Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 15, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000855683 | |
Entity Registrant Name | MILESTONE SCIENTIFIC INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-14053 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3545623 | |
Entity Address, Address Line One | 425 Eagle Rock Avenue Suite 403 | |
Entity Address, City or Town | Roseland | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07068 | |
City Area Code | 973 | |
Local Phone Number | 535-2717 | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,227,714 | |
No Trading Symbol Flag | true |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 4,005,477 | $ 2,977,713 |
Marketable securities | 1,000,000 | 2,976,573 |
Accounts receivable, net of allowance for credit losses of $10,000, respectively | 661,838 | 312,664 |
Prepaid expenses and other current assets | 863,589 | 517,785 |
Inventories | 2,860,029 | 2,638,186 |
Advances on contracts | 1,421,120 | 1,371,548 |
Total current assets | 10,812,053 | 10,794,469 |
Furniture, fixtures and equipment, net | 8,023 | 10,024 |
Intangibles, net | 168,956 | 178,636 |
Right of use assets finance lease | 6,835 | 8,998 |
Right of use assets operating lease | 330,769 | 355,235 |
Other assets | 24,150 | 24,150 |
Total assets | 11,350,786 | 11,371,512 |
Current liabilities: | ||
Accrued expenses and other payables | 1,241,403 | 1,511,717 |
Accrued expenses, related party | 170,720 | 137,189 |
Accrued Liabilities noncontrolling interest | 214,000 | 214,000 |
Current portion of finance lease liabilities | 8,219 | 10,264 |
Current portion of operating lease liabilities | 107,355 | 103,427 |
Total current liabilities | 3,636,603 | 3,076,713 |
Non-current portion of finance lease liabilities | 0 | 434 |
Non-current portion of operating lease liabilities | 253,774 | 281,853 |
Total liabilities | 3,890,377 | 3,359,000 |
Commitments | ||
Stockholders’ equity | ||
Common stock, par value $0.001; authorized 100,000,000 shares; 76,632,279 shares issued and 76,598,946 shares outstanding as of March 31, 2024 shares; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023; | 76,632 | 75,881 |
Additional paid in capital | 133,075,331 | 132,187,656 |
Accumulated deficit | (124,780,038) | (123,339,509) |
Treasury stock, at cost, 33,333 shares | (911,516) | (911,516) |
Total Milestone Scientific, Inc. stockholders' equity | 7,460,409 | 8,012,512 |
Total liabilities and stockholders’ equity | 11,350,786 | 11,371,512 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Accounts payable | 1,105,589 | 689,604 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable | $ 789,317 | $ 410,512 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for credit loss | $ 10,000 | $ 10,000 |
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) | 76,632,279 | 75,881,840 |
Common stock, shares outstanding (in shares) | 76,598,946 | 75,848,507 |
Treasury stock, shares (in shares) | 33,333 | 33,333 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Product sales, net | $ 2,248,845 | $ 2,597,598 |
Cost of products sold | 572,742 | 708,135 |
Gross profit | 1,676,103 | 1,889,463 |
Selling, general and administrative expenses | 3,035,276 | 3,074,572 |
Research and development expenses | 94,211 | 140,347 |
Depreciation and amortization expense | 11,684 | 17,220 |
Total operating expenses | 3,141,171 | 3,232,139 |
Loss from operations | (1,465,068) | (1,342,676) |
Interest income (expense) | (3,351) | 23,345 |
Unrealized Gain Treasury investment | 27,890 | 0 |
Loss before provision for income taxes | (1,440,529) | (1,319,331) |
Provision for income taxes | 0 | 0 |
Net loss | (1,440,529) | (1,319,331) |
Net loss attributable to noncontrolling interests | 0 | (11,665) |
Net loss attributable to Milestone Scientific Inc. | $ (1,440,529) | $ (1,307,666) |
Net loss per share applicable to common stockholders— | ||
Basic and Diluted (in dollars per share) | $ (0.02) | $ (0.02) |
Weighted average shares outstanding and to be issued— | ||
Basic and Diluted (in shares) | 79,738,551 | 72,104,234 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Board of Directors [Member] Common Stock [Member] | Board of Directors [Member] Additional Paid-in Capital [Member] | Board of Directors [Member] | Consultant [Member] Common Stock [Member] | Consultant [Member] Additional Paid-in Capital [Member] | Consultant [Member] Retained Earnings [Member] | Consultant [Member] Noncontrolling Interest [Member] | Consultant [Member] Treasury Stock, Common [Member] | Consultant [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 69,306,497 | ||||||||||||||
Balance at Dec. 31, 2022 | $ 69,306 | $ 127,478,325 | $ (116,410,405) | $ (219,276) | $ (911,516) | $ 10,006,434 | |||||||||
Stock based compensation | 388,772 | 0 | 0 | 0 | 388,772 | ||||||||||
Common stock issued for services (in shares) | 242,335 | 256,868 | |||||||||||||
Common stock issued for services | $ 242 | $ 125,758 | $ 0 | $ 0 | $ 0 | $ 126,000 | $ 258 | (258) | 0 | 0 | 0 | 0 | |||
Net loss | $ 0 | 0 | (1,307,666) | (11,665) | 0 | (1,319,331) | |||||||||
Common stock to be issued to employees for bonuses (in shares) | |||||||||||||||
Common stock to be issued to employees for bonuses | 50,000 | 0 | 0 | 0 | 50,000 | ||||||||||
Balance (in shares) at Mar. 31, 2023 | 69,805,700 | ||||||||||||||
Balance at Mar. 31, 2023 | $ 69,806 | 128,042,597 | (117,718,071) | (230,941) | (911,516) | 9,251,875 | |||||||||
Balance (in shares) at Dec. 31, 2023 | 75,881,840 | ||||||||||||||
Balance at Dec. 31, 2023 | $ 75,881 | 132,187,656 | (123,339,509) | 0 | (911,516) | 8,012,512 | |||||||||
Stock based compensation | $ 0 | 313,505 | 0 | 0 | 0 | 313,505 | |||||||||
Common stock issued in public offering net of issuance cost (in shares) | 372,110 | ||||||||||||||
Common stock issued in public offering net of issuance cost | $ 372 | 191,784 | 0 | 0 | 0 | $ 192,156 | |||||||||
Common Stock issued exercised warrants (in shares) | 103,500 | 103,500 | |||||||||||||
Common Stock issued exercised warrants | $ 104 | 51,647 | 0 | 0 | 0 | $ 51,751 | |||||||||
Common stock issued for payment of consulting services (in shares) | 90,170 | ||||||||||||||
Common stock issued for payment of consulting services | $ 90 | 65,971 | 0 | 0 | 0 | 66,061 | |||||||||
Common stock to be issued to employees for bonuses | $ 31 | 264,922 | 0 | 0 | 0 | 264,953 | |||||||||
Common stock issued for services (in shares) | 154,494 | ||||||||||||||
Common stock issued for services | $ 154 | $ (154) | $ 0 | ||||||||||||
