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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of estimated useful lives of property, plant and equipment

The Company's property, plant, and equipment primarily consist of buildings, land, assembly equipment, molding machines, molds, office equipment, furniture, and fixtures. Depreciation and amortization are calculated using the straight-line method over the following useful lives:

Production equipment

    

3 to 13 years

Office furniture and equipment

 

3 to 10 years

Buildings

 

39 years

Building improvements

 

15 years

Schedule of significant customers

The following table reflects our significant customers in 2022, 2021, and 2020:

Years Ended December 31,

 

    

2022

    

2021

    

2020

 

Number of significant customers

 

 

4

 

1

 

2

Aggregate dollar amount of net sales to significant customers

$

66.4 million

$

113.7 million

$

41.6 million

Percentage of net sales to significant customers

70.0

%

60.3

%

50.6

%

Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees recognized

Disaggregated information of revenue recognized from contracts with customers and licensing fees recognized are as follows:

For the year ended December 31, 2022:

    

    

Blood 

    

    

    

Total 

Collection 

EasyPoint®

Other 

Product

Geographic Segment

Syringes

Products

Needles

Products

 Sales

U.S. sales (excluding U.S. government)

$

29,283,122

$

2,685,785

$

4,481,202

$

42,166

$

36,492,275

Sales to U.S. government

15,731,136

15,731,136

North and South America sales (excluding U.S.)

 

28,720,378

 

 

2,608

 

403,834

 

29,126,820

Other international sales

 

13,004,225

 

268,064

 

190,468

 

5,950

 

13,468,707

Total

$

86,738,861

$

2,953,849

$

4,674,278

$

451,950

$

94,818,938

For the year ended December 31, 2021:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales (excluding U.S. government)

$

42,770,403

$

2,171,680

$

8,892,712

$

53,341

$

53,888,136

Sales to U.S. government

113,662,440

113,662,440

North and South America sales (excluding U.S.)

 

14,345,874

4,800

100,848

109,714

 

14,561,236

Other international sales

 

5,551,592

71,670

642,880

4,500

 

6,270,642

Total

$

176,330,309

$

2,248,150

$

9,636,440

$

167,555

$

188,382,454

For the year ended December 31, 2020:

    

    

Blood 

    

    

    

Total

Collection 

EasyPoint®

Other 

 Product 

Geographic Segment

Syringes

Products

Needles

Products

Sales

U.S. sales (excluding U.S. government)

$

30,446,858

$

2,116,108

$

9,542,122

$

64,375

$

42,169,463

Sales to U.S. government

 

31,634,343

 

 

31,634,343

North and South America sales (excluding U.S.)

5,733,116

8,450

86,816

1,064,768

6,893,150

Other international sales

 

917,478

 

239,329

 

235

 

8,455

 

1,165,497

Total

$

68,731,795

$

2,363,887

$

9,629,173

$

1,137,598

$

81,862,453

Schedule of diluted EPS under the treasury stock method

The calculation of diluted EPS under the treasury stock method included the following shares in 2022, 2021, and 2020:

Years Ended December 31,

2022

    

2021

    

2020

Common Stock underlying issued and outstanding stock options

65,597

141,435

131,347

Common stock issuable upon the conversion of convertible preferred shares

232,445

65,597

373,880

131,347

Schedule of earnings per share

In both 2022 and 2020, preferred stock was excluded from the calculation of diluted EPS because the effect was antidilutive.

The potential dilution, if any, is shown on the following schedule:

Years Ended December 31,

    

2022

    

2021

    

2020

Net income

$

5,078,557

$

56,064,241

$

24,223,013

Preferred stock dividend requirements

 

(232,444)

 

(241,703)

 

(573,868)

Deemed contribution on extinguishment of preferred stock

2,975,708

Income applicable to common shareholders

$

4,846,113

$

55,822,538

$

26,624,853

Average common shares outstanding

 

32,896,348

 

33,870,819

 

33,169,307

Average common and common equivalent shares outstanding — assuming dilution

 

32,961,945

 

34,244,699

 

33,300,654

Basic earnings per share

$

0.15

$

1.65

$

0.80

Diluted earnings per share

$

0.15

$

1.63

$

0.80