Note 9 - Income Taxes
|6 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
Due to Milestone Scientific's history of operating losses, a full valuation allowances has been provided for all of Milestone Scientific's deferred tax assets at
June 30, 2017and
December 31, 2016,
recognition was given to the utilization of the remaining net operating loss carryforwards in each of these periods.
The utilization of Milestone Scientific's net operating losses
maybe subject to a substantial limitation due to the "change of ownership provisions" under Section
382of the Internal Revenue Code and similar state provisions. Such limitation
mayresult in the expiration of the net operating loss carry forwards before their utilization. Milestone Scientific has established a
100%valuation allowance for all of its deferred tax assets due to uncertainty as to their future realization.
June 30, 2017and
December 31, 2016,state tax liability was approximately
$63,000,respectively. Such expense was recognized in the accompanying condensed consolidated financial statements.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef