Related Party Transactions

3 Months Ended

Mar. 31, 2021

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 the three months ended March 31, 2021, approximately $25,900 of revenues were recognized from this related party. There were no revenues recognized during the three months ended March 31, 2020.There was approximately $25,900 and $44,900 due from this related party as of March 31, 2021 and December 31, 2020, respectively.  

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 $112,900 and $103,500 during the three months ended March 31, 2021 and 2020, respectively, Included in accounts payable and accrued expenses at March 31, 2021 and December 31, 2020 is approximately $44,100 and $29,600, respectively, due to the related party.