0001437749-16-037178.txt : 20160811 0001437749-16-037178.hdr.sgml : 20160811 20160811161329 ACCESSION NUMBER: 0001437749-16-037178 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160811 DATE AS OF CHANGE: 20160811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MILESTONE SCIENTIFIC INC. CENTRAL INDEX KEY: 0000855683 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 133545623 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14053 FILM NUMBER: 161824705 BUSINESS ADDRESS: STREET 1: 220 SOUTH ORANGE AVENUE CITY: LIVINGSTON STATE: NJ ZIP: 07039 BUSINESS PHONE: (973) 535-2717 MAIL ADDRESS: STREET 1: 220 SOUTH ORANGE AVENUE CITY: LIVINGSTON STATE: NJ ZIP: 07039 FORMER COMPANY: FORMER CONFORMED NAME: MILESTONE SCIENTIFIC INC/NJ DATE OF NAME CHANGE: 19970409 FORMER COMPANY: FORMER CONFORMED NAME: U S OPPORTUNITY SEARCH INC DATE OF NAME CHANGE: 19920703 10-Q 1 mlss20160623_10q.htm FORM 10-Q

UNITED STATES

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 quarterly period ended June 30, 2016

☐	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.)

220 South Orange Avenue, Livingston, New Jersey 07039

(Address of principal executive offices)

(973) 535-2717

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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 MKT LLC

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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑ Yes ☐ No

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

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☑

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

As August 11, 2016, the Issuer had a total of 27,293,039 shares of Common Stock, $.001 par value, outstanding.

MILESTONE SCIENTIFIC INC

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

	Condensed Consolidated Balance Sheets June 30, 2016 (Unaudited) and December 31, 2015 (Audited)	4

	Condensed Consolidated Statements of Operations three and six months ended June 30, 2016 and 2015 (Unaudited)	5

	Condensed Consolidated Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2016 (Unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (Unaudited)	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18

Item 3. Quantitative and Qualitative Disclosures About Market Risk		22

Item 4. Controls and Procedures		22

	PART II—OTHER INFORMATION

Item 1. Legal Proceedings		23

Item 1A. Risk Factors		23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 3. Defaults Upon Senior Securities		23

Item 4. Mine Safety Disclosures		23

Item 5. Other Information		23

Item 6. Exhibits		23

Signatures		24

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. 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 as a result of various factors. Such forward-looking statements should, therefore, be considered in light of various important factors, including those set forth herein and others set forth from time to time in Milestone Scientific’s reports and registration statements filed with the Securities and Exchange Commission (the “SEC”). Milestone Scientific disclaims any intent or obligation to update such forward-looking statements.

Milestone Scientific has rights to the following trademarks: CompuDent^®, CompuMed^®, CompuFlo^®, The Wand^®, The Wand Plus^®, The SafetyWand^®, Dynamic Pressure Sensing Technology^®, and STASingle Tooth Anesthesia^™ (STA Instrument, instruments and handpieces).

MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2016			December 31, 2015
	(unaudited)			(audited)
ASSETS
Current Assets:
Cash and cash equivalents	$	3,183,727		$	4,194,384
Accounts receivable, net of allowance for doubtful accounts of $10,000 as of June 30, 2016 and $5,000 as of December 31, 2015		2,583,219			1,793,801
Other receivable		67,115			58,140
Inventories		4,268,768			4,258,094
Advances on contracts		1,215,011			1,215,128
Prepaid expenses and other current assets		375,844			304,604
Total current assets		11,693,684			11,824,151
Investment in Milestone Education LLC		-			16,346
Furniture, fixtures & equipment net of accumulated depreciation of $635,880 as of June 30, 2016 and $566,477 as of December 31, 2015		201,708			235,935
Patents, net of accumulated amortization of $699,633 as of June 30, 2016 and $646,388 as of December 31, 2015		695,449			715,540
Other assets		11,380			17,355
Total assets	$	12,602,221		$	12,809,327
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	2,497,719		$	2,088,268
Accrued expenses and other payables		1,492,920			1,555,567
Total current liabilities		3,990,639			3,643,835
Commitments and Contingencies
Stockholders’ Equity
Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, 7,000 shares issued and outstanding, respectively		7			7
Common stock, par value $.001; authorized 50,000,000 shares; 26,293,039 shares issued, 1,115,405 shares to be issued and 27,259,706 shares outstanding as of June 30, 2016;21,720,497 shares issued, 963,451 shares to be issued and 21,687,164 shares outstanding as of December 31, 2015.		28,408			22,685
Additional paid-in capital		79,126,690			78,632,383
Accumulated deficit		(69,813,638	)		(67,434,984	)
Treasury stock, at cost, 33,333 shares		(911,516	)		(911,516	)
Total Milestone Scientific Inc. stockholders' equity		8,429,951			10,308,575
Noncontrolling interest		181,631			(1,143,083	)
Total Equity		8,611,582			9,165,492
Total liabilities and stockholders’ equity	$	12,602,221		$	12,809,327

See Notes to Unaudited Condensed Consolidated Financial Statements

MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Product sales, net	$	2,371,710		$	1,766,759		$	5,836,196		$	4,536,963
Cost of products sold		789,801			570,729			2,157,990			1,503,877
Gross profit		1,581,909			1,196,030			3,678,206			3,033,086
Selling, general and administrative expenses		3,290,998			2,590,897			6,292,109			4,488,978
Research and development expenses		309,335			18,820			452,780			28,938
Total operating expenses		3,600,333			2,609,717			6,744,889			4,517,916
Loss from operations		(2,018,424	)		(1,413,687	)		(3,066,683	)		(1,484,830	)
Interest income		(1,004	)		(1,130	)		(1,936	)		80
Total other expenses, net		(1,004	)		(1,130	)		(1,936	)		80
Loss before provision for income tax and equity in net earnings of equity investments		(2,019,428	)		(1,414,817	)		(3,068,619	)		(1,484,750	)
Provision for income tax		(16,791	)		(13,646	)		(63,624	)		(13,646	)
Loss before equity in net earnings of equity investments		(2,036,219	)		(1,428,463	)		(3,132,243	)		(1,498,396	)
Loss on earnings from Milestone Medical		-			(525,938	)		-			(976,099	)
Loss on earnings from Education Joint Venture		-			(3,621	)		-			(7,836	)
(Loss) Gain on earnings from China Joint Venture		(57,882	)		(160,654	)		(222,719	)		(63,979	)
Loss in equity investments		(57,882	)		(690,213	)		(222,719	)		(1,047,914	)
Net Loss		(2,094,101	)		(2,118,676	)		(3,354,962	)		(2,546,310	)
Net loss attributable to noncontrolling interests		(507,262	)		(45,727	)		(976,308	)		(53,987	)
Net loss attributable to Milestone Scientific Inc.	$	(1,586,839	)	$	(2,072,949	)	$	(2,378,654	)	$	(2,492,323	)
Net loss per share applicable to common stockholders—
Basic	$	(0.06	)	$	(0.09	)	$	(0.10	)	$	(0.11	)
Diluted	$	(0.06	)	$	(0.09	)	$	(0.10	)	$	(0.11	)
Weighted average shares outstanding and to be issued—
Basic		25,989,857			22,405,897			24,362,441			22,390,332
Diluted		25,989,857			25,114,399			24,362,441			25,132,192

See Notes to Unaudited Condensed Consolidated Financial Statements

MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

SIX MONTHS ENDED JUNE 30, 2016

(Unaudited)

	Preferred Stock			Common Stock
	Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Noncontrolling interest		Treasury Stock		Total
Balance, January 1, 2016	7,000	$	7	22,683,948	$	22,685	$	78,632,383	$	(67,434,984)	$	(1,143,083)	$	(911,516)	$	9,165,492

Consolidation of Milestone Education	-		-	-		-		-		-		16,346		-		16,348
Stock based compensation	-		-	-		-		276,256		-		-		-		276,256
Common stock to be issued to employee for bonuses	-		-	151,954		151		339,549		-		-		-		339,700
Common stock issued for payment of consulting services				75,000		75		168,675								168,750
Common Stock exchanged for MMD				4,497,542		4,497		(2,289,173)				2,284,676				-
Sale of Common Stock - Innovest				1,000,000		1,000		1,999,000								2,000,000
Net loss	-		-	-		-		-		(2,378,654)		(976,308)		-		(3,354,962)
Balance, June 30,2016	7,000	$	7	28,408,444	$	28,408	$	79,126,690	$	(69,813,638)	$	181,631	$	(911,516)	$	8,611,582

See Notes to Unaudited Condensed Consolidated Financial Statements

MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2016			2015
Cash flows from operating activities:
Net loss	$	(3,354,962)		$	(2,546,310)
Adjustments to reconcile net cash used in operating activities:
Depreciation expense		46,177			13,930
Amortization of patents		35,707			34,647
Common stock and options for compensation, consulting and vendor services		784,480			391,844
Equity loss on Milestone Medical		-			976,099
Equity loss on Education joint venture		-			7,836
Equity loss (gain) on China joint venture		222,719			63,979
Changes in operating assets and liabilities:
Increase in accounts receivable		(789,418)			(93,620)
Increase in other receivable		(8,975)			-
Increase in inventories		(233,393)			(743,299)
(Increase) decrease to advances on contracts		117			(1,870)
(Increase) decrease to prepaid expenses and other current assets		(71,240)			(15,215)
Decrease (Increase)in other assets		5,975			(2,670)
Increase (decrease) in accounts payable		407,536			(657,989)
Increase in accrued expenses and other payables		(67,367)			162,551
Net cash used in operating activities		(3,022,644	)		(2,410,087)
Cash flows from investing activities:
Notes receivable from Milestone Medical		-			(1,000,000)
Due from related party		-			(430,629)
Investment in Treasury Bills		-			(5,550,283)
Purchases of intangible assets		(15,616)			-
Purchases of property and equipment		(15,668)			(42,418)
Cash acquired from variable interest entity		26,925
Net cash used in investing activities		(4,359)			(7,023,330)
Cash flows from financing activities:
Proceeds from exercise of stock options		-			12,750
Net Proceeds on Private Placement Offering		2,000,000			-
Capital contribution from noncontrolling interest		16,346			500,000
Net cash provided by financing activities		2,016,346			512,750
Net decrease in cash and cash equivalents		(1,010,657)			(8,920,667)
Cash and cash equivalents at beginning of period		4,194,384			10,367,993
Cash and cash equivalents at end of period	$	3,183,727		$	1,447,326

Supplemental disclosure of cash flow information:
Net assets acquired from variable interest entity	$	6,307		$	-
Shares issued to employees in lieu of cash compensations	$	-		$	35,000
Shares issued to employees for bonus	$	339,549		$	100,000
Shares issued to consultants in lieu of cash payment	$	75,000		$	30,000

See Notes to Unaudited Condensed Consolidated Financial Statements

MILESTONE SCIENTIFIC INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION

Milestone Scientific Inc. and Subsidiaries, (collectively “Milestone Scientific”, “our”, “us” or “we”) was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery instrument, through the use of The Wand®, a single use disposable handpiece. The instrument is marketed in dentistry under the trademark CompuDent®, Wand Plus® and STA (Single Tooth Anesthesia)^TM and in medicine under the trademark CompuMed®. CompuDent® is suitable for all dental procedures that require local anesthetic. CompuMed® and Wand Plus are suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics and a number of other disciplines. The instruments are sold in the United States and in over 47 countries abroad. Milestone Scientific’s products are manufactured by a third-party contract manufacturer.

In July 2014, Milestone Scientific acquired all of the 750,000 outstanding shares of an inactive Florida corporation and changed its name to Wand Dental, Inc. (“Wand Dental”). In September 2014, that corporation was merged into a Delaware corporation, retaining the same name and capitalization. On July 1, 2014, Wand Dental was capitalized with cash and received Milestone Scientific’s dental business and related dental assets including the exclusive license of Milestone Scientific’s, patents, trademarks, and technology for use in the dental marketplace. Wand Dental is consolidated into Milestone Scientific.

The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2015 included in Milestone Scientific Annual Report on Form 10-K.

In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring entries) necessary to fairly present Milestone Scientific’s financial position as of June 30, 2016 and the results of its operations for the three months and six then ended.

The results of operations reported for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations which may be expected for a full year.

In June 2016, a group of investors that participated in our May 2014 financing invested an additional $2 million in Milestone Scientific through a private placement of one million shares of our restricted common stock, $.001 par value per share (“common stock”), at a price of $2.00 per share.

In the second quarter of 2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical (defined below) common stock, a consolidated variable interest entity. As of June 30, 2016, 4,497,542 shares of common stock has been exchanged for 8,995,084 shares of Milestone Medical common stock. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016.

Milestone Scientific has incurred operating losses and negative cash flows from operating activities since its inception, except for 2013. Milestone Scientific is actively pursuing the generation of revenue, positive operating income and net income. The capital raised in May 2014, and June 2016 provided Milestone Scientific with the opportunity to continue to develop and commercialize additional medical instruments and aggressively market the dental instruments throughout the world. Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue based upon management’s assessment of present contracts.

NOTE – 1 SUMMARY OF ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statement have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including Wand Dental, as well as Milestone Medical Inc. (“Milestone Medical”), Milestone Advanced Cosmetic Systems, and Milestone Education LLC (“Milestone Education”), both variable interest entities for which Milestone Scientific is the primary beneficiary. All significant, intra-entity transactions and balances have been eliminated in the consolidation.

Variable Interest Entities

A Variable Interest Entity (VIE) is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE.

If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity.

Milestone Scientific is the primary beneficiary of Milestone Medical and Milestone Education, as VIEs. Accordingly, the assets and liabilities of Milestone Medical and Milestone Education are included in the accompanying consolidated financial statements. Please refer to Note 3 for further details regarding the treatment of the VIE.

Cash

Milestone Scientific considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the inability of its customers to make payments on amounts billed. A majority of credit sales are due within ninety days from invoicing. There have not been any significant credit losses reported by Milestone Scientific.

Product Return and Warranty

Milestone Scientific does not accept non-defective returns from its customers. Product returns under warranty are accepted, evaluated and repaired or replaced in accordance with the Warranty Policy. Returns not within the Warranty Policy are evaluated and the customer is charged for the repair.

Inventories

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

Equity Method Investments

Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long term assets on the Condensed Consolidated Balance Sheets. Under this method of accounting, our share of the net earnings or losses of the investee is presented below the income tax line on the Condensed Consolidated Statements of Operations. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.

Furniture, Fixture and Equipment

Equipment is recorded at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. The costs of maintenance and repairs are charged to operations as incurred.

Intangible Assets - Patents

Patents are recorded at cost to prepare and file the applicable documents with the United States Patent Office, or internationally with the applicable governmental office in the respective country. Although certain patents have not yet been approved, the costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. If the applicable patent application is ultimately rejected, the remaining unamortized balance will be expensed in the period in which Milestone Scientific receives a notice of such rejection. Patent defense costs, to the extent applicable are expensed as incurred. Patent applications filed and patents obtained in foreign countries are subject to the laws and procedures that differ from those in the United States. Patent protection in foreign countries may be different from patent protection under United States laws and may not be favorable to Milestone Scientific. Milestone Scientific also attempts to protect the proprietary information through the use of confidentiality agreements and by limiting access to the facilities. There can be no assurance that the program of patents, confidentiality agreements and restricted access to the facilities will be sufficient to protect the proprietary technology.

10.

Impairment of Long-Lived Assets

Milestone Scientific reviews long-lived assets for impairment whenever events or circumstances (i.e. a triggering event) indicate that the carrying amounts may not be recoverable. The carrying value of the assets is evaluated in relation to the operating performance and future undiscounted cash flows of the underlying assets. Milestone Scientific adjusts the net book value of an underlying asset if its fair value is determined to be less than its net book value. There have been no impairment indicators or triggering events and therefore, no impairment reviews have been performed in the period ending June 30, 2016.

11.

Revenue Recognition

Revenue from product sales is recognized net of discounts and allowances to domestic distributors on the date of shipment for essentially all shipments, since the shipment terms are FOB warehouse. Milestone Scientific will recognize revenue on date of arrival of the goods at the customer’s location, where shipments are FOB destination. Shipments to international distributors are FOB warehouse, therefore revenue is recognized on shipment of the goods. In all cases the price to the buyer is fixed and the collectability is reasonably assured. Further, Milestone Scientific has no obligation on these sales for any post 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.

12.

Shipping and Handling Costs

Milestone Scientific includes shipping and handling costs in cost of goods sold. These costs are billed to customers at the time of shipment for domestic shipments. International shipments are FOB warehouse, therefore no costs are incurred by Milestone Scientific.

13.

Research and Development

Research and development costs, which consist principally of new product development costs payable to third parties, are expensed as incurred. Advance payments for the research are amortized to expense either as services are performed or over the relevant service period using the straight line method.

14.

Income Taxes

Milestone Scientific accounts for income taxes pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The income tax provision or credit is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

15.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) Allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. The FASB continues to release guidance clarifying certain aspects of the revenue guidance. We do not believe that this new accounting pronouncement will have a material impact on our financial statements.

In August 2014, the Financial Accounting Standards Board issued a new standard ASU No.2014-15, “Presentation of Financial Statements – Going Concern“ (Subtopic 205-40): The new standard is intended to increase the disclosure as it relates to management’s assessment of the abilities to continue as a going concern. The standard will be effective for the annual period ending after December 15, 2016. Milestone Scientific will be adopting this standard with its annual reporting of December 31, 2016 to include enhanced disclosures as it relates to management’s considerations.

In November 2015, the FASB issued guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent, rather than separated into current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented.

In February 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-02, “Leases “ (Topic 842): The new standard is intended to increase transparency and comparability among organizations to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. It will be effective for fiscal years beginning after December 15, 2019 and for interim periods within fiscal years beginning after December 15, 2020. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.

In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-07, “Investments - Equity Method and Joint Ventures” (Topic 323): The new standard is intended to eliminate the requirement that when an investment qualifies for the use of the equity method as a result of an in increase in the level of ownership or degree of influence, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect all of the previous periods that the investment was held. It will be effective for all entities for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.

In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-09, “Compensation – Stock Compensation” (Topic 718): The new standard is intended to clarify certain reporting aspects relating to stock based compensation, relating primarily to forfeitures, tax impacts and cash flow presentation. Certain attributes will be treated prospectively, while others will require a retroactive application. Generally, the changes will be effective for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; The adoption of this ASU will have on its financial position, results of operations and cash flows.

We have evaluated all other issued and unadopted Accounting Standards Updates and believe the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows of its common stock.

NOTE – 2 Basic and Diluted Net INCOME (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 Statement of Financial Accounting Standards ASC Topic 260. 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 during each period. The calculation of diluted earnings per common share is similar to 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, warrants, and the conversion of debt were issued during the period.

Since Milestone Scientific had net losses for 2016 and 2015, the assumed effects of the exercise of potentially dilutive outstanding stock options and warrants were not included in the calculation as their effect would have been anti-dilutive.

For the three and six months ended June 30, 2016 and 2015, Milestone Scientific calculated basic and fully diluted earnings per common share as described in the previous paragraph.

NOTE – 3 CONSOLIDATION OF VARIABLE INTEREST ENTITY

Milestone Medical

Milestone Medical is approximately 86% owned by Milestone Scientific as of June 30, 2016. Milestone Scientific has been established to develop and commercialize intra-articular and epidural drug delivery instruments, utilizing an exclusive royalty-free license to Milestone Scientific’s CompuFlo technology. The license was contributed by Milestone Scientific for our initial ownership in Milestone Medical.

Since our initial investment in Milestone Medical we have accounted for the investment in accordance with the equity method of accounting. However, during 2015, Milestone Scientific provided short term bridge financing to Milestone Medical in anticipation of the completion of a secondary stock offering in the Polish Market. In December 2015, Milestone Medical suspended their capital raise efforts meriting re-consideration of the initial accounting for the investment as an equity method investment. In April 2016, Milestone Medical cancelled the uplisting of its shares to the Poland Warsaw Stock Exchange.

As a result of the change in circumstances around the proposed offering in December 2015 by Milestone Medical, we reevaluated the relationship between the two entities and the status of Milestone Medical as a VIE. We have concluded that Milestone Medical does not have sufficient capital at risk to support its activities without additional financial support from Milestone Scientific

Since the factors giving rise to concluding that Milestone Medical is a VIE happened so close to the end of fiscal year 2015, the acquisition date for measuring the consolidation of Milestone Medical has been deemed to be December 31, 2015.

In the second quarter of 2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical common stock. As there was no change in control, the acquisition of the non-controlling interest is reflected as an equity transaction with the carrying value of the non-controlling interest adjusted to reflect Milestone Scientific’s increased ownership interest in the subsidiary. As of June 30, 2016, 3,965,000 shares of common stock have been issued in exchange for 7,930,000 shares of Milestone Medical common stock. An additional 532,542 shares were issued but not outstanding as of June 30, 2016. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016.

As a result of our increased ownership in Milestone Medical, approximately 86%as of June 30, 2016, we have determined that we have control of Milestone Medical and have consolidated Milestone Medical in the accompanying condensed consolidated financial statements.

Milestone Education LLC

Milestone Education is a 50% owned subsidiary of Milestone Scientific which began operations in 2013 to provide training and education to our dentists throughout the world. Milestone Scientific accounted for its investment in Milestone Education using the equity method of accounting through December 31, 2015. Approximately 83% of the revenue earned by Milestone Education is from services performed for Milestone Scientific. As a result of this relationship, we concluded that we have the power to direct the activities that most significantly impact Milestone Education’s economic performance, and that it is a VIE and should be consolidated in the financials of Milestone Scientific in the first quarter of 2016.

The financial statements of Milestone Medical and Milestone Education are included in the accompanying condensed consolidated financial statements.

The financial information in the table below summarizes the combined results of operations of Milestone Scientific, and its subsidiaries including Milestone Medical and Milestone Education (a VIE) on a pro forma basis as though the companies had been combined as of the beginning of the earliest period presented. The pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the consolidation had taken place at the beginning of the period presented.

	June 30, 2015 Pro Forma

Total revenue	$	4,590,067
Cost of products sold		1,507,552
Gross Profit		3,082,515
Selling, general and administrative expenses		6,148,121
Research and development expenses		384,752
Operating expenses		6,532,873
Loss from operations		(3,450,358	)
Other expenses		-
Interest income		(3,412	)
Total other expenses, net		(3,412)
Loss before provision for income tax and equity in net earnings of equity investments		(3,453,770	)
Provision for Income Tax		(13,646	)
Loss before equity in net earnings of equity investments		(3,467,416	)
Loss on earnings from Milestone Medical		-
Loss on earnings from Education Joint Venture		-
(Loss) Gain on earnings from China Joint Venture		(63,979	)
Loss in equity investments		(63,979	)
Net loss		(3,531,395	)
Less: Net loss attributable to the noncontrolling interests		1,038,888
Net loss attributable to Milestone Scientific Inc.	$	(2,492,507	)

NOTE – 4 INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES

Advance Ocular Science SA

Advanced Ocular Sciences SA is an entity organized to develop an instrument that delivers injections into the eyes. The company is a shell company as of June 30, 2016. Milestone Scientific owns 25% of this entity. As of the balance sheet date, no equity has been contributed to the company by Milestone Scientific. During 2015, Milestone Scientific advanced $78,798 for marketing and strategy planning to Advanced Ocular Sciences SA. Advanced Ocular Sciences SA., or their organizers are obligated to repay this advance once the public offering is approved and funded in Poland during 2016. Advance Ocular Sciences SA was not included in the consolidated financial statements at June 30, 2016 as no investment has been made by Milestone Scientific. The suspended losses approximated $19,700 at June 30, 2016.

Milestone China Ltd.

In June 2014, Milestone Scientific agreed to invest $1 million through the contribution of 772 STA instruments (at a distributor price of approximately $1,296 per instrument) for a forty percent (40%) ownership in Milestone China Ltd. (“Milestone China”). In 2014, the instruments were shipped and were recorded as an investment in Milestone China at the cost of the inventory contributed. In January 2016, Milestone Scientific contributed 308 STA instruments with a retail value of approximately $400,000 ($1,296 per instrument) to Milestone China which increased the Milestone Scientific’s investment by approximately $165,000 which represents the cost of the instruments. This did not increase the company’s percentage of ownership since the contribution is proportionate to the other shareholder contribution. Milestone Scientific recorded a loss on its investment in Milestone China of $57,882 and $222,719 for the three and six months ended June 30, 2016. Milestone Scientific recorded a loss on its investment in Milestone China of $160,654 and $63,979 for the three and six months ended June 30, 2015. Milestone’s investment in Milestone China was $0 and $284,672 at June 30, 2016 and 2015, respectively. Milestone Scientific had suspended losses on its investment in Milestone China of $363,833, as of June 30, 2016.

Wand Dental sold $1,356,000 in instruments and handpieces during the six months ended June 30, 2016 to Milestone China. Milestone China owes $1,156,000 Wand Dental for STA instruments and handpieces shipped in 2016, which is included in accounts receivable at June 30, 2016.

Milestone Scientific recognizes the total revenue and costs of goods sold at the time the shipment of instruments and handpieces. However, due to timing differences of when the inventory is sold to Milestone China and when Milestone China sells the acquired inventory to third parties, elimination of the intra-entity profit is required as of the balance sheet date. In accordance with Accounting Standard Codification (“ASC”) 323 – Equity Method and Joint Ventures, Milestone Scientific has deferred the gross profit associated with inventory shipped to Milestone China that has not been sold to third parties The deferred profit of $127,663 is included in the loss from Milestone China within the Condensed Consolidated Statements of Operations and presented as a reduction of the accounts receivable in the Condensed Consolidated Balance Sheets.

The following table includes summarized financial information for Milestone China unconsolidated subsidiary.
	June 30, 2016		December 31, 2015
	(unaudited)		(audited)
Assets:
Current Assets	$	5,114,791	$	772,999
Non-Current Assets		1,373,209		903,766

Total Assets:	$	6,488,000	$	1,676,765

Liabilities
Current Liabilities		4,427,526		580,613

Stockholders' equity		2,060,474		1,096,152

Total liabilities and stockholders’ equity	$	6,488,000	$	1,676,765

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(unaudited)			(audited)			(unaudited)			(audited)

Net Sales	$	2,043,282		$	-		$	2,315,502		$	1,033,200
Cost of Good Sold		1,729,489			-			2,085,119			668,289
Gross Profit		313,793			-			230,383			364,911
Other Expenses		463,199			(401,632	)		696,742			524,897
Net Loss	$	(149,406	)	$	(401,632	)	$	(466,359	)	$	(159,986	)

NOTE – 5 Stock Option Plans

Milestone Scientific recognizes compensation expense on a straight line basis over the requisite service period and in the case of performance based options over the period of the expected performance. For the six months ended June 30, 2016 and 2015, Milestone Scientific recognized $266,601 and $226,844 of total employee compensation cost related to options that vested each year, respectively. As of June 30, 2016 and 2015, there was $884,183 and $995,813, respectively, of total unrecognized compensation cost related to non-vested options. Milestone Scientific expects to recognize these cost over a weighted average period of 2.74 years and 2.10 years as of June 30, 2016 and 2015, respectively.

A summary of option activity for employees under the plans and changes during the six months ended June 30, 2016, is presented below:

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		1,419,436		1.56		2.78		1,220,338
Granted		348,908		1.72		4.85		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding, June 30, 2016		1,768,344		1.59		2.74		2,099,051
Exercisable, June 30, 2016		1,170,718		1.36		2.43		1,721,587

A summary of option activity for non-employees under the plans and changes during the six months ended June 30, 2016, is presented below:

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		8,333		2.70		4.83		-
Granted		200,000		2.55		1.59		-
Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding, June 30, 2016		208,333		2.56		4.58		50,833
Exercisable, June 30, 2016		2,777		2.70		4.33		-

The fair value of the options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant. In accordance with the provisions of FASB ASC 505 Milestone Scientific will re-measure the value of the grant at each presentation date unless there is significant disincentive for non-performance until performance is completed. As of June 30, 2016, Milestone Scientific recognized $8,421 expense related to non-employee options. As of June 30, 2016 there was a total of $514,792 unrecognized compensation cost related to non-vested options which the company expects to recognize over a weighted average period of 5.7 years. There was no compensation cost for the six month ended June 30, 2015.

In accordance with the provisions of FASB ASC 505-50-15, all other issuances of common stock, stock options or other equity instruments to non-employees as consideration for goods or services received by Milestone Scientific are accounted for based on the fair value of the equity instruments issued (unless the fair value of the consideration received can be more reliably measured). The fair value of any options or similar equity instruments issued is estimated based on the Black-Scholes option-pricing model and the assumption that all of the options or other equity instruments will ultimately vest. Such fair value is measured as of an appropriate date pursuant to the guidance, (generally, the earlier of the date the other party becomes committed to provide goods or services or the date of performance by the other party is complete) and re-measured at each reporting period whether capitalized or expensed as if Milestone Scientific had paid cash for the goods or services.

NOTE – 6 CONCENTRATION OF CREDIT RISK

Milestone Scientific’s consolidated financial instruments that are exposed to concentrations of credit risk consist primarily of cash, trade accounts receivable, and advances on contracts. Milestone Scientific places its cash and cash equivalents with large financial institutions. At times, such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. Milestone Scientific has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks. Financial instruments which potentially subject Milestone Scientific to credit risk consist principally of trade accounts receivable, as Milestone Scientific does not require collateral or other security to support customer receivables, and advances on contracts.

Milestone Scientific closely monitors the extension of credit to its customers while maintaining allowances, if necessary, for potential credit losses. Milestone Scientific evaluates its accounts receivable and establishes an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit conditions. Management has provided a reserve that it believes is sufficient to record accounts receivable at net realizable value as of June 30, 2016, and 2015, respectively.

NOTE – 7 ADVANCES ON CONTRACTS

The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015, is $1,215,011 and $1,215,128, respectively. The advance is classified as current based on the estimated annual usage of the underlying inventory.

NOTE – 8 INCOME TAXES

For the six months ended June 30, 2016, and 2015 state tax liability was approximately $63,000 and $13,000, respectively. Due to Milestone Scientific’s history of past operating losses, which required a full valuation allowances for all of Milestone Scientific’s deferred tax assets at June 30, 2016 and 2015, no recognition was given to the utilization of the remaining Federal net operating loss carryforwards.

NOTE – 9 SIGNIFICANT CUSTOMERS & GEOGRAPHICAL INFORMATION

Milestone Scientific has informal arrangements with the manufacturer of the STA, CompuDent® and CompuMed® 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 open purchase orders with a contract manufacturer to manufacture STA instruments. The contract manufacturer bills Wand Dental as the work progresses and it is Wand Dental’s policy to record these billings as advances on contracts. These advances are reclassified into inventory when the contract manufacturer ships the product and title passes to Wand Dental. The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015 is $1,170,863 and $1,171,604, respectively. The advance is classified as current, based on the estimated annual usage of the underlying inventory

Milestone Scientific has a manufacturing agreement with one of the principal manufacturers, which is a related party, of its handpieces pursuant to which they manufacture products under specific purchase orders but without minimum purchase commitments. A five percent shareholder of Milestone Scientific is also a shareholder of this vendor. Purchases from this supplier were $1,121,226 and $1,353,632 for the six months ended June 30, 2016 and 2015, respectively. Milestone Scientific owed $687,522 and $455,573 to this supplier as of June 30, 2016 and 2015, respectively .

For the six months ended June 30, 2016, and 2015 Milestone Scientific had three customers (distributors) that had approximately 38%, 22% and 12%, and 26%, 11% and 11%, respectively, of its net product sales. Accounts receivable for two of the major customers amounted to approximately $972,000 and $1,156,000 of gross accounts receivable for the six month ended June 30, 2016. Milestone Scientific had gross accounts receivable for three major customers that amounted to $1,150,101, ($263,861, $346,839 and $539,400) as of June 30, 2015.

Milestone Scientific’s sales by product category and by geographical region are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
DOMESTIC
Instruments	$	190,504	$	153,325	$	852,149	$	602,290
Handpieces		695,761		673,062		1,753,685		1,105,124
Other		20,652		15,229		34,126		1,762
Total Domestic	$	906,917	$	841,616	$	2,639,960	$	1,709,176

INTERNATIONAL
Instruments	$	535,335	$	136,430	$	1,559,050	$	814,044
Handpieces		882,135		757,079		1,537,124		1,971,531
Other		47,323		31,635		100,062		42,212
Total International	$	1,464,793	$	925,144	$	3,196,236	$	2,827,787

Total Product Sales	$	2,371,710	$	1,766,760	$	5,836,196	$	4,536,963

NOTE – 10 PENSION PLANS

Milestone Scientific has a Defined Contribution Plan that allows eligible employees to contribute part of their salary through payroll deductions. Milestone Scientific does not contribute to this plan, but does pay the administrative costs of the plan, which were not significant.

NOTE – 11 COMMITMENTS AND OTHER

(1) Lease Commitments

The headquarters for Milestone Scientific is located at 220 South Orange Ave, Livingston, New Jersey. Milestone Scientific leases approximately 7,625 square feet of office space. The lease term expires January 31, 2020 at a monthly cost of $12,522. Additionally, Milestone Scientific has other smaller insignificant leases ending through 2017. A third party distribution and logistics center in Pennsylvania handles shipping and order fulfillment on a month-to-month basis. For the three and six months ended June 30, 2016 rent expense amounted to $34,749, and $69,987, respectively. For the three and six months ended June 30, 2015, rent expense amounted to $23,927 and $37,752, respectively.

(2) Contract Manufacturing Arrangement

Milestone Scientific has informal arrangements for the manufacture of its products The STA (single tooth anesthesia), and CompuDent® instruments are manufactured for Milestone Scientific by Tricor Systems, Inc. pursuant to specific purchase orders. The STA and the Wand® Handpiece with Needle is supplied to Milestone Scientific by a contractor in the United States, which arranges for its manufacture with two factories in China.

The termination of the manufacturing relationship with any of the above 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, whether or not as a result of termination of such a relationship, would adversely affect Milestone Scientific.

(3) Other Commitments and Subsequent Events

Other Commitments

In March 2014, the Board of Directors approved the Compensation Committee’s request to amend the Chief Executive Officer of Milestone Scientific’s employment agreement to provide benefits to make payments of $203,111 per year for five years to the Executive, or as he directs such payments to a third party, to fund his acquisition of, or contribution to an annuity, pension, or deferred distribution plan or for an investment for the Executive and his family. For the three and six months ended June 30, 2016, approximately $51,000 and $100,000 was charged to expense, respectively. For the three and six months ended June 30, 2015, approximately $51,000 and $102,000 was charged to expense, respectively.

The technology underlying the SafetyWand and CompuFlo®, and an improvement to the controls for CompuDent® were developed by the Director of Clinical Affairs and assigned to us. Milestone Scientific purchased this technology pursuant to an agreement dated January 1, 2005. The Director will receive additional payments of 2.5% of the total sales of products using certain of these technologies, and 5% of the total sales of products using certain other of the technologies. The Director of Clinical Affairs was granted, pursuant to the agreement, an option to purchase, at fair market value on the date of the grant, 8,333 shares of the common stock upon the issuance of each additional patent relating to these technologies. If products produced by third parties use any of these technologies (under license from us) then the Director of Clinical Affairs will receive the corresponding percentage of the consideration received by Milestone Scientific for such sale or license. Milestone Scientific expensed the Director of Clinical Affairs’ royalty fee of $110,764 and $300,643 during the three and six months ended June 30, 2016, respectively. Milestone Scientific expensed the Director of Clinical Affairs’ royalty fee of $84,947 and $196,431, during the three and six months ended June 30, 2015, respectively. Additionally, Milestone Scientific expensed consulting fees to the Director of Clinical Affairs of $68,757 and $137,502 for the three and six months ended June 30, 2016. 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, 2015, respectively.

Beginning January 1, 2016, Milestone Scientific entered into a non-exclusive distribution agreement with Henry Schein. In June 2016 we established new distribution arrangements for our dental products for the United Stated States and Canada with Henry Schein Inc. (“Henry Schein”), a global leader of distribution in the dental supplies. Under these arrangements we will, for the first time, have a dedicated independent sales force visiting dentists. We believe that these arrangements will be more effective than previous arrangements relying on appearances at dental shows and catalog sales. We believe that the agreement with Henry Schein will lead to increased domestic sales of STA instruments and handpieces in the third and fourth quarters of 2016.

Subsequent Events

In July 2016, we filed for 510(K) marketing clearance with the US Food and Drug administration (FDA) for marketing clearance of Milestone Medical's epidural instrument. This clearance is necessary to begin commercialization of the epidural instrument in the United States.

In July 2016, Milestone Scientific raised $250,000 in additional capital from the sale of 104,200 shares of common stock at $2.40 per share. The transaction was covered by the prospectus supplement, filed with the SEC on July 22, 2016, to our shelf registration statement on Form S-3 (SEC File No.: 333-209466).

Milestone Scientific has evaluated subsequent events and has determined that there are no other events to be disclosed.

ITEM 2.

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

The following discussions of our financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Form 10-Q. Certain statements in this discussion and elsewhere in this report constitute forward-looking statements, within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements.

OVERVIEW

Milestone Scientific Inc. (“Milestone Scientific”, “our”, “us” or “we”) was officially listed on the NYSE MKT on June 1, 2015.

In 2016, Milestone Scientific remains focused on advancing efforts to achieve our two primary objectives; those being:

•

Enhancing our global reach by partnering with distribution companies in the medical sector and

•

Optimizing our tactical approach to product sales and marketing in order to materially increase penetration of the global dental and medical markets with our proprietary, patented Computer-Controlled Local Anesthesia Delivery (C-CLAD) solution, the STA Single Tooth Anesthesia Instrument (STA Instrument)

STA Instrument Growth

Since its market introduction in early 2007, the STA Instrument and a prior computerized controlled local anesthesia delivery product have been used to deliver over 60 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.

Global Distribution Network

United States and Canadian Market

In June 2016 we established new distribution arrangements for our dental products for the United Stated States and Canada with Henry Schein Inc. (“Henry Schein”), a global leader of distribution in the dental supplies. Under these arrangements we will, for the first time, have a dedicated independent sales force visiting dentists. We believe that these arrangements will be more effective than previous arrangements relying on appearances at dental shows and catalog sales.

International Market

On the global front, we also have granted exclusive marketing and distribution rights for the STA Instrument to select dental suppliers in various international regions in Asia, Africa, South America and Europe. They include Istrodent in South Africa and Unident in the Scandinavian countries of Denmark, Sweden, Norway and Iceland.

