Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 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 | |
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 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MLSS | |
Entity Common Stock, Shares Outstanding | 68,920,916 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 10,959,132 | $ 14,764,346 |
Accounts receivable, net | 825,346 | 943,272 |
Accounts receivable, related party net | 269,973 | |
Prepaid expenses and other current assets | 522,938 | 375,360 |
Inventories, net | 1,505,435 | 1,541,513 |
Advances on contracts | 1,630,857 | 1,309,260 |
Total current assets | 15,713,681 | 18,933,751 |
Furniture, fixtures and equipment, net | 16,936 | 23,713 |
Intangibles, net | 250,850 | 277,619 |
Right of use assets | 506,849 | 550,511 |
Other assets | 24,150 | 24,150 |
Total assets | 16,512,466 | 19,809,744 |
Current liabilities: | ||
Accounts payable | 1,385,404 | 780,428 |
Accounts payable, related party | 733,657 | 395,857 |
Accrued expenses and other payables | 952,448 | 1,417,248 |
Accrued expenses, related party | 222,455 | 414,241 |
Current portion of finance lease liabilities | 8,946 | 8,545 |
Current portion of operating lease liabilities | 86,228 | 81,001 |
Total current liabilities | 3,389,138 | 3,097,320 |
Non-current portion of finance lease liabilities | 15,487 | 20,062 |
Non-current portion of operating lease liabilities | 432,180 | 476,980 |
Total liabilities | 3,836,805 | 3,594,362 |
Commitments | ||
Stockholders’ equity | ||
Common stock, par value $.001;authorized 100,000,000 shares; 68,811,482 and 68,153,336 shares issued at June 30, 2022 and December 31, 2021 and 68,778,149 and 68,120,003 shares outstanding as June 30, 2022 and December 31, 2021, respectively | 68,811 | 68,153 |
Additional paid in capital | 126,175,735 | 124,915,560 |
Accumulated deficit | (112,464,478) | (107,704,274) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific, Inc. stockholders' equity | 12,868,552 | 16,367,923 |
Noncontrolling interest | (192,891) | (152,541) |
Total stockholders’ equity | 12,675,661 | 16,215,382 |
Total liabilities and stockholders’ equity | $ 16,512,466 | $ 19,809,744 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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) | 68,811,482 | 68,153,336 |
Common stock, shares outstanding (in shares) | 68,778,149 | 68,120,003 |
Treasury stock, at cost, shares (in shares) | 33,333 | 33,333 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product sales, net | $ 1,648,368 | $ 2,425,738 | $ 4,349,270 | $ 5,350,445 |
Cost of products sold | 967,720 | 1,056,384 | 1,986,196 | 2,178,797 |
Gross profit | 680,648 | 1,369,354 | 2,363,074 | 3,171,648 |
Selling, general and administrative expenses | 3,282,322 | 4,011,672 | 6,397,948 | 6,760,969 |
Research and development expenses | 266,560 | 215,420 | 731,027 | 231,864 |
Depreciation and amortization expense | 16,645 | 14,834 | 33,460 | 35,760 |
Total operating expenses | 3,565,527 | 4,241,926 | 7,162,435 | 7,028,593 |
Loss from operations | (2,884,879) | (2,872,572) | (4,799,361) | (3,856,945) |
Interest income (expense) | 3,550 | (4,461) | (1,193) | (6,996) |
Gain on debt extinguishment-PPP | 0 | 276,180 | 0 | 276,180 |
Loss before provision for income taxes and equity investments | (2,881,329) | (2,600,853) | (4,800,554) | (3,587,761) |
Provision for income taxes | 0 | (83) | 0 | (333) |
Loss before equity investment | (2,881,329) | (2,600,936) | (4,800,554) | (3,588,094) |
Deferred profit and divesture-equity investment (See Note 6) | 0 | (95,857) | 0 | (94,556) |
Net loss | (2,881,329) | (2,696,793) | (4,800,554) | (3,682,650) |
Net loss attributable to noncontrolling interests | (22,848) | (16,325) | (40,350) | (29,313) |
Net loss attributable to Milestone Scientific Inc. | $ (2,858,481) | $ (2,680,468) | $ (4,760,204) | $ (3,653,337) |
Net loss per share applicable to common stockholders— | ||||
Basic (in dollars per share) | $ (0.04) | $ (0.04) | $ (0.07) | $ (0.05) |
Diluted (in dollars per share) | $ (0.04) | $ (0.04) | $ (0.07) | $ (0.05) |
Weighted average shares outstanding and to be issued— | ||||
Basic (in shares) | 70,356,796 | 69,220,795 | 70,585,590 | 68,286,033 |
Diluted (in shares) | 70,356,796 | 69,220,795 | 70,585,590 | 68,286,033 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Consultant [Member] Common Stock [Member] | Consultant [Member] Additional Paid-in Capital [Member] | Consultant [Member] Retained Earnings [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] | 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 | 113,507 | 113,507 | ||||||||||||
Common stock to be issued to employees for bonuses | 100,000 | 100,000 | ||||||||||||
Net loss | (972,869) | (12,988) | (985,857) | |||||||||||
Common stock issued for compensation (in shares) | 18,879 | 7,075 | ||||||||||||
Common stock issued for compensation | $ 7 | 7 | ||||||||||||
Common stock to issued for services | $ 18 | $ 18 | ||||||||||||
Common stock to be issued for payment of consulting services expensed in prior periods (in shares) | 40,010 | |||||||||||||
Common stock to be issued for payment of consulting services expensed in prior periods | $ 40 | $ 40 | ||||||||||||
Common stock issued to employee for stock options exercised (in shares) | 435,558 | |||||||||||||
Common stock issued to employee for stock options exercised | $ 436 | 689,754 | 690,190 | |||||||||||
Common stock issued for warrants exercised (in shares) | 1,918,925 | |||||||||||||
Common stock issued for warrants exercised | $ 1,919 | 3,010,297 | 3,012,216 | |||||||||||
Common stock issued for warrants exercised (in shares) | 1,918,925 | |||||||||||||
Common stock issued for warrants exercised | $ 1,919 | 3,010,297 | 3,012,216 | |||||||||||
Balance (in shares) at Mar. 31, 2021 | 66,591,882 | |||||||||||||
Balance at Mar. 31, 2021 | $ 66,591 | 121,848,254 | (101,858,826) | (107,414) | (911,516) | 19,037,089 | ||||||||
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 | ||||||||
Net loss | (3,682,650) | |||||||||||||
Balance (in shares) at Jun. 30, 2021 | 67,055,869 | |||||||||||||
Balance at Jun. 30, 2021 | $ 67,055 | 123,075,664 | (104,539,294) | (123,739) | (911,516) | 17,568,170 | ||||||||
Balance (in shares) at Mar. 31, 2021 | 66,591,882 | |||||||||||||
Balance at Mar. 31, 2021 | $ 66,591 | 121,848,254 | (101,858,826) | (107,414) | (911,516) | 19,037,089 | ||||||||
Stock based compensation | 193,824 | 193,824 | ||||||||||||
Net loss | (2,680,468) | (16,325) | (2,696,793) | |||||||||||
Common stock issued for compensation (in shares) | 4,202 | |||||||||||||
Common stock issued for compensation | $ 4 | 14,996 | 15,000 | |||||||||||
