Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Consolidation of Variable Interest Entity

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Note 7 - Consolidation of Variable Interest Entity
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Variable Interest Entity Disclosure [Text Block]
 
NOTE 
7
 – CONSOLIDATION OF VARIABLE INTEREST ENTITY
 
Milestone Education was, until
September 2018 (
see below), a
50%
owned subsidiary of Milestone Scientific which began operations in
2013
to provide training and education to dentists throughout the world. As of
September 30, 2018,
and
2017,
approximately
80%
and
81%,
respectively, of the revenue earned by Milestone Education is from services performed for Milestone Scientific. Because of this dependency and relationship, we determined that Milestone Scientific had the power to direct the activities that most significantly impact Milestone Education's economic performance, and therefore Milestone Education is consolidated in our financial statements. Milestone Scientific  purchased the remaining
50%
of Milestone Education in
September 2018
for a nominal purchase price. Milestone Scientific acquired the non-controlling interest in the amount of
$8,020.