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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