Net loss | (1,440,529) | 0 | (1,440,529) | ||||||||||||
Balance (in shares) at Mar. 31, 2024 | 76,632,279 | ||||||||||||||
Balance at Mar. 31, 2024 | $ 76,632 | $ 133,075,331 | $ (124,780,038) | $ 0 | $ (911,516) | $ 7,460,409 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Issuance cost | $ 42,273 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (1,440,529) | $ (1,319,331) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 2,001 | 4,005 |
Amortization of intangibles | 9,681 | 13,214 |
Stock based compensation | 313,505 | 388,772 |
Employees paid in stock | 264,953 | 50,000 |
Expense paid in stock | 66,061 | 126,000 |
Unrealized gain on marketable securities | (27,890) | 0 |
Amortization of right-of-use asset | 24,466 | 22,579 |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | (349,173) | (218,682) |
Increase in inventories | (221,843) | (245,963) |
Increase (decrease) in advances on contracts | (49,571) | 170,475 |
Increase in prepaid expenses and other current assets | (345,804) | (323,558) |
Increase (decrease) in accounts payable | 415,974 | (278,822) |
Increase (decrease) in accounts payable, related party | 378,807 | (351,920) |
Decrease in accrued expenses | (270,310) | (92,307) |
Increase in accrued expenses, related party | 33,532 | 73,280 |
Decrease operating right of use lease asset | (21,988) | (21,330) |
Net cash used in operating activities | (1,218,128) | (2,003,588) |
Cash flows from investing activities: | ||
Purchase of furniture, fixtures, and equipment | 0 | (1,192) |
Sale of Marketable securities | 2,004,463 | 0 |
Purchase of Marketable securities | 0 | (4,430,384) |
Net cash provided by (used in) investing activities | 2,004,463 | (4,431,576) |
Cash flows from financing activities: | ||
Net Proceeds exercise of warrants | 51,751 | 0 |
Payments finance lease obligations | (2,478) | (2,162) |
Net cash provided by (used in) financing activities | 241,429 | (2,162) |
Net increase (decrease) in cash and cash equivalents | 1,027,764 | (6,437,326) |
Cash and cash equivalents at beginning of period | 2,977,713 | 8,715,279 |
Cash and cash equivalents at end of period | 4,005,477 | 2,277,953 |
Public Offering [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from Public Placement Offering | $ 192,156 | $ 0 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 3 Months Ended |
Mar. 31, 2024 | |
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,” the “Company” or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Inc., and Milestone Innovation Inc., unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: C ompuDent ; CompuFlo ; DPS Dynamic Pressure Sensing technology ; Milestone Scientific ; 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. 160 The Company’s device, using The Wand®, a single use disposable handpiece, is marketed in dentistry under the trademarks CompuDent STA Single Tooth Anesthesia System 510 CompuFlo The Company is in the process of meeting with medical facilities and device distributors within the United States, Middle East and Europe. Certain of our medical instruments have obtained European CE mark approval and can be marketed and sold in most European countries. In 2020, one not may |
Note 2 - Liquidity and Uncertai
Note 2 - Liquidity and Uncertainties | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2 The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one three March 31, 2024 2023 March 31, 2024, three March 31, 2024, 2023, Management has prepared financial forecasts covering a period of 12 12 September 12, 2023 April 8, 2024, In addition to its employees, the Company relies on (i) distributors, agents, and third third may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Principles of Consolidation The accompanying consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission (SEC) include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental (wholly owned), and Milestone Innovations Inc. (wholly owned). All significant, intra-entity transactions and balances have been eliminated in the consolidation. Ownership interests in consolidated entities that are held by entities other than us are reported as noncontrolling interests in our consolidated balance sheets. Losses attributed to noncontrolling interests are reported separately in our consolidated statements of operations. During December 2023, 2. The unaudited 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, 2023, 10 3. The preparation of unaudited 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 inventory valuation and cash flow assumptions regarding evaluations of going concern considerations. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. 4. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To perform revenue recognition, the Company performs the following five i. identification of the promised goods or services in the contract; ii. determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; iii. measurement of the transaction price, including the constraint on variable consideration; iv. allocation of the transaction price to the performance obligations based on estimated selling prices; and v. recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company derives its revenues from the sale of its products, primarily dental instruments, handpieces, and other related products. The Company sells its products directly to consumers in the United States and through a global distribution network that includes both exclusive and non-exclusive distribution agreements with related and third Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon date of shipment. The Company has no E-Commerce As of January 3, 2023, third Sales Returns The Company records allowances for product returns as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including the customers’ return rights and the Company’s historical experience with returns and the amount of product in the distribution channel not The Company terminated its major U.S. distributor contract as of December 31, 2022. March 31, 2023. December 31, 2022 March 31, 2023 no March 31, 2024, Financing and Payment The Company's payment terms differ by geography and customer, but payments from distributors are required within 90 third third two Disaggregation of Revenue The Company operates in two operating segments: dental and medical. Therefore, the results of the Company's operations are reported on a consolidated basis for the purposes of segment reporting, consistent with internal management reporting. See Note 8 three March 31, 2024, 2023, 5. