Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 16, 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) | 63,693,469 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $.001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 14,448,903 | $ 1,516,272 |
Accounts receivable, net | 962,983 | 1,710,665 |
Prepaid expenses and other current assets | 527,059 | 519,063 |
Inventories, net | 2,229,760 | 1,620,509 |
Advances on contracts | 723,084 | 710,662 |
Total current assets | 18,891,789 | 6,077,171 |
Furniture, fixtures and equipment, net | 31,311 | 44,976 |
Patents, net | 342,501 | 382,260 |
Right of use assets | 655,870 | 15,977 |
Other assets | 24,150 | 35,905 |
Total assets | 19,945,621 | 6,556,289 |
Current liabilities: | ||
Accounts payable | 666,094 | 1,379,425 |
Accounts payable, related party | 393,090 | 1,358,752 |
Accrued expenses and other payables | 1,147,698 | 775,055 |
Accrued expenses, related party | 593,625 | 1,057,958 |
Current portion of finance leases | 7,903 | 3,904 |
Current operating lease right-of-use liabilities | 68,934 | 12,072 |
Note payable | 276,180 | |
Deferred profit, related party | 340,476 | 340,476 |
Total current liabilities | 3,494,000 | 4,927,642 |
Finance lease liabilities, non-current | 30,624 | |
Operating lease right-of-use liabilities | 576,407 | |
Total liabilities | 4,101,031 | 4,927,642 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock, par value $.001; authorized 75,000,000 shares; 63,605,119 shares issued and 63,571,786 shares outstanding as of September 30, 2020; 49,410,176 shares issued and 49,376,843 shares outstanding as of December 31, 2019; | 63,605 | 49,410 |
Additional paid in capital | 116,577,241 | 96,082,324 |
Accumulated deficit | (99,806,352) | (93,524,297) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific Inc. stockholders' equity | 15,922,978 | 1,695,921 |
Noncontrolling interest | (78,388) | (67,274) |
Total stockholders’ equity | 15,844,590 | 1,628,647 |
Total liabilities and stockholders’ equity | $ 19,945,621 | $ 6,556,289 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 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) | 63,605,119 | 49,410,176 |
Common stock, shares outstanding (in shares) | 63,571,786 | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Product sales, net | $ 1,246,110 | $ 1,899,821 | $ 3,225,170 | $ 6,073,580 |
Cost of products sold | 409,621 | 523,672 | 1,024,947 | 1,894,550 |
Gross profit | 836,489 | 1,376,149 | 2,200,223 | 4,179,030 |
Selling, general and administrative expenses | 2,291,779 | 2,314,943 | 8,221,359 | 6,941,964 |
Research and development expenses | 21,438 | 7,940 | 237,089 | 109,815 |
Total operating expenses | 2,313,217 | 2,322,883 | 8,458,448 | 7,051,779 |
Loss from operations | (1,476,728) | (946,734) | (6,258,225) | (2,872,749) |
Interest expense | (569) | (2,449) | (8,727) | (6,067) |
Change in fair value of derivative liability | (1,899,484) | (1,846,761) | ||
Loss before provision for income taxes and net of equity investments | (1,477,297) | (2,848,667) | (6,266,952) | (4,725,577) |
Provision for income taxes | (24,717) | (1,250) | (26,217) | (19,877) |
Loss before equity in net earnings (losses) of equity investments | (1,502,014) | (2,849,917) | (6,293,169) | (4,745,454) |
Earnings from China Joint Venture | 49,099 | |||
Net loss | (1,502,014) | (2,849,917) | (6,293,169) | (4,696,355) |
Net loss attributable to noncontrolling interests | 11,025 | 12,941 | 35,501 | 35,343 |
Net loss attributable to Milestone Scientific Inc. | $ (1,490,989) | $ (2,836,976) | $ (6,257,668) | $ (4,661,012) |
Net loss per share applicable to common stockholders— | ||||
Basic (in dollars per share) | $ (0.02) | $ (0.06) | $ (0.11) | $ (0.11) |
Diluted (in dollars per share) | $ (0.02) | $ (0.06) | $ (0.11) | $ (0.11) |
Weighted average shares outstanding and to be issued— | ||||
Basic (in shares) | 65,817,132 | 47,721,732 | 56,478,151 | 43,311,984 |
Diluted (in shares) | 65,817,132 | 47,721,732 | 56,478,151 | 43,311,984 |
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] | The 2019 Warrants [Member]Preferred Stock [Member] | The 2019 Warrants [Member]Common Stock [Member] | The 2019 Warrants [Member]Additional Paid-in Capital [Member] | The 2019 Warrants [Member]Retained Earnings [Member] | The 2019 Warrants [Member]Noncontrolling Interest [Member] | The 2019 Warrants [Member]Treasury Stock [Member] | The 2019 Warrants [Member] | The 2016 Warrants [Member]Preferred Stock [Member] | The 2016 Warrants [Member]Common Stock [Member] | The 2016 Warrants [Member]Additional Paid-in Capital [Member] | The 2016 Warrants [Member]Retained Earnings [Member] | The 2016 Warrants [Member]Noncontrolling Interest [Member] | The 2016 Warrants [Member]Treasury Stock [Member] | The 2016 Warrants [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) | 22,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 23 | 7,477 | 7,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | 118,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | $ 118 | $ 39,882 | $ 40,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for payment of consulting services (in shares) | 20,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 21 | $ 6,979 | $ 7,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | (4,696,355) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 48,199,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2019 | $ 48,199 | 90,166,259 | (90,660,941) | (46,745) | (911,516) | (1,404,744) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ 265 | 139,735 | 140,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (1,041,284) | (11,959) | (1,053,243) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services (in shares) | 265,140 | 82,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 82 | 29,918 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | (2,903,366) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2019 | 47,132,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2019 | $ 47,132 | 89,559,585 | (87,823,965) | (33,804) | (911,516) | 837,432 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 45,147 | 45,147 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 18,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 18 | 14,982 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services (in shares) | 202,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued for payment of consulting services | $ 202 | 113,298 | 113,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses (in shares) | 170,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | $ 170 | 149,830 | 150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants (in shares) | 57,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants | $ 58 | 28,817 | 28,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (2,836,976) | (12,941) | (2,849,917) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services (in shares) | 316,824 | 44,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 317 | 122,683 | 123,000 | $ 44 | 29,956 | 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrants and Shares to be issued to derivative liability (Note 9) | $ (435) | $ (308,065) | $ (308,500) | $ 693 | $ 410,026 | $ 410,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrants and Shares to be issued to derivative liability (Note 9) (in shares) | (435,260) | 692,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2019 | 48,199,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2019 | $ 48,199 | 90,166,259 | (90,660,941) | (46,745) | (911,516) | (1,404,744) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | (6,293,169) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 63,605,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2020 | $ 63,605 | 116,577,241 | (99,806,352) | (78,388) | (911,516) | 15,844,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 to employees for bonuses (in shares) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | 462,504 | 462,504 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for payment of consulting services (in shares) | 278,581 | 39,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 279 | 381,520 | 381,799 | $ 39 | 53,967 | 54,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ 13,410,074 | $ 13,416,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired controlling interest in Milestone Advanced Cosmetic Systems | (24,387) | 24,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 63,236,165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | $ 63,236 | 116,239,824 | (98,315,363) | (67,363) | (911,516) | 17,008,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 18,392 | 18,392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation (in shares) | 7,692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to employee for compensation | $ 8 | 14,992 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses (in shares) | 180,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock to be issued to employees for bonuses | $ 180 | 9,422 | 9,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants (in shares) | 52,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for warrants | $ 52 | 36,699 | 36,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (1,490,989) | (11,025) | (1,502,014) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services (in shares) | 112,140 | 16,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for payment of consulting services | $ 113 | $ 227,928 | $ 228,041 | $ 16 | $ 29,984 | $ 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 63,605,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2020 | $ 63,605 | $ 116,577,241 | $ (99,806,352) | $ (78,388) | $ (911,516) | $ 15,844,590 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (6,293,169) | $ (4,696,355) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 35,103 | 37,159 |
Amortization of patents | 39,759 | 39,760 |
Stock compensation | 76,611 | 146,847 |
Employees paid in stock | 768,463 | 315,425 |
Expense paid in stock | 644,865 | 292,915 |
Non-cash operating lease expense | 30,175 | |
Earnings on China joint venture | (49,099) | |
Change in fair value of derivative liability | 1,846,761 | |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 747,682 | 739,195 |
Decrease in accounts receivable, related party | 100,000 | |
Decrease in other assets | 11,755 | (9,027) |
(Increase) decrease in inventories | (609,251) | 303,989 |
(Increase) decrease in advances on contracts | (12,422) | 20,289 |
Decrease (Increase) in prepaid expenses and other current assets | (7,996) | (90,362) |
(Decrease) in accounts payable | (713,331) | (465,670) |
(Decrease) in accounts payable, related party | (965,662) | (109,989) |
Decrease in deferred cost, related party | 50,000 | |
Increase (decrease) in accrued expenses | 431,917 | (50,428) |
(Decrease) increase in accrued expenses, related party | (530,659) | 402,905 |
(Decrease) in deferred revenue, related party | (100,000) | |
Net cash used in operating activities | (6,346,160) | (1,275,686) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (21,438) | (9,916) |
Net cash used in investing activities | (21,438) | (9,916) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 985,763 | 28,875 |
Payments finance lease obligations | (4,998) | |
Net proceeds from note payable | 276,180 | |
Net proceeds from Public Placement Offering | 18,043,284 | 1,974,547 |
Net proceeds from Private Placement Offering | 250,000 | |
Net cash provided by financing activities | 19,300,229 | 2,253,422 |
Net increase in cash and cash equivalents | 12,932,631 | 967,820 |
Cash and cash equivalents at beginning of period | 1,516,272 | 743,429 |
Cash and cash equivalents at end of period | 14,448,903 | 1,711,249 |
Supplemental non-cash disclosure of cash flow information: | ||
Shares issued to board of directors | 67,000 | |
Shares issued to employees for compensation | 37,500 | |
Shares issued to consultants in lieu of cash payments | 416,500 | |
Shares issued to employee for bonuses | 211,500 | |
Credit from United Systems for defective handpieces | (151,562) | |
Initial recognition of operating lease-right of use assets | (706,071) | (166,292) |
Initial recognition of operating lease right to used liabilities | $ 706,071 | $ 166,292 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 9 Months Ended |
Sep. 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 CathCheck 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 April 2017, 510 510 January 2019. 510 2020. September 30, 2020, 510 19 2021. On April 21, 2020, On October 13, 2020, 4,100 200,000 November 1, 2020, February 28, 2022. |
Note 2 - Liquidity and Uncertai
