Milestone Scientific Inc. Enters Material Definitive Agreement

TL;DR

MSIL signed a big deal, details TBD.

AI Summary

On April 8, 2024, Milestone Scientific Inc. entered into a material definitive agreement. The company, incorporated in Delaware, is involved in the orthopedic, prosthetic, and surgical appliances and supplies industry. The filing does not disclose specific details of the agreement or any associated dollar amounts.

Why It Matters

This filing indicates a significant new contract or partnership for Milestone Scientific Inc., which could impact its future revenue and operations.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its terms and potential impact.

Key Players & Entities

• Milestone Scientific Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• April 8, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1,983,095 — pril 8, 2024, the Company received net, $1,983,095 from Comcast Corporation under the term

Filing Documents

• mlss20240408_8k.htm (8-K) — 21KB
• 0001437749-24-011488.txt ( ) — 149KB
• mlss-20240408.xsd (EX-101.SCH) — 3KB
• mlss-20240408_def.xml (EX-101.DEF) — 11KB
• mlss-20240408_lab.xml (EX-101.LAB) — 15KB
• mlss-20240408_pre.xml (EX-101.PRE) — 11KB
• mlss20240408_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement Milestone Scientific Inc. (the "Company") was approved on September 12, 2023, to participate in the State of New Jersey Emerging Technology and Biotechnology Financial Assistance Program (the "Program"). The program is designed to provide funds to new or expanding technology and biotechnology companies by allowing those companies with unused Net Operating Loss ("NOL") Carryover and/or Unused Research and Development ("R & D") Tax Credits to transfer for value the tax benefits to other corporate business taxpayers. On February 2, 2024, the Company entered into an agreement to sell its unused NOLs and R & D tax credits to Comcast Corporation. On April 8, 2024, the Company received net, $1,983,095 from Comcast Corporation under the terms of the agreement. The funds will be used for general corporate purposes and working capital, provided that the funds are used for allowable expenses under the Program. In connection with the transaction, the Company has agreed to maintain its headquarters or base of operations in New Jersey for five years following the closing date. Also, for five years, the Company must make quarterly reports to the State of New Jersey. The funds are subject to recapture for up to the face value of the sold tax credits if it breaches its continuing obligations under the Program to maintain the New Jersey office and use the funds only for allowable expenses.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MILESTONE SCIENTIFIC INC. Dated: April 9, 2024 By: /s/ Arjan Haverhals Arjan Haverhals Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR