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Organization, Business and Basis of Presentation
3 Months Ended
Mar. 31, 2015
Organization Business And Basis Of Presentation [Abstract]  
Organization, Business and Basis of Presentation

ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION

Milestone Scientific Inc. and subsidiary (collectively “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 for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America 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, 2014 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 March 31, 2015 and the results of its operations for the three months then ended.

The results reported for the three months ended March 31, 2015 are not necessarily indicative of the results of operations which may be expected for a full year.

Milestone has incurred significant operating losses since its inception. Milestone had negative cash flows from operating activities for the three months ending March 31, 2015 of $681,191 and a positive cash flow of $276,968 for the three months ended March 31, 2014. At March 31, 2015, Milestone had cash and cash equivalents of $9,331,405 and a positive working capital of $13,211,754 as compared to working capital of $13,147,257 at December 31, 2014.. The working capital increased by $64,497 as compared to December 31, 2014. The change in working capital is primarily due to decrease in cash and cash equivalents offset by a decrease in current liabilities. Milestone’s management continues to examine all areas of the business to manage our cash flow. 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 March 31, 2015, Milestone believes that it has sufficient cash reserves to meet all of its anticipated obligations for the next twelve months. Milestone will continue to manage its cash position while taking strategic steps to expand its business in the medical and dental, business sectors.