Form 10-Q - Quarterly report [Sections 13 or 15(d)]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-14053

Milestone Scientific Inc.

(Exact name of registrant as specified in its charter)

Delaware	13-3545623
State or other jurisdiction of Incorporation or organization	(I.R.S. Employer Identification No.)

425 Eagle Rock Avenue Suite 403, Roseland, NJ 07068

(Address of principal executive offices)

Registrant’s telephone number, including area code: 973-535-2717.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, par value $.001 per share	NYSE American

Securities registered pursuant to section 12(g) of the Act: NONE.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large, accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☑	Smaller reporting company	☑

Emerging Growth Company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of August 14, 2024 the registrant has a total of 77,287,714 shares of Common Stock, $0.001 par value outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

true

MILESTONE SCIENTIFIC INC.

Form 10-Q

TABLE OF CONTENTS

	PART I—FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements

	Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023	4

	Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited)	5

	Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited)	6

	Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited)	8

	Notes to Condensed Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4.	Controls and Procedures	29

	PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	30

Item 4.	Mine Safety Disclosures	30

Item 5.	Other Information	30

Item 6.	Exhibits	31

Signatures		32

FORWARD-LOOKING STATEMENTS

When used in this Quarterly Report on Form 10-Q, the words “may”, “will”, “should”, “expect”, “believe”, “anticipate”, “continue”, “estimate”, “project”, “intend” and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding events, conditions and financial trends that may affect Milestone Scientific’s future plans of operations, business strategy, results of operations and financial condition. Milestone Scientific wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established in the Private Securities Litigation Reform Act of 1995. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Milestone Scientific’s plans and objectives are based, in part, on assumptions involving the changes in the distribution of its products and continued evolution of its business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Milestone Scientific. Although Milestone Scientific believes that its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. Considering the significant uncertainties inherent in the forward-looking statements included herein, our history of operating losses that are expected to continue, requiring additional funding which we may be unable to raise capital when needed (which may force us to delay, curtail or eliminate commercialization efforts of our CompuFlo Epidural Computer Controlled Anesthesia System), the early stage operations of and relative lack of acceptance of our medical products, relying exclusively on two third parties to manufacture our products, changes to our distribution arrangements exposes us to risks of interruption of marketing efforts and building new marketing channels, changes in our informal manufacturing arrangements made by the manufacturer of our products and disruptions at the manufacturing facility of our manufacturers, including shortages of or delays in obtaining chips and other components, exposes us to risks that may harm our business, raising additional funds by issuing securities or through licensing or lending arrangements may cause dilution to our existing stockholders, restrict our operations or require us to relinquish proprietary rights, if physicians do not accept or use our CompuFlo Epidural Computer Controlled Anesthesia System, our ability to generate revenue from sales will be materially impaired, exposure to the risks inherent in international sales and operations, including China, and developments by competitors may render our products or technologies obsolete or non-competitive, the inclusion of such information should not be regarded as a representation by Milestone Scientific or any other person that the objectives and plans of Milestone Scientific will be achieved. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and the actual results may differ materially from those included within the forward-looking statements because of various factors. Except as required by the federal securities laws, Milestone Scientific undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Milestone Scientific is the owner of the following registered U.S. trademarks: CompuDent®; CompuMed®; CompuFlo®; DPS Dynamic Pressure Sensing technology®; Milestone Scientific ®; CathCheck®; the Milestone logo ®; SafetyWand®; STA Single Tooth Anesthesia Device®; and The Wand ®.

Part I- Financial Information

Item 1. Financial Statements

MILESTONE SCIENTIFIC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2024			December 31, 2023
ASSETS		(Unaudited)
Current assets:
Cash and cash equivalents	$	5,752,106		$	2,977,713
Marketable securities		-			2,976,573
Accounts receivable, net of allowance for credit losses of $10,000, respectively		386,836			312,664
Prepaid expenses and other current assets		774,603			517,785
Inventories		3,329,101			2,638,186
Advances on contracts		1,250,953			1,371,548
Total current assets		11,493,599			10,794,469
Furniture, fixtures and equipment, net		12,989			10,024
Intangibles, net		162,105			178,636
Right of use assets finance lease		4,673			8,998
Right of use assets operating lease		307,724			355,235
Other assets		24,150			24,150
Total assets	$	12,005,240		$	11,371,512


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,403,137		$	689,604
Accounts payable, related party		814,829			410,512
Accrued expenses and other payables		1,070,276			1,511,717
Accrued expenses, related party		208,682			137,189
Accrued Liabilities noncontrolling interest		214,000			214,000
Current portion of finance lease liabilities		5,683			10,264
Current portion of operating lease liabilities		109,706			103,427
Total current liabilities		3,826,313			3,076,713
Non-current portion of finance lease liabilities		-			434
Non-current portion of operating lease liabilities		225,050			281,853
Total liabilities	$	4,051,363		$	3,359,000

Commitments and contingencies

Stockholders’ equity
Common stock, par value $0.001; authorized 100,000,000 shares; 77,227,714 shares issued and 77,194,381 shares outstanding as of June 30, 2024; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023;		77,228			75,881
Additional paid in capital		133,344,565			132,187,656
Accumulated deficit		(124,556,400	)		(123,339,509	)
Treasury stock, at cost, 33,333 shares		(911,516	)		(911,516	)
Total Milestone Scientific, Inc. stockholders' equity		7,953,877			8,012,512

Total liabilities and stockholders’ equity	$	12,005,240		$	11,371,512

The accompanying notes are an integral part of these unaudited consolidated financial statements.

MILESTONE SCIENTIFIC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	*For the three months ended June 30, 2024*			*For the three months ended June 30, 2023*			*For the six months ended June 30, 2024*			*For the six months ended June 30, 2023*

Product sales, net	$	1,853,764		$	2,909,966			4,102,609		$	5,507,564
Cost of products sold		442,560			1,019,907			1,015,302			1,728,882
Gross profit		1,411,204			1,890,059			3,087,307			3,778,682

Selling, general and administrative expenses		2,868,182			3,937,281			5,903,458			7,011,012
Research and development expenses		314,968			213,647			409,179			353,994
Depreciation and amortization expense		8,477			16,681			20,161			33,902
Total operating expenses		3,191,627			4,167,609			6,332,798			7,398,908

Loss from operations		(1,780,423	)		(2,277,550	)		(3,245,491	)		(3,620,226	)
Interest income (expense)		20,966			48,722			45,505			72,067
Gain on sale of net operating losses		1,983,095			-			1,983,095			-
Loss before provision for income taxes		223,638			(2,228,828	)		(1,216,891	)		(3,548,159	)


Net income (loss)		223,638			(2,228,828	)		(1,216,891	)		(3,548,159	)
Net (loss) attributable to noncontrolling interests	$	-		$	(12,511	)	$	-		$	(24,176	)
Net income (loss) attributable to Milestone Scientific Inc.	$	223,638		$	(2,216,317	)	$	(1,216,891	)	$	(3,523,983	)

Net income (loss) per share applicable to common stockholders—
Basic and Diluted		0.00			(0.03	)		(0.02	)		(0.05	)

Weighted average shares outstanding and to be issued—
Basic		79,966,833			72,333,656			80,412,397			72,048,223
Diluted		79,967,086			72,333,656			80,412,397			72,048,223

The accompanying notes are an integral part of these unaudited consolidated financial statements.

MILESTONE SCIENTIFIC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

	Common Stock Shares		Common Stock Amount		Additional Paid in Capital			Accumulated Deficit			Noncontrolling Interest		Treasury Stock			Total Stockholder Equity
Balance January 1, 2024		75,881,840	$	75,881	$	132,187,656		$	(123,339,509	)	$	-	$	(911,516	)	$	8,012,512
Stock based compensation		-		-		313,505			-			-		-			313,505
Common stock issued in public offering net of issuance cost of $42,273		372,110		372		191,784			-			-		-			192,156
Common Stock issued exercised warrants		103,500		104		51,647			-			-		-			51,751
Common stock issued for payment of consulting services		90,170		90		65,971			-			-		-			66,061
Common stock to be issued to employees for bonuses		30,165		31		264,922			-			-		-			264,953
Common stock issued to board of directors for services		154,494		154		(154	)		-			-		-			-
Net (loss)		-		-		-			(1,440,529	)		-		-			(1,440,529	)
Balance at March 31, 2024		76,632,279	$	76,632	$	133,075,331		$	(124,780,038	)	$	-	$	(911,516	)	$	7,460,409
Stock based compensation		-		-		207,690			-			-		-			207,690
Common stock issued for payment of consulting services		99,063		99		62,041			-			-		-			62,140
Common stock issued to employees for bonuses		322,937		324		(324	)		-			-		-			-
Restricted common stock issued to employees		18,939		19		(19	)		-			-		-			-
Common stock issued to board of directors for services		154,496		154		(154	)		-			-		-			-
Net income		-		-		-			223,638			-		-			223,638
Balance at June 30, 2024		77,227,714	$	77,228	$	133,344,565		$	(124,556,400	)	$	-	$	(911,516	)	$	7,953,877

The accompanying notes are an integral part of these unaudited consolidated financial statements.

	Common Stock Shares		Common Stock Amount		Additional Paid in Capital			Accumulated Deficit			Noncontrolling Interest			Treasury Stock			Total Stockholder Equity
Balance January 1, 2023		69,306,497	$	69,306	$	127,478,325		$	(116,410,405	)	$	(219,276	)	$	(911,516	)	$	10,006,434
Stock based compensation		-		-		388,772			-			-			-			388,772
Common stock issued to board of directors for services		256,868		258		(258	)		-			-			-			-
Common stock to be issued to employees for bonuses		-		-		50,000			-			-			-			50,000
Common stock issued to consultants		242,335		242		125,758			-			-			-			126,000
Net loss		-		-		-			(1,307,666	)		(11,665	)		-			(1,319,331	)
Balance at March 31, 2023		69,805,700	$	69,806	$	128,042,597		$	(117,718,071	)	$	(230,941	)	$	(911,516	)	$	9,251,875
Stock based compensation		-		-		404,330			-			-			-			404,330
Common stock issued to board of directors for services		192,835		193		(193	)		-			-			-			-
Common stock to be issued to employees for bonuses		-		-		217,500			-			-			-			217,500
Common stock issued for payment of consulting services		109,204		109		56,677			-			-			-			56,786
Net loss		-		-		-			(2,216,317	)		(12,511	)		-			(2,228,828	)
Balance at June 30, 2023		70,107,739	$	70,108	$	128,720,911		$	(119,934,388	)	$	(243,452	)	$	(911,516	)	$	7,701,663

The accompanying notes are an integral part of these unaudited consolidated financial statements.

MILESTONE SCIENTIFIC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR SIX MONTHS ENDED

(UNAUDITED)

	June 30, 2024			June 30, 2023
Cash flows from operating activities:
Net loss	$	(1,216,891	)	$	(3,548,159	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		3,631			7,473
Amortization of intangibles		16,530			26,429
Stock based compensation		521,195			793,101
Employees paid in stock		264,953			267,500
Expense paid in stock		128,201			182,786
Amortization of right-of-use asset		47,511			45,624
Changes in operating assets and liabilities:
Increase in accounts receivable		(74,172	)		(95,867	)
Increase in inventories		(690,915	)		(400,728	)
Decrease in advances on contracts		120,595			42,495
Increase in prepaid expenses and other current assets		(256,818	)		(108,118	)
Increase (decrease) in accounts payable		713,533			(428,141	)
Increase(decrease) in accounts payable, related party		404,317			(176,803	)
Decrease (increase) in accrued expenses		(441,437	)		297,666
Increase in accrued expenses, related party		71,493			110,790
Decrease operating right of use lease asset		(46,199	)		(43,174	)
Net cash used in operating activities	$	(434,473	)	$	(3,027,126	)

Cash flows from investing activities:
Purchase of furniture, fixtures, and equipment		(6,596	)		(1,196	)
Sale of Marketable securities		2,976,573			-
Purchase of Marketable securities		-			(1,981,180	)
Net cash provided by (used in) investing activities	$	2,969,977		$	(1,982,376	)

Cash flows from financing activities:
Net proceeds from Public Placement Offering		192,156			-
Net Proceeds exercise of warrants		51,751
Payments finance lease obligations		(5,018	)		(4,324	)
Net cash provided by (used in) financing activities	$	238,889		$	(4,324	)

Net increase (decrease) in cash and cash equivalents		2,774,393			(5,013,826	)
Cash and cash equivalents at beginning of period		2,977,713			8,715,279
Cash and cash equivalents at end of period	$	5,752,106		$	3,701,453

The accompanying notes are an integral part of these unaudited consolidated financial statements.

MILESTONE SCIENTIFIC, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 — ORGANIZATION AND BUSINESS

All references in this report to “Milestone Scientific,” the “Company” or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Inc., and Milestone Innovation Inc., unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: CompuDent®; CompuFlo®; DPS Dynamic Pressure Sensing technology®; Milestone Scientific ®; CathCheck®; the Milestone logo ®; SafetyWand®; STA Single Tooth Anesthesia System®; and The Wand ®.

Milestone Scientific was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, its DPS Dynamic Pressure Sensing Technology® System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. The Company’s proprietary DPS Dynamic Pressure Sensing Technology is the Company’s technology platform that advances the development of next-generation devices. It regulates flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures and intra-articular joint injections.

The Company’s device, using The Wand®, a single use disposable handpiece, is marketed in dentistry under the trademarks CompuDent® and STA Single Tooth Anesthesia System®, and is suitable for all dental procedures that require local anesthetic. The dental devices are currently sold in the United States, Canada and in over 41 other countries. Milestone Scientific also has 510(k) marketing clearance from the U.S. Food and Drug Administration (FDA) on the CompuFlo® Epidural Computer Controlled Anesthesia System in the lumbar thoracic and cervical thoracic junction of the spinal region.

The Company is in the process of meeting with medical facilities and device distributors within the United States, Middle East and Europe. Certain of our medical instruments have obtained European CE mark approval and can be marketed and sold in most European countries.

In 2020, the Company received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) related to its new CompuPulse System, which combines the benefits of our CompuWave technology with a manual syringe. The new CompuPulse System allows one to identify a pulsatile pressure waveform in a variety of applications, thereby improving the reliability and safety of a drug delivery procedure. Importantly, not all procedures require the sophistication of our CompuFlo system, which precisely controls the administration and flow rate of medication as it is being administered. This new technology provides an efficient and low-cost alternative for procedures where a manual syringe may suffice, while still providing the ability to verify needle and subsequent catheter placement.

NOTE 2- LIQUIDITY AND UNCERTAINTIES

The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has incurred total losses since inception of $124.6 million. The operating losses were $1.8 million and $3.2 million, for three and six months ended June 30, 2024. On June 30, 2024, Milestone Scientific had cash and cash equivalents of approximately $5.8 million and working capital of approximately $7.7 million. For the six months ended June 30, 2024, and 2023, we had cash flows used in operating activities of approximately $0.4 million and $3.0 million respectively.

In April 2024, we received approximately $2.0 million, net of expenses, from the sale of New Jersey net operating losses (“NOL”), that were eligible for sale under the State of New Jersey’s Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer Program (”NJEDA Program”). The Company recorded this amount within Gain on sale of net operating losses within the consolidated statement of operations (unaudited).

Pursuant to the NJEDA program, the Company must retain a physical presence in the state of New Jersey for a period of 5 years after the sale of the of the NOLs. If the Company does not retain a physical presence during the 5 years after the sale of the NOLs, the Company can be liable to pay the state of New Jersey up to $2.2 million of the surrendered NOLs.

Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue from its dental business worldwide, the generation of revenue from its medical devices and disposables business in the United States and worldwide, and a reduction in operating expenses. However, the Company’s continued operations will depend on its ability to raise additional capital through various potential sources until it achieves profitability, if ever.

In addition to its employees, the Company relies on (i) distributors, agents, and third-party logistics providers in connection with product sales and distribution and (ii) raw material and component suppliers in the U.S., Europe, and China. If the Company, or any of these entities encounter any disruptions to its or their respective operations or facilities, or if the Company or any of these third-party partners were to shut down for any reason, including by fire, natural disaster, such as a hurricane, tornado or severe storm, power outage, systems failure, labor dispute, pandemic or other public health crises, or other unforeseen disruption, then the Company or they may be prevented or delayed from effectively operating its or their business, respectively.

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Principles of Consolidation

The accompanying consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission (SEC) include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including, Wand Dental (wholly owned), and Milestone Innovations Inc. (wholly owned). All significant, intra-entity transactions and balances have been eliminated in the consolidation. Ownership interests in consolidated entities that are held by entities other than us are reported as noncontrolling interests in our consolidated balance sheets. Losses attributed to noncontrolling interests are reported separately in our consolidated statements of operations.

During December 2023, the Board of Directors of the Company approved a resolution to repurchase the remaining minority stake of Milestone Medical, Inc. for $214,000. Concurrently, the Company transferred the net assets of Milestone Medical, Inc. to a newly created, wholly owned subsidiary, Milestone Innovations, Inc, a Delaware corporation.

2. Basis of Presentation

The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring entries) necessary to fairly present such interim results. Interim results are not necessarily indicative of the results of operations which may be expected for a full year or any subsequent period. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Milestone Scientific's Annual Report on Form 10-K.

3. Use of Estimates

The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to the inventory valuation and cash flow assumptions regarding evaluations of going concern considerations. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

4. Revenue Recognition

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To perform revenue recognition, the Company performs the following five steps:

i.	identification of the promised goods or services in the contract;
ii.	determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;
iii.	measurement of the transaction price, including the constraint on variable consideration;
iv.	allocation of the transaction price to the performance obligations based on estimated selling prices; and
v.	recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606.

The Company derives its revenues from the sale of its products, primarily dental instruments, handpieces, and other related products. The Company sells its products directly to consumers in the United States and through a global distribution network that includes both exclusive and non-exclusive distribution agreements with related and third parties.

Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon date of shipment. The Company has no obligation on product sales for any installation, set-up, or maintenance, these being the responsibility of the buyer. Milestone Scientific's only obligation after sale is the normal commercial warranty against manufacturing defects if the alleged defective unit is returned within the warranty period.

E-Commerce

As of January 3, 2023, the Company launched an E-Commerce platform, selling and shipping STA Single Tooth Anesthesia Systems® (STA) and handpieces directly to dental offices and dental groups within the United States. Our E-commerce portal accepts online payments via credit and debit cards. The cost of delivery is charged to the customer along with appropriate sales tax. The Company recognizes revenue from product sales at the time the product ships to a customer via a third-party carrier.

Sales Returns

The Company records allowances for product returns as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including the customers’ return rights and the Company’s historical experience with returns and the amount of product in the distribution channel not consumed by end users and subject to return. The Company relies on historical return rates to estimate returns.

Financing and Payment

The Company's payment terms differ by geography and customer, but payments from distributors are required within 90 days or less from the date of shipment. The E-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third-party. These payments from the third party are typically settled within two business days.

Disaggregation of Revenue

The Company operates in two operating segments: dental and medical. Therefore, the results of the Company's operations are reported on a consolidated basis for the purposes of segment reporting, consistent with internal management reporting. See Note 8 for revenues by geographical market, based on the customer’s location, and product category for the three and six months periods ended June 30, 2024, and 2023, respectively.

5. Cash and Cash Equivalents

Milestone Scientific considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2024, and December 31, 2023, Milestone Scientific has approximately $5.8 million and $3.0 million, respectively of cash and cash equivalents. As of June 30, 2024, Milestone Scientific had approximately $5.2 million in cash, cash equivalents, in accounts that exceeded the Federal Deposit Insurance Corporation insurance limit of $250,000.

6. Marketable Securities

The Company’s marketable securities are comprised of treasury bills with original maturity greater than three months from date of purchase. The Company’s marketable securities are measured at fair value and are accounted for in accordance with ASC 825, Financial Instruments. Unrealized holding gains and losses on treasury bills are recorded in interest income on the unaudited consolidated statements of operations. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of the marketable securities. As of June 30, 2024, the Company did not hold any marketable securities. As of December 31, 2023 the Company held approximately $3.0 million in U.S. treasury securities, with maturity dates within 3 and 6 months.

7. Accounts Receivable

The E-commerce portal sells directly to end users and accepts online payments via credit and debit cards via a third-party credit card processor. These payments are settled within two business days of the transactions. Sales to distributors are on credit terms. The Company estimates losses from the ability or inability of its distributor to make payments on amounts billed.

Distributors credit sales are due 90 days or less from the date of invoicing. As of June 30, 2024 and December 31, 2023, accounts receivable was recorded, net of allowance for credit losses of $10,000, respectively.

8. Inventories

Inventories principally consist of finished goods and component parts stated at the lower of cost (first-in, first-out method) or net realizable value. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess, slow moving, defective, and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence, and product expiration requirements.

The valuation allowance creates a new cost basis for the inventory, and it is not subsequently marked up through a reduction in the valuation allowance based on any changes in the underlying facts and circumstances. When the valuation allowance is initially recorded, the increase to the allowance is recognized as an increase in cost of sales. The valuation allowance is only reduced if or when the underlying inventory is sold or destroyed, at which time cost of sales recognized would include the previous adjusted cost basis.

9. Basic and Diluted Net Loss Per Common Share

Milestone Scientific presents “basic” earnings (loss) per common share applicable to common stockholders and, if applicable, “diluted” earnings (loss) per common share applicable to common stockholders pursuant to the provisions of ASC 260, “Earnings per Share”. Basic earnings (loss) per common share is calculated by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding and to be issued common shares as follows: 79,966,833 and 72,333,656 for the three months ended June 30, 2024 and 2023, respectively, and 80,412,397 and 72,048,223 for the six months ended June 30, 2024 and 2023, respectively. The calculation of diluted earnings per common share is like that of basic earnings per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares, such as those issuable upon the exercise of stock options and warrants, were issued during the period. Since Milestone Scientific had net losses in the six months ended June 30, 2024 and the three and six months ended June 30 2023, the assumed effects of the exercise of potentially dilutive outstanding stock options, unissued restricted stock awards (“RSA”) and warrants, were not included in the calculation as their effect would have been anti-dilutive. Such outstanding options, RSA's and warrants totaled 3,128,652 and 4,142,155 for the six months ended June 30, 2024 and 2023, respectively.

10. Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market at the measurement date (exit price). The Company required us to classify fair value measurements in one of the following categories.

●

Level 1 inputs which are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

●

Level 2 inputs which are defined as inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

●

Level 3 inputs are defined as unobservable inputs for the assets or liabilities.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

As of June 30, 2024 the Company did not have assets measured at fair value on a recurring basis. As of December 31, 2023 the Company had the following assets that were measured at fair value on a recurring basis:

		Level 1				Level 2				Level 3				Total
Marketable Securities December 31, 2023			2,976,573				-				-				2,976,573

Marketable Securities included US Treasury securities totaling $2,976,573 that are considered to be highly liquid and easily transferable at December 31, 2023. US Treasury securities are valued using inputs observable in active markets for identical securities and are therefore classified at Level 1 within the Company fair value hierarchy.

11. Stock-Based Compensation

Milestone Scientific accounts for stock-based compensation under ASC Topic 718, Share-Based Payment (“ASC Topic 718”). ASC Topic 718 requires all share-based payments to employees, non-employees, directors, and officers, including grants of employee stock options, to be recognized in the unaudited consolidated statements of operations over the service period, as an operating expense, based on the grant-date fair values.

12. Recent Accounting Pronouncements

Recently Issued Accounting Pronouncement

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures around segment expenses. ASU 2023-07 requires us to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. ASU 2023-07 also requires that the Company disclose an amount for other segment items by reportable segment, a description of their composition and provide all annual disclosures about a reportable segment’s profit or loss and assets pursuant to Topic 280 during interim periods. The Company must also disclose the CODM’s title and position, as well as certain information around the measures used by the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. For public entities with a single reportable segment, the entity must provide all the disclosures required pursuant to ASU 2023-07 and all existing segment disclosures under Topic 280. The amendments of ASU 2023-07 are effective for the Company for annual periods beginning January 1, 2024, and effective for interim periods beginning January 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company expects to adopt this standard effective January 1, 2024, at December 31, 2024 on the Company’s annual Form 10-K filing. The Company expects to update all required disclosures pursuant to this ASU 2023-07 at that time. The Company is evaluating the impact of ASU 2023-07 on our financial statements.

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide improvements primarily related to the rate reconciliation and income taxes paid information included in income tax disclosures. The Company would be required to disclose additional information regarding reconciling items equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory tax rate. Similarly, the Company would be required to disclose income taxes paid (net of refunds received) equal to or greater than five percent of total income taxes paid (net of refunds received). Additionally, the Company would be required to disclose income (loss) from continuing operations before income tax expense disaggregated by foreign and domestic jurisdictions, as well as income tax expense disaggregated by federal, state, and foreign jurisdictions. The amendments in ASU 2023-09 are effective January 1, 2025, including interim periods. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company will evaluate the impact of ASU 2023-09 on our financial statements.

NOTE 4 — INVENTORIES

Inventories consist of the following:

	June 30, 2024		December 31, 2023

Dental finished goods	$	3,282,009	$	2,404,970
Medical finished goods		-		14,730
Component parts and other materials		47,092		218,486
Total inventories	$	3,329,101	$	2,638,186

The Company has recorded an allowance on slow moving Medical finished goods due to the slow adoption of the epidural instruments and handpieces for approximately $1.2 million as of June 30, 2024 and December 31, 2023, respectively.

NOTE 5 — ADVANCES ON CONTRACTS

The advances on contracts represent funding of future STA devices, epidural instruments, and epidural replacements parts. The balance of the advances on contract as of June 30, 2024 and December 31, 2023 is approximately $1.3 and $1.4 million, respectively. The advance is classified as current based on the estimated annual usage of the underlying inventory.

NOTE 6— STOCKHOLDERS’ EQUITY

Public offering

On December 10, 2023, the Company completed a public offering for sale of 4,765,000 common stock, at $0.63 per share which generated net proceeds of approximately $2.6 million. In addition, the Company granted the Underwriter a 45-day option to purchase up to an additional 714,750 shares of Common Stock at the same price to cover over-allotments.

In connection with the Company's capital raise on December 10, 2023, on January 12, 2024 the underwriter exercised its over-allotment option as to 372,110 shares of common stock for net proceeds after discounts and commission of $192,156.

Warrants

The following table summarizes information about shares issuable under warrants outstanding as of June 30, 2024:

	Warrant shares outstanding			Weighted Average exercise price		Weighted Average remaining life		Intrinsic value
Outstanding at January 1, 2024		314,572			0.50		0.10		59,737
Issued		-			-		-		-
Exercised		(103,500	)		0.50		-		-
Expired or cancelled		(211,072	)		0.50		-		-
Outstanding and exercisable at June 30, 2024		-			-		-		-

During the six months ended June 30, 2024, the Company issued 103,500 shares of common stock for warrants issued in 2019. The warrants were exercised at $0.50 for proceeds of $51,751.

Shares to Be Issued

As of June 30, 2024 and 2023, respectively, there were 2,657,058 and 2,380,068 shares issuable, the issuance of which has been deferred under the terms of employment agreements with the Chief Executive Officer and other employees of Milestone Scientific. Such shares are issuable to each party upon termination of their respective employment.

As of June 30, 2024 and 2023, respectively, there were 527,625 and 382,697 shares issuable to non-employees, 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 activity for shares to be issued for the six months periods ending June 30, 2024 and 2023.

	June 30, 2024			June 30, 2023

Shares-to-be-issued, outstanding January 1, 2024 and 2023, respectively		3,098,917			2,440,673
Granted in current period		438,868			322,092
Issued in current period		(353,102	)		-
Shares-to be issued outstanding June 30, 2024 and 2023, respectively		3,184,683			2,762,765

Stock Options Plans

The Milestone Scientific Inc., Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”), provides for awards of restricted common, stock restricted stock units, options to purchase and other awards. On June 28, 2023 the 2020 Plan was amended and restated to increase the maximum shares that can be issued thereunder to 11,500,000 shares of common stock. The plan 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. Generally, options become exercisable over a three-year period from the grant date and expire five years after the date of grant.

Milestone Scientific recognizes compensation expenses over the requisite service period and in the case of performance-based options over the period of the expected performance. For the three and six months ended June 30, 2024, Milestone Scientific recognized approximately $170,000 and $358,000 of total employee compensation cost, respectively, recorded in general and administrative expenses on the statement of operations. For the three and six months ended June 30, 2023, Milestone Scientific recognized approximately $229,000 and $457,000 of total employee compensation cost, respectively, recorded in general and administrative expenses on the statement of operations.

As of June 30, 2024, there was $1.2 million of total unrecognized compensation cost related to non-vested options. Milestone Scientific expects to recognize these costs over a weighted average period of 1.8 years.

A summary of option activity for employees under the plans and changes six months ended June 30, 2024 is presented below:

	*Number of Options*		*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		3,036,989		2.29		5.41		-
Granted during 2024		-		-				-
Exercised during 2024		-		-		-		-
Forfeited or expired during 2024		-		-		-		-
Options outstanding June 30, 2024		3,036,989		2.32		4.91		-
Exercisable, June 30, 2024		2,188,433		2.29		4.31		-

A summary of option activity for non-employees under the plans and changes during the six months ended June 30, 2024 presented below:

	*Number of Options*			*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		91,663			1.76		2.25		2,833
Granted during 2024		8,333			0.64		4.85		-
Exercised during 2024		-			-		-		-
Forfeited or expired during 2024		(8,333	)		0.35		-		-
Options outstanding June 30, 2024		91,663			1.79		1.95		333
Exercisable, June 30, 2024		80,551			1.94		1.65		111

For the three and six months ended June 30, 2024, Milestone Scientific recognized approximately $1,100 and $2,200, respectively of expense related to non-employee options. For the three and six months ended June 30, 2023, Milestone Scientific recognized approximately $4,900 and $12,700, respectively of expense related to non-employee options.

The information below summarizes the restricted stock award activity for the six months ended June 30, 2024.

	*Number of Shares*			*Weighted Average Grant-Date Fair Value per Award*
Non-vested as January 1, 2024		327,937			0.91
Granted		-			-
Vested		(327,937	)		0.91
Cancelled		-			-
Non-vested as June 30, 2024		-			-

As of June 30, 2024, all restricted shares granted and deferred under the terms of employment agreements with each Territory Manager of Milestone Scientific are fully vested. For the three and six months ended June 30, 2024, the Company recognized stock compensation expense of approximately $0 and $2,100 respectively. For the three and six months ended June 30, 2023, the Company recognized stock compensation expense of approximately $9,400 and $19,000 respectively. For the six months ended June 30, 2024, there was no unrecognized compensation expense.