In early October 2012, the State Food and Drug Administration (SFDA) of the People’s Republic of China approved Milestone Scientific’s Single Tooth Anesthesia System® (STA System). In May 2014, the CFDA, (previously the SFDA), granted registration approval of the STA handpieces in China. We have established exclusive distribution arrangements with Milestone China, Ltd, a 40% owned subsidiary of ours, which has placed our dental instruments in clinics serving major cities in China.

Shortly before the end of the second quarter 2009, we announced that we were refining our international marketing strategy to gain greater access to and penetration of the international dental markets for the STA Instrument, CompuDent® and related disposable handpieces. The new sales strategy provides for increasing hands-on oversight and support of our existing international distribution network, while also attracting new distributors throughout Europe, Asia and South America.

In September 2014, Milestone Medical Inc., a subsidiary of Milestone Scientific (“Milestone Medical”), received CE clearance to distribute their epidural and intra-articular instruments in European Community (EU). Milestone Medical is actively pursuing distributors for the instruments in the EU community. Milestone Medical signed a distribution agreement in March 2015, with a Polish Medical distributor for the distribution of the epidural instrument starting in April 2015.

In July 2016, Milestone Scientific filed for 510(k) marketing clearance with the United States Food and Drug Administration (FDA) for marketing clearance of the Milestone Medical epidural instrument. This clearance is necessary to begin commercialization of the epidural instrument in the United States.

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

	Three Months Ended June 30,								Six Months Ended June 30,
	2016				2015				2016				2015
DOMESTIC
Instruments	$	190,504	21.0	%	$	153,325	18.2	%	$	852,149	32.3	%	$	602,290	35.2	%
Handpieces		695,761	76.7	%		673,062	80.0	%		1,753,685	66.4	%		1,105,124	64.7	%
Other		20,652	2.3	%		15,229	1.8	%		34,126	1.3	%		1,762	0.1	%
Total Domestic	$	906,917	100.0	%	$	841,616	100.0	%	$	2,639,960	100.0	%	$	1,709,176	100.0	%
INTERNATIONAL
Instruments	$	535,335	36.6	%	$	136,430	14.8	%	$	1,559,050	48.8	%	$	814,044	28.8	%
Handpieces		882,135	60.2	%		757,079	81.8	%		1,537,124	48.1	%		1,971,531	69.7	%
Other		47,323	3.2	%		31,634	3.4	%		100,062	3.1	%		42,212	1.5	%
Total International	$	1,464,793	100.0	%	$	925,143	100.0	%	$	3,196,236	100.0	%	$	2,827,787	100.0	%
DOMESTIC/INTERNATIONAL ANALYSIS
Domestic	$	906,917	37.8	%	$	841,616	47.6	%	$	2,639,960	45.2	%	$	1,709,176	37.7	%
International		1,464,793	62.2	%		925,143	52.4	%		3,196,236	54.8	%		2,827,787	62.3	%
Total Product Sales	$	2,371,710	100.0	%	$	1,766,759	100.0	%	$	5,836,196	100.0	%	$	4,536,963	100.0	%

Milestone Scientific earned gross profit of approximately $1.6 million and $3.7 million in the three and six months ended June 30, 2016. Milestone Scientific earned gross profit of approximately $1.2 million and $3.0 million in the three and six months ended June 30, 2015. However, the revenues and related gross profits have not been sufficient to support overhead, new product introduction and research and development expenses. Although Milestone Scientific anticipates expending funds for research and development in 2016, these amounts will vary based on the operating results for each quarter. Milestone Scientific has incurred annual operating losses and negative cash flows from operating activities since its inception, except for 2013. At June 30, 2016, Milestone Scientific has sufficient cash reserves to meet all of its anticipated obligations for at least the next twelve months, including a limited amount of financing for the operation of Milestone Medical until additional financing is consummated in 2016. Milestone Scientific is actively pursuing the continued generation of positive cash flows from operating activities through increase in revenue, assessment of current contracts and current negotiations.

In 2016, Milestone Scientific plans to further support increased sales and marketing activity through our current distributors and newly appointed distributors of the STA instruments and handpieces in the international market. In the U.S. and Canada, Milestone Scientific will utilize Henry Schein’s Exclusive Product Division providing best in class, web based training for the initial contact with customers and to train Henry Schein marketing training personnel. Individual practitioners and group practices domestically, and to refined and directed advertising to dental professionals, to support and broaden our global distribution network.

Results of Operations

The following table sets forth for the consolidated results of operations for the three and six months ended June 30, 2016 compared to 2015 as a percentage of revenues. The trends suggested by this table may not be indicative of future operating results:

	Three Months Ended June 30,										Six Months Ended June 30
	2016					2015					2016					2015
Total revenue	$	2,371,710		100	%	$	1,766,759		100	%	$	5,836,196		100	%	$	4,536,963		100	%
Cost of products sold		789,801		33	%		570,729		32	%		2,157,990		37	%		1,503,877		33	%
Gross Profit		1,581,909		67	%		1,196,030		68	%		3,678,206		63	5		3,033,086		67	%
Selling, general and administrative expenses		3,290,998		91	%		2,590,897		99	%		6,292,109		93	%		4,488,978		99	%
Research and development expenses		309,335		9	%		18,820		1	%		452,780		7	%		28,938		1	%
Operating expenses		3,600,333		100	%		2,609,717		100	%		6,744,8890		100	%		4,517,916		100	%
Loss from operations		(2,018,424	)	-85	%		(1,413,687	)	-80	%		(3,066,683	)	-53	%		(1,484,830	)	-33	%
'Interest income and expense		(1,004	)	0	%		(1,130	)	0	%		(1,936	)	0	%		80		0	%
Total other expenses, net		(1,004	)	0	%		(1,130	)	0	%		(1,936	)	0	%		80		0	%
Loss before provision for income tax and equity in net earnings of equity investments		(2,019,428	)	-256	%		(1,414,817	)	-248	%		(3,068,619	)	-142	%		(1,484,750	)	-99	%
Provision for Income Tax		(16,791)		-1	%		(13,646	)	-1	%		(63,624)		-1	%		(13,646	)	0	%
Loss before equity in net earnings of equity investments		(2,036,219	)	-86	%		(1,428,463	)	-81	%		(3,132,243	)	-54	%		(1,498,396	)	-33	%
Loss on earnings from Milestone Medical		-		0	%		(525,938	)	-30	%		-		0	%		(976,099	)	-22	%
Loss on earnings from Education Joint venture		-		0	%		(3,621	)	0	%		-		0	%		(7,836	)	0	%
(Loss) Gain on earnings from China Joint Venture		(57,882	)	-2	%		(160,654	)	-9	%		(222,719	)	-4	%		(63,979	)	-1	%
Loss in equity investments		(57,882	)	-2	%		(690,213	)	-39	%		(222,719	)	-4	%		(1,047,914	)	-23	%
Net loss		(2,094,101	)	-88	%		(2,118,676	)	-120	%		(3,354,962	)	-57	%		(2,546,310	)	-56	%
Less: Net loss attributable to the noncontrolling interests		(507,262	)	-15	%		(45,727	)	2	%		(976,308	)	-16	%		(53,987)		1	%
Net loss attributable to Milestone Scientific Inc.	$	(1,586,839	)	-67	%	$	(2,072,949	)	-117	%	$	(2,378,654	)	-41		$	(2,492,323	)	-55	%

The three months ended June 30, 2016 compared to the three months ended June 30, 2015

The following paragraphs will describe the results of 2016 compared to 2015.

Total revenues for the three months ended June 30, 2016 and 2015 were approximately $2.4 and $1.8 million, respectively. The total revenue increased by approximately $600,000 or 34%, which was equally related to the increase in instrument and handpieces sales worldwide. Domestic sales in the United States increased by approximately $65,000 in 2016. It is important to note that in the second quarter of 2016 Henry Schein continued to purchase instruments and handpieces as a non-exclusive distributor in USA and Canada. International Instruments sales increased by $398,000 over the same period in 2015 principally due to a shipment of STA instruments to China. Handpieces increase by $126,000 for the same period in 2015. International sales increased by approximately $540,000. In the USA, Milestone Scientific has concluded its exclusive distributor and marketing agreement with Aseptico Inc. This exclusive agreement was changed to a non-exclusive agreement on December 31, 2015. The term of this non-exclusive agreement expired on March 31, 2016. Beginning January 1, 2016, Milestone Scientific entered into a non-exclusive distribution agreement with Henry Schein. In June 2016, Milestone Scientific entered an exclusive distributor agreement with Henry Schein pursuant to which it will have a dedicated independent sales force to market our dental products in the USA and Canada We believe that the agreement with Henry Schein will lead to increased domestic sales of STA instruments and handpieces in the third and fourth quarters of 2016.

The gross margin in 2016 decreased to 67% versus 68% in 2015. This decrease in gross profit margin is due to a special price reduction given to a distributor in a key market for instruments in an effort to stimulate growth in the 2016 sales volume. Although the gross margin percentage decreased 1%, gross profit dollars in 2016 increased to approximately $1.6 million from approximately $1.2 million in 2015 or, by approximately $400,000 over the same period year over year.

Selling, general and administrative expenses for the three months ended June 30, 2016 were approximately $3.3 million versus $2.6 million in 2015. This increase of approximately $700,000 is predominantly due to the consolidation of Milestone Medical commencing on December 31, 2015. In 2015, Milestone Medical was accounted for under the equity method, as such their line item expenses were recorded as a one line entry in the Statement of Operations as a Loss on Earnings from Milestone Medical of approximately $525,000. The total operating expense for Milestone Scientific for the quarter ending June 30, 2016 and 2015 was $3.6 million and $2.6 million, respectively, after giving effect to proforma consolidation of Milestone Medical in 2015 the net increase was $400,000.

On a consolidated basis, giving effect to the consolidation of Milestone Medical, Milestone Education and Wand Dental, selling, general and administrative expenses increased by approximately $200,000 for the three months ended June 30, 2016 as compared to the same prior year period. Salaries and other compensation expense decreased by $300,000 for the three months ended June 30, 2016 as compared to the same prior year period due to a temporary decrease in personnel, this expense is expected to increase in future quarters as we fill existing open positions to grow our business. The hiring of a replacement Senior Brand Manager, and an increase in our Clinical Hygienist staff to train our current and new customers is anticipated in the future. Marketing and trade show expenses and travel and other expenses accounted for the increase in the second quarter 2016 versus the second quarter of 2015 by providing additional trade show costs for dental and medical sectors of the business. The cost were offset by reduction in travel and administrative cost.

Research and development expenses for the three month ended June 30, 2016 and 2015 were $309,000 and $19,000, respectively. As previously stated, the increase is due to the consolidation of Milestone Medical in 2016. The increase is due to other research and development projects that are in process related to the medical instrument.

The loss from operations for the three months ended June 30, 2016 and 2015 was $2 million and $1.4 million, respectively. The additional loss of $600,000 is primarily the result of the consolidation Milestone Medical in 2016.

There was a loss on the China Joint Venture of $57,882 and of $160,654 for the three months ended June 30, 2016 and 2015, respectively. The China Joint Venture is in its initial operating and expansion cycle in China, and as such will continue to have losses in 2016.

For the reasons explained above, and after factoring in the positive effects of net loss attributable to non-controlling interest, the net loss for the three months June 30, 2016 was $1.6 million as compared to the net loss for the three months ended June 30, 2015 of $2.1 million.

Six months ended June 30, 2016 compared to six months ended June 30, 2015

Total revenues for the six months ended June 30, 2016 and 2015 were approximately $5.8 and $4.5 million, respectively. The total dental revenue increased by approximately $1.3 million or 29% which was primarily related to the increase in instrument sales worldwide. Domestic sales in the United States increased by approximately $930,000 in 2016. This increase in revenue is in both STA instruments and handpieces. It is important to note that in the first half of 2016 Henry Schein continued to purchased instruments and handpieces as a non-exclusive distributor in USA and Canada. International Instruments sales increased by $745,000 over the same period in 2015 due to a shipment of STA instruments to China. Handpieces decreased by $434,000 over the same period in 2015. This decrease is due to the slow first quarter sales, we do not believe that this trend will continue in the remaining months of 2016. International sales increased by approximately $368,000. In the USA, Milestone Scientific has concluded its exclusive distributor and marketing agreement with Aseptico Inc. This exclusive agreement was changed to a non-exclusive agreement in December 31, 2015. The term of this non-exclusive agreement expired on March 31, 2016. Beginning January 1, 2016, Milestone Scientific entered into a non-exclusive distribution agreement with Henry Schein. This agreement was enhanced to an exclusive distribution agreement in June 2016 pursuant to which it will have a dedicated independent sales force to market our dental products in the USA and Canada. We believe that the agreement with Henry Schein will lead to increased domestic sales of STA instruments and handpieces in the third and fourth quarters of 2016.

The gross margin in 2016 decreased to 63% versus 67% in 2015. This decrease in gross profit margin is due to a special price reduction given to a distributor in a key market for instruments in an effort to stimulate growth in the 2016 sales volume. Although the gross margin percentage decreased 4%, gross profit dollars in 2016 increased to approximately $3.7 million from approximately $3.0 million in 2015 or, by approximately $645,000 over the same period year over year.

Selling, general and administrative expenses for the six months ended June 30, 2016 were approximately $6.3 million versus $4.5 million in 2015. This increase of approximately $1.8 million is predominantly due to the consolidation of Milestone Medical in the first half of 2016. In 2015, Milestone Medical was accounted for under the equity method, as such their line item expenses were recorded as a one line entry in the Statement of Operations as a Loss on Earnings from Milestone Medical. The total operating expense for Milestone Medical for the six months ending June 30, 2016 and 2015 was $1.8 million and $2 million, respectively. The major reduction in the total operating expense for Milestone Medical was a reduction in Research and Development Expense of approximately $232,000.

On the consolidated basis, giving effect to the consolidation of Milestone Medical, Milestone Education and Wand Dental, selling, general and administrative expenses increased by approximately $84,000. Salaries and other compensation expense represents the major decrease in expense ($270,000). However, in the remainder of 2016 the company will increase in personnel which is required to grow our business, to replacement Senior Brand Manager, and an increase in our Clinical Hygienist staff to train our current and new customers. Other cost increase; other administrative cost increased by $173,000 due to increased royalties on sales of the dental group. Marketing and travel expense increased $183,000 as the company is expanding our efforts internationally to grow our distributor based in the world ide market for our dental and medical instruments.

Research and development expenses for the six months ended June 30, 2016 and 2015 were approximately, $453,000 and $29,000, respectively. As previously stated, the increase is due to the consolidation of Milestone Medical in 2016. On a proforma consolidated basis, 2015 research and development expenses would have been $384,000.

The loss from operations for the six months ended June 30, 2016 and 2015 were approximately $3.1 million and $1.5 million, respectively. The additional loss of $1.6 million is primarily the result of the consolidation Milestone Medical in 2016.

There was a loss on the China Joint Venture of $222,719 and loss of $63,979 for the six months ended June 30, 2016 and 2015, respectively. The China Joint Venture is in its initial operating and expansion cycle in China, and as such will continue to have losses in 2016.

For the reasons explained above, and after factoring in the positive effects of net loss attributable to non-controlling interest, the net loss for the six months June 30, 2016 was $2.4 million as compared to the net loss for the six months ended June 30, 2015 of $2.5 million.

Liquidity and Capital Resources

Looking at the current balance sheet for Milestone Scientific and subsidiaries cash is approximately $3.2 million, current assets decreased by approximately $130,000. Milestone Scientific raised $2 million in a private placement in June 2016. Current liabilities increased to approximately $4.0 million versus approximately $3.6 million for June 30, 2016 and 2015, respectively. Working Capital decreased by $477,000 to $7,700,000. Milestone Scientific believes that its cash on hand and anticipated revenues from the dental business will be sufficient to operate the ongoing business for at least the next 12 months. As noted previously, the funding for Milestone Medical will be limited during 2016.

Milestone Scientific continues to take positive steps to maintain adequate inventory levels and advances on contracts to maintain available inventory to meet our domestic and international sales requirements. Cash flows from operating activities for the six months ended June 30, 2016 and 2015 were approximately a negative $2.8 million and $2.4 million, respectively.

Milestone Scientific has incurred annual operating losses and negative cash flows from operating activities since its inception, except for the year ended December 31, 2013. Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through increases in revenues based upon management’s assessment of present contracts, and current negotiations and reductions in operating expenses. The consolidation of Milestone Medical in December 2015 and the lack of capital raising activities by Milestone Medical in 2015 created a unique situation for Milestone Scientific advancing into 2016. However, as noted previously, Milestone Scientific is not obligated to continue its financial support of Milestone Medical, but the timeline for Milestone Medical 510K FDA clearance is expected in 2016. Milestone Scientific expects that clearance to commercialize the epidural and intra articular instruments in 2016 will significantly improve the capital raising opportunities and financial picture.

Milestone Scientific believes that with the new distribution agreement with Henry Schein (effective January 1, 2016), the world’s largest supplier of medical, dental and veterinary supplies and devices, that dental revenues are projected to improve in the upcoming 12 months. To further reduce Milestone Scientific’s expenditures, Milestone Medical expenses related to FDA clearance for the epidural and intra-articular instruments can be controlled as required to meet Milestone Scientific’s budget. By limiting the FDA related expenses and increasing the dental instrument revenue through the new distribution agreement and performing a detailed cash flow projection of the consolidated company and its subsidiaries, management believes that Milestone Scientific will have sufficient cash reserves to meet all of its anticipated obligations over the next twelve months.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a smaller reporting company, we are not required to provide the information required by this Item.

Item 4.

Controls and Procedures

Milestone Scientific’s management, including the Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the design and operation of Milestone Scientific’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”). Based upon that evaluation, Milestone Scientific’s Chief Executive Officer and Chief Financial Officer have concluded that the disclosure controls and procedures as of the Evaluation Date are effective to ensure that information required to be disclosed in the reports Milestone Scientific 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 and that such information is accumulated and communicated to Milestone Scientific’s management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding disclosure.

There were no changes in Milestone Scientific’s internal control over financial reporting identified in connection with the evaluation that occurred during Milestone Scientific’s last fiscal quarter ended June 30, 2016 that have materially affected, or that are reasonably likely to materially affect, Milestone Scientific’s internal controls over financial reporting.

PART II – OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

None.

ITEM 1A.

RISK FACTORS

As a smaller reporting company, we are not required to provide the information required by this Item.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In June 2016, we raised $2 million of additional capital through a private placement of one million shares of our common stock at a price of $2.00 per share to an accredited investor. The offering was exempt from the registration requirements of the Act pursuant to Sections 4(a)(2) and 4(a)(5) of the Act and a legend restricting the resale, transfer, or other disposition of such shares other than in compliance with the Act was imprinted on the stock certificate evidencing such shares.

In May 2016, we issued 75,000 shares of common stock for aggregate consideration of $168,675 for consulting services. The issuance was exempt from the registration requirements of the Act pursuant to Sections 4(a)(2) and 4(a)(5) of the Act and a legend restricting the resale, transfer, or other disposition of such shares other than in compliance with the Act was imprinted on the stock certificate evidencing such shares.

