Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 30, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | ||||
Entity Central Index Key | 0000855683 | |||
Entity Registrant Name | MILESTONE SCIENTIFIC INC. | |||
Amendment Flag | false | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
Document Transition Report | false | |||
Entity File Number | 001-14053 | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 13-3545623 | |||
Entity Address, Address Line One | 425 Eagle Rock Avenue | |||
Entity Address, City or Town | Roseland | |||
Entity Address, State or Province | NJ | |||
Entity Address, Postal Zip Code | 07068 | |||
City Area Code | 973 | |||
Local Phone Number | 535-2717 | |||
Title of 12(b) Security | Common Stock, par value $.001 per share | |||
Trading Symbol | MLSS | |||
Security Exchange Name | NYSE | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | No | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | true | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ 43,102,239 | |||
Entity Common Stock, Shares Outstanding | 69,998,525 | |||
Auditor Firm ID | 688 | 711 | ||
Auditor Name | Marcum LLP | Friedman LLP | ||
Auditor Location | East Hanover, New Jersey | East Hanover, New Jersey |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,715,279 | $ 14,764,346 |
Accounts receivable, net | 693,717 | 943,272 |
Prepaid expenses and other current assets | 443,872 | 375,360 |
Inventories | 1,792,335 | 1,541,513 |
Advances on contracts | 1,325,301 | 1,309,260 |
Total current assets | 12,970,504 | 18,933,751 |
Furniture, fixtures and equipment, net | 18,146 | 23,713 |
Intangibles, net | 227,956 | 277,619 |
Right of use assets finance lease | 17,645 | 26,294 |
Right of use assets operating lease | 443,685 | 524,217 |
Other assets | 24,150 | 24,150 |
Total assets | 13,702,086 | 19,809,744 |
Current liabilities: | ||
Accounts payable | 1,102,729 | 780,428 |
Accounts payable, related party | 803,492 | 395,857 |
Accrued expenses and other payables | 1,124,839 | 1,417,248 |
Accrued expenses, related party | 167,549 | 414,241 |
Current portion of finance lease liabilities | 9,365 | 8,545 |
Current portion of operating lease liabilities | 91,701 | 81,001 |
Total current liabilities | 3,299,675 | 3,097,320 |
Non-current portion of finance lease liabilities | 10,698 | 20,062 |
Non-current portion of operating lease liabilities | 385,279 | 476,980 |
Total liabilities | 3,695,652 | 3,594,362 |
Commitments | ||
Stockholders’ equity | ||
Common stock, par value $.001;authorized 100,000,000 shares; 69,306,497 shares issued and 69,273,164 shares outstanding as of December 31, 2022; 68,153,336 shares issued and 68,120,003 shares outstanding as of December 31, 2021 | 69,306 | 68,153 |
Additional paid in capital | 127,478,325 | 124,915,560 |
Accumulated deficit | (116,410,405) | (107,704,274) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific, Inc. stockholders' equity | 10,225,710 | 16,367,923 |
Noncontrolling interest | (219,276) | (152,541) |
Total stockholders’ equity | 10,006,434 | 16,215,382 |
Total liabilities and stockholders’ equity | $ 13,702,086 | $ 19,809,744 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 69,306,497 | 68,153,336 |
Common stock, shares outstanding (in shares) | 69,273,164 | 68,120,003 |
Treasury stock, at cost, shares (in shares) | 33,333 | 33,333 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product sales, net | $ 8,805,906 | $ 10,304,711 |
Cost of products sold | 3,905,092 | 3,992,811 |
Gross profit | 4,900,814 | 6,311,900 |
Selling, general and administrative expenses | 12,514,323 | 12,738,362 |
Research and development expenses | 1,150,209 | 878,210 |
Depreciation and amortization expense | 63,755 | 73,836 |
Total operating expenses | 13,728,287 | 13,690,408 |
Loss from operations | (8,827,473) | (7,378,508) |
Interest income (expense) | 54,607 | (16,360) |
Gain on debt extinguishment-PPP | 0 | 276,180 |
Loss before provision for income taxes and equity investments | (8,772,866) | (7,118,688) |
Provision for income taxes | 0 | (333) |
Loss before equity investment | (8,772,866) | (7,119,021) |
Deferred profit and divesture-equity investment (See Note F) | 0 | 242,589 |
Net loss | (8,772,866) | (6,876,432) |
Net loss attributable to noncontrolling interests | 66,735 | 58,115 |
Net loss attributable to Milestone Scientific Inc. | $ (8,706,131) | $ (6,818,317) |
Net loss per share applicable to common stockholders— | ||
Basic and Diluted (in dollars per share) | $ (0.12) | $ (0.10) |
Weighted average shares outstanding and to be issued— | ||
Basic and Diluted (in shares) | 70,607,338 | 68,829,860 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | 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] 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] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 64,171,435 | |||||||||||||||||
Balance at Dec. 31, 2020 | $ 64,171 | $ 117,934,696 | $ (100,885,957) | $ (94,426) | $ (911,516) | $ 16,106,968 | ||||||||||||
Stock based compensation | $ 0 | 790,915 | 0 | 0 | 790,915 | |||||||||||||
Common stock issued to employee for compensation expensed in prior periods (in shares) | 7,075 | |||||||||||||||||
Common stock issued to employee for compensation expensed in prior periods | $ 7 | (7) | 0 | 0 | 0 | 0 | ||||||||||||
Common stock to be issued for payment of services expensed in prior periods (in shares) | 40,010 | 18,879 | ||||||||||||||||
Common stock to be issued for payment of services expensed in prior periods | $ 40 | $ (40) | $ 0 | $ 0 | $ 0 | $ 0 | $ 19 | $ (19) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Common stock to be issued to employees for bonuses | 100,000 | 100,000 | ||||||||||||||||
Common stock issued to employee for stock options exercised (in shares) | 826,499 | |||||||||||||||||
Common stock issued to employee for stock options exercised | $ 826 | 1,381,060 | 0 | 0 | 0 | 1,381,886 | ||||||||||||
Common stock issued to employee for compensation (in shares) | 18,345 | |||||||||||||||||
Common stock issued for compensation | $ 18 | 107,482 | 0 | 107,500 | ||||||||||||||
Common stock issued for services (in shares) | 289,661 | 277,767 | ||||||||||||||||
Common stock issued for services | $ 290 | 770,044 | 0 | 770,334 | $ 278 | 617,889 | 0 | 618,167 | ||||||||||
Common stock issued to employee for bonus expensed in prior periods (in shares) | 402,490 | |||||||||||||||||
Common stock issued to employee for bonus expensed in prior periods | $ 402 | (402) | 0 | 0 | 0 | 0 | ||||||||||||
Common stock issued for warrants exercised (in shares) | 2,101,175 | |||||||||||||||||
Common stock issued for warrants exercised | $ 2,102 | 3,213,942 | 0 | 0 | 0 | 3,216,044 | ||||||||||||
Net loss | (6,818,317) | (58,115) | (6,876,432) | |||||||||||||||
Common stock issued to employee for compensation (in shares) | 18,345 | |||||||||||||||||
Common stock issued to employees for bonuses (in shares) | 402,490 | |||||||||||||||||
Common stock issued to employees for bonuses | $ 402 | (402) | 0 | 0 | 0 | 0 | ||||||||||||
Balance (in shares) at Dec. 31, 2021 | 68,153,336 | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 68,153 | 124,915,560 | (107,704,274) | (152,541) | (911,516) | 16,215,382 | ||||||||||||
Stock based compensation | 1,499,302 | 1,499,302 | ||||||||||||||||
Common stock to be issued to employees for bonuses | $ 0 | 264,385 | 264,385 | |||||||||||||||
Common stock issued to employee for compensation (in shares) | 30,196 | |||||||||||||||||
Common stock issued for compensation | $ 30 | 39,973 | 0 | 0 | 0 | 40,003 | ||||||||||||
Common stock issued for services (in shares) | 577,074 | 398,553 | ||||||||||||||||
Common stock issued for services | $ 577 | $ 746,774 | $ 0 | $ 0 | $ 0 | $ 747,351 | $ 399 | $ 12,478 | $ 0 | $ 0 | $ 0 | $ 12,877 | ||||||
Common stock issued to employee for bonus expensed in prior periods (in shares) | 147,338 | |||||||||||||||||
Common stock issued to employee for bonus expensed in prior periods | $ 147 | (147) | 0 | |||||||||||||||
Net loss | (8,706,131) | (66,735) | (8,772,866) | |||||||||||||||
Common stock issued to employee for compensation (in shares) | 30,196 | |||||||||||||||||
Common stock issued to employees for bonuses (in shares) | 147,338 | |||||||||||||||||
Common stock issued to employees for bonuses | $ 147 | (147) | 0 | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 69,306,497 | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 69,306 | $ 127,478,325 | $ (116,410,405) | $ (219,276) | $ (911,516) | $ 10,006,434 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,772,866) | $ (6,876,432) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 14,180 | 22,205 |
Amortization of intangibles | 49,663 | 51,630 |
Stock based compensation | 1,499,302 | 790,915 |
Employees paid in stock | 317,265 | 793,110 |
Expense paid in stock | 747,351 | 707,861 |
Inventory Reserve | 582,299 | 0 |
Amortization of right-of-use asset | 80,533 | 73,552 |
Gain on debt extinguishment-PPP | 0 | (276,180) |
Deferred profit and divesture-equity investment (See Note F) | 0 | (242,589) |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 249,555 | 137,384 |
(Increase) decrease in inventories | (833,121) | 878,666 |
(Increase) in advances on contracts | (16,041) | (895,058) |
(Increase) decrease in prepaid expenses and other current assets | (68,512) | 40,555 |
Increase in accounts payable | 322,300 | 297,456 |
Increase in accounts payable, related party | 407,636 | 10,719 |
(Decrease) increase in accrued expenses | (292,495) | 562,824 |
(Decrease) in accrued expenses, related party | (246,692) | (47,493) |
Decrease operating lease liability | (72,353) | (62,789) |
Net cash used in operating activities | (6,031,996) | (4,033,664) |
Cash flows from investing activities: | ||
Purchase of furniture, fixtures, and equipment | (8,527) | (15,189) |
Net cash used in investing activities | (8,527) | (15,189) |
Cash flows from financing activities: | ||
Payments finance lease obligations | (8,544) | (8,648) |
Proceeds from exercise of warrants | 0 | 3,216,044 |
Common stock issued to employee for option exercised | 0 | 1,381,886 |
Net cash used in (provided by) financing activities | (8,544) | 4,589,282 |
Net (decrease) increase in cash and cash equivalents | (6,049,067) | 540,429 |
Cash and cash equivalents at beginning of period | 14,764,346 | 14,223,917 |
Cash and cash equivalents at end of period | $ 8,715,279 | $ 14,764,346 |
Note A - Organization and Busin
Note A - Organization and Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A ORGANIZATION AND BUSINESS All references in this report to “Milestone Scientific,” “us,” “our,” “we,” the “Company” or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Inc., Milestone Medical, Inc. and Milestone Education LLC (all described below), unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: C ompuDent ; CompuMed ; CompuFlo ; DPS Dynamic Pressure Sensing technology ; Milestone Scientific ; the Milestone logo ; SafetyWand ; STA Single Tooth Anesthesia System ; and The Wand . Milestone Scientific was incorporated in the State of Delaware in August 1989. The Wand CompuDent , STA Single Tooth Anesthesia System CompuMed . CompuDent CompuMed June 2017, 510 CompuFlo We are in the process of meeting with medical facilities and device distributors within the United States, Middle East and Europe. Certain of our medical instruments have obtained European CE mark approval and can be marketed and sold in most European countries. In 2020, one not may |
Note B - Liquidity and Uncertai
Note B - Liquidity and Uncertainties | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE B- LIQUIDITY 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 December 31, 2022, 2021, 12 12 twelve In addition to its employees, the Company relies on (i) distributors, agents, and third third may The coronavirus (COVID- 19 December 31, 2022, 2021 19, Sanctions imposed by the United States and other western democracies, against Russia because of Ukraine conflict, and any expansion of the conflict, is likely to have unpredictable and wide-ranging effects on the domestic and global economy and financial markets, which could have an adverse effect on our business and results of operations. The conflict has caused market volatility, a sharp increase in certain commodity prices, and an increasing number and frequency of cybersecurity threats. As direct impact from the conflict, we have experienced a decrease in international sales to Ukraine and halted all sales to Russia. We will continue to monitor the situation carefully and, if necessary, take action to protect our business, operations, and financial condition. |
Note C - Summary of Significant
Note C - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE C SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission (SEC) include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental (wholly owned), and Milestone Medical (majority owned). All significant, intra-entity transactions and balances have been eliminated in the consolidation. 2. The preparation of consolidated 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 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, stock compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. 3. Revenue Recognition 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, 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. 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 December 31, 2022. Financing and Payment The Company's payment terms differ by geography and customer, but payment is required within 90 Disaggregation of Revenue The Company operates in two twelve December 31, 2022, 2021. 4. Variable Interest Entities A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific’s involvement constitutes power that is most significant to the entity when it has unconstrained decision-making ability over key operational functions within the entity. Milestone Scientific has completed the VIE analysis relating to Milestone China and Anhui Maishida Medical Technology, Co. Ltd. (“Anhui”). Milestone Scientific has determined that due to the loss of equity investment in Anhui, the company no not 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. not 5. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three December 31, 2022, 2021 December 31, 2022, 2021 $250,000. 6. Accounts Receivable Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the ability or inability of its customers to make payments on amounts billed. Most credit sales are due within 90 not December 31, 2022 2021, $10,000. 7. Inventories Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first The valuation allowance creates a new cost basis for the inventory, and it is not 8. Equity Method Investments Investments in which Milestone Scientific can exercise significant influence, but do not may 9. Furniture, Fixture and Equipment 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 three seven 10. Intangible Assets Patents and Developed Technology Patents are recorded at cost to prepare and file the applicable documents with the United States 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 are recorded at acquisition cost and be amortized at the estimated useful life. Patent defense costs, to the extent applicable, are expensed as incurred. 11. Impairment of Long-Lived Assets 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. 12. On April 27, 2020, $276,000, March 27, 2020. December 31, 2021 $276,180. 13. Research and Development Research and development costs, which consist principally of new product development costs payable to third 14. Income Taxes Milestone Scientific accounts for income taxes under the asset and liability method which requires deferred 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. At December 31, 2022 2021, 2019, 2020, 2021 15. Basic and Diluted Net Loss Per Common Share 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, December 31, 2022 2021, Since Milestone Scientific had net losses in the years ended December 31, 2022 2021, not December 31, 2022 2021, 16. Fair Value of Financial Instruments 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). The Company 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 December 31, 2022 2021, not 17. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 18. Reclassifications Certain reclassification has been made to the 2021 2022 no 19. Recent Accounting Pronouncements In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” In November 2019, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 dates 2016 13 2019 10, 2016 13 December 15, 2022, not |
Note D - Inventories
Note D - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE D INVENTORIES December 31, 2022 December 31, 2021 Dental finished goods $ 1,315,263 $ 342,465 Medical finished goods 334,124 1,119,709 Component parts and other materials 142,948 79,339 Total inventories $ 1,792,335 $ 1,541,513 The Company recorded an allowance on slow moving Medical finished goods of approximately $582,000, and $450,000 as of December 31, 2022 2021, December 31, 2022 2021, |
Note E - Advances on Contracts
Note E - Advances on Contracts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Advances to Contract Manufacturer [Text Block] | NOTE E ADVANCES ON CONTRACTS The advances on contracts represent funding of future dental STA "Single Tooth Anesthesia System" and epidural inventory purchases and epidural replacements parts. The balance of the advances as of December 31, 2022 2021 $1.3 |
Note F - Investment in and Tran
