MILESTONE SCIENTIFIC INC. MLSS Cash Flow

Milestone scientific inc. (MLSS)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Net (loss) income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	194,834	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows from operating activities:
Net loss
-1,612,953	-2,883,882	-2,849,921	-1,053,242	-793,195	38,166	-4,404,566	-1,349,986	-1,975,385	-1,833,573	-1,417,479	-1,540,516	-577,985	-1,972,861	-1,966,666	-2,094,079	-1,260,883	-1,418,736	-1,574,857	-2,118,676	-427,634	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,021,653	218,523	74,008	150,746	-365,735	15,151	-164,541	-355,181	-405,051	-637,338	-298,067	-141,644
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense
23,966	10,336	12,166	12,201	12,792	12,929	12,913	13,137	27,625	18,428	13,023	14,163	16,860	23,322	23,168	23,391	22,786	7,132	6,885	8,139	5,791	5,256	5,100	2,983	4,041	5,062	4,339	4,375	4,400	4,334	4,435	4,811	5,236	5,829	5,489	5,489	5,287
Amortization of patents
13,253	13,253	13,254	13,254	13,252	13,255	332,070	231,990	237,366	323,467	151,845	17,682	17,682	17,682	17,310	18,169	17,538	17,434	17,347	17,324	17,323	19,680	19,593	19,592	19,593	19,587	19,535	19,450	19,375	19,220	19,140	19,036	18,921	18,838	21,629	21,525	21,305
Stock compensation
30,715	37,041	45,147	44,712	56,988	161,596	76,524	84,092	86,809	120,447	293,108	121,140	116,718	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Employee bonus paid in stock
171,046	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,533	1,532	1,532	1,533	1,532	699
Common stock and options for compensation, consulting and vendor services
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	339,975	444,505	629,225	107,205	309,720	82,124	707,344	135,676	100,551	88,052	564,367	129,126	103,110	280,610	392,043	77,492	162,717	41,439	159,058	550,400	82,839	72,258
Accrued interest expense on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,220	24,419	-	-42,276	21,437	20,839	-	-	-	-
Bad debt reversal
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-55,987	-183,514	-55,987	-67,357	-62,197	-35,770	-42,326	-2,120	-48,000	-24,000	-12,000
Loss (Income) from earnings on China joint venture
-	32,224	0	39,536	9,564	71,084	143,242	78,591	36,783	-	-	-28,941	0	-241,061	-332,047	47,007	-269,726	-686,223	-711,352	-690,213	-357,701	-	-	-	-	-	-	-	-	-46,837	0	-46,084	-78,095	-	-	-	-
Change in fair value of derivative liability
-	-1,788,819	-1,899,483	12,462	40,260	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash operating lease expense
27,627	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Decrease in accounts receivable
-421,127	471,404	-419,658	146,173	-465,710	964,290	-825,979	1,006,309	-701,677	-464,123	579,905	-206,835	824,182	-1,394,402	759,751	-475,717	475,351	-600,621	714,249	-7,840	101,460	-82,866	180,959	222,011	-311,481	-183,101	585,973	-523,143	246,594	71,749	-391,376	-47,628	-157,927	113,294	-690,565	265,511	483,974
Decrease in accounts receivable, related party
-	0	0	-50,000	-50,000	658,995	-1,558,995	1,092,540	0	1,012,650	356,400	-957,399	-1,400,801	1,727,210	-1,156,400	1,156,400	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in other receivables
-11,755	0	18,550	0	-9,523	-	-	-	-	-	-	-	-	9,625	-67,115	8,975	0	-27,819	85,959	-268,914	268,914	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Increase) decrease in inventories
102,316	3,447	348,642	-592,871	-59,760	-509,379	373,296	-664,379	-114,151	-566,678	-332,650	-35,463	-68,885	283,464	-7,395	593,250	-359,857	567,227	-435,492	1,212,190	-468,891	255,633	277,076	219,444	423,294	447,093	17,439	231,571	-13,012	-32,094	156,318	-74,836	-201,321	56,583	136,323	-253,120	-136,239
(Increase) decrease in advances on contracts
65,171	82,168	98,380	0	-118,669	-236,040	23,041	-122,626	287,216	-295,050	140,738	-10,510	161,114	-567,794	53,683	-38,634	38,517	-40,322	488,859	-234,774	236,644	-590,206	-362,279	-308,473	-326,197	-	-	-	-	-	-	-	-	-	-	-	-
