Milestone Scientific has informal arrangements with -party manufacturers of the STA, CompuDent® and CompuMed® devices, pursuant to which they manufacture these products under specific purchase orders but without any long-term contract or minimum purchase commitment. In Wand Dental entered into a new purchase commitment for the delivery of devices beginning in the quarter of Milestone Scientific’s purchase commitment for this purchase order was  at however an advance of was recorded against this purchase order at Milestone Scientific still owes related to this purchase order.  An advance of  and was recorded at and respectively. 

 

In Milestone Scientific and Daniel Goldberger, the Company’s former President and Chief Executive Officer, who resigned effective signed a Settlement and Release Agreement with respect to Mr. Goldberger’s leaving the Company. The gross settlement was of which was paid through The remainder of the settlement will be paid over the next -month period ending in

 

The technology underlying the Safety Wand® and ®, and an improvement to the controls for ® were developed by the Director of Clinical Affairs and assigned to Milestone Scientific. Milestone Scientific purchased this technology pursuant to an agreement dated The Director of Clinical Affairs will receive additional payments of of the total sales of products using certain of these technologies, and of the total sales of products using certain other of the technologies until the expiration of the last patent covering these technologies. If products produced by parties use any of these technologies (under license from us) then the Director of Clinical Affairs will receive the corresponding percentage of the consideration received by Milestone Scientific for such sale or license. 

 

The Director of Clinical Affairs’ royalty fee was and for and months ended respectively. The Director of Clinical Affairs’ royalty fee was and for and months ended respectively. Additionally, Milestone Scientific expensed consulting fees to the Director of Clinical Affairs of and for and months Ended respectively, and and for and months ended respectively. As of and Milestone Scientific owes the Director Clinical Affairs for royalties of approximately and respectively, which is included in accounts payable, related party and accrued expense, related party.

 

In the Company entered a -month Consulting Agreement to provide corporate finance advice, assisting the Company to establish corporate financing goals, and creating public awareness in European markets. The Company shall grant to the Consultant, upon fulfillment of the Condition Precedent (as set forth below), an option to buy from the Company shares of newly issued common stock at the price of such option being exercisable any time up to the anniversary year of the Consulting Agreement.

 

The Condition Precedent is the purchase by the Consultant of at least shares of the Company’s common stock from the secondary market within days of signing the Consulting Agreement. If the Consultant purchases up to additional shares of the Company’s common stock in the secondary market in the period between to days from the date of the Consulting Agreement, the option will increase up to an additional shares of newly issued common stock at a price of per share, the proportion shall be on a to ratio (e.g., shares purchased equals shares option). This Consulting Agreement was terminated in on basis that the consultant did fulfill the condition precedent.