Note F - Investment in and Transactions With Equity Investees | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE F INVESTMENT IN AND TRANSACTIONS WITH EQUITY INVESTEES Milestone China Ltd. Ownership In June 2014, In first 2020, 19 28.4% On November 23, 2021, October 8, 2021, 28.4% no not Though management believes that this conveyance by Milestone China to Lidong Zhang is outside of the laws of Hong Kong and/or China, as may no no not not not may At this time, Milestone Scientific has not not not not December 31, 2022 December 31, 2021, Related Party Transactions Milestone China Distribution Agreement Milestone China had been Milestone Scientific’s exclusive distributor in China. During 2017 2018, 2018, Beginning in mid- November 2021, November 22, 2021, For the twelve December 31, 2022, twelve December 31, 2021, December 31, 2022, December 31, 2021, Gross Profit Deferral Due to timing differences of when the inventory sold to Milestone China, Anhui or their agent is recognized and when Milestone China and Anhui sells the acquired inventory to third 323 Investment third As of December 31, 2022 2021, twelve December 31, 2021 |
Note G - Furniture, Fixtures an
Note G - Furniture, Fixtures and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE G FURNITURE, FIXTURES AND EQUIPMENT December 31, 2022 December 31, 2021 Leasehold improvements $ 24,734 $ 24,734 Office furniture and equipment 178,058 174,147 Molds 7,200 7,200 Trade show displays 151,462 151,462 Computers and software 280,066 275,364 Tooling Safety Wand 125,022 125,022 Tooling equipment-STA & Wand 11,100 11,100 EPI and IA Instruments 82,363 82,363 STA Trials Instruments 63,752 63,752 Total 923,757 915,144 Less accumulated depreciation (905,611 ) (891,431 ) Total $ 18,146 $ 23,713 Depreciation expense was $14,180 and $22,205 for the years ended December 31, 2022, 2021, |
Note H - Patents
Note H - Patents | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE H PATENTS December 31, 2022 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,149,907 ) $ 227,956 Total $ 1,377,863 $ (1,149,907 ) $ 227,956 December 31, 2021 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,100,244 ) $ 277,619 Total $ 1,377,863 $ (1,100,244 ) $ 277,619 Patents are amortized utilizing the straight-line method over estimated useful lives ranging from 3 to 20 years. Amortization expense was $49,663 December 31, 2022 2021 2023 2027 |
Note I - Stockholders' Equity
Note I - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE I STOCKHOLDERS EQUITY At the annual shareholders meeting in 2021, WARRANTS The following table summarizes information about shares issuable under warrants outstanding at December 31, 2022: Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2022 4,268,221 2.18 1.50 1,187,546 Issued - - - - Exercised - - - - Outstanding and exercisable at December 31, 2022 4,268,221 2.18 .50 - SHARES TO BE ISSUED As of December 31, 2022 2021 As of December 31, 2022 2021, The following table summarizes information about shares to be issue at December 31, 2022 2021 December 31, 2022 December 31, 2021 Shares-to-be-issued, outstanding 2,066,343 2,428,329 Granted in current period 524,814 93,918 Issued in current period (150,484 ) (455,904 ) Shares-to be issued outstanding 2,440,673 2,066,343 |
Note J - Stock Option Plans
Note J - Stock Option Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE J STOCK OPTION PLANS The Milestone Scientific Inc. 2020 "2020 June 2031. may not three five December 31, 2022 2021, On April 8, 2021, April 23, 2021, five ten 2020 Milestone Scientific recognizes compensation expense over the requisite service period and in the case of performance-based options over the period of the expected performance. For the years ended December 31, 2022 2021, As of December 31, 2022 2021, December 31, 2022 2021, A summary of option activity for employees under the plans and changes the year ended December 31, 2022 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2022 2,843,693 2.39 7.69 49,246 Granted during 2022 216,296 1.52 2.23 - Exercised during 2022 - - - - Forfeited or expired during 2022 - - - - Options outstanding December 31, 2022 3,059,989 2.36 6.38 - Exercisable, December 31, 2022 1,026,987 2.18 4.93 - The weighted-average grant date fair value per share of options granted to employees during the years ended December 31, 2022 2021 December 31, 2022 2021, The Company used the following assumptions to calculate the fair value of the stock option grants using the Black-Scholes option pricing model on the measurement date during the year ended December 31, 2022, 3 A summary of option activity for non-employees under the plans and changes during the year ended December 31, 2022 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2022 83,330 1.85 3.33 49,748 Granted during 2022 8,333 0.73 4.80 - Exercised during 2022 - - - - Options outstanding December 31, 2022 91,663 1.75 2.55 1,083 Exercisable, December 31, 2022 77,776 1.66 2.30 1,083 The fair value of the non-employee options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant. For the years ended December 31, 2022 2021, The Company used the following assumptions to calculate the fair value of the stock option grants using the Black-Scholes option pricing model on the measurement date during the year ended December 31, 2022, The information below summarizes the restricted stock award activity for year ended December 31, 2022: Number of Shares Weighted Average Grant-Date Fair Value per Award Non-vested as January 1, 2022 96,557 2.33 Granted 975,148 0.86 Vested (449,695 ) - Cancelled (186,717 ) - Non-vested as December 31, 2022 435,293 1.18 As of December 31, 2022, December 31, 2022 2021, December 31, 2022, As of December 31, 2022, June 2022, first October 2022, January 2023, April 2023. December 31, 2022, December 31, 2022, |
Note K - Employment Contract an
Note K - Employment Contract and Consulting Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Employment and Consulting Agreements [Text Block] | NOTE K EMPLOYMENT CONTRACT AND CONSULTING AGREEMENTS Employment Contracts K. Tucker Andersen, a significant stockholder of Milestone Scientific, has an agreement with Milestone Scientific to provide financial and business strategic services. Expenses recognized on this agreement were $100,000 for years ended December 31, 2022 2021, The Director of Clinical Affairs’ royalty fee was approximately $442,000 and $446,000 for the years ended December 31, 2022 2021, December 31, 2022 2021, December 31, 2022, 2021, On March 2, 2021, May 9, 2027, February 25, 2021 May 9, 2027 Pursuant to a Succession Agreement dated April 6, 2021 July 10, 2017 July 10, 2017 ( 9.5 May 19, 2021. December 31, 2022, 2021, December 31, 2022, 2021, |
Note L - Income Taxes
Note L - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE L INCOME TAXES Due to Milestone Scientific's history of operating losses, a full valuation allowances have been provided for all of Milestone Scientific's deferred tax assets. At December 31, 2022 2021, Deferred tax attributes resulting from differences between financial accounting amounts and tax bases of assets and liabilities at December 31, 2022 2021 2022 2021 Allowance for Doubtful Accounts 2,000 $ 2,000 Warranty Reserve 2,000 3,000 Impaired Assets - - Capitalized Sec. 174 R&D 242,000 - Inventory Reserve 242,000 108,000 Deferred Officer's Compensation 428,000 439,000 Depreciation and Amortization (56,000 ) (52,000 ) Net Operating Loss Carryforwards 19,315,000 18,895,000 Tax Credits 688,000 660,000 Other 155,000 45,000 Subtotal 21,018,000 20,100,000 Valuation allowance (21,018,000 ) (20,100,000 ) Non-current deferred tax asset - - As of December 31, 2022 2021, December 31, 2022, December 31, 2017 December 2037. 2018 State net operating losses were approximately $60,500,000 and $63,400,000 December 31, 2022 2021, December 2041. The utilization of Milestone Scientific's net operating losses may 382 may Accounting for uncertainties in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure, and transition. At December 31, 2022 2021, 2019, 2020, 2021 A reconciliation of the statutory tax rates for the years ended December 31, 2022 2021 Statutory Rate 21.00 % 21.00 % State income tax - all states -2.74 % 7.44 % Stock compensation -2.57 % 0.00 % NOL Expiration -4.69 % -9.13 % Other -0.56 % -7.79 % Subtotal 10.44 % 11.52 % Valuation Allowance -10.44 % -11.52 % Effective tax Rate -0.00 % 0.00 % |
Note M - Segment and Geographic
