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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:

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​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2024:

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​

​

    

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

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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:

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​

​

​

​

​

​

​

​

​

​

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:

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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)

​

​