Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Note 9 — Related Party Transactions

The Company sells its products to an orthotics and prosthetics practice whose ownership includes an individual who is both a shareholder and executive officer of the Company. Sales to this related party are sold at standard list prices. During both the three and nine months ended September 30, 2020, approximately $109,300 and $176,200 of revenues were recognized from this related party, respectively.  For the nine months ended September 30, 2019, revenue recognized on sales to this related party amounted to approximately $26,000  There was approximately $19,000 due from this related party at September 30, 2020 and approximately $25,900 due at December 31, 2019.   

The Company also obtains consulting and fabrication services, reported in cost of goods sold, from the same related party. Charges for these services amounted to approximately $83,600 and $95,000 during the three months ended September 30, 2020 and 2019, respectively, and $355,200 and $338,200 during the nine months ended September 30, 2020 and 2019, respectively. Included in accounts payable and accrued expenses at September 30, 2020 and December 31, 2019 is approximately $38,400 and $47,800, respectively, due to the related party.