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three March 31, 2024 December 31, 2023, March 31, 2024, $250,000. 6. The Company’s marketable securities are comprised of treasury bills with original maturity greater than three 825, Financial Instruments The appropriate classification of marketable securities is determined at the time of purchase and evaluated as of each reporting balance sheet date. Investments in marketable debt and equity securities classified as available-for-sale are reported at fair value. Fair value is determined using quoted market prices in active markets for identical assets or liabilities or quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Declines in the fair values of equity securities that are considered other-than-temporary, are charged to other income (expense), net. The Company considers available evidence in evaluating potential impairments of its investments, including the duration and extent to which fair value is less than cost. As of March 31, 2024, 3 6 7. Accounts Receivable The E-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third 2 Distributors credit sales are due 90 March 31, 2024 December 31, 2023, 8. Inventories Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first The valuation allowance creates a new cost basis for the inventory, and it is not 9. Basic and Diluted Net Loss Per Common Share Milestone Scientific presents “basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of ASC 260, three March 31, 2024 2023, three March 31, 2024 2023, not three March 31, 2024 2023, 10. 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 us 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 March 31, 2024, As of March 31, 2024, December 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities March 31, 2024 $ 1,000,000 $ - $ - $ 1,000,000 Level 1 Level 2 Level 3 Total Marketable Securities December 31, 2023 $ 2,976,573 $ - $ - $ 2,976,573 Marketable Securities included US Treasury securities totaling $1,000,000 and $2,976,573 that are considered to be highly liquid and easily transferable at March 31, 2024 December 31, 2023, 1 11. Stock-Based Compensation Milestone Scientific accounts for stock-based compensation under ASC Topic 718, Share-Based Payment 718” 718 12. Recent Accounting Pronouncements Recently Issued Accounting Pronouncement In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 2023 07 280 2023 07 280. 2023 07 January 1, 2024, January 1, 2025. not January 1, 2024, December 31, 2024 10 2023 07 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 2023 09 five five 2023 09 January 1, 2025, not 2023 09 Recently Adopted Accounting Pronouncement In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” January 1, 2023, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” not |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 INVENTORIES Inventories consist of the following: March 31, 2024 December 31, 2023 Dental finished goods $ 2,769,209 $ 2,404,970 Medical finished goods 4,912 14,730 Component parts and other materials 85,908 218,486 Total inventories $ 2,860,029 $ 2,638,186 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Advances to Contract Manufacturer [Text Block] | NOTE 5 ADVANCES ON CONTRACTS The advances on contracts represent funding of future STA devices, epidural instruments, and epidural replacements parts. The balance of the advances as of March 31, 2024 December 31, 2023 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 6 STOCKHOLDERS EQUITY Public offering On December 10, 2023, 45 In connection with the Company's capital raise on December 10, 2023, January 12, 2024 During the three March 31, 2024, 2019. Warrants The following table summarizes information about shares issuable under warrants outstanding as of March 31,2024: Warrant shares outstanding Weighted Average exercise price Weighted Average remaining life Intrinsic value Outstanding at January 1, 2024 314,572 0.50 0.10 59,737 Issued - - - - Exercised (103,500 ) 0.50 - - Expired or cancelled (211,072 ) 0.50 - - Outstanding and exercisable at March 31, 2024 - - - - S hares to Be Issued As of March 31, 2024 2023, As of March 31, 2024 2023, The following table summarizes activity for shares to be issued for the three March 31, 2024 2023. March 31, 2024 March 31, 2023 Shares-to-be-issued, outstanding January 1, 2024 and 2023, respectively 3,098,917 2,440,673 Granted in current period 438,868 78,125 Issued in current period (30,167 ) - Shares-to be issued outstanding March 31, 2024 and 2023, respectively 3,507,618 2,518,798 Stock Options Plans The Milestone Scientific Inc., Amended and Restated 2020 June 28, 2023 "2020 June 2031. may not three five Milestone Scientific recognizes compensation expenses over the requisite service period and in the case of performance-based options over the period of the expected performance. As of March 31, 2024 2023, As of March 31, 2024, A summary of option activity for employees under the plans and changes three March 31, 2024 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2024 3,036,989 2.29 5.41 - Granted - - - - Exercised - - - - Forfeited or expired - - - - Options outstanding March 31, 2024 3,036,989 2.29 5.16 - Exercisable, March 31, 2024 1,788,433 2.24 3.96 - A summary of option activity for non-employees under the plans and changes during the three March 31, 2024 Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2024 91,633 1.76 2.25 2,833 Granted 8,333 0.64 4.85 - Exercised - - - - Forfeited or expired (8,333 ) 0.35 - - Options outstanding March 31, 2024 91,633 1.79 2.19 - Exercisable, March 31, 2024 80,551 1.94 1.90 - For the three March 31, 2024 2023, The information below summarizes the restricted stock award activity for the three March 31, 2024. Number of Options Weighted Averaged Exercise Price $ Non-vested as of January 1, 2024 327,937 0.91 Granted - - Vested (173,443 ) 0.94 Forfeited or expired - - Non-vested as of March 31, 2024 154,494 0.89 As of March 31, 2024, two three March 31, 2024, 2023, three March 31, 2024, As of June 28, 2023, June 2023, first October 2023, January 2024, April 2024. three March 31, 2024, 2023, three March 31, 2024, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7 INCOME TAXES The utilization of Milestone Scientific's net operating losses may 382 may |
Note 8 - Segment and Geographic
