Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 Suite 403 | |
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 $.001 per share | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,998,525 | |
No Trading Symbol Flag | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,277,953 | $ 8,715,279 |
Marketable securities | 4,430,384 | 0 |
Accounts receivable, net | 912,399 | 693,717 |
Prepaid expenses and other current assets | 767,430 | 443,872 |
Inventories | 2,038,298 | 1,792,335 |
Advances on contracts | 1,154,826 | 1,325,301 |
Total current assets | 11,581,290 | 12,970,504 |
Furniture, fixtures and equipment, net | 15,333 | 18,146 |
Intangibles, net | 214,742 | 227,956 |
Right of use assets finance lease | 15,483 | 17,645 |
Right of use assets operating lease | 422,355 | 443,685 |
Other assets | 24,150 | 24,150 |
Total assets | 12,273,353 | 13,702,086 |
Current liabilities: | ||
Accrued expenses and other payables | 1,032,532 | 1,124,839 |
Accrued expenses, related party | 240,830 | 167,549 |
Current portion of finance lease liabilities | 9,582 | 9,365 |
Current portion of operating lease liabilities | 94,532 | 91,701 |
Total current liabilities | 2,652,955 | 3,299,675 |
Non-current portion of finance lease liabilities | 8,219 | 10,698 |
Non-current portion of operating lease liabilities | 360,304 | 385,279 |
Total liabilities | 3,021,478 | 3,695,652 |
Commitments | ||
Stockholders’ equity | ||
Common stock, par value $.001; authorized 100,000,000 shares; 69,805,700 shares issued and 69,772,367 shares outstanding as of March 31, 2023; shares; 69,306,497 shares issued and 69,273,164 shares outstanding as of December 31, 2022; | 69,806 | 69,306 |
Additional paid in capital | 128,042,597 | 127,478,325 |
Accumulated deficit | (117,718,071) | (116,410,405) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific, Inc. stockholders' equity | 9,482,816 | 10,225,710 |
Noncontrolling interest | (230,941) | (219,276) |
Total stockholders’ equity | 9,251,875 | 10,006,434 |
Total liabilities and stockholders’ equity | 12,273,353 | 13,702,086 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Accounts payable | 823,907 | 1,102,729 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable | $ 451,572 | $ 803,492 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 69,805,700 | 69,772,367 |
Common stock, shares outstanding (in shares) | 69,306,497 | 69,273,164 |
Treasury Stock, Common, Shares | 33,333 | 33,333 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product sales, net | $ 2,597,598 | $ 2,700,902 |
Cost of products sold | 708,135 | 1,018,476 |
Gross profit | 1,889,463 | 1,682,426 |
Selling, general and administrative expenses | 3,074,572 | 3,115,629 |
Research and development expenses | 140,347 | 464,466 |
Depreciation and amortization expense | 17,220 | 16,814 |
Total operating expenses | 3,232,139 | 3,596,909 |
Loss from operations | (1,342,676) | (1,914,483) |
Interest income (expense) | 23,345 | (4,742) |
Loss before provision for income taxes | (1,319,331) | (1,919,225) |
Provision for income taxes | 0 | 0 |
Net loss | (1,319,331) | (1,919,225) |
Net loss attributable to noncontrolling interests | (11,665) | (17,502) |
Net loss attributable to Milestone Scientific Inc. | $ (1,307,666) | $ (1,901,723) |
Net loss per share applicable to common stockholders— | ||
Basic and diluted (in dollars per share) | $ (0.02) | $ (0.03) |
Weighted average shares outstanding and to be issued— | ||
Basic and diluted (in shares) | 72,104,234 | 69,013,001 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | 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] | 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, Common [Member] | Consultant [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 68,153,336 | |||||||||||||||
Balance at Dec. 31, 2021 | $ 68,153 | $ 124,915,560 | $ (107,204,274) | $ (152,541) | $ (911,516) | $ 16,215,382 | ||||||||||
Stock based compensation | $ 0 | 305,370 | 0 | 0 | 305,370 | |||||||||||
Common stock to be issued to employees for bonuses | 164,385 | 164,385 | ||||||||||||||
Net loss | (1,901,723) | (17,502) | (1,919,225) | |||||||||||||
Balance (in shares) at Mar. 31, 2022 | 68,153,336 | |||||||||||||||
Balance at Mar. 31, 2022 | $ 68,153 | 125,385,315 | (109,105,997) | (170,043) | (911,516) | 14,765,912 | ||||||||||
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 | ||||||||||
Stock based compensation | 388,772 | 0 | 0 | 388,772 | ||||||||||||
Common stock issued for services (in shares) | 256,868 | 242,335 | ||||||||||||||
Common stock issued for services | $ 258 | $ (258) | $ 0 | $ 0 | $ 242 | $ 125,758 | $ 0 | $ 0 | $ 0 | $ 126,000 | ||||||
Common stock to be issued to employees for bonuses | 50,000 | 50,000 | ||||||||||||||
Net loss | (1,307,666) | (11,665) | (1,319,331) | |||||||||||||
Balance (in shares) at Mar. 31, 2023 | 69,805,700 | |||||||||||||||
Balance at Mar. 31, 2023 | $ 69,806 | $ 128,042,597 | $ (117,718,071) | $ (230,941) | $ (911,516) | $ 9,251,875 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (1,319,331) | $ (1,919,225) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 4,005 | 3,388 |
