Company: MLSS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017171
Chunk: 7

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 7
---
 The Company will evaluate the impact of ASU2024-03on its financial statements.

In December 2023, FASB issued ASU2023-09, Income Taxes (Topic 740, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU2023-09provide improvements primarily related to the rate reconciliation and income taxes paid information included in income tax disclosures. The Company would be required to disclose additional information regarding reconciling items equal to or greater than fivepercent of the amount computed by multiplying pretax income (loss) by the applicable statutory tax rate. Similarly, the Company would be required to disclose income taxes paid (net of refunds received) equal to or greater than fivepercent of total income taxes paid (net of refunds received). Additionally, the Company would be required to disclose income (loss) from continuing operations before income tax expense disaggregated by foreign and domestic jurisdictions, as well as income tax expense disaggregated by federal, state, and foreign jurisdictions. The amendments in ASU2023-09are effective January 1, 2025, including interim periods. Early adoption is permitted for annual financial statements that have notyet been issued or made available for issuance. The Company is evaluating the impact of the adoption of the ASU2023-09on our financial statements.

Recently Adopted Accounting Pronouncement

In November 2023, FASB issued ASU2023-07, Segment Reporting (Topic 280, which provides improvements to reportable segment disclosure requirements, primarily through enhanced disclosures around segment expenses. ASU2023-07requires us to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“ CODM”) and included within each reported measure of segment profit or loss. ASU2023-07also requires that the Company disclose an amount for other segment items by reportable segment, a description of their composition and provide all annual disclosures about a reportable segment’s profit or loss and assets pursuant to Topic280during interim periods. The Company must also disclose the CODM’s title and position, as well as certain information around the measures used by the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and deciding how to allocate resources. For public entities with a single reportable segment, the entity must provide all the disclosures required pursuant to ASU2023-07and all existing segment disclosures under Topic280. The amendments of ASU2023-07are effective for us for annual periods beginning January 1,