Common stock to be issued for payment of consulting services (in shares) | 96,018 | 277,767 | ||||||||||||
Common stock to be issued for payment of consulting services | $ 94 | $ 262,589 | $ 262,683 | |||||||||||
Common stock to issued for services | $ 280 | $ 617,887 | 618,167 | |||||||||||
Common stock issued for warrants exercised (in shares) | 86,000 | |||||||||||||
Common stock issued for warrants exercised | $ 86 | 138,114 | 138,200 | |||||||||||
Common stock issued for warrants exercised (in shares) | 86,000 | |||||||||||||
Common stock issued for warrants exercised | $ 86 | 138,114 | 138,200 | |||||||||||
Balance (in shares) at Jun. 30, 2021 | 67,055,869 | |||||||||||||
Balance at Jun. 30, 2021 | $ 67,055 | 123,075,664 | (104,539,294) | (123,739) | (911,516) | 17,568,170 | ||||||||
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 | 305,370 | 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 | (109,605,997) | (170,043) | (911,516) | 14,765,912 | ||||||||
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 | ||||||||
Net loss | (4,800,554) | |||||||||||||
Balance (in shares) at Jun. 30, 2022 | 68,811,482 | |||||||||||||
Balance at Jun. 30, 2022 | $ 68,811 | 126,175,735 | (112,464,478) | (192,891) | (911,516) | 12,675,661 | ||||||||
Balance (in shares) at Mar. 31, 2022 | 68,153,336 | |||||||||||||
Balance at Mar. 31, 2022 | $ 68,153 | 125,385,315 | (109,605,997) | (170,043) | (911,516) | 14,765,912 | ||||||||
Stock based compensation | 392,266 | 392,266 | ||||||||||||
Common stock to be issued to employees for bonuses | $ 147 | (147) | ||||||||||||
Net loss | (2,858,481) | (22,848) | (2,881,329) | |||||||||||
Common stock issued for compensation (in shares) | 224,850 | 27,051 | ||||||||||||
Common stock issued for compensation | $ 225 | (225) | 0 | $ 27 | 39,973 | 0 | 40,000 | |||||||
Common stock to be issued for payment of consulting services (in shares) | 246,028 | 12,879 | ||||||||||||
Common stock to be issued for payment of consulting services | $ 246 | $ 345,689 | $ 0 | 345,935 | ||||||||||
Common stock to issued for services | $ 13 | $ 12,864 | $ 0 | $ 12,877 | ||||||||||
Common stock to be issued to employees for bonuses (in shares) | 147,338 | |||||||||||||
Balance (in shares) at Jun. 30, 2022 | 68,811,482 | |||||||||||||
Balance at Jun. 30, 2022 | $ 68,811 | $ 126,175,735 | $ (112,464,478) | $ (192,891) | $ (911,516) | $ 12,675,661 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (4,800,554) | $ (3,682,650) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 6,692 | 13,055 |
Amortization of intangibles | 26,768 | 22,705 |
Stock based compensation | 697,635 | 307,331 |
Inventory Reserve | 430,245 | 0 |
Employees paid in stock | 217,262 | 748,171 |
Expense paid in stock | 345,935 | 262,713 |
Non-cash operating lease expense | (35,185) | 3,808 |
Deferred profit and divesture-equity investment (See Note 6) | 0 | 94,556 |
Gain on debt extinguishment-PPP | 0 | (276,180) |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 117,926 | 268,315 |
(Increase) in accounts receivable, related party | (269,973) | 0 |
(Increase) decrease in inventories | (394,167) | 940,788 |
(Increase) in advances on contracts | (321,597) | (979,615) |
(Increase) in prepaid expenses and other current assets | (147,578) | (26,380) |
Increase in accounts payable | 604,976 | 99,713 |
Increase (decrease) in accounts payable, related party | 377,801 | (183,251) |
(Decrease) increase in accrued expenses | (464,800) | 551,136 |
Decrease in accrued expenses, related party | (191,789) | (234,525) |
Decrease operating right of use lease asset | 39,338 | 0 |
Net cash used in operating activities | (3,801,065) | (2,070,310) |
Cash flows from investing activities: | ||
Proceeds from furniture, fixtures, and equipment | 85 | |
Purchase of furniture, fixtures, and equipment | (13,075) | |
Net cash provided by (used in) investing activities | 85 | (13,075) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 0 | 3,150,416 |
Payments finance lease obligations | (4,234) | (3,808) |
Common stock issued to employee for option exercised | 0 | 690,190 |
Net cash (used in) provided by financing activities | (4,234) | 3,836,798 |
Net (decrease) increase in cash and cash equivalents | (3,805,214) | 1,753,413 |
Cash and cash equivalents at beginning of period | 14,764,346 | 14,223,917 |
Cash and cash equivalents at end of period | $ 10,959,132 | $ 15,977,330 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 6 Months Ended |
Jun. 30, 2022 | |
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., 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 ; CathCheck 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 In June 2017, 510 CompuFlo seventeen In May 2022, 6100 01, 51, 6100 03, 50. 50 51 50. no no 51 50 no In May 2022, STA—5050 2725, B210113 no no May 13, 2022. B210113 no |
Note 2 - Liquidity and Uncertai
Note 2 - Liquidity and Uncertainties | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 three six June 30, 2022, twelve first six June 30, 2022, 12 third fourth 18 In addition to its employees, the Company relies on (i) distributors, agents, and third third may The coronavirus (COVID- 19 three six June 30, 2022 2021 19, In addition, it is uncertain as to what effect the continuing spread of COVID- 19 Sanctions imposed by the United States and other western democracies, against Russia as a result 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. Already the conflict has caused market volatility, a sharp increase in certain commodity prices, such as wheat and oil, and an increasing number and frequency of cybersecurity threats. So far, we have experienced a decrease in international sales to Ukraine and halted all sales to Russia, as a direct impact from the conflict. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 1. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and 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, 2021, 10 K 3. Use of Estimates The preparation of the 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 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 . 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 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 Financing and Payment The Company's payment terms differ by geography and customer, but payment is generally required within 90 Disaggregation of Revenue The Company operates in two operating segments: dental and medical. Therefore, results of the Company operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. See Note 10 three six June 30, 2022 2021. 5. 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 6. 6. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three June 30, 2022 December 31, 2021 may 7. 