Note 1 - Organization and Business
|3 Months Ended|
Mar. 31, 2018
|Notes to Financial Statements|
|Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]||
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 Advanced Cosmetic Devices, 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 ®; the Milestone logo ®; SafetyWand®; STA Single Tooth Anesthesia Device®; and The Wand ®.
Milestone Scientific was incorporated in the State of Delaware in
August 1989.Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery device, using
The Wand®, a single use disposable handpiece. The device is marketed in dentistry under the trademark
STA Single Tooth Anesthesia Device®and in medicine under the trademark
CompuMed®. CompuDent®is suitable for all dental procedures that require local anesthetic.
CompuMed®is suitable for many medical procedures regularly performed in plastic surgery, hair restoration surgery, podiatry, colorectal surgery, dermatology, orthopedics and many other disciplines. The dental devices are sold in the United States, Canada and in
53other countries. To date there have been
nomedical devices sold in the United States and limited amounts sold internationally, although certain medical devices have obtained CE mark approval and can be marketed and sold in most European countries.
2016,Milestone Scientific filed for
510(k) marketing clearance with the U.S. Food and Drug Administration (FDA) for both intra-articular and epidural injections with the
CompuFlo® Computer Controlled Anesthesia System (the “
CompuFloEpidural System”). In
June 2017,the FDA approved the
CompuFloEpidural System for epidural injections. Milestone Scientific is in the process of introductory meetings with medical device distributors within the United States and foreign markets. Milestone Scientific’s immediate focus is on marketing its epidural device throughout the United States and Europe.
December 2016,we received notification from the FDA that based upon the
510(k)-application submitted for intra- articular injections, we did
notadequately document that the device met the equivalency standard required for
510(k) clearances. Following consultation with the FDA Office of Device Evaluation, we intend to file a new
510(k) application for the device in
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef