Business Context and Reporting Period
This Form 8-K filing by Milestone Scientific Inc. (MLSS) reports a change in the registrant's certifying accountant. The report date is April 30, 2026, with the effective date of the accounting firm change set for May 15, 2026.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current period. However, it references the financial condition of the company as of the most recent fiscal year end:
- Going Concern Status: The independent auditor's report for the year ended December 31, 2025, included an explanatory paragraph noting substantial doubt about the Company's ability to continue as a going concern.
- Audit Opinion: The report for the year ended December 31, 2025, did not contain an adverse opinion, disclaimer, or qualification regarding uncertainty, audit scope, or accounting principles, aside from the going concern note.
Material Changes
The primary material change disclosed is the replacement of the independent registered public accounting firm:
- Dismissal: CBIZ CPAs P.C. was dismissed effective May 15, 2026. CBIZ had served as the auditor since April 2025 following an acquisition of the attest business of Marcum LLP.
- Engagement: Grassi & Co., CPAs, P.C. was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2026.
- Disagreements: The Company reported no disagreements with CBIZ CPAs regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the fiscal year ended December 31, 2025, or the interim period through April 30, 2026.
- Reportable Events: No "reportable events" as defined in Regulation S-K occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, revenue outlook, or management commentary regarding future operations. The primary risk highlighted is the previously disclosed substantial doubt regarding the Company's ability to continue as a going concern, which was noted in the 2025 financial statements. The change in auditors was approved by the Audit Committee of the Board of Directors.
Investor Verification Checklist
- Verify the reasons for the auditor change, specifically whether the "substantial doubt" going concern opinion influenced the decision to switch firms.
- Review the attached letter from CBIZ CPAs (Exhibit 16.1) to confirm they have no disagreements with the Company's statements.
- Monitor upcoming filings (e.g., 10-K or 10-Q) for updated financial data addressing the going concern status.
- Confirm the transition timeline and any potential delays in the audit of the 2026 fiscal year under the new firm, Grassi & Co.