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TECHNOLOGY INVESTMENT AGREEMENT | 6 Months Ended
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Jun. 30, 2023
TECHNOLOGY INVESTMENT AGREEMENT |
TECHNOLOGY INVESTMENT AGREEMENT | 13. 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 has made 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. As of June 30, 2023, the Company has received all equipment, has completed all property construction required by the TIA, and all reimbursement requests have been submitted. As of April 6, 2023, the final reimbursement of $1,390,919 was received. Over the life of the TIA, the Company received a total of $80,255,333 in reimbursements from the U.S. government. No further amounts are expected to be collected for the TIA.

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