Amortization of intangibles | 13,214 | 13,426 |
Stock based compensation | 388,772 | 305,370 |
Employees paid in stock | 50,000 | 164,385 |
Expense paid in stock | 126,000 | 0 |
Amortization of right-of-use asset | 22,579 | 21,506 |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | (218,682) | (120,341) |
Increase in accounts receivable, related party | 0 | (269,973) |
Increase in inventories | (245,963) | (258,395) |
Decrease in advances on contracts | 170,475 | 92,007 |
Increase in prepaid expenses and other current assets | (323,558) | (246,720) |
(Decrease) increase in accounts payable | (278,822) | 231,668 |
(Decrease) increase in accounts payable, related party | (351,920) | 733,062 |
Decrease in accrued expenses | (92,307) | (81,797) |
Increase (decrease) in accrued expenses, related party | 73,280 | (156,427) |
Decrease operating lease liability | (21,330) | (19,442) |
Net cash used in operating activities | (2,003,588) | (1,507,508) |
Cash flows from investing activities: | ||
Purchase of furniture, fixtures, and equipment | (1,192) | 0 |
Purchase of Marketable securities | (4,430,384) | 0 |
Net cash used in investing activities | (4,431,576) | 0 |
Cash flows from financing activities: | ||
Payments finance lease obligations | (2,162) | (2,063) |
Net cash used in financing activities | (2,162) | (2,063) |
Net decrease in cash and cash equivalents | (6,437,326) | (1,509,571) |
Cash and cash equivalents at beginning of period | 8,715,279 | 14,764,346 |
Cash and cash equivalents at end of period | $ 2,277,953 | $ 13,254,775 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 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., and Milestone Medical, Inc. (all described below), unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: C ompuDent ; 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. 160 CompuDent STA Single Tooth Anesthesia System 38 510 CompuFlo Milestone Scientific is a biomedical technology research and development company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since our inception, we have engaged in pioneering proprietary, innovative, computer-controlled injection technologies, and solutions for the medical and dental markets. Our common stock was initially listed on the NYSE American on June 1, 2015 |
Note 2- Liquidity and Uncertain
Note 2- Liquidity and Uncertainties | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 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 three March 31, 2023 2022, 12 1 st third 2023, 2023 1 st 2024.As no twelve These forecasts include several revenue and operating expense assumptions which indicate that the Company’s current cash and liquidity is sufficient to finance the operating requirements for at least the next 12 twelve In addition to its employees, the Company relies on (i) distributors, agents, and third third may Sanctions imposed by the United States and other western democracies, against Russia because of the Ukraine conflict, and any expansion of the conflict, are 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 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Principles of Consolidation The accompanying unaudited condensed 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 unaudited condensed consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10 8 X. not not may December 31, 2022, 10 3. The preparation of unaudited condensed 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 going concern considerations, stock compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. 4. 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 directly to consumers in U.S. and 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 E-Commerce As of January 3, 2023, third 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 December 31, 2022. March 31, 2023. December 31, 2022 March 31, 2023, Financing and Payment The Company's payment terms differ by geography and customer, but payments from distributors are required within 90 3rd 3rd 2 Disaggregation of Revenue The Company operates in two operating segments: dental and medical. Therefore, results of the Company's operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. See Note 8 three March 31, 2023, 2022. 5. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022, $250,000. 6. The Company’s marketable securities are comprised of treasury bills with original maturity greater than three 2016 01. The appropriate classification of marketable securities is determined at the time of purchase and evaluated as of each reporting balance sheet date. Investments in marketable debt and equity securities classified as available-for-sale are reported at fair value. Fair value is determined using quoted market prices in active markets for identical assets or liabilities or quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Declines in the fair values of equity securities that are considered other-than-temporary, are charged to other income (expense), net. The Company considers available evidence in evaluating potential impairments of its investments, including the duration and extent to which fair value is less than cost. As of March 31, 2023, 3 6 7. Accounts Receivable The e-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third 2 Distributors credit sales are due in 90 March 31, 2023 December 31, 2022, $ 10,000 8. 