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OTHER LONG-TERM LIABILITIES | 12 Months Ended
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Dec. 31, 2020
OTHER LONG-TERM LIABILITIES |
OTHER LONG-TERM LIABILITIES | 9. OTHER LONG-TERM LIABILITIES Other long-term liabilities consists of the following:
|  | December 31,
|  | 2020 |  | 2019
Technology Investment Agreement (TIA) |  |  | 22,444,324 |  |  | —
Stock repurchase |  |  | 2,034,373 |  |  | —
Total |  | $ | 24,478,697 |  | $ | —
The TIA provides for reimbursement to the Company for the purchase of equipment and supplies related to the expansion of the Company’s domestic production of needles and syringes. Under the TIA, reimbursable amounts will be reflected as a liability until the time its deferred income can be systematically amortized over a period matching the useful life of the purchased assets. The stock repurchase liability represents the long-term portion, at net present value, of $3,303,330 gross payable by the Company to former preferred shareholders as a result of private stock purchases in 2020 of 320,333 shares of Class B Series IV preferred stock and 25,000 shares of Class B Series V preferred stock. The purchase price is payable in three annual installments of $1,101,110.

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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