 2,000 15,100 9,800 15,550 Total net sales $ 167,674 $ 2,257,851 $ 1,979,060 $ 4,173,809 Operating (Loss): Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ (650,236 ) $ 629,474 $ (223,856 ) $ 1,121,440 Medical (814,429 ) (664,658 ) (1,484,241 ) (1,156,341 ) Corporate (1,708,225 ) (1,072,647 ) (3,073,399 ) (1,891,114 ) Total operating loss $ (3,172,890 ) $ (1,107,831 ) $ (4,781,496 ) $ (1,926,015 ) Depreciation and Amortization: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ 3,101 $ 3,950 $ 8,800 $ 7,886 Medical 621 5,999 4,333 12,170 Corporate 17,416 15,507 45,224 31,445 Total depreciation and amortization $ 21,138 $ 25,456 $ 58,357 $ 51,501 (Loss) before taxes and equity in earnings of affiliates: Three months ended June 30,2020 Three months ended June 30, 2019 Six months ended June 30,2020 Six months ended June 30, 2019 Dental $ (651,384 ) $ 627,051 $ (225,845 ) $ 1,120,035 Medical (815,391 ) (664,007 ) (1,486,310 ) (1,156,393 ) Corporate (1,710,177 ) (1,060,788 ) (3,077,500 ) (1,840,553 ) Total loss before taxes and equity in earnings of affiliate $ (3,176,952 ) $ (1,097,744 ) $ (4,789,655 ) $ (1,876,911 ) Total Assets: June 30,2020 December 31, 2019 Dental $ 3,206,689 $ 5,008,324 Medical 679,115 590,727 Corporate 17,077,884 957,238 Total assets $ 20,963,688 $ 6,556,289 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three months ended June 30, 2020 Three months ended June 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ - $ - $ - $ 119,338 $ 10,800 $ 130,138 Handpieces 36,812 2,000 38,812 897,057 300 897,357 Other 1,542 - 1,542 31,358 - 31,358 Total Domestic US $ 38,354 $ 2,000 $ 40,354 $ 1,047,753 $ 11,100 $ 1,058,853 International ROW Devices $ 31,800 $ - $ 31,800 $ 357,796 $ $ 357,796 Handpieces 87,632 - 87,632 760,163 4,000 764,163 Other 7,888 - 7,888 27,039 - 27,039 Total International ROW $ 127,320 $ - $ 127,320 $ 1,144,998 $ 4,000 $ 1,148,998 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 50,000 - 50,000 Other - - - - - - Total China $ - $ - $ - $ 50,000 $ - $ 50,000 Total Product Sales $ 165,674 $ 2,000 $ 167,674 $ 2,242,751 $ 15,100 $ 2,257,851 Six months ended June 30, 2020 Six months ended June 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ 525 $ - $ 525 $ 221,405 $ 10,800 $ 232,205 Handpieces 633,490 2,000 635,490 1,597,016 300 1,597,316 Other 21,590 - 21,590 45,753 45,753 Total Domestic US $ 655,605 $ 2,000 $ 657,605 $ 1,864,174 $ 11,100 $ 1,875,274 International ROW Devices $ 274,304 $ 7,600 $ 281,904 $ 665,068 $ - $ 665,068 Handpieces 1,017,923 200 1,018,123 1,480,667 4,400 1,485,067 Other 21,428 - 21,428 48,350 48,350 Total International-ROW $ 1,313,655 $ 7,800 $ 1,321,455 $ 2,194,085 $ 4,400 $ 2,198,485 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 100,000 - 100,000 Other - - - - Total China $ - $ - $ - $ 100,000 $ - $ 100,000 Total Product Sales $ 1,969,260 $ 9,800 $ 1,979,060 $ 4,158,260 $ 15,500 $ 4,173,759 |
Note 14 - Commitments (Tables)
Note 14 - Commitments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | Three months ended June 30, Six months ended June 30, Lease cost 2020 2019 2020 2019 Cash paid for operating lease liabilities 30,820 39,555 48,084 79,109 Cash paid for finance lease liabilities 2,685 - 4,937 Right-of-use assets obtained in exchange for new operating lease liabilities (1) - - 663,009 175,557 Property and equipment obtained in exchange for new finance lease liabilities - 43,242 - (1) For the Six months ended June 30, 2019, the balance includes operating leases existing as of the adoption of ASC 842 on January 1, 2019. - - - - Weighted-average remaining lease term - operating leases (years) - - 7 0 Weighted-average remaining lease term- finance leases (years) - - 5 0 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) | Jun. 30, 2020 |
Number of Countries in which Entity Operates | 60 |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) | Jun. 30, 2020 | Apr. 06, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Proceeds from Issuance of Common Stock | $ 18,003,037 | $ 1,974,547 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 16,610,217 | $ 16,610,217 | $ 1,516,272 | ||
April 6, 2020 Public Offering [Member] | |||||
Proceeds from Issuance of Common Stock | $ 4,600,000 | ||||
June 30, 2020 Public Offering [Member] | |||||
Proceeds from Issuance of Common Stock | $ 13,400,000 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Apr. 27, 2020USD ($) | Mar. 31, 2020 | Jun. 30, 2020USD ($)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019USD ($) |
Number of Operating Segments | 2 | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 10,000 | $ 10,000 | |||
Proceeds from Notes Payable, Total | $ 272,099 | ||||
Options and Warrants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 7,686,628 | 5,053,832 | |||
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Notes Payable, Total | $ 272,000 | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Inventory Write-down | $ (2,061) | |||
Slow Moving Medical Finished Goods [Member] | ||||
Inventory Valuation Reserves, Ending Balance | $ 450,000 | 450,000 | $ 450,000 | |
Slow Moving Dental Finished Goods [Member] | ||||
Inventory Valuation Reserves, Ending Balance | 9,500 | $ 9,500 | $ 318,000 | |
Inventory Write-down | $ 308,000 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Component parts and other materials | $ 90,615 | $ 99,885 |
Total inventories | 1,852,453 | 1,620,509 |
Dental Segment [Member] | ||
Finished goods, net | 1,506,621 | 1,306,763 |
Medical Segment [Member] | ||
Finished goods, net | $ 255,217 | $ 213,861 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Advances on Inventory Purchases | $ 842,180 | $ 710,662 |
Note 6 - Investment in and Tr_2
Note 6 - Investment in and Transactions with Equity Investees (Details Textual) - USD ($) | Apr. 29, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2014 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 10,000 | $ 10,000 | $ 10,000 | |||||||
Share Price (in dollars per share) | $ 0.36 | $ 0.36 | ||||||||
Income (Loss) from Equity Method Investments, Total | $ 58,664 | $ 49,100 | ||||||||
Acquisition of Advanced Cosmetic Systems [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||
Business Combination, Consideration Transferred, Total | $ 900,000 | |||||||||
Business Combination, Percentage of Ownership Interest that Seller of Ownership Interest May Repurchase Within One Year of Sale Date | 50.00% | |||||||||
Business Combination, Price at Which the Additional Ownership Interest Acquired May Repurchased Within One Year of Sale Date | $ 900,000 | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100.00% | |||||||||
Manufacturing Agreement for Handpieces [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 370,260 | $ 725,000 | 505,000 | |||||||
Sale Price in Cash [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | 100,000 | |||||||||
Sale Price in Share [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 170,260 | |||||||||
Share Price (in dollars per share) | $ 1.59 | |||||||||
Forecast [Member] | Sale Price in Cash [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 100,000 | |||||||||
Milestone China [Member] | ||||||||||
Equity Method Investments | $ 1,000,000 | |||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | |||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 2,800,000 | |||||||||
Proceeds from Collection of Finance Receivables | 950,000 | |||||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,250,000 | |||||||||
Revenue from Related Parties | $ 0 | 0 | $ 0 | 0 | ||||||
Contract with Customer, Liability, Revenue Recognized | 50,000 | 100,000 | ||||||||
Due from Related Parties, Total | 1,400,000 | 1,400,000 | ||||||||
Costs and Expenses, Related Party | 370,260 | |||||||||
Equity Method Investment, Deferred Intercompany Profit (Loss), Percentage | 40.00% | |||||||||
Income (Loss) from Equity Method Investments, Total | $ 9,564 | $ 58,664 | ||||||||
Cost-method Investments, Realized Losses | 4,300,000 | |||||||||
Milestone China [Member] | Accounts Receivable from Related Parties [Member] | ||||||||||
Equity Method Investment, Deferred Intercompany Profit (Loss) | $ 340,476 | $ 340,476 | $ 340,476 | |||||||
Milestone Beijing [Member] | Milestone China [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||||||
Anhui [Member] | Forecast [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 28.40% |
Note 7 - Patents (Details Textu
Note 7 - Patents (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 13,200 | $ 13,200 | $ 26,506 | $ 26,506 |
Patents [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Patents [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 7 - Patents - Summary of P
Note 7 - Patents - Summary of Patents (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Patents, cost | $ 1,377,863 | $ 1,377,863 |
Patents, impairment | (1,022,108) | (995,603) |
Patents, accumulated amortization | 355,755 | 382,260 |
Foundation Intellectual Property Patents [Member] | ||
Patents, cost | 1,377,863 | 1,377,863 |
Patents, impairment | (1,022,108) | (995,603) |
Patents, accumulated amortization | $ 355,755 | $ 382,260 |
Note 8 - Note Payable (Details
Note 8 - Note Payable (Details Textual) - USD ($) | Apr. 27, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Proceeds from Notes Payable, Total | $ 272,099 | ||
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Notes Payable, Total | $ 272,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) $ / shares in Units, xbrli-pure in Thousands | Jun. 30, 2020USD ($)$ / sharesshares | Apr. 06, 2020USD ($)$ / sharesshares | May 14, 2019$ / sharesshares | Feb. 28, 2019USD ($)$ / sharesshares | May 31, 2014USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 17, 2019shares | Dec. 31, 2018$ / sharesshares |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.95 | $ 1.48 | $ 1.95 | $ 1.48 | $ 0.50 | $ 2.55 | |||||
Proceeds from Issuance of Private Placement | $ | $ 250,000 | $ 10,000,000 | $ 250,000 | ||||||||
Share Price (in dollars per share) | $ / shares | $ 0.36 | $ 0.36 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 18,003,037 | $ 1,974,547 | |||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,519,630 | 2,903,366 | 2,519,630 | 2,903,366 | 2,375,760 | 2,470,565 | |||||
Common Stock, Shares, To be Issued (in shares) | 2,900,000 | 2,900,000 | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ | $ 12,500 | $ 52,700 | |||||||||
Common Stock, Shares Authorized (in shares) | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | |||||||
Derivative, Number of Instruments Held, Total | 0 | 0 | |||||||||
Chief Executive Officer, Chief Financial Officer and Employees [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,370,345 | 2,370,345 | 2,185,910 | ||||||||
Non-Employees [Member] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 149,285 | 717,456 | 149,285 | 717,456 | |||||||
Preferred Stock Converted to Common Stock [Member] | |||||||||||
Conversion of Stock, Conversion Price (in dollars per share) | $ / shares | $ 1.17 | ||||||||||
Conversion of Stock, Shares Issued (in shares) | 5,982,906 | ||||||||||
Warrants, Public Offering [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,428,750 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.50 | ||||||||||
Underwrite Warrants [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 141,850 | ||||||||||
Warrants, Private Offering [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 178,571 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.50 | ||||||||||
Warrants Associated With April 2020 Public Offering [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,710,000 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.20 | ||||||||||
Warrants Associated With the June 2020 Public Offering [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,749,000 | 3,749,000 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.60 | $ 2.60 | |||||||||
Public Offering [Member] | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 2,000,000 | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,715,000 | ||||||||||
