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LICENSE AGREEMENT | 12 Months Ended
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Dec. 31, 2023
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. This technology is the subject of various patents and patent applications owned by Mr. Shaw. The license agreement 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 $3,594,130; $5,937,107; and $11,318,093 are included in Cost of sales for the years ended December 31, 2023, 2022, and 2021, respectively. Royalties payable under this agreement aggregated $1,376,555 and $973,701 at December 31, 2023, and 2022, respectively. Gross sales upon which royalties are based were $64,883,761; $118,742,140; and $226,294,765 for 2023, 2022, and 2021, respectively. ​ On November 16, 2021, the Company and Mr. Shaw entered into the Third Amendment to Technology License Agreement (the “Amendment”). The Amendment expands the scope of the Technology License Agreement and provides additional protection to the parties in the event of a Hostile Takeover, as defined by the Amendment. Under the Amendment, under certain conditions, Mr. Shaw is granted the unilateral right to terminate the Technology License Agreement or cancel or convert a license thereunder from exclusive to nonexclusive following a Hostile Takeover.

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