Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 1,447,326 $ 10,367,993
Treasury Bills 5,550,283  
Accounts receivable, net of allowance for doubtful accounts of $5,000 as of June 30, 2015 and December 31, 2014 1,635,098 1,541,478
Due from related party 343,251  
Note receivable-Milestone Medical Inc 1,000,000  
Inventories 3,240,398 2,497,099
Advances on contracts 723,067 721,197
Prepaid expenses and other current assets 469,781 454,566
Total current assets 14,409,204 15,582,333
Furniture, Fixtures & Equipment net of accumulated depreciation of $430,140 as of June 30, 2015 and $416,210 as of December 31, 2014 117,304 88,818
Patents, net of accumulated amortization of $611,606 as of June 30, 2015 and $576,960 as of December 31, 2014 495,382 530,029
Other assets 17,355 14,685
Total assets 15,340,274 17,477,428
Current Liabilities:    
Accounts payable 795,919 1,453,908
Accrued expenses and other payables 1,143,719 981,168
Total current liabilities $ 1,939,638 $ 2,435,076
Commitments and Contingencies    
Stockholders' Equity    
Common stock, par value $.001; authorized 50,000,000 shares; 21,438,093 shares issued, 1,003,606 shares to be issued and 21,404,760 shares outstanding as of June 30, 2015; 21,404,494 shares issued, 974,953 shares to be issued and 21,371,161 shares outstanding as of December 31, 2014 $ 22,442 $ 22,380
Additional paid-in capital 77,908,947 77,504,415
Accumulated deficit (64,459,785) (61,967,462)
Treasury stock, at cost, 33,333 shares (911,516) (911,516)
Total stockholders' equity 12,560,095 14,647,824
Noncontrolling interest 840,541 394,528
Total Equity 13,400,636 15,042,352
Total liabilities and stockholders' equity 15,340,274 17,477,428
Series A Preferred Stock [Member]    
Stockholders' Equity    
Series A Convertible Preferred Stock, par value $.001, authorized 5,000,000 shares, 7,000 shares issued and outstanding, respectively 7 7
Milestone Medical Inc. [Member]    
Current Assets:    
Investment in joint venture   888,720
Milestone Education LLC [Member]    
Current Assets:    
Investment in joint venture 16,357 24,192
Milestone China [Member]    
Current Assets:    
Investment in joint venture $ 284,672 $ 348,651