Proceeds from Stock Options Exercised | $ | $ 198,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 567,400 | ||||||||||
Private Placement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 714,286 | 2,000,000 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 3,000,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.50 | ||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 7,000,000 | ||||||||||
Private Placement [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1,000 | ||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | 2.545 | ||||||||||
Private Placement [Member] | Series A Convertible Preferred Stock [Member] | Conversion Price if Common Stock Not Trade at 3.15 [Member] | |||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 1.50 | ||||||||||
April 6, 2020 Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,420,000 | ||||||||||
Proceeds from Issuance of Common Stock, Gross | $ | $ 5,100,000 | ||||||||||
Share Price (in dollars per share) | $ / shares | $ 0.95 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 4,600,000 | ||||||||||
June 30, 2020 Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,770,000 | ||||||||||
Proceeds from Issuance of Common Stock, Gross | $ | $ 14,600,000 | ||||||||||
Share Price (in dollars per share) | $ / shares | $ 2.15 | $ 2.15 | |||||||||
Proceeds from Issuance of Common Stock | $ | $ 13,400,000 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Warrants (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, number of shares (in shares) | 1,074,171 | 1,592,775 | 1,592,775 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.50 | $ 2.55 | $ 2.55 | |
Outstanding, weighted average remaining life (Year) | 2 years 357 days | 2 years 219 days | 4 years 36 days | 175 days |
Outstanding, intrinsic value | $ 2,430,184 | $ 956,012 | ||
Issued, number of shares (in shares) | 6,459,000 | 1,749,171 | ||
Issued, weighted average exercise price (in dollars per share) | $ 2.01 | $ 0.50 | ||
Issued, weighted average remaining life (Year) | 3 years | 4 years 219 days | ||
Issued, intrinsic value | ||||
Exercised, number of shares (in shares) | (1,081,475) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 0.88 | |||
Expired or cancelled, number of shares (in shares) | ||||
Expired or cancelled, weighted average exercise price (in dollars per share) | ||||
Outstanding , number of shares (in shares) | 6,451,696 | 3,341,946 | 1,074,171 | 1,592,775 |
Outstanding , weighted average exercise price (in dollars per share) | $ 1.95 | $ 1.48 | $ 0.50 | $ 2.55 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Shares-to be issued, outstanding (in shares) | 2,375,760 | 2,470,565 |
Granted in current period (in shares) | 358,482 | 1,029,424 |
Issued in current period (in shares) | (214,612) | (596,623) |
Shares-to be issued, outstanding (in shares) | 2,519,630 | 2,903,366 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity - Assumptions Used to Value Warrants at Grant Date (Details) | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2016 |
Measurement Input, Expected Term [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.04 | 5 | 0.04 |
Measurement Input, Expected Term [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 4.6 | ||
Measurement Input, Price Volatility [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 1 | 0.85 | 1 |
Measurement Input, Price Volatility [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.85 | ||
Measurement Input, Expected Dividend Rate [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0 | 0 | 0 |
Measurement Input, Expected Dividend Rate [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0 | ||
Measurement Input, Exercise Price [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 2.55 | 0.5 | 2.55 |
Measurement Input, Exercise Price [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.5 | ||
Measurement Input, Risk Free Interest Rate [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.0209 | 0.025 | 0.0209 |
Measurement Input, Risk Free Interest Rate [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.0176 | ||