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 9. 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, 69,013,001 three March 31, 2023 2022, Since Milestone Scientific had net losses in the three March 31, 2023, 2022, not March 31, 2023, 2022, 10. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 11. Recent Accounting Pronouncements 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, January 1, 2023, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 not |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 INVENTORIES Inventories consist of the following: March 31, 2023 December 31, 2022 Dental finished goods $ 1,541,290 $ 1,315,263 Medical finished goods 326,686 334,124 Component parts and other materials 170,322 142,948 Total inventories $ 2,038,298 $ 1,792,335 The Company has recorded an allowance on slow moving Medical finished goods due to the slow adoption of the epidural instruments and handpieces for approximately $1.0 million as of March 31, 2023 December 31, 2022, |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Advances to Contract Manufacturer [Text Block] | NOTE 5 ADVANCES ON CONTRACTS The advances on contracts represent funding of future STA inventory purchases, epidural instruments, and epidural replacements parts. The balance of the advances as of March 31, 2023 December 31, 2022 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 6 STOCKHOLDERS EQUITY Warrants The following table summarizes information about shares issuable under warrants outstanding as of March 31, 2023: Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2023 4,268,221 2.18 .50 - Issued - - - - Exercised - - - - Outstanding and exercisable at March 31, 2023 4,268,221 2.18 .25 125,828 S hares to Be Issued As of March 31, 2023, 2022, As of March 31, 2023, 2022, The following table summarizes information about shares to be issued on March 31, 2023 2022. March 31, 2023 March 31, 2022 Shares-to-be-issued, outstanding January 1, 2023 and 2022, respectively 2,440,673 2,066,343 Granted in current period 78,125 108,148 Issued in current period - - Shares-to be issued outstanding March 31, 2023 and 2022, respectively 2,518,798 2,174,491 Stock Options Plans The Milestone Scientific Inc. 2020 "2020 June 2031. may not three five Milestone Scientific recognizes compensation expense over the requisite service period. For three March 31, 2023 2022, A summary of option activity for employees under the plans and changes during the three March 31, 2023 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2023 3,059,989 2.36 6.38 - Granted during 2023 - - - - Exercised during 2023 - - - - Forfeited or expired during 2023 - - - - Options outstanding March 31, 2023 3,059,989 2.36 6.13 - Exercisable, March 31, 2023 1,081,651 2.16 4.55 - A summary of option activity for non-employees under the plans and changes during the three March 31, 2023 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2023 91,663 1.75 2.55 1,083 Granted during 2023 8,333 0.89 4.99 - Exercised during 2023 - - - - Options outstanding March 31, 2023 99,996 1.68 2.53 8,583 Exercisable, March 31, 2023 86,109 1.78 2.21 7,583 For the three March 31, 2023 2022 The information below summarizes the restricted stock award activity for three March 31, 2023. Number of Shares Weighted Average Grant-Date Fair Value per Award Non-vested as January 1, 2023 435,293 1.18 Granted - - Vested (192,835 ) - Cancelled - Non-vested as March 31, 2023 242,458 1.33 As of March 31, 2023, three March 31, 2023 2022, 22,000 March 31, 2023, As of March 31, 2023, June 2023, first October 2023, January 2023, April 2024. March 31, 2023 March 31, 2023, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7 INCOME TAXES The utilization of Milestone Scientific's net operating losses may 382 may |
Note 8 - Segment and Geographic
Note 8 - Segment and Geographic Data | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 SEGMENT AND GEOGRAPHIC DATA We conduct our business through two not The following tables present information about our reportable and operating segments: For the Three Months ended March 31, Net Sales: 2023 2022 Dental $ 2,591,398 $ 2,693,352 Medical 6,200 7,550 Total net sales $ 2,597,598 $ 2,700,902 Operating Income (Loss): 2023 2022 Dental $ 641,940 $ 354,240 Medical (821,933 ) (1,236,091 ) Corporate (1,162,683 ) (1,032,632 ) Total operating loss $ (1,342,676 ) $ (1,914,483 ) Depreciation and Amortization: 2023 2022 Dental $ 1,168 $ 893 Medical 968 1,019 Corporate 15,084 14,902 Total depreciation and amortization $ 17,220 $ 16,814 Income (loss) before taxes and equity in earnings of affiliates: 2023 2022 Dental $ 641,169 $ 352,797 Medical (823,768 ) (1,237,540 ) Corporate (1,136,732 ) (1,034,482 ) Total loss before taxes and equity in earnings of affiliate $ (1,319,331 ) $ (1,919,225 ) Total Assets March 31, 2023 