Note 2 - Liquidity and Uncertainties | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 AND UNCERTAINTIES 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 September 30, 2020, $14.4 $13 December 31, 2019. two The coronavirus (COVID- 19 December 2019 third 19, three nine September 30, 2020 Although there has been a slow pick up in dental instrument and disposable sell through to dentists beginning in the third 19 may fourth third |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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 10 8 X. not not may December 31, 2019, 10 3. Certain reclassification has 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 three nine September 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. 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 may 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 September 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; and ● 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, $276,000, 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 September 30, 2020 December 31, 2019, no No 2016, 2017, 2018 17. Milestone Scientific presents “basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of ASC 260, Since Milestone Scientific had net losses in the three nine September 30, 2020 2019, not 7,477,171 5,004,415 September 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 September 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. not In August 2018, 2018 13, 820 820. 1 2 3 3 2018 13 December 15, 2019, not In August 2018, 2018 15, 350 40 2018 15 December 15, 2019, not In December 2019, 2019 12, 740 2019 12 December 15, 2020. not In January 2020, 2020 01, 321 323 815 2020 01 December 15, 2021, In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consist of the following: September 30, 2020 December 31, 2019 Dental finished goods, net $ 1,705,519 $ 1,306,763 Medical finished goods, net 169,549 213,861 Component parts and other materials 354,692 99,885 Total inventories $ 2,229,760 $ 1,620,509 On September 30, 2020, $450,000 $7,000. December 31, 2019, $450,000 $318,000. $311,000 December 31, 2019 nine September 30, 2020. |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts | 9 Months Ended |
Sep. 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 September 30, 2020 December 31, 2019 $723,000 $710,000, |
Note 6 - Investment in and Tran
Note 6 - Investment in and Transactions with Equity Investees | 9 Months Ended |
Sep. 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, 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 nine September 30, 2020 not three nine September 30, 2019 not zero $100,000 United System Agreement 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 The Company has recorded a charge to the unaudited condensed consolidated statement of operations for $370,260 nine September 30, 2020. Milestone Advanced Cosmetic Systems Inc. Transaction 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 September 30, 2020 December 31, 2019, $340,476 three nine September 30, 2020 2019 $0 $0 $0 $49,099 third Equity Method Disclosures As a result of the COVID- 19 not not three nine September 30, 2020. not not Milestone Scientific, in previous years, reduced its investment in Milestone China to zero $4.3 December 31, 2019, three nine September 30, 2020 not not |
Note 7 - Patents
Note 7 - Patents | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 September 30, 2020 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,035,362 ) $ 342,501 Total $ 1,377,863 $ (1,035,362 ) $ 342,501 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 $13,000 $40,000 three nine September 30, 2020, $13,000 $40,000 three nine September 30, 2019, |
Note 8 - Note Payable
Note 8 - Note Payable | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Effect of COVID-19 Pandemic [Text Block] | NOTE 8 On April 27, 2020, $276,000, March 27, 2020. 2.5 seven eight April 27, 2022 1.00% November 26, 2020. April 27, 2022 not may no may February 15, 2020. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 9 Months Ended |
Sep. 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 September 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 (1,133,975 ) 0.87 - - Expired or cancelled - - - - Outstanding and exercisable at September 30, 2020 6,399,196 $ 1.95 $ 2.73 880,449 The following table summarizes information about shares issuable under warrants outstanding as of September 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 $ 0.21 - Issued 1,749,171 0.50 4.35 560,199 Exercised (57,750 ) 0.50 - - Expired or cancelled - - - - Outstanding and exercisable at September 30, 2019 3,284,196 $ 1.49 $ 2.30 560,199 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 September 30, 2020 2019, 2,202,229 2,294,734 As of September 30, 2020, 2019, 149,498 351,612 The following table summarizes information about shares to be issued on September 30, 2020 2019, September 30, 2020 September 30, 2019 Shares-to-be-issued, outstanding January 1, 2020 and 2019, respectively 2,375,762 2,470,566 Granted in current period 363,956 1,392,460 Issued in current period (387,991 ) (1,216,680 ) Shares-to be issued outstanding September 30, 2020 and 2019, respectively 2,351,727 2,646,346 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 September 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 reclassification date in 2019: 2016 Warrants 2019 Warrants Fair Value of Common Stock $.36- $.83 $ 0.33 Expected Term (years) .25-.5 years 4.9 years Volatility 86% 100% 83 % Dividend yield 0 % 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 1.88% 2.09% 2.30 % Weighted average fair value of warrants granted $ - $ 0.19 Number of shares underlying warrants granted 1,512,067 1,749,171 On the date of issuance and reclassification the fair value of the warrants was approximately $376,000. As these warrants are liability-classified, they were revalued on September 30, 2019 2016 Warrants 2019 Warrants Fair Value of Common Stock $ 0.83 $ 0.08 Expected Term (years) .02 years 4.4 years Volatility 86 % 86 % Dividend yield 0 % 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 1.88 % 1.55 % Weighted average fair value of warrants granted $ - 61.00 % Number of shares underlying warrants granted $ 1,512,067 $ 1,691,421 For the three nine September 30, 2019 $680,542 $674,792, Additionally, approximately 2.6 $0.83 September 30, 2019 ) three nine September 30, 2019 $1.2 On December 17, 2019, 75,000,000. December 17, 2019, no nine September 30, 2020. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30,2020 Three months ended September 30, 2019 Nine months ended September 30,2020 Nine months ended September 30, 2019 Dental $ 1,240,110 $ 1,884,321 $ 3,209,370 $ 6,042,580 Medical 6,000 15,500 15,800 31,000 Total net sales $ 1,246,110 $ 1,899,821 $ 3,225,170 $ 6,073,580 Operating Income (Loss): Three months ended September 30,2020 Three months ended September 30, 2019 Nine months ended September 30,2020 Nine months ended September 30, 2019 Dental $ 191,235 $ 644,650 $ (32,624 ) $ 1,766,087 Medical (812,840 ) (554,843 ) (2,297,080 ) (1,711,184 ) Corporate (855,123 ) (1,036,541 ) (3,928,521 ) (2,927,652 ) Total operating loss $ (1,476,728 ) $ (946,734 ) $ (6,258,225 ) $ (2,872,749 ) Depreciation and Amortization Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental $ 402 $ 3,950 $ 9,202 $ 11,875 Medical 674 2,424 5,006 7,424 Corporate 15,429 19,044 60,653 57,620 Total depreciation and amortization $ 16,505 $ 25,418 $ 74,861 $ 76,919 Income (loss) before