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Note A - Organization and Business
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
NOTE A — ORGANIZATION AND BUSINESS
 
All references in this report to “Milestone Scientific,” “us,” “our,” “we,” the “Company” or “Milestone” refer to Milestone Scientific Inc., and its consolidated subsidiaries, Wand Dental, Inc., Milestone Advanced Cosmetic Systems, Inc., Milestone Medical, Inc. and Milestone Education LLC (all described below), unless the context otherwise indicates. Milestone Scientific is the owner of the following registered U.S. trademarks: C
ompuDent®; CompuMed®; CompuFlo®; DPS Dynamic Pressure Sensing technology®; Milestone Scientific ®; the Milestone logo ®; SafetyWand®; STA Single Tooth Anesthesia System®; and The Wand ®.
 
 
Milestone Scientific was incorporated in the State of Delaware in
August 1989.
Milestone Scientific has developed a proprietary, computer-controlled anesthetic delivery device, using
The Wand
®, a single use disposable handpiece. The device is marketed in dentistry under the trademark
CompuDent
®
,
and
STA Single Tooth Anesthesia System
® and in medicine under the trademark
CompuMed
®
. CompuDent
® is suitable for all dental procedures that require local anesthetic.
CompuMed
® is suitable for many medical procedures regularly performed in Plastic Surgery, Hair Restoration Surgery, Podiatry, Colorectal Surgery, Dermatology, Orthopedics, and many other disciplines. The dental devices are sold in the United States, Canada and in
60
other countries. Certain medical devices have obtained CE mark approval and can be marketed and sold in most European countries. In
June 2017, 
Milestone Scientific received
510
(k) marketing clearance from the U.S. Food and Drug Administration (FDA) on the
CompuFlo
® Epidural Computer Controlled Anesthesia System (“Epidural”). Through 
December 31, 2020
date there have been
seven
 (
7
) medical devices sold in the United States and limited amounts sold internationally.
 
In
December 2016,
we received notification from the FDA that based upon the
510
(k)-application submitted for intra- articular injections, we did
not
adequately document that the device met the equivalency standard required for
510
(k) clearances. Following consultation with the FDA Office of Device Evaluation, we intended to file a new
510
(k) application for the device in
2019,
however, due to financing constraints, a new
510
(k) application was
not
filed in
2019.
The Company plans to file a new
510
(k) application for the device in
2021,
subject to sufficient funds being available.
 
In
February 2019,
Milestone Scientific consummated a public offering and a private placement of common stock. The public offering generated gross proceeds of approximately
$2.0
million for the issuance of
5,715,000
shares of common stock and warrants to purchase
1,428,750
shares of common stock. Subsequently  the underwriter exercised its over-allotment option and paid approximately
$198,000
for 
567,400
additional shares of common stock and
141,850
warrants.  Also, in
February 2019,
the Company generated gross proceeds from a private placement of approximately
$250,000
for
714,286
shares of common stock and warrants to purchase
178,571
shares of common stock from 
Bp4
S.p.A., a principal stockholder of Milestone Scientific, that exercised its right to participate on a pro-rata basis on the aforementioned public offering.
 
In
April
and
June
of
2020,
the Company completed
two
Common Stock Offerings generating net proceeds of approximately
$4.6
 million and
$13.4
million, respectively (see Note I).