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LICENSE AGREEMENT | 12 Months Ended
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Dec. 31, 2018
LICENSE AGREEMENT |
LICENSE AGREEMENT | 6. LICENSE AGREEMENT In 1995, the Company entered into a license agreement with the Chief Executive Officer of the Company for the exclusive right to manufacture, market, and distribute products utilizing automated retraction technology, which agreement has been amended twice. This technology is the subject of various patents and patent applications owned by such officer of the Company. The initial licensing fee of $500,000 was amortized over 17 years. The license agreement also provides for quarterly payments of a 5% royalty fee on gross sales. The royalty fee expense is recognized in the period in which it is earned. Royalty fees of $2,944,102; $2,864,188; and $2,527,508 are included in Cost of sales for the years ended December 31, 2018, 2017, and 2016, respectively. Royalties payable under this agreement aggregated $769,324 and $793,489 at December 31, 2018, and 2017, respectively. Gross sales upon which royalties are based were $58,882,042; $57,283,780; and $50,550,165 for 2018, 2017, and 2016, respectively.

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