Quarterly report pursuant to Section 13 or 15(d)

Note 16 - Subsequent Events

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Note 16 - Subsequent Events
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
16
 — SUBSEQUENT EVENTS
 
In
April 2018,
Milestone Scientific entered into a Release, Assignment and Termination Agreement (the “Termination Agreement”) with the issuer of the promissory note, pursuant to which, Milestone Scientific repaid the
$250,000
payment made by the issuer and the issuer returned the
1.4
million shares of Milestone China’s common stock to Milestone Scientific and cancelled the Note. As a result of the Termination Agreement and related repayment made by Milestone Scientific, the Company derecognized the outstanding note receivable balance of
$1,150,000
and the related deferred gain on financing transaction of
$1,400,000,
and
no
gain or loss was recognized on the transaction. See Note
4.
 
In
May 2018,
the Company entered a
twelve
-month Consulting Agreement to provide corporate finance advice, assisting the Company to establish corporate financing goals, and creating public awareness in European markets. n payment of the Services to be rendered herein, the Company shall grant to the Consultant, upon fulfilment of Condition Precedent, an option to buy from the Company
500,000
shares of newly issued common stock at the price of
$1.00;
such option being exercisable any time up to the
1
st
anniversary year of this Agreement. If the Consultant purchases up to
400,000
shares of the Company's common stock in the secondary market in the period between
30
to
60
days from the date hereof, the option will increase up to an additional
500,000
shares of newly issued common stock at a price of
1.00,
the proportion shall be on a
4
to
5
ratio (e.g.,
400,000
shares purchased equals
500,000
shares option).