Decrease to advances on contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-118,815	-115,314	-39,756	-	-	-	-	-	-	-	-
Decrease to advance to contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-63,894	-108,081	71,486	-40,390	419,064	512,061
Increase in prepaid expenses and other current assets
165,032	14,160	98,340	-189,388	181,410	-31,723	-38,489	-9,964	58,307	-115,600	-194,481	246,949	207,613	15,026	-98,941	-129,492	200,732	-	-	-	-	189,307	131,298	-67,357	50,866	48,507	-21,711	-42,287	-73,119	103,118	-123,980	-37,308	-6,949	38,398	-51,481	-473	-4,161
(Decrease) increase in accounts payable
64,317	-	-	-	-6,772	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in other assets
-	-	-	-	-	-	-	-	0	0	0	0	9,523	0	5,975	-5,975	0	0	-5,340	-221,723	224,393	-	-	-	-	-	-	-	-	1	-2,500	-10,500	-7,503	-27,999	13,905	-16,669	-16,669
(Decrease) increase in accounts payable
-	-	-	-	-	-	-	-67,438	579,070	361,586	-369,699	96,686	-452,157	316,960	-103,308	510,549	-237,853	-	-	-	-	113,019	356,917	-183,163	-803,233	213,964	300,615	-524,483	-306,322	-268,539	-480,394	-321,479	-524,525	349,797	-176,707	162,285	272,193
(Decrease) increase in accounts payable, related party
30,567	-193,357	270,493	-117,439	-263,043	210,819	223,992	153,960	89,400	83,337	520,909	-700,872	-152,748	0	680,232	-680,232	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in deferred cost, related party
-	0	0	-24,602	-25,398	-279,451	-215,657	686,365	0	746,953	181,602	0	-438,925	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in accrued expenses
255,426	323,961	-334,552	101,490	182,638	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	270,525	-31,121	-237,164	122,616	78,474	-80,201	-147,198	123,490	46,242	151,001	-261,211	-185,997	420,133	138,467
(Decrease) increase in accrued expenses, related party
-76,406	217,720	885,817	15,213	110,215	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) in deferred revenue, related party
-	0	-3	-49,997	-50,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in customer advances
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-159,559	-298,345	507,345	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) increase in accrued expenses and other payables
-	-	-	-	-	-	-	-	-19,757	-	-	911,142	96,841	-937,239	248,691	117,946	-185,313	-149,647	207,134	516,527	-353,976	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in deferred revenue, related party
-	-	-	-	-	-	-	-	0	-	356,400	0	-645,400	1,001,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in Joint Venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	50,000	-	-	-	-	-	-	-	-
Net cash used in operating activities
-971,079	-503,602	-653,407	-402,108	-220,171	329,496	-440,831	-975,421	-541,350	330,718	-607,766	-78,376	-874,010	-	-	-	-	-	-	-	-	-	-	-	-	-	433,840	91,906	-83,667	-102,510	161,744	14,236	-123,188	-268,995	223,243	-42,577	-482,401
Cash flows from investing activities:
Net cash used in operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,633,518	-1,389,126	816,032	-1,352,283	-1,728,896	-681,191	380,303	-174,988	-105,340	276,968	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable from Milestone Medical
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000,000	800,000	200,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from related party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-247,362	-246,040	-184,589	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-1	0	1,174	14,442	-	-	-	-	-	-	-	-	3,330	1,125	7,443	9,122	5,093	8,570	2,809	10,150	4,147	5,167	10,083	12,164
Investment in Medical joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	58,703	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of property and equipment
7,138	0	1,812	0	8,104	-	-	-	1,368	1,259	1,400	3,349	0	399	-723	10,846	4,822	19,968	5,195	39,997	2,421	16,080	44,941	16,573	4,616	2,428	321	1,934	856	-	-	-	-	1,202	0	4,011	2,254
Net cash used in investing activities