Note 8 - Segment and Geographic Data | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 SEGMENT AND GEOGRAPHIC DATA The Company conducts its business through two not The following tables present information about our reportable and operating segments: For the three months ended March 31, Sales Net Sales: 2024 2023 Dental $ 2,241,425 $ 2,591,398 Medical 7,420 6,200 Total net sales $ 2,248,845 $ 2,597,598 Operating Income (Loss): 2024 2023 Dental $ 625,510 $ 641,940 Medical (491,428 ) (821,933 ) Corporate (1,599,150 ) (1,162,683 ) Total operating loss $ (1,465,068 ) $ (1,342,676 ) Depreciation and Amortization: 2024 2023 Dental $ - $ 1,168 Medical - 968 Corporate 11,684 15,084 Total depreciation and amortization $ 11,684 $ 17,220 Income (loss) before taxes and equity in earnings of affiliates: 2024 2023 Dental $ 624,512 $ 641,169 Medical (491,933 ) (823,768 ) Corporate (1,573,108 ) (1,136,732 ) Total loss before taxes and equity in earnings of affiliate $ (1,440,529 ) $ (1,319,331 ) Total Assets March 31, 2024 December 31, 2023 Dental $ 5,180,123 $ 4,866,786 Medical 514,443 345,194 Corporate 5,656,220 6,159,532 Total assets $ 11,350,786 $ 11,371,512 For the three months ended March 31, 2024 For the three months ended March 31, 2023 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 213,875 $ - $ 213,875 $ 224,274 $ 1,000 $ 225,274 Handpieces 1,080,433 6,000 1,086,433 1,139,778 1,200 1,140,978 Accessories 16,690 - 16,690 23,071 - 23,071 Grand Total $ 1,310,998 $ 6,000 $ 1,316,998 $ 1,387,123 $ 2,200 $ 1,389,323 International: Rest of World Instruments $ 282,087 $ - $ 282,087 $ 398,955 $ - $ 398,955 Handpieces 646,948 1,420 648,368 789,116 4,000 793,116 Accessories 1,392 - 1,392 16,204 - 16,204 Grand Total $ 930,427 $ 1,420 $ 931,847 $ 1,204,275 $ 4,000 $ 1,208,275 Total Product Sales $ 2,241,425 $ 7,420 $ 2,248,845 $ 2,591,398 $ 6,200 $ 2,597,598 |
Note 9 - Concentrations
Note 9 - Concentrations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 9 CONCENTRATIONS Milestone Scientific has informal arrangements with third March 31, 2024 December 31, 2023. On January 3, 2023, three March 31, 2024, one three March 31, 2023, one The Company had two three March 31, 2024. three December 31, 2023. As of March 31, 2024, two three December 31, 2023. |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 -- RELATED PARTY TRANSACTIONS United Systems Milestone Scientific has a supply agreement with United Systems (whose controlling shareholder, Tom Cheng, is a significant stockholder of Milestone Scientific), the principal manufacturer of our handpieces, pursuant to which manufacture is under specific purchase orders, but without minimum purchase commitments. Purchases from this manufacturer were approximately $777,000 for the three March 31, 2024. three March 31, 2023. As of March 31, 2024 December 31, 2023, Director of Clinical Affairs The Director of Clinical Affairs’ royalty fee was approximately $116,000 and $122,000 for the three March 31, 2024 2023, three March 31, 2024 2023, March 31, 2024 December 31, 2023, Leonard Osser, Director On March 2, 2021, May 9, 2027, January 1, 2005 February 25, 2021, May 9, 2027, As part of the Succession Plan of the Company, Mr. Osser agreed, pursuant to an agreement dated April 6, 2021 ( With respect to Mr. Osser’s July 2017 July 2017 one 280G 4 five ten May 19, 2021, Compensation under the Employment Agreement and the Consulting Agreement is payable for 9.5 May 19, 2021. three March 31, 2024 2023, three March 31, 2024 2023, Dr. D. Demesmin , Director As of February 2024, first 2024, |
Note 11 - Commitments
Note 11 - Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 COMMITMENTS ( 1 Contract Manufacturing Agreement Milestone Scientific has informal arrangements with third March 31, 2024. March 31, 2024, March 31, 2024 December 31, 2023, The advances on contracts represent funding of future epidural instruments, and epidural replacements parts. As of March 31, 2024 December 31, 2023 ( 2 Leases Operating Leases The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities: ● As the Company’s leases do not ● Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration was allocated to the combined lease component. ● The expected lease terms include non-cancellable lease periods. Renewal option periods are not not The components of lease expense were as follows: March 31, 2024 March 31, 2023 Cash paid for operating lease liabilities $ 31,882 $ 32,694 Cash paid for finance lease liabilities 2,685 2,685 Right-of-use assets obtained in exchange for new operating lease liabilities Property and equipment obtained in exchange for new finance lease liabilities Weighted Average Remaining Lease Term Finance leases (years) 0.79 years 1.8 years Operating leases (years) 3 years 4 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 SUBSEQUENT EVENTS Additionally, the Company was approved on September 12, 2023 April 8, 2024, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The accompanying consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission (SEC) include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental (wholly owned), and Milestone Innovations Inc. (wholly owned). All significant, intra-entity transactions and balances have been eliminated in the consolidation. Ownership interests in consolidated entities that are held by entities other than us are reported as noncontrolling interests in our consolidated balance sheets. Losses attributed to noncontrolling interests are reported separately in our consolidated statements of operations. During December 2023, |
Basis of Accounting, Policy [Policy Text Block] | 2. The unaudited 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, 2023, 10 |
Use of Estimates, Policy [Policy Text Block] | 3. The preparation of unaudited 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 inventory valuation and cash flow assumptions regarding evaluations of going concern considerations. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. |
Revenue [Policy Text Block] | 4. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To perform revenue recognition, the Company performs the following five i. identification of the promised goods or services in the contract; ii. determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; iii. measurement of the transaction price, including the constraint on variable consideration; iv. allocation of the transaction price to the performance obligations based on estimated selling prices; and v. recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company derives its revenues from the sale of its products, primarily dental instruments, handpieces, and other related products. The Company sells its products directly to consumers in the United States and through a global distribution network that includes both exclusive and non-exclusive distribution agreements with related and third Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon date of shipment. The Company has no E-Commerce As of January 3, 2023, third Sales Returns The Company records allowances for product returns as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including the customers’ return rights and the Company’s historical experience with returns and the amount of product in the distribution channel not The Company terminated its major U.S. distributor contract as of December 31, 2022. March 31, 2023. December 31, 2022 March 31, 2023 no March 31, 2024, Financing and Payment The Company's payment terms differ by geography and customer, but payments from distributors are required within 90 third third two Disaggregation of Revenue The Company operates in two operating segments: dental and medical. Therefore, the results of the Company's operations are reported on a consolidated basis for the purposes of segment reporting, consistent with internal management reporting. See Note 8 three March 31, 2024, 2023, |
Cash and Cash Equivalents, Policy [Policy Text Block] | 5. Cash and Cash Equivalents Milestone Scientific considers all highly liquid investments purchased with an original maturity of three March 31, 2024 December 31, 2023, March 31, 2024, $250,000. |
Marketable Securities, Policy [Policy Text Block] | 6. The Company’s marketable securities are comprised of treasury bills with original maturity greater than three 825, Financial Instruments The appropriate classification of marketable securities is determined at the time of purchase and evaluated as of each reporting balance sheet date. Investments in marketable debt and equity securities classified as available-for-sale are reported at fair value. Fair value is determined using quoted market prices in active markets for identical assets or liabilities or quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Declines in the fair values of equity securities that are considered other-than-temporary, are charged to other income (expense), net. The Company considers available evidence in evaluating potential impairments of its investments, including the duration and extent to which fair value is less than cost. As of March 31, 2024, 3 6 |
Accounts Receivable [Policy Text Block] | 7. Accounts Receivable The E-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third 2 Distributors credit sales are due 90 March 31, 2024 December 31, 2023, |
Inventory, Policy [Policy Text Block] | 8. Inventories Inventories principally consist of finished goods and component parts stated at the lower of cost ( first first The valuation allowance creates a new cost basis for the inventory, and it is not |
Earnings Per Share, Policy [Policy Text Block] | 9. Basic and Diluted Net Loss Per Common Share Milestone Scientific presents “basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of ASC 260, three March 31, 2024 2023, three March 31, 2024 2023, not three March 31, 2024 2023, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 10. 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 us 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 March 31, 2024, As of March 31, 2024, December 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities March 31, 2024 $ 1,000,000 $ - $ - $ 1,000,000 Level 1 Level 2 Level 3 Total Marketable Securities December 31, 2023 $ 2,976,573 $ - $ - $ 2,976,573 Marketable Securities included US Treasury securities totaling $1,000,000 and $2,976,573 that are considered to be highly liquid and easily transferable at March 31, 2024 December 31, 2023, 1 |
Share-Based Payment Arrangement [Policy Text Block] | 11. Stock-Based Compensation Milestone Scientific accounts for stock-based compensation under ASC Topic 718, Share-Based Payment 718” 718 |
New Accounting Pronouncements, Policy [Policy Text Block] | 12. Recent Accounting Pronouncements Recently Issued Accounting Pronouncement In November 2023, 2023 07, Segment Reporting (Topic 280 2023 07 2023 07 280 2023 07 280. 2023 07 January 1, 2024, January 1, 2025. not January 1, 2024, December 31, 2024 10 2023 07 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 2023 09 five five 2023 09 January 1, 2025, not 2023 09 Recently Adopted Accounting Pronouncement In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” January 1, 2023, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13” not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Marketable Securities March 31, 2024 $ 1,000,000 $ - $ - $ 1,000,000 Level 1 Level 2 Level 3 Total Marketable Securities December 31, 2023 $ 2,976,573 $ - $ - $ 2,976,573 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 December 31, 2023 Dental finished goods $ 2,769,209 $ 2,404,970 Medical finished goods 4,912 14,730 Component parts and other materials 85,908 218,486 Total inventories $ 2,860,029 $ 2,638,186 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 314,572 0.50 0.10 59,737 Issued - - - - Exercised (103,500 ) 0.50 - - Expired or cancelled (211,072 ) 0.50 - - Outstanding and exercisable at March 31, 2024 - - - - |
Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | March 31, 2024 March 31, 2023 Shares-to-be-issued, outstanding January 1, 2024 and 2023, respectively 3,098,917 2,440,673 Granted in current period 438,868 78,125 Issued in current period (30,167 ) - Shares-to be issued outstanding March 31, 2024 and 2023, respectively 3,507,618 2,518,798 |
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, 2024 3,036,989 2.29 5.41 - Granted - - - - Exercised - - - - Forfeited or expired - - - - Options outstanding March 31, 2024 3,036,989 2.29 5.16 - Exercisable, March 31, 2024 1,788,433 2.24 3.96 - Number of Options Weighted Averaged Exercise Price $ Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Options Value $ Options outstanding January 1, 2024 91,633 1.76 2.25 2,833 Granted 8,333 0.64 4.85 - Exercised - - - - Forfeited or expired (8,333 ) 0.35 - - Options outstanding March 31, 2024 91,633 1.79 2.19 - Exercisable, March 31, 2024 80,551 1.94 1.90 - |
Restricted Stock [Member] | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Number of Options Weighted Averaged Exercise Price $ Non-vested as of January 1, 2024 327,937 0.91 Granted - - Vested (173,443 ) 0.94 Forfeited or expired - - Non-vested as of March 31, 2024 154,494 0.89 |
