SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

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 for the three-month periods ended March 31, 2024 and 2023:

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Number of significant customers		2			3
Aggregate dollar amount of net sales to significant customers	$	3.4	million	$	7.0	million
Percentage of net sales to significant customers		44.3%			63.5%

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 three months ended March 31, 2024:
			Blood
			Collection		EasyPoint®		Other			Total
Geographic Segment	Syringes		Products		Needles		Products			Revenue
U.S. sales	$	5,653,309		367,609		612,871		7,379	$	6,641,168
North and South America sales (excluding U.S.)		154,537		96		—		—		154,633
Other international revenue		572,478		143,460		87,024		600		803,562
Total	$	6,380,324	$	511,165	$	699,895	$	7,979	$	7,599,363

	For the three months ended March 31, 2023:
			Blood						Total
			Collection		EasyPoint®		Other		Product
Geographic Segment	Syringes		Products		Needles		Products		Sales
U.S. sales	$	4,803,086	$	398,376	$	212,487	$	9,499	$	5,423,448
North and South America sales (excluding U.S.)		4,561,280		—		—		212,040		4,773,320
Other international sales		505,542		212,200		86,592		—		804,334
Total	$	9,869,908	$	610,576	$	299,079	$	221,539	$	11,001,102

Schedule of diluted EPS under the treasury stock method

The calculation of diluted EPS under the treasury stock method included the following shares in the three-month periods ending March 31, 2024 and 2023:

	Three Months Ended	Three Months Ended
	March 31, 2024	March 31, 2023
Common stock underlying issued and outstanding stock options	8,194	26,604
Common stock issuable upon the conversion of convertible preferred shares	—	—
	8,194	26,604

Schedule of earnings per share

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

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Net income	$	429,384	$	990,972
Preferred stock dividend requirements		(57,611)		(58,111)
Income applicable to common shareholders	$	371,773	$	932,861
Average common shares outstanding		29,937,159		29,937,159
Average common and common equivalent shares outstanding — assuming dilution		29,945,353		29,963,763
Basic earnings per share	$	0.01	$	0.03
Diluted earnings per share	$	0.01	$	0.03