As of June 28, 2023, the Company entered into restricted stock agreements with members of the Board of Directors of the Company. The Company granted 617,978 restricted stock awards with a fair market value of $0.89 per share. Such restricted stock vests as follows: 25% on the grant date in June 2023, and 25% quarterly, on the first day of the following months: October 2023, January 2024, and April 2024. These awards vest immediately upon a change of control as defined in the agreements. For the three and six months ended June 30, 2024, the Company recognized approximately $20,500 and $158,000, respectively, for restricted stock expenses recorded in general and administrative expenses on the statement of operations. For the three and six months ended June 30, 2023, the Company recognized approximately $162,000 and $307,000, respectively, for restricted stock expenses recorded in general and administrative expenses on the statement of operations. For the six months ended June 30, 2024, there was no unrecognized compensation expense

NOTE 7 — INCOME TAXES

The utilization of Milestone Scientific's net operating losses may be subject to a substantial limitation due to the "change of ownership provisions" under Section 382 of the Internal Revenue Code and similar state provisions. Such limitation may result in the expiration of the net operating loss carry forwards before their utilization. Milestone Scientific has established a 100% valuation allowance for all its deferred tax assets due to uncertainty as to their future realization.

NOTE 8 — SEGMENT AND GEOGRAPHIC DATA

The Company conducts its business through two reportable segments: Dental and Medical. These segments offer different products and services to different customer bases. The Company provides general corporate services to its segments; however, these services are not considered when making operating decisions and assessing segment performance. These services are reported under “Corporate Services” below and these include costs associated with executive management, investor relations, patents, trademarks, licensing agreements, new instruments developments, financing activities and public company compliance.

The following tables present information about our reportable and operating segments:

	*For the three months ended June 30,*						*For the six months ended June 30,*
Sales
Net Sales:	*2024*			*2023*			*2024*			*2023*
Dental	$	1,834,764		$	2,912,166		$	4,076,189		$	5,503,564
Medical		19,000			(2,200	)		26,420			4,000
Total net sales	$	1,853,764		$	2,909,966		$	4,102,609		$	5,507,564

Operating Income (Loss):	*2024*			*2023*			*2024*			*2023*
Dental	$	193,243		$	598,944		$	818,750		$	1,240,884
Medical		(528,315	)		(863,899	)		(1,019,740	)		(1,685,832	)
Corporate		(1,445,351	)		(2,012,595	)		(3,044,501	)		(3,175,278	)
Total operating loss	$	(1,780,423	)	$	(2,277,550	)	$	(3,245,491	)	$	(3,620,226	)

Depreciation and Amortization:	*2024*			*2023*			*2024*			*2023*
Dental	$	-		$	1,219		$	-		$	2,388
Medical		-			694			-			1,662
Corporate		8,477			14,768			20,161			29,852
Total depreciation and amortization	$	8,477		$	16,681		$	20,161		$	33,902

Income (loss) before taxes and equity in earnings of affiliates:	*2024*			*2023*			*2024*			*2023*
Dental	$	193,266		$	599,126		$	817,776		$	1,240,295
Medical		(528,091	)		(865,735	)		(1,020,022	)		(1,689,503	)
Corporate		558,463			(1,962,219	)		(1,014,645	)		(3,098,951	)
Total income (loss) before taxes and equity in earnings of affiliate	$	223,638		$	(2,228,828	)	$	(1,216,891	)	$	(3,548,159	)

Total Assets	*June 30, 2024*			*December 31, 2023*
Dental	$	5,132,387		$	4,866,786
Medical		451,680			345,194
Corporate		6,421,173			6,159,532
Total assets	$	12,005,240		$	11,371,512

The following table shows a breakdown of Milestone Scientific’s product sales (net), domestically and internationally, by business segment product category:

	*Three Months Ended June 30, 2024*						*Three Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*			*Grand Total*
Instruments	$	194,676	$	1,000	$	195,676	$	271,215	$	-		$	271,215
Handpieces		1,136,124		18,000		1,154,124		1,130,122		(2,200	)		1,127,922
Accessories		14,977		-		14,977		21,443		-			21,443
Grand Total	$	1,345,777	$	19,000	$	1,364,777	$	1,422,780	$	(2,200	)	$	1,420,580

International: Rest of World
Instruments	$	125,176	$	-	$	125,176	$	474,250	$	-		$	474,250
Handpieces		357,645		-		357,645		732,894		-			732,894
Accessories		6,166		-		6,166		12,242		-			12,242
Grand Total	$	488,987	$	-	$	488,987	$	1,219,386	$	-		$	1,219,386

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-		$	270,000
Handpieces		-		-		-		-		-			-
Accessories		-		-		-		-		-			-
Grand Total	$	-	$	-	$	-	$	270,000	$	-		$	270,000

Total Product Sales	$	1,834,764	$	19,000	$	1,853,764	$	2,912,166	$	(2,200	)	$	2,909,966

	*Six Months Ended June 30, 2024*						*Six Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*		*Grand Total*
Instruments	$	408,551	$	1,000	$	409,551	$	495,683	$	-	$	495,683
Handpieces		2,216,557		25,420		2,241,977		2,269,900		-		2,269,900
Accessories		31,667		-		31,667		44,320		-		44,320
Grand Total	$	2,656,775	$	26,420	$	2,683,195	$	2,809,903	$	-	$	2,809,903

International: Rest of World
Instruments	$	407,262	$	-	$	407,262	$	873,205	$	-	$	873,205
Handpieces		1,004,594		-		1,004,594		1,522,010		4,000		1,526,010
Accessories		7,558		-		7,558		28,446		-		28,446
Grand Total	$	1,419,414	$	-	$	1,419,414	$	2,423,661	$	4,000	$	2,427,661

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-	$	270,000
Handpieces		-		-		-		-		-		-
Accessories		-		-		-		-		-		-
Grand Total	$	-	$	-	$	-	$	270,000	$	-	$	270,000

Total Product Sales	$	4,076,189	$	26,420	$	4,102,609	$	5,503,564	$	4,000	$	5,507,564

NOTE 9 – CONCENTRATIONS

Milestone Scientific has informal arrangements with third-party U.S. manufacturers of the STA devices, and epidural instruments pursuant to which they manufacture these products under specific purchase orders which contains advance payments for long lead items for production. Advances on contracts have been classified as current at June 30, 2024 and December 31, 2023. The termination of the manufacturing relationship with any of these manufacturers could have a material adverse effect on Milestone Scientific’s ability to produce and sell its products. Although alternate sources of supply exist, and new manufacturing relationships could be established, Milestone Scientific would need to recover its existing tools or have new tools produced. Establishment of new manufacturing relationships could involve significant expense and delay. Any curtailment or interruption of the supply, because of termination of such a relationship, would have a material adverse effect on Milestone Scientific’s financial condition, business, and results of operations.

On January 3, 2023, the Company launched an E-Commerce platform selling and shipping STA Single Tooth Anesthesia System® (STA) and handpieces directly to dental offices and dental groups within the U.S. For the three months ended June 30, 2024, E-Commerce accounted for 66% of net product sales. For the six months ended June 30, 2024, E-Commerce accounted for 59% of net product sales. For the three months ended June 30, 2023, E-commerce accounted for 43% of net product sales and one international distributor accounted for 11% of net product sales. For the six months ended June 30, 2023, E-commerce accounted for 42% of net product sales.

The Company had four distributors that accounted for 34%, 31%, 13% and 11% of accounts receivable, respectively, as of June 30, 2024. The Company had three distributors that accounted for 39%, 38%, and 15% of accounts receivable, respectively as of December 31, 2023.

As of June 30, 2024, the Company had three suppliers that accounted for 36% 12% and 11%, respectively, of accounts payable and accounts payable, related party. The Company had three vendors that accounted for 37%, 17% and 12% respectively of accounts payable and accounts payable, related party as of December 31, 2023.

NOTE 10 -- RELATED PARTY TRANSACTIONS

United Systems

Milestone Scientific has a supply agreement with United Systems (whose controlling shareholder, Tom Cheng, is a significant stockholder of Milestone Scientific), the principal manufacturer of our handpieces, pursuant to which the manufacture is under specific purchase orders, but without minimum purchase commitments. Purchases from this manufacturer were approximately $423,000 and $1.2 million for the three and six months ended June 30, 2024. Purchases from this manufacturer were approximately $592,000 and $1.3 million for the three and six months ended June 30, 2023.

As of June 30, 2024 and December 31, 2023, Milestone Scientific owed this manufacturer approximately $803,000, and $402,000, respectively, which is included in accounts payable, related party and accrued expense, related party on the unaudited consolidated balance sheets.

Director of Clinical Affairs

The Director of Clinical Affairs’ royalty fee was approximately $95,000 and $211,000 for the three and six months ended June 30, 2024, respectively. The Director of Clinical Affairs’ royalty fee was approximately $144,000 and $267,000 for the three and six months ended June 30, 2023, respectively. Additionally, Milestone Scientific expensed consulting fees to the Director of Clinical Affairs of $39,000 and $78,000 for the three and six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, Milestone Scientific owed the Director of Clinical Affairs for royalties of approximately $100,000 and $114,000, respectively, which is included in accounts payable, related party and accrued expense, related party, in the unaudited consolidated balance sheets.

Leonard Osser, Director

On March 2, 2021, the Company entered into a Royalty Sharing Agreement with Leonard Osser, pursuant to which Mr. Osser sold, transferred and assigned to the Company all of his rights in and to a certain patent application as to which he is a co-inventor with Mark Hochman, a consultant to the Company, and the Company agreed to pay to Mr. Osser, beginning May 9, 2027, half of the royalty (2.5%) on net sales that would otherwise be payable to Mark and Claudia Hochman under their existing Technology Sale Agreement, dated January 1, 2005 and amended from time to time, with the Company. In connection with the Royalty Sharing Agreement, the Hochman's agreed with the Company, pursuant to an addendum to such Technology Sale Agreement dated February 25, 2021, to reduce from 5% to 2.5% the payments due to them under their Technology Sale Agreement beginning on May 9, 2027, and thereafter with respect to dental products embodying the invention.

As part of the Succession Plan of the Company, Mr. Osser agreed, pursuant to an agreement dated April 6, 2021 (the “Succession Agreement”), to restructure certain of his existing agreements with the Company, which provide for additional and broader executive support, and at such time as he elects to step down as Interim Chief Executive Officer of the Company, to become the Vice Chairman of the Board of the Company.

With respect to Mr. Osser’s July 2017 Employment Agreement and July 2017 Consulting Agreement (each as previously disclosed), the compensation under the Employment Agreement was modified to reduce the overall compensation by $100,000 to $200,000, split equally between a cash amount and an amount in shares, and the compensation under the Consulting Agreement was increased by $100,000 to $200,000, equally split between a cash amount and an amount in shares, which shares were formerly payable under the Employment Agreement. If the Company terminates Mr. Osser’s employment “Without Cause,” other than due to his death or disability, or if Mr. Osser terminates his employment for “Good Reason” (both as defined in the agreement), Mr. Osser is entitled to be paid in one lump sum payment as soon as practicable following such termination: an amount equal to the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code) of all compensation pursuant to this agreement from the effective date of termination hereunder through the remainder of the Employment Term. In connection with his acceptance of the Vice Chairman position and in consideration of his services as a member of the Board and agreement to provide certain additional general consulting services, Mr. Osser was granted options to purchase 2,000,000 shares of common stock, exercisable at the fair market value of the common stock on the date of grant, vesting over the five-year period after he steps down as Interim Chief Executive Officer of the Company or ten years from the date of grant, whichever shall end first. The Company believes that the effect of such existing agreements and the Succession Agreement, all of which relate to the period after such time Mr. Osser steps down as Interim Chief Executive Officer of the Company, collectively expand Mr. Osser’s consulting to and support of the Company beyond its Chinese operations to also include its medical and other products, while enhancing the retention aspects of the Company’s relationship with Mr. Osser. On May 19, 2021, Mr. Osser resigned as Interim Chief Executive Officer of the Company and assumed the role of Vice Chairman of the Board.

Compensation under the Employment Agreement and the Consulting Agreement is payable for 9.5 years from May 19, 2021. The Company recorded expenses of $50,000 and $100,000 related to the Employment Agreement for the three and six months ended June 30, 2024 and 2023, respectively. The Company recorded expenses of $50,000 and $100,000 related to the Consulting Agreement for the three and six months ended June 30, 2024 and 2023, respectively

Dr. D. Demesmin, Director

As of February 2024, the University Pain Medicine Center (STEMMEE), of which Dr. D. Demesmin, a Company board member is the CEO agreed to purchases products from the Company under the same terms and conditions applying to other medical pain clinics in the United States. STEMMEE purchased medical products in the amount of $6,000 and $9,000 for three and six months ended June 2024 from the Company.

NOTE 11 — COMMITMENTS

(1) Contract Manufacturing Agreement

Milestone Scientific has informal arrangements with third-party manufacturers of the STA devices, and epidural instruments pursuant to which they manufacture these products under specific purchase orders but without any long-term contract or minimum purchase commitment. The Company has a purchase commitment for the delivery of 2,000 STA instruments as of June 30, 2024. As of June 30, 2024, the purchase order commitment was approximately $2.1 million, and approximately $1.1 million was paid and reported in advance on contracts in the consolidated balance sheet. As of June 30, 2024 the Company recorded approximately $103,000 for the development of the next generation instrument in advances on contracts in the consolidated balance sheet. As of December 31, 2023, the purchase order commitment was approximately $2.3 million, and approximately $1.3 million was paid and reported in advance on contracts in the consolidated balance sheet.

The advances on contracts represent funding of future epidural instruments, and epidural replacements parts. As of June 30, 2024 and December 31, 2023 the company also has advances on an open purchase order for long lead items for a future purchase order for the manufacturing of Epidural instrument of approximately $168,000 and $41,000 respectively.

(2) Leases

Operating Leases

The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities:

	●	As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company has utilized its incremental borrowing rate based on the long-term borrowing costs of comparable companies in the Medical Device industry.
	●	Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration was allocated to the combined lease component.
	●	The expected lease terms include non-cancellable lease periods. Renewal option periods are not included in the determination of the lease terms as they were not reasonably certain to be exercised.

The components of lease expense were as follows:

	*Three months ended*				*Six months ended*
	*June 30, 2024*		*June 30, 2023*		*June 30, 2024*			*June 30, 2023*
Cash paid for operating lease liabilities	$	33,390	$	31,882	$	65,272		$	63,763
Cash paid for finance lease liabilities		2,685		2,685		5,370			5,370
Weighted Average Remaining Lease Term
Finance leases (years)						0.55 years			1.5 years
Operating leases (years)						2.75 years			3.75 years
Weighted-average discount rate – operating leases						9.20	%		9.20	%
Weighted-average discount rate – finance leases						9.20	%		9.20	%

NOTE 12 — SUBSEQUENT EVENTS

As of July 16, 2024, the Company entered into restricted stock agreements with members of the Board of Directors of the Company. The Company granted 730,337 restricted stock awards with a fair market value of $0.89 per share. Such restricted stock vests as follows: 25% on the grant date in July 2024, and 25% quarterly, on the first day of the following months: October 2024, January 2025, and April 2025. These awards vest immediately upon a change of control as defined in the agreements.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussions of the financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements contained in this report and in connection with management's discussion and analysis and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission, or SEC on March 29, 2024. Certain statements in this discussion and elsewhere in this report constitute forward-looking statements, within the meaning of Section 21E of the Exchange Act, that involve risks and uncertainties. The actual results may differ materially from those anticipated in these forward-looking statements.

