Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Related Party Transactions

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Note 14 - Related Party Transactions
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
 NOTE
14
 -- RELATED PARTY TRANSACTIONS
        
Milestone Scientific has a manufacturing agreement with United Systems (whose controlling shareholder, Tom Cheng, is a significant stockholder of Milestone), the principal manufacturers of its handpieces, pursuant to which it manufactures products under specific purchase orders, but without minimum purchase commitments. Purchases from this manufacturer were
$351,280
and
$452,352
for the
three
months ended
March 31, 2018
and
2017,
respectively. As of
March 31, 2018,
and
December 31, 2017,
Milestone Scientific owed
$1,075,078
and
$985,678
 this manufacturer, respectively.
Milestone Scientific had
no
related party sales of handpieces and devices to Milestone China and Milestone China’s agent for
three
months ended
March 31, 2018.
Milestone Scientific had
$1,001,800
of related party sales of handpieces and devices to Milestone China for the
three
months ended
March 31, 2017.
Milestone Scientific defers the total revenue and costs of goods sold when devices and handpieces are shipped to Milestone China and Milestone China’s agent due to market conditions and Milestone China liquidity concerns until a payment is received.
 
 
 
In
August 2016,
K. Tucker Andersen, a significant stockholder of Milestone Scientific, entered a
three
-year agreement with Milestone Scientific to provide financial and business strategic services. Expenses recognized on this agreement were
$50,000
for the
three
months ended
March 31, 2018
and
2017.
 
 
In
January 2017,
Milestone Scientific entered into a
12
-month agreement with Innovest S.p.A. to provide consulting services. This agreement will renew for successive
12
-month terms unless terminated by Innovest S.p.A or Milestone Scientific. Expenses recognized on this agreement were
$20,000
for the
three
months ended
March 31, 2018
and
2017.