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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 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 and six-month periods ended June 30, 2024 and 2023:

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

    

June 30, 2024

    

June 30, 2023

    

June 30, 2024

    

June 30, 2023

Number of significant customers

 

4

 

3

 

3

 

3

 

Aggregate dollar amount of net sales to significant customers

$

3.8

million

$

4.4

million

$

7.3

million

$

10.2

million

Percentage of net sales to significant customers

63.0%

55.0%

53.6%

53.9%

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 June 30, 2024:

    

    

Blood 

    

    

    

Total 

Collection 

EasyPoint®

Other 

Product

Geographic Segment

Syringes

Products

Needles

Products

 Sales

U.S. sales

$

4,631,773

333,389

42,561

5,848

$

5,013,571

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

 

601,000

 

 

59,040

 

6,240

 

666,280

Other international sales

 

256,133

 

400

 

87,680

 

5,300

 

349,513

Total

$

5,488,906

$

333,789

$

189,281

$

17,388

$

6,029,364

For the three months ended June 30, 2023:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales

$

5,780,080

$

346,297

$

1,165,634

$

8,665

7,300,676

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

 

210,232

 

 

 

210,232

Other international sales

 

366,312

 

1,748

 

87,612

 

4,700

460,372

Total

$

6,356,624

$

348,045

$

1,253,246

$

13,365

$

7,971,280

For the six months ended June 30, 2024:

    

    

Blood 

    

    

    

Collection 

EasyPoint®

Other 

Total

Geographic Segment

Syringes

Products

Needles

Products

Revenue

U.S. sales

$

10,185,082

700,998

755,432

13,226

$

11,654,738

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

 

755,537

96

59,040

6,240

 

820,913

Other international revenue

 

828,612

143,860

174,704

5,900

 

1,153,076

Total

$

11,769,231

$

844,954

$

989,176

$

25,366

$

13,628,727

For the six months ended June 30, 2023:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales

$

10,583,166

$

744,673

$

1,378,121

$

18,164

$

12,724,124

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

 

4,771,512

 

 

 

212,040

 

4,983,552

Other international sales

 

871,854

 

213,948

 

174,204

 

4,700

 

1,264,706

Total

$

16,226,532

$

958,621

$

1,552,325

$

234,904

$

18,972,382

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 and six month periods ending June 30, 2024 and 2023:

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

    

June 30, 2024

    

June 20, 2023

June 30, 2024

    

June 30, 2023

Common stock underlying issued and outstanding stock options

1,524

 

16,033

5,007

 

22,041

1,524

 

16,033

5,007

 

22,041

Schedule of earnings per share

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

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

    

June 30, 2024

    

June 30, 2023

    

June 30, 2024

    

June 30, 2023

Net loss

$

(14,164,640)

$

(3,868,568)

$

(13,735,256)

$

(2,877,596)

Preferred stock dividend requirements

 

(57,611)

 

(58,111)

 

(115,222)

 

(116,222)

Loss applicable to common shareholders

$

(14,222,251)

$

(3,926,679)

$

(13,850,478)

$

(2,993,818)

Average common shares outstanding

 

29,937,159

 

29,937,159

 

29,937,159

 

29,937,159

Average common and common equivalent shares outstanding — diluted

 

29,937,159

 

30,169,604

 

29,937,159

 

30,169,604

Basic loss per share

$

(0.48)

$

(0.13)

$

(0.46)

$

(0.10)

Diluted loss per share

$

(0.48)

$

(0.13)

$

(0.46)

$

(0.10)