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Investment in Joint Ventures | 12 Months Ended
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Dec. 31, 2015
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Joint Ventures | NOTE G – INVESTMENT IN JOINT VENTURES Milestone Education LLC. Milestone Education LLC (“Education”) began operations in 2013 to provide training and education to our dentists throughout the world. Milestone Scientific accounts for its investment in Education using the equity method of accounting. Approximately 80% of the revenue earned by Education is from services performed for Milestone Scientific. As a result of this relationship, we concluded that we have the power to direct the activities that most significantly impact Education’s economic performance, and that it is a variable interest entity and should be consolidated in the financials of Milestone Scientific. However the impact of the consolidation was deemed not to be material to the consolidated financial statements, and as such Education was not consolidated at December 31, 2015 and 2014. We recorded losses on earnings from Education of $7,846 and $17,889 for the years ended December 31, 2015 and 2014 respectively, which represents 50% of the reported losses of Education for each period respectively. Milestone Scientific’s had an investment in Milestone Education was $16,346 as December 31, 2015 and $24,192 as of December 31, 2014. Advance Ocular Science SA Advanced Ocular Sciences Inc. is an entity organized to develop an instrument that delivers injections into the eye. The company is a shell company as of December 31, 2015. Milestone Scientific owns 25% of this entity. As of the balance sheet date, no equity has been contributed to the Company be Milestone Scientific. During 2015, Milestone Scientific advanced $78,798 for marketing and strategy planning to Advanced Ocular Sciences SA. Advanced Ocular Sciences SA., or their organizers are obligated to repay this advance once the public offering is approved and funded in Poland during 2016. Advance Ocular Science was not included in the consolidated financial statements at December 31, 2015 as no investment has been made by Milestone Scientific. Milestone China Ltd. In June 2014, Milestone Scientific agreed to invest $1 Million through the contribution of 772 STA instruments (at a distributor price of approximately $1,295 per instrument) for a forty percent ownership in Milestone China Ltd. (“Milestone China”). In 2014, the instruments were shipped and were recorded as an investment in Milestone China at the cost of the inventory contributed. Milestone Scientific recorded a loss on its investment in Milestone China of $348,651 and $810 in 2015 and 2014 respectively. As of December 31, 2015 and 2014, Milestone Scientific’s investment in Milestone China was $0 and $348,651, respectively. Milestone Scientific had suspend losses on its investment in Milestone China of $215,347 as of December 2015. Milestone Scientific sold $507,000 in handpieces and $938,200 in instruments during year ended December 31, 2015 to Milestone China Ltd. Milestone China Ltd. owes $357,200 to Milestone Scientific for handpieces shipped in 2015, which is included in accounts receivable at December 31, 2015. Subsequent to the balance sheet, the full amount of the receivable was collected from Milestone China Ltd. . Milestone Scientific recognizes the total revenue and costs of goods sold at the time the shipment of instruments and handpieces. However, due to timing differences of when the inventory is sold to Milestone China and when Milestone China sells the acquired inventory to third parties, elimination of the intra-entity profit is required as of the balance sheet date. In accordance with Accounting Standard Codification (“ASC”) 323 – Equity Method and Joint Ventures, the Company has deferred the gross profit associated with inventory shipped to Milestone China that has not been sold to third parties. The deferred profit of $69,781 is included in the loss from the Milestone China within the Statement of Operations and presented as a reduction of the accounts receivable in the Consolidated Balance Sheet. In January 2016, Milestone Scientific contributed 308 STA instruments (valued at $308,000 ($1,000 per instrument)) to Milestone China Inc. as an increase in our investment in this subsidiary.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=49116238&loc=d3e32787-111569 + Details
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