Note 12 - Related Parties |
9 Months Ended |
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Sep. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] |
NOTE – 12 RELATED PARTIES Milestone Scientific has a manufacturing agreement with United Systems (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
$721,225 and $1,690,582 for the three and nine months ended September 30, 2017, respectively. Purchases of handpieces from this manufacturer were $967,003 and $2,088,229 for the three and nine months ended September 30, 2016, respectively. Milestone Scientific owed $902,341 and $984,286 to this manufacturer as of September 30, 2017 and December 31, 2016, respectively.Milestone Scientific had $356,400 and $712,800 of related party sales of handpieces to Milestone China and Milestone China’s agent during the
three and nine months ended September 30, 2017 respectively. Milestone Scientific had $1,977,862 and $3,203,466 of related party sales of handpieces and instruments to Milestone China during the three and nine months ended September 30, 2016, respectively. As of September 30, 2017 and December 31, 2016, Milestone Scientific recorded deferred revenues and deferred costs associated with sales to Milestone China of $362,718 and $712,800, and $1,001,800 and $620,041, respectively. As of September 30, 2017 and December 31, 2016, Milestone China’s agent owed $$712,800 and $2,714,600, respectively, to Milestone Scientific which is included in related party accounts receivable on the condensed consolidated balance sheets. In August 2016, a 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
$25,000 and $75,000 for the three and nine months ended September 30, 2017, respectively. Expenses recognized on this agreement were $25,000 and $75,000 for the three and nine months ended September 30, 2016, respectively. In
January 2017, Milestone Scientific entered into a 12 month agreement with Innovest S.p.A. to provide consulting services (see Note
13 ). |