In April 2016, we initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical common stock. As of June 30, 2016, 3,965,000 shares of common stock has been issued in exchange for 7,931,000 shares of Milestone Medical common stock. An additional 532,542 shares were issued but not outstanding as of June 30, 2016. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016. The issuances were exempt from the registration requirements of the Act pursuant to Sections 4(a)(2) and 4(a)(5) of the Act and a legend restricting the resale, transfer, or other disposition of such shares other than in compliance with the Act was imprinted on the stock certificates evidencing such shares.

ITEM 3.

DEFAULT UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

Exhibit NO.	Description

10.1	Exclusive Distribution and Supply Agreement, dated as of June 20, 2016, among Milestone Scientific Inc., Wand Dental, Inc. and Henry Schein, Inc.(1)
31.1	Chief Executive Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Chief Financial Officer Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Chief Executive Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Chief Financial Officer Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	XBRL Instance Document.*
101.SCH	XBRL Taxonomy Extension Schema Document.*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.*
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.*
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.*
*	Filed herewith.
**	Furnished, not filed, in accordance with Item 601(32)(ii) of Regulation S-K.
(1)	Incorporated herein by reference to Milestone Scientific’s Current Report on Form 8-K filed with the SEC on June 30, 2016.

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/ Leonard Osser

Leonard Osser

Chief Executive Officer

(Principal Executive Officer)

/s/ Joseph D’Agostino

Joseph D’Agostino

Chief Operating Officer

Chief Financial Officer

(Principal Financial Officer)

Date: August 11, 2016

EX-31.1 2 ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

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

I, Leonard Osser, certify that:

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

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, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly 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;

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:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my 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;

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, Milestone’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and, I have disclosed, based on our 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):

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

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2016

/s/ Leonard Osser

Leonard Osser

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

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

I, Joseph D’Agostino, certify that:

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

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our 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

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2016

/s/ Joseph D’Agostino

Joseph D’Agostino

Chief Operating Officer

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 ex32-1.htm EXHIBIT 32.1

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, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Leonard Osser, Chief Executive 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 11, 2016

/s/ Leonard Osser

Leonard Osser

Chief Executive 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.

EX-32.2 5 ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(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 11, 2016

/s/ Joseph D’Agostino

Joseph D’Agostino

Chief Operating Officer

Chief Financial Officer

(Principal Financial 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.

EX-101.INS 6 mlss-20160630.xml XBRL INSTANCE DOCUMENT false --12-31 Q2 2016 2016-06-30 10-Q 0000855683 27293039 Yes Smaller Reporting Company MILESTONE SCIENTIFIC INC. No No mlss 165000 0.025 0.05 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 7 ADVANCES ON CONTRACTS </div></div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015, is $1,215,011 and $1,215,128, respectively. The advance is classified as current based on the estimated annual usage of the underlying inventory. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">  </div></div></div> 7625 750000 26925 784480 391844 P5Y 1296 -2036219 -1428463 -3132243 -1498396 -3467416 -430629 -117 1870 1296 3 2 3 0.83 0.05 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 9 SIGNIFICANT CUSTOMERS & GEOGRAPHICAL INFORMATION</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific has informal arrangements with the manufacturer of the STA, CompuDent® and CompuMed® instruments, pursuant to which they manufacture these products under specific purchase orders but without any long-term contract or minimum purchase commitment. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">The Company has open purchase orders with a contract manufacturer to manufacture STA instruments.  The contract manufacturer bills Wand Dental as the work progresses and it is Wand Dental’s policy to record these billings as advances on contracts. These advances are reclassified into inventory when the contract manufacturer ships the product and title passes to Wand Dental. The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015 is $1,170,863 and $1,171,604, respectively. The advance is classified as current, based on the estimated annual usage of the underlying inventory</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Milestone Scientific has a manufacturing agreement with one of the principal manufacturers, which is a related party, of its handpieces pursuant to which they manufacture products under specific purchase orders but without minimum purchase commitments. A five percent shareholder of Milestone Scientific is also a shareholder of this vendor. Purchases from this supplier were $1,121,226 and $1,353,632 for the six months ended June 30, 2016 and 2015, respectively. Milestone Scientific owed $687,522 and $455,573 to this supplier as of June 30, 2016 and 2015, respectively</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">For the six months ended June 30, 2016, and 2015 Milestone Scientific had three customers (distributors) that had approximately 38%, 22% and 12%, and 26%, 11% and 11%, respectively, of its net product sales. Accounts receivable for two of the major customers amounted to approximately $972,000 and $1,156,000 of gross accounts receivable for the six month ended June 30, 2016. Milestone Scientific had gross accounts receivable for three major customers that amounted to $1,150,101, ($263,861, $346,839 and $539,400) as of June<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> 30, 2015.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Milestone Scientific<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s sales by product category and by geographical region are as follows:</div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended June 30,</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended June 30,</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2015</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2015</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">DOMESTIC</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Instruments</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">190,504</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">153,325</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">852,149</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">602,290</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Handpieces</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">695,761</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">673,062</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,753,685</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,105,124</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">20,652</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">15,229</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">34,126</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,762</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">906,917</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">841,616</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,639,960</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,709,176</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">INTERNATIONAL</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Instruments</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">535,335</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">136,430</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,559,050</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">814,044</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Handpieces</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">882,135</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">757,079</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,537,124</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,971,531</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">47,323</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">31,635</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">100,062</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">42,212</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,464,793</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">925,144</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,196,236</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,827,787</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total Product Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">2,371,710</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">1,766,760</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">5,836,196</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">4,536,963</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%;; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Three Months Ended June 30,</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Six Months Ended June 30,</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2015</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2016</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">2015</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">DOMESTIC</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Instruments</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">190,504</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">153,325</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">852,149</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">602,290</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Handpieces</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">695,761</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">673,062</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,753,685</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,105,124</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">20,652</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">15,229</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">34,126</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,762</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">906,917</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">841,616</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,639,960</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,709,176</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">INTERNATIONAL</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Instruments</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">535,335</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">136,430</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,559,050</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">814,044</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Handpieces</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">882,135</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">757,079</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,537,124</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,971,531</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 9pt;"> <div style=" margin: 0pt 0pt 0pt 9pt; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">47,323</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">31,635</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">100,062</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">42,212</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,464,793</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">925,144</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,196,236</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">2,827,787</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Total Product Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">2,371,710</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">1,766,760</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">5,836,196</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">4,536,963</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> P90D P4Y310D P1Y215D 532542 2 8995084 4497542 4497542 8333 75000 30000 4497 -2289173 2284676 35000 151954 339549 100000 151 339549 339700

3990639

3643835

2497719

2088268

687522

455573

972000

1156000

1150101

263861

346839

539400

2583219

1793801

1156000

1492920

1555567

635880

566477

79126690

78632383

276256

1215011

1215128

78798

10000

5000

35707

34647

12602221

12809327

6488000

1676765

11693684

11824151

5114791

772999

1373209

903766

4194384

10367993

3183727

1447326

-1010657

-8920667

0.001

50000000

26293039

21720497

27259706

21687164

28408

22685

0.38

0.22

0.12

0.26

0.11

19700

363833

1356000

789801

570729

2157990

1503877

1507552

1729489

2085119

668289

1115405

963451

46177

13930

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 5 </div></div><div style="display: inline; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Stock Option Plans</div></div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific recognizes compensation expense on a straight line basis over the requisite service period and in the case of performance based options over the period of the expected performance. For the six months ended June 30, 2016 and 2015, Milestone Scientific recognized $266,601 and $226,844 of total employee compensation cost related to options that vested each year, respectively. As of June 30, 2016 and 2015, there was $884,183 and $995,813, respectively, of total unrecognized compensation cost related to non-vested options. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Milestone Scientific expects to recognize these cost over a weighted average period of 2.74 years and 2.10 years as of June 30, 2016 and 2015, respectively.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A summary of option activity for employees under the plans and changes during the six months ended June 30, 2016, is presented below:</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Number<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> of Options</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Averaged<br /> Exercise Price $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Average<br /> Remaining<br /> Contractual Life<br /> (Years)</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Aggregate<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Intrinsic<br /> Options Value $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, January 1, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,419,436</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.56</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.78</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,220,338</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">348,908</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.72</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.85</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercised</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Forfeited or expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,768,344</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.59</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.74</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,099,051</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercisable, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,170,718</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.36</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.43</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,721,587</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">A summary of option activity for non-employees under the plans and changes during the six months ended June 30, 2016, is presented below:<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div></div> <div style=" margin: 0pt; text-align: center; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Number<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> of Options</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Averaged<br /> Exercise Price $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Average<br /> Remaining<br /> Contractual Life<br /> (Years)</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Aggregate<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Intrinsic<br /> Options Value $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, January 1, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">8,333</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.70</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.83</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">200,000</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.55</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.59</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercised</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">208,333</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.56</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.58</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">50,833</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercisable, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,777</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.70</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.33</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The fair value of the options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">  In accordance with the provisions of FASB ASC 505 Milestone Scientific will re-measure the value of the grant at each presentation date unless there is significant disincentive for non-performance until performance is completed. As of June 30, 2016, Milestone Scientific recognized $8,421 expense related to non-employee options. As of June 30, 2016 there was a total of $514,792 unrecognized compensation cost related to non-vested options which the company expects to recognize over a weighted average period of 5.7 years. There was no compensation cost for the six month ended June 30, 2015.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In accordance with the provisions of FASB ASC 505-50-15, all other issuances of common stock, stock options or other equity instruments to non-employees as consideration for goods or services received by Milestone Scientific are accounted for based on the fair value of the equity instruments issued (unless the fair value of the consideration received can be more reliably measured). The fair value of any options or similar equity instruments issued is estimated based on the Black-Scholes option-pricing model and the assumption that all of the options or other equity instruments will ultimately vest. Such fair value is measured as of an appropriate date pursuant to the guidance, (generally, the earlier of the date the other party becomes committed to provide goods or services or the date of performance by the other party is complete) and re-measured at each reporting period whether capitalized or expensed as if Milestone Scientific had paid cash for the goods or services.</div></div>

-0.06

-0.09

-0.10

-0.11

-0.06

-0.09

-0.10

-0.11

266601

226844

8421

884183

995813

514792

P2Y270D

P2Y36D

P5Y255D

0.25

0.4

127663

1000000

284672

16346

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; text-indent: -9pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 4 </div></div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">INVESTMENT IN </div><div style="display: inline; text-transform: uppercase;"><div style="display: inline; font-weight: bold;">UNCONSOLIDATED SUBSIDIARIES</div></div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Advance Ocular Science SA</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> <div style="display: inline; font-weight: bold;"> </div>    </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Advanced Ocular Sciences SA is an entity organized to develop an instrument that delivers injections into the eyes. The company is a shell company as of June 30, 2016. Milestone Scientific owns 25% of this entity. As of the balance sheet date, no equity has been contributed to the company by Milestone Scientific. During 2015, Milestone Scientific advanced $78,798 for marketing and strategy planning to Advanced Ocular Sciences SA. Advanced Ocular Sciences SA., or their organizers are obligated to repay this advance once the public offering is approved and funded in Poland during 2016. Advance Ocular Sciences SA was not included in the consolidated financial statements at June 30, 2016 as no investment has been made by Milestone Scientific. The suspended losses approximated $19,700 at June 30, 2016.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">  </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Milestone China <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">Ltd.</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In June 2014, Milestone Scientific agreed to invest $1 million through the contribution of 772 STA instruments (at a distributor price of approximately $1,296 per instrument) for a forty percent (40%) ownership in Milestone China Ltd. (“Milestone China”). <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> In 2014, the instruments were shipped and were recorded as an investment in Milestone China at the cost of the inventory contributed. In January 2016, Milestone Scientific contributed 308 STA instruments with a retail value of approximately $400,000 ($1,296 per instrument) to Milestone China which increased the Milestone Scientific’s investment by approximately $165,000 which represents the cost of the instruments. This did not increase the company’s percentage of ownership since the contribution is proportionate to the other shareholder contribution. Milestone Scientific recorded a loss on its investment in Milestone China of $57,882 and $222,719 for the three and six months ended June 30, 2016. Milestone Scientific recorded a loss on its investment in Milestone China of $160,654 and $63,979 for the three and six months ended June 30, 2015. Milestone’s investment in Milestone China was $0 and $284,672 at June 30, 2016 and 2015, respectively. Milestone Scientific had suspended losses on its investment in Milestone China of $363,833, as of June 30, 2016. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Wand Dental sold $1,356,000 in instruments and handpieces during the six months ended June 30, 2016 to Milestone China.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">  Milestone China owes $1,156,000 Wand Dental for STA instruments and handpieces shipped in 2016, which is included in accounts receivable at June 30, 2016.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific recognizes the total revenue and costs of goods sold at the time the shipment of instruments and handpieces. However, due to timing differences of when the inventory is sold to Milestone China and when Milestone China sells the acquired inventory to third parties, elimination of the intra-entity profit is required as of the balance sheet date. In accordance with Accounting Standard Codification (“ASC”) 323 <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">– <div style="display: inline; font-style: italic;">Equity Method and Joint </div>Ventures, Milestone Scientific has deferred the gross profit associated with inventory shipped to Milestone China that has not been sold to third parties The deferred profit of $127,663 is included in the loss from Milestone China within the Condensed Consolidated Statements of Operations and presented as a reduction of the accounts receivable in the Condensed Consolidated Balance Sheets.</div></div> <div style=" margin: 0pt; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 10%; margin-left: 10%; width: 700px;"> <tr style="vertical-align: bottom;"> <td colspan="8" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following table includes summarized financial information for <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Milestone China unconsolidated subsidiary. </div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">June 30, 2016</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">December 31, 2015</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(unaudited)</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(audited)</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 62%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Assets:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Current Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">5,114,791</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">772,999</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Non-Current Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,373,209</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">903,766</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total Assets:</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">6,488,000</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,676,765</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Liabilities</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Current Liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4,427,526</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">580,613</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stockholders' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,060,474</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,096,152</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total liabilities and stockholders<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’ equity</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">6,488,000</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,676,765</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 10%; margin-left: 10%; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Three Months Ended June 30, </div></div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">Six Months Ended June 30,<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">2016</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">2015</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">2016</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">2015</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(unaudited)</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(audited)</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(unaudited)</div> </td> <td style="text-align: center; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">(audited)</div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 36%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Net Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,043,282</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,315,502</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,033,200</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Cost of Good Sold</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,729,489</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,085,119</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">668,289</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Gross Profit</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">313,793</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">230,383</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">364,911</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other Expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">463,199</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">(401,632</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">696,742</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">524,897</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Net Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">(149,406</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">(401,632</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">(466,359</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">(159,986</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table> </div></div>

699633

646388

695449

715540

1581909

1196030

3678206

3033086

3082515

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71240

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34749

69987

23927

37752

2020-01-31

4427526

580613

12602221

12809327

6488000

1676765

400000

772

308

181631

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2016346

512750

-4359

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1038888

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;" border="0" cellpadding="0" cellspacing="0"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">15.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements </div></div></div> </td> </tr> </table><div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.35pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In May 2014, the Financial Accounting Standards Board (“<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) Allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. The FASB continues to release guidance clarifying certain aspects of the revenue guidance. We do not believe that this new accounting pronouncement will have a material impact on our financial statements.</div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">              </div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">              In August 2014, the Financial Accounting Standards Board issued a new standard ASU No.2014-15, “Presentation of Financial Statements – Going Concern“ (Subtopic 205-40): The new standard is intended to increase the disclosure as it relates to management’s assessment of the abilities to continue as a going concern.  The standard will be effective for the annual period ending after December 15, 2016. Milestone Scientific will be adopting this standard with its annual reporting of December 31, 2016 to include enhanced disclosures as it relates to management’s considerations.</div></div><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.25pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In November 2015, the FASB issued guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent, rather than separated into <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented. </div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.2pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In February 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-02, “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Leases “ (Topic 842): The new standard is intended to increase transparency and comparability among organizations to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. It will be effective for fiscal years beginning after December 15, 2019 and for interim periods within fiscal years beginning after December 15, 2020. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:18.4pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-07, “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Investments - Equity Method and Joint Ventures” (Topic 323): The new standard is intended to eliminate the requirement that when an investment qualifies for the use of the equity method as a result of an in increase in the level of ownership or degree of influence, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect all of the previous periods that the investment was held. It will be effective for all entities for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:12.85pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">In March 2016, the Financial Ac<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">counting Standards Board issued a new standard ASU No.2016-09, “Compensation – Stock Compensation” (Topic 718): The new standard is intended to clarify certain reporting aspects relating to stock based compensation, relating primarily to forfeitures, tax impacts and cash flow presentation. Certain attributes will be treated prospectively, while others will require a retroactive application. Generally, the changes will be effective for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; The adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:24.6pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">We have evaluated all other issued and unadopted Accounting Standards Updates and b<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">elieve the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows of its common stock.</div></div></div></div></div></div>

6307

-1004

-1130

-1936

3412

3600333

2609717

6744889

4517916

6532873

-2018424

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12522

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific Inc. and Subsidiaries, <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">(collectively “Milestone Scientific”, “our”, “us” or “we”) was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery instrument, through the use of <div style="display: inline; font-style: italic;">The Wand®,</div> a single use disposable handpiece. The instrument is marketed in dentistry under the trademark <div style="display: inline; font-style: italic;">CompuDent®,</div> <div style="display: inline; font-style: italic;">Wand Plus® and STA (Single Tooth Anesthesia)</div><div style="display: inline; font-style: italic;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"> TM</div></div><div style="display: inline; font-style: italic;"> </div>and in medicine under the trademark <div style="display: inline; font-style: italic;">CompuMed®.</div> <div style="display: inline; font-style: italic;">CompuDent® </div>is suitable for all dental procedures that require local anesthetic. <div style="display: inline; font-style: italic;">CompuMed® </div>and <div style="display: inline; font-style: italic;">Wand</div> <div style="display: inline; font-style: italic;">Plus</div> are suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics and a number of other disciplines. The instruments are sold in the United States and in over 47 countries abroad. Milestone Scientific’s products are manufactured by a third-party contract manufacturer. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In July 2014, Milestone Scientific acquired all of the 750,000 outstanding shares of an inactive Flor<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ida corporation and changed its name to Wand Dental, Inc. (“Wand Dental”). In September 2014, that corporation was merged into a Delaware corporation, retaining the same name and capitalization. On July 1, 2014, Wand Dental was capitalized with cash and received Milestone Scientific’s dental business and related dental assets including the exclusive license of Milestone Scientific’s, patents, trademarks, and technology for use in the dental marketplace. Wand Dental is consolidated into Milestone Scientific.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include al<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">l of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2015 included in Milestone Scientific Annual Report on Form 10-K. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific Inc. and Subsidiaries, (collectively “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Milestone Scientific”, “our”, “us” or “we”) was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery instrument, through the use of <div style="display: inline; font-style: italic;">The Wand®,</div> a single use disposable handpiece. The instrument is marketed in dentistry under the trademark <div style="display: inline; font-style: italic;">CompuDent®,</div> <div style="display: inline; font-style: italic;">Wand Plus® and STA (Single Tooth Anesthesia)</div><div style="display: inline; font-style: italic;"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"> TM</div></div><div style="display: inline; font-style: italic;"> </div>and in medicine under the trademark <div style="display: inline; font-style: italic;">CompuMed®.</div> <div style="display: inline; font-style: italic;">CompuDent® </div>is suitable for all dental procedures that require local anesthetic. <div style="display: inline; font-style: italic;">CompuMed® </div>and <div style="display: inline; font-style: italic;">Wand</div> <div style="display: inline; font-style: italic;">Plus</div> are suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics and a number of other disciplines. The instruments are sold in the United States and in over 47 countries abroad. Milestone Scientific’s products are manufactured by a third-party contract manufacturer. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In July 2014, Milestone Scientific acquired all of the 750,000 outstanding shares of an inactive Florida corporation and changed its name to Wand Dental, Inc. (“<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Wand Dental”). In September 2014, that corporation was merged into a Delaware corporation, retaining the same name and capitalization. On July 1, 2014, Wand Dental was capitalized with cash and received Milestone Scientific’s dental business and related dental assets including the exclusive license of Milestone Scientific’s, patents, trademarks, and technology for use in the dental marketplace. Wand Dental is consolidated into Milestone Scientific.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2015 included in Milestone Scientific Annual Report on Form 10-K. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In the opinion of manageme<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nt, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring entries) necessary to fairly present Milestone Scientific’s financial position as of June 30, 2016 and the results of its operations for the three months and six then ended. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The results of operations reported for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations which may be expected for a full year.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In June 2016, a group of investors that participated in our<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> May 2014 financing invested an additional $2 million in Milestone Scientific through a private placement of one million shares of our restricted common stock, $.001 par value per share (“common stock”), at a price of $2.00 per share.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In the second quarter of<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> 2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical (defined below) common stock</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">, a consolidated variable interest entity.  As of June 30, 2016, 4,497,542 shares of common stock has been exchanged for 8,995,084 shares of Milestone Medical common stock. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">            Milestone Scientific has incurred operating losses and negative cash flows from operating activities since its inception, except for 2013. Milestone Scientific is actively pursuing the generation of revenue, positive operating income and net income. The capital raised in May 2014, and June 2016 provided Milestone Scientific with the opportunity to continue to develop and commercialize additional medical instruments and aggressively market the dental instruments throughout the world. Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue based upon management’s assessment of present contracts.</div></div></div>

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%;; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Number<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> of Options</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Averaged<br /> Exercise Price $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Average<br /> Remaining<br /> Contractual Life<br /> (Years)</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Aggregate<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Intrinsic<br /> Options Value $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, January 1, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,419,436</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.56</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.78</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,220,338</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">348,908</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.72</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.85</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercised</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Forfeited or expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,768,344</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.59</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.74</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,099,051</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercisable, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,170,718</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.36</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.43</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1,721,587</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 7.5%; margin-left: 7.5%;; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Number<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> of Options</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Averaged<br /> Exercise Price $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Weighted<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Average<br /> Remaining<br /> Contractual Life<br /> (Years)</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Aggregate<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> Intrinsic<br /> Options Value $</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 40%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, January 1, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">8,333</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.70</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.83</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">200,000</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.55</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">1.59</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercised</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Outstanding, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">208,333</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.56</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.58</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">50,833</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exercisable, June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2,777</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">2.70</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4.33</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

3290998

2590897

6292109

4488978

6148121

1170718

2777

1.36

2.70

348908

200000

1220338

2099051

50833

1419436

1768344

8333

208333

1.56

1.59

2.70

2.56

1.72

2.55

1721587

P2Y156D

P4Y120D

P2Y284D

P2Y270D

P4Y302D

P4Y211D

7000

22683948

7000

28408444

2.40

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 1 SUMMARY OF ACCOUNTING POLICIES </div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">1.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Principles of Consolidation </div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The accompanying consolidated financial statement have been prepared in accordance with accounting principles generally accepted in the United States (“<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">GAAP”) and include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including Wand Dental, as well as Milestone Medical Inc. (“Milestone Medical”), Milestone Advanced Cosmetic Systems, and Milestone Education LLC (“Milestone Education”), both variable interest entities for which Milestone Scientific is the primary beneficiary. All significant, intra-entity transactions and balances have been eliminated in the consolidation.   </div></div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">2.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Variable Interest Entities</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A Variable Interest Entity (VIE) is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">If Milestone Scientific determines that it has operating power and the obligation to absorb losses or receive benefits, Milestone Scientific consolidates the VIE as the primary beneficiary. Milestone Scientific<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific is the primary beneficiary of Milestone Medical and Milestone Education, as VIEs. Accordingly, the assets and liabilities of Milestone Medical and Milestone Education are included in the accompanying consolidated financial<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> statements. Please refer to Note 3 for further details regarding the treatment of the VIE. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">3.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Cash </div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Milestone Scientific considers all highly <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">liquid investments purchased with an original maturity of three months or less to be cash equivalents.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">4.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Accounts Receivable</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Milestone Scientific sells a significant amount of its product on credit terms to its major distributors. Milestone Scientific estimates losses from the inability of its customers to make payments on amounts billed. A majority of credit sales are due within ninety days from invoicing. There have not been any significant credit losses reported by Milestone Scientific.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">5.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Product Return and Warranty</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Milestone Scientific does not accept non-defective returns from its customers. Product returns under warranty are accepted, evaluated and repaired or replaced in accordance with the Warranty Policy. Returns not within the Warranty Policy ar<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">e evaluated and the customer is charged for the repair. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">6.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Inventories</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Inventories principally consist of finished goods and component parts stated at the lower of cost (first-in, first-out method) or market. Inventory quantities on hand are reviewed on a quarterly basis and a <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirement and regulations.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">7.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Equity Method Investments</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long term assets on the Condensed Consolidated Balance Sheets. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Under this method of accounting, our share of the net earnings or losses of the investee is presented below the income tax line on the Condensed Consolidated Statements of Operations. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">8.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Furniture, Fixture and Equipment</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Equipment<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> is recorded at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. The costs of maintenance and repairs are charged to operations as incurred.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">9.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Intangible Assets - Patents</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Patents are recorded at cost to prepare and file the applicable documents with the United States Patent Office, or internationally with the applicable governmental office in the respective country. Although <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">certain patents have not yet been approved, the costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. If the applicable patent application is ultimately rejected, the remaining unamortized balance will be expensed in the period in which Milestone Scientific receives a notice of such rejection.  Patent defense costs, to the extent applicable are expensed as incurred.  Patent applications filed and patents obtained in foreign countries are subject to the laws and procedures that differ from those in the United States. Patent protection in foreign countries may be different from patent protection under United States laws and may not be favorable to Milestone Scientific. Milestone Scientific also attempts to protect the proprietary information through the use of confidentiality agreements and by limiting access to the facilities. There can be no assurance that the program of patents, confidentiality agreements and restricted access to the facilities will be sufficient to protect the proprietary technology.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">10.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Impairment of Long-Lived Assets</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Scientific reviews long-lived assets for impairment whenever events or circumstances (i.e. a triggering event) indicate that the carrying amounts may not be recoverable. The carrying value of the assets <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">is evaluated in relation to the operating performance and future undiscounted cash flows of the underlying assets. Milestone Scientific adjusts the net book value of an underlying asset if its fair value is determined to be less than its net book value. There have been no impairment indicators or triggering events and therefore, no impairment reviews have been performed in the period ending June 30, 2016. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">11.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Revenue from product sales is recognized net of discounts and allowances to domestic distributors on the date of shipment for essentially all<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> shipments, since the shipment terms are FOB warehouse. Milestone Scientific will recognize revenue on date of arrival of the goods at the customer’s location, where shipments are FOB destination. Shipments to international distributors are FOB warehouse, therefore revenue is recognized on shipment of the goods. In all cases the price to the buyer is fixed and the collectability is reasonably assured. Further, Milestone Scientific has no obligation on these sales for any post 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.  </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">12.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Shipping and Handling Costs</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Milestone Scientific includes shipping and handling costs in cost of goods sold. These costs are billed to customers at the time of shipment for domestic shipments. International shipments are FOB warehouse, therefore no costs are incurred by M<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ilestone Scientific.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">13.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Research and Development</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Research and development costs, which consist principally of new product development costs payable to third parties, are expensed as incurred. Advance payments for the research are amortized to expense either as <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">services are performed or over the relevant service period using the straight line method.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">14.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Income Taxes</div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Milestone Scientific accounts for income taxe<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">s pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The income tax provision or credit is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; font-family: Times New Roman, Times, serif; font-size: 10pt; width: 700px;"> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt; vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">15.</div> </td> <td style="vertical-align: top;"> <div style=" text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements </div></div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.35pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In May 2014, the Financial Accounting Standards Board (“<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) Allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. The FASB continues to release guidance clarifying certain aspects of the revenue guidance. We do not believe that this new accounting pronouncement will have a material impact on our financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">              </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">              In August 2014, the Financial Accounting Standards Board issued a new standard ASU No.2014-15, “Presentation of Financial Statements – Going Concern“ (Subtopic 205-40): The new standard is intended to increase the disclosure as it relates to management’s assessment of the abilities to continue as a going concern.  The standard will be effective for the annual period ending after December 15, 2016. Milestone Scientific will be adopting this standard with its annual reporting of December 31, 2016 to include enhanced disclosures as it relates to management’s considerations.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.25pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In November 2015, the FASB issued guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that all deferred taxes be presented as noncurrent, rather than separated into <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.2pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">In February 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-02, “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Leases “ (Topic 842): The new standard is intended to increase transparency and comparability among organizations to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. It will be effective for fiscal years beginning after December 15, 2019 and for interim periods within fiscal years beginning after December 15, 2020. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:18.4pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-07, “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Investments - Equity Method and Joint Ventures” (Topic 323): The new standard is intended to eliminate the requirement that when an investment qualifies for the use of the equity method as a result of an in increase in the level of ownership or degree of influence, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect all of the previous periods that the investment was held. It will be effective for all entities for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:12.85pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">In March 2016, the Financial Ac<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">counting Standards Board issued a new standard ASU No.2016-09, “Compensation – Stock Compensation” (Topic 718): The new standard is intended to clarify certain reporting aspects relating to stock based compensation, relating primarily to forfeitures, tax impacts and cash flow presentation. Certain attributes will be treated prospectively, while others will require a retroactive application. Generally, the changes will be effective for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; The adoption of this ASU will have on its financial position, results of operations and cash flows.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:24.6pt;margin-top:0pt;text-align:left;text-indent:24.2pt;">We have evaluated all other issued and unadopted Accounting Standards Updates and b<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">elieve the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows of its common stock.</div></div></div>

75000

104200

1000000

168675

168750

1000

1999000

2000000

8429951

10308575

22685

78632383

-67434984

-1143083

-911516

9165492

16346

16348

28408

79126690

-69813638

181631

-911516

8611582

2060474

1096152

33333

911516

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">– 3 </div></div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">CONSOLIDATION OF VARIABLE INTEREST ENTITY</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Milestone Medical</div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.4pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">Milestone Medical is approximately 86% owned by Milestone Scientific as of June 30, 2016. Milestone Scientific has been established to develop and commercialize intra-articular and epidural drug <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">delivery instruments, utilizing an exclusive royalty-free license to Milestone Scientific’s CompuFlo technology. The license was contributed by Milestone Scientific for our initial ownership in Milestone Medical.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:5.35pt;margin-top:0pt;text-align:justify;text-indent:24.2pt;">Since our initial investment in Milestone<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Medical we have accounted for the investment in accordance with the equity method of accounting. However, during 2015, Milestone Scientific provided short term bridge financing to Milestone Medical in anticipation of the completion of a secondary stock offering in the Polish Market. In December 2015, Milestone Medical suspended their capital raise efforts meriting re-consideration of the initial accounting for the investment as an equity method investment. In April 2016, Milestone Medical cancelled the uplisting of its shares to the Poland Warsaw Stock Exchange.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">        </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:5.5pt;margin-right:21.3pt;margin-top:0pt;text-align:left;text-indent:27.05pt;">As a result of the change in circumstances around the proposed offering in December 2015 by Milestone Medical, we reevaluated the relationship between the two entities and the status of Milestone Medical as a VIE. We have concluded <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">that Milestone Medical does not have sufficient capital at risk to support its activities without additional financial support from Milestone Scientific</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Since the factors giving rise to concluding that Milestone Medical is a VIE happened so close to the end of fiscal year 2015, the acqui<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">sition date for measuring the consolidation of Milestone Medical has been deemed to be December 31, 2015. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In the second quarter of<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> 2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical common stock. As there was no change in control, the acquisition of the non-controlling interest is reflected as an equity transaction with the carrying value of the non-controlling interest adjusted to reflect Milestone Scientific’s increased ownership interest in the subsidiary.  As of June 30, 2016, 3,965,000 shares of common stock have been issued in exchange for 7,930,000 shares of Milestone Medical common stock.  An additional 532,542 shares were issued but not outstanding as of June 30, 2016. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">As a result of our increased ownership in Milestone Medical, approximately 86%as of June 30, 2016, we have determined that we have control of Milestone Medical and have consolidated Milestone Medical in the accompanying condensed consolid<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ated financial statements.</div></div> <div style=""><div style="display: inline; font-weight: bold;">Milestone Education LLC</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Milestone Education is a 50% owned subsidiary of Milestone Scientific which began operations in 2013 to provide training and education to our dentists throughout the world. Milestone Scientific accounted <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">for its investment in Milestone Education using the equity method of accounting through December 31, 2015. Approximately 83% of the revenue earned by Milestone Education is from services performed for Milestone Scientific. As a result of this relationship, we concluded that we have the power to direct the activities that most significantly impact Milestone Education’s economic performance, and that it is a VIE and should be consolidated in the financials of Milestone Scientific in the first quarter of 2016.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The financial statements of Milestone Medical and Milestone Education are included in the accompanying condensed consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The financial information in the table below summarizes the combined results of operations of Mileston<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">e Scientific, and its subsidiaries including Milestone Medical and Milestone Education (a VIE) on a pro forma basis as though the companies had been combined as of the beginning of the earliest period presented. The pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the consolidation had taken place at the beginning of the period presented. </div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-right: 10%; margin-left: 10%; width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">June 30, 2015 </div></div> <div style=" margin: 0pt; text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Pro Forma</div></div> </td> <td style="padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 81%; text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total revenue</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">4,590,067</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Cost of products sold</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,507,552</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Gross Profit</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">3,082,515</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Selling, general and administrative expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">6,148,121</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Research and development expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">384,752</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Operating expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">6,532,873</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Loss from operations</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,450,358</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other expenses<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Interest income</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,412</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Total other expenses, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,412)</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Loss before provision for income tax and equity in net <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">earnings of equity investments</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,453,770</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Provision for Income Tax</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; 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border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,467,416</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Loss on earnings from Milestone Medical</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Loss on earnings from Education Joint Venture</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">-</td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Loss) Gain on earnings from China Joint Venture</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(63,979</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 45pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Loss in equity investments</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(63,979</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 45pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">(3,531,395</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 45pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Less: Net loss attributable to the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">noncontrolling interests</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">1,038,888</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; text-indent: 45pt; font-family: Times New Roman,Times,serif; font-size: 10pt;">Net loss attributable to Milestone <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Scientific Inc.</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 16%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">(2,492,507</td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table> </div></div>

