Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Related Party Transactions

Note 10 - Related Party Transactions
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]



The Company is a party to a Royalty Agreement and License with Broady Health Sciences, L.L.C., a Texas limited liability company, (“BHS”) regarding the manufacture and sale of a product called ReStor™. George K. Broady, a former director of the Company and beneficial owner of more than 5% of its outstanding common stock, is an indirect owner of BHS. Brunde E. Broady, a director of the Company and daughter of Mr. Broady, is the President and Chief Executive Officer of BHS. Under this agreement (as amended), the Company agreed to pay BHS a royalty based on a price per unit in return for the right to manufacture (or have manufactured), market, import, export and sell this product worldwide by or through multi-level marketing or network marketing. The Company recognized royalties of $13,000 and $11,000 during the three months ended June 30, 2022 and 2021, respectively, and $26,000 and $19,000 during the six months ended  June 30, 2022 and 2021, respectively, under this agreement. The Company is not required to purchase any product under the agreement, and the agreement may be terminated under certain circumstances with no notice. The agreement terminates March 31, 2025, after which it shall be automatically renewed for successive one-year terms unless notice is given by either party at least 90 days in advance of the expiration of the then-current term.