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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2021
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

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2021

    

September 30, 2020

    

September 30, 2021

    

September 30, 2020

Number of significant customers 

2

 

2

 

1

 

2

 

Aggregate dollar amount of net sales to significant customers

$

22.6

million

$

16.4

million

$

83.6

million

$

21.7

million

Percentage of net sales to significant customers

62.1%

60.6%

64.8%

43.6%

Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees

For the three months ended September 30, 2021:

    

    

Blood 

    

    

    

Total 

Collection 

EasyPoint®

Other 

Product

Geographic Segment

Syringes

Products

Needles

Products

 Sales

U.S. sales (excluding U.S. government)

$

11,033,291

$

560,065

$

4,048,292

$

11,399

$

15,653,047

Sales to U.S. government

18,420,480

18,420,480

North and South America sales (excluding U.S.)

 

670,602

 

4,800

 

26,400

 

 

701,802

Other international sales

 

1,389,226

 

900

 

189,992

 

600

 

1,580,718

Total

$

31,513,599

$

565,765

$

4,264,684

$

11,999

$

36,356,047

For the three months ended September 30, 2020:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales (excluding U.S. government)

$

8,241,161

$

791,961

$

3,581,723

$

9,210

$

12,624,055

Sales to U.S. government

12,898,080

12,898,080

North and South America sales (excluding U.S.)

 

1,295,080

 

450

 

 

 

1,295,530

Other international sales

 

198,440

 

73,019

 

235

 

1,705

 

273,399

Total

$

22,632,761

$

865,430

$

3,581,958

$

10,915

$

27,091,064

For the nine months ended September 30, 2021:

    

    

Blood 

    

    

    

Total 

Collection 

EasyPoint®

Other 

Product

Geographic Segment

Syringes

Products

Needles

Products

 Sales

U.S. sales (excluding U.S. government)

$

30,685,338

$

1,590,891

$

7,019,560

$

40,345

$

39,336,134

Sales to U.S. government

83,560,680

83,560,680

North and South America sales (excluding U.S.)

 

2,963,930

 

4,800

 

83,248

 

109,440

 

3,161,418

Other international sales

 

2,161,062

 

63,540

 

640,432

 

3,450

 

2,868,484

Total

$

119,371,010

$

1,659,231

$

7,743,240

$

153,235

$

128,926,716

For the nine months ended September 30, 2020:

    

    

Blood 

    

    

    

Total

Collection

EasyPoint®

Other 

Product 

Geographic Segment

Syringes

 Products

Needles

Products

Sales

U.S. sales (excluding U.S. government)

$

21,538,941

1,607,804

6,004,295

52,065

$

29,203,105

Sales to U.S. government

14,065,623

14,065,623

North and South America sales (excluding U.S.)

 

4,911,106

8,450

1,496

1,064,768

 

5,985,820

Other international sales

 

529,430

76,609

235

6,304

 

612,578

Total

$

41,045,100

$

1,692,863

$

6,006,026

$

1,123,137

$

49,867,126

Schedule of earnings per share

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2021

    

September 30, 2020

    

September 30, 2021

    

September 30, 2020

Net income

$

6,521,885

$

8,625,751

$

35,139,894

$

12,714,637

Preferred stock dividend requirements

 

(59,111)

 

(145,535)

 

(183,219)

 

(493,826)

Deemed contribution on extinguishment of preferred stock

2,525,848

2,519,124

Income applicable to common shareholders

$

6,462,774

$

11,006,064

$

34,956,675

$

14,739,935

Average common shares outstanding

 

33,883,684

 

33,371,471

 

33,950,742

 

32,947,241

Average common and common equivalent shares outstanding — assuming dilution

 

34,262,681

 

33,984,934

 

34,330,967

 

33,071,652

Basic earnings per share

$

0.19

$

0.33

$

1.03

$

0.45

Diluted earnings per share

$

0.19

$

0.33

$

1.02

$

0.45

Schedule of share-based compensation costs

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

    

September 30, 2021

    

September 30, 2020

    

September 30, 2021

    

September 30, 2020

Cost of Sales

$

$

$

$

Sales and Marketing

 

 

 

 

Research and development

General and administrative

1,157,236

2,503,152

$

1,157,236

$

$

2,503,152

$