OVERVIEW

Milestone Scientific is a biomedical technology company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and devices for medical and dental use. Since our inception, we have engaged in pioneering proprietary, innovative, computer-controlled injection technologies, and solutions for the medical and dental markets. We believe our technologies are proven and well established. Our common stock has been listed on the NYSE American since June 1, 2015, and trades under the symbol “MLSS”.

We focus our resources on redefining the worldwide standard of care for injection techniques by making the experience more comfortable for the patient by reducing the anxiety and stress of receiving injections from the healthcare provider. Our computer-controlled injection devices make injections precise, efficient, and virtually painless.

We have developed a proprietary, revolutionary, computer-controlled anesthetic delivery device, our DPS Dynamic Pressure Sensing Technology® System, to meet the needs of various subcutaneous drug delivery injections and fluid aspiration – enabling healthcare practitioners to achieve multiple unique benefits that cannot currently be accomplished with the 160-year-old manual syringe. Our proprietary DPS Dynamic Pressure Sensing technology is our technology platform that advances the development of next-generation devices. It regulates the flow rate and monitors the pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, used in various dental and medical injections. It has specific medical applications for epidural space identification in regional anesthesia procedures.

Our device, using The Wand®, a single use disposable handpiece, is marketed in dentistry under the trademark CompuDent®, and STA Single Tooth Anesthesia System® and is suitable for all dental procedures that require local anesthetic. The dental devices currently are sold in the United States, Canada and in over 41 other countries. Milestone Scientific also has 510(k) marketing clearance from the U.S. Food and Drug Administration (FDA) on the CompuFlo® Epidural Computer Controlled Anesthesia System in the lumbar, thoracic and cervical thoracic junction of the spine region. In addition, Milestone Scientific has obtained CE mark approval and can be marketed and sold in most European countries.

Our recent receipt of the chronology-Specific CPT Code for the Company's technology by the American Medical Association marks an important milestone, that could increase the potential number of anesthesia pain management clinics adopting the CompuFlo instrument. A CPT code expands the potential for reimbursement of epidural procedures in pain management utilizing the CompuFlo Epidural System, which should help accelerate the commercial roll-out of CompuFlo in the U.S

Milestone Scientific and its subsidiaries currently hold over 245 U.S. and foreign patents, and many patents pending and patent applications. The Company’s patents and patent applications relate to drug delivery methodologies, Peripheral Nerve Block, drug flow rate measurement, pressure/force computer-controlled drug delivery with exit pressure, dynamic pressure sensing, automated rate control, automated charging, drug profiles, audible and visual pressure/force feedback, tissue identification, identification of a target region drug delivery injection unit, drug drive unit for anesthetic, handpiece, and injection device.

Milestone Scientific remains focused on advancing efforts to achieve the following three primary objectives:

●	Establishing Milestone’s DPS Dynamic Pressure Sensing technology platform as the standard-of-care in painless and precise drug delivery, providing for the first time, objective visual and audible in-tissue pressure feedback, and continuing to expand platform applications;

●	Following obtaining successful FDA clearance of our first medical device, Milestone Scientific is transitioning from a research and development organization to a commercially focused medical device company; and

●	Expanding our global footprint of our CompuFlo Epidural and CathCheck System by utilizing a targeted field sales force and partnering with distribution companies worldwide.

Our dental devices have been used to administer over 92 million injections worldwide. Each of our devices has a related single use disposable handpiece, leading to a continuing revenue stream following the sale of the device. At present, we sell disposable handpieces unique to our legacy product (the Wand and CompuDent) to users who have not upgraded to our current dental product, the STA Single Tooth Anesthesia System.

Building on the success of our proprietary, core technology platform for dental injections, and desiring to pursue other growth opportunities, we have begun to expand the uses and applications of our proprietary, patented technologies to achieve greater operational efficiencies, enhanced patient safety and therapeutic adherence, patient satisfaction, and improved quality of care across a broad range of medical specialties.

We intend to continue to expand the uses and applications of our DPS Dynamic Pressure Sensing technology. We believe that we and our technology solutions are recognized by key opinion leaders (i.e., academics, anesthesiologists and practicing dentists whose opinions are widely respected), industry experts and medical and dental practitioners as a leader in the emerging, computer-controlled injection industry.

The Single Tooth Anesthesia System (Dental)

Since its market introduction in early 2007, the STA Single Tooth Anesthesia System and prior C-CLAD devices have been used to deliver over 92 million safe, effective, and comfortable injections. The instrument has also been favorably evaluated in numerous peer-reviewed, published clinical studies and associated articles. Moreover, there appears to be a growing consensus among users that the STA Instrument is proving to be a valuable and beneficial instrument that is positively impacting the practice of dentistry worldwide.

Medical Market Product

In June 2017, we received FDA regulatory clearance to sell the CompuFlo Epidural Computer Controlled Anesthesia System in the United States for epidural injections.

In May, 2022, the Company received a chronology-specific CPT Code for the Company’s technology by the American Medical Association, which marks an important milestone that could increase the potential number of anesthesia pain management clinics adopting the CompuFlo instrument. Effective January 1, 2023, this temporary tracking code allows clinicians to submit claims to healthcare insurance providers using the Company’s technology for Epidural Sterile Injections in the lumbar, thoracic, and cervical thoracic junction of the spinal region for reimbursement. A CPT code expands the potential for reimbursement of epidural procedures in pain management utilizing the CompuFlo Epidural System, which should help accelerate the commercial roll-out of CompuFlo in the United States.

On February 27, 2023, the Company announced that its CompuFlo® Epidural System has received 510(k) FDA clearance for use in the thoracic region of the spine, including the cervical thoracic junction. This approval expands upon the Company’s prior approval of CompuFlo for use within the lumbar region of the spine, where the focus has been epidural analgesia during labor and delivery procedures.

On June 18, 2024, the Company announced that it has received regulatory approval from Brazil's National Health Surveillance Agency (ANVISA) to market and sell its CompuFlo® Epidural System in Brazil. The approval includes the lumbar, thoracic, and cervical-thoracic junction of the spine.

On July 10, 2024, the Company announced that First Coast Service Options Inc. (FCSO), a Jurisdictional Medicare Administrative Contractor (“JMAC”), has granted favorable Medicare Part B physician price assignment across Florida for use of the Company’s CompuFlo® Epidural System under the American Medical Association’s (AMA) technology-specific Category III CPT® code CPT0777T (real-time pressure-sensing epidural guidance system when used in conjunction with a primary ESI procedure).

The following table shows a breakdown of Milestone Scientific’s product sales (net), domestically and internationally, by business segment product category:

	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
Domestic: US	Dental		Medical		Grand Total		Dental		Medical			Grand Total
Instruments	$	194,676	$	1,000	$	195,676	$	271,215	$	-		$	271,215
Handpieces		1,136,124		18,000		1,154,124		1,130,122		(2,200	)		1,127,922
Accessories		14,977		-		14,977		21,443		-			21,443
Grand Total	$	1,345,777	$	19,000	$	1,364,777	$	1,422,780	$	(2,200	)	$	1,420,580

International: Rest of World
Instruments	$	125,176	$	-	$	125,176	$	474,250	$	-		$	474,250
Handpieces		357,645		-		357,645		732,894		-			732,894
Accessories		6,166		-		6,166		12,242		-			12,242
Grand Total	$	488,987	$	-	$	488,987	$	1,219,386	$	-		$	1,219,386

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-		$	270,000
Handpieces		-		-		-		-		-			-
Accessories		-		-		-		-		-			-
Grand Total	$	-	$	-	$	-	$	270,000	$	-		$	270,000

Total Product Sales	$	1,834,764	$	19,000	$	1,853,764	$	2,912,166	$	(2,200	)	$	2,909,966

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
Domestic: US	Dental		Medical		Grand Total		Dental		Medical		Grand Total
Instruments	$	408,551	$	1,000	$	409,551	$	495,683	$	-	$	495,683
Handpieces		2,216,557		25,420		2,241,977		2,269,900		-		2,269,900
Accessories		31,667		-		31,667		44,320		-		44,320
Grand Total	$	2,656,775	$	26,420	$	2,683,195	$	2,809,903	$	-	$	2,809,903

International: Rest of World
Instruments	$	407,262	$	-	$	407,262	$	873,205	$	-	$	873,205
Handpieces		1,004,594		-		1,004,594		1,522,010		4,000		1,526,010
Accessories		7,558		-		7,558		28,446		-		28,446
Grand Total	$	1,419,414	$	-	$	1,419,414	$	2,423,661	$	4,000	$	2,427,661

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-	$	270,000
Handpieces		-		-		-		-		-		-
Accessories		-		-		-		-		-		-
Grand Total	$	-	$	-	$	-	$	270,000	$	-	$	270,000

Total Product Sales	$	4,076,189	$	26,420	$	4,102,609	$	5,503,564	$	4,000	$	5,507,564

Current Product Platform

See Note 1, “Organization and Business”.

Results of Operations

The following table sets forth the consolidated results of operations for the three and six months ended June 30, 2024 and 2023, respectively. The trends suggested by this table may not be indicative of future operating results:

	For the three months ended June 30, 2024			For the three months ended June 30, 2023			For the six months ended June 30, 2024			For the six months ended June 30, 2023
Operating results:
Product sales, net	$	1,853,764		$	2,909,966		$	4,102,609		$	5,507,564
Cost of products sold		442,560			1,019,907			1,015,302			1,728,882
Gross profit		1,411,204			1,890,059			3,087,307			3,778,682

Operating expenses:
Selling, general and administrative expenses		2,868,182			3,937,281			5,903,458			7,011,012
Research and development expenses		314,968			213,647			409,179			353,994
Depreciation and amortization expense		8,477			16,681			20,161			33,902
Total operating expenses		3,191,627			4,167,609			6,332,798			7,398,908
Loss from operations		(1,780,423	)		(2,277,550	)		(3,245,491	)		(3,620,226	)
Gain on sale of net operating losses		1,983,095			-			1,983,095			-
Other income, and interest net		20,966			48,722			45,505			72,067
Net income (loss)		223,638			(2,228,828	)		(1,216,891	)		(3,548,159	)
Net income (loss) attributable to noncontrolling interests		-			(12,511	)		-			(24,176	)
Net income (loss) attributable to Milestone Scientific Inc.	$	223,638		$	(2,216,317	)	$	(1,216,891	)	$	(3,523,983	)

Cash flow:		June 30, 2024			June 30, 2023
Net cash provided by (used in) operating activities	$	(434,473	)	$	(3,027,126	)
Net cash provided by (used in) investing activities	$	2,969,977		$	(1,982,376	)
Net cash provided by (used in) financing activities	$	238,889		$	(4,324	)

Three months ended June 30, 2024 compared three months ended June 30, 2023

Net sales for 2024 and 2023 were as follows:

	2024		2023			Change
Dental	$	1,834,764	$	2,912,166		$	(1,077,402	)
Medical		19,000		(2,200	)	$	21,200
Total sales, net	$	1,853,764	$	2,909,966		$	(1,056,202	)

Consolidated revenue for the three months ended June 30, 2024 and 2023 was approximately $1.9 million and $2.9 million, respectively, a decrease of approximately $1.1 million. On January 3, 2023, the Company launched an E-Commerce platform, to replace its previous U.S. distribution arrangement with Henry Schein by selling and shipping the STA Single Tooth Anesthesia System® (STA) and handpieces directly to end users, including dental offices and dental groups, within the U.S. E-commerce and dental service revenue for the three months ended June 30, 2024 was approximately $1.3 million compared $1.2 million for the three months ended June 30, 2023. The Company terminated its remaining U.S. distributor in September, 2023. The Company recorded no revenue from other U.S. distributors for the three months ended June 30, 2024 compared to approximately $214,000 for the three months ended June 30, 2023. For the three months ended June 30, 2024, international revenue was approximately $490,000 a decrease of $710,000, compared to June 30, 2023. International sales decreased due to issues with freight forwarder carrier during the quarter. The Company recorded no revenue from China for the three months ended June 30, 2024 compared to approximately $270,000 for the three months ended June 30, 2023.

Gross Profit for 2024 and 2023 were as follows:

	2024		2023			Change
Dental	$	1,392,109	$	1,970,863		$	(578,754	)
Medical		19,095		(80,804	)	$	99,899
Total gross profit	$	1,411,204	$	1,890,059		$	(478,855	)

Consolidated gross profit for the three months ended June 30, 2024 was approximately $1.4 million, a decrease of approximately $479,000, compared to approximately $1.9 million for the same period in 2023. The decrease was due to higher margins in sales associated with the launch of E-Commerce platform offset by an decrease in International sales. The decrease is also associated with the Company recording an allowance for medical inventory due slow commercialization and the sales commencing during the six months ended June 30, 2024.

Selling, general and administrative expenses for 2024 and 2023 were as follows:

	2024		2023		Change
Dental	$	884,547	$	1,166,645	$	(282,098	)
Medical		546,760		772,810		(226,050	)
Corporate		1,436,875		1,997,826		(560,951	)
Total selling, general and administrative expenses	$	2,868,182	$	3,937,281	$	(1,069,099	)

Consolidated selling, general and administrative expenses for the three months ended June 30, 2024 and 2023 were approximately $2.9 million and $3.9 million, respectively. The decrease of approximately $1.1 million is due to factors in several areas. Employee salaries and benefits expenses decreased approximately $597,000 for the three months ended June 30, 2024 compared to the same period in 2023. The decrease is due to a lower head count, and stock compensation expense. The Company decreased marketing, and royalties expenses professional fees, quality control, regulatory, other selling, general and administrative expenses by approximately $490,000. The Company recorded an decrease in travel, and warehousing of approximately $8,000 for the three months ended June 30, 2024 compared to the same period in 2023.

Research and Development for 2024 and 2023 were as follows:

	2024		2023		Change
Dental	$	314,319	$	204,057	$	110,262
Medical		649		9,590		(8,941	)
Corporate		-		-		-
Total research and development	$	314,968	$	213,647	$	101,321

Consolidated research and development expenses for the three months ended June 30, 2024 and 2023 were approximately $315,000 and $214,000, respectively. The increase of approximately $101,000 is related to the Company's entering into the final stage of the development of the next generation STA Single Tooth Anesthesia System.

Profit (Loss) from Operations for 2024 and 2023 were as follows:

	2024			2023			Change
Dental	$	193,243		$	598,944		$	(405,701	)
Medical		(528,315	)		(863,899	)		335,585
Corporate		(1,445,351	)		(2,012,595	)		567,244
Total loss from operations	$	(1,780,423	)	$	(2,277,550	)	$	497,127

The loss from operations was approximately $1.8 million and $2.3 million for the three months ended June 30, 2024 and 2023, respectively, a decrease of approximately $497,000.

