Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Related Party Transactions

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Note 14 - Related Party Transactions
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

14.

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, 2021, 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 38 shares of Viveve, Inc.’s common stock. Under the Agreement, the Company paid Stellartech $77,000 and $467,000 for goods and services during the three months ended June 30, 2021 and 2020, respectively, and approximately $154,000 and $749,000 for the six months ended June 30, 2021 and 2020 respectively. The amounts due to Stellartech for accounts payable as of June 30, 2021 and December 31, 2020 were approximately $35,000 and $9,000, 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. (See Note 5 – Investment in Limited Liability Company for transactions with ICM.)