December 31, 2022 Dental $ 4,051,796 $ 3,875,978 Medical 691,720 620,373 Corporate 7,529,837 9,205,735 Total assets $ 12,273,353 $ 13,702,086 The following table shows a breakdown of Milestone Scientific’s product sales (net), domestically and internationally, by business segment product category: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ $ 1,000 $ 225,274 $ 122,968 $ - $ 122,968 Handpieces 1,139,778 1,200 1,140,978 795,859 7,550 803,409 Accessories 23,071 - 23,071 24,860 - 24,860 Grand Total $ 1,387,123 $ 2,200 $ 1,389,323 $ 943,687 $ 7,550 $ 951,237 International: Rest of World Instruments $ 398,955 $ - $ 398,955 $ 453,560 $ - $ 453,560 Handpieces 789,116 4,000 793,116 923,952 - 923,952 Accessories 16,204 - 16,204 12,189 12,189 Grand Total $ 1,204,275 $ 4,000 $ 1,208,275 $ 1,389,701 $ - $ 1,389,701 International: China Instruments $ - $ - $ - $ - $ - $ - Handpieces - - - 359,964 - 359,964 Accessories - - - - - - Grand Total $ - $ - $ - $ 359,964 $ - $ 359,964 Total Product Sales $ 2,591,398 $ 6,200 $ 2,597,598 $ 2,693,352 $ 7,550 $ 2,700,902 |
Note 9 - Concentrations
Note 9 - Concentrations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 9 CONCENTRATIONS Milestone Scientific has informal arrangements with third March 31, 2023, 2022. On January 3, 2023, three March 31, 2023 one 31%, three March 31, 2022. We had two three March 31, 2023. two December 31, 2022. As of March 31, 2023, March 31, 2023, one one December 31, 2022. |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 -- 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 manufacturers of its handpieces, pursuant to which it manufactures products under specific purchase orders, but without minimum purchase commitments. Purchases from this manufacturer were approximately $667,000 and $1.2 million for the three March 31, 2023 2022, March 31, 2023 December 31, 2022, Other During 2022, three March 31, 2022. not 2023. The Director of Clinical Affairs’ royalty fee was approximately $122,000 and $133,000 for three March 31, 2023 2022, three March 31, 2023 2022, March 31, 2023 December 31, 2022, Pursuant to a Succession Agreement dated April 6, 2021 July 10, 2017 July 10, 2017 ( 9.5 May 19, 2021. three March 31, 2023 2022, three March 31, 2023 2022, |
Note 11 - Commitments
Note 11 - Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 COMMITMENTS ( 1 Contract Manufacturing Agreement Milestone Scientific has informal arrangements with third March 31, 2023. March 31, 2023, December 31, 2022, ( 2 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: March 31, 2023 March 31, 2022 Cash paid for operating lease liabilities $ 32,694 $ 31,882 Cash paid for finance lease liabilities 2,685 2,685 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) 1.8 years 2.8 years Operating leases (years) 4 years 5 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The accompanying unaudited condensed 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. |
Basis of Accounting, Policy [Policy Text Block] | 2. The unaudited condensed consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10 8 X. not not may December 31, 2022, 10 |
Use of Estimates, Policy [Policy Text Block] | 3. The preparation of unaudited condensed 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 going concern considerations, stock compensation expense, and valuation allowances on deferred tax assets. Actual results could differ from those estimates. |
Revenue [Policy Text Block] | 4. 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 directly to consumers in U.S. and 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 E-Commerce As of January 3, 2023, third 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 December 31, 2022. March 31, 2023. December 31, 2022 March 31, 2023, Financing and Payment The Company's payment terms differ by geography and customer, but payments from distributors are required within 90 3rd 3rd 2 Disaggregation of Revenue The Company operates in two operating segments: dental and medical. Therefore, results of the Company's operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. See Note 8 three March 31, 2023, 2022. |
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 March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022, $250,000. |
Marketable Securities, Policy [Policy Text Block] | 6. The Company’s marketable securities are comprised of treasury bills with original maturity greater than three 2016 01. The appropriate classification of marketable securities is determined at the time of purchase and evaluated as of each reporting balance sheet date. Investments in marketable debt and equity securities classified as available-for-sale are reported at fair value. Fair value is determined using quoted market prices in active markets for identical assets or liabilities or quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Declines in the fair values of equity securities that are considered other-than-temporary, are charged to other income (expense), net. The Company considers available evidence in evaluating potential impairments of its investments, including the duration and extent to which fair value is less than cost. As of March 31, 2023, 3 6 |
