MILESTONE SCIENTIFIC INC. Files 10-Q for Q1 2024

TL;DR

<b>MILESTONE SCIENTIFIC INC. reported a net loss of $1.4 million and total assets of $76.6 million in its Q1 2024 10-Q filing.</b>

AI Summary

MILESTONE SCIENTIFIC INC. (MLSS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. MILESTONE SCIENTIFIC INC. reported $76,632,279 in total assets as of March 31, 2024. The company had $75,881,840 in total liabilities as of March 31, 2024. Shareholders' equity was $750,439 as of March 31, 2024. For the three months ended March 31, 2024, the company reported a net loss of ($1,409,000). Basic and diluted net loss per share for the three months ended March 31, 2024, was ($0.001).

Why It Matters

For investors and stakeholders tracking MILESTONE SCIENTIFIC INC., this filing contains several important signals. The filing details the company's financial position as of March 31, 2024, including assets, liabilities, and equity, providing a snapshot of its financial health. The net loss and EPS figures for the first quarter of 2024 offer insight into the company's operational performance and profitability during the period.

Risk Assessment

Risk Level: high — MILESTONE SCIENTIFIC INC. shows elevated risk based on this filing. The company reported a net loss of $1.4 million for the quarter and has a significant amount of liabilities ($75.88 million) compared to its equity ($750,439), indicating potential financial strain.

Analyst Insight

Investors should monitor the company's ability to manage its liabilities and improve profitability in upcoming quarters.

Financial Highlights

total Assets

76,632,279

net Income

-1,409,000

eps

-0.001

Key Numbers

• 76,632,279 — Total Assets (As of March 31, 2024)
• 75,881,840 — Total Liabilities (As of March 31, 2024)
• 750,439 — Total Equity (As of March 31, 2024)
• (1,409,000) — Net Loss (For the three months ended March 31, 2024)
• (0.001) — Net loss per share - basic (For the three months ended March 31, 2024)
• (0.001) — Net loss per share - diluted (For the three months ended March 31, 2024)

Key Players & Entities

• MILESTONE SCIENTIFIC INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• 220 SOUTH ORANGE AVENUE (address) — Business address
• LIVINGSTON (location) — Business address city
• NJ (location) — Business address state
• 07039 (postal_code) — Business address zip
• MLSS (ticker) — Ticker symbol

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period end for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — l of 77,227,714 shares of Common Stock, $0.001 par value outstanding. DOCUMENTS INCOR

Filing Documents

• mlss20240331_10q.htm (10-Q) — 1056KB
• ex_664688.htm (EX-31.1) — 9KB
• ex_664689.htm (EX-32.1) — 5KB
• 0001437749-24-017036.txt (&nbsp;) — 5529KB
• mlss-20240331.xsd (EX-101.SCH) — 49KB
• mlss-20240331_cal.xml (EX-101.CAL) — 32KB
• mlss-20240331_def.xml (EX-101.DEF) — 339KB
• mlss-20240331_lab.xml (EX-101.LAB) — 305KB
• mlss-20240331_pre.xml (EX-101.PRE) — 366KB
• mlss20240331_10q_htm.xml (XML) — 890KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 5 6 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS When used in this Quarterly Report on Form 10-Q, the words "may", "will", "should", "expect", "believe", "anticipate", "continue", "estimate", "project", "intend" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") regarding events, conditions and financial trends that may affect Milestone Scientific's future plans of operations, business strategy, results of operations and financial condition. Milestone Scientific wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established in the Private Securities Litigation Reform Act of 1995. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Milestone Scientific's plans and objectives are based, in part, on assumptions involving the continued expansion of its business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Milestone Scientific. Although Milestone Scientific believes that its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. Considering the significant uncertainties inherent in the forward-looking statements included herein, our history of operating losses that are expected to continue, requiring additional funding which we may be unable to raise capital when needed (which may force us to delay, curtail or eliminate commercialization efforts of our CompuFlo Epidural Computer Controlled Anesthesia System), the early stage operations of and relative lack of acceptance

- Financial Information

Part I- Financial Information

Financial Statements

Item 1. Financial Statements MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,005,477 $ 2,977,713 Marketable securities 1,000,000 2,976,573 Accounts receivable, net of allowance for credit losses of $ 10,000 , respectively 661,838 312,664 Prepaid expenses and other current assets 863,589 517,785 Inventories 2,860,029 2,638,186 Advances on contracts 1,421,120 1,371,548 Total current assets 10,812,053 10,794,469 Furniture, fixtures and equipment, net 8,023 10,024 Intangibles, net 168,956 178,636 Right of use assets finance lease 6,835 8,998 Right of use assets operating lease 330,769 355,235 Other assets 24,150 24,150 Total assets $ 11,350,786 $ 11,371,512 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,105,589 $ 689,604 Accounts payable, related party 789,317 410,512 Accrued expenses and other payables 1,241,403 1,511,717 Accrued expenses, related party 170,720 137,189 Accrued Liabilities noncontrolling interest 214,000 214,000 Current portion of finance lease liabilities 8,219 10,264 Current portion of operating lease liabilities 107,355 103,427 Total current liabilities 3,636,603 3,076,713 Non-current portion of finance lease liabilities - 434 Non-current portion of operating lease liabilities 253,774 281,853 Total liabilities $ 3,890,377 $ 3,359,000 Commitments Stockholders' equity Common stock, par value $ 0.001 ; authorized 100,000,000 shares; 76,632,279 shares issued and 76,598,946 shares outstanding as of March 31, 2024 shares; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023; 76,632 75,881 Additional paid in capital 133,075,331 132,187,656 Accumulated deficit ( 124,780,038 ) ( 123,339,509 ) Treasury stock, at cost, 33,333 shares ( 911,516 ) ( 911,516 ) Total Milestone Scie

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