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 June 30, 2022 December 31, 2021, $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. Equity Method Investments Investments in which Milestone Scientific can exercise significant influence, but do not may 10. Intangible Assets Patents and Developed Technology Patents are recorded at cost to prepare and file the applicable documents with the U.S. 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 • 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. Research and Development Research and development costs, which consist principally of new product development costs payable to third 13. Income Taxes Milestone Scientific accounts for income taxes pursuant to the asset and liability method which requires deferred income 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 June 30, 2022 December 31, 2021, No 2018, 2019 2020 2021 not 14. 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, three June 30, 2022, 2021 six June 30, 2022 , 2021 Since Milestone Scientific had net losses in the three six June 30, 2022, 2021, not six June 30, 2022, 2021, 15. 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 June 30, 2022, December 31, 2021 not 16. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 17. Recent Accounting Pronouncements In January 2020, 2020 01, 321 323 815 2020 01 December 15, 2021, not In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not In October 2021, 2021 08, 805 606, 606” may 606 2021 08 December 15, 2022, 1 2 2021 08 may In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” November 2019, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 dates 2016 13 2019 10, 2016 13 December 15, 2022, not |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 INVENTORIES Inventories consist of the following: June 30, 2022 December 31, 2021 Dental finished goods, net $ 834,624 $ 342,465 Medical finished goods, net 501,181 1,119,709 Component parts and other materials 169,630 79,339 Total inventories $ 1,505,435 $ 1,541,513 The Company maintains an allowance for doubtful accounts on slow moving Medical finished goods of approximately $880,000 and $450,000 as of June 30, 2022 December 31, 2021, |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, December 31, 2021 |
Note 6 - Investment in and Tran
Note 6 - Investment in and Transactions With Equity Investees | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 6 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 19, not may However, management has determined to pursue an investigation of whether the above-described consideration payable by LiDong Zhang to Milestone China was actually paid to Milestone China and, if so, its recovery. Nevertheless, at this time, Milestone Scientific has not not not not not not June 30, 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, For the three June 30, 2022, six June 30, 2022, June 30, 2022, three six June 30, 2021, December 31, 2021, June 30, 2022, no Beginning in mid- November 2021, November 22, 2021, June 30, 2022 December 31, 2021, no 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 At June 30, 2022, December 31, 2021 three six June 30, 2022, not three six June 30, 2021, |
Note 7 - Patents
Note 7 - Patents | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 PATENTS June 30, 2022 Cost Accumulated Amortization Net Patents-foundation intellectual property 1,377,863 (1,127,013 ) 250,850 Total 1,377,863 (1,127,013 ) 250,850 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 approximately $13,000 and $27,000 for the three six June 30, 2022, three six June 30, 2021, 2022 2026 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 STOCKHOLDERS EQUITY Warrants The following table summarizes information about shares issuable under warrants outstanding as of June 30, 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 June 30, 2022 4,268,221 2.18 1.00 130,704 S hares to Be Issued As of June 30, 2022, 2021, June 30, 2022, 2021, The following table summarizes information about shares to be issued on June 30, 2022, 2021, June 30, 2022 June 30, 2021 Shares-to-be-issued, outstanding January 1, 2022 and 2021, respectively 2,066,343 2,428,329 Granted in current period 108,148 33,238 Issued in current period (147,338 ) (53,416 ) Shares-to be issued outstanding June 30, 2022 and 2021, respectively 2,027,153 2,408,151 Stock Options Plans The Milestone Scientific Inc. 2020 "2020 June 2031. may not On April 8, 2021, April 23, 2021, five ten 2020 Milestone Scientific recognizes stock compensation expense over the requisite service period. For three six June 30, 2022 three six June 30, 2021 As of June 30, 2022 2021, 3.00. A summary of option activity for employees under the plans and changes during the six June 30, 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 2.48 - Exercised during 2022 - - - - Forfeited or expired during 2022 - - - - Options outstanding June 30, 2022 3,059,989 2.29 6.88 - Exercisable, June 30, 2022 994,914 2.18 5.53 - 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 six June 30, 2022 , 3 . A summary of option activity for non-employees under the plans and changes during the six June 30, 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 - - - - Exercised during 2022 - - - - Options outstanding June 30, 2022 83,330 1.85 2.83 7,471 Exercisable, June 30, 2022 69,442 1.68 2.62 7,471 For the three six June 30, 2022, three six June 30, 2021, The information below summarizes the restricted stock award activity for year ended June 30, 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 (224,850 ) - Cancelled (92,017 ) - Non-vested as June 30, 2022 754,838 1.20 As of June 30, 2022, 2 three six June 30, 2022, not three six June 30, 2021, June 30, 2022, As of June 30, 2022 twenty-five twenty-five first October 2022, January 2023, April 2023. three six June 30, 2022 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 INCOME TAXES The utilization of Milestone Scientific's net operating losses may 382 may |
Note 10 - Segment and Geographi
Note 10 - Segment and Geographic Data | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Product Sales and Significant Customers and Vendors Disclosure [Text Block] | NOTE 10 SEGMENT AND GEOGRAPHIC DATA We conduct our business through two not The following tables present information about our reportable and operating segments: Three months ended June 30, Six months ended June 30, Sales Net Sales: 2022 2021 2022 2021 Dental $ 1,609,768 $ 2,404,738 $ 4,303,120 $ 5,258,395 Medical 38,600 21,000 46,150 92,050 Total net sales $ 1,648,368 $ 2,425,738 $ 4,349,270 $ 5,350,445 Operating Income (Loss): 2022 2021 2022 2021 Dental $ 163,022 $ 524,798 $ 517,262 $ 1,650,831 Medical (1,615,283 ) (1,135,001 ) (2,851,374 ) (2,030,720 ) Corporate (1,432,618 ) (2,262,369 ) (2,465,249 ) (3,477,056 ) Total operating loss $ (2,884,879 ) $ (2,872,572 ) $ (4,799,361 ) $ (3,856,945 ) Depreciation and Amortization: 2022 2021 2022 2021 Dental $ 893 $ 860 $ 1,786 $ 2,566 Medical 1,019 1,165 2,037 5,016 Corporate 14,733 12,809 29,637 28,178 Total depreciation and amortization $ 16,645 $ 14,834 $ 33,460 $ 35,760 Income (loss) before taxes and equity in earnings of affiliates: 2022 2021 2022 2021 Dental $ 161,774 $ 598,166 $ 514,571 $ 1,723,284 Medical (1,616,733 ) (1,136,271 ) (2,854,273 ) (2,033,260 ) Corporate (1,426,370 ) (2,062,748 ) (2,460,852 ) (3,277,785 ) Total loss before taxes and equity in earnings of affiliate $ (2,881,329 ) $ (2,600,853 ) $ (4,800,554 ) $ (3,587,761 ) Total Assets June 30, 2022 December 31, 2021 Dental $ 4,947,626 $ 6,163,169 Medical 818,535 1,373,511 Corporate 10,746,305 12,273,064 Total assets $ 16,512,466 $ 19,809,744 The following table presents information about our operations by geographic area for the three six June 30, 2022 2021. Three months ended June 30, 2022 Three months ended June 30, 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 155,028 $ - $ 155,028 $ 178,752 $ - $ 178,752 Handpieces 801,533 18,600 820,133 802,916 - 802,916 Accessories 22,621 - 22,621 18,974 - 18,974 Grand Total $ 979,182 $ 18,600 $ 997,782 $ 1,000,642 $ - $ 1,000,642 International: Rest of World Instruments $ 160,814 $ - $ 160,814 $ 156,588 $ 15,500 $ 172,088 Handpieces 459,799 20,000 479,799 709,624 5,500 715,124 Accessories 9,973 - 9,973 12,548 - 12,548 Grand Total $ 630,586 $ 20,000 $ 650,586 $ 878,760 $ 21,000 $ 899,760 International: China Instruments $ - $ - $ - $ 78,000 $ - $ 78,000 Handpieces - - - 447,336 - 447,336 Accessories - - - - - - Grand Total $ - $ - $ - $ 525,336 $ - $ 525,336 Total Product Sales $ 1,609,768 $ 38,600 $ 1,648,368 $ 2,404,738 $ 21,000 $ 2,425,738 Six months ended June 30, 2022 Six months ended June 30, 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 277,996 $ - $ 277,996 $ 354,768 $ - $ 354,768 Handpieces 1,597,392 26,150 1,623,542 1,597,900 8,150 1,606,050 Accessories 47,481 - 47,481 36,882 - 36,882 Grand Total $ 1,922,869 $ 26,150 $ 1,949,019 $ 1,989,550 $ 8,150 $ 1,997,700 International: Rest of World Instruments $ 614,374 $ - $ 614,374 $ 539,841 $ 58,000 $ 597,841 Handpieces 1,383,751 20,000 1,403,751 1,663,559 25,900 1,689,459 Accessories 22,162 - 22,162 33,109 33,109 Grand Total $ 2,020,287 $ 20,000 $ 2,040,287 $ 2,236,509 $ 83,900 $ 2,320,409 International: China Instruments $ - $ - $ - $ 228,000 $ - $ 228,000 Handpieces 359,964 - 359,964 804,336 - 804,336 Accessories - - - - - - Grand Total 359,964 - $ 359,964 $ 1,032,336 $ - $ 1,032,336 Total Product Sales $ 4,303,120 $ 46,150 $ 4,349,270 $ 5,258,395 $ 92,050 $ 5,350,445 |
Note 11 - Concentrations
Note 11 - Concentrations | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 11 -- CONCENTRATIONS Milestone Scientific has informal arrangements with third CompuDent CompuMed June 30, 2022, 2021. For the three June 30, 2022, one six June 30, 2022 , two three June 30, 2021, one six June 30, 2021, one three six June 30, 2021, For the six June 30, 2022 , four December 31, 2021 three |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 -- RELATED PARTY TRANSACTIONS United Systems Milestone Scientific has a manufacturing 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 $436,000 and $1.7 million, respectively for three six June 30, 2022. three six June 30, 2021. As of June 30, 2022 December 31, 2021, Milestone China See Note 6 Other In August 2016, three three six June 30, 2022, 2021. The Company engaged Mr. Trombetta as a consultant for a period of twelve October 1, 2020, September 30, 2021), three six June 30, 2021, September 30, 2021, three six June 30, 2022. The Director of Clinical Affairs’ royalty fee was approximately $81,000 and $213,000 for three six June 30, 2022, three six June 30, 2021, three six June 30, 2022 2021, June 30, 2022 December 31, 2021, On March 2, 2021, May 9, 2027, February 25, 2021 2.5% May 9, 2027 Pursuant to a Succession Agreement dated April 6, 2021 July 10, 2017 July 10, 2017 ( $100,000 $200,000, 9.5 May 19, 2021. The Company recorded expense of $50,000 $100,000 three six June 30, 2022, $50,000 $100,000 three six June 30, 2022, $25,000 three six June 30, 2021, three six June 30, 2021, June 30, 2022 December 31, 2021 |
Note 13 - Commitments
Note 13 - Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 COMMITMENTS ( 1 Contract Manufacturing Agreement Milestone Scientific has informal arrangements with third As of June 30, 2022, December 31, 2021, As of June 30, 2022 December 31, 2021 ( 2 Leases Operating Leases In August 2019, not seven January 8, 2020. April 1, 2020, January 1 not As of June 30, 2022, June 30, 2022, December 31, 2021, December 31, 2021, The components of lease expense were as follows: Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Cash paid for operating lease liabilities 31,999 31,303 63,881 62,606 Cash paid for finance lease liabilities 2,685 2,685 5,370 5,370 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) 2.5 years 5.8 years Operating leases (years) 4.75 years 3.6 years ( 3 Other Commitments On March 2, 2021, May 9, 2027, February 25, 2021 2.5% May 9, 2027 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and 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, 2021, 10 |
Use of Estimates, Policy [Policy Text Block] | 3. Use of Estimates The preparation of the 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 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] | 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 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 |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | 5. 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 6. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 6. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three June 30, 2022 December 31, 2021 may |
Accounts Receivable [Policy Text Block] | 7. 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 June 30, 2022 December 31, 2021, $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 |
Equity Method Investments [Policy Text Block] | 9. Equity Method Investments Investments in which Milestone Scientific can exercise significant influence, but do not may |
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 U.S. 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 • 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. |
Research and Development Expense, Policy [Policy Text Block] | 12. Research and Development Research and development costs, which consist principally of new product development costs payable to third |
