Milestone Scientific Reports Q3 2024 Results

TL;DR

MSNI Q3 2024: Assets $77.7M, Liabilities $75.9M, Net Loss $1.3M. Still in the red.

AI Summary

Milestone Scientific Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $77.7 million and total liabilities of $75.9 million as of September 30, 2024. For the nine months ended September 30, 2024, the company had a net loss of $1.3 million.

Why It Matters

This filing provides insight into Milestone Scientific's financial health and operational performance during the third quarter of 2024, impacting investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The company reported a net loss for the nine-month period, indicating ongoing financial challenges.

Key Numbers

• $77.7B — Total Assets (As of September 30, 2024, indicating the company's total resources.)
• $75.9B — Total Liabilities (As of September 30, 2024, representing the company's total obligations.)
• $1.3M — Net Loss (For the nine months ended September 30, 2024, showing the company's profitability.)

Key Players & Entities

• MILESTONE SCIENTIFIC INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $77,709,455 (dollar_amount) — Total Assets as of September 30, 2024
• $75,881,840 (dollar_amount) — Total Liabilities as of September 30, 2024
• $1.3 million (dollar_amount) — Net Loss for the nine months ended September 30, 2024

FAQ

Key Financial Figures

• $0.001 — l of 77,892,083 shares of Common Stock, $0.001 par value outstanding. DOCUMENTS INCOR
• $10,000 — , net of allowance for credit losses of $10,000 , respectively 550,969 312,664 Accou

Filing Documents

• mlss20240930_10q.htm (10-Q) — 1520KB
• ex_723134.htm (EX-31.1) — 10KB
• ex_723135.htm (EX-32.1) — 6KB
• 0001437749-24-035311.txt ( ) — 6741KB
• mlss-20240930.xsd (EX-101.SCH) — 52KB
• mlss-20240930_cal.xml (EX-101.CAL) — 34KB
• mlss-20240930_def.xml (EX-101.DEF) — 351KB
• mlss-20240930_lab.xml (EX-101.LAB) — 318KB
• mlss-20240930_pre.xml (EX-101.PRE) — 380KB
• mlss20240930_10q_htm.xml (XML) — 1258KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 5 6 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 1C Cybersecurity Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

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 changes in the distribution of its products and continued evolution 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 that 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

- Financial Information

Part I- Financial Information

Financial Statements

Item 1. Financial Statements MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 4,775,597 $ 2,977,713 Marketable securities - 2,976,573 Accounts receivable, net of allowance for credit losses of $10,000 , respectively 550,969 312,664 Accounts receivable, related party net 3,013 - Prepaid expenses and other current assets 646,130 517,785 Inventories 3,711,636 2,638,186 Advances on contracts 1,011,306 1,371,548 Total current assets 10,698,651 10,794,469 Furniture, fixtures and equipment, net 11,265 10,024 Intangibles, net 155,255 178,636 Right of use assets finance lease 2,511 8,998 Right of use assets operating lease 283,086 355,235 Other assets 24,150 24,150 Total assets $ 11,174,918 $ 11,371,512 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,138,060 $ 689,604 Accounts payable, related party 740,017 410,512 Accrued expenses and other payables 1,267,718 1,511,717 Accrued expenses, related party 281,947 137,189 Accrued liabilities noncontrolling interest 214,000 214,000 Current portion of finance lease liabilities 3,088 10,264 Current portion of operating lease liabilities 112,955 103,427 Total current liabilities 3,757,785 3,076,713 Non-current portion of finance lease liabilities - 434 Non-current portion of operating lease liabilities 195,649 281,853 Total liabilities $ 3,953,434 $ 3,359,000 Commitments and contingencies Stockholders' equity Common stock, par value $ 0.001 ; authorized 100,000,000 shares; 77,709,455 shares issued and 77,676,122 shares outstanding as of September 30, 2024; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023; 77,710 75,881 Additional paid in capital 134,072,861 132,187,656 Accumulated deficit ( 126,017,571 ) ( 123,339,509 ) Treasury stock, at cost,

View Full Filing

View this 10-Q filing on SEC EDGAR