Six months ended June 30, 2024 compared three months ended June 30, 2023

Net sales for 2024 and 2023 were as follows:

	2024		2023		Change
Dental	$	4,076,189	$	5,503,564	$	(1,427,375	)
Medical		26,420		4,000		22,420
Total sales, net	$	4,102,609	$	5,507,564	$	(1,404,955	)

Consolidated revenue for the six months ended June 30, 2024 and 2023 was approximately $4.1 million and $5.5 million, respectively, a decrease of approximately $1.4 million. On January 3, 2023, the Company launched an E-Commerce platform, to replace its previous U.S. distribution arrangement with Henry Schein by selling and shipping the STA Single Tooth Anesthesia System® (STA) and handpieces directly to end users, including dental offices and dental groups, within the U.S. E-commerce and dental service revenue for the six months ended June 30, 2024 was approximately $2.7 million compared $2.2 million at June 30, 2023. The Company terminated its remaining U.S. distributor in September 2023. The Company recorded no revenue from other U.S. distributors for the six months ended June 30, 2024 compared to approximately $432,000 for the six months ended June 30, 2023. For the six months ended June 30, 2024, international revenue was approximately $1.4 million, a decrease of $1.0 million, compared to June 30, 2023. International sales decreased due to issues with freight forwarders carrier during the quarter. The Company recorded no revenue from China for the six months ended June 30, 2024 compared to approximately $270,000 for the six months ended June 30, 2023.

Gross Profit for 2024 and 2023 were as follows:

	2024		2023			Change
Dental	$	3,065,235	$	3,859,279		$	(794,044	)
Medical		22,072		(80,597	)		102,669
Total gross profit	$	3,087,307	$	3,778,682		$	(691,375	)

Consolidated gross profit for the three months ended June 30, 2024 was approximately $3.1 million, a decrease of approximately $691,000, compared to approximately $3.8 million for the same period in 2023. The decrease was due to higher margins in sales associated with the launch of E-Commerce platform offset by an decrease in International sales. The decrease is also associated with the Company recording an allowance for medical inventory due slow commercialization and the sales commencing during the six months ended June 30, 2024.

Selling, general and administrative expenses for 2024 and 2023 were as follows:

	2024		2023		Change
Dental	$	1,838,216	$	2,283,209	$	(444,993	)
Medical		1,040,902		1,582,378		(541,476	)
Corporate		3,024,340		3,145,425		(121,085	)
Total selling, general and administrative expenses	$	5,903,458	$	7,011,012	$	(1,107,554	)

Consolidated selling, general and administrative expenses for the six months ended June 30, 2024 and 2023 were approximately $6.0 million and $7.0 million, respectively. The decrease of approximately $1.1 million is due to factors in several areas. Employee salaries and benefits expenses decreased approximately $871,000 for the six months ended June 30, 2024 compared to the same period in 2023. The Company decreased marketing, other selling, general and administrative expenses, travel, warehousing quality control, regulatory, and royalties expenses by approximately by $327,000 The Company recorded an increase in professional fees of approximately $80,000 for the six months ended June 30, 2024 compared to the same period in 2023.

Research and Development for 2024 and 2023 were as follows:

	2024		2023		Change
Dental	$	408,270	$	332,800	$	75,470
Medical		909		21,194		(20,285	)
Corporate		-		-		-
Total research and development	$	409,179	$	353,994	$	55,185

Consolidated research and development expenses for the six months ended June 30, 2024 and 2023 were approximately $409,000 and $354,000, respectively. The increase of approximately $55,000 is related to the Company's entering into the final stage of the development of the next generation STA Single Tooth Anesthesia System.

Profit (Loss) from Operations for 2024 and 2023 were as follows:

	2024			2023			Change
Dental	$	818,749		$	1,240,884		$	(422,135	)
Medical		(1,019,740	)		(1,685,832	)		666,092
Corporate		(3,044,500	)		(3,175,278	)		130,778
Total loss from operations	$	(3,245,491	)	$	(3,620,226	)	$	374,735

The loss from operations was approximately $3.2 million and $3.6 million for the six months ended June 30, 2024 and 2023, respectively, a decrease of approximately $375,000.

Liquidity and Capital Resources

Cash Flows

The following table summarizes our sources and uses of cash for six months ended:

Cash flow:	June 30, 2024			June 30, 2023			Change
Net cash provided by (used in) operating activities	$	(434,473	)	$	(3,027,126	)	$	2,592,653
Net cash provided by (used in) investing activities	$	2,969,977		$	(1,982,376	)	$	4,952,353
Net cash provided by (used in) financing activities	$	238,889		$	(4,324	)	$	243,213

Operating Activities

Cash flows used in operating activities decreased of $2.6 million for the six months ended June 30, 2024 compared to June 30, 2023. The decrease was primarily driven by the Company’s receipt of approximately $2.0 million, net of expenses, from the sale of New Jersey net operating losses ‘(NOL”), that were eligible for sale under the State of New Jersey’s Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer program (“NJEDA Program”).

Investing Activities

Cash flows provided by investing activities increased $5.0 million for the six months ended June 30, 2024 compared to June 30, 2023. The increase in cash provided in investing activities was driven by the Company’s purchase of $2.0 million of marketable securities during the six months ended June 30, 2023. The Company sold $3.0 million of marketable securities during the six months ended June 30, 2024 which increased cash and equivalents $3.0 million.

Financing Activities

Net cash provided by financing activities for the six months ended June 30, 2024 compared to June 30, 2023 increased by approximately $243,000 primarily due to the issuance of additional shares of the Company’s common stock due to a Public Placement Offering.

Consideration of Company’s ability to continue as a going concern.

The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has incurred total losses since inception of $124.6 million. The operating losses were $1.8 million and $3.2 million, for three and six months ended June 30, 2024. On June 30, 2024, Milestone Scientific had cash and cash equivalents of approximately $5.8 million and working capital of approximately $7.7 million. For the six months ended June 30, 2024, and 2023, we had cash flows used in operating activities of approximately $0.4 million and $3.0 million respectively.

In April 2024, we received approximately $2.0 million, net of expenses, from the sale of New Jersey net operating losses (“NOL”), that were eligible for sale under the State of New Jersey’s Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer program (“NJEDA Program”).

Management has prepared financial forecasts covering a period of 12 months from the date of issuance of these financial statements. These forecasts include several revenue and operating expense assumptions which indicate that the Company’s current cash and liquidity is sufficient to finance the operating requirements for at least the next 12 months from the filing date. Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue from its dental business worldwide, the generation of revenue from its medical devices and disposables business in the United States and worldwide, and a reduction in operating expenses. However, the Company’s continued operations will depend on its ability to raise additional capital through various potential sources until it achieves profitability, if ever.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Milestone Scientific is a “smaller reporting company” as defined by Regulation S-K and, as such, is not required to provide the information required by this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Principal Accounting Officer, both positions being held by the same person, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, our Chief Executive Officer and Principal Accounting Officer, concluded that, as of June 30, 2024, our disclosure controls and procedures were effective at a reasonable assurance level.

Changes in Internal Control over Financial Reporting

We routinely review our internal control over financial reporting and from time to time make changes intended to enhance the effectiveness of our internal control over financial reporting. During the three months ended June 30, 2024, we made no changes to our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that we believe materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, of our 2023 Annual Report.

Item1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

None.

Item 2. Unregistered Sales of Equity Securities and use of proceeds

Not applicable.

Item 3. Default upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits and Financial Statement Schedules

Exhibit No		Description

31.1		Rule 13a-14(a) Certification-Chief Executive Officer and Chief Accounting Officer*
32.1		Section 1350 Certifications-Chief Executive Officer and Chief Accounting Officer**
101.INS		Inline XBRL Instance Document*
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished herewith and not filed, in accordance with item 601(32) (ii) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MILESTONE SCIENTIFIC INC.

	/s/ Arjan Haverhals
	Arjan Haverhals
	Chief Executive Officer
	Chief Accounting Officer
	Principal Executive Officer
Date: August 14, 2024

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification

I , Arjan Haverhals as Chief Executive Officer and Chief Accounting Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Milestone Scientific Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, considering the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under the supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

Date: August 14, 2024

		/s/ Arjan Haverhals
		Arjan Haverhals
		Chief Executive Officer
		Chief Accounting Officer
		Principal Executive Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Milestone Scientific Inc. (“Milestone”) on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Arjan Haverhals Chief Executive Officer, and Chief Accounting Officer of Milestone, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Milestone.

Date August 14, 2024

/s/ Arjan Haverhals

Arjan Haverhals

Chief Executive Officer

Chief Accounting Officer

Principal Executive Officer

A signed original of this certification has been provided to Milestone and will be retained by Milestone and furnished to the Securities and Exchange Commission or its staff upon request.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Aug. 14, 2024
Document Information [Line Items]
Entity Central Index Key	0000855683
Entity Registrant Name	MILESTONE SCIENTIFIC INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-14053
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3545623
Entity Address, Address Line One	425 Eagle Rock Avenue Suite 403
Entity Address, City or Town	Roseland
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07068
City Area Code	973
Local Phone Number	535-2717
Title of 12(b) Security	Common Stock, par value $.001 per share
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,287,714
No Trading Symbol Flag	true

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,752,106	$ 2,977,713
Marketable securities	0	2,976,573
Accounts receivable, net of allowance for credit losses of $10,000, respectively	386,836	312,664
Prepaid expenses and other current assets	774,603	517,785
Inventories	3,329,101	2,638,186
Advances on contracts	1,250,953	1,371,548
Total current assets	11,493,599	10,794,469
Furniture, fixtures and equipment, net	12,989	10,024
Intangibles, net	162,105	178,636
Right of use assets finance lease	4,673	8,998
Right of use assets operating lease	307,724	355,235
Other assets	24,150	24,150
Total assets	12,005,240	11,371,512
Current liabilities:
Accrued expenses and other payables	1,070,276	1,511,717
Accrued expenses, related party	208,682	137,189
Accrued Liabilities noncontrolling interest	214,000	214,000
Current portion of finance lease liabilities	5,683	10,264
Current portion of operating lease liabilities	109,706	103,427
Total current liabilities	3,826,313	3,076,713
Non-current portion of finance lease liabilities	0	434
Non-current portion of operating lease liabilities	225,050	281,853
Total liabilities	4,051,363	3,359,000
Commitments and contingencies
Stockholders’ equity
Common stock, par value $0.001; authorized 100,000,000 shares; 77,227,714 shares issued and 77,194,381 shares outstanding as of June 30, 2024; 75,881,840 shares issued and 75,848,507 shares outstanding as of December 31, 2023;	77,228	75,881
Additional paid in capital	133,344,565	132,187,656
Accumulated deficit	(124,556,400)	(123,339,509)
Treasury stock, at cost, 33,333 shares	(911,516)	(911,516)
Total Milestone Scientific, Inc. stockholders' equity	7,953,877	8,012,512
Total liabilities and stockholders’ equity	12,005,240	11,371,512
Nonrelated Party [Member]
Current liabilities:
Accounts payable	1,403,137	689,604
Related Party [Member]
Current liabilities:
Accounts payable	$ 814,829	$ 410,512

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit loss	$ 10,000	$ 10,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	77,227,714	75,881,840
Common stock, shares outstanding (in shares)	77,194,381	75,848,507
Treasury stock, shares (in shares)	33,333	33,333

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product sales, net	$ 1,853,764	$ 2,909,966	$ 4,102,609	$ 5,507,564
Cost of products sold	442,560	1,019,907	1,015,302	1,728,882
Gross profit	1,411,204	1,890,059	3,087,307	3,778,682
Selling, general and administrative expenses	2,868,182	3,937,281	5,903,458	7,011,012
Research and development expenses	314,968	213,647	409,179	353,994
Depreciation and amortization expense	8,477	16,681	20,161	33,902
Total operating expenses	3,191,627	4,167,609	6,332,798	7,398,908
Loss from operations	(1,780,423)	(2,277,550)	(3,245,491)	(3,620,226)
Interest income (expense)	20,966	48,722	45,505	72,067
Gain on sale of net operating losses	1,983,095	0	1,983,095	0
Loss before provision for income taxes	223,638	(2,228,828)	(1,216,891)	(3,548,159)
Net income (loss)	223,638	(2,228,828)	(1,216,891)	(3,548,159)
Net (loss) attributable to noncontrolling interests	0	(12,511)	0	(24,176)
Net income (loss) attributable to Milestone Scientific Inc.	$ 223,638	$ (2,216,317)	$ (1,216,891)	$ (3,523,983)
Net income (loss) per share applicable to common stockholders—
Basic and Diluted (in dollars per share)	$ 0	$ (0.03)	$ (0.02)	$ (0.05)
Weighted average shares outstanding and to be issued—
Basic (in shares)	79,966,833	72,333,656	80,412,397	72,048,223
Diluted (in shares)	79,967,086	72,333,656	80,412,397	72,048,223

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Board of Directors [Member] Common Stock [Member]	Board of Directors [Member] Additional Paid-in Capital [Member]	Board of Directors [Member]	Consultant [Member] Common Stock [Member]	Consultant [Member] Additional Paid-in Capital [Member]	Consultant [Member] Retained Earnings [Member]	Consultant [Member] Noncontrolling Interest [Member]	Consultant [Member] Treasury Stock, Common [Member]	Consultant [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Treasury Stock, Common [Member]	Total
Balance (in shares) at Dec. 31, 2022										69,306,497
Balance at Dec. 31, 2022										$ 69,306	$ 127,478,325	$ (116,410,405)	$ (219,276)	$ (911,516)	$ 10,006,434
Stock based compensation										0	388,772	0	0	0	388,772
Common stock to be issued to employees for bonuses										$ 0	50,000	0	0	0	50,000
Common stock issued for services (in shares)	256,868			242,335
Common stock issued for services	$ 258	$ (258)	$ 0	$ 242	$ 125,758	$ 0	$ 0	$ 0	$ 126,000
Net (loss)												(1,307,666)	(11,665)		(1,319,331)
Net loss												(1,307,666)	(11,665)		(1,319,331)
Balance (in shares) at Mar. 31, 2023										69,805,700
Balance at Mar. 31, 2023										$ 69,806	128,042,597	(117,718,071)	(230,941)	(911,516)	9,251,875
Balance (in shares) at Dec. 31, 2022										69,306,497
Balance at Dec. 31, 2022										$ 69,306	127,478,325	(116,410,405)	(219,276)	(911,516)	10,006,434
Net (loss)															(3,548,159)
Net loss															(3,548,159)
Balance (in shares) at Jun. 30, 2023										70,107,739
Balance at Jun. 30, 2023										$ 70,108	128,720,911	(119,934,388)	(243,452)	(911,516)	7,701,663
Balance (in shares) at Mar. 31, 2023										69,805,700
Balance at Mar. 31, 2023										$ 69,806	128,042,597	(117,718,071)	(230,941)	(911,516)	9,251,875
Stock based compensation										$ 0	404,330	0	0	0	404,330
Common stock issued for payment of consulting services (in shares)										109,204
Common stock issued for payment of consulting services										$ 109	56,677	0	0	0	56,786
Common stock issued for services (in shares)										192,835
Common stock issued for services										$ 193	(193)	0	0	0	0
Net (loss)										0	0	(2,216,317)	(12,511)	0	(2,228,828)
Common stock issued to employees for bonuses											217,500	0	0	0	217,500
Net loss										$ 0	0	(2,216,317)	(12,511)	0	(2,228,828)
Balance (in shares) at Jun. 30, 2023										70,107,739
Balance at Jun. 30, 2023										$ 70,108	128,720,911	(119,934,388)	(243,452)	(911,516)	7,701,663
Balance (in shares) at Dec. 31, 2023										75,881,840
Balance at Dec. 31, 2023										$ 75,881	132,187,656	(123,339,509)	0	(911,516)	8,012,512
Stock based compensation										$ 0	313,505	0	0	0	313,505
Common stock issued in public offering net of issuance cost (in shares)										372,110
Common stock issued in public offering net of issuance cost										$ 372	191,784	0	0	0	192,156
Common Stock issued exercised warrants (in shares)										103,500
Common Stock issued exercised warrants										$ 104	51,647	0	0	0	51,751
Common stock issued for payment of consulting services (in shares)										90,170
Common stock issued for payment of consulting services										$ 90	65,971	0	0	0	66,061
Common stock to be issued to employees for bonuses										31	264,922	0	0	0	264,953
Common stock issued for services (in shares)	154,494
Common stock issued for services	$ 154	$ (154)	$ 0
Net (loss)										0	0	(1,440,529)	0	0	(1,440,529)
Net loss										$ 0	0	(1,440,529)	0	0	(1,440,529)
Balance (in shares) at Mar. 31, 2024										76,632,279
Balance at Mar. 31, 2024										$ 76,632	133,075,331	(124,780,038)	0	(911,516)	7,460,409
Balance (in shares) at Dec. 31, 2023										75,881,840
Balance at Dec. 31, 2023										$ 75,881	132,187,656	(123,339,509)	0	(911,516)	$ 8,012,512
Common Stock issued exercised warrants (in shares)															103,500
Net (loss)															$ (1,216,891)
Net loss															(1,216,891)
Balance (in shares) at Jun. 30, 2024										77,227,714
Balance at Jun. 30, 2024										$ 77,228	133,344,565	(124,556,400)	0	(911,516)	7,953,877
Balance (in shares) at Mar. 31, 2024										76,632,279
Balance at Mar. 31, 2024										$ 76,632	133,075,331	(124,780,038)	0	(911,516)	7,460,409
Stock based compensation										$ 0	207,690	0	0	0	207,690
Common stock issued for payment of consulting services (in shares)										99,063
Common stock issued for payment of consulting services										$ 99	62,041	0	0	0	62,140
Common stock issued for services (in shares)										154,496
Common stock issued for services										$ 154	(154)	0	0	0	0
Net (loss)										$ 0	0	223,638	0	0	223,638
Common stock issued to employees for bonuses (in shares)										322,937
Common stock issued to employees for bonuses											(324)	0	0	0	0
Restricted common stock issued to employees (in shares)										18,939
Restricted common stock issued to employees										$ 19	(19)	0	0	0	0
Net loss										$ 0	0	223,638	0	0	223,638
Balance (in shares) at Jun. 30, 2024										77,227,714
Balance at Jun. 30, 2024										$ 77,228	$ 133,344,565	$ (124,556,400)	$ 0	$ (911,516)	$ 7,953,877

