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Royalties
6 Months Ended
Jun. 30, 2015
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. During the three month period ended June 30, 2015 the Company’s sales reached the maximum amount under which the Company is required to pay a royalty under this agreement. Royalty expense for the three month periods ended June 30, 2015 and 2014 amounted to $1,157 and $13,000, respectively. Royalty expense for the six month periods ended June 30, 2015 and 2014 amounted to $20,157 and $27,000, respectively. The Company’s President has a 60% interest in the royalties.

 

At June 30, 2015 and December 31, 2014, included in accounts payable and accrued expenses was $153,144 and $132,986, respectively, in regards to this agreement.