Note M - Segment and Geographic Data | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Product Sales and Significant Customers and Vendors Disclosure [Text Block] | NOTE M SEGMENT AND GEOGRAPHIC DATA The Company conducts its business through two not The following tables present information about our reportable and operating segments: Year ended December 31, Sales Net Sales: 2022 2021 Dental $ 8,753,156 $ 10,152,511 Medical 52,750 152,200 Total net sales $ 8,805,906 $ 10,304,711 Operating Income (Loss): 2022 2021 Dental $ 1,121,815 $ 2,475,059 Medical (4,788,105 ) (4,105,854 ) Corporate (5,161,183 ) (5,747,713 ) Total operating loss $ (8,827,473 ) $ (7,378,508 ) Depreciation and Amortization: 2022 2021 Dental $ 3,805 $ 4,351 Medical 4,075 7,313 Corporate 55,875 62,172 Total depreciation and amortization $ 63,755 $ 73,836 Income (loss) before taxes and equity in earnings of affiliates: 2022 2021 Dental $ 1,116,598 $ 2,544,730 Medical (4,794,089 ) (4,111,159 ) Corporate (5,095,375 ) (5,552,259 ) Total loss before taxes and equity in earnings of affiliate $ (8,772,866 ) $ (7,118,688 ) Total Assets December 31, 2022 December 31, 2021 Dental $ 3,875,978 $ 6,163,169 Medical 620,373 1,373,511 Corporate 9,205,735 12,273,064 Total assets $ 13,702,086 $ 19,809,744 The following table presents information about our operations by geographic area as of December 31, 2022 2021. 2022 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 524,715 $ 7,500 $ 532,215 $ 560,424 $ - $ 560,424 Handpieces 2,653,914 25,250 2,679,164 2,905,354 35,200 2,940,554 Accessories 78,493 - 78,493 69,271 1,300 70,571 Grand Total $ 3,257,122 $ 32,750 $ 3,289,872 $ 3,535,049 $ 36,500 $ 3,571,549 International: Rest of World Dental Medical Grand Total Dental Medical Grand Total Instruments $ 1,413,525 $ - $ 1,413,525 $ 1,226,486 $ 70,000 $ 1,296,486 Handpieces 3,391,748 20,000 3,411,748 3,246,302 44,900 3,291,202 Accessories 60,797 - 60,797 46,546 800 47,346 Grand Total $ 4,866,070 $ 20,000 $ 4,886,070 $ 4,519,334 $ 115,700 $ 4,635,034 International: China Dental Medical Grand Total Dental Medical Grand Total Instruments $ 270,000 $ - $ 270,000 $ 303,000 $ - $ 303,000 Handpieces 359,964 - 359,964 1,795,128 - 1,795,128 Accessories - - - - - - Grand Total 629,964 - $ 629,964 $ 2,098,128 $ - $ 2,098,128 Total Product Sales $ 8,753,156 $ 52,750 $ 8,805,906 $ 10,152,511 $ 152,200 $ 10,304,711 |
Note N - Concentrations
Note N - Concentrations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE N-- CONCENTRATIONS Milestone Scientific has informal arrangements with third CompuDent CompuMed December 31, 2022 2021. We had two December 31, 2022. two December 31, 2021. We had two December 31, 2022. three December 31, 2021. We had one December 31, 2022. two December 31, 2021. |
Note O - Related Party Transact
Note O - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE O -- RELATED PARTY TRANSACTIONS United Systems Milestone Scientific has a supply agreement with United Systems (whose controlling shareholder, Tom Cheng, is a significant stockholder of Milestone Scientific), the principal supplier of its handpieces, pursuant to which it procures manufactured products under specific purchase orders, but without minimum purchase commitments. Purchases from this supplier were approximately $3.4 million and $1.7 twelve December 31, 2022, 2021, December 31, 2022, December 31, 2021, June 2021, ten Milestone China See Note F. Other K. Tucker Andersen, a significant stockholder of Milestone Scientific, has an agreement with Milestone Scientific to provide financial and business strategic services. Expenses recognized on this agreement were $100,000 for years ended December 31, 2022 2021, The Director of Clinical Affairs’ royalty fee was approximately $442,000 and $446,000 for the years ended December 31, 2022 2021, December 31, 2022 2021, December 31, 2022, 2021, On March 2, 2021, May 9, 2027, February 25, 2021 May 9, 2027 Pursuant to a Succession Agreement dated April 6, 2021 July 10, 2017 July 10, 2017 ( 9.5 May 19, 2021.The December 31, 2022, 2021, December 31, 2022, 2021, |
Note P - Commitments
Note P - Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE P COMMITMENTS ( 1 Contract Manufacturing Agreement Milestone Scientific has informal arrangements with third December 31, 2022, December 31, 2021, December 31, 2022 2021 ( 2 Leases Operating Leases In August 2019, not seven January 8, 2021 . April 1, 2021 , January 1 not As of December 31, 2022, December 31, 2022, were$443,685 December 31, 2021, December 31, 2021, $476,980 The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities: ● As the Company’s leases do not ● Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration was allocated to the combined lease component. ● The expected lease terms include non-cancellable lease periods. Renewal option periods are not not The components of lease expense were as follows: December 31, 2022 December 31, 2021 Cash paid for operating lease liabilities $ 127,995 $ 127,526 Cash paid for finance lease liabilities 10,740 10,740 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 Weighted Average Remaining Lease Term Finance leases (years) 2.04 years 3.04 years Operating leases (years) 4.25 years 5.25 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % Maturity of lease liabilities as of December 31, 2022 Operating Leases Finance Leases 2023 $ 130,778 $ 10,740 2024 133,560 10,740 2025 136,343 433 2026 139,125 - 2027 35,477 - Total future minimum lease payments 575,283 21,913 Less: interest (98,303 ) (1,850 ) Present value of lease liabilities $ 476,980 $ 20,063 |
Note Q - Benefit Plan
Note Q - Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE Q BENEFIT PLAN Milestone Scientific has a Defined Contribution Plan that allows eligible employees to contribute part of their salary through payroll deductions. Milestone Scientific does not not |
Note R - Subsequent Events
Note R - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE R SUBSEQUENT EVENTS On January 3, 2023 On January 4, 2023, 20 not In connection with Ms. Bernhard’s resignation, on January 4, 2023, 2019, 2018, 1985. 2016 November 2020. Also on January 4, 2023, May 2021 September 2020. June 2020. On January 10, 2023, On January 12, 2023, On February 6, 2023, February1, 2023. February 1 August 1 2023, sixty 60 no no no 404 On February 27, 2023, 510 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission (SEC) include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental (wholly owned), and Milestone Medical (majority owned). All significant, intra-entity transactions and balances have been eliminated in the consolidation. |
Use of Estimates, Policy [Policy Text Block] | 2. The preparation of consolidated 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 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, stock compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Revenue [Policy Text Block] | 3. Revenue Recognition 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, 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. 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 December 31, 2022. Financing and Payment The Company's payment terms differ by geography and customer, but payment is required within 90 Disaggregation of Revenue The Company operates in two twelve December 31, 2022, 2021. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | 4. Variable Interest Entities A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific’s involvement constitutes power that is most significant to the entity when it has unconstrained decision-making ability over key operational functions within the entity. Milestone Scientific has completed the VIE analysis relating to Milestone China and Anhui Maishida Medical Technology, Co. Ltd. (“Anhui”). Milestone Scientific has determined that due to the loss of equity investment in Anhui, the company no not 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. not |
Cash and Cash Equivalents, Policy [Policy Text Block] | 5. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three December 31, 2022, 2021 December 31, 2022, 2021 $250,000. |
Accounts Receivable [Policy Text Block] | 6. Accounts Receivable Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the ability or inability of its customers to make payments on amounts billed. Most credit sales are due within 90 not December 31, 2022 2021, $10,000. |
Inventory, Policy [Policy Text Block] | 7. Inventories Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first The valuation allowance creates a new cost basis for the inventory, and it is not |
Equity Method Investments [Policy Text Block] | 8. Equity Method Investments Investments in which Milestone Scientific can exercise significant influence, but do not may |
Property, Plant and Equipment, Policy [Policy Text Block] | 9. Furniture, Fixture and Equipment 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 three seven |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | 10. Intangible Assets Patents and Developed Technology Patents are recorded at cost to prepare and file the applicable documents with the United States 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 are recorded at acquisition cost and be amortized at the estimated useful life. Patent defense costs, to the extent applicable, are expensed as incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 11. Impairment of Long-Lived Assets 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] | 12. On April 27, 2020, $276,000, March 27, 2020. December 31, 2021 $276,180. |