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2024 USD ($)
Issuance cost	$ 42,273

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (1,216,891)	$ (3,548,159)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,631	7,473
Amortization of intangibles	16,530	26,429
Stock based compensation	521,195	793,101
Employees paid in stock	264,953	267,500
Expense paid in stock	128,201	182,786
Amortization of right-of-use asset	47,511	45,624
Changes in operating assets and liabilities:
Increase in accounts receivable	(74,172)	(95,867)
Increase in inventories	(690,915)	(400,728)
Decrease in advances on contracts	120,595	42,495
Increase in prepaid expenses and other current assets	(256,818)	(108,118)
Increase (decrease) in accounts payable	713,533	(428,141)
Increase(decrease) in accounts payable, related party	404,317	(176,803)
Decrease (increase) in accrued expenses	(441,437)	297,666
Increase in accrued expenses, related party	71,493	110,790
Decrease operating right of use lease asset	(46,199)	(43,174)
Net cash used in operating activities	(434,473)	(3,027,126)
Cash flows from investing activities:
Purchase of furniture, fixtures, and equipment	(6,596)	(1,196)
Sale of Marketable securities	2,976,573	0
Purchase of Marketable securities	0	(1,981,180)
Net cash provided by (used in) investing activities	2,969,977	(1,982,376)
Cash flows from financing activities:
Net Proceeds exercise of warrants	51,751
Payments finance lease obligations	(5,018)	(4,324)
Net cash provided by (used in) financing activities	238,889	(4,324)
Net increase (decrease) in cash and cash equivalents	2,774,393	(5,013,826)
Cash and cash equivalents at beginning of period	2,977,713	8,715,279
Cash and cash equivalents at end of period	5,752,106	3,701,453
Public Offering [Member]
Cash flows from financing activities:
Net proceeds from Public Placement Offering	$ 192,156	$ 0

Note 1 - Organization and Business

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 — ORGANIZATION AND BUSINESS

Note 2 - Liquidity and Uncertainties

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE 2- LIQUIDITY AND UNCERTAINTIES

Note 3 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Principles of Consolidation

2. Basis of Presentation

3. Use of Estimates

4. Revenue Recognition

i.	identification of the promised goods or services in the contract;
ii.	determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;
iii.	measurement of the transaction price, including the constraint on variable consideration;
iv.	allocation of the transaction price to the performance obligations based on estimated selling prices; and
v.	recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606.

E-Commerce

Sales Returns

Financing and Payment

Disaggregation of Revenue

5. Cash and Cash Equivalents

6. Marketable Securities

7. Accounts Receivable

8. Inventories

9. Basic and Diluted Net Loss Per Common Share

10. Fair Value of Financial Instruments

●

Level 1 inputs which are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

●

Level 2 inputs which are defined as inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

●

Level 3 inputs are defined as unobservable inputs for the assets or liabilities.

		Level 1				Level 2				Level 3				Total
Marketable Securities December 31, 2023			2,976,573				-				-				2,976,573

11. Stock-Based Compensation

12. Recent Accounting Pronouncements

Recently Issued Accounting Pronouncement

Note 4 - Inventories

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4 — INVENTORIES

Inventories consist of the following:

	June 30, 2024		December 31, 2023

Dental finished goods	$	3,282,009	$	2,404,970
Medical finished goods		-		14,730
Component parts and other materials		47,092		218,486
Total inventories	$	3,329,101	$	2,638,186

Note 5 - Advances on Contracts

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Advances to Contract Manufacturer [Text Block]

NOTE 5 — ADVANCES ON CONTRACTS

Note 6 - Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Equity [Text Block]

NOTE 6— STOCKHOLDERS’ EQUITY

Public offering

Warrants

The following table summarizes information about shares issuable under warrants outstanding as of June 30, 2024:

	Warrant shares outstanding			Weighted Average exercise price		Weighted Average remaining life		Intrinsic value
Outstanding at January 1, 2024		314,572			0.50		0.10		59,737
Issued		-			-		-		-
Exercised		(103,500	)		0.50		-		-
Expired or cancelled		(211,072	)		0.50		-		-
Outstanding and exercisable at June 30, 2024		-			-		-		-

During the six months ended June 30, 2024, the Company issued 103,500 shares of common stock for warrants issued in 2019. The warrants were exercised at $0.50 for proceeds of $51,751.

Shares to Be Issued

The following table summarizes activity for shares to be issued for the six months periods ending June 30, 2024 and 2023.

	June 30, 2024			June 30, 2023

Shares-to-be-issued, outstanding January 1, 2024 and 2023, respectively		3,098,917			2,440,673
Granted in current period		438,868			322,092
Issued in current period		(353,102	)		-
Shares-to be issued outstanding June 30, 2024 and 2023, respectively		3,184,683			2,762,765

Stock Options Plans

A summary of option activity for employees under the plans and changes six months ended June 30, 2024 is presented below:

	*Number of Options*		*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		3,036,989		2.29		5.41		-
Granted during 2024		-		-				-
Exercised during 2024		-		-		-		-
Forfeited or expired during 2024		-		-		-		-
Options outstanding June 30, 2024		3,036,989		2.32		4.91		-
Exercisable, June 30, 2024		2,188,433		2.29		4.31		-

A summary of option activity for non-employees under the plans and changes during the six months ended June 30, 2024 presented below:

	*Number of Options*			*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		91,663			1.76		2.25		2,833
Granted during 2024		8,333			0.64		4.85		-
Exercised during 2024		-			-		-		-
Forfeited or expired during 2024		(8,333	)		0.35		-		-
Options outstanding June 30, 2024		91,663			1.79		1.95		333
Exercisable, June 30, 2024		80,551			1.94		1.65		111

The information below summarizes the restricted stock award activity for the six months ended June 30, 2024.

	*Number of Shares*			*Weighted Average Grant-Date Fair Value per Award*
Non-vested as January 1, 2024		327,937			0.91
Granted		-			-
Vested		(327,937	)		0.91
Cancelled		-			-
Non-vested as June 30, 2024		-			-

Note 7 - Income Taxes

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 7 — INCOME TAXES

Note 8 - Segment and Geographic Data

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 8 — SEGMENT AND GEOGRAPHIC DATA

The following tables present information about our reportable and operating segments:

	*For the three months ended June 30,*						*For the six months ended June 30,*
Sales
Net Sales:	*2024*			*2023*			*2024*			*2023*
Dental	$	1,834,764		$	2,912,166		$	4,076,189		$	5,503,564
Medical		19,000			(2,200	)		26,420			4,000
Total net sales	$	1,853,764		$	2,909,966		$	4,102,609		$	5,507,564

Operating Income (Loss):	*2024*			*2023*			*2024*			*2023*
Dental	$	193,243		$	598,944		$	818,750		$	1,240,884
Medical		(528,315	)		(863,899	)		(1,019,740	)		(1,685,832	)
Corporate		(1,445,351	)		(2,012,595	)		(3,044,501	)		(3,175,278	)
Total operating loss	$	(1,780,423	)	$	(2,277,550	)	$	(3,245,491	)	$	(3,620,226	)

Depreciation and Amortization:	*2024*			*2023*			*2024*			*2023*
Dental	$	-		$	1,219		$	-		$	2,388
Medical		-			694			-			1,662
Corporate		8,477			14,768			20,161			29,852
Total depreciation and amortization	$	8,477		$	16,681		$	20,161		$	33,902

Income (loss) before taxes and equity in earnings of affiliates:	*2024*			*2023*			*2024*			*2023*
Dental	$	193,266		$	599,126		$	817,776		$	1,240,295
Medical		(528,091	)		(865,735	)		(1,020,022	)		(1,689,503	)
Corporate		558,463			(1,962,219	)		(1,014,645	)		(3,098,951	)
Total income (loss) before taxes and equity in earnings of affiliate	$	223,638		$	(2,228,828	)	$	(1,216,891	)	$	(3,548,159	)

Total Assets	*June 30, 2024*			*December 31, 2023*
Dental	$	5,132,387		$	4,866,786
Medical		451,680			345,194
Corporate		6,421,173			6,159,532
Total assets	$	12,005,240		$	11,371,512

The following table shows a breakdown of Milestone Scientific’s product sales (net), domestically and internationally, by business segment product category:

	*Three Months Ended June 30, 2024*						*Three Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*			*Grand Total*
Instruments	$	194,676	$	1,000	$	195,676	$	271,215	$	-		$	271,215
Handpieces		1,136,124		18,000		1,154,124		1,130,122		(2,200	)		1,127,922
Accessories		14,977		-		14,977		21,443		-			21,443
Grand Total	$	1,345,777	$	19,000	$	1,364,777	$	1,422,780	$	(2,200	)	$	1,420,580

International: Rest of World
Instruments	$	125,176	$	-	$	125,176	$	474,250	$	-		$	474,250
Handpieces		357,645		-		357,645		732,894		-			732,894
Accessories		6,166		-		6,166		12,242		-			12,242
Grand Total	$	488,987	$	-	$	488,987	$	1,219,386	$	-		$	1,219,386

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-		$	270,000
Handpieces		-		-		-		-		-			-
Accessories		-		-		-		-		-			-
Grand Total	$	-	$	-	$	-	$	270,000	$	-		$	270,000

Total Product Sales	$	1,834,764	$	19,000	$	1,853,764	$	2,912,166	$	(2,200	)	$	2,909,966

	*Six Months Ended June 30, 2024*						*Six Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*		*Grand Total*
Instruments	$	408,551	$	1,000	$	409,551	$	495,683	$	-	$	495,683
Handpieces		2,216,557		25,420		2,241,977		2,269,900		-		2,269,900
Accessories		31,667		-		31,667		44,320		-		44,320
Grand Total	$	2,656,775	$	26,420	$	2,683,195	$	2,809,903	$	-	$	2,809,903

International: Rest of World
Instruments	$	407,262	$	-	$	407,262	$	873,205	$	-	$	873,205
Handpieces		1,004,594		-		1,004,594		1,522,010		4,000		1,526,010
Accessories		7,558		-		7,558		28,446		-		28,446
Grand Total	$	1,419,414	$	-	$	1,419,414	$	2,423,661	$	4,000	$	2,427,661

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-	$	270,000
Handpieces		-		-		-		-		-		-
Accessories		-		-		-		-		-		-
Grand Total	$	-	$	-	$	-	$	270,000	$	-	$	270,000

Total Product Sales	$	4,076,189	$	26,420	$	4,102,609	$	5,503,564	$	4,000	$	5,507,564

Note 9 - Concentrations

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

NOTE 9 – CONCENTRATIONS

Note 10 - Related Party Transactions

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

NOTE 10 -- RELATED PARTY TRANSACTIONS

United Systems

Director of Clinical Affairs

Leonard Osser, Director

Dr. D. Demesmin, Director

Note 11 - Commitments

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 11 — COMMITMENTS

(1) Contract Manufacturing Agreement

(2) Leases

Operating Leases

The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities:

	●	As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company has utilized its incremental borrowing rate based on the long-term borrowing costs of comparable companies in the Medical Device industry.
	●	Since the Company elected to account for each lease component and its associated non-lease components as a single combined lease component, all contract consideration was allocated to the combined lease component.
	●	The expected lease terms include non-cancellable lease periods. Renewal option periods are not included in the determination of the lease terms as they were not reasonably certain to be exercised.

The components of lease expense were as follows:

	*Three months ended*				*Six months ended*
	*June 30, 2024*		*June 30, 2023*		*June 30, 2024*			*June 30, 2023*
Cash paid for operating lease liabilities	$	33,390	$	31,882	$	65,272		$	63,763
Cash paid for finance lease liabilities		2,685		2,685		5,370			5,370
Weighted Average Remaining Lease Term
Finance leases (years)						0.55 years			1.5 years
Operating leases (years)						2.75 years			3.75 years
Weighted-average discount rate – operating leases						9.20	%		9.20	%
Weighted-average discount rate – finance leases						9.20	%		9.20	%

Note 12 - Subsequent Events

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 12 — SUBSEQUENT EVENTS

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information Not applicable.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

1. Principles of Consolidation

Basis of Accounting, Policy [Policy Text Block]

2. Basis of Presentation

Use of Estimates, Policy [Policy Text Block]

3. Use of Estimates

Revenue [Policy Text Block]

4. Revenue Recognition

i.	identification of the promised goods or services in the contract;
ii.	determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;
iii.	measurement of the transaction price, including the constraint on variable consideration;
iv.	allocation of the transaction price to the performance obligations based on estimated selling prices; and
v.	recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606.

E-Commerce

Sales Returns

Financing and Payment

Disaggregation of Revenue

Cash and Cash Equivalents, Policy [Policy Text Block]

5. Cash and Cash Equivalents

Marketable Securities, Policy [Policy Text Block]

6. Marketable Securities

Accounts Receivable [Policy Text Block]

7. Accounts Receivable

Inventory, Policy [Policy Text Block]

8. Inventories

Earnings Per Share, Policy [Policy Text Block]

9. Basic and Diluted Net Loss Per Common Share

Fair Value of Financial Instruments, Policy [Policy Text Block]

10. Fair Value of Financial Instruments

●

Level 1 inputs which are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date.