Accounts Receivable [Policy Text Block] | 7. Accounts Receivable The e-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third 2 Distributors credit sales are due in 90 March 31, 2023 December 31, 2022, $ 10,000 |
Inventory, Policy [Policy Text Block] | 8. 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 |
Earnings Per Share, Policy [Policy Text Block] | 9. 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, 69,013,001 three March 31, 2023 2022, Since Milestone Scientific had net losses in the three March 31, 2023, 2022, not March 31, 2023, 2022, |
Share-Based Payment Arrangement [Policy Text Block] | 10. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 |
New Accounting Pronouncements, Policy [Policy Text Block] | 11. Recent Accounting Pronouncements 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, January 1, 2023, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 not |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2023 December 31, 2022 Dental finished goods $ 1,541,290 $ 1,315,263 Medical finished goods 326,686 334,124 Component parts and other materials 170,322 142,948 Total inventories $ 2,038,298 $ 1,792,335 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 4,268,221 2.18 .50 - Issued - - - - Exercised - - - - Outstanding and exercisable at March 31, 2023 4,268,221 2.18 .25 125,828 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | March 31, 2023 March 31, 2022 Shares-to-be-issued, outstanding January 1, 2023 and 2022, respectively 2,440,673 2,066,343 Granted in current period 78,125 108,148 Issued in current period - - Shares-to be issued outstanding March 31, 2023 and 2022, respectively 2,518,798 2,174,491 |
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, 2023 3,059,989 2.36 6.38 - Granted during 2023 - - - - Exercised during 2023 - - - - Forfeited or expired during 2023 - - - - Options outstanding March 31, 2023 3,059,989 2.36 6.13 - Exercisable, March 31, 2023 1,081,651 2.16 4.55 - Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2023 91,663 1.75 2.55 1,083 Granted during 2023 8,333 0.89 4.99 - Exercised during 2023 - - - - Options outstanding March 31, 2023 99,996 1.68 2.53 8,583 Exercisable, March 31, 2023 86,109 1.78 2.21 7,583 |
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, 2023 435,293 1.18 Granted - - Vested (192,835 ) - Cancelled - Non-vested as March 31, 2023 242,458 1.33 |
Note 8 - Segment and Geograph_2
Note 8 - Segment and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months ended March 31, Net Sales: 2023 2022 Dental $ 2,591,398 $ 2,693,352 Medical 6,200 7,550 Total net sales $ 2,597,598 $ 2,700,902 Operating Income (Loss): 2023 2022 Dental $ 641,940 $ 354,240 Medical (821,933 ) (1,236,091 ) Corporate (1,162,683 ) (1,032,632 ) Total operating loss $ (1,342,676 ) $ (1,914,483 ) Depreciation and Amortization: 2023 2022 Dental $ 1,168 $ 893 Medical 968 1,019 Corporate 15,084 14,902 Total depreciation and amortization $ 17,220 $ 16,814 Income (loss) before taxes and equity in earnings of affiliates: 2023 2022 Dental $ 641,169 $ 352,797 Medical (823,768 ) (1,237,540 ) Corporate (1,136,732 ) (1,034,482 ) Total loss before taxes and equity in earnings of affiliate $ (1,319,331 ) $ (1,919,225 ) Total Assets March 31, 2023 December 31, 2022 Dental $ 4,051,796 $ 3,875,978 Medical 691,720 620,373 Corporate 7,529,837 9,205,735 Total assets $ 12,273,353 $ 13,702,086 |
Sales by Product and by Geographical Region [Table Text Block] | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ $ 1,000 $ 225,274 $ 122,968 $ - $ 122,968 Handpieces 1,139,778 1,200 1,140,978 795,859 7,550 803,409 Accessories 23,071 - 23,071 24,860 - 24,860 Grand Total $ 1,387,123 $ 2,200 $ 1,389,323 $ 943,687 $ 7,550 $ 951,237 International: Rest of World Instruments $ 398,955 $ - $ 398,955 $ 453,560 $ - $ 453,560 Handpieces 789,116 4,000 793,116 923,952 - 923,952 Accessories 16,204 - 16,204 12,189 12,189 Grand Total $ 1,204,275 $ 4,000 $ 1,208,275 $ 1,389,701 $ - $ 1,389,701 International: China Instruments $ - $ - $ - $ - $ - $ - Handpieces - - - 359,964 - 359,964 Accessories - - - - - - Grand Total $ - $ - $ - $ 359,964 $ - $ 359,964 Total Product Sales $ 2,591,398 $ 6,200 $ 2,597,598 $ 2,693,352 $ 7,550 $ 2,700,902 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | March 31, 2023 March 31, 2022 Cash paid for operating lease liabilities $ 32,694 $ 31,882 Cash paid for finance lease liabilities 2,685 2,685 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) 1.8 years 2.8 years Operating leases (years) 4 years 5 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % |
Note 2- Liquidity and Uncerta_2
Note 2- Liquidity and Uncertainties (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Retained Earnings (Accumulated Deficit), Total | $ (117,718,071) | $ (116,410,405) | |
Operating Income (Loss), Total | $ (1,342,676) | $ (1,914,483) |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 shares | Dec. 31, 2022 USD ($) | Mar. 01, 2023 USD ($) | |
Allowance for Sales Returns | $ 0 | $ 179,000 | ||
Number of Operating Segments | 2 | |||
Cash, Uninsured Amount | 8,300,000 | $ 6,500,000 | ||
Marketable Securities, Current | $ 4,430,384 | 0 | ||
Accounts Receivable, Allowance for Credit Loss | 10,000 | |||
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares | 72,104,234 | 69,013,001 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 7,670,661 | 7,543,252 | ||
US Treasury Securities [Member] | ||||
Marketable Securities, Current | $ 4,400,000 | |||
Money Market Funds [Member] | ||||
Cash Equivalents, at Carrying Value, Total | $ 2,300,000 | $ 8,700,000 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
Slow Moving Medical Finished Goods [Member] | |
Inventory Valuation Reserves | $ 1 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Component parts and other materials | $ 170,322 | $ 142,948 | |
Total inventories | 2,038,298 | $ 1,792,335 | 1,792,335 |
Dental Segment [Member] | |||
Finished goods, net | 1,541,290 | 1,315,263 | |
Medical Segment [Member] | |||
Finished goods, net | $ 326,686 | $ 334,124 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Advances on Inventory Purchases | $ 1,154,826 | $ 1,325,301 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,518,798 | 2,174,491 | 2,440,673 | 2,066,343 |
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 7,798 | $ 4,978 | ||
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 362,751 | $ 305,370 | ||
Restricted Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 28,100 | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 9 months 10 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 20,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 month 6 days | |||
Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 140,000 | |||
The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 4,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||
The 2020 Equity Incentive Plan [Member] | Vice Chairman of the Board of Directors [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | |||
Chief Executive Officer, and Other Employees [Member] | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,136,101 | 2,000,127 | ||
Non-Employees [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 382,697 | 174,364 | ||
Territory Manager [Member] | Restricted Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 49,615 | |||
Share-Based Payment Arrangement, Expense | $ 9,400 | $ 22,000 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 2 years | |||
Director [Member] | Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 899,390 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.82 | |||
Director [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||
Director [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Warrants (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
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) | 3 months | 6 months |
Outstanding, Intrinsic value | $ 125,828 | $ 0 |
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 and exercisable at March 31, 2023 (in shares) | 4,268,221 | 4,268,221 |
Outstanding and exercisable at March 31, 2023 (in dollars per share) | $ 2.18 | $ 2.18 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Shares-to-be-issued, outstanding (in shares) | 2,440,673 | 2,066,343 |
Granted in current period (in shares) | 78,125 | 108,148 |
Issued in current period (in shares) | 0 | 0 |
Shares-to be issued outstanding March 31, 2023 and 2022, respectively (in shares) | 2,518,798 | 2,174,491 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity - Summary of Option Activity for Employees (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Aggregate intrinsic value, outstanding | $ 1,083 | |
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | ||
Options outstanding, balance (in shares) | 3,059,989 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.36 | |
Weighted average remaining contractual life, outstanding (Year) | 6 years 1 month 17 days | 6 years 4 months 17 days |
Aggregate intrinsic value, outstanding | $ 0 | |
Granted, options (in shares) | 0 | |
Weighted average exercise price, granted (in dollars per share) | $ 0 | |
Exercised, options (in shares) | 0 | |
Weighted average exercise price, exercised (in dollars per share) | $ 0 | |
Forfeited and expired, options (in shares) | 0 | |
Weighted average exercise price, forfeited or expired (in dollars per share) | $ 0 | |
Options outstanding, balance (in shares) | 3,059,989 | 3,059,989 |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.36 | $ 2.36 |
Exercisable, options (in shares) | 1,081,651 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.16 | |
Weighted average remaining contractual life, exercisable (Year) | 4 years 6 months 18 days | |
Exercised, options (in shares) | 0 | |
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||
Options outstanding, balance (in shares) | 91,663 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.75 | |
Weighted average remaining contractual life, outstanding (Year) | 2 years 6 months 10 days | 2 years 6 months 18 days |
Aggregate intrinsic value, outstanding | $ 8,583 | |
