Milestone Scientific Inc

NYSE American:MLSSUnited States

(tables follow)
MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 31, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 2,977,713 $ 8,715,279 Marketable securities 2,976,573 - Accounts receivable (net of allowance for credit losses of $10K at December 31, 2023 and 2022) 312,664 693,717 Prepaid expenses and other current assets 517,785 443,872 Inventories 2,638,186 1,792,335 Advances on contracts 1,371,548 1,325,301 -------------- -------------- Total current assets 10,794,469 12,970,504 Furniture, fixtures and equipment, net 10,024 18,146 Intangibles, net 178,636 227,956 Right of use assets finance lease 8,998 17,645 Right of use assets operating lease 355,235 443,685 Other assets 24,150 24,150 -------------- -------------- Total assets $ 11,371,512 $ 13,702,086 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 689,604 $ 1,102,729 Accounts payable, related party 410,512 803,492 Accrued expenses and other payables 1,511,717 1,124,839 Accrued expenses, related party 137,189 167,549 Accrued liabilities noncontrolling interests 214,000 - Current portion of finance lease liabilities 10,264 9,365 Current portion of operating lease liabilities 103,427 91,701 -------------- -------------- Total current liabilities 3,076,713 3,299,675 Non-current portion of finance lease liabilities 434 10,698 Non-current portion of operating lease liabilities 281,853 385,279 -------------- -------------- Total liabilities $ 3,359,000 $ 3,695,652 ============== ============== Stockholders' equity Common stock, par value $.001; authorized 100,000,000 shares; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023 shares; 69,306,497 shares issued and 69,273,164 shares outstanding as of December 31, 2022; 75,881 69,306 Additional paid in capital 132,187,656 127,478,325 Accumulated deficit (123,339,509) (116,410,405) Treasury stock, at cost, 33,333 shares (911,516) (911,516) -------------- -------------- Total Milestone Scientific, Inc. stockholders' equity 8,012,512 10,225,710 Noncontrolling interest - (219,276) -------------- -------------- Total stockholders' equity 8,012,512 10,006,434 ============== ============== Total liabilities and stockholders' equity $ 11,371,512 $ 13,702,086 ============== ============== MILESTONE SCIENTIFIC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR YEARS ENDED DECEMBER 31, (UNAUDITED) 2023 2022 Product sales, net $ 9,827,444 $ 8,805,906 Cost of products sold 3,034,832 3,905,092 ---------- ---------- Gross profit 6,792,612 4,900,814 Selling, general and administrative expenses 13,135,796 12,514,323 Research and development expenses 701,378 1,150,209 Depreciation and amortization expense 61,912 63,755 ---------- ---------- Total operating expenses 13,899,086 13,728,287 Loss from operations (7,106,474) (8,827,473) Interest income (expense) 125,527 54,607 Provision for income Taxes - - ---------- ---------- Loss before provision for income taxes (6,980,947) (8,772,866) Net loss (6,980,947) (8,772,866) Net loss attributable to noncontrolling interests (51,843) (66,735) ---------- ---------- Net loss attributable to Milestone Scientific Inc. $(6,929,104) $(8,706,131) ========== ========== Net loss per share applicable to common stockholders-- Basic and Diluted (0.10) (0.12) Weighted average shares outstanding and to be issued-- Basic and Diluted 72,775,781 70,607,338