●

Level 2 inputs which are defined as inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

●

Level 3 inputs are defined as unobservable inputs for the assets or liabilities.

		Level 1				Level 2				Level 3				Total
Marketable Securities December 31, 2023			2,976,573				-				-				2,976,573

Share-Based Payment Arrangement [Policy Text Block]

11. Stock-Based Compensation

New Accounting Pronouncements, Policy [Policy Text Block]

12. Recent Accounting Pronouncements

Recently Issued Accounting Pronouncement

Note 3 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

		Level 1				Level 2				Level 3				Total
Marketable Securities December 31, 2023			2,976,573				-				-				2,976,573

Note 4 - Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30, 2024		December 31, 2023

Dental finished goods	$	3,282,009	$	2,404,970
Medical finished goods		-		14,730
Component parts and other materials		47,092		218,486
Total inventories	$	3,329,101	$	2,638,186

Note 6 - Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Warrant shares outstanding			Weighted Average exercise price		Weighted Average remaining life		Intrinsic value
Outstanding at January 1, 2024		314,572			0.50		0.10		59,737
Issued		-			-		-		-
Exercised		(103,500	)		0.50		-		-
Expired or cancelled		(211,072	)		0.50		-		-
Outstanding and exercisable at June 30, 2024		-			-		-		-

Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block]

	June 30, 2024			June 30, 2023

Shares-to-be-issued, outstanding January 1, 2024 and 2023, respectively		3,098,917			2,440,673
Granted in current period		438,868			322,092
Issued in current period		(353,102	)		-
Shares-to be issued outstanding June 30, 2024 and 2023, respectively		3,184,683			2,762,765

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	*Number of Options*		*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		3,036,989		2.29		5.41		-
Granted during 2024		-		-				-
Exercised during 2024		-		-		-		-
Forfeited or expired during 2024		-		-		-		-
Options outstanding June 30, 2024		3,036,989		2.32		4.91		-
Exercisable, June 30, 2024		2,188,433		2.29		4.31		-

	*Number of Options*			*Weighted Averaged Exercise Price $*		*Weighted Average Remaining Contractual Life (Years)*		*Aggregate Intrinsic Options Value $*
Options outstanding January 1, 2024		91,663			1.76		2.25		2,833
Granted during 2024		8,333			0.64		4.85		-
Exercised during 2024		-			-		-		-
Forfeited or expired during 2024		(8,333	)		0.35		-		-
Options outstanding June 30, 2024		91,663			1.79		1.95		333
Exercisable, June 30, 2024		80,551			1.94		1.65		111

Restricted Stock [Member]

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Number of Shares*			*Weighted Average Grant-Date Fair Value per Award*
Non-vested as January 1, 2024		327,937			0.91
Granted		-			-
Vested		(327,937	)		0.91
Cancelled		-			-
Non-vested as June 30, 2024		-			-

Note 8 - Segment and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*For the three months ended June 30,*						*For the six months ended June 30,*
Sales
Net Sales:	*2024*			*2023*			*2024*			*2023*
Dental	$	1,834,764		$	2,912,166		$	4,076,189		$	5,503,564
Medical		19,000			(2,200	)		26,420			4,000
Total net sales	$	1,853,764		$	2,909,966		$	4,102,609		$	5,507,564

Operating Income (Loss):	*2024*			*2023*			*2024*			*2023*
Dental	$	193,243		$	598,944		$	818,750		$	1,240,884
Medical		(528,315	)		(863,899	)		(1,019,740	)		(1,685,832	)
Corporate		(1,445,351	)		(2,012,595	)		(3,044,501	)		(3,175,278	)
Total operating loss	$	(1,780,423	)	$	(2,277,550	)	$	(3,245,491	)	$	(3,620,226	)

Depreciation and Amortization:	*2024*			*2023*			*2024*			*2023*
Dental	$	-		$	1,219		$	-		$	2,388
Medical		-			694			-			1,662
Corporate		8,477			14,768			20,161			29,852
Total depreciation and amortization	$	8,477		$	16,681		$	20,161		$	33,902

Income (loss) before taxes and equity in earnings of affiliates:	*2024*			*2023*			*2024*			*2023*
Dental	$	193,266		$	599,126		$	817,776		$	1,240,295
Medical		(528,091	)		(865,735	)		(1,020,022	)		(1,689,503	)
Corporate		558,463			(1,962,219	)		(1,014,645	)		(3,098,951	)
Total income (loss) before taxes and equity in earnings of affiliate	$	223,638		$	(2,228,828	)	$	(1,216,891	)	$	(3,548,159	)

Total Assets	*June 30, 2024*			*December 31, 2023*
Dental	$	5,132,387		$	4,866,786
Medical		451,680			345,194
Corporate		6,421,173			6,159,532
Total assets	$	12,005,240		$	11,371,512

Sales by Product and by Geographical Region [Table Text Block]

	*Three Months Ended June 30, 2024*						*Three Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*			*Grand Total*
Instruments	$	194,676	$	1,000	$	195,676	$	271,215	$	-		$	271,215
Handpieces		1,136,124		18,000		1,154,124		1,130,122		(2,200	)		1,127,922
Accessories		14,977		-		14,977		21,443		-			21,443
Grand Total	$	1,345,777	$	19,000	$	1,364,777	$	1,422,780	$	(2,200	)	$	1,420,580

International: Rest of World
Instruments	$	125,176	$	-	$	125,176	$	474,250	$	-		$	474,250
Handpieces		357,645		-		357,645		732,894		-			732,894
Accessories		6,166		-		6,166		12,242		-			12,242
Grand Total	$	488,987	$	-	$	488,987	$	1,219,386	$	-		$	1,219,386

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-		$	270,000
Handpieces		-		-		-		-		-			-
Accessories		-		-		-		-		-			-
Grand Total	$	-	$	-	$	-	$	270,000	$	-		$	270,000

Total Product Sales	$	1,834,764	$	19,000	$	1,853,764	$	2,912,166	$	(2,200	)	$	2,909,966

	*Six Months Ended June 30, 2024*						*Six Months Ended June 30, 2023*
Domestic: US	*Dental*		*Medical*		*Grand Total*		*Dental*		*Medical*		*Grand Total*
Instruments	$	408,551	$	1,000	$	409,551	$	495,683	$	-	$	495,683
Handpieces		2,216,557		25,420		2,241,977		2,269,900		-		2,269,900
Accessories		31,667		-		31,667		44,320		-		44,320
Grand Total	$	2,656,775	$	26,420	$	2,683,195	$	2,809,903	$	-	$	2,809,903

International: Rest of World
Instruments	$	407,262	$	-	$	407,262	$	873,205	$	-	$	873,205
Handpieces		1,004,594		-		1,004,594		1,522,010		4,000		1,526,010
Accessories		7,558		-		7,558		28,446		-		28,446
Grand Total	$	1,419,414	$	-	$	1,419,414	$	2,423,661	$	4,000	$	2,427,661

International: China
Instruments	$	-	$	-	$	-	$	270,000	$	-	$	270,000
Handpieces		-		-		-		-		-		-
Accessories		-		-		-		-		-		-
Grand Total	$	-	$	-	$	-	$	270,000	$	-	$	270,000

Total Product Sales	$	4,076,189	$	26,420	$	4,102,609	$	5,503,564	$	4,000	$	5,507,564

Note 11 - Commitments (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Lease, Cost and Other Information [Table Text Block]

	*Three months ended*				*Six months ended*
	*June 30, 2024*		*June 30, 2023*		*June 30, 2024*			*June 30, 2023*
Cash paid for operating lease liabilities	$	33,390	$	31,882	$	65,272		$	63,763
Cash paid for finance lease liabilities		2,685		2,685		5,370			5,370
Weighted Average Remaining Lease Term
Finance leases (years)						0.55 years			1.5 years
Operating leases (years)						2.75 years			3.75 years
Weighted-average discount rate – operating leases						9.20	%		9.20	%
Weighted-average discount rate – finance leases						9.20	%		9.20	%

Note 1 - Organization and Business (Details Textual)	Jun. 30, 2024
Number of Countries in which Entity Operates	41

Note 2 - Liquidity and Uncertainties (Details Textual) - USD ($)		3 Months Ended		6 Months Ended		60 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 01, 2029	Dec. 31, 2023
Retained Earnings (Accumulated Deficit)		$ (124,556,400)		$ (124,556,400)			$ (123,339,509)
Operating Income (Loss)		(1,780,423)	$ (2,277,550)	(3,245,491)	$ (3,620,226)
Cash, Cash Equivalents, and Marketable Securities		5,800,000		5,800,000
Working Capital		$ 7,700,000		7,700,000
Net Cash Provided by (Used in) Operating Activities				$ (434,473)	$ (3,027,126)
Proceeds From Sale of Net Operating Loss Amount	$ (2,000,000)
New Jersey Technology Business Tax Certificate Transfer Program (”NJEDA Program”) [Member]
Government Assistance, Physical Presence Requirement Period (Year)						5 years
Government Assistance, Contingent Liability, Amount	$ 2,200,000

Note 3 - Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 shares
Number of Operating Segments				2
Cash, Uninsured Amount		$ 5,200,000		$ 5,200,000
Marketable Securities, Current	$ 2,976,573	0		0
Accounts Receivable, Allowance for Credit Loss	10,000	$ 10,000		$ 10,000
Weighted Average Number of Shares Outstanding, Basic (in shares) \| shares		79,966,833	72,333,656	80,412,397	72,048,223
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares				3,128,652	4,142,155
Marketable Securities	2,976,573
US Treasury Securities [Member]
Marketable Securities, Current	3,000,000
Money Market Funds [Member]
Cash Equivalents, at Carrying Value	3,000,000	$ 5.8		$ 5.8
Milestone Medical Inc. [Member]
Payments to Acquire Additional Interest in Subsidiaries	$ 214,000

Note 3 - Summary of Significant Accounting Policies - Fair Value of Marketable Securities (Details)	Dec. 31, 2023 USD ($)
Marketable Securities	$ 2,976,573
Estimate of Fair Value Measurement [Member]
Marketable Securities	2,976,573
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member]
Marketable Securities	2,976,573
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Marketable Securities	0
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Marketable Securities	$ 0

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Slow Moving Medical Finished Goods [Member]
Inventory Valuation Reserves	$ 1.2	$ 1.2

Note 4 - Inventories - Summary of Inventories (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Component parts and other materials	$ 47,092	$ 218,486
Total inventories	3,329,101	2,638,186
Dental Segment [Member]
Finished goods, net	3,282,009	2,404,970
Medical Segment [Member]
Finished goods, net	$ 0	$ 14,730

Note 5 - Advances on Contracts (Details Textual) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Advances on Inventory Purchases	$ 1,250,953	$ 1,371,548

Note 6 - Stockholders' Equity (Details Textual) - USD ($)			3 Months Ended		6 Months Ended
	Jan. 12, 2024	Dec. 10, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jun. 28, 2023	Dec. 31, 2022
Stock Issued During Period Shares, Warrants Exercised (in shares)					103,500
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share)					$ 0.5
Proceeds from Warrant Exercises					$ 51,751
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares)			3,184,683	2,762,765	3,184,683	2,762,765	3,098,917		2,440,673
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 1,200,000		$ 1,200,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 9 months 18 days
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Payment Arrangement, Expense			1,100	$ 4,900	$ 2,200	$ 12,700
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			0		0
Share-Based Payment Arrangement, Expense			0	9,400	$ (2,100)	19,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					0
The 2020 Equity Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)								11,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)					5 years
Share-Based Payment Arrangement, Amount Capitalized			$ 170,000	$ 229,000	$ 358,000	$ 457,000
Chief Executive Officer, and Other Employees [Member]
Deferred Compensation Arrangement with Individual, Shares Authorized for Issuance (in shares)			2,657,058	2,380,068	2,657,058	2,380,068
Non-Employees [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			527,625	382,697	527,625	382,697
Board of Directors [Member] \| Restricted Stock [Member]
Share-Based Payment Arrangement, Expense			$ 20,500	$ 162,000	$ 158,000	$ 307,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					617,978
Share Price (in dollars per share)			$ 0.89		$ 0.89
Board of Directors [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage					25.00%
Board of Directors [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage					25.00%
Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)		4,765,000
Shares Issued, Price Per Share (in dollars per share)		$ 0.63
Proceeds from Issuance of Common Stock		$ 2,600,000
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)	372,110	714,750
Proceeds from Issuance of Common Stock	$ 192,156

Note 6 - Stockholders' Equity - Warrants (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jan. 01, 2024
Outstanding (in shares)	314,572
Outstanding (in dollars per share)	$ 0.5
Outstanding (Year)	1 month 6 days
Outstanding	$ 0	$ 59,737
Issued, number of shares (in shares)	0
Issued, weighted average exercise price (in dollars per share)	$ 0
Exercised, number of shares (in shares)	(103,500)
Exercised, weighted average exercise price (in dollars per share)	$ 0.5
Expired or cancelled, number of shares (in shares)	(211,072)
Expired or cancelled, weighted average exercise price (in dollars per share)	$ 0.5
Outstanding (in shares)	0
Outstanding (in dollars per share)	$ 0

Note 6 - Stockholders' Equity - Summary of Shares to be Issued (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Shares-to-be-issued, outstanding (in shares)	3,098,917	2,440,673
Granted in current period (in shares)	438,868	322,092
Issued in current period (in shares)	(353,102)	0
Shares-to-be-issued, outstanding (in shares)	3,184,683	2,762,765

Note 6 - Stockholders' Equity - Summary of Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Employee [Member]
Number of options (in shares)	3,036,989
Weighted average exercise price, outstanding (in dollars per share)	$ 2.29
Weighted average remaining contractual life, outstanding (Year)	4 years 10 months 28 days	5 years 4 months 28 days
Aggregate intrinsic value, outstanding	$ 0
Number of options granted (in shares)	0
Weighted average exercise price, granted (in dollars per share)	$ 0
Number of options exercised (in shares)	0
Weighted average exercise price, exercised (in dollars per share)	$ 0
Number of options forfeited and expired (in shares)	0
Weighted average exercise price, forfeited or expired (in dollars per share)	$ 0
Number of options (in shares)	3,036,989	3,036,989
Weighted average exercise price, outstanding (in dollars per share)	$ 2.32	$ 2.29
Number of options exercisable (in shares)	2,188,433
Weighted average exercise price, exercisable (in dollars per share)	$ 2.29
Weighted average remaining contractual life, exercisable (Year)	4 years 3 months 21 days
Number of options, exercised (in shares)	0
Number of options, forfeited or expired (in shares)	0
Share-Based Payment Arrangement, Nonemployee [Member]
Number of options (in shares)	91,663
Weighted average exercise price, outstanding (in dollars per share)	$ 1.76
Weighted average remaining contractual life, outstanding (Year)	1 year 11 months 12 days	2 years 3 months
Aggregate intrinsic value, outstanding	$ 333	$ 2,833
Number of options granted (in shares)	8,333
Weighted average exercise price, granted (in dollars per share)	$ 0.64
Number of options exercised (in shares)	(0)
Weighted average exercise price, exercised (in dollars per share)	$ 0
Number of options forfeited and expired (in shares)	8,333
Weighted average exercise price, forfeited or expired (in dollars per share)	$ 0.35
Number of options (in shares)	91,663	91,663
Weighted average exercise price, outstanding (in dollars per share)	$ 1.79	$ 1.76
Number of options exercisable (in shares)	80,551
Weighted average exercise price, exercisable (in dollars per share)	$ 1.94
Weighted average remaining contractual life, exercisable (Year)	1 year 7 months 24 days
Weighted average remaining contractual life, granted (Year)	4 years 10 months 6 days
Number of options, exercised (in shares)	0
Number of options, forfeited or expired (in shares)	(8,333)
Aggregate intrinsic value, exercisable	$ 111

Note 6 - Stockholders' Equity - Schedule of Restricted Stock (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Non-vested as January 1, 2024 (in shares)	327,937
Non-vested as January 1, 2024 (in dollars per share) \| $ / shares	$ 0.91
Granted, Shares (in shares)	0
Vested, Shares (in shares)	(327,937)
Vested, Weighted Average Grant-Date Fair Value per Award (in dollars per share) \| $ / shares	$ 0.91
Cancelled, Shares (in shares)	0
Non-vested, Shares (in shares)	0

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions		6 Months Ended	60 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Apr. 01, 2029
Percentage of Valuation Allowance		100.00%
Proceeds From Sale of Net Operating Loss Amount	$ (2.0)
Sale of Net Operating Losses, Physical Presence Requirement, Years (Year)			5 years
Sale of Net Operating Losses, Contingent Liability, Amount	$ 2.2

Note 8 - Segment and Geographic Data (Details Textual)	3 Months Ended
Note 8 - Segment and Geographic Data (Details Textual)	Mar. 31, 2024
Number of Reportable Segments	2

Note 8 - Segment and Geographic Data - Summary by Reporting and Operating Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product sales, net	$ 1,853,764	$ 2,909,966	$ 4,102,609	$ 5,507,564
Operating Income (Loss)	(1,780,423)	(2,277,550)	(3,245,491)	(3,620,226)
Depreciation and Amortization	8,477	16,681	20,161	33,902
Income (loss) before taxes and equity in earnings of affiliates	223,638	(2,228,828)	(1,216,891)	(3,548,159)
Total income (loss) before taxes and equity in earnings of affiliates	223,638	(2,228,828)	(1,216,891)	(3,548,159)
Total assets	12,005,240	11,371,512	12,005,240	11,371,512	$ 11,371,512
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Operating Income (Loss)	(1,445,351)	(2,012,595)	(3,044,501)	(3,175,278)
Depreciation and Amortization	8,477	14,768	20,161	29,852
Income (loss) before taxes and equity in earnings of affiliates	558,463	(1,962,219)	(1,014,645)	(3,098,951)
Total income (loss) before taxes and equity in earnings of affiliates	558,463	(1,962,219)	(1,014,645)	(3,098,951)
Total assets	6,421,173	6,159,532	6,421,173	6,159,532
Dental Segment [Member]
Product sales, net	1,834,764	2,912,166	4,076,189	5,503,564
Dental Segment [Member] \| Operating Segments [Member]
Product sales, net	1,834,764	2,912,166	4,076,189	5,503,564
Operating Income (Loss)	193,243	598,944	818,750	1,240,884
Depreciation and Amortization	0	1,219	0	2,388
Income (loss) before taxes and equity in earnings of affiliates	193,266	599,126	817,776	1,240,295
Total income (loss) before taxes and equity in earnings of affiliates	193,266	599,126	817,776	1,240,295
Total assets	5,132,387	4,866,786	5,132,387	4,866,786
Medical Segment [Member]
Product sales, net	19,000	(2,200)	26,420	4,000
Medical Segment [Member] \| Operating Segments [Member]
Product sales, net	19,000	(2,200)	26,420	4,000
Operating Income (Loss)	(528,315)	(863,899)	(1,019,740)	(1,685,832)
Depreciation and Amortization	0	694	0	1,662
Income (loss) before taxes and equity in earnings of affiliates	(528,091)	(865,735)	(1,020,022)	(1,689,503)
Total income (loss) before taxes and equity in earnings of affiliates	(528,091)	(865,735)	(1,020,022)	(1,689,503)
Total assets	$ 451,680	$ 345,194	$ 451,680	$ 345,194

Note 8 - Segment and Geographic Data - Summary of Operations by Geographic Area (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product sales, net	$ 1,853,764	$ 2,909,966	$ 4,102,609	$ 5,507,564
Product sales, net	1,853,764	2,909,966	4,102,609	5,507,564
UNITED STATES
Product sales, net	1,364,777	1,420,580
Product sales, net	1,364,777	1,420,580
Domestic [Member]
Product sales, net			2,683,195	2,809,903
Product sales, net			2,683,195	2,809,903
Rest of World [Member]
Product sales, net	488,987	1,219,386	1,419,414	2,427,661
Product sales, net	488,987	1,219,386	1,419,414	2,427,661
CHINA
Product sales, net	0	270,000	0	270,000
Product sales, net	0	270,000	0	270,000
Instruments [Member] \| UNITED STATES
Product sales, net	195,676	271,215
Product sales, net	195,676	271,215
Instruments [Member] \| Domestic [Member]
Product sales, net			409,551	495,683
Product sales, net			409,551	495,683
Instruments [Member] \| Rest of World [Member]
Product sales, net	125,176	474,250	407,262	873,205
Product sales, net	125,176	474,250	407,262	873,205
Instruments [Member] \| CHINA
Product sales, net	0	270,000	0	270,000
Product sales, net	0	270,000	0	270,000
Handpieces [Member] \| UNITED STATES
Product sales, net	1,154,124	1,127,922
Product sales, net	1,154,124	1,127,922
Handpieces [Member] \| Domestic [Member]
Product sales, net			2,241,977	2,269,900
Product sales, net			2,241,977	2,269,900
Handpieces [Member] \| Rest of World [Member]
Product sales, net	357,645	732,894	1,004,594	1,526,010
Product sales, net	357,645	732,894	1,004,594	1,526,010
Handpieces [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Accessories [Member] \| UNITED STATES
Product sales, net	14,977	21,443
Product sales, net	14,977	21,443
Accessories [Member] \| Domestic [Member]
Product sales, net			31,667	44,320
Product sales, net			31,667	44,320
Accessories [Member] \| Rest of World [Member]
Product sales, net	6,166	12,242	7,558	28,446
Product sales, net	6,166	12,242	7,558	28,446
Accessories [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Dental Segment [Member]
Product sales, net	1,834,764	2,912,166	4,076,189	5,503,564
Product sales, net	1,834,764	2,912,166	4,076,189	5,503,564
Dental Segment [Member] \| UNITED STATES
Product sales, net	1,345,777	1,422,780
Product sales, net	1,345,777	1,422,780
Dental Segment [Member] \| Domestic [Member]
Product sales, net			2,656,775	2,809,903
Product sales, net			2,656,775	2,809,903
Dental Segment [Member] \| Rest of World [Member]
Product sales, net	488,987	1,219,386	1,419,414	2,423,661
Product sales, net	488,987	1,219,386	1,419,414	2,423,661
Dental Segment [Member] \| CHINA
Product sales, net	0	270,000	0	270,000
Product sales, net	0	270,000	0	270,000
Dental Segment [Member] \| Instruments [Member] \| UNITED STATES
Product sales, net	194,676	271,215
Product sales, net	194,676	271,215
Dental Segment [Member] \| Instruments [Member] \| Domestic [Member]
Product sales, net			408,551	495,683
Product sales, net			408,551	495,683
Dental Segment [Member] \| Instruments [Member] \| Rest of World [Member]
Product sales, net	125,176	474,250	407,262	873,205
Product sales, net	125,176	474,250	407,262	873,205
Dental Segment [Member] \| Instruments [Member] \| CHINA
Product sales, net	0	270,000	0	270,000
Product sales, net	0	270,000	0	270,000
Dental Segment [Member] \| Handpieces [Member] \| UNITED STATES
Product sales, net	1,136,124	1,130,122
Product sales, net	1,136,124	1,130,122
Dental Segment [Member] \| Handpieces [Member] \| Domestic [Member]
Product sales, net			2,216,557	2,269,900
Product sales, net			2,216,557	2,269,900
Dental Segment [Member] \| Handpieces [Member] \| Rest of World [Member]
Product sales, net	357,645	732,894	1,004,594	1,522,010
Product sales, net	357,645	732,894	1,004,594	1,522,010
Dental Segment [Member] \| Handpieces [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Dental Segment [Member] \| Accessories [Member] \| UNITED STATES
Product sales, net	14,977	21,443
Product sales, net	14,977	21,443
Dental Segment [Member] \| Accessories [Member] \| Domestic [Member]
Product sales, net			31,667	44,320
Product sales, net			31,667	44,320
Dental Segment [Member] \| Accessories [Member] \| Rest of World [Member]
Product sales, net	6,166	12,242	7,558	28,446
Product sales, net	6,166	12,242	7,558	28,446
Dental Segment [Member] \| Accessories [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member]
Product sales, net	19,000	(2,200)	26,420	4,000
Product sales, net	19,000	(2,200)	26,420	4,000
Medical Segment [Member] \| UNITED STATES
Product sales, net	19,000	(2,200)
Product sales, net	19,000	(2,200)
Medical Segment [Member] \| Domestic [Member]
Product sales, net			26,420	0
Product sales, net			26,420	0
Medical Segment [Member] \| Rest of World [Member]
Product sales, net	0	0	0	4,000
Product sales, net	0	0	0	4,000
Medical Segment [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member] \| Instruments [Member] \| UNITED STATES
Product sales, net	1,000	0
Product sales, net	1,000	0
Medical Segment [Member] \| Instruments [Member] \| Domestic [Member]
Product sales, net			1,000	0
Product sales, net			1,000	0
Medical Segment [Member] \| Instruments [Member] \| Rest of World [Member]
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member] \| Instruments [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member] \| Handpieces [Member] \| UNITED STATES
Product sales, net	18,000	(2,200)
Product sales, net	18,000	(2,200)
Medical Segment [Member] \| Handpieces [Member] \| Domestic [Member]
Product sales, net			25,420	0
Product sales, net			25,420	0
Medical Segment [Member] \| Handpieces [Member] \| Rest of World [Member]
Product sales, net	0	0	0	4,000
Product sales, net	0	0	0	4,000
Medical Segment [Member] \| Handpieces [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member] \| Accessories [Member] \| UNITED STATES
Product sales, net	0	0
Product sales, net	0	0
Medical Segment [Member] \| Accessories [Member] \| Domestic [Member]
Product sales, net			0	0
Product sales, net			0	0
Medical Segment [Member] \| Accessories [Member] \| Rest of World [Member]
Product sales, net	0	0	0	0
Product sales, net	0	0	0	0
Medical Segment [Member] \| Accessories [Member] \| CHINA
Product sales, net	0	0	0	0
Product sales, net	$ 0	$ 0	$ 0	$ 0

Note 9 - Concentrations (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
Note 9 - Concentrations (Details Textual)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Number of Distributors	4	1	4	1
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| E-Commerce [Member]
Concentration Risk, Percentage	66.00%	43.00%	59.00%	42.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Distributor One [Member]
Concentration Risk, Percentage		11.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Distributor One [Member]
Concentration Risk, Percentage			34.00%		39.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Distributor Two [Member]
Concentration Risk, Percentage			31.00%		38.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Distributor Three [Member]
Concentration Risk, Percentage			13.00%		15.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Distributor Four [Member]
Concentration Risk, Percentage			11.00%
Accounts Payable [Member] \| Supplier Concentration Risk [Member] \| Related Party [Member]
Number of Vendors	3		3		3
Accounts Payable [Member] \| Supplier Concentration Risk [Member] \| Vendor One [Member] \| Related Party [Member]
Concentration Risk, Percentage			36.00%		37.00%
Accounts Payable [Member] \| Supplier Concentration Risk [Member] \| Vendor Two [Member] \| Related Party [Member]
Concentration Risk, Percentage			12.00%		17.00%
Accounts Payable [Member] \| Supplier Concentration Risk [Member] \| Vendor Three [Member] \| Related Party [Member]
Concentration Risk, Percentage			11.00%		12.00%

Note 10 - Related Party Transactions (Details Textual) - USD ($)			3 Months Ended		6 Months Ended
	Apr. 06, 2021	Jul. 10, 2017	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 02, 2021	Mar. 01, 2021
Previous President and Chief Executive Officer [Member]
Increase (Decrease) in Deferred Compensation		$ (100,000)
Employment Agreement, Base Compensation		200,000
Consultant [Member]
Increase (Decrease) in Deferred Compensation		(100,000)
Employment Agreement, Base Compensation		$ 200,000
Deferred Compensation Arrangement with Individual, Compensation Expense			$ 50,000			$ 100,000
Interim Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	2,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	5 years
Managing Director, China Operations [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense			50,000			100,000
Director Clinical Affair [Member]
Royalty Expense			95,000	$ 144,000	$ 211,000	267,000
Professional Fees			39,000		78,000
Accounts Payable and Accrued Liabilities, Current			100,000		100,000
Royalty on Net Sales, Percentage								2.50%	5.00%
Director of Clinical Affairs [Member]
Accounts Payable and Accrued Liabilities, Current							$ 114,000
Interim Chief Executive Officer [Member]
Royalty on Net Sales, Percentage								2.50%
Manufacturing Agreement for Handpieces [Member]
Related Party Transaction, Purchases from Related Party			423,000	$ 592,000	1,200,000	$ 1,300,000
Manufacturing Agreement for Handpieces [Member] \| Related Party [Member] \| Accounts Payable, Related Parties, Current [Member]
Accounts Payable and Accrued Liabilities			803,000		803,000		$ 402,000
Purchased Medical Products [Member] \| University Pain Medicine Center (STEMMEE) [Member]
Related Party Transaction, Amounts of Transaction			$ 6,000		$ 9,000

Note 11 - Commitments (Details Textual)	6 Months Ended
Note 11 - Commitments (Details Textual)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Advances on Inventory Purchases	$ 1,250,953	$ 1,371,548
Purchase Commitment for Devices [Member]
Purchase Commitment Number Of Units	2,000
Purchase Commitment, Remaining Minimum Amount Committed	$ 2,100,000	2,300,000
Advances on Inventory Purchases	1,100,000	1,300,000
Development of the Next Generation Instrument [Member]
Purchase Commitment, Remaining Minimum Amount Committed	103,000
Contracts for Funding of Future Epidural Instruments and Parts [Member]
Advances on Inventory Purchases	$ 168,000	$ 41,000

Note 11 - Commitments - Lease Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for operating lease liabilities	$ 33,390	$ 31,882	$ 65,272	$ 63,763
Cash paid for finance lease liabilities	$ 2,685	$ 2,685	$ 5,370	$ 5,370
Finance leases (years) (Year)	6 months 18 days	1 year 6 months	6 months 18 days	1 year 6 months
Operating leases (years) (Year)	2 years 9 months	3 years 9 months	2 years 9 months	3 years 9 months
Weighted-average discount rate – operating leases	9.20%	9.20%	9.20%	9.20%
Weighted-average discount rate – finance leases	9.20%	9.20%	9.20%	9.20%

Note 12 - Subsequent Events (Details Textual) - Restricted Stock [Member] - $ / shares		6 Months Ended
	Jul. 16, 2024	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Director [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	730,337
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0.89
Director [Member] \| Subsequent Event [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	25.00%
Director [Member] \| Subsequent Event [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	25.00%

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