Note R - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE R — SUBSEQUENT EVENTS

Since the year ended

December 31, 2020,

the Company issued

147,625

shares of common stock for warrants exercised at 

$0.50

 for proceeds of

$73,813.

Since the year ended

December 31, 2020,

the Company issued

1,190,700

shares of common stock for warrants exercised at 

$1.20

 for proceeds of

$1,428,840.

Since the year ended

December 31, 2020,

the Company issued

580,601

shares of common stock for warrants exercised at 

$2.60

 for proceeds of

$1,509,563.

In

January 

2021,

the company entered into a new purchase commitment for the delivery of

2,000

STA CompuDent® instruments. The purchase order commitment was

$1,518,364.

On

March 2, 2021,

the Company entered into a Royalty Sharing Agreement with Leonard Osser, the Company's Interim Chief Executive Officer, pursuant to which Mr. Osser sold, transferred and assigned to the Company all of his rights in and to a certain patent application as to which he is a co-inventor with Mark Hochman, a consultant to the Company, and the Company agreed to pay to Mr. Osser, beginning

May 9, 2027,

half of the royalty (

2.5%

) on net sales that would otherwise be payable to Mark and Claudia Hochman under their existing Technology Sale Agreement, dated

January 1, 2005

and amended from time to time, with the Company, the Hochman's having agreed with the Company pursuant to an addendum to such Technology Sale Agreement dated

February 25, 2021

to reduce from 

five

percent (

5%

) to

two

and

one

-half percent (

2.5%

) the payments due to them under their Technology Sale Agreement on

May 9, 

2027

and thereafter, with respect to dental products. The Agreement confirms an understanding of the Company, Leonard Osser, and the Hochman's on sharing the

five

percent (

5%

) royalty to be paid by the Company beginning on

May 9, 2027

with respect to dental products embodying the new invention.