-7,138	0	-1,812	0	-8,104	-896	-9,994	-3,163	-1,368	-1,259	-155,368	-42,548	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-213,644	-56,470	-59,978	-5,767	-10,020	-5,420	-10,150	-5,349	-5,167	-14,094	-14,418
Cash flows from financing activities:
Proceeds from exercise of warrants
230,362	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of finance leases
2,252	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Consolidation of variable interest entity
-	-	-	-	-	-	-	-	-	-	-	-	-	-11,456	23,696	-23,696	50,621	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from Public Placement Offering
-	1,945,672	-1,945,672	1	1,974,546	-	-	-	0	-	-	-	150,836	-	-	-	0	-	-	-	-	-	-	-	-	150,000	0	0	50,000	0	0	0	150,000	-	-	-	-
Net cash used in investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	129,121	-133,480	-999,681	4,295,740	-6,567,933	-455,397	-839,588	9,235,098	-9,636,719	-63,319	-	-	-	-	-	-	-	-	-	-	-	-
Capital contribution from noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	400,000	100,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	0	0	0	0	62,500	-	2,225,000	0	0	-	-	-	-	145,916	99,531	65,250	38,000	-	-	-	-	-	-	-	-	0	0	0	25,000
Net proceeds from Private Placement Offering
-	0	0	0	250,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from related party loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	50,000	-	-	-	-	-	-	-	-
Net cash provided by financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,016,346	0	-12,750	0	412,750	100,000	545,916	99,531	9,464,933	38,000	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	511,949	-1,522,606	-196,399	2,943,457	-7,884,079	-1,036,588	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
228,920	308,625	28,875	1	2,224,546	0	0	-250,000	0	0	125,000	125,000	213,336	-	-	-	-	-	-	-	-	-	-	-	-	-	10,000	14,600	100,000	0	0	0	150,000	0	54,000	0	25,000
Net increase (decrease) in cash and cash equivalents
-750,297	-194,977	-626,344	-441,662	2,035,826	328,600	-450,825	-1,228,584	-542,718	329,459	-638,134	4,076	-660,674	-	-	-	-	-	-	-	-	-	-	-277,126	251,649	745,362	230,196	50,036	-43,645	-108,277	151,724	8,816	16,662	-274,344	272,076	-56,671	-471,819
Supplemental non-cash disclosure of cash flow information:
Shares issued to employee for bonuses
-	-	-	-	-	-	-352,099	60,000	339,500	-64,956	64,956	-115	195,000	0	49,769	339,549	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shares issued to board of directors
-	-	-	-	61,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shares issued to board of directors for services rendered
-	0	30,000	29,500	7,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shares issued to employees for compensation
182,500	0	15,000	15,500	7,000	-	-	-	0	-72,000	0	378,499	43,750	0	291,299	75,000	0	-	-	-	-	-	11,874	11,875	11,875	11,875	11,875	11,875	11,875	11,875	11,875	11,875	7,500	-	-	-	-
Shares issued to consultants in lieu of cash payments
25,000	23,900	236,500	140,000	40,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net assets acquired from variable entity
-	-	-	-	-	-	-	-	-	-	-	-	-	2,270	7,769	-14,165	20,472	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Initial recognition of operating lease-right of use assets
706,251	0	0	-332,584	166,292	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Initial recognition of operating lease right to used liabilities
-706,251	0	0	332,584	-166,292	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease right to used liability
-706,251	0	0	332,584	-166,292	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Derivative liability
-	-	-	1,065,540	406,045	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense paid in cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	23,000
Net proceeds on Private Placement Offering
-	0	0	0	250,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shares to be issued to directors for prepaid directors' fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55,200	-	-	-	-	-	-	-	-	-	-	-	-