Measurement Input, Weighted Average of Shares Granted, Fair Value [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.22 | ||
Measurement Input, Weighted Average of Shares Granted, Fair Value [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.21 | ||
Measurement Input, Number of Shares Granted [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 1,749,171 | 201,044 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Percentage of Valuation Allowance | 100.00% |
Note 11 - Segment and Geograp_3
Note 11 - Segment and Geographic Data (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 2 |
Note 11 - Segment and Geograp_4
Note 11 - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Product sales, net | $ 167,674 | $ 2,257,851 | $ 1,979,060 | $ 4,173,759 | |
Operating Income (Loss) | (3,172,890) | (1,107,831) | (4,781,496) | (1,926,015) | |
Depreciation and Amortization | 21,138 | 25,456 | 58,357 | 51,501 | |
Income (loss) before taxes and equity in earnings of affiliates | (3,176,952) | (1,097,744) | (4,789,655) | (1,876,911) | |
Total assets | 20,963,688 | 20,963,688 | $ 6,556,289 | ||
Corporate, Non-Segment [Member] | |||||
Operating Income (Loss) | (1,708,225) | (1,072,647) | (3,073,399) | (1,891,114) | |
Depreciation and Amortization | 17,416 | 15,507 | 45,224 | 31,445 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,710,177) | (1,060,788) | (3,077,500) | (1,840,553) | |
Total assets | 17,077,884 | 17,077,884 | 957,238 | ||
Dental Segment [Member] | |||||
Product sales, net | 165,674 | 2,242,751 | 1,969,260 | 4,158,260 | |
Dental Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 165,674 | 2,242,751 | 1,969,260 | 4,158,259 | |
Operating Income (Loss) | (650,236) | 629,474 | (223,856) | 1,121,440 | |
Depreciation and Amortization | 3,101 | 3,950 | 8,800 | 7,886 | |
Income (loss) before taxes and equity in earnings of affiliates | (651,384) | 627,051 | (225,845) | 1,120,035 | |
Total assets | 3,206,689 | 3,206,689 | 5,008,324 | ||
Medical Segment [Member] | |||||
Product sales, net | 2,000 | 15,100 | 9,800 | 15,500 | |
Medical Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 2,000 | 15,100 | 9,800 | 15,550 | |
Operating Income (Loss) | (814,429) | (664,658) | (1,484,241) | (1,156,341) | |
Depreciation and Amortization | 621 | 5,999 | 4,333 | 12,170 | |
Income (loss) before taxes and equity in earnings of affiliates | (815,391) | $ (664,007) | (1,486,310) | $ (1,156,393) | |
Total assets | $ 679,115 | $ 679,115 | $ 590,727 |
Note 11 - Segment and Geograp_5
Note 11 - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Product sales, net | $ 167,674 | $ 2,257,851 | $ 1,979,060 | $ 4,173,759 |
Dental Segment [Member] | ||||
Product sales, net | 165,674 | 2,242,751 | 1,969,260 | 4,158,260 |
Medical Segment [Member] | ||||
Product sales, net | 2,000 | 15,100 | 9,800 | 15,500 |
Domestic [Member] | ||||
Product sales, net | 40,354 | 1,058,853 | 657,605 | 1,875,274 |
Domestic [Member] | Devices [Member] | ||||
Product sales, net | 130,138 | 525 | 232,205 | |
Domestic [Member] | Handpieces [Member] | ||||
Product sales, net | 38,812 | 897,357 | 635,490 | 1,597,316 |
Domestic [Member] | Other Products [Member] | ||||
Product sales, net | 1,542 | 31,358 | 21,590 | 45,753 |
Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 38,354 | 1,047,753 | 655,605 | 1,864,174 |
Domestic [Member] | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | 119,338 | 525 | 221,405 | |
Domestic [Member] | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 36,812 | 897,057 | 633,490 | 1,597,016 |
Domestic [Member] | Dental Segment [Member] | Other Products [Member] | ||||
Product sales, net | 1,542 | 31,358 | 21,590 | 45,753 |
Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 2,000 | 11,100 | 2,000 | 11,100 |
Domestic [Member] | Medical Segment [Member] | Devices [Member] | ||||
Product sales, net | 10,800 | 10,800 | ||
Domestic [Member] | Medical Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 2,000 | 300 | 2,000 | 300 |
Domestic [Member] | Medical Segment [Member] | Other Products [Member] | ||||