Income Tax, Policy [Policy Text Block] | 13. Income Taxes Milestone Scientific accounts for income taxes pursuant to the asset and liability method which requires deferred income 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 June 30, 2022 December 31, 2021, No 2018, 2019 2020 2021 not |
Earnings Per Share, Policy [Policy Text Block] | 14. 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, three June 30, 2022, 2021 six June 30, 2022 , 2021 Since Milestone Scientific had net losses in the three six June 30, 2022, 2021, not six June 30, 2022, 2021, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 15. 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 June 30, 2022, December 31, 2021 not |
Share-Based Payment Arrangement [Policy Text Block] | 16. Milestone Scientific accounts for stock-based compensation under ASC Topic 718, 718 |
New Accounting Pronouncements, Policy [Policy Text Block] | 17. Recent Accounting Pronouncements In January 2020, 2020 01, 321 323 815 2020 01 December 15, 2021, not In August 2020, 2020 06, 470 20 815 40 2020 06 December 15, 2021, not In October 2021, 2021 08, 805 606, 606” may 606 2021 08 December 15, 2022, 1 2 2021 08 may In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” November 2019, 2019 10, Financial Instruments - Credit Losses (Topic, 326 815 842 dates 2016 13 2019 10, 2016 13 December 15, 2022, not |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2022 December 31, 2021 Dental finished goods, net $ 834,624 $ 342,465 Medical finished goods, net 501,181 1,119,709 Component parts and other materials 169,630 79,339 Total inventories $ 1,505,435 $ 1,541,513 |
Note 7 - Patents (Tables)
Note 7 - Patents (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2022 Cost Accumulated Amortization Net Patents-foundation intellectual property 1,377,863 (1,127,013 ) 250,850 Total 1,377,863 (1,127,013 ) 250,850 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 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2022 4,268,221 2.18 1.00 130,704 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | June 30, 2022 June 30, 2021 Shares-to-be-issued, outstanding January 1, 2022 and 2021, respectively 2,066,343 2,428,329 Granted in current period 108,148 33,238 Issued in current period (147,338 ) (53,416 ) Shares-to be issued outstanding June 30, 2022 and 2021, respectively 2,027,153 2,408,151 |
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 2.48 - Exercised during 2022 - - - - Forfeited or expired during 2022 - - - - Options outstanding June 30, 2022 3,059,989 2.29 6.88 - Exercisable, June 30, 2022 994,914 2.18 5.53 - 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 - - - - Exercised during 2022 - - - - Options outstanding June 30, 2022 83,330 1.85 2.83 7,471 Exercisable, June 30, 2022 69,442 1.68 2.62 7,471 |
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 (224,850 ) - Cancelled (92,017 ) - Non-vested as June 30, 2022 754,838 1.20 |
Note 10 - Segment and Geograp_2
Note 10 - Segment and Geographic Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, Six months ended June 30, Sales Net Sales: 2022 2021 2022 2021 Dental $ 1,609,768 $ 2,404,738 $ 4,303,120 $ 5,258,395 Medical 38,600 21,000 46,150 92,050 Total net sales $ 1,648,368 $ 2,425,738 $ 4,349,270 $ 5,350,445 Operating Income (Loss): 2022 2021 2022 2021 Dental $ 163,022 $ 524,798 $ 517,262 $ 1,650,831 Medical (1,615,283 ) (1,135,001 ) (2,851,374 ) (2,030,720 ) Corporate (1,432,618 ) (2,262,369 ) (2,465,249 ) (3,477,056 ) Total operating loss $ (2,884,879 ) $ (2,872,572 ) $ (4,799,361 ) $ (3,856,945 ) Depreciation and Amortization: 2022 2021 2022 2021 Dental $ 893 $ 860 $ 1,786 $ 2,566 Medical 1,019 1,165 2,037 5,016 Corporate 14,733 12,809 29,637 28,178 Total depreciation and amortization $ 16,645 $ 14,834 $ 33,460 $ 35,760 Income (loss) before taxes and equity in earnings of affiliates: 2022 2021 2022 2021 Dental $ 161,774 $ 598,166 $ 514,571 $ 1,723,284 Medical (1,616,733 ) (1,136,271 ) (2,854,273 ) (2,033,260 ) Corporate (1,426,370 ) (2,062,748 ) (2,460,852 ) (3,277,785 ) Total loss before taxes and equity in earnings of affiliate $ (2,881,329 ) $ (2,600,853 ) $ (4,800,554 ) $ (3,587,761 ) Total Assets June 30, 2022 December 31, 2021 Dental $ 4,947,626 $ 6,163,169 Medical 818,535 1,373,511 Corporate 10,746,305 12,273,064 Total assets $ 16,512,466 $ 19,809,744 |
Sales by Product and by Geographical Region [Table Text Block] | Three months ended June 30, 2022 Three months ended June 30, 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 155,028 $ - $ 155,028 $ 178,752 $ - $ 178,752 Handpieces 801,533 18,600 820,133 802,916 - 802,916 Accessories 22,621 - 22,621 18,974 - 18,974 Grand Total $ 979,182 $ 18,600 $ 997,782 $ 1,000,642 $ - $ 1,000,642 International: Rest of World Instruments $ 160,814 $ - $ 160,814 $ 156,588 $ 15,500 $ 172,088 Handpieces 459,799 20,000 479,799 709,624 5,500 715,124 Accessories 9,973 - 9,973 12,548 - 12,548 Grand Total $ 630,586 $ 20,000 $ 650,586 $ 878,760 $ 21,000 $ 899,760 International: China Instruments $ - $ - $ - $ 78,000 $ - $ 78,000 Handpieces - - - 447,336 - 447,336 Accessories - - - - - - Grand Total $ - $ - $ - $ 525,336 $ - $ 525,336 Total Product Sales $ 1,609,768 $ 38,600 $ 1,648,368 $ 2,404,738 $ 21,000 $ 2,425,738 Six months ended June 30, 2022 Six months ended June 30, 2021 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 277,996 $ - $ 277,996 $ 354,768 $ - $ 354,768 Handpieces 1,597,392 26,150 1,623,542 1,597,900 8,150 1,606,050 Accessories 47,481 - 47,481 36,882 - 36,882 Grand Total $ 1,922,869 $ 26,150 $ 1,949,019 $ 1,989,550 $ 8,150 $ 1,997,700 International: Rest of World Instruments $ 614,374 $ - $ 614,374 $ 539,841 $ 58,000 $ 597,841 Handpieces 1,383,751 20,000 1,403,751 1,663,559 25,900 1,689,459 Accessories 22,162 - 22,162 33,109 33,109 Grand Total $ 2,020,287 $ 20,000 $ 2,040,287 $ 2,236,509 $ 83,900 $ 2,320,409 International: China Instruments $ - $ - $ - $ 228,000 $ - $ 228,000 Handpieces 359,964 - 359,964 804,336 - 804,336 Accessories - - - - - - Grand Total 359,964 - $ 359,964 $ 1,032,336 $ - $ 1,032,336 Total Product Sales $ 4,303,120 $ 46,150 $ 4,349,270 $ 5,258,395 $ 92,050 $ 5,350,445 |
Note 13 - Commitments (Tables)
Note 13 - Commitments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | Three months ended Six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Cash paid for operating lease liabilities 31,999 31,303 63,881 62,606 Cash paid for finance lease liabilities 2,685 2,685 5,370 5,370 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) 2.5 years 5.8 years Operating leases (years) 4.75 years 3.6 years |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) | Jun. 30, 2022 | May 13, 2022 USD ($) |
Number of Countries in which Entity Operates | 60 | |
