Organization, Business and Basis of Presentation
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9 Months Ended |
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Sep. 30, 2014
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Organization Business And Basis Of Presentation [Abstract] | |
Organization, Business and Basis of Presentation | ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
Milestone Scientific Inc. (“Milestone”) or (“our”) (“Milestone,” “our,” “us” or “we”) was incorporated in the State of Delaware in August 1989. The unaudited financial statements of Milestone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2013 included in Milestone's Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring entries) necessary to fairly present Milestone’s financial position as of September 30, 2014 and the results of its operations for the three and nine months then ended. The results reported for the three and nine months ended September 30, 2014 are not necessarily indicative of the results of operations which may be expected for a full year. Milestone has incurred significant operating losses from its inception, through December 31, 2012. For the year ended December 31, 2013, Milestone had net income of $1,464,930. For the nine months ended September 30, 2014, Milestone had a net loss of $333,113. Milestone had negative cash flows from operations for the nine months ended September 30, 2014 of $3,360 and positive cash flows from operating activities for the nine months ending September 30, 2013 of $442,079. At September 30, 2014, Milestone had cash and cash equivalents including Treasury Bills of $10,281,362 and a positive working capital of $13,609,977. The working capital increased by $11,265,843 as compared to December 31, 2013 working capital of $2,344,134. The positive change in working capital is due to Milestone’s capital raise of $10 million in May 2014 (net proceeds, $9,449,683), offset by a loss for the nine month period. Milestone is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue based upon management’s assessment of present contracts and current negotiations and reductions in operating expenses. As of September 30, 2014, Milestone has sufficient cash reserves to meet all of its anticipated obligations for the next twelve months.
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