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Disclosure - Note 7 - Advances on Contracts (Details Textual) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 8 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 9 - Significant Customers & Geographical Information (Details Textual) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 9 - Sales by Product and by Geographical Region (Details) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 11 - Commitments and Other (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 mlss-20160630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 mlss-20160630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 mlss-20160630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Supplemental disclosure of cash flow information: Document And Entity Information Research and development expenses Research and development expenses Note To Financial Statement Details Textual statementsignificantaccountingpoliciespolicies Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] statementnote3consolidationofvariableinterestentitytables statementnote4investmentinunconsolidatedsubsidiariestables Intangible Assets, Finite-Lived, Policy [Policy Text Block] statementnote5stockoptionplanstables statementnote9significantcustomersgeographicalinformationtables statementnote3proformafinancialinformationdetails Stock based compensation statementnote4balancesheetaccountsformilestonechinadetails Amendment Flag us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements statementnote4incomestatementaccountsformilestonechinadetails us-gaap_TreasuryStockValue Treasury stock, at cost, 33,333 shares statementnote5summaryofoptionactivityforemployeesandnonemployeesdetails statementnote9salesbyproductandbygeographicalregiondetails Notes To Financial Statements Notes To Financial Statements [Abstract] Changes in operating assets and liabilities: Document Fiscal Year Focus Document Fiscal Period Focus Document Period End Date Selling, general and administrative expenses Selling, general and administrative expenses Current Fiscal Year End Date Document Information [Line Items] Document Information [Table] us-gaap_PropertyPlantAndEquipmentUsefulLife Property, Plant and Equipment, Useful Life Entity Current Reporting Status us-gaap_OperatingLossCarryforwards Operating Loss Carryforwards Entity Voluntary Filers Entity Filer Category Document Type Common stock, shares oustanding (in shares) Total Milestone Scientific Inc. stockholders' equity Cash flows from financing activities: Entity Well-known Seasoned Issuer us-gaap_ProfessionalFees Professional Fees Geographical [Axis] mlss_PercentageOfShareholdersHoldingSharesInRelatedCompany Percentage of Shareholders Holding Shares in Related Company Percentage of shareholders holding shares in related company. Geographical [Domain] Statement of Financial Position [Abstract] Related Party Supplier [Member] A supplier that is also a related party of the reporting entity. mlss_ShareExchangeProgramNumberOfSharesOfVIECommonStockReceivedPerShareOfEntitysCommonStock Share Exchange Program, Number of Shares of VIE Common Stock Received Per Share of Entity's Common Stock Represents the number of shares of the variable interest entity's common stock received for each share exchanged by the company under a share exchange program. Advances to Contract Manufacturer [Text Block] Advances to contract manufacturer. Product Sales and Significant Customers and Vendors Disclosure [Text Block] Product sales and significant customers and vendors. Instruments [Member] A product of the reporting entity. Customer Two [Member] Unspecified major customer two. mlss_NumberOfMajorCustomers Number of Major Customers The number of major customers of the reporting entity during the period. Preferred stock, shares outstanding (in shares) Customer One [Member] Unspecified major customer one. us-gaap_AssetsNoncurrent Non-Current Assets Handpieces [Member] A product sold by the reporting entity. International [Member] Countries other than the domestic country of the reporting entity. us-gaap_AmortizationOfIntangibleAssets Amortization of patents Other Products [Member] Other unspecified products sold by the reporting entity. Sales by Product and by Geographical Region [Table Text Block] Sales by product and by geographical region. Domestic [Member] The domestic country of the reporting entity. us-gaap_PaymentsToAcquireShortTermInvestments Investment in Treasury Bills Related Party [Axis] Pension and Other Postretirement Benefits Disclosure [Text Block] Prepaid expenses and other current assets us-gaap_IncreaseDecreaseInInventories Increase in inventories Related Party [Domain] us-gaap_IncreaseDecreaseInOtherReceivables Increase in other receivable us-gaap_TableTextBlock Notes Tables us-gaap_ImpairmentOfLongLivedAssetsHeldForUse Impairment of Long-Lived Assets Held-for-use Statement [Table] Shares issued to consultants in lieu of cash payment Represents the value of shares issued to consultants for exercise of stock options. Shares issued to employees for bonus Represents the value of stock issued, or to be issued, to employees for bonuses. Statement of Stockholders' Equity [Abstract] Common Stock exchanged for MMD (in shares) Stock Issued During Period, Shares, Exchanged for Common Stock of VIEs Number of shares of stock issued during the period in exchange for common stock of variable interest entities. Standard Product Warranty, Policy [Policy Text Block] us-gaap_LongTermPurchaseCommitmentMinimumQuantityRequired Long-term Purchase Commitment, Minimum Quantity Required Income Statement [Abstract] Revenue Recognition, Policy [Policy Text Block] us-gaap_LongTermPurchaseCommitmentAmount Long-term Purchase Commitment, Amount us-gaap_IncreaseDecreaseInAccountsReceivable Increase in accounts receivable Statement of Cash Flows [Abstract] Common Stock exchanged for MMD Represents the value of shares of stock issued or exchanged during the period as part of a transaction to exchange shares of the entity's common stock for that of variable interest entities. STA Instruments and Handpieces [Member] Represents information pertaining to STA instruments and handpieces. us-gaap_AdvancesToAffiliate Advances to Affiliate Instruments and Handpieces [Member] Represents information pertaining to instruments and handpieces. Capital contribution from noncontrolling interest us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (Increase) decrease to prepaid expenses and other current assets us-gaap_IncreaseDecreaseInOtherOperatingAssets Decrease (Increase)in other assets Diluted (in dollars per share) Investment in Milestone Education LLC Equity Method Investments Basic (in dollars per share) Three Customers [Member] Represents information pertaining to three customers. Basic (in shares) Customer Three [Member] Represents information pertaining to a third customer. Diluted (in shares) Maximum [Member] Minimum [Member] Range [Axis] Range [Domain] Customer [Axis] Customer [Domain] us-gaap_RoyaltyExpense Royalty Expense us-gaap_OperatingExpenses Total operating expenses Operating expenses us-gaap_LeaseAndRentalExpense Operating Leases, Rent Expense mlss_ShareExchangeProgramNumberOfSharesAgreedToExchangeWithVIE Share Exchange Program, Number of Shares Agreed to Exchange with VIE Represents the number of shares of a variable interest entity for which the company has entered into an agreement to exchange shares in the future. Accumulated deficit us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and stockholders’ equity Total liabilities and stockholders’ equity us-gaap_SalesRevenueNet Net Sales Sale of Common Stock - Innovest (in shares) Stock Issued During Period, Shares, New Issues Common stock issued for payment of consulting services Products and Services [Axis] Products and Services [Domain] Sale of Common Stock - Innovest us-gaap_EquityMethodInvestmentOwnershipPercentage Equity Method Investment, Ownership Percentage Legal Entity [Axis] Other receivable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Number of options granted (in shares) Entity Registrant Name Common stock issued for payment of consulting services (in shares) Entity Central Index Key us-gaap_IncreaseDecreaseInAccountsPayable Increase (decrease) in accounts payable Entity [Domain] Property, Plant and Equipment, Policy [Policy Text Block] Entity Common Stock, Shares Outstanding (in shares) Inventory, Policy [Policy Text Block] Condensed Income Statement [Table Text Block] Domestic Tax Authority [Member] Income Tax Authority [Domain] Condensed Balance Sheet [Table Text Block] Income Tax Authority [Axis] us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Number of options exercised (in shares) Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Trading Symbol us-gaap_PurchaseObligation Purchase Obligation us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities Increase in accrued expenses and other payables us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Loss before provision for income tax and equity in net earnings of equity investments Loss before provision for income tax and equity in net earnings of equity investments Equity Method Investments, Policy [Policy Text Block] Common Stock [Member] Current Assets: Equity Component [Domain] Series A Preferred Stock [Member] Equity Components [Axis] Preferred Stock [Member] Net loss Net Loss Net loss Additional Paid-in Capital [Member] us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect Net decrease in cash and cash equivalents us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent Total current liabilities Retained Earnings [Member] Treasury Stock [Member] Accounts receivable, net of allowance for doubtful accounts of $10,000 as of June 30, 2016 and $5,000 as of December 31, 2015 us-gaap_IncomeTaxExpenseBenefit Provision for income tax Provision for Income Tax Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] us-gaap_IncomeLossFromEquityMethodInvestments Income (Loss) from Equity Method Investments Equity loss (gain) on joint venture us-gaap_AccountsPayableRelatedPartiesCurrentAndNoncurrent Accounts Payable, Related Parties Class of Stock [Axis] Allowance for doubtful accounts Class of Stock [Domain] Noncontrolling Interest [Member] Variable Interest Entities [Axis] Commitments and Contingencies Disclosure [Text Block] Variable Interest Entity, Classification [Domain] Concentration Risk Benchmark [Axis] Noncontrolling interest Concentration Risk Benchmark [Domain] mlss_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageRemainingContractualTerm Weighted average remaining contractual life, granted Share based payment award options grants in period weighted average remaining contractual term. Variable Interest Entity Disclosure [Text Block] Accounts payable Accounts Receivable [Member] Accrued expenses and other payables Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Product sales, net Total revenue New Accounting Pronouncements, Policy [Policy Text Block] Concentration Risk Disclosure [Text Block] Preferred stock, shares issued (in shares) Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, 7,000 shares issued and outstanding, respectively Equity Method Investments and Joint Ventures Disclosure [Text Block] Equity Method Investments [Table Text Block] Preferred stock, par value (in dollars per share) Preferred stock, shares authorized (in shares) us-gaap_AllocatedShareBasedCompensationExpense Allocated Share-based Compensation Expense us-gaap_ProceedsFromIssuanceOfCommonStock Proceeds from Issuance of Common Stock us-gaap_OtherOperatingIncomeExpenseNet Other Expenses us-gaap_OperatingLeasesRentExpenseMinimumRentals Operating Leases, Rent Expense, Minimum Rentals Net Proceeds on Private Placement Offering Proceeds from Issuance of Private Placement mlss_SalesCreditPeriod Sales Credit Period Sales credit period. us-gaap_OperatingIncomeLoss Loss from operations Loss from operations us-gaap_GrossProfit Gross profit Gross Profit us-gaap_LeaseExpirationDate1 Lease Expiration Date Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Treasury stock, at cost (in shares) EX-101.PRE 11 mlss-20160630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2016	Aug. 11, 2016
Document Information [Line Items]
Entity Registrant Name	MILESTONE SCIENTIFIC INC.
Entity Central Index Key	0000855683
Trading Symbol	mlss
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		27,293,039
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Milestone Education LLC [Member]
Current Assets:
Investment in Milestone Education LLC		$ 16,346
Stockholders’ Equity
Total Equity		16,348
Series A Preferred Stock [Member]
Stockholders’ Equity
Series A convertible preferred stock, par value $.001, authorized 5,000,000 shares, 7,000 shares issued and outstanding, respectively	7	7
Cash and cash equivalents	3,183,727	4,194,384
Accounts receivable, net of allowance for doubtful accounts of $10,000 as of June 30, 2016 and $5,000 as of December 31, 2015	2,583,219	1,793,801
Other receivable	67,115	58,140
Inventories	4,268,768	4,258,094
Advances on contracts	1,215,011	1,215,128
Prepaid expenses and other current assets	375,844	304,604
Total current assets	11,693,684	11,824,151
Furniture, fixtures & equipment net of accumulated depreciation of $635,880 as of June 30, 2016 and $566,477 as of December 31, 2015	201,708	235,935
Patents, net of accumulated amortization of $699,633 as of June 30, 2016 and $646,388 as of December 31, 2015	695,449	715,540
Other assets	11,380	17,355
Total assets	12,602,221	12,809,327
Accounts payable	2,497,719	2,088,268
Accrued expenses and other payables	1,492,920	1,555,567
Total current liabilities	3,990,639	3,643,835
Commitments and Contingencies
Common stock, par value $.001; authorized 50,000,000 shares; 26,293,039 shares issued, 1,115,405 shares to be issued and 27,259,706 shares outstanding as of June 30, 2016;21,720,497 shares issued, 963,451 shares to be issued and 21,687,164 shares outstanding as of December 31, 2015.	28,408	22,685
Additional paid-in capital	79,126,690	78,632,383
Accumulated deficit	(69,813,638)	(67,434,984)
Treasury stock, at cost, 33,333 shares	(911,516)	(911,516)
Total Milestone Scientific Inc. stockholders' equity	8,429,951	10,308,575
Noncontrolling interest	181,631	(1,143,083)
Total Equity	8,611,582	9,165,492
Total liabilities and stockholders’ equity	$ 12,602,221	$ 12,809,327

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	7,000	7,000
Preferred stock, shares outstanding (in shares)	7,000	7,000
Allowance for doubtful accounts	$ 10,000	$ 5,000
Furniture, fixtures & equipment, accumulated depreciation	635,880	566,477
Patents, accumulated amortization	$ 699,633	$ 646,388
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	26,293,039	21,720,497
Common stock, shares to be issued (in shares)	1,115,405	963,451
Common stock, shares oustanding (in shares)	27,259,706	21,687,164
Treasury stock, at cost (in shares)	33,333	33,333

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Milestone Medical Inc. [Member]
Income (Loss) from Equity Method Investments		$ (525,938)		$ (976,099)
Milestone Education LLC [Member]
Income (Loss) from Equity Method Investments		(3,621)		(7,836)
Milestone China [Member]
Income (Loss) from Equity Method Investments	(57,882)	(160,654)	(222,719)	(63,979)
Product sales, net	2,371,710	1,766,759	5,836,196	4,536,963
Cost of products sold	789,801	570,729	2,157,990	1,503,877
Gross profit	1,581,909	1,196,030	3,678,206	3,033,086
Selling, general and administrative expenses	3,290,998	2,590,897	6,292,109	4,488,978
Research and development expenses	309,335	18,820	452,780	28,938
Total operating expenses	3,600,333	2,609,717	6,744,889	4,517,916
Loss from operations	(2,018,424)	(1,413,687)	(3,066,683)	(1,484,830)
Interest income	(1,004)	(1,130)	(1,936)	80
Total other expenses, net	(1,004)	(1,130)	(1,936)	80
Loss before provision for income tax and equity in net earnings of equity investments	(2,019,428)	(1,414,817)	(3,068,619)	(1,484,750)
Provision for income tax	(16,791)	(13,646)	(63,624)	(13,646)
Loss before equity in net earnings of equity investments	(2,036,219)	(1,428,463)	(3,132,243)	(1,498,396)
Income (Loss) from Equity Method Investments	(57,882)	(690,213)	(222,719)	(1,047,914)
Net Loss	(2,094,101)	(2,118,676)	(3,354,962)	(2,546,310)
Net loss attributable to noncontrolling interests	507,262	45,727	976,308	53,987
Net loss attributable to Milestone Scientific Inc.	$ (1,586,839)	$ (2,072,949)	$ (2,378,654)	$ (2,492,323)
Net loss per share applicable to common stockholders—
Basic (in dollars per share)	$ (0.06)	$ (0.09)	$ (0.10)	$ (0.11)
Diluted (in dollars per share)	$ (0.06)	$ (0.09)	$ (0.10)	$ (0.11)
Weighted average shares outstanding and to be issued—
Basic (in shares)	25,989,857	22,405,897	24,362,441	22,390,332
Diluted (in shares)	25,989,857	25,114,399	24,362,441	25,132,192

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Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($)	Milestone Education LLC [Member] Noncontrolling Interest [Member]	Milestone Education LLC [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Treasury Stock [Member]	Total
Beginning balance (in shares) at Dec. 31, 2015			7,000	22,683,948
Beginning balance at Dec. 31, 2015	$ 16,346	$ 16,348	$ 7	$ 22,685	$ 78,632,383	$ (67,434,984)	$ (1,143,083)	$ (911,516)	$ 9,165,492
Stock based compensation					276,256				276,256
Common stock to be issued to employee for bonuses (in shares)				151,954
Common stock to be issued to employee for bonuses				$ 151	339,549				339,700
Common stock issued for payment of consulting services (in shares)				75,000
Common stock issued for payment of consulting services				$ 75	168,675				168,750
Common Stock exchanged for MMD (in shares)				4,497,542
Common Stock exchanged for MMD				$ 4,497	(2,289,173)		2,284,676
Sale of Common Stock - Innovest (in shares)				1,000,000
Sale of Common Stock - Innovest				$ 1,000	1,999,000				2,000,000
Net loss						(2,378,654)	(976,308)		(3,354,962)
Ending balance (in shares) at Jun. 30, 2016			7,000	28,408,444
Ending balance at Jun. 30, 2016			$ 7	$ 28,408	$ 79,126,690	$ (69,813,638)	$ 181,631	$ (911,516)	$ 8,611,582

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Milestone Medical Inc. [Member]
Adjustments to reconcile net cash used in operating activities:
Equity loss (gain) on joint venture		$ 976,099
Milestone Education LLC [Member]
Adjustments to reconcile net cash used in operating activities:
Equity loss (gain) on joint venture		7,836
Milestone China [Member]
Adjustments to reconcile net cash used in operating activities:
Equity loss (gain) on joint venture	222,719	63,979
Net loss	(3,354,962)	(2,546,310)
Depreciation expense	46,177	13,930
Amortization of patents	35,707	34,647
Common stock and options for compensation, consulting and vendor services	784,480	391,844
Equity loss (gain) on joint venture	222,719	1,047,914
Changes in operating assets and liabilities:
Increase in accounts receivable	(789,418)	(93,620)
Increase in other receivable	(8,975)
Increase in inventories	(233,393)	(743,299)
(Increase) decrease to advances on contracts	117	(1,870)
(Increase) decrease to prepaid expenses and other current assets	(71,240)	(15,215)
Decrease (Increase)in other assets	5,975	(2,670)
Increase (decrease) in accounts payable	407,536	(657,989)
Increase in accrued expenses and other payables	(67,367)	162,551
Net cash used in operating activities	(3,022,644)	(2,410,087)
Cash flows from investing activities:
Notes receivable from Milestone Medical		(1,000,000)
Due from related party		(430,629)
Investment in Treasury Bills		(5,550,283)
Purchases of intangible assets	(15,616)
Purchases of property and equipment	(15,668)	(42,418)
Cash acquired from variable interest entity	26,925
Net cash used in investing activities	(4,359)	(7,023,330)
Cash flows from financing activities:
Proceeds from exercise of stock options		12,750
Net Proceeds on Private Placement Offering	2,000,000
Capital contribution from noncontrolling interest	16,346	500,000
Net cash provided by financing activities	2,016,346	512,750
Net decrease in cash and cash equivalents	(1,010,657)	(8,920,667)
Cash and cash equivalents at beginning of period	4,194,384	10,367,993
Cash and cash equivalents at end of period	3,183,727	1,447,326
Supplemental disclosure of cash flow information:
Net assets acquired from variable interest entity	6,307
Shares issued to employees in lieu of cash compensations		35,000
Shares issued to employees for bonus	339,549	100,000
Shares issued to consultants in lieu of cash payment	$ 75,000	$ 30,000

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization, Business and Basis of Presentation	6 Months Ended
Organization, Business and Basis of Presentation	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION Milestone Scientific Inc. and Subsidiaries, (collectively “Milestone Scientific”, “our”, “us” or “we”) was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery instrument, through the use of The Wand®, a single use disposable handpiece. The instrument is marketed in dentistry under the trademark CompuDent®, Wand Plus® and STA (Single Tooth Anesthesia) TM and in medicine under the trademark CompuMed®. CompuDent® is suitable for all dental procedures that require local anesthetic. CompuMed® and Wand Plus are suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics and a number of other disciplines. The instruments are sold in the United States and in over 47 countries abroad. Milestone Scientific’s products are manufactured by a third-party contract manufacturer. In July 2014, Milestone Scientific acquired all of the 750,000 outstanding shares of an inactive Flor ida corporation and changed its name to Wand Dental, Inc. (“Wand Dental”). In September 2014, that corporation was merged into a Delaware corporation, retaining the same name and capitalization. On July 1, 2014, Wand Dental was capitalized with cash and received Milestone Scientific’s dental business and related dental assets including the exclusive license of Milestone Scientific’s, patents, trademarks, and technology for use in the dental marketplace. Wand Dental is consolidated into Milestone Scientific. The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include al l of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2015 included in Milestone Scientific Annual Report on Form 10-K. Milestone Scientific Inc. and Subsidiaries, (collectively “ Milestone Scientific”, “our”, “us” or “we”) was incorporated in the State of Delaware in August 1989. Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery instrument, through the use of The Wand®, a single use disposable handpiece. The instrument is marketed in dentistry under the trademark CompuDent®, Wand Plus® and STA (Single Tooth Anesthesia) TM and in medicine under the trademark CompuMed®. CompuDent® is suitable for all dental procedures that require local anesthetic. CompuMed® and Wand Plus are suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics and a number of other disciplines. The instruments are sold in the United States and in over 47 countries abroad. Milestone Scientific’s products are manufactured by a third-party contract manufacturer. In July 2014, Milestone Scientific acquired all of the 750,000 outstanding shares of an inactive Florida corporation and changed its name to Wand Dental, Inc. (“ Wand Dental”). In September 2014, that corporation was merged into a Delaware corporation, retaining the same name and capitalization. On July 1, 2014, Wand Dental was capitalized with cash and received Milestone Scientific’s dental business and related dental assets including the exclusive license of Milestone Scientific’s, patents, trademarks, and technology for use in the dental marketplace. Wand Dental is consolidated into Milestone Scientific. The unaudited consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2015 included in Milestone Scientific Annual Report on Form 10-K. In the opinion of manageme nt, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring entries) necessary to fairly present Milestone Scientific’s financial position as of June 30, 2016 and the results of its operations for the three months and six then ended. The results of operations reported for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations which may be expected for a full year. In June 2016, a group of investors that participated in our May 2014 financing invested an additional $2 million in Milestone Scientific through a private placement of one million shares of our restricted common stock, $.001 par value per share (“common stock”), at a price of $2.00 per share. In the second quarter of 2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical (defined below) common stock , a consolidated variable interest entity. As of June 30, 2016, 4,497,542 shares of common stock has been exchanged for 8,995,084 shares of Milestone Medical common stock. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016. Milestone Scientific has incurred operating losses and negative cash flows from operating activities since its inception, except for 2013. Milestone Scientific is actively pursuing the generation of revenue, positive operating income and net income. The capital raised in May 2014, and June 2016 provided Milestone Scientific with the opportunity to continue to develop and commercialize additional medical instruments and aggressively market the dental instruments throughout the world. Milestone Scientific is actively pursuing the generation of positive cash flows from operating activities through an increase in revenue based upon management’s assessment of present contracts.

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Note 1 - Summary of Accounting Policies

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE

– 1 SUMMARY OF ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statement have been prepared in accordance with accounting principles generally accepted in the United States (“

GAAP”) and include the accounts of Milestone Scientific and its wholly owned and majority owned subsidiaries, including Wand Dental, as well as Milestone Medical Inc. (“Milestone Medical”), Milestone Advanced Cosmetic Systems, and Milestone Education LLC (“Milestone Education”), both variable interest entities for which Milestone Scientific is the primary beneficiary. All significant, intra-entity transactions and balances have been eliminated in the consolidation.

Variable Interest Entities

investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE.

’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity.

statements. Please refer to Note 3 for further details regarding the treatment of the VIE.

Cash

Milestone Scientific considers all highly

liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Product Return and Warranty

e evaluated and the customer is charged for the repair.

Inventories

provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirement and regulations.

Equity Method Investments

Under this method of accounting, our share of the net earnings or losses of the investee is presented below the income tax line on the Condensed Consolidated Statements of Operations. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.

Furniture, Fixture and Equipment

Equipment

is recorded at cost, less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. The costs of maintenance and repairs are charged to operations as incurred.

