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Related Party Transactions | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
Related Party Transactions | Note 9. Related Party Transactions During the years ended December 31, 2019 and 2018, the Company redeemed 34,225 and 220,523 previously awarded options reaching expiration from related parties, including the Company’s CEO, COO, an employee, a Board Director and Executives. These redemptions eliminated the stock options and resulted in a total of $38,353 and $551,682 in additional compensation expense in 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, related parties exercised 5,000 and 10,700 previously awarded options for the exercise price of $5,650 and $10,500, respectively, resulting in issuance of common stock to the CEO and one member of the Board of Directors. Mr. Saltz, who is a member of our Board of Directors, is also Chairman of the Board of Directors of TEC, as well as a majority stockholder of TEC. The Company has entered into a Co-venture Agreement with TEC (See Note 8. Collaboration Agreement with Related Party.) The Company owns 560,000 shares of TEC common stock representing approximately 4.8% of the issued and outstanding shares of TEC common stock. The Company recognized $130,625 and $549,568 for license fees (royalties) for the years ended December 31, 2019 and 2018, pursuant to the terms of the Co-Venture Agreement. At December 31, 2019 and 2018, TEC had accounts receivable balances outstanding of $0 and $16,743, respectively. Mr. Richardson, who is a member of our Board of Directors, is also acting CEO of Natural Point, Inc., a vendor of the Company. In 2019 and 2018, the Company purchased specialized equipment from Natural Point in the amount of $167,302 and $122,758, respectively. At December 31, 2019 the Company had an outstanding balance payable to Natural Point of $34,865. At December 31, 2018 the Company had a prepaid balance outstanding with Natural Point of $1,020.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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