taxes and equity in earnings of affiliates: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental $ 190,472 $ 645,442 $ (35,376 ) $ 1,765,475 Medical (813,935 ) (556,969 ) (2,300,243 ) (1,713,362 ) Corporate (853,834 ) (2,937,140 ) (3,931,333 ) (4,777,690 ) Total loss before taxes and equity in earnings of affiliate $ (1,477,297 ) $ (2,848,667 ) $ (6,266,952 ) $ (4,725,577 ) Total Assets: September 30, 2020 December 31, 2019 Dental $ 5,391,842 $ 5,008,324 Medical 977,160 590,727 Corporate 13,576,619 957,238 Total assets $ 19,945,621 $ 6,556,289 The following table presents information about our operations by geographic area for three September 30, 2020 2019. Three months ended September 30, 2020 Three months ended September 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ 34,657 $ - $ 34,657 $ 199,926 $ - $ 199,926 Handpieces 356,566 - 356,566 679,621 - 679,621 Other 16,906 - 16,906 17,343 - 17,343 Total Domestic US $ 408,129 $ - $ 408,129 $ 896,890 $ - $ 896,890 international Devices $ 220,694 $ - $ 220,694 $ 412,819 $ - $ 412,819 Handpieces 602,000 6,000 608,000 564,265 15,500 579,765 Other 9,287 9,287 10,347 - 10,347 Total International $ 831,981 $ 6,000 $ 837,981 $ 987,431 $ 15,500 $ 1,002,931 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - - - - Other - - - - - Total International $ - $ - $ - $ - $ - $ - Total Product Sales $ 1,240,110 $ 6,000 $ 1,246,110 $ 1,884,321 $ 15,500 $ 1,899,821 The following table presents information about our operations by geographic area for the nine September 30, 2020 2019. Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental Medical Total Dental Medical Total Domestic-US & Canada Devices $ 35,181 $ - $ 35,181 $ 398,729 $ 10,800 $ 409,529 Handpieces 992,057 2,000 994,057 2,250,542 300 2,250,842 Other 37,895 - 37,895 61,408 - 61,408 Total Domestic US & Canada $ 1,065,133 $ 2,000 $ 1,067,133 $ 2,710,679 $ 11,100 $ 2,721,779 International ROW Devices $ 494,998 $ 7,600 $ 502,598 $ 1,100,488 $ 8,000 $ 1,108,488 Handpieces 1,618,524 6,200 1,624,724 2,028,750 11,500 2,040,250 Other 30,715 - 30,715 102,663 400 103,063 Total International-ROW $ 2,144,237 $ 13,800 $ 2,158,037 $ 3,231,901 $ 19,900 $ 3,251,801 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 100,000 - 100,000 Other - - - - - Total International $ - $ - $ - $ 100,000 $ - $ 100,000 Total Product Sales $ 3,209,370 $ 15,800 $ 3,225,170 $ 6,042,580 $ 31,000 $ 6,073,580 |
Note 12 - Concentrations
Note 12 - Concentrations | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 12 Milestone Scientific has informal arrangements with third September 30, 2020 December 31, 2019. For the three nine September 30, 2020, 40% 45% three nine September 30, 2019 54% 51%, two $720,000 74% 60% 14% September 30, 2020, one 77%, December 31, 2019. The COVID- 19 second third may 19 no may may may 19 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Sep. 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 $373,000 $549,000 three September 30, 2020 2019, $1,200,000 $1,100,000 nine September 30, 2020 2019, September 30, 2020 December 31, 2019, $365,000 $943,000, February 2019, 285,714 $0.35 $100,000 July 2019. April 29, 2020, $370,260 6. Milestone China As of September 30, 2020, 40% 6. Other As of September 30, 2020, December 31, 2019, $308,000 $380,000, August 2016, $25,000 $75,000 three nine September 30, 2020, 2019, In January 2017, twelve twelve $20,000 $60,000 three nine September 30, 2020, 2019, September 30, 2020. $61,000 $92,000 three September 30, 2020 2019, $158,000 $292,000 nine September 30, 2020 2019, $39,000 $117,000 three nine September 30, 2020 2019, September 30, 2020 December 31, 2019, $80,000 $390,000, |
Note 14 - Commitments
Note 14 - Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 14 ( 1 third September 30, 2020, $515,284 $350,311 In August 2019, 100 2020. September 30, 2020, $299,000 100 $161,000 July 2020, 110 November 2020. September 30, 2020, $30,395 110 $21,195 ( 2 Operating Leases In June 2015, 774 January 31, 2020 $12,522. not not not In August 2019, not seven 7 January 8, 2020. April 1, 2020 January 1 $9,275 $10,898 $2.00 $11,130 not As of September 30, 2020, $655,870 $645,341, $68,934 $576,407 December 31, 2019, $15,977 $15,977. nine September 30, 2020, five $43,242. September 30, 2020, $38,527, $7,903 $30,624 Cash flow information related to the Company's right-of-use assets and related lease liabilities were as follows: Three months ended September 30, Nine months ended September 30, Lease cost 2020 2019 2020 2019 Cash paid for operating lease liabilities 30,820 39,555 78,904 118,664 Cash paid for finance lease liabilities 2,658 - 7,622 - Right-of-use assets obtained in exchange for new operating lease liabilities (1) - - 663,009 - Property and equipment obtained in exchange for new finance lease liabilities - 43,242 - (1) For the nine months ended September 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) - - 6.5 0.4 Weighted-average remaining lease term- finance leases (years) - - 4.3 - ( 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 | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15— Since the quarter ended September 30, 2020, 8,000 $1.20 $9,600. The Company engaged Gian Domenico Trombetta, former CEO of Wand Dental Inc. as a consultant to Leonard Osser, Interim – Chief Executive Officer of Milestone Scientific for a period of twelve October 1, 2020 September 30, 2021). twelve $60,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 10 8 X. not not may December 31, 2019, 10 |
Reclassification, Comparability Adjustment [Policy Text Block] | 3. Certain reclassification has 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 three nine September 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. 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 may |
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 September 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; and ● 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, $276,000, 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 September 30, 2020 December 31, 2019, no No 2016, 2017, 2018 |
Earnings Per Share, Policy [Policy Text Block] | 17. Milestone Scientific presents “basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of ASC 260, Since Milestone Scientific had net losses in the three nine September 30, 2020 2019, not 7,477,171 5,004,415 September 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 September 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. not In August 2018, 2018 13, 820 820. 1 2 3 3 2018 13 December 15, 2019, not In August 2018, 2018 15, 350 40 2018 15 December 15, 2019, not In December 2019, 2019 12, 740 2019 12 December 15, 2020. not In January 2020, 2020 01, 321 323 815 2020 01 December 15, 2021, In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2020 December 31, 2019 Dental finished goods, net $ 1,705,519 $ 1,306,763 Medical finished goods, net 169,549 213,861 Component parts and other materials 354,692 99,885 Total inventories $ 2,229,760 $ 1,620,509 |
Note 7 - Patents (Tables)
Note 7 - Patents (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2020 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,035,362 ) $ 342,501 Total $ 1,377,863 $ (1,035,362 ) $ 342,501 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) | 9 Months Ended |
Sep. 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 (1,133,975 ) 0.87 - - Expired or cancelled - - - - Outstanding and exercisable at September 30, 2020 6,399,196 $ 1.95 $ 2.73 880,449 Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2019 1,592,775 $ 2.55 $ 0.21 - Issued 1,749,171 0.50 4.35 560,199 Exercised (57,750 ) 0.50 - - Expired or cancelled - - - - Outstanding and exercisable at September 30, 2019 3,284,196 $ 1.49 $ 2.30 560,199 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | September 30, 2020 September 30, 2019 Shares-to-be-issued, outstanding January 1, 2020 and 2019, respectively 2,375,762 2,470,566 Granted in current period 363,956 1,392,460 Issued in current period (387,991 ) (1,216,680 ) Shares-to be issued outstanding September 30, 2020 and 2019, respectively 2,351,727 2,646,346 |
Schedule of Warrant or Right Outstanding and Options, Valuation Assumptions [Table Text Block] | 2016 Warrants 2019 Warrants Fair Value of Common Stock $.36- $.83 $ 0.33 Expected Term (years) .25-.5 years 4.9 years Volatility 86% 100% 83 % Dividend yield 0 % 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 1.88% 2.09% 2.30 % Weighted average fair value of warrants granted $ - $ 0.19 Number of shares underlying warrants granted 1,512,067 1,749,171 2016 Warrants 2019 Warrants Fair Value of Common Stock $ 0.83 $ 0.08 Expected Term (years) .02 years 4.4 years Volatility 86 % 86 % Dividend yield 0 % 0 % Exercise Price $ 2.55 $ 0.50 Risk-free interest rate 1.88 % 1.55 % Weighted average fair value of warrants granted $ - 61.00 % Number of shares underlying warrants granted $ 1,512,067 $ 1,691,421 |
Note 11 - Segment and Geograp_2
Note 11 - Segment and Geographic Data (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Net Sales: Three months ended September 30,2020 Three months ended September 30, 2019 Nine months ended September 30,2020 Nine months ended September 30, 2019 Dental $ 1,240,110 $ 1,884,321 $ 3,209,370 $ 6,042,580 Medical 6,000 15,500 15,800 31,000 Total net sales $ 1,246,110 $ 1,899,821 $ 3,225,170 $ 6,073,580 Operating Income (Loss): Three months ended September 30,2020 Three months ended September 30, 2019 Nine months ended September 30,2020 Nine months ended September 30, 2019 Dental $ 191,235 $ 644,650 $ (32,624 ) $ 1,766,087 Medical (812,840 ) (554,843 ) (2,297,080 ) (1,711,184 ) Corporate (855,123 ) (1,036,541 ) (3,928,521 ) (2,927,652 ) Total operating loss $ (1,476,728 ) $ (946,734 ) $ (6,258,225 ) $ (2,872,749 ) Depreciation and Amortization Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental $ 402 $ 3,950 $ 9,202 $ 11,875 Medical 674 2,424 5,006 7,424 Corporate 15,429 19,044 60,653 57,620 Total depreciation and amortization $ 16,505 $ 25,418 $ 74,861 $ 76,919 Income (loss) before taxes and equity in earnings of affiliates: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental $ 190,472 $ 645,442 $ (35,376 ) $ 1,765,475 Medical (813,935 ) (556,969 ) (2,300,243 ) (1,713,362 ) Corporate (853,834 ) (2,937,140 ) (3,931,333 ) (4,777,690 ) Total loss before taxes and equity in earnings of affiliate $ (1,477,297 ) $ (2,848,667 ) $ (6,266,952 ) $ (4,725,577 ) Total Assets: September 30, 2020 December 31, 2019 Dental $ 5,391,842 $ 5,008,324 Medical 977,160 590,727 Corporate 13,576,619 957,238 Total assets $ 19,945,621 $ 6,556,289 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three months ended September 30, 2020 Three months ended September 30, 2019 Dental Medical Total Dental Medical Total Domestic-US Devices $ 34,657 $ - $ 34,657 $ 199,926 $ - $ 199,926 Handpieces 356,566 - 356,566 679,621 - 679,621 Other 16,906 - 16,906 17,343 - 17,343 Total Domestic US $ 408,129 $ - $ 408,129 $ 896,890 $ - $ 896,890 international Devices $ 220,694 $ - $ 220,694 $ 412,819 $ - $ 412,819 Handpieces 602,000 6,000 608,000 564,265 15,500 579,765 Other 9,287 9,287 10,347 - 10,347 Total International $ 831,981 $ 6,000 $ 837,981 $ 987,431 $ 15,500 $ 1,002,931 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - - - - Other - - - - - Total International $ - $ - $ - $ - $ - $ - Total Product Sales $ 1,240,110 $ 6,000 $ 1,246,110 $ 1,884,321 $ 15,500 $ 1,899,821 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Dental Medical Total Dental Medical Total Domestic-US & Canada Devices $ 35,181 $ - $ 35,181 $ 398,729 $ 10,800 $ 409,529 Handpieces 992,057 2,000 994,057 2,250,542 300 2,250,842 Other 37,895 - 37,895 61,408 - 61,408 Total Domestic US & Canada $ 1,065,133 $ 2,000 $ 1,067,133 $ 2,710,679 $ 11,100 $ 2,721,779 International ROW Devices $ 494,998 $ 7,600 $ 502,598 $ 1,100,488 $ 8,000 $ 1,108,488 Handpieces 1,618,524 6,200 1,624,724 2,028,750 11,500 2,040,250 Other 30,715 - 30,715 102,663 400 103,063 Total International-ROW $ 2,144,237 $ 13,800 $ 2,158,037 $ 3,231,901 $ 19,900 $ 3,251,801 International-China Devices $ - $ - $ - $ - $ - $ - Handpieces - - - 100,000 - 100,000 Other - - - - - Total International $ - $ - $ - $ 100,000 $ - $ 100,000 Total Product Sales $ 3,209,370 $ 15,800 $ 3,225,170 $ 6,042,580 $ 31,000 $ 6,073,580 |
Note 14 - Commitments (Tables)
Note 14 - Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | Three months ended September 30, Nine months ended September 30, Lease cost 2020 2019 2020 2019 Cash paid for operating lease liabilities 30,820 39,555 78,904 118,664 Cash paid for finance lease liabilities 2,658 - 7,622 - Right-of-use assets obtained in exchange for new operating lease liabilities (1) - - 663,009 - Property and equipment obtained in exchange for new finance lease liabilities - 43,242 - (1) For the nine months ended September 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) - - 6.5 0.4 Weighted-average remaining lease term- finance leases (years) - - 4.3 - |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) | Sep. 30, 2020 |
Number of Countries in which Entity Operates | 60 |
Note 2 - Liquidity and Uncert_2
Note 2 - Liquidity and Uncertainties (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Apr. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Proceeds from Issuance of Common Stock | $ 18,043,284 | $ 1,974,547 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 14,448,903 | $ 1,516,272 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | $ 12,932,631 | $ 967,820 | |||
