XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 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 nine-month periods ended September 30, 2024 and 2023:

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2024

    

September 30, 2023

    

September 30, 2024

    

September 30, 2023

Number of significant customers

 

2

 

3

 

3

 

3

 

Aggregate dollar amount of net sales to significant customers

$

5.5

million

$

5.7

million

$

12.8

million

$

14.3

million

Percentage of net sales to significant customers

53.2%

55.0%

53.4%

49.0%

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 September 30, 2024:

    

    

Blood 

    

    

    

Total 

Collection 

EasyPoint®

Other 

Product

Geographic Segment

Syringes

Products

Needles

Products

 Sales

U.S. sales

$

4,470,036

$

290,926

$

4,860,327

$

7,319

$

9,628,608

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

 

569,970

 

569,970

Other international sales

 

132,817

7,790

3,572

4,100

 

148,279

Total

$

5,172,823

$

298,716

$

4,863,899

$

11,419

$

10,346,857

For the three months ended September 30, 2023:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales

$

6,439,220

$

379,135

$

2,566,161

$

8,221

$

9,392,737

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

 

825,480

 

 

 

14,250

 

839,730

Other international sales

 

87,694

 

10,920

 

3,800

 

150

 

102,564

Total

$

7,352,394

$

390,055

$

2,569,961

$

22,621

$

10,335,031

For the nine months ended September 30, 2024:

    

    

Blood 

    

    

    

Collection 

EasyPoint®

Other 

Total

Geographic Segment

Syringes

Products

Needles

Products

Revenue

U.S. sales

$

14,655,118

$

991,924

$

5,615,759

$

20,545

$

21,283,346

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

 

1,325,507

96

59,040

6,240

 

1,390,883

Other international revenue

 

961,429

151,650

178,276

10,000

 

1,301,355

Total

$

16,942,054

$

1,143,670

$

5,853,075

$

36,785

$

23,975,584

For the nine months ended September 30, 2023:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales

$

17,022,384

$

1,123,808

$

3,944,284

$

26,385

$

22,116,861

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

 

5,596,992

 

 

 

226,290

 

5,823,282

Other international sales

 

959,548

 

224,868

 

178,004

 

4,850

 

1,367,270

Total

$

23,578,924

$

1,348,676

$

4,122,288

$

257,525

$

29,307,413

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 nine month periods ending September 30, 2024 and 2023:

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2024

    

September 30, 2023

    

September 30, 2024

    

September 30, 2023

Common stock underlying issued and outstanding stock options

-

 

6,408

2,706

 

17,904

-

 

6,408

2,706

 

17,904

Schedule of earnings per share

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

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2024

    

September 30, 2023

    

September 30, 2024

    

September 30, 2023

Net loss

$

(1,921,989)

$

(4,060,496)

$

(15,657,246)

$

(6,938,090)

Preferred stock dividend requirements

 

(57,611)

 

(58,111)

 

(172,832)

 

(174,335)

Loss applicable to common shareholders

$

(1,979,600)

$

(4,118,607)

$

(15,830,078)

$

(7,112,425)

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

 

29,937,159

 

29,937,159

 

29,937,159

Basic loss per share

$

(0.07)

$

(0.14)

$

(0.53)

$

(0.24)

Diluted loss per share

$

(0.07)

$

(0.14)

$

(0.53)

$

(0.24)