Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 8

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
 devices and disposables business in the United States and worldwide, and
a reduction in operating expenses. However, our continued operations will depend on its ability to raise additional capital through various
potential sources until it achieves profitability, if ever. 

     9 

NOTE
3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

1.
Principles of Consolidation

The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”). The applicable rules and regulations of the Securities and Exchange
Commission (SEC) include the accounts of Milestone Scientific and its wholly owned subsidiaries, including Wand Dental (wholly
owned) and Milestone Innovations Inc. (wholly owned).  All significant intra-entity transactions and balances have been eliminated
in the consolidation.

2.
Basis of Presentation

The
unaudited condensed consolidated financial statements of Milestone Scientific have been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP) for interim financial information with the instructions for Form 10-Q
and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual
financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments
(consisting of regular recurring entries) necessary to present such interim results fairly. Interim results are not necessarily indicative
of the results of operations which may be expected for a full year or any subsequent period. These unaudited consolidated financial statements
should be read in conjunction with the unaudited consolidated financial statements and notes thereto for the year ended December
31, 2024, included in Milestone Scientific’s Annual Report on Form 10-K.

3.
Use of Estimates

The
preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions in determining the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the
unaudited condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period.
The most significant estimates relate to the inventory valuation and cash flow assumptions regarding evaluations of going concern
considerations. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors
that it believes to be reasonable under the circumstances. On