Product sales, net | ||||
Rest of World [Member] | ||||
Product sales, net | 127,320 | 1,148,998 | 1,321,455 | 2,198,485 |
Rest of World [Member] | Devices [Member] | ||||
Product sales, net | 31,800 | 357,796 | 281,904 | 665,068 |
Rest of World [Member] | Handpieces [Member] | ||||
Product sales, net | 87,632 | 764,163 | 1,018,123 | 1,485,067 |
Rest of World [Member] | Other Products [Member] | ||||
Product sales, net | 7,888 | 27,039 | 21,428 | 48,350 |
Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 127,320 | 1,144,998 | 1,313,655 | 2,194,085 |
Rest of World [Member] | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | 31,800 | 357,796 | 274,304 | 665,068 |
Rest of World [Member] | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 87,632 | 760,163 | 1,017,923 | 1,480,667 |
Rest of World [Member] | Dental Segment [Member] | Other Products [Member] | ||||
Product sales, net | 7,888 | 27,039 | 21,428 | 48,350 |
Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 4,000 | 7,800 | 4,400 | |
Rest of World [Member] | Medical Segment [Member] | Devices [Member] | ||||
Product sales, net | 7,600 | |||
Rest of World [Member] | Medical Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 4,000 | 200 | 4,400 | |
Rest of World [Member] | Medical Segment [Member] | Other Products [Member] | ||||
Product sales, net | ||||
CHINA | ||||
Product sales, net | 50,000 | 100,000 | ||
CHINA | Devices [Member] | ||||
Product sales, net | ||||
CHINA | Handpieces [Member] | ||||
Product sales, net | 50,000 | 100,000 | ||
CHINA | Other Products [Member] | ||||
Product sales, net | ||||
CHINA | Dental Segment [Member] | ||||
Product sales, net | 50,000 | 100,000 | ||
CHINA | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | ||||
CHINA | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 50,000 | 100,000 | ||
CHINA | Dental Segment [Member] | Other Products [Member] | ||||
Product sales, net | ||||
CHINA | Medical Segment [Member] | ||||
Product sales, net | ||||
CHINA | Medical Segment [Member] | Devices [Member] | ||||
Product sales, net | ||||
CHINA | Medical Segment [Member] | Handpieces [Member] | ||||
Product sales, net | ||||
CHINA | Medical Segment [Member] | Other Products [Member] | ||||
Product sales, net |
Note 12 - Concentrations (Detai
Note 12 - Concentrations (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | |||||
Number of Customers | 1 | 1 | |||
Revenue Benchmark [Member] | Domestic Distributor [Member] | |||||
Concentration Risk, Percentage | 40.00% | 52.00% | 37.00% | 50.00% | |
Revenue Benchmark [Member] | International Distributor [Member] | |||||
Concentration Risk, Percentage | 23.00% | ||||
Accounts Receivable [Member] | |||||
Concentration Risk, Percentage | 77.00% | ||||
Accounts Receivable [Member] | Domestic Distributor [Member] | |||||
Concentration Risk, Percentage | 61.00% | ||||
Accounts Receivable [Member] | International Distributor [Member] | |||||
Concentration Risk, Percentage | 0.00% |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | Apr. 29, 2020 | Feb. 28, 2019 | Jan. 31, 2017 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2014 |
Stock Issued During Period, Value, Issued for Services | $ 25,000 | $ 30,000 | ||||||||
Director [Member] | ||||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 356,000 | $ 380,000 | ||||||||
Director of Clinical Affairs [Member] | ||||||||||
Royalty Expense | 97,000 | $ 199,000 | ||||||||
Professional Fees | 78,000 | 78,000 | ||||||||
Accounts Payable, Related Parties | $ 284,000 | $ 284,000 | 390,000 | |||||||
Milestone China [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | |||||||
Manufacturing Agreement for Handpieces [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 370,260 | $ 725,000 | 505,000 | |||||||
Due to Related Parties, Total | $ 281,000 | 281,000 | $ 943,000 | |||||||
Consulting Services [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 25,000 | 25,000 | 50,000 | 50,000 | ||||||
Consulting Services [Member] | United Systems [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 285,714 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.35 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 100,000 | |||||||||
Consultant [Member] | Innovest S.p.A. [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 20,000 | $ 20,000 | $ 40,000 | $ 40,000 | ||||||
Consulting Services Agreement, Term (Month) | 1 year |
Note 14 - Commitments (Details
Note 14 - Commitments (Details Textual) | Jan. 01, 2005 | Aug. 31, 2019USD ($) | Jun. 30, 2015USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Advances on Inventory Purchases | $ 842,180 | $ 710,662 | ||||
Operating Leases, Monthly Rent Expense | $ 12,522 | |||||
Operating Lease, Right-of-Use Asset | 632,536 | 15,977 | ||||
Operating Lease, Liability, Total | 661,098 | |||||
Operating Lease, Liability, Current | 66,682 | 15,977 | ||||
Operating Lease, Liability, Noncurrent | 594,416 | |||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 43,242 | |||||
Finance Lease, Liability, Total | 38,704 | |||||
Finance Lease, Liability, Current | 6,108 | 3,904 | ||||
Finance Lease, Liability, Noncurrent | $ 32,596 | |||||
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% | |||||
Copiers Lease Agreement [Member] | ||||||
Lessee, Finance Lease, Term of Contract (Year) | 5 years | |||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 43,242 | |||||
Office Lease for Headquarter in Livingston, New Jersey [Member] | ||||||
Area of Rentable Space (Square Foot) | ft² | 774 | |||||
Lessee, Operating Lease, Term of Contract (Year) | 7 years | |||||
Lessee, Operating Lease, Electric Charge Per Square Foot | $ 2 | |||||
Lessee, Operating Lease, Electric Payments, Annually | 11,130 | |||||
Office Lease for Headquarter in Livingston, New Jersey [Member] | Minimum [Member] | ||||||
Operating Leases, Monthly Rent Expense | 9,275 | |||||
Office Lease for Headquarter in Livingston, New Jersey [Member] | Maximum [Member] | ||||||
Operating Leases, Monthly Rent Expense | $ 10,898 | |||||
Purchase Commitment for Devices [Member] | ||||||
Purchase Commitment, Remaining Minimum Amount Committed | 736,120 | |||||
Advances on Inventory Purchases | 313,766 | |||||
Purchase Commitment for Devices Begining in 2020 [Member] | ||||||
Purchase Commitment, Remaining Minimum Amount Committed | 299,000 | |||||
Advances on Inventory Purchases | $ 149,500 | |||||
Purchase Commitment Number Of Units | 100 | 100 | ||||
Purchase Commitment For Devices Beginning In 2021 [Member] | ||||||
Advances on Inventory Purchases | $ 121,649 |
Note 14 - Commitments - Lease E
Note 14 - Commitments - Lease Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash paid for operating lease liabilities | $ 30,820 | $ 39,555 | $ 48,084 | $ 79,109 | |
Cash paid for finance lease liabilities | $ 2,685 | 4,937 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | [1] | 663,009 | 175,557 | ||
Property and equipment obtained in exchange for new finance lease liabilities | $ 43,242 | ||||
Weighted-average remaining lease term - operating leases (Year) | 7 years | 0 years | 7 years | 0 years | |
Weighted-average remaining lease term- finance leases (Year) | 5 years | 0 years | 5 years | 0 years | |
[1] | For the Six months ended June 30, 2019, the balance includes operating leases existing as of the adoption of ASC 842 on January 1, 2019. |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Aug. 14, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.95 | $ 1.48 | $ 0.50 | $ 2.55 | |
Proceeds from Warrant Exercises | $ 949,012 | ||||
First Warrants Exercised Subsequent to June 30, 2020 [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period Shares, Warrants Exercised (in shares) | 37,500 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.50 | ||||
Proceeds from Warrant Exercises | $ 18,750 | ||||
Second Warrants Exercised Subsequent to June 30, 2020 [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period Shares, Warrants Exercised (in shares) | 15,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.20 | ||||
Proceeds from Warrant Exercises | $ 18,000 |