Intangible Assets - Patents

certain patents have not yet been approved, the costs related to these patents are being amortized using the straight-line method over the estimated useful life of the patent. If the applicable patent application is ultimately rejected, the remaining unamortized balance will be expensed in the period in which Milestone Scientific receives a notice of such rejection. Patent defense costs, to the extent applicable are expensed as incurred. Patent applications filed and patents obtained in foreign countries are subject to the laws and procedures that differ from those in the United States. Patent protection in foreign countries may be different from patent protection under United States laws and may not be favorable to Milestone Scientific. Milestone Scientific also attempts to protect the proprietary information through the use of confidentiality agreements and by limiting access to the facilities. There can be no assurance that the program of patents, confidentiality agreements and restricted access to the facilities will be sufficient to protect the proprietary technology.

10.

Impairment of Long-Lived Assets

is evaluated in relation to the operating performance and future undiscounted cash flows of the underlying assets. Milestone Scientific adjusts the net book value of an underlying asset if its fair value is determined to be less than its net book value. There have been no impairment indicators or triggering events and therefore, no impairment reviews have been performed in the period ending June 30, 2016.

11.

Revenue Recognition

Revenue from product sales is recognized net of discounts and allowances to domestic distributors on the date of shipment for essentially all

shipments, since the shipment terms are FOB warehouse. Milestone Scientific will recognize revenue on date of arrival of the goods at the customer’s location, where shipments are FOB destination. Shipments to international distributors are FOB warehouse, therefore revenue is recognized on shipment of the goods. In all cases the price to the buyer is fixed and the collectability is reasonably assured. Further, Milestone Scientific has no obligation on these sales for any post 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.

12.

Shipping and Handling Costs

ilestone Scientific.

13.

Research and Development

services are performed or over the relevant service period using the straight line method.

14.

Income Taxes

Milestone Scientific accounts for income taxe

s pursuant to the asset and liability method which requires deferred income tax assets and liabilities to be computed for temporary differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The income tax provision or credit is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

15.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“

FASB”) issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) Allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. In August 2015, the FASB issued guidance approving a one-year deferral, making the standard effective for reporting periods beginning after December 15, 2017, with early adoption permitted only for reporting periods beginning after December 15, 2016. The FASB continues to release guidance clarifying certain aspects of the revenue guidance. We do not believe that this new accounting pronouncement will have a material impact on our financial statements.

current and noncurrent amounts. The guidance is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. In addition, the adoption of guidance can be applied either prospectively or retrospectively to all periods presented.

In February 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-02, “

Leases “ (Topic 842): The new standard is intended to increase transparency and comparability among organizations to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. It will be effective for fiscal years beginning after December 15, 2019 and for interim periods within fiscal years beginning after December 15, 2020. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.

In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-07, “

Investments - Equity Method and Joint Ventures” (Topic 323): The new standard is intended to eliminate the requirement that when an investment qualifies for the use of the equity method as a result of an in increase in the level of ownership or degree of influence, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect all of the previous periods that the investment was held. It will be effective for all entities for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; the adoption of this ASU will have on its financial position, results of operations and cash flows.

In March 2016, the Financial Ac

counting Standards Board issued a new standard ASU No.2016-09, “Compensation – Stock Compensation” (Topic 718): The new standard is intended to clarify certain reporting aspects relating to stock based compensation, relating primarily to forfeitures, tax impacts and cash flow presentation. Certain attributes will be treated prospectively, while others will require a retroactive application. Generally, the changes will be effective for fiscal years and interim periods, beginning after December 15, 2016. Milestone Scientific is in the process of determining what impact, if any; The adoption of this ASU will have on its financial position, results of operations and cash flows.

We have evaluated all other issued and unadopted Accounting Standards Updates and b

elieve the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows of its common stock.

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Note 2 - Basic and Diluted Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE – 2 Basic and Diluted Net INCOME (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 Statement of Financial Accounting Standards ASC Topic 260. 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 during each period. The calculation of diluted earnings per common share is similar to 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, warrants, and the conversion of debt were issued during the period. Since Milestone Scientific had net losses for 2016 and 2015, the assumed effects of the exercise of potentially dilutive outstanding stock options and warrants were not included in the calculation as their effect would have been anti-dilutive. For the three and six months ended June 30, 2016 and 2015, Milestone Scientific calculated bas ic and fully diluted earnings per common share as described in the previous paragraph.

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Note 3 - Consolidation of Variable Interest Entity

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Variable Interest Entity Disclosure [Text Block]

NOTE

– 3

CONSOLIDATION OF VARIABLE INTEREST ENTITY

Milestone Medical

Milestone Medical is approximately 86% owned by Milestone Scientific as of June 30, 2016. Milestone Scientific has been established to develop and commercialize intra-articular and epidural drug

delivery instruments, utilizing an exclusive royalty-free license to Milestone Scientific’s CompuFlo technology. The license was contributed by Milestone Scientific for our initial ownership in Milestone Medical.

Since our initial investment in Milestone

Medical we have accounted for the investment in accordance with the equity method of accounting. However, during 2015, Milestone Scientific provided short term bridge financing to Milestone Medical in anticipation of the completion of a secondary stock offering in the Polish Market. In December 2015, Milestone Medical suspended their capital raise efforts meriting re-consideration of the initial accounting for the investment as an equity method investment. In April 2016, Milestone Medical cancelled the uplisting of its shares to the Poland Warsaw Stock Exchange.

that Milestone Medical does not have sufficient capital at risk to support its activities without additional financial support from Milestone Scientific

Since the factors giving rise to concluding that Milestone Medical is a VIE happened so close to the end of fiscal year 2015, the acqui

sition date for measuring the consolidation of Milestone Medical has been deemed to be December 31, 2015.

In the second quarter of

2016, Milestone Scientific initiated a share exchange program pursuant to which we would exchange one share of common stock for every two outstanding shares of Milestone Medical common stock. As there was no change in control, the acquisition of the non-controlling interest is reflected as an equity transaction with the carrying value of the non-controlling interest adjusted to reflect Milestone Scientific’s increased ownership interest in the subsidiary. As of June 30, 2016, 3,965,000 shares of common stock have been issued in exchange for 7,930,000 shares of Milestone Medical common stock. An additional 532,542 shares were issued but not outstanding as of June 30, 2016. As a result of these exchanges, Milestone Scientific owns approximately 86% of Milestone Medical at June 30, 2016.

ated financial statements.

Milestone Education LLC

for its investment in Milestone Education using the equity method of accounting through December 31, 2015. Approximately 83% of the revenue earned by Milestone Education is from services performed for Milestone Scientific. As a result of this relationship, we concluded that we have the power to direct the activities that most significantly impact Milestone Education’s economic performance, and that it is a VIE and should be consolidated in the financials of Milestone Scientific in the first quarter of 2016.

The financial statements of Milestone Medical and Milestone Education are included in the accompanying condensed consolidated financial statements.

The financial information in the table below summarizes the combined results of operations of Mileston

e Scientific, and its subsidiaries including Milestone Medical and Milestone Education (a VIE) on a pro forma basis as though the companies had been combined as of the beginning of the earliest period presented. The pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the consolidation had taken place at the beginning of the period presented.

	June 30, 2015 Pro Forma

Total revenue	$	4,590,067
Cost of products sold		1,507,552
Gross Profit		3,082,515
Selling, general and administrative expenses		6,148,121
Research and development expenses		384,752
Operating expenses		6,532,873
Loss from operations		(3,450,358	)
Other expenses		-
Interest income		(3,412	)
Total other expenses, net		(3,412)
Loss before provision for income tax and equity in net earnings of equity investments		(3,453,770	)
Provision for Income Tax		(13,646	)
Loss before equity in net earnings of equity investments		(3,467,416	)
Loss on earnings from Milestone Medical		-
Loss on earnings from Education Joint Venture		-
(Loss) Gain on earnings from China Joint Venture		(63,979	)
Loss in equity investments		(63,979	)
Net loss		(3,531,395	)
Less: Net loss attributable to the noncontrolling interests		1,038,888
Net loss attributable to Milestone Scientific Inc.	$	(2,492,507	)

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Note 4 - Investment in Unconsolidated Subsidiaries

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

– 4

INVESTMENT IN

UNCONSOLIDATED SUBSIDIARIES

Advance Ocular Science SA

Milestone China

Ltd.

In 2014, the instruments were shipped and were recorded as an investment in Milestone China at the cost of the inventory contributed. In January 2016, Milestone Scientific contributed 308 STA instruments with a retail value of approximately $400,000 ($1,296 per instrument) to Milestone China which increased the Milestone Scientific’s investment by approximately $165,000 which represents the cost of the instruments. This did not increase the company’s percentage of ownership since the contribution is proportionate to the other shareholder contribution. Milestone Scientific recorded a loss on its investment in Milestone China of $57,882 and $222,719 for the three and six months ended June 30, 2016. Milestone Scientific recorded a loss on its investment in Milestone China of $160,654 and $63,979 for the three and six months ended June 30, 2015. Milestone’s investment in Milestone China was $0 and $284,672 at June 30, 2016 and 2015, respectively. Milestone Scientific had suspended losses on its investment in Milestone China of $363,833, as of June 30, 2016.

Wand Dental sold $1,356,000 in instruments and handpieces during the six months ended June 30, 2016 to Milestone China.

Milestone China owes $1,156,000 Wand Dental for STA instruments and handpieces shipped in 2016, which is included in accounts receivable at June 30, 2016.

–

Equity Method and Joint

Ventures, Milestone Scientific has deferred the gross profit associated with inventory shipped to Milestone China that has not been sold to third parties The deferred profit of $127,663 is included in the loss from Milestone China within the Condensed Consolidated Statements of Operations and presented as a reduction of the accounts receivable in the Condensed Consolidated Balance Sheets.

The following table includes summarized financial information for Milestone China unconsolidated subsidiary.
	June 30, 2016		December 31, 2015
	(unaudited)		(audited)
Assets:
Current Assets	$	5,114,791	$	772,999
Non-Current Assets		1,373,209		903,766

Total Assets:	$	6,488,000	$	1,676,765

Liabilities
Current Liabilities		4,427,526		580,613

Stockholders' equity		2,060,474		1,096,152

Total liabilities and stockholders ’ equity	$	6,488,000	$	1,676,765

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(unaudited)			(audited)			(unaudited)			(audited)

Net Sales	$	2,043,282		$	-		$	2,315,502		$	1,033,200
Cost of Good Sold		1,729,489			-			2,085,119			668,289
Gross Profit		313,793			-			230,383			364,911
Other Expenses		463,199			(401,632	)		696,742			524,897
Net Loss	$	(149,406	)	$	(401,632	)	$	(466,359	)	$	(159,986	)

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Note 5 - Stock Option Plans

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE

– 5

Stock Option Plans

Milestone Scientific expects to recognize these cost over a weighted average period of 2.74 years and 2.10 years as of June 30, 2016 and 2015, respectively.

A summary of option activity for employees under the plans and changes during the six months ended June 30, 2016, is presented below:

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		1,419,436		1.56		2.78		1,220,338
Granted		348,908		1.72		4.85		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding, June 30, 2016		1,768,344		1.59		2.74		2,099,051
Exercisable, June 30, 2016		1,170,718		1.36		2.43		1,721,587

A summary of option activity for non-employees under the plans and changes during the six months ended June 30, 2016, is presented below:

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		8,333		2.70		4.83		-
Granted		200,000		2.55		1.59		-
Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding, June 30, 2016		208,333		2.56		4.58		50,833
Exercisable, June 30, 2016		2,777		2.70		4.33		-

The fair value of the options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant.

In accordance with the provisions of FASB ASC 505 Milestone Scientific will re-measure the value of the grant at each presentation date unless there is significant disincentive for non-performance until performance is completed. As of June 30, 2016, Milestone Scientific recognized $8,421 expense related to non-employee options. As of June 30, 2016 there was a total of $514,792 unrecognized compensation cost related to non-vested options which the company expects to recognize over a weighted average period of 5.7 years. There was no compensation cost for the six month ended June 30, 2015.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

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Note 6 - Concentration of Credit Risk	6 Months Ended
Note 6 - Concentration of Credit Risk	Jun. 30, 2016
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE – 6 CONCENTRATION OF CREDIT RISK Milestone Scientific ’s consolidated financial instruments that are exposed to concentrations of credit risk consist primarily of cash, trade accounts receivable, and advances on contracts. Milestone Scientific places its cash and cash equivalents with large financial institutions. At times, such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. Milestone Scientific has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks. Financial instruments which potentially subject Milestone Scientific to credit risk consist principally of trade accounts receivable, as Milestone Scientific does not require collateral or other security to support customer receivables, and advances on contracts. Milestone Scientific closely monitors the extension of credit to its customers while maintaining allowances, if necessary, for potential credit losses. Milestone Scientific evaluates its accounts receivable and establishes an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit conditions. Management has provided a reserve that it believes is sufficient to record accounts receivable at net realizable value as of June 30, 2016, and 2015, respectively.

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Note 7 - Advances on Contracts	6 Months Ended
Note 7 - Advances on Contracts	Jun. 30, 2016
Notes to Financial Statements
Advances to Contract Manufacturer [Text Block]	NOTE – 7 ADVANCES ON CONTRACTS The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015, is $1,215,011 and $1,215,128, respectively. The advance is classified as current based on the estimated annual usage of the underlying inventory.

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Note 8 - Income Taxes	6 Months Ended
Note 8 - Income Taxes	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE – 8 INCOME TAXES For the six months ended June 30, 2016, and 2015 state tax liability was approximately $63,000 and $13,000, respectively. Due to Milestone Scientific ’s history of past operating losses, which required a full valuation allowances for all of Milestone Scientific’s deferred tax assets at June 30, 2016 and 2015, no recognition was given to the utilization of the remaining Federal net operating loss carryforwards.

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Note 9 - Significant Customers & Geographical Information

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Product Sales and Significant Customers and Vendors Disclosure [Text Block]

NOTE

– 9 SIGNIFICANT CUSTOMERS & GEOGRAPHICAL INFORMATION

The Company has open purchase orders with a contract manufacturer to manufacture STA instruments. The contract manufacturer bills Wand Dental as the work progresses and it is Wand Dental’s policy to record these billings as advances on contracts. These advances are reclassified into inventory when the contract manufacturer ships the product and title passes to Wand Dental. The advances on contracts represent funding of future STA inventory purchases. The balance of the advances as of June 30, 2016 and December 31, 2015 is $1,170,863 and $1,171,604, respectively. The advance is classified as current, based on the estimated annual usage of the underlying inventory

30, 2015.

Milestone Scientific

’s sales by product category and by geographical region are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
DOMESTIC
Instruments	$	190,504	$	153,325	$	852,149	$	602,290
Handpieces		695,761		673,062		1,753,685		1,105,124
Other		20,652		15,229		34,126		1,762
Total Domestic	$	906,917	$	841,616	$	2,639,960	$	1,709,176

INTERNATIONAL
Instruments	$	535,335	$	136,430	$	1,559,050	$	814,044
Handpieces		882,135		757,079		1,537,124		1,971,531
Other		47,323		31,635		100,062		42,212
Total International	$	1,464,793	$	925,144	$	3,196,236	$	2,827,787

Total Product Sales	$	2,371,710	$	1,766,760	$	5,836,196	$	4,536,963

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Note 10 - Pension Plans	6 Months Ended
Note 10 - Pension Plans	Jun. 30, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE – 10 PENSION PLANS Milestone Scientific has a Defined Contribution Plan that allows eligible employees to contribute part of their salary through payroll deductions. Milestone Scientific does not contribute to this plan, but does pay the administrative costs of the plan, which were not significant.

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Note 11 - Commitments and Other	6 Months Ended
Note 11 - Commitments and Other	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE – 11 COMMITMENTS AND OTHER (1) Lease Commitments The headquarters for Milestone Scientific is located at 220 South Orange Ave, Livingston, New Jersey. Milestone Scientific leases approximately 7,625 square feet of office space. The lease term expires January 31, 2020 at a monthly cost of $12,522. Additionally, Milestone Scientific has other smaller insignificant leases ending through 2017. A third party distribution and logistics center in Pennsylvania handles shipping and order fulfillment on a month-to-month basis. For the three and six months ended June 30, 2016 rent expense amounted to $34,749, and $69,987, respectively. For the three and six months ended June 30, 2015, rent expense amounted to $23,927 and $37,752, respectively. (2) Contract Manufacturing Arrangement Milestone Scientific has informal ar rangements for the manufacture of its products The STA (single tooth anesthesia), and CompuDent® instruments are manufactured for Milestone Scientific by Tricor Systems, Inc. pursuant to specific purchase orders. The STA and the Wand® Handpiece with Needle is supplied to Milestone Scientific by a contractor in the United States, which arranges for its manufacture with two factories in China. The termination of the manufacturing relationship with any of the above 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, whether or not as a result of termination of such a relationship, would adversely affect Milestone Scientific. (3) Other Commitments and Subsequent Events Other Commitments In March 2014, the Board of Directors approved the Compensation Committee ’s request to amend the Chief Executive Officer of Milestone Scientific’s employment agreement to provide benefits to make payments of $203,111 per year for five years to the Executive, or as he directs such payments to a third party, to fund his acquisition of, or contribution to an annuity, pension, or deferred distribution plan or for an investment for the Executive and his family. For the three and six months ended June 30, 2016, approximately $51,000 and $100,000 was charged to expense, respectively. For the three and six months ended June 30, 2015, approximately $51,000 and $102,000 was charged to expense, respectively. The technology underlying the SafetyWand and CompuFlo®, and an improvement to the controls for CompuDent® were developed by the Director of Clinical Affairs and assigned to us. Milestone Scientific purchased this technology pursuant to an agreement dated January 1, 2005. The Director will receive additional payments of 2.5% of the total sales of products using certain of these technologies, and 5% of the total sales of products using certain other of the technologies. The Director of Clinical Affairs was granted, pursuant to the agreement, an option to purchase, at fair market value on the date of the grant, 8,333 shares of the common stock upon the issuance of each additional patent relating to these technologies. If products produced by third parties use any of these technologies (under license from us) then the Director of Clinical Affairs will receive the corresponding percentage of the consideration received by Milestone Scientific for such sale or license. Milestone Scientific expensed the Director of Clinical Affairs ’ royalty fee of $110,764 and $300,643 during the three and six months ended June 30, 2016, respectively. Milestone Scientific expensed the Director of Clinical Affairs’ royalty fee of $84,947 and $196,431, during the three and six months ended June 30, 2015, respectively. Additionally, Milestone Scientific expensed consulting fees to the Director of Clinical Affairs of $68,757 and $137,502 for the three and six months ended June 30, 2016. 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, 2015, respectively. Beginning January 1, 2016, Milestone Scientific entered into a non-exclusive distribution agreement with Henry Schein. In June 2016 we established new distribution arrangements for our dental products for the United Stated States and Canada with Henry Schein Inc. (“Henry Schein”), a global leader of distribution in the dental supplies. Under these arrangements we will, for the first time, have a dedicated independent sales force visiting dentists. We believe that these arrangements will be more effective than previous arrangements relying on appearances at dental shows and catalog sales. We believe that the agreement with Henry Schein will lead to increased domestic sales of STA instruments and handpieces in the third and fourth quarters of 2016. Subsequent Events In July 2016, we filed for 510(K) marketing clearance with the US Food and Drug administration (FDA) for marketing clearance of Milestone Medical's epidural instrument. This clearance is necessary to begin commercialization of the epidural instrument in the United States. In July 2016, Milestone Scientific raised $250,000 in additional capital from the sale of 104,200 shares of common stock at $2.40 per share. The transaction was covered by the prospectus supplement, filed with the SEC on July 22, 2016, to our shelf registration statement on Form S-3 (SEC File No.: 333-209466). Milestone Scientific has evaluated subsequent events and has determined that there are no other events to be disclosed.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The accompanying consolidated financial statement have been prepared in accordance with accounting principles generally accepted in the United States (“

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entities

’s involvement constitutes power that is most significant to the entity when it has unconstrained decision making ability over key operational functions within the entity.

statements. Please refer to Note 3 for further details regarding the treatment of the VIE.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

Milestone Scientific considers all highly

liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Accounts Receivable

Standard Product Warranty, Policy [Policy Text Block]

Product Return and Warranty

e evaluated and the customer is charged for the repair.

