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Royalties
9 Months Ended
Sep. 30, 2014
Royalties [Abstract]  
Royalties

7.        Royalties

 

The Company is subject to a royalty agreement based upon sales of certain skin care products. The agreement requires the Company to pay a royalty based upon 8% of such sales, up to $227,175. Royalty expense approximated $9,000 and $5,000 for the three month periods ended September 30, 2014 and 2013, respectively. Royalty expense approximated $36,000 and $40,000 for the nine month periods ended September 30, 2014 and 2013, respectively. The remaining commitment at September 30, 2014, is approximately $29,000. The Company’s President has a 60% interest in the royalties.

 

At September 30, 2014 and December 31, 2013, included in accounts payable and accrued expenses was $124,000 and $88,000, respectively, in regards to this agreement.