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9. RELATED PARTIES
 3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTIES

Payables to Related Parties

 

The Company had outstanding payables to related parties totaling $86,592 at March 31, 2021, and $223,589 at December 31, 2020.  

 

Manufacturing and Technical Services Agreements – Related Parties

 

On September 9, 2020, the Company executed a manufacturing agreement with Rochal. Under the terms of the manufacturing agreement, Rochal agreed to manufacture, package, and label products licensed from Rochal by the Company. The manufacturing agreement includes customary terms and conditions for the Company’s industry. The term of the agreement is for a period of five years unless extended by the mutual consent of the parties. For the three months ended March 31, 2021, the Company incurred no inventory manufacturing costs with Rochal.

 

On September 9, 2020, the Company executed a technical services agreement with Rochal. Under the terms of the technical services agreement, Rochal will provide its expertise and services on technical service projects identified by the Company for wound care, skin care and surgical site care applications. The technical services agreement includes customary terms and conditions for the Company’s industry. For the three months ended March 31, 2021, the Company incurred $148,521 of costs for Rochal technical services. The Company may terminate this agreement at any time.