Note 8 - Segment and Geograph_2
Note 8 - Segment and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended March 31, Sales Net Sales: 2024 2023 Dental $ 2,241,425 $ 2,591,398 Medical 7,420 6,200 Total net sales $ 2,248,845 $ 2,597,598 Operating Income (Loss): 2024 2023 Dental $ 625,510 $ 641,940 Medical (491,428 ) (821,933 ) Corporate (1,599,150 ) (1,162,683 ) Total operating loss $ (1,465,068 ) $ (1,342,676 ) Depreciation and Amortization: 2024 2023 Dental $ - $ 1,168 Medical - 968 Corporate 11,684 15,084 Total depreciation and amortization $ 11,684 $ 17,220 Income (loss) before taxes and equity in earnings of affiliates: 2024 2023 Dental $ 624,512 $ 641,169 Medical (491,933 ) (823,768 ) Corporate (1,573,108 ) (1,136,732 ) Total loss before taxes and equity in earnings of affiliate $ (1,440,529 ) $ (1,319,331 ) Total Assets March 31, 2024 December 31, 2023 Dental $ 5,180,123 $ 4,866,786 Medical 514,443 345,194 Corporate 5,656,220 6,159,532 Total assets $ 11,350,786 $ 11,371,512 |
Sales by Product and by Geographical Region [Table Text Block] | For the three months ended March 31, 2024 For the three months ended March 31, 2023 Domestic: US Dental Medical Grand Total Dental Medical Grand Total Instruments $ 213,875 $ - $ 213,875 $ 224,274 $ 1,000 $ 225,274 Handpieces 1,080,433 6,000 1,086,433 1,139,778 1,200 1,140,978 Accessories 16,690 - 16,690 23,071 - 23,071 Grand Total $ 1,310,998 $ 6,000 $ 1,316,998 $ 1,387,123 $ 2,200 $ 1,389,323 International: Rest of World Instruments $ 282,087 $ - $ 282,087 $ 398,955 $ - $ 398,955 Handpieces 646,948 1,420 648,368 789,116 4,000 793,116 Accessories 1,392 - 1,392 16,204 - 16,204 Grand Total $ 930,427 $ 1,420 $ 931,847 $ 1,204,275 $ 4,000 $ 1,208,275 Total Product Sales $ 2,241,425 $ 7,420 $ 2,248,845 $ 2,591,398 $ 6,200 $ 2,597,598 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost and Other Information [Table Text Block] | March 31, 2024 March 31, 2023 Cash paid for operating lease liabilities $ 31,882 $ 32,694 Cash paid for finance lease liabilities 2,685 2,685 Right-of-use assets obtained in exchange for new operating lease liabilities Property and equipment obtained in exchange for new finance lease liabilities Weighted Average Remaining Lease Term Finance leases (years) 0.79 years 1.8 years Operating leases (years) 3 years 4 years Weighted-average discount rate – operating leases 9.20 % 9.20 % Weighted-average discount rate – finance leases 9.20 % 9.20 % |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) | Mar. 31, 2024 |
Number of Countries in which Entity Operates | 41 |
Note 2 - Liquidity and Uncert_2
Note 2 - Liquidity and Uncertainties (Details Textual) - USD ($) | 3 Months Ended | |||
Apr. 08, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Retained Earnings (Accumulated Deficit) | $ (124,780,038) | $ (123,339,509) | ||
Operating Income (Loss) | (1,465,068) | $ (1,342,676) | ||
Cash, Cash Equivalents, and Marketable Securities | 5,000,000 | |||
Working Capital | 7,200,000 | |||
Net Cash Provided by (Used in) Operating Activities | $ (1,218,128) | $ (2,003,588) | ||
Subsequent Event [Member] | ||||
Proceeds From Sale of Net Operating Loss Amount | $ 2,000,000 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 shares | Dec. 31, 2022 USD ($) | |
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 214,000 | |||
Allowance for Sales Returns | $ 0 | $ 179,000 | ||
Number of Operating Segments | 2 | |||
Cash, Uninsured Amount | $ 3,400,000 | |||
Marketable Securities, Current | 2,976,573 | 1,000,000 | ||
Accounts Receivable, Allowance for Credit Loss | 10,000 | $ 10,000 | ||
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares | 79,738,551 | 72,104,234 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 3,296,480 | 7,670,661 | ||
Marketable Securities | 2,976,573 | $ 1,000,000 | ||
US Treasury Securities [Member] | ||||
Marketable Securities, Current | 1,000,000 | |||
Money Market Funds [Member] | ||||
Cash Equivalents, at Carrying Value | $ 3,000,000 | $ 4,000,000 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Fair Value of Marketable Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities | $ 1,000,000 | $ 2,976,573 |
Estimate of Fair Value Measurement [Member] | ||
Marketable Securities | 1,000,000 | 2,976,573 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities | 1,000,000 | 2,976,573 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities | $ 0 | $ 0 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Component parts and other materials | $ 85,908 | $ 218,486 |
Total inventories | 2,860,029 | 2,638,186 |
Dental Segment [Member] | ||
Finished goods, net | 2,769,209 | 2,404,970 |
Medical Segment [Member] | ||
Finished goods, net | $ 4,912 | $ 14,730 |
Note 5 - Advances on Contracts
Note 5 - Advances on Contracts (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Advances on Inventory Purchases | $ 1,421,120 | $ 1,371,548 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | ||||||
Jan. 12, 2024 | Dec. 10, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 28, 2023 | Dec. 31, 2022 | |
Stock Issued During Period Shares, Warrants Exercised (in shares) | 103,500 | ||||||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 0.5 | ||||||
Proceeds from Warrant Exercises | $ 51,751 | $ 0 | |||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 3,507,618 | 2,518,798 | 3,098,917 | 2,440,673 | |||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,400,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 1,100 | $ 7,800 | |||||
Restricted Stock [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | ||||||
Share-Based Payment Arrangement, Expense | $ (2,100) | (9,400) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||||
The 2020 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 4,000,000 | 11,500,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||||||
Share-Based Payment Arrangement, Amount Capitalized | $ 175,000 | $ 362,000 | |||||
Chief Executive Officer, and Other Employees [Member] | |||||||
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares) | 2,979,994 | 2,136,101 | |||||
Non-Employees [Member] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 527,624 | 382,697 | |||||
Territory Manager [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||
Board of Directors [Member] | Restricted Stock [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 137,500 | $ 140,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 617,978 | ||||||
Share Price (in dollars per share) | $ 0.89 | ||||||
