SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

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 2023, 2022, and 2021:

	Years Ended December 31,
	2023			2022			2021
Number of significant customers		4			4			1
Aggregate dollar amount of net sales to significant customers	$	25.9 million		$	66.4 million		$	113.7 million
Percentage of net sales to significant customers		61.3	%		70.0	%		60.3	%

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, 2023:
			Blood
			Collection		EasyPoint®		Other			Total
Geographic Segment	Syringes		Products		Needles		Products			Revenue
U.S. sales (excluding U.S. government)	$	26,119,940		1,414,783		7,031,798		33,233	$	34,599,754
Sales to U.S. government		—		—		—		—		—
North and South America sales (excluding U.S.)		5,858,726		—		—		226,440		6,085,166
Other international revenue		2,176,674		511,788		216,944		6,600		2,912,006
Total	$	34,155,340	$	1,926,571	$	7,248,742	$	266,273	$	43,596,926

	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

Schedule of diluted EPS under the treasury stock method

The calculation of diluted EPS under the treasury stock method included the following shares in 2023, 2022, and 2021:

	Years Ended December 31,
	2023	2022	2021
Common Stock underlying issued and outstanding stock options	15,040	65,597	141,435
Common stock issuable upon the conversion of convertible preferred shares	—	—	232,445
	15,040	65,597	373,880

Schedule of earnings per share

In 2023 and 2022, 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,
	2023		2022		2021
Net income	$	(7,011,036)	$	5,078,557	$	56,064,241
Preferred stock dividend requirements		(231,946)		(232,444)		(241,703)
Income applicable to common shareholders	$	(7,242,982)	$	4,846,113	$	55,822,538
Average common shares outstanding		29,937,159		32,896,348		33,870,819
Average common and common equivalent shares outstanding — assuming dilution		29,937,159		32,961,945		34,244,699
Basic earnings per share	$	(0.24)	$	0.15	$	1.65
Diluted earnings per share	$	(0.24)	$	0.15	$	1.63