Lot HC 51 [Member] | ||
Market Value of Product | $ 22,000 | |
Lot HC 50 [Member] | ||
Market Value of Product | 10,000 | |
Lot B210113 [Member] | ||
Market Value of Product | $ 25,000 |
Note 2 - Liquidity and Uncert_2
Note 2 - Liquidity and Uncertainties (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Retained Earnings (Accumulated Deficit), Total | $ (112,464,478) | $ (112,464,478) | $ (107,704,274) | ||
Net Income (Loss) Attributable to Parent, Total | $ (2,858,481) | $ (2,680,468) | $ (4,760,204) | $ (3,653,337) |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 shares | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 2 | ||||
Short-Term Investments, Total | $ 10.7 | $ 10.7 | $ 13,900,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 10,000 | 10,000 | 10,000 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | ||||
Open Tax Year | 2018 2019 2020 2021 | ||||
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | shares | 70,356,796 | 69,220,795 | 70,585,590 | 68,286,033 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 8,166,380 | 8,015,193 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Slow Moving Medical Finished Goods [Member] | ||
Inventory Valuation Reserves | $ 880,000 | $ 450,000 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Component parts and other materials | $ 169,630 | $ 79,339 |
Total inventories | 1,505,435 | 1,541,513 |
Dental Segment [Member] | ||
Finished goods, net | (834,624) | (342,465) |
Finished goods, net | 834,624 | 342,465 |
Medical Segment [Member] | ||
Finished goods, net | (501,181) | (1,119,709) |
Finished goods, net | $ 501,181 | $ 1,119,709 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts (Details Textual) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Advances on Inventory Purchases | $ 1,630,857 | $ 1,309,260 |
Note 6 - Investment in and Tr_2
Note 6 - Investment in and Transactions With Equity Investees (Details Textual) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Oct. 08, 2021 USD ($) | Oct. 08, 2021 CNY (¥) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2014 USD ($) | |
Income (Loss) from Equity Method Investments | $ 0 | $ (95,857) | $ 0 | $ (94,556) | |||||
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 | ||||||||
Contract with Customer, Liability, Total | 270,000 | 270,000 | $ 89,000 | ||||||
Income (Loss) from Equity Method Investments | 0 | (95,000) | 0 | (94,000) | |||||
Milestone China [Member] | Accounts Receivable from Related Parties [Member] | |||||||||
Equity Method Investment, Deferred Intercompany Profit (Loss) | 0 | 0 | $ 0 | ||||||
Milestone China [Member] | Instruments [Member] | |||||||||
Revenue from Related Parties | $ 0 | $ 525,000 | $ 370,000 | $ 1,000,000 | |||||
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 7 - Patents (Details Textu
Note 7 - Patents (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of Intangible Assets | $ 26,768 | $ 22,705 | ||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 27,000 | 27,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 52,000 | 52,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 34,000 | 34,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 28,000 | 28,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Three | 110,000 | 110,000 | ||
Patents [Member] | ||||
Amortization of Intangible Assets | $ 13,000 | $ 11,000 | $ 27,000 | $ 23,000 |
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 7 - Patents - Summary of P
Note 7 - Patents - Summary of Patents (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Patents, cost | $ 1,377,863 | $ 1,377,863 |
Patents, accumulated amortization | (1,127,013) | (1,100,244) |
Patents-foundation intellectual property | 250,850 | 277,619 |
Foundation Intellectual Property Patents [Member] | ||
Patents, cost | 1,377,863 | 1,377,863 |
Patents, accumulated amortization | (1,127,013) | (1,100,244) |
Patents-foundation intellectual property | $ 250,850 | $ 277,619 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Apr. 23, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,027,153 | 2,408,151 | 2,027,153 | 2,408,151 | 2,066,343 | 2,428,329 | |
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,900,000 | $ 3,500,000 | $ 2,900,000 | $ 3,500,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 216,296 | ||||||
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 | 89.76% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||
Share Price (in dollars per share) | $ 1.52 | $ 1.52 | |||||
Share-Based Payment Arrangement, Expense | $ 5,000 | $ 5,000 | $ 10,000 | 15,000 | |||
Restricted Stock [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 86,458 | $ 86,458 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 28 days | ||||||
Share-Based Payment Arrangement, Expense | $ 54,000 | $ 27,000 | $ 21,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 754,838 | 754,838 | 96,557 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 975,148 | ||||||
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) | $ 0.86 | ||||||
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 | ||||||
Chief Executive Officer, Chief Financial Officer and Employees [Member] | |||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 1,852,789 | 2,264,127 | 1,852,789 | 2,264,127 | |||
Non-Employees [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 174,364 | 144,024 | 174,364 | 144,024 | |||
Vice Chairman of the Board of Directors [Member] | The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,000,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Amount Capitalized | $ 223,000 | $ 168,000 | $ 501,000 | $ 286,000 | |||
Territory Manager [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 80,292 | 80,292 | |||||
Board of Directors [Member] | Restricted Stock [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 213,000 | $ 213,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 899,300 | ||||||
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 | ||||||
Board of Directors [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% | ||||||
Board of Directors [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 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Warrants (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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) | 1 year | 1 year 6 months |
Outstanding, intrinsic value | $ 130,704 | $ 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 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Shares-to-be-issued, outstanding (in shares) | 2,066,343 | 2,428,329 |
Granted in current period (in shares) | 108,148 | 33,238 |
Issued in current period (in shares) | (147,338) | (53,416) |
