SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 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	5 to 15 years

Schedule of significant customers

The following table reflects our significant customers in 2024, 2023, and 2022:

	Years Ended December 31,
	2024			2023			2022
Number of significant customers		3			4			4
Aggregate dollar amount of net sales to significant customers	$	17.8 million		$	25.9 million		$	66.4 million
Percentage of net sales to significant customers		53.8	%		61.3	%		70.0	%

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 year ended December 31, 2024:
			Blood
			Collection		EasyPoint®		Other		Total
Geographic Segment	Syringes		Products		Needles		Products		Revenue
U.S. sales	$	19,491,747		1,259,289		8,595,794		27,315	$	29,374,145
North and South America sales (excluding U.S.)		1,895,393		96		59,040		6,240		1,960,769
Other international revenue		1,242,748		166,222		293,352		12,297		1,714,619
Total	$	22,629,888	$	1,425,607	$	8,948,186	$	45,852	$	33,049,533

	For the year ended December 31, 2023:
			Blood
			Collection		EasyPoint®		Other		Total
Geographic Segment	Syringes		Products		Needles		Products		Revenue
U.S. sales	$	26,119,940		1,414,783		7,031,798		33,233	$	34,599,754
North and South America sales (excluding U.S.)		5,858,726		—		—		226,440		6,085,166
Other international sales		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
			Collection		EasyPoint®		Other		Total
Geographic Segment	Syringes		Products		Needles		Products		Revenue
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

Schedule of diluted EPS under the treasury stock method

The calculation of diluted EPS under the treasury stock method included the following shares in 2024, 2023, and 2022:

	Years Ended December 31,
	2024	2023	2022
Common stock underlying issued and outstanding stock options	—	15,040	65,597
	—	15,040	65,597

Schedule of earnings per share

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

	Years Ended December 31,
	2024		2023		2022
Net income (loss)	$	(11,886,524)	$	(7,011,036)	$	5,078,557
Preferred stock dividend requirements		(230,444)		(231,946)		(232,444)
Income (loss) applicable to common shareholders	$	(12,116,968)	$	(7,242,982)	$	4,846,113
Average common shares outstanding		29,937,159		29,937,159		32,896,348
Average common and common equivalent shares outstanding — diluted		29,937,159		29,937,159		32,961,945
Basic earnings (loss) per share	$	(0.40)	$	(0.24)	$	0.15
Diluted earnings (loss) per share	$	(0.40)	$	(0.24)	$	0.15