Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net (loss) income $ (2,546,310) $ 25,377
Adjustments to reconcile net income net cash (used in) provided by operating activities:    
Depreciation expense 13,930 7,024
Amortization of patents 34,647 39,185
Common stock and options for compensation, consulting and vendor services 391,844 188,603
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (93,620) 89,470
(Increase) in inventories (743,299) (642,738)
(Increase) decrease to advance on contracts (1,870) 634,670
(Increase) decrease to prepaid expenses and other current assets (15,215) 16,491
(Increase) in other assets (2,670)  
Decrease in accounts payable (657,989) (986,396)
Decrease in customer advances   209,000
Increase in accrued expenses and other payables 162,551 239,404
Net cash (used in) provided by operating activities (2,410,087) 171,628
Cash flows from investing activities:    
Notes receivable to Milestone Medical Inc (1,000,000)  
Due from related party (430,629)  
Investment in Treasury Bills (5,550,283) (9,498,498)
Purchases of property and equipment (42,418) (21,189)
Net cash (used in) investing activities (7,023,330) (9,700,038)
Cash flows from financing activities:    
Proceeds from exercise of stock options 12,750 103,250
Net proceeds on Private Placement Offering in May 2014   9,449,683
Repayment from related party loan   (50,000)
Capital contribution from noncontrolling interest 500,000  
Net cash provided by financing activities 512,750 9,502,933
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (8,920,667) (25,477)
Cash and cash equivalents at beginning of period 10,367,993 1,147,198
Cash and cash equivalents at end of period 1,447,326 1,121,721
Supplemental disclosure of cash flow information:    
Shares issued to directors for the exercise of stock options   41,250
Shares issued to directors for compensation   55,200
Shares to be issued to employees for bonuses 100,000  
Shares issued to employees for exercise of stock options   24,000
Shares issued to employees in lieu of cash compensations 35,000 23,750
Shares issued to consultants for exercise of stock options 30,000 38,000
Net proceeds on Private Placement Offering   9,449,683
Milestone Medical Inc. [Member]    
Adjustments to reconcile net income net cash (used in) provided by operating activities:    
(Gain) Loss on joint venture 976,099 343,716
Milestone Education LLC [Member]    
Adjustments to reconcile net income net cash (used in) provided by operating activities:    
(Gain) Loss on joint venture 7,836 $ 7,822
Milestone China [Member]    
Adjustments to reconcile net income net cash (used in) provided by operating activities:    
(Gain) Loss on joint venture $ 63,979