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% | ||||||
Public Offering [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,765,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.63 | ||||||
Proceeds from Issuance of Common Stock | $ 2,600,000 | ||||||
Over-Allotment Option [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 372,110 | 714,750 | |||||
Proceeds from Issuance of Common Stock | $ 192,156 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Warrants (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding (in shares) | 314,572 | |
Outstanding (in dollars per share) | $ 0.5 | |
Outstanding (Year) | 1 month 6 days | |
Outstanding | $ 0 | $ 59,737 |
Issued, number of shares (in shares) | 0 | |
Issued, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | (103,500) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0.5 | |
Expired or cancelled, number of shares (in shares) | (211,072) | |
Expired or cancelled, weighted average exercise price (in dollars per share) | $ 0.5 | |
Outstanding (in shares) | 0 | 314,572 |
Outstanding (in dollars per share) | $ 0 | $ 0.5 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares-to-be-issued, outstanding (in shares) | 3,098,917 | 2,440,673 |
Granted in current period (in shares) | 438,868 | 78,125 |
Issued in current period (in shares) | (30,167) | 0 |
Shares-to-be-issued, outstanding (in shares) | 3,507,618 | 2,518,798 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity - Summary of Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Employee [Member] | ||
Number of options (in shares) | 3,036,989 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.29 | |
Weighted average remaining contractual life, outstanding (Year) | 5 years 1 month 28 days | 5 years 4 months 28 days |
Aggregate intrinsic value, outstanding | $ 0 | |
Number of options granted (in shares) | 0 | |
Number of options exercised (in shares) | 0 | |
Weighted average exercise price, exercised (in dollars per share) | $ 0 | |
Number of options forfeited and expired (in shares) | 0 | |
Weighted average exercise price, forfeited or expired (in dollars per share) | $ 0 | |
Number of options (in shares) | 3,036,989 | 3,036,989 |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.29 | $ 2.29 |
Number of options exercisable (in shares) | 1,788,433 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.24 | |
Weighted average remaining contractual life, exercisable (Year) | 3 years 11 months 15 days | |
Share-Based Payment Arrangement, Nonemployee [Member] | ||
Number of options (in shares) | 91,633 | |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.76 | |
Weighted average remaining contractual life, outstanding (Year) | 2 years 2 months 8 days | 2 years 3 months |
Aggregate intrinsic value, outstanding | $ 0 | $ 2,833 |
Number of options granted (in shares) | 8,333 | |
Number of options exercised (in shares) | 0 | |
Weighted average exercise price, exercised (in dollars per share) | $ 0 | |
Number of options forfeited and expired (in shares) | (8,333) | |
Weighted average exercise price, forfeited or expired (in dollars per share) | $ 0.35 | |
Number of options (in shares) | 91,633 | 91,633 |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.79 | $ 1.76 |
Number of options exercisable (in shares) | 80,551 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.94 | |
Weighted average remaining contractual life, exercisable (Year) | 1 year 10 months 24 days | |
Weighted average exercise price, granted (in dollars per share) | $ 0.64 | |
Weighted average remaining contractual life, granted (Year) | 4 years 10 months 6 days | |
Aggregate intrinsic value, exercisable | $ 0 |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity - Schedule of Restricted Stock (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Forfeited or expired, Shares (in shares) | shares | 0 |
Forfeited or expired, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0 |
Restricted Stock [Member] | |
Non-vested as of January 1, 2024 (in shares) | shares | 327,937 |
Non-vested as of January 1, 2024 (in dollars per share) | $ / shares | $ 0.91 |
Granted, Shares (in shares) | shares | 0 |
Granted, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0 |
Vested, Shares (in shares) | shares | (173,443) |
Vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0.94 |
Non-vested, Shares (in shares) | shares | 154,494 |
Non-vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) | $ / shares | $ 0.89 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Percentage of Valuation Allowance | 100% |
Note 8 - Segment and Geograph_3
Note 8 - Segment and Geographic Data (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 2 |
Note 8 - Segment and Geograph_4
Note 8 - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Product sales, net | $ 2,248,845 | $ 2,597,598 | |
Operating Income (Loss) | (1,465,068) | (1,342,676) | |
Depreciation and Amortization | 11,684 | 17,220 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,440,529) | (1,319,331) | |
Total assets | 11,350,786 | $ 11,371,512 | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Operating Income (Loss) | (1,599,150) | (1,162,683) | |
Depreciation and Amortization | 11,684 | 15,084 | |
Income (loss) before taxes and equity in earnings of affiliates | (1,573,108) | (1,136,732) | |
Total assets | 5,656,220 | 6,159,532 | |
Dental Segment [Member] | |||
Product sales, net | 2,241,425 | 2,591,398 | |
Dental Segment [Member] | Operating Segments [Member] | |||
Product sales, net | 2,241,425 | 2,591,398 | |
Operating Income (Loss) | 625,510 | 641,940 | |
Depreciation and Amortization | 0 | 1,168 | |
Income (loss) before taxes and equity in earnings of affiliates | 624,512 | 641,169 | |
Total assets | 5,180,123 | 4,866,786 | |
Medical Segment [Member] | |||
Product sales, net | 7,420 | 6,200 | |
Medical Segment [Member] | Operating Segments [Member] | |||
Product sales, net | 7,420 | 6,200 | |
Operating Income (Loss) | (491,428) | (821,933) | |
Depreciation and Amortization | 0 | 968 | |
Income (loss) before taxes and equity in earnings of affiliates | (491,933) | $ (823,768) | |
Total assets | $ 514,443 | $ 345,194 |
Note 8 - Segment and Geograph_5
Note 8 - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Product sales, net | $ 2,248,845 | $ 2,597,598 |
UNITED STATES | ||
Product sales, net | 1,316,998 | 1,389,323 |
Rest of World [Member] | ||
Product sales, net | 931,847 | 1,208,275 |
Instruments [Member] | UNITED STATES | ||
Product sales, net | 213,875 | 225,274 |
