Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 743,429 $ 2,636,956
Accounts receivable, net 1,978,456 1,535,513
Accounts receivable, related party, net 100,000 1,725,450
Note receivable from financing transaction, current 500,000
Prepaid expenses and other current assets 414,541 436,410
Deferred cost, related party 50,000 1,109,671
Inventories, net 1,921,051 3,379,209
Advances on contracts 648,783 697,192
Total current assets 5,856,260 12,020,401
Furniture, fixtures and equipment, net 82,557 141,760
Patents, net 435,273 2,789,748
Note receivable from financing transaction, noncurrent 650,000
Other assets 26,878 26,878
Total assets 6,400,968 15,628,787
Current liabilities:    
Accounts payable 1,205,396 977,623
Accounts payable, related party 1,663,849 985,678
Accrued expenses and other payables 1,481,715 2,179,268
Accrued expenses, related party 108,640
Deferred profit, related party 421,800 751,500
Deferred revenue, related party 100,000 1,725,450
Total current liabilities 4,872,760 6,728,159
Deferred gain from financing transaction 1,400,000
Total liabilities 4,872,760 8,128,159
Commitments and contingencies
Stockholders’ equity    
Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, and 7,000 shares issued and outstanding (liquidation preference of $7,000,000 as of December 31, 2018 and 2017) 7 7
Common stock, par value $.001; authorized 50,000,000 shares; 33,859,034 shares issued,2,470,565 shares to be issued and 33,825,701 shares outstanding as of December 31, 2018; 33,191,571 shares issued, 1,401,247 shares to be issued and 33,158,238 shares outstanding as of December 31, 2017; 36,330 34,593
Additional Paid in Capital 88,414,718 86,689,084
Accumulated deficit (85,999,929) (78,568,284)
Treasury stock, at cost, 33,333 shares (911,516) (911,516)
Total Milestone Scientific Inc. stockholders' equity 1,539,610 7,243,884
Noncontrolling interest (11,402) 256,744
Total stockholders’ equity 1,528,208 7,500,628
Total liabilities and stockholders’ equity $ 6,400,968 $ 15,628,787