Research and Development Expense, Policy [Policy Text Block] | 13. Research and Development Research and development costs, which consist principally of new product development costs payable to third |
Income Tax, Policy [Policy Text Block] | 14. Income Taxes Milestone Scientific accounts for income taxes under the asset and liability method which requires deferred 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. At December 31, 2022 2021, 2019, 2020, 2021 |
Earnings Per Share, Policy [Policy Text Block] | 15. Basic and Diluted Net Loss Per Common Share 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, December 31, 2022 2021, Since Milestone Scientific had net losses in the years ended December 31, 2022 2021, not December 31, 2022 2021, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 16. Fair Value of Financial Instruments 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). The Company 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 December 31, 2022 2021, not |
Share-Based Payment Arrangement [Policy Text Block] | 17. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 |
Reclassification, Comparability Adjustment [Policy Text Block] | 18. Reclassifications Certain reclassification has been made to the 2021 2022 no |
New Accounting Pronouncements, Policy [Policy Text Block] | 19. Recent Accounting Pronouncements In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” In November 2019, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 dates 2016 13 2019 10, 2016 13 December 15, 2022, not |
Note D - Inventories (Tables)
Note D - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2022 December 31, 2021 Dental finished goods $ 1,315,263 $ 342,465 Medical finished goods 334,124 1,119,709 Component parts and other materials 142,948 79,339 Total inventories $ 1,792,335 $ 1,541,513 |
Note G - Furniture, Fixtures _2
Note G - Furniture, Fixtures and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 December 31, 2021 Leasehold improvements $ 24,734 $ 24,734 Office furniture and equipment 178,058 174,147 Molds 7,200 7,200 Trade show displays 151,462 151,462 Computers and software 280,066 275,364 Tooling Safety Wand 125,022 125,022 Tooling equipment-STA & Wand 11,100 11,100 EPI and IA Instruments 82,363 82,363 STA Trials Instruments 63,752 63,752 Total 923,757 915,144 Less accumulated depreciation (905,611 ) (891,431 ) Total $ 18,146 $ 23,713 |
Note H - Patents (Tables)
Note H - Patents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,149,907 ) $ 227,956 Total $ 1,377,863 $ (1,149,907 ) $ 227,956 December 31, 2021 Cost Accumulated Amortization Net Patents-foundation intellectual property $ 1,377,863 $ (1,100,244 ) $ 277,619 Total $ 1,377,863 $ (1,100,244 ) $ 277,619 |
Note I - Stockholders' Equity (
Note I - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 4,268,221 2.18 1.50 1,187,546 Issued - - - - Exercised - - - - Outstanding and exercisable at December 31, 2022 4,268,221 2.18 .50 - |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | December 31, 2022 December 31, 2021 Shares-to-be-issued, outstanding 2,066,343 2,428,329 Granted in current period 524,814 93,918 Issued in current period (150,484 ) (455,904 ) Shares-to be issued outstanding 2,440,673 2,066,343 |
Note J - Stock Option Plans (Ta
Note J - Stock Option Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2022 2,843,693 2.39 7.69 49,246 Granted during 2022 216,296 1.52 2.23 - Exercised during 2022 - - - - Forfeited or expired during 2022 - - - - Options outstanding December 31, 2022 3,059,989 2.36 6.38 - Exercisable, December 31, 2022 1,026,987 2.18 4.93 - Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2022 83,330 1.85 3.33 49,748 Granted during 2022 8,333 0.73 4.80 - Exercised during 2022 - - - - Options outstanding December 31, 2022 91,663 1.75 2.55 1,083 Exercisable, December 31, 2022 77,776 1.66 2.30 1,083 |
Restricted Stock [Member] | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Number of Shares Weighted Average Grant-Date Fair Value per Award Non-vested as January 1, 2022 96,557 2.33 Granted 975,148 0.86 Vested (449,695 ) - Cancelled (186,717 ) - Non-vested as December 31, 2022 435,293 1.18 |
Note L - Income Taxes (Tables)
Note L - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Allowance for Doubtful Accounts 2,000 $ 2,000 Warranty Reserve 2,000 3,000 Impaired Assets - - Capitalized Sec. 174 R&D 242,000 - Inventory Reserve 242,000 108,000 Deferred Officer's Compensation 428,000 439,000 Depreciation and Amortization (56,000 ) (52,000 ) Net Operating Loss Carryforwards 19,315,000 18,895,000 Tax Credits 688,000 660,000 Other 155,000 45,000 Subtotal 21,018,000 20,100,000 Valuation allowance (21,018,000 ) (20,100,000 ) Non-current deferred tax asset - - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Statutory Rate 21.00 % 21.00 % State income tax - all states -2.74 % 7.44 % Stock compensation -2.57 % 0.00 % NOL Expiration -4.69 % -9.13 % Other -0.56 % -7.79 % Subtotal 10.44 % 11.52 % Valuation Allowance -10.44 % -11.52 % Effective tax Rate -0.00 % 0.00 % |
Note M - Segment and Geograph_2
Note M - Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, Sales Net Sales: 2022 2021 Dental $ 8,753,156 $ 10,152,511 Medical 52,750 152,200 Total net sales $ 8,805,906 $ 10,304,711 Operating Income (Loss): 2022 2021 Dental $ 1,121,815 $ 2,475,059 Medical (4,788,105 ) (4,105,854 ) Corporate (5,161,183 ) (5,747,713 ) Total operating loss $ (8,827,473 ) $ (7,378,508 ) Depreciation and Amortization: 2022 2021 Dental $ 3,805 $ 4,351 Medical 4,075 7,313 Corporate 55,875 62,172 Total depreciation and amortization $ 63,755 $ 73,836 Income (loss) before taxes and equity in earnings of affiliates: 2022 2021 Dental $ 1,116,598 $ 2,544,730 Medical (4,794,089 ) (4,111,159 ) Corporate (5,095,375 ) (5,552,259 ) Total loss before taxes and equity in earnings of affiliate $ (8,772,866 ) $ (7,118,688 ) Total Assets December 31, 2022 December 31, 2021 Dental $ 3,875,978 $ 6,163,169 Medical 620,373 1,373,511 Corporate 9,205,735 12,273,064 Total assets $ 13,702,086 $ 19,809,744 |
Sales by Product and by Geographical Region [Table Text Block] | 2022 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 524,715 $ 7,500 $ 532,215 $ 560,424 $ - $ 560,424 Handpieces 2,653,914 25,250 2,679,164 2,905,354 35,200 2,940,554 Accessories 78,493 - 78,493 69,271 1,300 70,571 Grand Total $ 3,257,122 $ 32,750 $ 3,289,872 $ 3,535,049 $ 36,500 $ 3,571,549 International: Rest of World Dental Medical Grand Total Dental Medical Grand Total Instruments $ 1,413,525 $ - $ 1,413,525 $ 1,226,486 $ 70,000 $ 1,296,486 Handpieces 3,391,748 20,000 3,411,748 3,246,302 44,900 3,291,202 Accessories 60,797 - 60,797 46,546 800 47,346 Grand Total $ 4,866,070 $ 20,000 $ 4,886,070 $ 4,519,334 $ 115,700 $ 4,635,034 International: China Dental Medical Grand Total Dental Medical Grand Total Instruments $ 270,000 $ - $ 270,000 $ 303,000 $ - $ 303,000 Handpieces 359,964 - 359,964 1,795,128 - 1,795,128 Accessories - - - - - - Grand Total 629,964 - $ 629,964 $ 2,098,128 $ - $ 2,098,128 Total Product Sales $ 8,753,156 $ 52,750 $ 8,805,906 $ 10,152,511 $ 152,200 $ 10,304,711 |
Note P - Commitments (Tables)
Note P - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | December 31, 2022 December 31, 2021 Cash paid for operating lease liabilities $ 127,995 $ 127,526 Cash paid for finance lease liabilities 10,740 10,740 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 Weighted Average Remaining Lease Term Finance leases (years) 2.04 years 3.04 years Operating leases (years) 4.25 years 5.25 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of lease liabilities as of December 31, 2022 Operating Leases Finance Leases 2023 $ 130,778 $ 10,740 2024 133,560 10,740 2025 136,343 433 2026 139,125 - 2027 35,477 - Total future minimum lease payments 575,283 21,913 Less: interest (98,303 ) (1,850 ) Present value of lease liabilities $ 476,980 $ 20,063 |
Note A - Organization and Bus_2
Note A - Organization and Business (Details Textual) | Dec. 31, 2022 |
Number of Countries in which Entity Operates | 60 |
Note B - Liquidity and Uncert_2
Note B - Liquidity and Uncertainties (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retained Earnings (Accumulated Deficit), Total | $ (116,410,405) | $ (107,704,274) |
Operating Income (Loss), Total | $ (8,827,473) | $ (7,378,508) |
Note C - Summary of Significa_2
Note C - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Apr. 27, 2020 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Allowance for Sales Returns | $ 179,000 | ||
