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Note 8 - Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8— STOCKHOLDERS’ EQUITY Warrants The following table summarizes information about shares issuable under warrants outstanding as of September 30, 2022
|  | Warrant shares outstanding |  |  | Weighted Average exercise price |  |  | Weighted Average remaining life |  |  | Intrinsic value |
Outstanding at January 1, 2022 |  |  | 4,268,221 |  |  |  | 2.18 |  |  |  | 1.50 |  |  |  | 1,187,546 |
Issued |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding and exercisable at September 30, 2022 |  |  | 4,268,221 |  |  |  | 2.18 |  |  |  | 0.75 |  |  |  | 91,226 |
Shares to Be Issued As of September 30, 2022 and 2021, there were 1,852,789 and 1,861,639 shares, respectively, to be issued whose issuance has been deferred by certain employees of Milestone Scientific. As of September 30, 2022 and 2021, there were 174,364 and 144,024 shares, respectively, to be issued to non-employees, that will be issued for services rendered. The number of shares was fixed at the date of grant and were fully vested upon grant date. The following table summarizes information about shares to be issued on:
|  | September 30, 2022 |  |  | September 30, 2021 |
Shares-to-be-issued, outstanding January 1, 2022, and 2021, respectively |  |  | 2,066,343 |  |  |  | 2,428,329 |
Granted in current period |  |  | 108,148 |  |  |  | 33,238 |
Issued in current period |  |  | (147,338 | ) |  |  | (455,906 | )
Shares-to be issued outstanding September 30, 2022, and 2021, respectively |  |  | 2,027,153 |  |  |  | 2,005,661 |
Stock Options Plans The Milestone Scientific Inc. 2020 Equity Compensation Plan, as amended and restated (the "2020 Plan"), provides for awards of restricted common, stock restricted stock units, options to purchase and other awards, up to a maximum 4,000,000 shares of common stock, and expires in June 2031. Options may be granted to employees, directors, and consultants of Milestone Scientific for the purchase of shares of common stock at a price not less than the fair market value of common stock on the date of grant. Milestone Scientific recognizes stock compensation expense over the requisite service period. For three and nine months ended September 30, 2022, Milestone Scientific recognized approximately $232,998 and $1.1 million of total employee stock compensation cost, respectively, recorded in general and administrative expenses on the statement of operations. For three and nine months ended September 30, 2021, Milestone Scientific recognized approximately $165,000 and $451,000 of total employee stock compensation cost, respectively, recorded in general and administrative expenses on the statement of operations. As of September 30, 2022, there was approximately $2.7 million of total unrecognized compensation cost related to non-vested options. Milestone Scientific expects to recognize these costs over a weighted average period of 2.75 years. A summary of option activity for employees under the plans and changes during the nine months ended September 30, 2022 is presented below:
|  | Number of Options |  |  | Weighted Averaged Exercise Price $ |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Options Value $ |
Options outstanding January 1, 2022 |  |  | 2,843,693 |  |  |  | 2.39 |  |  |  | 7.69 |  |  |  | 49,246 |
Granted during 2022 |  |  | 216,296 |  |  |  | 1.52 |  |  |  | 2.23 |  |  |  | - |
Exercised during 2022 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired during 2022 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options outstanding September 30, 2022 |  |  | 3,059,989 |  |  |  | 2.29 |  |  |  | 6.63 |  |  |  | - |
Exercisable, September 30, 2022 |  |  | 994,914 |  |  |  | 2.18 |  |  |  | 5.28 |  |  |  | - |
A summary of option activity for non-employees under the plans and changes during the nine months ended September 30, 2022 is presented below:
|  | Number of Options |  |  | Weighted Averaged Exercise Price $ |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Options Value $ |
Options outstanding January 1, 2022 |  |  | 83,330 |  |  |  | 1.85 |  |  |  | 3.33 |  |  |  | 49,748 |
Granted during 2022 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised during 2022 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options outstanding September 30, 2022 |  |  | 83,330 |  |  |  | 1.85 |  |  |  | 2.58 |  |  |  | 4,333 |
Exercisable, September 30, 2022 |  |  | 69,441 |  |  |  | 1.68 |  |  |  | 2.37 |  |  |  | 4,333 |
For the three and nine months ended September 30, 2022, Milestone Scientific recognized approximately $5,000 and $15,000 expense related to non-employee options, respectively. For the three and nine months ended September 30, 2021, Milestone Scientific recognized approximately $5,000 and $20,000 expense related to non-employee options, respectively. The information below summarizes the restricted stock award activity for the nine months September 30, 2022.
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value per Award |
Non-vested as January 1, 2022 |  |  | 96,557 |  |  |  | 2.33 |
Granted |  |  | 975,148 |  |  |  | 0.86 |
Vested |  |  | (224,850 | ) |  |  |  |
Cancelled |  |  | (122,693 | ) |  |  |  |
Non-vested as September 30, 2022 |  |  | 724,162 |  |  |  | 1.11 |
As of September 30, 2022, there were 49,616 restricted shares granted and deferred under the terms of an employment agreement with the Territory Manager of Milestone Scientific, Inc. Such shares will be issued to him (or her) completion of 2 years of employment. For the three and nine months ended September 30, 2022, the Company recognized negative stock compensation of approximately $10,400 and $37,500, respectively, due to termination of non-vested employees in the current period. For the three and nine months ended September 30 2021, the Company recognized stock compensation expense of approximately $16,667 and $37,500, respectively. As of September 30, 2022, the total unrecognized stock compensation expense was $46,875 related to non-vested restricted stock awards, which the Company expects to recognize over an estimated weighted average period of 1.28 years. As of September 30, 2022, the Company entered into restricted stock agreements with members of the Board of Directors of the Company. The Company granted 899,300 restricted stock awards with a fair market value of $0.82 per share. Such restricted stock vests as follows: 25% on the grant date, and 25% quarterly, on the first day of the following months: October 2022, January 2023, and April 2023. These awards vest immediately upon a change of control as defined in the agreements. For the three and nine months ended September 30, 2022, the Company recognized approximately $167,000, and $381,000, respectively for restricted stock expenses recorded in general and administrative expenses on the statement of operation. As of September 30, 2022, the total unrecognized stock compensation expense was $356,000 related to non-vested restricted stock awards with the members of the Board of Directors, which the Company expects to recognize over an estimated weighted average period of 0.5 years.

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