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 ($) | Sep. 30, 2020shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Number of Operating Segments | 2 | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 10,000 | $ 10,000 | |||
Proceeds from Notes Payable, Total | $ 276,180 | ||||
Options and Warrants [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 7,477,171 | 5,004,415 | |||
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Notes Payable, Total | $ 276,000 | ||||
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 | ||
Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Slow Moving Medical Finished Goods [Member] | |||
Inventory Valuation Reserves, Ending Balance | $ 450,000 | $ 450,000 | |
Slow Moving Dental Finished Goods [Member] | |||
Inventory Valuation Reserves, Ending Balance | $ 7,000 | $ 318,000 | |
Inventory Write-down | $ 311,000 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Component parts and other materials | $ 354,692 | $ 99,885 |
Total inventories | 2,229,760 | 1,620,509 |
Dental Segment [Member] | ||
Finished goods, net | 1,705,519 | 1,306,763 |
Medical Segment [Member] | ||
Finished goods, net | $ 169,549 | $ 213,861 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts (Details Textual) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Advances on Inventory Purchases | $ 723,084 | $ 710,662 |
Note 6 - Investment in and Tr_2
Note 6 - Investment in and Transactions with Equity Investees (Details Textual) - USD ($) | May 31, 2020 | Apr. 29, 2020 | Jul. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Apr. 23, 2020 | Jun. 30, 2014 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||
Share Price (in dollars per share) | $ 0.83 | $ 0.83 | ||||||||||
Income (Loss) from Equity Method Investments, Total | $ 49,099 | |||||||||||
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 | $ 373,000 | 549,000 | $ 1,200,000 | 1,100,000 | |||||||
Sale Price in Cash [Member] | ||||||||||||
Related Party Transaction, Purchases from Related Party | 100,000 | $ 100,000 | ||||||||||
Sale Price in Share [Member] | ||||||||||||
Related Party Transaction, Purchases from Related Party | $ 170,260 | |||||||||||
Share Price (in dollars per share) | $ 1.59 | |||||||||||
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 | 0 | 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 | 0 | $ 0 | 0 | $ 49,099 | ||||||||
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 13,000 | $ 13,000 | $ 39,759 | $ 39,760 |
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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Patents, cost | $ 1,377,863 | $ 1,377,863 |
Patents, impairment | (1,035,362) | (995,603) |
Patents, accumulated amortization | 342,501 | 382,260 |
Foundation Intellectual Property Patents [Member] | ||
Patents, cost | 1,377,863 | 1,377,863 |
Patents, impairment | (1,035,362) | (995,603) |
Patents, accumulated amortization | $ 342,501 | $ 382,260 |
Note 8 - Note Payable (Details
Note 8 - Note Payable (Details Textual) - USD ($) | Apr. 27, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Proceeds from Notes Payable, Total | $ 276,180 | ||
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Notes Payable, Total | $ 276,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) $ / shares in Units, xbrli-pure in Thousands | Jun. 30, 2020USD ($)$ / sharesshares | May 14, 2019$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Feb. 28, 2019USD ($)$ / sharesshares | May 31, 2014USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 17, 2019shares | Jun. 30, 2019$ / shares | Dec. 31, 2018$ / sharesshares |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.95 | $ 0.50 | $ 1.49 | $ 2.55 | |||||||||
Proceeds from Issuance of Private Placement | $ | $ 250,000 | $ 10,000,000 | $ 250,000 | ||||||||||
Share Price (in dollars per share) | $ / shares | $ 0.83 | $ 0.83 | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 18,043,284 | $ 1,974,547 | |||||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,646,346 | 2,351,727 | 2,646,346 | 2,375,762 | 2,470,566 | ||||||||
Class of Warrant or Right, Reclassified During Period (in shares) | 376,000 | ||||||||||||
Gain (Loss) on Issuance of Shares to be Issued | $ | $ (680,542) | $ (674,792) | |||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ | $ 1,200,000 | $ 1,200,000 | |||||||||||
Common Stock, Shares Authorized (in shares) | 75,000,000 | 75,000,000 | 75,000,000 | ||||||||||
Derivative, Number of Instruments Held, Total | 0 | ||||||||||||
Common Stock, Shares, To be Issued (in shares) | 2,600,000 | 2,600,000 | |||||||||||
Chief Executive Officer, Chief Financial Officer and Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,294,734 | 2,202,229 | 2,294,734 | ||||||||||
Non-Employees [Member] | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 351,612 | 149,498 | 351,612 | ||||||||||
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 | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, number of shares (in shares) | 1,592,775 | 1,074,171 | 1,592,775 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.55 | $ 0.50 | $ 2.55 | |
Outstanding, weighted average remaining life (Year) | 2 years 109 days | 2 years 266 days | 4 years 36 days | 76 days |
Outstanding, intrinsic value | $ 880,449 | $ 956,012 | ||
Issued, number of shares (in shares) | 1,749,171 | 6,459,000 | ||
Issued, weighted average exercise price (in dollars per share) | $ 0.50 | $ 2.01 | ||
Issued, weighted average remaining life (Year) | 4 years 127 days | 3 years | ||
Issued, intrinsic value | $ 560,199 | |||
Exercised, number of shares (in shares) | (57,750) | (1,133,975) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0.50 | $ 0.87 | ||
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) | 3,284,196 | 6,399,196 | 1,074,171 | 1,592,775 |
Outstanding , weighted average exercise price (in dollars per share) | $ 1.49 | $ 1.95 | $ 0.50 | $ 2.55 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Shares-to-be-issued, outstanding (in shares) | 2,375,762 | 2,470,566 |
Granted in current period (in shares) | 363,956 | 1,392,460 |
Issued in current period (in shares) | (387,991) | (1,216,680) |
Shares-to be issued outstanding (in shares) | 2,351,727 | 2,646,346 |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity - Assumptions Used to Value Warrants at Grant Date (Details) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2016 |
Measurement Input, Share Price [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.83 | ||
Measurement Input, Share Price [Member] | The 2016 Warrants [Member] | Minimum [Member] | |||
