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LICENSE AGREEMENT | 12 Months Ended
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Dec. 31, 2019
LICENSE AGREEMENT |
LICENSE AGREEMENT | 6. LICENSE AGREEMENT In 1995, the Company entered into a license agreement with the Chief Executive Officer of the Company, Thomas J. Shaw, 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 Mr. Shaw. 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. Additionally, if the Company sublicenses the technology and the sublicensee’s customers are not known to the Company, then Mr. Shaw shall be entitled to receive from the Company fifty percent (50%) of the royalties actually paid to the Company by such sublicensee. The royalty fee expense is recognized in the period in which it is earned. Royalty fees of $3,449,822; $2,944,102; and $2,864,188 are included in Cost of sales for the years ended December 31, 2019, 2018, and 2017, respectively. Royalties payable under this agreement aggregated $921,445 and $769,324 at December 31, 2019, and 2018, respectively. Gross sales upon which royalties are based were $67,529,783; $58,882,042; and $57,283,780 for 2019, 2018, and 2017, respectively.

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