Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 13

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures.
The amendments in ASU 2023-09 provide improvements primarily related to the rate reconciliation and income taxes paid information included
in income tax disclosures. The Company would be required to disclose additional information regarding reconciling items equal to or greater
than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory tax rate. Similarly, the Company
would be required to disclose income taxes paid (net of refunds received) equal to or greater than five percent of total income taxes
paid (net of refunds received). Additionally, the Company would be required to disclose income (loss) from continuing operations before
income tax expense disaggregated by foreign and domestic jurisdictions, as well as income tax expense disaggregated by federal, state,
and foreign jurisdictions. The amendments in ASU 2023-09 are effective January 1, 2025. Early adoption is permitted for annual financial
statements that have not yet been issued or made available for issuance. The Company is evaluating the impact of the adoption of
the ASU 2023-09 on its consolidated financial statements.

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Recently Adopted Accounting Pronouncement

In November 2023, FASB issued ASU 2023-07, Segment
Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which provides improvements to reportable segment disclosure
requirements, primarily through enhanced disclosures around segment expenses. ASU 2023-07 requires us to disclose significant segment
expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure
of segment profit or loss. ASU 2023-07 also requires that the Company disclose an amount for other segment items by reportable segment,
a description of their composition and provide all annual disclosures about a reportable segment’s profit or loss and assets pursuant
to Topic 280 during interim periods. The Company must also disclose the CODM’s title and position, as well as specific information
around the measures used by the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and
deciding how to allocate resources. Public entities with a single reportable segment must provide all the disclosures required pursuant
to ASU 2023-07 and all existing segment disclosures under Topic 280. The amendments of ASU 2023-07 are effective for us