Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Related Party Transactions

v3.8.0.1
Note 11 - Related Party Transactions
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
11
.      Related Party Transactions
 
In
June
 
2006,
the Company entered into a Development and Manufacturing Agreement (the “Agreement”) with Stellartech Research Corporation (“Stellartech”). The Agreement was amended on
October 
4,
2007.
Under the Agreement, the Company agreed to purchase
300
generators manufactured by Stellartech. As of
September 30, 2017,
the Company has purchased
465
units. The price per unit is variable and dependent on the volume and timing of units ordered. In conjunction with the Agreement, Stellartech purchased
37,500
shares of Viveve, Inc.’s common stock. Under the Agreement, the Company paid Stellartech
$2,620,000
and
$1,816,000
for goods and services during the
three
months ended
September 30, 2017
and
2016,
respectively, and
$6,326,000
and
$3,976,000
for the
nine
months ended
September 30, 2017
and
2016,
respectively The amounts due to Stellartech for accounts payable as of
September 30, 2017
and
December 31, 2016
were
$781,000
and
$1,297,000,
respectively.
 
In connection with the Distributorship Agreement entered into with ICM, the Company also entered into a Membership Unit Subscription Agreement with ICM and the Company invested
$2,500,000
in ICM (see Note
4
). In conjunction with the Distributorship Agreem
ent, the Company’s purchases of products from ICM has
not
been material during the
three
and
nine
months ended
September 30, 2017.