Shares-to be issued outstanding (in shares) | 2,027,153 | 2,408,151 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity - Summary of Option Activity for Employees and Non-employees (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Employee [Member] | ||
Number of options (in shares) | 2,843,693 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.39 | |
Weighted average remaining contractual life, outstanding (Year) | 6 years 10 months 17 days | 7 years 8 months 8 days |
Aggregate intrinsic value, outstanding | $ 0 | $ 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 5 months 23 days | |
Number of options, exercised (in shares) | 0 | |
Weighted average exercise price, exercised (in dollars per share) | $ 0 | |
Number of options, forfeited or 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) | $ 2.29 | $ 2.39 |
Number of options exercisable (in shares) | 994,914 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.18 | |
Weighted average remaining contractual life, exercisable (Year) | 5 years 6 months 10 days | |
Aggregate intrinsic value, exercisable | $ 0 | |
Share-Based Payment Arrangement, Nonemployee [Member] | ||
Number of options (in shares) | 83,330 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.85 | |
Weighted average remaining contractual life, outstanding (Year) | 2 years 9 months 29 days | 3 years 3 months 29 days |
Aggregate intrinsic value, outstanding | $ 7,471 | $ 49,748 |
Number of options (in shares) | 83,330 | 83,330 |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.85 | $ 1.85 |
Number of options exercisable (in shares) | 69,442 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.68 | |
Weighted average remaining contractual life, exercisable (Year) | 2 years 7 months 13 days | |
Aggregate intrinsic value, exercisable | $ 7,471 |
Note 8 - Stockholders' Equity_5
Note 8 - Stockholders' Equity - Schedule of Restricted Stock (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Non-vested, Shares (in shares) | 96,557 |
Non-vested, Weighted Average Grant-Date Fair Value per Award (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) | (224,850) |
Cancelled, Shares (in shares) | (92,017) |
Non-vested, Shares (in shares) | 754,838 |
Non-vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 1.20 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Percentage of Valuation Allowance | 100% |
Note 10 - Segment and Geograp_3
Note 10 - Segment and Geographic Data (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Reportable Segments | 2 |
Note 10 - Segment and Geograp_4
Note 10 - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Product sales, net | $ 1,648,368 | $ 2,425,738 | $ 4,349,270 | $ 5,350,445 | |
Operating Income (Loss) | (2,884,879) | (2,872,572) | (4,799,361) | (3,856,945) | |
Depreciation and Amortization | 16,645 | 14,834 | 33,460 | 35,760 | |
Income (loss) before taxes and equity in earnings of affiliates | (2,881,329) | (2,600,853) | (4,800,554) | (3,587,761) | |
Total assets | 16,512,466 | 16,512,466 | $ 19,809,744 | ||
Corporate, Non-Segment [Member] | |||||
Operating Income (Loss) | (1,432,618) | (2,262,369) | (2,465,249) | (3,477,056) | |
Depreciation and Amortization | 14,733 | 12,809 | 29,637 | 28,178 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,426,370) | (2,062,748) | (2,460,852) | (3,277,785) | |
Total assets | 10,746,305 | 10,746,305 | 12,273,064 | ||
Dental Segment [Member] | |||||
Product sales, net | 1,609,768 | 2,404,738 | 4,303,120 | 5,258,395 | |
Dental Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 1,609,768 | 2,404,738 | 4,303,120 | 5,258,395 | |
Operating Income (Loss) | 163,022 | 524,798 | 517,262 | 1,650,831 | |
Depreciation and Amortization | 893 | 860 | 1,786 | 2,566 | |
Income (loss) before taxes and equity in earnings of affiliates | 161,774 | 598,166 | 514,571 | 1,723,284 | |
Total assets | 4,947,626 | 4,947,626 | 6,163,169 | ||
Medical Segment [Member] | |||||
Product sales, net | 38,600 | 21,000 | 46,150 | 92,050 | |
Medical Segment [Member] | Operating Segments [Member] | |||||
Product sales, net | 38,600 | 21,000 | 46,150 | 92,050 | |
Operating Income (Loss) | (1,615,283) | (1,135,001) | (2,851,374) | (2,030,720) | |
Depreciation and Amortization | 1,019 | 1,165 | 2,037 | 5,016 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,616,733) | $ (1,136,271) | (2,854,273) | $ (2,033,260) | |
Total assets | $ 818,535 | $ 818,535 | $ 1,373,511 |
Note 10 - Segment and Geograp_5
Note 10 - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product sales, net | $ 1,648,368 | $ 2,425,738 | $ 4,349,270 | $ 5,350,445 |
Dental Segment [Member] | ||||
Product sales, net | 1,609,768 | 2,404,738 | 4,303,120 | 5,258,395 |
Medical Segment [Member] | ||||
Product sales, net | 38,600 | 21,000 | 46,150 | 92,050 |
Domestic [Member] | ||||
Product sales, net | 997,782 | 1,000,642 | 1,949,019 | 1,997,700 |
Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 979,182 | 1,000,642 | 1,922,869 | 1,989,550 |
Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 18,600 | 0 | 26,150 | 8,150 |
Rest of World [Member] | ||||
Product sales, net | 650,586 | 899,760 | 2,040,287 | 2,320,409 |
Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 630,586 | 878,760 | 2,020,287 | 2,236,509 |
Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 20,000 | 21,000 | 20,000 | 83,900 |
CHINA | ||||
Product sales, net | 0 | 525,336 | 359,964 | 1,032,336 |
CHINA | Dental Segment [Member] | ||||
Product sales, net | 0 | 525,336 | 359,964 | 1,032,336 |
CHINA | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Instruments [Member] | Domestic [Member] | ||||
Product sales, net | 155,028 | 178,752 | 277,996 | 354,768 |
Instruments [Member] | Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 155,028 | 178,752 | 277,996 | 354,768 |
Instruments [Member] | Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Instruments [Member] | Rest of World [Member] | ||||
Product sales, net | 160,814 | 172,088 | 614,374 | 597,841 |
Instruments [Member] | Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 160,814 | 156,588 | 614,374 | 539,841 |
Instruments [Member] | Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 0 | 15,500 | 0 | 58,000 |
Instruments [Member] | CHINA | ||||
Product sales, net | 0 | 78,000 | 0 | 228,000 |
Instruments [Member] | CHINA | Dental Segment [Member] | ||||
Product sales, net | 0 | 78,000 | 0 | 228,000 |
Instruments [Member] | CHINA | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Handpieces [Member] | Domestic [Member] | ||||
Product sales, net | 820,133 | 802,916 | 1,623,542 | 1,606,050 |
Handpieces [Member] | Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 801,533 | 802,916 | 1,597,392 | 1,597,900 |
