Company: MLSS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017171
Chunk: 13

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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ited consolidated balance sheets.

Director of Clinical Affairs

The Director of Clinical Affairs’ royalty fee was approximately $112,000and $116,000for the threemonths endedMarch 31, 2025and2024, respectively. Additionally, Milestone Scientific expensed consulting fees to the Director of Clinical Affairs of $39,000for the threemonths endedMarch 31, 2025and2024, respectively. As ofMarch 31, 2025andDecember 31, 2024, Milestone Scientific owed the Director Clinical Affairs for royalties of approximately $223,000and $110,000, respectively, which is included in accounts payable, related party and accrued expense, related party, in the unaudited consolidated balance sheet.

Directors

Leonard Osser

OnMarch 2, 2021, the Company entered into a Royalty Sharing Agreement with Leonard Osser, pursuant to which Mr. Osser sold, transferred and assigned to the Company all of his rights in and to a certain patent application as to which he is a co-inventor with Mark Hochman, a consultant to the Company, and the Company agreed to pay to Mr. Osser, beginningMay 9, 2027, half of the royalty (2.5%) on net sales that would otherwise be payable to Mark and Claudia Hochman under their existing Technology Sale Agreement, datedJanuary 1, 2005and amended from time to time, with the Company. In connection with the Royalty Sharing Agreement, the Hochman's agreed with the Company, pursuant to an addendum to such Technology Sale Agreement datedFebruary 25, 2021, to reduce from5% to2.5% the payments due to them under their Technology Sale Agreement beginning onMay 9, 2027, and thereafter with respect to dental products embodying the invention.

As part of the Succession Plan of the Company, Mr. Osser agreed, pursuant to an agreement datedApril 6, 2021 (the “ Succession Agreement”), to restructure certain of his existing agreements with the Company, which provide for additional and broader executive support, and at such time as he elects to step down as Interim Chief Executive Officer of the Company, to become the Vice Chairman of the Board of the Company.

With respect to Mr. Osser’sJuly 2017Employment Agreement andJuly 2017Consulting Agreement (each as previously disclosed), the compensation