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TECHNOLOGY INVESTMENT AGREEMENT | 9 Months Ended
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Sep. 30, 2021
TECHNOLOGY INVESTMENT AGREEMENT |
TECHNOLOGY INVESTMENT AGREEMENT | 15. TECHNOLOGY INVESTMENT AGREEMENT Effective July 1, 2020, the Company entered into the TIA with the U.S. government. The principal purpose of the TIA is to fund the expansion of the Company’s manufacturing capacity for hypodermic safety needles and corresponding syringes in response to the worldwide COVID-19 global pandemic. The award is an expenditure-type TIA, whereby the U.S. government will make payments to the Company for the Company’s expenditures for equipment and supplies in carrying out the expansion of the Company’s domestic production. The Company’s contributions under the terms of the TIA to enhance domestic capacity of pandemic-essential technology include providing facilities, technical expertise, labor, and maintenance of the TIA-funded equipment for a ten-year term. As of September 30, 2021, the Company had negotiated contracts for the purchase of automated assembly equipment, molds, and molding equipment, as well as portions of auxiliary equipment, for approximately $44.6 million. The Company has received a temporary certificate of occupancy for both the approximately 27,800 square foot controlled environment and the approximately 55,000 square foot new warehouse space. The final cost of the controlled environment within existing properties is $6.7 million. The new warehouse space final cost is $5.9 million. The cost of the controlled environment was funded by the U.S. government under the TIA, while the cost of the new warehouse was funded by the Company. A May 2021 amendment to the TIA requires further expansion and new assembly lines. As of September 30, 2021, the Company has issued purchase orders for approximately $16.7 million for the purchase of additional production and ancillary equipment in connection with the foregoing amendment.

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