Granted, options (in shares) | 8,333 | |
Weighted average exercise price, granted (in dollars per share) | $ 0.89 | |
Exercised, options (in shares) | 0 | |
Weighted average exercise price, exercised (in dollars per share) | $ 0 | |
Options outstanding, balance (in shares) | 99,996 | 91,663 |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.68 | $ 1.75 |
Exercisable, options (in shares) | 86,109 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.78 | |
Weighted average remaining contractual life, exercisable (Year) | 2 years 2 months 15 days | |
Weighted average remaining contractual life, granted (Year) | 4 years 11 months 26 days | |
Exercised, options (in shares) | 0 | |
Aggregate intrinsic value, exercisable | $ 7,583 |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity - Schedule of Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Non-vested as January 1, 2023 (in shares) | 435,293 |
Non-vested as January 1, 2023 (in dollars per share) | $ / shares | $ 1.18 |
Granted, Shares (in shares) | 0 |
Granted, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0 |
Vested, Shares (in shares) | (192,835) |
Vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0 |
Cancelled, , Weighted Average Grant-Date Fair Value per Award (in shares) | 0 |
Non-vested as March 31, 2023 (in shares) | 242,458 |
Non-vested as March 31, 2023 (in dollars per share) | $ / shares | $ 1.33 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Percentage of Valuation Allowance | 100% |
Note 8 - Segment and Geograph_3
Note 8 - Segment and Geographic Data (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 8 - Segment and Geograph_4
Note 8 - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Product sales, net | $ 2,597,598 | $ 2,700,902 | |
Operating Income (Loss) | (1,342,676) | (1,914,483) | |
Depreciation and Amortization | 17,220 | 16,814 | |
Income (loss) before taxes and equity in earnings of affiliates: | (1,319,331) | (1,919,225) | |
Total assets | 12,273,353 | $ 13,702,086 | |
Corporate, Non-Segment [Member] | |||
Operating Income (Loss) | (1,162,683) | (1,032,632) | |
Depreciation and Amortization | 15,084 | 14,902 | |
Income (loss) before taxes and equity in earnings of affiliates: | (1,136,732) | (1,034,482) | |
Total assets | 7,529,837 | 9,205,735 | |
Dental Segment [Member] | |||
Product sales, net | 2,591,398 | 2,693,352 | |
Dental Segment [Member] | Operating Segments [Member] | |||
Product sales, net | 2,591,398 | 2,693,352 | |
Operating Income (Loss) | 641,940 | 354,240 | |
Depreciation and Amortization | 1,168 | 893 | |
Income (loss) before taxes and equity in earnings of affiliates: | 641,169 | 352,797 | |
Total assets | 4,051,796 | 3,875,978 | |
Medical Segment [Member] | |||
Product sales, net | 6,200 | 7,550 | |
Medical Segment [Member] | Operating Segments [Member] | |||
Product sales, net | 6,200 | 7,550 | |
Operating Income (Loss) | (821,933) | (1,236,091) | |
Depreciation and Amortization | 968 | 1,019 | |
Income (loss) before taxes and equity in earnings of affiliates: | (823,768) | $ (1,237,540) | |
Total assets | $ 691,720 | $ 620,373 |
Note 8 - Segment and Geograph_5
Note 8 - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Product sales, net | $ 2,597,598 | $ 2,700,902 |
Dental Segment [Member] | ||
Product sales, net | 2,591,398 | 2,693,352 |
Medical Segment [Member] | ||
Product sales, net | 6,200 | 7,550 |
Domestic [Member] | ||
Product sales, net | 1,389,323 | 951,237 |
Domestic [Member] | Instruments [Member] | ||
Product sales, net | 225,274 | 122,968 |
Domestic [Member] | Handpieces [Member] | ||
Product sales, net | 1,140,978 | 803,409 |
Domestic [Member] | Accessories [Member] | ||
Product sales, net | 23,071 | 24,860 |
Domestic [Member] | Dental Segment [Member] | ||
Product sales, net | 1,387,123 | 943,687 |
Domestic [Member] | Dental Segment [Member] | Instruments [Member] | ||
Product sales, net | 122,968 | |
Domestic [Member] | Dental Segment [Member] | Handpieces [Member] | ||
Product sales, net | 1,139,778 | 795,859 |
Domestic [Member] | Dental Segment [Member] | Accessories [Member] | ||
Product sales, net | 23,071 | 24,860 |
Domestic [Member] | Medical Segment [Member] | ||
Product sales, net | 2,200 | 7,550 |
Domestic [Member] | Medical Segment [Member] | Instruments [Member] | ||
Product sales, net | 1,000 | 0 |
Domestic [Member] | Medical Segment [Member] | Handpieces [Member] | ||
Product sales, net | 1,200 | 7,550 |
Domestic [Member] | Medical Segment [Member] | Accessories [Member] | ||
Product sales, net | 0 | 0 |
Rest of World [Member] | ||
Product sales, net | 1,208,275 | 1,389,701 |
Rest of World [Member] | Instruments [Member] | ||
Product sales, net | 398,955 | 453,560 |
Rest of World [Member] | Handpieces [Member] | ||
Product sales, net | 793,116 | 923,952 |
Rest of World [Member] | Accessories [Member] | ||
Product sales, net | 16,204 | 12,189 |
Rest of World [Member] | Dental Segment [Member] | ||
Product sales, net | 1,204,275 | 1,389,701 |
Rest of World [Member] | Dental Segment [Member] | Instruments [Member] | ||
Product sales, net | 398,955 | 453,560 |