Instruments [Member] | Rest of World [Member] | ||
Product sales, net | 282,087 | 398,955 |
Handpieces [Member] | UNITED STATES | ||
Product sales, net | 1,086,433 | 1,140,978 |
Handpieces [Member] | Rest of World [Member] | ||
Product sales, net | 648,368 | 793,116 |
Accessories [Member] | UNITED STATES | ||
Product sales, net | 16,690 | 23,071 |
Accessories [Member] | Rest of World [Member] | ||
Product sales, net | 1,392 | 16,204 |
Dental Segment [Member] | ||
Product sales, net | 2,241,425 | 2,591,398 |
Dental Segment [Member] | UNITED STATES | ||
Product sales, net | 1,310,998 | 1,387,123 |
Dental Segment [Member] | Rest of World [Member] | ||
Product sales, net | 930,427 | 1,204,275 |
Dental Segment [Member] | Instruments [Member] | UNITED STATES | ||
Product sales, net | 213,875 | 224,274 |
Dental Segment [Member] | Instruments [Member] | Rest of World [Member] | ||
Product sales, net | 282,087 | 398,955 |
Dental Segment [Member] | Handpieces [Member] | UNITED STATES | ||
Product sales, net | 1,080,433 | 1,139,778 |
Dental Segment [Member] | Handpieces [Member] | Rest of World [Member] | ||
Product sales, net | 646,948 | 789,116 |
Dental Segment [Member] | Accessories [Member] | UNITED STATES | ||
Product sales, net | 16,690 | 23,071 |
Dental Segment [Member] | Accessories [Member] | Rest of World [Member] | ||
Product sales, net | 1,392 | 16,204 |
Medical Segment [Member] | ||
Product sales, net | 7,420 | 6,200 |
Medical Segment [Member] | UNITED STATES | ||
Product sales, net | 6,000 | 2,200 |
Medical Segment [Member] | Rest of World [Member] | ||
Product sales, net | 1,420 | 4,000 |
Medical Segment [Member] | Instruments [Member] | UNITED STATES | ||
Product sales, net | 0 | 1,000 |
Medical Segment [Member] | Instruments [Member] | Rest of World [Member] | ||
Product sales, net | 0 | 0 |
Medical Segment [Member] | Handpieces [Member] | UNITED STATES | ||
Product sales, net | 6,000 | 1,200 |
Medical Segment [Member] | Handpieces [Member] | Rest of World [Member] | ||
Product sales, net | 1,420 | 4,000 |
Medical Segment [Member] | Accessories [Member] | UNITED STATES | ||
Product sales, net | 0 | 0 |
Medical Segment [Member] | Accessories [Member] | Rest of World [Member] | ||
Product sales, net | $ 0 | $ 0 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Distributors | 1 | 1 | 1 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | E-Commerce [Member] | ||||
Concentration Risk, Percentage | 53% | 40% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | ||||
Concentration Risk, Percentage | 15% | 15% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Distributors | 2 | 2 | 3 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | ||||
Concentration Risk, Percentage | 41% | 39% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | ||||
Concentration Risk, Percentage | 18% | 38% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Three [Member] | ||||
Concentration Risk, Percentage | 15% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | ||||
Number of Distributors | 2 | 2 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Related Party [Member] | ||||
Number of Vendors | 3 | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | Related Party [Member] | ||||
Concentration Risk, Percentage | 40% | 37% | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | Related Party [Member] | ||||
Concentration Risk, Percentage | 19% | 17% | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Three [Member] | Related Party [Member] | ||||
Concentration Risk, Percentage | 12% |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||||||
Apr. 06, 2021 | Jul. 10, 2017 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 02, 2021 | Mar. 01, 2021 | |
Previous President and Chief Executive Officer [Member] | |||||||
Increase (Decrease) in Deferred Compensation | $ (100,000) | ||||||
Employment Agreement, Base Compensation | 200,000 | ||||||
Consultant [Member] | |||||||
Increase (Decrease) in Deferred Compensation | (100,000) | ||||||
Employment Agreement, Base Compensation | $ 200,000 | ||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 50,000 | $ 50,000 | |||||
Interim Chief Executive Officer [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 | ||||||
Managing Director, China Operations [Member] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 50,000 | 50,000 | |||||
Director Clinical Affair [Member] | |||||||
Royalty Expense | 116,000 | 122,000 | |||||
Professional Fees | 39,000 | 39,000 | |||||
Royalty on Net Sales, Percentage | 2.50% | 5% | |||||
Director of Clinical Affairs [Member] | |||||||
Accounts Payable and Accrued Liabilities, Current | 121,000 | $ 114,000 | |||||
Interim Chief Executive Officer [Member] | |||||||
Royalty on Net Sales, Percentage | 2.50% | ||||||
Manufacturing Agreement for Handpieces [Member] | |||||||
Related Party Transaction, Purchases from Related Party | 777,000 | $ 667,000 | |||||
Manufacturing Agreement for Handpieces [Member] | Related Party [Member] | Accounts Payable, Related Parties, Current [Member] | |||||||
Accounts Payable and Accrued Liabilities | 776,700 | $ 402,000 | |||||
Purchased Medical Products [Member] | University Pain Medicine Center (STEMMEE) [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 3,000 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Advances on Inventory Purchases | $ 1,421,120 | $ 1,371,548 |
Purchase Commitment for Devices [Member] | ||
Purchase Commitment Number Of Units | 2,000 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,100,000 | 2,300,000 |
Advances on Inventory Purchases | 1,100,000 | 1,300,000 |
Development of the Next Generation Instrument [Member] | ||
Purchase Commitment, Remaining Minimum Amount Committed | 98,000 | |
Contracts for Funding of Future Epidural Instruments and Parts [Member] | ||
Advances on Inventory Purchases | $ 165,000 | $ 41,000 |
Note 11 - Commitments - Lease E
Note 11 - Commitments - Lease Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for operating lease liabilities | $ 31,882 | $ 32,694 |
Cash paid for finance lease liabilities | $ 2,685 | $ 2,685 |
Finance leases (years) (Year) | 9 months 14 days | 1 year 9 months 18 days |
Operating leases (years) (Year) | 3 years | 4 years |
Weighted-average discount rate – operating leases | 9.20% | 9.20% |
Weighted-average discount rate – finance leases | 9.20% | 9.20% |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) $ in Millions | Apr. 08, 2024 USD ($) |
Subsequent Event [Member] | |
Proceeds From Sale of Net Operating Loss Amount | $ 2 |