Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Related Party Transactions

v3.20.2
Note 14 - Related Party Transactions
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
1
4
.
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
June 30, 2020,
the Company has purchased
855
units. The price per unit is variable and dependent on the volume and timing of units ordered. In conjunction with the Agreement, Stellartech purchased
375
shares of Viveve, Inc.'s common stock. Under the Agreement, the Company paid Stellartech approximately
$467,000
and
$1,820,000
for goods and services during the
three
months ended
June 30, 2020
and
2019,
respectively and approximately
$749,000
and
$3,132,000
for the
six
months ended
June 2020
and
2019
respectively. The amounts due to Stellartech for accounts payable as of
June 30, 2020
and
December 31, 2019
were approximately
$165,000
and
$124,000,
respectively.
 
In
August 2017,
the Company entered into a Distributorship Agreement with ICM. Under the terms of the Distributorship Agreement, the Company had a minimum purchase requirement to purchase a certain quantity of ICM products per month during the term of this agreement. In
February 2019,
the Company executed a mutual termination of the Distributorship Agreement with ICM. As a result, the Company
no
longer has a minimum purchase requirement to purchase a certain quantity of ICM products per month.