Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 46

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
---
.

Management remains focused on further improving operating results through
disciplined expense management, cost optimization initiatives, and the continued expansion of higher-margin product sales across both
the dental and medical segments

Liquidity and Capital Resources

Cash Flows 

The following table summarizes our sources and uses of cash for the nine
months ended:

    Cash flow:
     
     September 30, 2025

     September 30, 2024

    Change

    Net cash used in operating activities
     
    $
    (2,690,498
    )
     
    $
    (1,408,387
    )
     
    $
    (1,282,111
    )
  
    Net cash (used in) provided by investing activities

    (12,008
    )

    2,969,977

    (2,981,985
    )
  
    Net cash provided by financing activities

    789,749

    236,294

    553,455

    $
    (1,912,757
    )
     
    $
    1,797,884

    $
    (3,710,641
    )

Operating Activities

Net cash used in operating activities increased by approximately $1.3 million
for the nine months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by a higher net loss
of $4.6 million during the period, partially offset by non-cash adjustments and changes in working capital items. Management continues
to monitor cash usage closely and implement measures aimed at improving operational efficiency and aligning expenses with revenue growth.

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

Pursuant
to the NJEDA program, the Company must retain a physical presence in the state of New Jersey for 5 years after the sale of the NOLs.
If the Company does not retain a physical presence during the 5 years after the sale of the NOLs, the