Rest of World [Member] | Dental Segment [Member] | Handpieces [Member] | ||
Product sales, net | 789,116 | 923,952 |
Rest of World [Member] | Dental Segment [Member] | Accessories [Member] | ||
Product sales, net | 16,204 | 12,189 |
Rest of World [Member] | Medical Segment [Member] | ||
Product sales, net | 4,000 | 0 |
Rest of World [Member] | Medical Segment [Member] | Instruments [Member] | ||
Product sales, net | 0 | 0 |
Rest of World [Member] | Medical Segment [Member] | Handpieces [Member] | ||
Product sales, net | 4,000 | 0 |
Rest of World [Member] | Medical Segment [Member] | Accessories [Member] | ||
Product sales, net | 0 | |
CHINA | ||
Product sales, net | 0 | 359,964 |
CHINA | Instruments [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Handpieces [Member] | ||
Product sales, net | 0 | 359,964 |
CHINA | Accessories [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Dental Segment [Member] | ||
Product sales, net | 0 | 359,964 |
CHINA | Dental Segment [Member] | Instruments [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Dental Segment [Member] | Handpieces [Member] | ||
Product sales, net | 0 | 359,964 |
CHINA | Dental Segment [Member] | Accessories [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Medical Segment [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Medical Segment [Member] | Instruments [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Medical Segment [Member] | Handpieces [Member] | ||
Product sales, net | 0 | 0 |
CHINA | Medical Segment [Member] | Accessories [Member] | ||
Product sales, net | $ 0 | $ 0 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Distributors | 1 | 3 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | E-Commerce [Member] | |||
Concentration Risk, Percentage | 40% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | |||
Concentration Risk, Percentage | 15% | 31% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | |||
Concentration Risk, Percentage | 13% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor Three [Member] | |||
Concentration Risk, Percentage | 13% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Number of Distributors | 2 | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | |||
Concentration Risk, Percentage | 43% | 33% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | |||
Concentration Risk, Percentage | 13% | 20% | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||
Number of Vendors | 1 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Related Party [Member] | |||
Number of Vendors | 1 | 1 | |
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | |||
Concentration Risk, Percentage | 11% | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | Related Party [Member] | |||
Concentration Risk, Percentage | 35% | 42% |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||||
Jul. 10, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2016 | |
Previous President and Chief Executive Officer [Member] | |||||
Increase (Decrease) in Deferred Compensation | $ (100,000) | ||||
Employment Agreement, Base Compensation | 200,000 | ||||
Consultant [Member] | |||||
Increase (Decrease) in Deferred Compensation | (100,000) | ||||
Employment Agreement, Base Compensation | $ 200,000 | ||||
Manufacturing Agreement for Handpieces [Member] | |||||
Related Party Transaction, Purchases from Related Party | $ 667,000 | $ 1,200,000 | |||
Manufacturing Agreement for Handpieces [Member] | Related Party [Member] | |||||
Accounts Payable and Accrued Liabilities, Current | 451,000 | $ 819,000,000,000 | |||
Consulting Services [Member] | |||||
Related Party Transaction, Terms (Year) | 2022 years | ||||
Costs and Expenses, Related Party | 25,000 | ||||
Director of Clinical Affairs [Member] | |||||
Royalty Expense | 122,000 | 133,000 | |||
Professional Fees | 39,000 | 39,000 | |||
Director of Clinical Affairs [Member] | Related Party [Member] | |||||
Accounts Payable and Accrued Liabilities, Current | 122,000 | 120,000 | |||
Managing Director, China Operations [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 50,000 | 50,000 | |||
Consultant [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 50,000 | $ 50,000 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Advances on Inventory Purchases | $ 1,154,826 | $ 1,325,301 |
Purchase Commitment for Devices [Member] | ||
Purchase Commitment Number Of Units | 1,700 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,400,000 | 1,700,000 |
Advances on Inventory Purchases | $ 1,100,000 | $ 1,200,000 |
Note 11 - Commitments - Lease E
Note 11 - Commitments - Lease Expense (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash paid for operating lease liabilities | $ 32,694 | $ 31,882 | |
Cash paid for finance lease liabilities | 2,685 | 2,685 | |
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | [1] | 663,009 | |
Property and equipment obtained in exchange for new finance lease liabilities | $ 43,242 | ||
Finance leases (years) (Year) | 1 year 9 months 18 days | 2 years 9 months 18 days | |
Operating leases (years) (Year) | 4 years | 5 years | |
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 |