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Related Party Transactions
9 Months Ended
Sep. 30, 2013
Related Party Transactions

 

NOTE – 10 RELATED PARTY TRANSACTIONS

A shareholder of Milestone is also a shareholder of a major supplier of handpieces to Milestone. In addition, he is an investor in the PRC entity, Beijing 3H, which entered into a Medical Joint Venture agreement with Milestone.

Milestone purchased $2,146,096 and $1,439,640 from the supplier for the nine months ended September 30, 2013 and 2012, respectively. Milestone owed $854,680 and $808,908 to this supplier as of September 30, 2013 and December 31, 2012, respectively, which is included in accounts payable on the accompanying condensed balance sheet.

In the first quarter of 2013, the CEO of Milestone loaned the Company $50,000 for use in capitalizing a fifty percent equity portion in the joint venture with Milestone Education LLC.  This balance is included in the accrued expenses on the condensed balance sheets. There were no interest to this agreement. $5,000 of the loan has been paid to the CEO and the remaining balance will be paid by December 31, 2013.

 

In August 2013, a shareholder of the Company entered a three year agreement with the Milestone to provide financial and business strategic services. The fee for these services are $100,000 annually.