Number of Operating Segments | 2 | ||
Short-Term Investments, Total | $ 8,700,000 | $ 14,800,000 | |
Cash, Uninsured Amount | 8,300,000 | 13,900,000 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 10,000 | 10,000 | |
Gain (Loss) on Extinguishment of Debt, Total | 0 | 276,180 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 | |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | shares | 70,607,338 | 68,829,860 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 7,855,160 | 7,291,800 | |
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Notes Payable, Total | $ 276,000 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note D - Inventories (Details T
Note D - Inventories (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Slow Moving Medical Finished Goods [Member] | ||
Inventory Valuation Reserves | $ 582,000 | $ 450,000 |
Slow Moving Dental Finished Goods [Member] | ||
Inventory Valuation Reserves | $ 0 | $ 0 |
Note D - Inventories - Summary
Note D - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Component parts and other materials | $ 142,948 | $ 79,339 |
Total inventories | 1,792,335 | 1,541,513 |
Dental Segment [Member] | ||
Finished goods, net | (1,315,263) | (342,465) |
Finished goods, net | 1,315,263 | 342,465 |
Medical Segment [Member] | ||
Finished goods, net | (334,124) | (1,119,709) |
Finished goods, net | $ 334,124 | $ 1,119,709 |
Note E - Advances on Contracts
Note E - Advances on Contracts (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Advances on Inventory Purchases | $ 1,325,301 | $ 1,309,260 |
Note F - Investment in and Tr_2
Note F - Investment in and Transactions With Equity Investees (Details Textual) ¥ in Millions | 12 Months Ended | |||||
Oct. 08, 2021 USD ($) | Oct. 08, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 USD ($) | Jun. 30, 2014 USD ($) | |
Income (Loss) from Equity Method Investments | $ 0 | $ 242,589 | ||||
Milestone China [Member] | ||||||
Equity Method Investments | $ 1,000,000 | |||||
Equity Method Investment, Ownership Percentage | 40% | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 2,800,000 | |||||
Proceeds from Collection of Finance Receivables | $ 950,000 | |||||
Income (Loss) from Equity Method Investments | (242,000) | |||||
Milestone China [Member] | Accounts Receivable from Related Parties [Member] | ||||||
Equity Method Investment, Deferred Intercompany Profit (Loss) | 0 | 0 | ||||
Milestone China [Member] | Instruments [Member] | ||||||
Revenue from Related Parties | 630,000 | 2,100,000 | ||||
Contract with Customer, Liability, Total | $ 0 | $ 89,000 | ||||
Milestone Beijing [Member] | Milestone China [Member] | ||||||
Equity Method Investment, Ownership Percentage | 75% | |||||
Anhui [Member] | ||||||
Equity Method Investment, Ownership Percentage | 28.40% | |||||
Anhui [Member] | Milestone China [Member] | Chief Executive Officer [Member] | ||||||
Equity Method Investment, Ownership Percentage | 28.40% | 28.40% | ||||
Proceeds from Sale of Equity Method Investments | $ 440,351 | ¥ 2,840 |
Note G - Furniture, Fixtures _3
Note G - Furniture, Fixtures and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 14,180 | $ 22,205 |
Note G - Furniture, Fixtures _4
Note G - Furniture, Fixtures and Equipment - Summary of Furniture, Fixtures and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Total | $ 18,146 | $ 23,713 |
Leasehold Improvements [Member] | ||
Furniture, fixtures and equipment | 24,734 | 24,734 |
Office Furniture and Equipment [Member] | ||
Furniture, fixtures and equipment | 178,058 | 174,147 |
Tools, Dies and Molds [Member] | ||
Furniture, fixtures and equipment | 7,200 | 7,200 |
Trade Show Displays [Member] | ||
Furniture, fixtures and equipment | 151,462 | 151,462 |
Computer and Software [Member] | ||
Furniture, fixtures and equipment | 280,066 | 275,364 |
Tooling Safety Wand [Member] | ||
Furniture, fixtures and equipment | 125,022 | 125,022 |
Tooling Equipment - STA and Wand [Member] | ||
Furniture, fixtures and equipment | 11,100 | 11,100 |
EPI and IA Instruments [Member] | ||
Furniture, fixtures and equipment | 82,363 | 82,363 |
STA Trials Instruments [Member] | ||
Furniture, fixtures and equipment | 63,752 | 63,752 |
Furniture and Fixtures [Member] | ||
Furniture, fixtures and equipment | 923,757 | 915,144 |
Less accumulated depreciation | (905,611) | (891,431) |
Total | $ 18,146 | $ 23,713 |
Note H - Patents (Details Textu
Note H - Patents (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 49,663 | $ 51,630 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 52,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 34,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 28,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 28,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 86,000 | |
Patents [Member] | ||
Amortization of Intangible Assets | $ 49,663 | $ 53,011 |
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 H - Patents - Summary of P
Note H - Patents - Summary of Patents (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Patents, cost | $ 1,377,863 | $ 1,377,863 |
Patents, accumulated amortization | (1,149,907) | (1,100,244) |
Patents-foundation intellectual property | 227,956 | 277,619 |
Foundation Intellectual Property Patents [Member] | ||
Patents, cost | 1,377,863 | 1,377,863 |
Patents, accumulated amortization | (1,149,907) | (1,100,244) |
Patents-foundation intellectual property | $ 227,956 | $ 277,619 |
Note I - Stockholders' Equity_2
Note I - Stockholders' Equity (Details Textual) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | 85,000,000 |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,440,673 | 2,066,343 | 2,428,329 |
Chief Executive Officer, Chief Financial Officer and Employees [Member] | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,057,976 | 1,891,979 | |
Non-Employees [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 382,697 | 174,364 |
Note I - Stockholders' Equity -
Note I - Stockholders' Equity - Warrants (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, number of shares (in shares) | 4,268,221 | |
Outstanding , weighted average exercise price (in dollars per share) | $ 2.18 | |
Outstanding, weighted average remaining life (Year) | 6 months | 1 year 6 months |
Outstanding, intrinsic value | $ 1,187,546 | |
Issued, number of shares (in shares) | 0 | |
Issued, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding , number of shares (in shares) | 4,268,221 | 4,268,221 |
Outstanding , weighted average exercise price (in dollars per share) | $ 2.18 | $ 2.18 |
Note I - Stockholders' Equity_3
Note I - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shares-to-be-issued, outstanding (in shares) | 2,066,343 | 2,428,329 |
Granted in current period (in shares) | 524,814 | 93,918 |
Issued in current period (in shares) | (150,484) | (455,904) |
Shares-to be issued outstanding (in shares) | 2,440,673 | 2,066,343 |
Note J - Stock Option Plans (De
Note J - Stock Option Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 23, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,440,673 | 2,066,343 | 2,428,329 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Amount Capitalized | $ 961,000 | $ 763,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.5 | $ 3,200,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 2 days | 3 years 5 months 26 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.82 | $ 1.56 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 290,688 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.45% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 89.60% | |||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||
Share Price (in dollars per share) | $ 1.52 | |||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.12% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 91.46% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||
Share Price (in dollars per share) | $ 0.73 | |||
Share-Based Payment Arrangement, Expense | $ 22,900 | 27,600 | ||
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 37,500 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 days | |||
Share-Based Payment Arrangement, Expense | $ (20,000) | $ 70,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 975,148 | |||
Restricted Stock [Member] | Territory Manager [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 49,615 | |||
Restricted Stock [Member] | Board of Directors [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 160,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 months | |||
Share Price (in dollars per share) | $ 0.82 | |||
Share-Based Payment Arrangement, Expense | $ 549,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 899,390 | |||
Restricted Stock [Member] | Board of Directors [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||
