XML 61 R20.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 14 - Subsequent Events | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
Subsequent Events [Text Block] | NOTE 14— SUBSEQUENT EVENTS On April 14, 2020, the Company closed its previously announced underwritten offering of 4,750,000 shares of its common stock and warrants to purchase up to an aggregate of 2,375,000 shares of the its common stock. Each share of common stock was sold together with a warrant to purchase 0.50 of one share of common stock at a combined price to the public of $0.95. Gross proceeds before underwriting discounts commissions and estimated offering expenses, were approximately $4.5 million. In addition, Milestone Scientific granted to Maxim Group LLC a 45 -day option to purchase up to an additional 712,500 shares of common stock and/or warrants to purchase up to 356,250 shares of common stock for the purposes of covering any over-allotments, at the public offering price less discounts and commissions, of which Maxim Group LLC partially exercised its option to purchase 200,000 shares of common stock and warrants to purchase up to 335,000 shares of common stock. The over-allotment exercise transaction also closed on April 14, 2020, bringing the total gross proceeds of the offering, before underwriting discounts and commissions and estimated offering expenses, to approximately $4.7 million. The warrants are immediately exercisable at a price of $1.20 per share of common stock and expire three years from the date of issuance. The shares of common stock and the accompanying warrants were purchased together in the offering but were issued separately and were immediately separable upon issuance. In connection with capital raise on April 14, 2020, Maxim’s exercise of its over-allotment option under the Underwriting Agreement, exercised its option to purchase 470,000 shares of common stock, less the Underwriter's discount and commissions and offering expenses, of $415,244. The over-allotment exercise transaction also closed on April 17, 2020. Since the year ended April 17, 2020, the Company issued 38,500 shares of common stock for warrants exercised at $1.20 for proceeds of $46,200. In the first quarter of 2020, and through the reporting date, the effects of the effects of the COVID- 19 has dramatically reduced our direct marketing capabilities at Hospitals and Medical Centers in the USA and worldwide. Generally, all medical institutions have curtailed introduction of new instruments and procedures. Our marketing staff continue to make telephone contact with possible clients. The challenge of COVID- 19 is expected to continue into the second and third quarter of this year as the USA and the other countries of the world, begin to slowly restart the normal business operations. On April 21, 2020, Milestone Scientific Inc., announced that it has validated and integrated the new CathCheck™ feature into the CompuFlo® Epidural System. Using CathCheck™, physicians and nurses can monitor the placement of a catheter to determine the presence or absence of a pulsatile waveform (heartbeat) providing new information that can be used to determine if the catheter is in place or has become dislodged from the epidural space. This can be performed within seconds by measuring the pulsatile waveform within the epidural space. This capability saves time and money and provides better patient care. The Company’s equity investment joint venture in China is in the process of being restructured See Note 6. On April 29, 2020, the Board of Directors hereby approves the settlement with United Systems for their outstanding manufacturing costs ( $370,260 ) for handpieces supplied to Milestone China in 2018, that were billed and shipped by United Systems, and not paid by Milestone China, and $750,000 billed and shipped to Milestone China for 1,000 STA instruments in 2018. The transaction will be so that United Systems would sell their Accounts Receivable for Milestone China for the above described handpieces and STA instruments for $370,260 to Milestone Scientific. Milestone Scientific will pay United Systems the sale price as follows; $100,000 in cash in April 2020, $170,260 in shares of the Corporation’s Common Stock (priced as of the close of business on April 23, 2020, $1.59, as negotiated and agreed by all parties ) and the remaining approximately $100,000 in cash in July 2020. On April 29, 2020, the Board of Directors authorized Milestone Scientific’s purchase of Milestone China’s 50% interest in Advanced Cosmetic Systems Inc., for $900,000, to be offset by the balance owed by Milestone China to Milestone Scientific, resulting in a no cash transaction. Additionally, Milestone China will have the option to repurchase the 50% interest in Advanced Cosmetic Systems within one year from the sale date for $900,000 in cash. On April 29, 2020, Gian Domenico Trombetta resigned as Chief Executive Officer of Wand Dental Inc. (“Wand Dental”), a wholly-owned subsidiary of Milestone Scientific Inc. (the “Company”), effective May 1, 2020. Mr. Trombetta will remain as a member of the Company’s Board of Directors. On May 5, 2020, the Company announced that it has appointed Jan Adriaan (Arjan) Haverhals as Chief Executive Officer of Wand Dental. In addition to his responsibilities with Wand Dental, Mr. Haverhals will also be involved in helping drive new sales and marketing initiatives for the Company’s CompuFlo® Epidural Device.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration