Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 49

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 49
---
 assurance level.

Changes in Internal Control over Financial Reporting

We routinely review and evaluate our internal control over financial reporting
and periodically make changes intended to enhance its effectiveness. During the quarter ended September 30, 2025, there were no changes
in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

 26 

Item
1A. Risk Factors

Except
as disclosed below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A, of our 2024 Annual
Report.

Changes
to United States tariff and import/export regulations may have a material adverse effect on our business, financial condition, and results
of operations.

The
United States has recently enacted and proposed to enact significant new tariffs, and President Trump has directed various federal
agencies to evaluate key aspects of U.S. trade policy to evaluate key aspects of U.S. trade policy to further evaluate key aspects
of U.S. trade policy further. There has been and are ongoing discussions and commentaries regarding potential significant changes to
U.S. trade policies, treaties, and tariffs. There exists significant uncertainty about the future relationship between the U.S. and
other countries with respect to such trade policies, treaties, and tariffs. These developments, or the perception that any of them
could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may
significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. We source essential elements
used in our products from China. We have significant sales in jurisdictions outside the United States. Any of these factors could
depress economic activity and restrict our access to suppliers or customers and have a material adverse effect on our business,
financial condition, and results of operations.

Government
Action on tariffs, and other funding, may impede our ability to conduct our research and to raise capital.

Early
2025 federal government actions to impose tariffs and limit research grants and other funding, including funding for universities
and research enterprises, may cause disruption to our business. These actions include the imposition of tariffs and ending or
restructuring government research funding generally or in conjunction with higher learning institution funding. These government
actions have been only recently implemented; therefore, the full impact has yet