Restricted Stock [Member] | Board of Directors [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||
The 2020 Equity Incentive Plan [Member] | Vice Chairman of the Board of Directors [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,000,000 | |||
The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 323,190 | 811,597 | ||
The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Vice Chairman of the Board of Directors [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||
The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Vice Chairman of the Board of Directors [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years |
Note J - Stock Option Plans - S
Note J - Stock Option Plans - Summary of Option Activity for Employees (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Employee [Member] | |||
Number of options (in shares) | 2,843,693 | 2,843,693 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.39 | $ 2.39 | |
Weighted average remaining contractual life, outstanding (Year) | 6 years 4 months 17 days | 7 years 8 months 8 days | |
Aggregate intrinsic value, outstanding | $ 49,246 | ||
Number of options granted (in shares) | 216,296 | ||
Weighted average exercise price, granted (in dollars per share) | $ 1.52 | ||
Weighted average remaining contractual life, granted (Year) | 2 years 2 months 23 days | ||
Number of options exercised (in shares) | 0 | ||
Weighted average exercise price, exercised (in dollars per share) | $ 0 | ||
Number of options forfeited and expired (in shares) | 0 | ||
Weighted average exercise price, forfeited or expired (in dollars per share) | $ 0 | ||
Number of options (in shares) | 3,059,989 | 2,843,693 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.36 | $ 2.39 | |
Number of options exercisable (in shares) | 1,026,987 | ||
Weighted average exercise price, exercisable (in dollars per share) | $ 2.18 | ||
Weighted average remaining contractual life, exercisable (Year) | 4 years 11 months 4 days | ||
Share-Based Payment Arrangement, Nonemployee [Member] | |||
Number of options (in shares) | 83,330 | 83,330 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.85 | $ 1.85 | |
Weighted average remaining contractual life, outstanding (Year) | 2 years 6 months 18 days | 3 years 3 months 29 days | |
Aggregate intrinsic value, outstanding | $ 1,083 | $ 49,748 | |
Number of options granted (in shares) | 8,333 | ||
Weighted average exercise price, granted (in dollars per share) | $ 0.73 | ||
Number of options exercised (in shares) | 0 | ||
Weighted average exercise price, exercised (in dollars per share) | 0 | ||
Number of options (in shares) | 91,663 | 83,330 | |
Weighted average exercise price, outstanding (in dollars per share) | 1.75 | $ 1.85 | |
Number of options exercisable (in shares) | 77,776 | ||
Weighted average exercise price, exercisable (in dollars per share) | $ 1.66 | ||
Weighted average remaining contractual life, exercisable (Year) | 2 years 3 months 18 days | ||
Weighted average remaining contractual life, granted (Year) | 4 years 9 months 18 days | ||
Aggregate intrinsic value, exercisable | $ 1,083 |
Note J - Stock Option Plans -_2
Note J - Stock Option Plans - Schedule of Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Non-vested as January 1, 2022 (in shares) | 96,557 |
Non-vested as January 1, 2022 (in dollars per share) | $ / shares | $ 2.33 |
Granted, Shares (in shares) | 975,148 |
Granted, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0.86 |
Vested, Shares (in shares) | (449,695) |
Cancelled, Shares (in shares) | (186,717) |
Non-vested, Shares (in shares) | 435,293 |
Non-vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 1.18 |
Note K - Employment Contract _2
Note K - Employment Contract and Consulting Agreements (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jul. 10, 2017 | Jul. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 02, 2021 | Feb. 25, 2021 | |
Director of Clinical Affairs [Member] | ||||||
Royalty Expense | $ 442,000 | $ 446,000 | ||||
Professional Fees | 154,000 | 158,000 | ||||
Accounts Payable, Related Parties | 120,000 | 123,000 | ||||
Interim Chief Executive Officer [Member] | ||||||
Royalty on Net Sales, Percentage | 2.50% | 5% | ||||
Previous President and Chief Executive Officer [Member] | ||||||
Increase (Decrease) in Deferred Compensation | $ (100,000) | $ (100,000) | ||||
Employment Agreement, Base Compensation | 200,000 | 200,000 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 200,000 | 125,000 | ||||
Consultant [Member] | ||||||
Increase (Decrease) in Deferred Compensation | (100,000) | 100,000 | ||||
Employment Agreement, Base Compensation | $ 200,000 | $ 200,000 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 200,000 | 125,000 | ||||
Consulting Services [Member] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 100,000 | $ 100,000 |
Note L - Income Taxes (Details
Note L - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards, Valuation Allowance | $ 0 | $ 0 |
Percentage of Valuation Allowance | 100% | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 71,700,000 | 68,300,000 |
Open Tax Year | 2019 2020 2021 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 60,500,000 | $ 63,400,000 |
Note L - Income Taxes - Deferre
Note L - Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for Doubtful Accounts | $ 2,000 | $ 2,000 |
Warranty Reserve | 2,000 | 3,000 |
Impaired Assets | 0 | 0 |
Capitalized Sec. 174 R&D | 242,000 | 0 |
Inventory Reserve | 242,000 | 108,000 |
Deferred Officer's Compensation | 428,000 | 439,000 |
Depreciation and Amortization | (56,000) | (52,000) |
Net Operating Loss Carryforwards | 19,315,000 | 18,895,000 |
Tax Credits | 688,000 | 660,000 |
Other | 155,000 | 45,000 |
Subtotal | 21,018,000 | 20,100,000 |
Valuation allowance | (21,018,000) | (20,100,000) |
Non-current deferred tax asset | $ 0 | $ 0 |
Note L - Income Taxes - Reconci
Note L - Income Taxes - Reconciliation of the Statutory Tax Rates (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory Rate | 21% | 21% |
State income tax - all states | (2.74%) | 7.44% |
Stock compensation | (2.57%) | 0% |
NOL Expiration | (4.69%) | (9.13%) |
Other | (0.56%) | (7.79%) |
Subtotal | 10.44% | 11.52% |
Valuation Allowance | (10.44%) | (11.52%) |
Effective tax Rate | (0.00%) | 0% |
Note M - Segment and Geograph_3
Note M - Segment and Geographic Data (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 2 |
Note M - Segment and Geograph_4
Note M - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product sales, net | $ 8,805,906 | $ 10,304,711 |
Operating Income (Loss) | (8,827,473) | (7,378,508) |
Depreciation and Amortization | 63,755 | 73,836 |
Income (loss) before taxes and equity in earnings of affiliates | (8,772,866) | (7,118,688) |
Total assets | 13,702,086 | 19,809,744 |
Corporate, Non-Segment [Member] | ||
Operating Income (Loss) | (5,161,183) | (5,747,713) |
Depreciation and Amortization | 55,875 | 62,172 |
Income (loss) before taxes and equity in earnings of affiliates | (5,095,375) | (5,552,259) |
Total assets | 9,205,735 | 12,273,064 |
Dental Segment [Member] | ||
Product sales, net | 8,753,156 | 10,152,511 |
Dental Segment [Member] | Operating Segments [Member] | ||
Product sales, net | 8,753,156 | 10,152,511 |
Operating Income (Loss) | 1,121,815 | 2,475,059 |
Depreciation and Amortization | 3,805 | 4,351 |
Income (loss) before taxes and equity in earnings of affiliates | 1,116,598 | 2,544,730 |
Total assets | 3,875,978 | 6,163,169 |
Medical Segment [Member] | ||
Product sales, net | 52,750 | 152,200 |
Medical Segment [Member] | Operating Segments [Member] | ||
Product sales, net | 52,750 | 152,200 |
Operating Income (Loss) | (4,788,105) | (4,105,854) |
Depreciation and Amortization | 4,075 | 7,313 |
Income (loss) before taxes and equity in earnings of affiliates | (4,794,089) | (4,111,159) |
Total assets | $ 620,373 | $ 1,373,511 |
Note M - Segment and Geograph_5
Note M - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product sales, net | $ 8,805,906 | $ 10,304,711 |
Dental Segment [Member] | ||
Product sales, net | 8,753,156 | 10,152,511 |
Medical Segment [Member] | ||
Product sales, net | 52,750 | 152,200 |
Domestic [Member] | ||
Product sales, net | 3,289,872 | 3,571,549 |
Domestic [Member] | Dental Segment [Member] | ||
Product sales, net | 3,257,122 | 3,535,049 |
Domestic [Member] | Medical Segment [Member] | ||
Product sales, net | 32,750 | 36,500 |
Rest of World [Member] | ||
Product sales, net | 4,886,070 | 4,635,034 |
Rest of World [Member] | Dental Segment [Member] | ||
Product sales, net | 4,866,070 | 4,519,334 |
Rest of World [Member] | Medical Segment [Member] | ||
Product sales, net | 20,000 | 115,700 |
CHINA | ||
Product sales, net | 629,964 | 2,098,128 |
CHINA | Dental Segment [Member] | ||
Product sales, net | 629,964 | 2,098,128 |
