Company: MLSS
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001437749-25-026919
Chunk: 12

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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ively of expense related to non-employee options.

A summary of restricted stock under the plans and changes during the sixmonths endedJune 30, 2025is presented below:

                                     Number of Shares      Weighted Average Grant-Date Fair Value per Award  
  Non-vested as January 1, 2025      365,171               0.89                                              
  Granted                            -                     -                                                 
  Vested                             ( 337,081             0.89                                              
  Cancelled                          ( 28,090              0.89                                              
  Non-vested as June 30, 2025        -                     -                                                 

The Company granted 730,340 restrictedstock awards with a fair market value of$0.89 pershare. Such restricted stock vests as follows:  25the grant date inJune 2024, and  25on the first day of the following months: October2024,  January2025, and  April2025.  Theseawards vest immediately upon a change of control as defined in the agreements. For the threeand sixmonths endedJune 30,2025, theCompany recognized approximately $1,500and $155,500, respectively, for restricted stock expenses recorded in general and administrative expenses on the statement of operation.  As ofJune 30,2025 therewas nounrecognized compensation expense.

NOTE 9 - INCOME TAXES

The utilization of Milestone Scientific's net operating losses maybe subject to a substantial limitation due to the "change of ownership provisions" under Section382of the Internal Revenue Code and similar state provisions. Such limitations mayresult in the expiration of the net operating loss carry forwards before their utilization. Milestone Scientific has established a100% valuation allowance for all its deferred tax assets due to uncertainty as to their future realization.

InApril 2024, we received approximately $2.0million, net of expenses, from the sale of New Jersey net operating losses (“ NOL”), that were eligible for sale under the State of New Jersey’s Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer Program (” NJEDA Program”). For the threeand sixmonth endedJune 30, 2024the Company recorded approximately $2.0million in gain on sale of net operating losses within the unaudited condensed consolidated statement of operations.

Pursuant to the NJ