XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note Q - Related Party Transzactions | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] | NOTE Q -- RELATED PARTY TRANSACTIONS Milestone Scientific has a manufacturing agreement with United Systems (an entity controlled by 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 $2,146,108 and $3,025,249 for the twelve months ended December 31, 2017 and 2016, respectively. Milestone Scientific owed $985,678 and $1,235,052 to this manufacturer as of December 31, 2017 and 2016, respectively. Milestone Scientific had $2,071,000 of related party sales of handpieces and instruments to Milestone China and Milestone China’s agent for twelve months ended December 31, 2017. Milestone Scientific had $3,425,000 of related party sales of handpieces and instruments to Milestone China for twelve months ended December 31, 2016. As of December 31, 2017, and 2016, Milestone Scientific recorded deferred revenues and deferred costs associated with sales to Milestone China of $1,725,450 and $1,109,671, and $1,001,800 and $620,041, respectively. As of December 31, 2017, and 2016, Milestone China and Milestone China’s agent owed $1,725,450 and $2,714,600, respectively, to Milestone Scientific which is included in related party accounts receivable on the consolidated balance sheets. Milestone Scientific defers the total revenue and costs of goods sold when instruments and handpieces are shipped to Milestone China and Milestone China’s agent due to market conditions and Milestone China liquidity concerns. 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 $100,000 for the twelve months ended December 31, 2017 and 2016, respectively. In January 2017, Milestone Scientific entered into a 12 -month agreement with Innovest S.p.A. to provide consulting service. This agreement is expected to continue into 2018. Expenses recognized on this agreement were $80,000 for the twelve months ended December 31, 2017. See Note M for related party employment and consulting agreements.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration