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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of estimated useful lives of property, plant and equipment |
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 |
|  | Years Ended December 31, |
|  | 2019 |  | 2018 |  | 2017 |
Number of significant customers |  |  | 3 |  |  | 2 |  |  | 2 |
Aggregate dollar amount of net sales to significant customers |  | $ | 19.0 million |  | $ | 13.1 million |  | $ | 14.0 million |
Percentage of net sales to significant customers |  |  | 45.6 | % |  | 39.2 | % |  | 40.5 | %
Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees |
|  | For the year ended December 31, 2019:
|  |  |  |  | Blood |  |  |  |  |  |  |  |  |
|  |  |  |  | Collection |  | EasyPoint(R) |  | Other |  | Total Product
Geographic Segment |  | Syringes |  | Products |  | Needles |  | Products |  | Sales
U.S. sales |  | $ | 26,722,414 |  | $ | 2,130,767 |  | $ | 2,970,374 |  | $ | 74,369 |  | $ | 31,897,924
North and South America sales (excluding U.S.) |  |  | 7,863,796 |  |  | 6,313 |  |  | 7,996 |  |  | 370,885 |  |  | 8,248,990
Other international sales |  |  | 1,052,217 |  |  | 578,617 |  |  | 635 |  |  | 18,796 |  |  | 1,650,265
Total |  | $ | 35,638,427 |  | $ | 2,715,697 |  | $ | 2,979,005 |  | $ | 464,050 |  | $ | 41,797,179
|  | For the year ended December 31, 2018:
|  |  |  |  | Blood |  |  |  |  |  |  |  |  |
|  |  |  |  | Collection |  | EasyPoint(R) |  | Other |  | Total Product
Geographic Segment |  | Syringes |  | Products |  | Needles |  | Products |  | Sales
U.S. sales |  | $ | 23,803,483 |  | $ | 1,365,936 |  | $ | 3,401,389 |  | $ | 75,766 |  | $ | 28,646,574
North and South America sales (excluding U.S.) |  |  | 3,521,823 |  |  | 8,805 |  |  | 252 |  |  | 66,564 |  |  | 3,597,444
Other international sales |  |  | 940,740 |  |  | 48,101 |  |  | 11,768 |  |  | 30,075 |  |  | 1,030,684
Total |  | $ | 28,266,046 |  | $ | 1,422,842 |  | $ | 3,413,409 |  | $ | 172,405 |  | $ | 33,274,702
|  | For the year ended December 31, 2017:
|  |  |  |  | Blood |  |  |  |  |  |  |  |  |
|  |  |  |  | Collection |  | EasyPoint(R) |  | Other |  | Total Product
Geographic Segment |  | Syringes |  | Products |  | Needles |  | Products |  | Sales
U.S. sales |  | $ | 23,794,258 |  | $ | 1,098,667 |  | $ | 2,065,777 |  | $ | 57,010 |  | $ | 27,015,712
North and South America sales (excluding U.S.) |  |  | 6,182,952 |  |  | 3,859 |  |  | — |  |  | 193,934 |  |  | 6,380,745
Other international sales |  |  | 1,032,508 |  |  | 43,473 |  |  | — |  |  | 21,400 |  |  | 1,097,381
Total |  | $ | 31,009,718 |  | $ | 1,145,999 |  | $ | 2,065,777 |  | $ | 272,344 |  | $ | 34,493,838
Schedule of earnings per share |
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net income (loss) |  | $ | 3,148,234 |  | $ | (1,339,943) |  | $ | (3,736,038)
Preferred dividend requirements |  |  | (702,618) |  |  | (704,996) |  |  | (704,996)
Income (loss) applicable to common shareholders |  | $ | 2,445,616 |  | $ | (2,044,939) |  | $ | (4,441,034)
Weighted average common shares outstanding |  |  | 32,672,475 |  |  | 32,666,454 |  |  | 31,958,121
Weighted average common and common equivalent shares outstanding - assuming dilution |  |  | 32,672,475 |  |  | 32,666,454 |  |  | 31,958,121
Basic earnings (loss) per share |  | $ | 0.07 |  | $ | (0.06) |  | $ | (0.14)
Diluted earnings (loss) per share |  | $ | 0.07 |  | $ | (0.06) |  | $ | (0.14)
Schedule of share-based compensation costs |
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Cost of sales |  | $ | — |  | $ | — |  | $ | 272,811
Sales and marketing |  |  | — |  |  | — |  |  | 143,255
Research and development |  |  | — |  |  | — |  |  | 45,174
General and administrative |  |  | — |  |  | — |  |  | 210,983
|  | $ | — |  | $ | — |  | $ | 672,223
Schedule of ASU 2016-02 lease adjustment |
Balance Sheet as of December 31, 2018 |  | As Previously Reported |  | New Lease Adjustment |  |  |  | As Restated
Other assets |  | $ | 2,849 |  | $ | 163,007 |  |  |  |  | $ | 165,856
Other current liabilities |  | $ | 1,387,287 |  | $ | 80,648 |  |  |  |  | $ | 1,467,935
Other long term-liabilities |  | $ | - |  | $ | 82,359 |  |  |  |  | $ | 82,359

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