Warrants, measurement input | 0.36 | ||
Measurement Input, Share Price [Member] | The 2016 Warrants [Member] | Maximum [Member] | |||
Warrants, measurement input | 0.83 | ||
Measurement Input, Share Price [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.33 | 0.08 | |
Measurement Input, Expected Term [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.02 | ||
Measurement Input, Expected Term [Member] | The 2016 Warrants [Member] | Minimum [Member] | |||
Warrants, measurement input | 0.25 | ||
Measurement Input, Expected Term [Member] | The 2016 Warrants [Member] | Maximum [Member] | |||
Warrants, measurement input | 0.5 | ||
Measurement Input, Expected Term [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 4.9 | 4.4 | |
Measurement Input, Price Volatility [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.86 | ||
Measurement Input, Price Volatility [Member] | The 2016 Warrants [Member] | Minimum [Member] | |||
Warrants, measurement input | 0.86 | ||
Measurement Input, Price Volatility [Member] | The 2016 Warrants [Member] | Maximum [Member] | |||
Warrants, measurement input | 1 | ||
Measurement Input, Price Volatility [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.83 | 0.86 | |
Measurement Input, Expected Dividend Rate [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0 | 0 | |
Measurement Input, Expected Dividend Rate [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0 | 0 | |
Measurement Input, Exercise Price [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 2.55 | 2.55 | |
Measurement Input, Exercise Price [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.5 | 0.5 | |
Measurement Input, Risk Free Interest Rate [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 0.0188 | ||
Measurement Input, Risk Free Interest Rate [Member] | The 2016 Warrants [Member] | Minimum [Member] | |||
Warrants, measurement input | 0.0188 | ||
Measurement Input, Risk Free Interest Rate [Member] | The 2016 Warrants [Member] | Maximum [Member] | |||
Warrants, measurement input | 0.0209 | ||
Measurement Input, Risk Free Interest Rate [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.023 | 0.0155 | |
Measurement Input, Weighted Average of Shares Granted, Fair Value [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | |||
Measurement Input, Weighted Average of Shares Granted, Fair Value [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 0.19 | 0.61 | |
Measurement Input, Number of Shares Granted [Member] | The 2016 Warrants [Member] | |||
Warrants, measurement input | 1,512,067 | 1,512,067 | |
Measurement Input, Number of Shares Granted [Member] | The 2019 Warrants [Member] | |||
Warrants, measurement input | 1,749,171 | 1,691,421 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Percentage of Valuation Allowance | 100.00% |
Note 11 - Segment and Geograp_3
Note 11 - Segment and Geographic Data (Details Textual) | 9 Months Ended |
Sep. 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Product sales, net | $ 1,246,110 | $ 1,899,821 | $ 3,225,170 | $ 6,073,580 | |
Operating Income (Loss) | (1,476,728) | (946,734) | (6,258,225) | (2,872,749) | |
Depreciation and Amortization | 16,505 | 25,418 | 74,861 | 76,919 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,477,297) | (2,848,667) | (6,266,952) | (4,725,577) | |
Total assets | 19,945,621 | 19,945,621 | $ 6,556,289 | ||
Corporate, Non-Segment [Member] | |||||
Operating Income (Loss) | (855,123) | (1,036,541) | (3,928,521) | (2,927,652) | |
Depreciation and Amortization | 15,429 | 19,044 | 60,653 | 57,620 | |
Income (loss) before taxes and equity in earnings of affiliates | (853,834) | (2,937,140) | (3,931,333) | (4,777,690) | |
Total assets | 13,576,619 | 13,576,619 | 957,238 | ||
Dental Segment [Member] | |||||
Product sales, net | 1,240,110 | 1,884,321 | 3,209,370 | 6,042,580 | |
Dental Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 1,240,110 | 1,884,321 | 3,209,370 | 6,042,580 | |
Operating Income (Loss) | 191,235 | 644,650 | (32,624) | 1,766,087 | |
Depreciation and Amortization | 402 | 3,950 | 9,202 | 11,875 | |
Income (loss) before taxes and equity in earnings of affiliates | 190,472 | 645,442 | (35,376) | 1,765,475 | |
Total assets | 5,391,842 | 5,391,842 | 5,008,324 | ||
Medical Segment [Member] | |||||
Product sales, net | 6,000 | 15,500 | 15,800 | 31,000 | |
Medical Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 6,000 | 15,500 | 15,800 | 31,000 | |
Operating Income (Loss) | (812,840) | (554,843) | (2,297,080) | (1,711,184) | |
Depreciation and Amortization | 674 | 2,424 | 5,006 | 7,424 | |
Income (loss) before taxes and equity in earnings of affiliates | (813,935) | $ (556,969) | (2,300,243) | $ (1,713,362) | |
Total assets | $ 977,160 | $ 977,160 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Product sales, net | $ 1,246,110 | $ 1,899,821 | $ 3,225,170 | $ 6,073,580 |
Dental Segment [Member] | ||||
Product sales, net | 1,240,110 | 1,884,321 | 3,209,370 | 6,042,580 |
Medical Segment [Member] | ||||
Product sales, net | 6,000 | 15,500 | 15,800 | 31,000 |
Domestic [Member] | ||||
Product sales, net | 408,129 | 896,890 | 1,067,133 | 2,721,779 |
Domestic [Member] | Devices [Member] | ||||
Product sales, net | 34,657 | 199,926 | 35,181 | 409,529 |
Domestic [Member] | Handpieces [Member] | ||||
Product sales, net | 356,566 | 679,621 | 994,057 | 2,250,842 |
Domestic [Member] | Other Products [Member] | ||||
Product sales, net | 16,906 | 17,343 | 37,895 | 61,408 |
Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 408,129 | 896,890 | 1,065,133 | 2,710,679 |
Domestic [Member] | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | 34,657 | 199,926 | 35,181 | 398,729 |
Domestic [Member] | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 356,566 | 679,621 | 992,057 | 2,250,542 |
Domestic [Member] | Dental Segment [Member] | Other Products [Member] | ||||
Product sales, net | 16,906 | 17,343 | 37,895 | 61,408 |
Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 2,000 | 11,100 | ||
Domestic [Member] | Medical Segment [Member] | Devices [Member] | ||||
Product sales, net | 10,800 | |||
Domestic [Member] | Medical Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 2,000 | 300 | ||
Domestic [Member] | Medical Segment [Member] | Other Products [Member] | ||||
Product sales, net | ||||
Rest of World [Member] | ||||
Product sales, net | 2,158,037 | 3,251,801 | ||
Rest of World [Member] | Devices [Member] | ||||
Product sales, net | 220,694 | 412,819 | 502,598 | 1,108,488 |
Rest of World [Member] | Handpieces [Member] | ||||
Product sales, net | 608,000 | 579,765 | 1,624,724 | 2,040,250 |
Rest of World [Member] | Other Products [Member] | ||||
Product sales, net | 9,287 | 10,347 | 30,715 | 103,063 |
Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 2,144,237 | 3,231,901 | ||
Rest of World [Member] | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | 220,694 | 412,819 | 494,998 | 1,100,488 |
Rest of World [Member] | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 602,000 | 564,265 | 1,618,524 | 2,028,750 |
Rest of World [Member] | Dental Segment [Member] | Other Products [Member] | ||||
Product sales, net | 9,287 | 10,347 | 30,715 | 102,663 |
Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 13,800 | 19,900 | ||
Rest of World [Member] | Medical Segment [Member] | Devices [Member] | ||||
Product sales, net | 7,600 | 8,000 | ||
Rest of World [Member] | Medical Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 6,000 | 15,500 | 6,200 | 11,500 |
Rest of World [Member] | Medical Segment [Member] | Other Products [Member] | ||||
Product sales, net | 400 | |||
International [Member] | ||||
Product sales, net | 837,981 | 1,002,931 | ||
International [Member] | Dental Segment [Member] | ||||
Product sales, net | 831,981 | 987,431 | ||
International [Member] | Medical Segment [Member] | ||||
Product sales, net | 6,000 | 15,500 | ||
CHINA | ||||
Product sales, net | 100,000 | |||
CHINA | Devices [Member] | ||||
Product sales, net | ||||
CHINA | Handpieces [Member] | ||||
Product sales, net | 100,000 | |||
CHINA | Other Products [Member] | ||||
Product sales, net | ||||
CHINA | Dental Segment [Member] | ||||
Product sales, net | 100,000 | |||
CHINA | Dental Segment [Member] | Devices [Member] | ||||
Product sales, net | ||||
CHINA | Dental Segment [Member] | Handpieces [Member] | ||||
Product sales, net | 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 | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020USD ($) | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | Domestic Distributor [Member] | ||||
Concentration Risk, Percentage | 40.00% | |||
Revenue Benchmark [Member] | International Distributor [Member] | ||||
Concentration Risk, Percentage | 45.00% | |||
Revenue Benchmark [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 54.00% | 51.00% | ||
Accounts Receivable [Member] | ||||
Number of Customers | 2 | |||
Accounts Receivable [Member] | Domestic Distributor [Member] | ||||
Concentration Risk, Percentage | 77.00% | |||
Accounts Receivable [Member] | Two Customers [Member] | ||||
Accounts Receivable, before Allowance for Credit Loss | $ 720,000 | |||
Accounts Receivable [Member] | Milestone China [Member] | ||||
Concentration Risk, Percentage | 74.00% | |||
Accounts Receivable [Member] | Customer One [Member] | ||||
Concentration Risk, Percentage | 60.00% | |||
Accounts Receivable [Member] | Customer Two [Member] | ||||
Concentration Risk, Percentage | 14.00% |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | Apr. 29, 2020 | Feb. 28, 2019 | Jan. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2014 |
Chief Executive Officer [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 308,000 | $ 380,000 | |||||||
Director of Clinical Affairs [Member] | |||||||||
Royalty Expense | $ 61,000 | $ 92,000 | 158,000 | $ 292,000 | |||||
Professional Fees | 39,000 | 39,000 | 117,000 | 117,000 | |||||
Accounts Payable, Related Parties | $ 80,000 | $ 80,000 | 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 | $ 373,000 | 549,000 | $ 1,200,000 | 1,100,000 | ||||
Due to Related Parties, Total | 365,000 | 365,000 | $ 943,000 | ||||||
Consulting Services [Member] | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 25,000 | 25,000 | 75,000 | 75,000 | |||||
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 | $ 60,000 | $ 60,000 | |||||
Consulting Services Agreement, Term (Month) | 1 year |
Note 14 - Commitments (Details
Note 14 - Commitments (Details Textual) | Jan. 01, 2005 | Jul. 31, 2020 | Aug. 31, 2019USD ($) | Jun. 30, 2015USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Advances on Inventory Purchases | $ 723,084 | $ 723,084 | $ 710,662 | |||||
Operating Leases, Monthly Rent Expense | $ 12,522 | |||||||
Operating Lease, Right-of-Use Asset | 655,870 | 655,870 | 15,977 | |||||
Operating Lease, Liability, Total | 645,341 | 645,341 | ||||||
Operating Lease, Liability, Current | 68,934 | 68,934 | 12,072 | |||||
Operating Lease, Liability, Noncurrent | 576,407 | 576,407 | ||||||
Operating Lease and Finance Lease, Liability, Current | 15,977 | |||||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 43,242 | |||||||
Finance Lease, Liability, Total | 38,527 | 38,527 | ||||||
Finance Lease, Liability, Current | 7,903 | 7,903 | 3,904 | |||||
Finance Lease, Liability, Noncurrent | $ 30,624 | $ 30,624 | ||||||
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 | 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 | $ 515,284 | 515,284 | ||||||
Advances on Inventory Purchases | 350,311 | 350,311 | ||||||
Purchase Commitment for Devices Begining in 2020 [Member] | ||||||||
Purchase Commitment, Remaining Minimum Amount Committed | 299,000 | 299,000 | ||||||
Advances on Inventory Purchases | 161,000 | $ 161,000 | ||||||
Purchase Commitment Number Of Units | 100 | 100 | ||||||
Purchase Commitment For Epidural Disposable Kits Beginning In November 2020 [Member] | ||||||||
Purchase Commitment, Remaining Minimum Amount Committed | 30,395 | $ 30,395 | ||||||
Advances on Inventory Purchases | $ 21,195 | $ 21,195 | ||||||
Purchase Commitment Number Of Units | 110 | 110 |
Note 14 - Commitments - Lease E
Note 14 - Commitments - Lease Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash paid for operating lease liabilities | $ 30,820 | $ 39,555 | $ 78,904 | $ 118,664 | |
Cash paid for finance lease liabilities | 2,658 | 7,622 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | [1] | (663,009) | |||
Property and equipment obtained in exchange for new finance lease liabilities | $ (43,242) | ||||
Weighted-average remaining lease term - operating leases (Year) | 6 years 182 days | 146 days | 6 years 182 days | 146 days | |
Weighted-average remaining lease term- finance leases (Year) | 4 years 109 days | 4 years 109 days | |||
[1] | For the nine months ended September 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 ($) | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Nov. 16, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.95 | $ 0.50 | $ 1.49 | $ 2.55 | |||
Proceeds from Warrant Exercises | $ 985,763 | $ 28,875 | |||||
Forecast [Member] | Consultant [Member] | |||||||
Stock Issued During Period, Value, Issued for Services | $ 60,000 | ||||||
First Warrants Exercised Subsequent to June 30, 2020 [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period Shares, Warrants Exercised (in shares) | 8,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.20 | ||||||
Proceeds from Warrant Exercises | $ 9,600 |