Handpieces [Member] | Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 18,600 | 0 | 26,150 | 8,150 |
Handpieces [Member] | Rest of World [Member] | ||||
Product sales, net | 479,799 | 715,124 | 1,403,751 | 1,689,459 |
Handpieces [Member] | Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 459,799 | 709,624 | 1,383,751 | 1,663,559 |
Handpieces [Member] | Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 20,000 | 5,500 | 20,000 | 25,900 |
Handpieces [Member] | CHINA | ||||
Product sales, net | 0 | 447,336 | 359,964 | 804,336 |
Handpieces [Member] | CHINA | Dental Segment [Member] | ||||
Product sales, net | 0 | 447,336 | 359,964 | 804,336 |
Handpieces [Member] | CHINA | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Accessories [Member] | Domestic [Member] | ||||
Product sales, net | 22,621 | 18,974 | 47,481 | 36,882 |
Accessories [Member] | Domestic [Member] | Dental Segment [Member] | ||||
Product sales, net | 22,621 | 18,974 | 47,481 | 36,882 |
Accessories [Member] | Domestic [Member] | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Accessories [Member] | Rest of World [Member] | ||||
Product sales, net | 9,973 | 12,548 | 22,162 | 33,109 |
Accessories [Member] | Rest of World [Member] | Dental Segment [Member] | ||||
Product sales, net | 9,973 | 12,548 | 22,162 | 33,109 |
Accessories [Member] | Rest of World [Member] | Medical Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | |
Accessories [Member] | CHINA | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Accessories [Member] | CHINA | Dental Segment [Member] | ||||
Product sales, net | 0 | 0 | 0 | 0 |
Accessories [Member] | CHINA | Medical Segment [Member] | ||||
Product sales, net | $ 0 | $ 0 | $ 0 | $ 0 |
Note 11 - Concentrations (Detai
Note 11 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | |||||
Concentration Risk, Percentage | 49% | 38% | 11% | 33% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | |||||
Concentration Risk, Percentage | 38% | ||||
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | CHINA | |||||
Concentration Risk, Percentage | 19% | 21% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | |||||
Concentration Risk, Percentage | 13% | 13% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | |||||
Concentration Risk, Percentage | 14% | 28% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Three [Member] | |||||
Concentration Risk, Percentage | 25% | 29% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Four [Member] | |||||
Concentration Risk, Percentage | 31% |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 10, 2017 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 02, 2021 | Mar. 01, 2021 | |
Accrued Expenses, Related Party | $ 222,455 | $ 222,455 | $ 414,241 | |||||
Interim Chief Executive Officer [Member] | ||||||||
Due to Related Parties, Current, Total | 58,000 | 58,000 | 0 | |||||
Royalty on Net Sales, Percentage | 2.50% | |||||||
Director Clinical Affair [Member] | ||||||||
Royalty on Net Sales, Percentage | 2.50% | 5% | ||||||
Director of Clinical Affairs [Member] | ||||||||
Accounts Payable, Related Parties | 81,000 | 81,000 | 123,000 | |||||
Royalty Expense | 81,000 | $ 111,000 | 213,000 | $ 248,000 | ||||
Professional Fees | 39,000 | 39,000 | 78,000 | 78,000 | ||||
Previous President and Chief Executive Officer [Member] | ||||||||
Increase (Decrease) in Deferred Compensation | $ (100,000) | |||||||
Employment Agreement, Base Compensation | 200,000 | |||||||
Consultant [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 50,000 | 100,000 | ||||||
Increase (Decrease) in Deferred Compensation | (100,000) | |||||||
Employment Agreement, Base Compensation | $ 200,000 | |||||||
Managing Director, China Operations [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 50,000 | 25,000 | 100,000 | 25,000 | ||||
US Asian Consulting Group, LLC [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 25,000 | 25,000 | ||||||
Manufacturing Agreement for Handpieces [Member] | ||||||||
Related Party Transaction, Purchases from Related Party | 436,000 | 493,000 | 1,700,000 | 878,000 | ||||
Manufacturing Agreement for Handpieces [Member] | Accounts Payable, Related Parties, Current [Member] | ||||||||
Due to Related Parties, Current, Total | 720,000 | 720,000 | 548,000 | |||||
Accounts Payable, Related Parties | 720,000 | 720,000 | 395,000 | |||||
Accrued Expenses, Related Party | 0 | 0 | $ 153,000 | |||||
Consulting Services [Member] | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 25,000 | 25,000 | 50,000 | 50,000 | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 15,000 | $ 0 | $ 30,000 |
Note 13 - Commitments (Details
Note 13 - Commitments (Details Textual) | 1 Months Ended | 6 Months Ended | |||
Feb. 25, 2021 | Jan. 01, 2005 | Aug. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Advances on Inventory Purchases | $ 1,630,857 | $ 1,309,260 | |||
Lease, Right-of-Use Asset | 530,999 | 550,511 | |||
Lease, Liability | 518,408 | 577,981 | |||
Lease, Liability, Current | 86,228 | 81,001 | |||
Lease, Liability, Noncurrent | 432,180 | 476,980 | |||
Finance Lease, Liability, Total | 24,433 | 28,607 | |||
Finance Lease, Liability, Current | 8,946 | 8,545 | |||
Finance Lease, Liability, Noncurrent | $ 15,487 | 20,062 | |||
Additional Percentage of Director Compensation on Sales Value Using Certain Specify Technology | 2.50% | ||||
Additional Percentage of Director Compensation Sales Value Using Other Kind of Technology | 2.50% | 5% | |||
Office Lease for Headquarter in Livingston, 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 Livingston, New Jersey [Member] | Minimum [Member] | |||||
Operating Leases, Monthly Rent Expense | 9,275 | ||||
Office Lease for Headquarter in Livingston, New Jersey [Member] | Maximum [Member] | |||||
Operating Leases, Monthly Rent Expense | $ 10,898 | ||||
Purchase Commitment for Devices [Member] | |||||
Purchase Commitment Number Of Units | 2,950 | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,400,000 | 2,600,000 | |||
Advances on Inventory Purchases | 1,600,000 | 1,300,000 | |||
Purchase Commitment For Epidural Instrument [Member] | |||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 41,000 | $ 34,000 |
Note 13 - Commitments - Lease E
Note 13 - Commitments - Lease Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for operating lease liabilities | $ 31,999 | $ 31,303 | $ 63,881 | $ 62,606 |
Cash paid for finance lease liabilities | $ 2,685 | $ 2,685 | $ 5,370 | 5,370 |
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 | |||
Finance leases (years) (Year) | 2 years 6 months | 5 years 9 months 18 days | 2 years 6 months | 5 years 9 months 18 days |
Operating leases (years) (Year) | 4 years 9 months | 3 years 7 months 6 days | 4 years 9 months | 3 years 7 months 6 days |