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RELATED PARTIES
 12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 12 – RELATED PARTIES

 

Agreements with Pernix Therapeutics, LLC

 

On February 29, 2012, Cooper C. Collins, who was then president and largest shareholder of Pernix Therapeutics, LLC, or Pernix, was elected to serve on our board of directors. From time to time, we have entered into agreements with Pernix in the normal course of business. All such agreements are reviewed by independent directors of our company or a committee consisting of independent directors of our company.

 

During the years ended December 31, 2015, 2014 and 2013, we did not engage in any transactions with Pernix. As of December 31, 2014 and 2013, there were amounts due to Pernix of approximately $46,000. Additionally, there were amounts due to us from Pernix for legal fee reimbursement relating to a litigation matter stemming from a license and supply agreement in the amounts of approximately $250,000 as of the years ended December 31, 2014 and 2013. During the year ended December 31, 2015, we entered into a settlement agreement with Pernix according to which Pernix paid us $175,000 in cash, resulting in the elimination of the approximately $46,000 outstanding payable and $250,000 outstanding receivable disclosed above and the recording of approximately $29,000 in settlement fees on the accompanying consolidated financial statements.