Inventory, Policy [Policy Text Block]

Inventories

provision for excess and obsolete inventory is recorded if required based on past and expected future sales, potential technological obsolescence and product expiration requirement and regulations.

Equity Method Investments, Policy [Policy Text Block]

Equity Method Investments

Property, Plant and Equipment, Policy [Policy Text Block]

Furniture, Fixture and Equipment

Equipment

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible Assets - Patents

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

10.

Impairment of Long-Lived Assets

Revenue Recognition, Policy [Policy Text Block]

11.

Revenue Recognition

Revenue from product sales is recognized net of discounts and allowances to domestic distributors on the date of shipment for essentially all

Shipping and Handling Cost, Policy [Policy Text Block]

12.

Shipping and Handling Costs

ilestone Scientific.

Research and Development Expense, Policy [Policy Text Block]

13.

Research and Development

services are performed or over the relevant service period using the straight line method.

Income Tax, Policy [Policy Text Block]

14.

Income Taxes

Milestone Scientific accounts for income taxe

New Accounting Pronouncements, Policy [Policy Text Block]

15.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“

In February 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-02, “

In March 2016, the Financial Accounting Standards Board issued a new standard ASU No.2016-07, “

In March 2016, the Financial Ac

We have evaluated all other issued and unadopted Accounting Standards Updates and b

elieve the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows of its common stock.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 3 - Consolidation of Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

Equity Method Investments [Table Text Block]

	June 30, 2015 Pro Forma

Total revenue	$	4,590,067
Cost of products sold		1,507,552
Gross Profit		3,082,515
Selling, general and administrative expenses		6,148,121
Research and development expenses		384,752
Operating expenses		6,532,873
Loss from operations		(3,450,358	)
Other expenses		-
Interest income		(3,412	)
Total other expenses, net		(3,412)
Loss before provision for income tax and equity in net earnings of equity investments		(3,453,770	)
Provision for Income Tax		(13,646	)
Loss before equity in net earnings of equity investments		(3,467,416	)
Loss on earnings from Milestone Medical		-
Loss on earnings from Education Joint Venture		-
(Loss) Gain on earnings from China Joint Venture		(63,979	)
Loss in equity investments		(63,979	)
Net loss		(3,531,395	)
Less: Net loss attributable to the noncontrolling interests		1,038,888
Net loss attributable to Milestone Scientific Inc.	$	(2,492,507	)

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 4 - Investment in Unconsolidated Subsidiaries (Tables) - Milestone China [Member]

6 Months Ended

Jun. 30, 2016

Notes Tables

Condensed Balance Sheet [Table Text Block]

The following table includes summarized financial information for Milestone China unconsolidated subsidiary.
	June 30, 2016		December 31, 2015
	(unaudited)		(audited)
Assets:
Current Assets	$	5,114,791	$	772,999
Non-Current Assets		1,373,209		903,766

Total Assets:	$	6,488,000	$	1,676,765

Liabilities
Current Liabilities		4,427,526		580,613

Stockholders' equity		2,060,474		1,096,152

Total liabilities and stockholders ’ equity	$	6,488,000	$	1,676,765

Condensed Income Statement [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(unaudited)			(audited)			(unaudited)			(audited)

Net Sales	$	2,043,282		$	-		$	2,315,502		$	1,033,200
Cost of Good Sold		1,729,489			-			2,085,119			668,289
Gross Profit		313,793			-			230,383			364,911
Other Expenses		463,199			(401,632	)		696,742			524,897
Net Loss	$	(149,406	)	$	(401,632	)	$	(466,359	)	$	(159,986	)

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 5 - Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		1,419,436		1.56		2.78		1,220,338
Granted		348,908		1.72		4.85		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding, June 30, 2016		1,768,344		1.59		2.74		2,099,051
Exercisable, June 30, 2016		1,170,718		1.36		2.43		1,721,587

	Number of Options		Weighted Averaged Exercise Price $		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Options Value $
Outstanding, January 1, 2016		8,333		2.70		4.83		-
Granted		200,000		2.55		1.59		-
Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding, June 30, 2016		208,333		2.56		4.58		50,833
Exercisable, June 30, 2016		2,777		2.70		4.33		-

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 9 - Significant Customers & Geographical Information (Tables)

6 Months Ended

Jun. 30, 2016

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
DOMESTIC
Instruments	$	190,504	$	153,325	$	852,149	$	602,290
Handpieces		695,761		673,062		1,753,685		1,105,124
Other		20,652		15,229		34,126		1,762
Total Domestic	$	906,917	$	841,616	$	2,639,960	$	1,709,176

INTERNATIONAL
Instruments	$	535,335	$	136,430	$	1,559,050	$	814,044
Handpieces		882,135		757,079		1,537,124		1,971,531
Other		47,323		31,635		100,062		42,212
Total International	$	1,464,793	$	925,144	$	3,196,236	$	2,827,787

Total Product Sales	$	2,371,710	$	1,766,760	$	5,836,196	$	4,536,963

XML 35 R24.htm IDEA: XBRL DOCUMENT

Organization, Business and Basis of Presentation (Details Textual) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Jul. 31, 2014
Wand Dental Inc [Member]
Business Acquisition, Outstanding Shares Acquired							750,000
Private Placement [Member]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Shares Issued, Price Per Share	$ 2	$ 2	$ 2	$ 2
Milestone Medical Inc. [Member]
Share Exchange Program, Number of Shares of VIE Common Stock Received Per Share of Entity's Common Stock			2
Stock Issued During Period, Shares, Exchanged for Common Stock of VIEs			4,497,542
Stock Exchanged	8,995,084	8,995,084	8,995,084	8,995,084
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	86.00%
Proceeds from Issuance of Private Placement		$ 2,000,000		$ 2,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001	$ 0.001	$ 0.001		$ 0.001

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 1 - Summary of Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2016 USD ($)
Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years
Sales Credit Period	90 days
Impairment of Long-Lived Assets Held-for-use	$ 0

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 3 - Consolidation of Variable Interest Entity (Details Textual)		3 Months Ended
	Jun. 30, 2016 shares	Jun. 30, 2016 shares
Milestone Medical Inc. [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	86.00%
Share Exchange Program, Number of Shares of VIE Common Stock Received Per Share of Entity's Common Stock		2
Stock Issued During Period, Shares, Exchanged for Common Stock of VIEs		4,497,542
Stock Exchanged	8,995,084	8,995,084
Share Exchange Program, Number of Shares Agreed to Exchange with VIE	532,542	532,542
Milestone Education LLC [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	50.00%
Percentage of Revenue from Services Performed to Variable Interest Entity	83.00%	83.00%

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 3 - Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Milestone Medical Inc. & Milestone Education LLC [Member] \| Pro Forma [Member] \| Milestone China [Member]
Income (Loss) from Equity Method Investments				$ (63,979)
Milestone Medical Inc. & Milestone Education LLC [Member] \| Pro Forma [Member]
Total revenue				4,590,067
Cost of Goods Sold				1,507,552
Gross Profit				3,082,515
Selling, general and administrative expenses				6,148,121
Research and development expenses				384,752
Operating expenses				6,532,873
Loss from operations				(3,450,358)
Interest income				(3,412)
Total other expenses, net				(3,412)
Loss before provision for income tax and equity in net earnings of equity investments				(3,453,770)
Provision for Income Tax				(13,646)
Loss before equity in net earnings of equity investments				(3,467,416)
Income (Loss) from Equity Method Investments				(63,979)
Net loss				(3,531,395)
Less: Net loss attributable to the noncontrolling interests				(1,038,888)
Net loss attributable to Milestone Scientific Inc.				(2,492,507)
Milestone China [Member]
Income (Loss) from Equity Method Investments	$ (57,882)	$ (160,654)	$ (222,719)	(63,979)
Total revenue	2,371,710	1,766,759	5,836,196	4,536,963
Cost of Goods Sold	789,801	570,729	2,157,990	1,503,877
Gross Profit	1,581,909	1,196,030	3,678,206	3,033,086
Selling, general and administrative expenses	3,290,998	2,590,897	6,292,109	4,488,978
Research and development expenses	309,335	18,820	452,780	28,938
Operating expenses	3,600,333	2,609,717	6,744,889	4,517,916
Loss from operations	(2,018,424)	(1,413,687)	(3,066,683)	(1,484,830)
Total other expenses, net	1,004	1,130	1,936	(80)
Loss before provision for income tax and equity in net earnings of equity investments	(2,019,428)	(1,414,817)	(3,068,619)	(1,484,750)
Provision for Income Tax	16,791	13,646	63,624	13,646
Loss before equity in net earnings of equity investments	(2,036,219)	(1,428,463)	(3,132,243)	(1,498,396)
Income (Loss) from Equity Method Investments	(57,882)	(690,213)	(222,719)	(1,047,914)
Net loss	(2,094,101)	(2,118,676)	(3,354,962)	(2,546,310)
Less: Net loss attributable to the noncontrolling interests	507,262	45,727	976,308	53,987
Net loss attributable to Milestone Scientific Inc.	$ (1,586,839)	$ (2,072,949)	$ (2,378,654)	$ (2,492,323)

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 4 - Investment in Unconsolidated Subsidiaries (Details Textual)	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2016 USD ($) $ / item	Jun. 30, 2014 USD ($) $ / shares	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Advanced Ocular Sciences SA [Member]
Equity Method Investment, Ownership Percentage			25.00%		25.00%
Advances to Affiliate							$ 78,798
Cost-method Investments, Realized Losses					$ 19,700
Milestone China [Member] \| Instruments and Handpieces [Member]
Cost of Goods Sold					1,356,000
Milestone China [Member] \| STA Instruments and Handpieces [Member]
Accounts Receivable, Related Parties			$ 1,156,000		1,156,000
Milestone China [Member]
Equity Method Investment, Ownership Percentage		40.00%
Cost-method Investments, Realized Losses					363,833
Equity Method Investments		$ 1,000,000	0	$ 284,672	0	$ 284,672
Long-term Purchase Commitment, Minimum Quantity Required	308	772
Distributor Price Per Instrument \| $ / shares		$ 1,296
Long-term Purchase Commitment, Amount	$ 400,000
Long-term Purchase Commitment, Amount per Instrument \| $ / item	1,296
Additional Equity Method Investments	$ 165,000
Income (Loss) from Equity Method Investments			(57,882)	(160,654)	(222,719)	(63,979)
Equity Method Investment, Unrealized Intercompany Profit (Loss) Not Eliminated, Amount					127,663
Income (Loss) from Equity Method Investments			(57,882)	(690,213)	(222,719)	(1,047,914)
Cost of Goods Sold			$ 789,801	$ 570,729	$ 2,157,990	$ 1,503,877

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 4 - Balance Sheet Accounts for Milestone China (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Milestone China [Member]
Current Assets	$ 5,114,791	$ 772,999
Non-Current Assets	1,373,209	903,766
Total assets	6,488,000	1,676,765
Current Liabilities	4,427,526	580,613
Stockholders' equity	2,060,474	1,096,152
Total liabilities and stockholders’ equity	6,488,000	1,676,765
Current Assets	11,693,684	11,824,151
Total assets	12,602,221	12,809,327
Stockholders' equity	8,611,582	9,165,492
Total liabilities and stockholders’ equity	$ 12,602,221	$ 12,809,327

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(14))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(10))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(11))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(16))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 4 - Income Statement Accounts for Milestone China (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Milestone China [Member]
Net Sales	$ 2,043,282		$ 2,315,502	$ 1,033,200
Cost of Goods Sold	1,729,489		2,085,119	668,289
Gross Profit	313,793		230,383	364,911
Other Expenses	463,199	(401,632)	696,742	524,897
Net loss	(149,406)	(401,632)	(466,359)	(159,986)
Cost of Goods Sold	789,801	570,729	2,157,990	1,503,877
Gross Profit	1,581,909	1,196,030	3,678,206	3,033,086
Net loss	$ (2,094,101)	$ (2,118,676)	$ (3,354,962)	$ (2,546,310)

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 5 - Stock Option Plans (Details Textual) - USD ($)	6 Months Ended
Note 5 - Stock Option Plans (Details Textual) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 266,601	$ 226,844
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 884,183	$ 995,813
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 270 days	2 years 36 days
Non-employee Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 8,421
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 514,792
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	5 years 255 days
Allocated Share-based Compensation Expense	$ 0

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 5 - Summary of Option Activity for Employees and Non-Employees (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Employee Stock Option [Member]
Number of options, beginning balance (in shares)	1,419,436
Weighted average exercise price, beginning balance (in dollars per share)	$ 1.56
Weighted average remaining contractual life, beginning balance	2 years 270 days	2 years 284 days
Aggregate intrinsic value, beginning balance	$ 1,220,338
Number of options granted (in shares)	348,908
Weighted average exercise price, granted (in dollars per share)	$ 1.72
Weighted average remaining contractual life, granted	4 years 310 days
Number of options exercised (in shares)
Number of options forfeited and expired (in shares)
Number of options, ending balance (in shares)	1,768,344	1,419,436
Weighted average exercise price, ending balance (in dollars per share)	$ 1.59	$ 1.56
Aggregate intrinsic value, ending balance	$ 2,099,051	$ 1,220,338
Number of options, exercisable (in shares)	1,170,718
Weighted average exercise price, exercisable (in dollars per share)	$ 1.36
Weighted average remaining contractual life, exercisable	2 years 156 days
Aggregate intrinsic value, exercisable	$ 1,721,587
Non-employee Options [Member]
Number of options, beginning balance (in shares)	8,333
Weighted average exercise price, beginning balance (in dollars per share)	$ 2.70
Weighted average remaining contractual life, beginning balance	4 years 211 days	4 years 302 days
Number of options granted (in shares)	200,000
Weighted average exercise price, granted (in dollars per share)	$ 2.55
Weighted average remaining contractual life, granted	1 year 215 days
Number of options exercised (in shares)
Number of options forfeited and expired (in shares)
Number of options, ending balance (in shares)	208,333	8,333
Weighted average exercise price, ending balance (in dollars per share)	$ 2.56	$ 2.70
Aggregate intrinsic value, ending balance	$ 50,833
Number of options, exercisable (in shares)	2,777
Weighted average exercise price, exercisable (in dollars per share)	$ 2.70
Weighted average remaining contractual life, exercisable	4 years 120 days
Aggregate intrinsic value, exercisable	$ 0

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 7 - Advances on Contracts (Details Textual) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Advances on Inventory Purchases	$ 1,215,011	$ 1,215,128

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes (Details Textual) - USD ($)	6 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 0	$ 0
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	$ 63,000	$ 13,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 9 - Significant Customers & Geographical Information (Details Textual)	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Instruments [Member] \| Supplier Concentration Risk [Member]
Purchase Obligation	$ 1,121,226	$ 1,353,632
Customer Concentration Risk [Member] \| Sales Revenue, Goods, Net [Member] \| Customer One [Member]
Concentration Risk, Percentage	38.00%
Customer Concentration Risk [Member] \| Sales Revenue, Goods, Net [Member] \| Customer Two [Member]
Concentration Risk, Percentage	22.00%	11.00%
Customer Concentration Risk [Member] \| Sales Revenue, Goods, Net [Member] \| Customer Three [Member]
Concentration Risk, Percentage	12.00%	11.00%
Customer Concentration Risk [Member] \| Sales Revenue, Goods, Net [Member] \| Three Customers [Member]
Concentration Risk, Percentage		26.00%
Customer Concentration Risk [Member] \| Sales Revenue, Goods, Net [Member]
Number of Major Customers	3
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers	2	3
Related Party Supplier [Member]
Accounts Payable, Related Parties	$ 687,522	$ 455,573
Customer One [Member]
Accounts Receivable, Gross	972,000	263,861
Customer Two [Member]
Accounts Receivable, Gross	1,156,000	346,839
Customer Three [Member]
Accounts Receivable, Gross		539,400
Three Customers [Member]
Accounts Receivable, Gross		$ 1,150,101
Advances on Inventory Purchases	$ 1,215,011		$ 1,215,128
Percentage of Shareholders Holding Shares in Related Company	5.00%

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 9 - Sales by Product and by Geographical Region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Domestic [Member] \| Instruments [Member]
Total revenue	$ 190,504	$ 153,325	$ 852,149	$ 602,290
Domestic [Member] \| Handpieces [Member]
Total revenue	695,761	673,062	1,753,685	1,105,124
Domestic [Member] \| Other Products [Member]
Total revenue	20,652	15,229	34,126	1,762
Domestic [Member]
Total revenue	906,917	841,616	2,639,960	1,709,176
International [Member] \| Instruments [Member]
Total revenue	535,335	136,430	1,559,050	814,044
International [Member] \| Handpieces [Member]
Total revenue	882,135	757,079	1,537,124	1,971,531
International [Member] \| Other Products [Member]
Total revenue	47,323	31,635	100,062	42,212
International [Member]
Total revenue	1,464,793	925,144	3,196,236	2,827,787
Total revenue	$ 2,371,710	$ 1,766,759	$ 5,836,196	$ 4,536,963

XML 48 R37.htm IDEA: XBRL DOCUMENT

Note 11 - Commitments and Other (Details Textual)	1 Months Ended		3 Months Ended		6 Months Ended
Note 11 - Commitments and Other (Details Textual)	Jul. 31, 2016 USD ($) $ / shares shares	Mar. 31, 2014 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) ft² shares	Jun. 30, 2015 USD ($)
Director of Clinical Affairs [Member]
Stock Issued During Period, Shares, Stock Options Exercised Attributable to Consultants \| shares					8,333
Royalty Expense			$ 110,764	$ 84,947	$ 300,643	$ 196,431
Professional Fees			68,757	39,000	$ 137,502	78,000
Subsequent Event [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues \| shares	104,200
Shares Issued, Price Per Share \| $ / shares	$ 2.40
Subsequent Event [Member]
Proceeds from Issuance of Common Stock	$ 250,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues \| shares					1,000,000
Area of Office Space \| ft²					7,625
Operating Leases, Rent Expense, Minimum Rentals					$ 12,522
Operating Leases, Rent Expense			34,749	23,927	69,987	37,752
Payments for Postemployment Benefits		$ 203,111
Define Benefit Plan, Payment Period		5 years
Pension Expense			$ 51,000	$ 51,000	$ 100,000	$ 102,000
Additional Percentage of Director Compensation on Sales Value Using Certain Specify Technology					2.50%
Additional Percentage of Director Compensation Sales Value Using Other Kind of Technology					5.00%
Lease Expiration Date					Jan. 31, 2020

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