Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 61

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 Notes will be repaid in cash
or its portion of any non-cash consideration. The conversion rate for any issuance of shares of common stock will be at the then
fair value of a share of common stock, with the fair value being determined with reference to the public market price of a share of
common stock based on the average of the 15 most recent trading days, but not less than $0.50.
The Notes are unsecured and have typical default terms. As of September 30, 2025, the Notes were convertible into 1,530,612 shares
of common stock based on an average trading price of $0.52
per share. For the three and nine months ended September 30, 2025, the Company recognized approximately $10,000
and $19,222
of interest expenses related to convertible note related party respectively.

     13 

NOTE
7— STOCKHOLDERS’ EQUITY

PUBLIC
OFFERING

On January
12, 2024 the underwriter exercised its over-allotment option as to 372,110 shares of common stock for net proceeds after discounts
and commission of $192,156.

SHARES
TO BE ISSUED

As
of September 30, 2025 and 2024, there were 3,076,871 and 2,657,058, respectively, shares to be issued whose issuance has been
deferred under the terms of employment and consulting agreements with officers and directors and other employees of Milestone Scientific.
Such shares will be issued to each party upon termination of their employment or other relationship with the Company. 

As
of September 30, 2025 and 2024, there were 631,792 and 527,625, respectively, shares to be issued to non-employees, that will
be issued to non-employees for services rendered. The number of shares was fixed by contract before the date of grant, subject to performance,
and were fully earned upon the grant date.

The
following table summarizes information about shares to be issued for the nine month periods ending September 30, 2025 and 2024.

 SCHEDULE
OF SHARES TO BE ISSUED

    September 30, 2025  
    September 30, 2024 

    Shares-to-be-issued, outstanding January 1, 2025 and 2024, respectively