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