CHINA | Medical Segment [Member] | ||
Product sales, net | 0 | 0 |
Instruments [Member] | Domestic [Member] | ||
Product sales, net | 532,215 | 560,424 |
Instruments [Member] | Domestic [Member] | Dental Segment [Member] | ||
Product sales, net | 524,715 | 560,424 |
Instruments [Member] | Domestic [Member] | Medical Segment [Member] | ||
Product sales, net | 7,500 | 0 |
Instruments [Member] | Rest of World [Member] | ||
Product sales, net | 1,413,525 | 1,296,486 |
Instruments [Member] | Rest of World [Member] | Dental Segment [Member] | ||
Product sales, net | 1,413,525 | 1,226,486 |
Instruments [Member] | Rest of World [Member] | Medical Segment [Member] | ||
Product sales, net | 0 | 70,000 |
Instruments [Member] | CHINA | ||
Product sales, net | 270,000 | 303,000 |
Instruments [Member] | CHINA | Dental Segment [Member] | ||
Product sales, net | 270,000 | 303,000 |
Instruments [Member] | CHINA | Medical Segment [Member] | ||
Product sales, net | 0 | 0 |
Handpieces [Member] | Domestic [Member] | ||
Product sales, net | 2,679,164 | 2,940,554 |
Handpieces [Member] | Domestic [Member] | Dental Segment [Member] | ||
Product sales, net | 2,653,914 | 2,905,354 |
Handpieces [Member] | Domestic [Member] | Medical Segment [Member] | ||
Product sales, net | 25,250 | 35,200 |
Handpieces [Member] | Rest of World [Member] | ||
Product sales, net | 3,411,748 | 3,291,202 |
Handpieces [Member] | Rest of World [Member] | Dental Segment [Member] | ||
Product sales, net | 3,391,748 | 3,246,302 |
Handpieces [Member] | Rest of World [Member] | Medical Segment [Member] | ||
Product sales, net | 20,000 | 44,900 |
Handpieces [Member] | CHINA | ||
Product sales, net | 359,964 | 1,795,128 |
Handpieces [Member] | CHINA | Dental Segment [Member] | ||
Product sales, net | 359,964 | 1,795,128 |
Handpieces [Member] | CHINA | Medical Segment [Member] | ||
Product sales, net | 0 | 0 |
Accessories [Member] | Domestic [Member] | ||
Product sales, net | 78,493 | 70,571 |
Accessories [Member] | Domestic [Member] | Dental Segment [Member] | ||
Product sales, net | 78,493 | 69,271 |
Accessories [Member] | Domestic [Member] | Medical Segment [Member] | ||
Product sales, net | 0 | 1,300 |
Accessories [Member] | Rest of World [Member] | ||
Product sales, net | 60,797 | 47,346 |
Accessories [Member] | Rest of World [Member] | Dental Segment [Member] | ||
Product sales, net | 60,797 | 46,546 |
Accessories [Member] | Rest of World [Member] | Medical Segment [Member] | ||
Product sales, net | 0 | 800 |
Accessories [Member] | CHINA | ||
Product sales, net | 0 | 0 |
Accessories [Member] | CHINA | Dental Segment [Member] | ||
Product sales, net | 0 | 0 |
Accessories [Member] | CHINA | Medical Segment [Member] | ||
Product sales, net | $ 0 | $ 0 |
Note N - Concentrations (Detail
Note N - Concentrations (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 2 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 32% | 35% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||
Number of Major Customers | 2 | |
Concentration Risk, Percentage | 11% | 20% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 33% | 29% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | ||
Number of Major Customers | 3 | |
Concentration Risk, Percentage | 20% | 28% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | ||
Concentration Risk, Percentage | 13% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||
Number of Vendors | 1 | 2 |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||
Concentration Risk, Percentage | 42% | 14% |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||
Concentration Risk, Percentage | 34% |
Note O - Related Party Transa_2
Note O - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jul. 10, 2017 | Jul. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 02, 2021 | Mar. 01, 2021 | |
Interim Chief Executive Officer [Member] | ||||||
Royalty on Net Sales, Percentage | 2.50% | |||||
Director Clinical Affair [Member] | ||||||
Royalty on Net Sales, Percentage | 2.50% | 5% | ||||
Director of Clinical Affairs [Member] | ||||||
Royalty Expense | $ 442,000 | $ 446,000 | ||||
Professional Fees | 154,000 | 158,000 | ||||
Accounts Payable, Related Parties | 120,000 | 123,000 | ||||
Previous President and Chief Executive Officer [Member] | ||||||
Increase (Decrease) in Deferred Compensation | $ (100,000) | $ (100,000) | ||||
Employment Agreement, Base Compensation | 200,000 | 200,000 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 200,000 | 125,000 | ||||
Consultant [Member] | ||||||
Increase (Decrease) in Deferred Compensation | (100,000) | 100,000 | ||||
Employment Agreement, Base Compensation | $ 200,000 | $ 200,000 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 200,000 | 125,000 | ||||
Managing Director, China Operations [Member] | ||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 200,000 | 125,000 | ||||
Manufacturing Agreement for Handpieces [Member] | ||||||
Related Party Transaction, Purchases from Related Party | 3,400,000 | 1,700,000 | ||||
Manufacturing Agreement for Handpieces [Member] | Accounts Payable, Related Parties, Current [Member] | ||||||
Due to Related Parties, Current, Total | 819,000 | 548,000 | ||||
Consulting Services [Member] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 100,000 | $ 100,000 |
Note P - Commitments (Details T
Note P - Commitments (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 08, 2021 | |
Advances on Inventory Purchases | $ 1,325,301 | $ 1,309,260 | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 17,645 | 26,294 | ||
Finance Lease, Liability, Total | 20,063 | 28,607 | ||
Finance Lease, Liability, Current | 9,365 | 8,545 | ||
Finance Lease, Liability, Noncurrent | 10,698 | 20,062 | ||
Operating Lease, Right-of-Use Asset | 443,685 | 524,217 | ||
Operating Lease, Liability, Total | 476,980 | 557,981 | ||
Operating Lease, Liability, Current | 91,701 | 81,001 | ||
Operating Lease, Liability, Noncurrent | $ 385,279 | 476,980 | ||
Office Lease for Headquarter in Roseland, New Jersey [Member] | ||||
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 Roseland, New Jersey [Member] | Minimum [Member] | ||||
Operating Leases, Monthly Rent Expense | 9,275 | |||
Office Lease for Headquarter in Roseland, New Jersey [Member] | Maximum [Member] | ||||
Operating Leases, Monthly Rent Expense | $ 10,898 | |||
Purchase Commitment for Devices [Member] | ||||
Purchase Commitment Number Of Units | 2,040 | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,700,000 | 2,600,000 | ||
Advances on Inventory Purchases | 1,200,000 | 1,300,000 | ||
Purchase Commitment For Devices Beginning In 2021 [Member] | ||||
Advances on Inventory Purchases | $ 76,000 | $ 34,000 |
Note P - Commitments - Lease Ex
Note P - Commitments - Lease Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash paid for operating lease liabilities | $ 127,995 | $ 127,526 | |
Cash paid for finance lease liabilities | 10,740 | 10,740 | |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | [1] | 0 | (663,009) |
Property and equipment obtained in exchange for new finance lease liabilities | $ 0 | $ (43,242) | |
Finance leases (years) (Year) | 2 years 14 days | 3 years 14 days | |
Operating leases (years) (Year) | 4 years 3 months | 5 years 3 months | |
Weighted-average discount rate – operating leases | 9.20% | 9.20% | |
Weighted-average discount rate – finance leases | 9.20% | 9.20% | |
[1]For the nine months ended September 30, 2021, the balance includes operating leases existing as of the adoption of ASC 842 on January 1, 2021 |
Note P - Commitments - Maturiti
Note P - Commitments - Maturities of Lease Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
2023, Operating Leases | $ 130,778 | |
2023, Finance Leases | 10,740 | |
2024, Operating Leases | 133,560 | |
2024, Finance Leases | 10,740 | |
2025, Operating Leases | 136,343 | |
2025, Finance Leases | 433 | |
2026, Operating Leases | 139,125 | |
2026, Finance Leases | 0 | |
2027, Operating Leases | 35,477 | |
2027, Finance Leases | 0 | |
Total future minimum lease payments | 575,283 | |
Total future minimum lease payments, Finance Leases | 21,913 | |
Less: interest | (98,303) | |
Less: interest, Finance Leases | (1,850) | |
Present value of lease liabilities | 476,980 | $ 557,981 |
Present value of lease liabilities, Finance Leases | $ 20,063 | $ 28,607 |
Note R - Subsequent Events (Det
Note R - Subsequent Events (Details Textual) - Chief Financial Officer [Member] - USD ($) | Aug. 01, 2023 | Feb. 06, 2023 | Feb. 01, 2023 |
Scenario, Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||
Subsequent Event [Member] | |||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 120,000 | ||
Incentive Bonus, Percentage of Annual Cash Compensation | 40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 100,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 |