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TECHNOLOGY INVESTMENT AGREEMENT | 6 Months Ended
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Jun. 30, 2022
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 to expand the Company’s manufacturing capacity for hypodermic safety needles 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 related to the expansion. The Company’s contributions under the terms of the TIA include providing facilities, technical expertise, labor and maintenance for the TIA-funded equipment for a ten-year term. In May of 2021, the Company and the U.S. government amended the TIA agreement to include two additional assembly lines and additional controlled environment space. The TIA and its amendment provide up to $53.7 million and $27.3 million respectively, or $81 million in total reimbursements. As of June 30, 2022, the Company had negotiated contracts for the purchase of assembly equipment, molds, molding equipment, and auxiliary equipment, for approximately $64.9 million. The Company has also received a temporary certificate of occupancy for the additional controlled environment spaces totaling $13 million. In addition, the Company has received the certificate of occupancy for the new warehouse. This $5.9 million warehouse was funded by the Company.

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