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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 |  | ​ | September 30, 2022 |  | ​ | September 30, 2023 |  | ​ | September 30, 2022 | ​
Number of significant customers |  | ​ | 3 |  | ​ | ​ | 2 |  | ​ | ​ | 3 |  | ​ | ​ | 4 |
Aggregate dollar amount of net sales to significant customers | ​ | $ | 5.7 | million | ​ | ​ | $ | 15.5 | million | ​ | ​ | $ | 14.3 | million | ​ | ​ | $ | 60.0 | million | ​
Percentage of net sales to significant customers | ​ | ​ | 55.0% | ​ | ​ | ​ | 67.4% | ​ | ​ | ​ | 49.0% | ​ | ​ | ​ | 73.0% | ​
Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees recognized | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales | ​ | $ | 6,439,220 | ​ | $ | 379,135 | ​ | $ | 2,566,161 | ​ | $ | 8,221 | ​ | $ | 9,392,737
Sales to U.S. government | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
North and South America sales (excluding U.S.) | ​ |  | 825,480 | ​ |  | — | ​ |  | — | ​ |  | 14,250 | ​ |  | 839,730
Other international sales | ​ |  | 87,694 | ​ |  | 10,920 | ​ |  | 3,800 | ​ |  | 150 | ​ |  | 102,564
Total | ​ | $ | 7,352,394 | ​ | $ | 390,055 | ​ | $ | 2,569,961 | ​ | $ | 22,621 | ​ | $ | 10,335,031
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, 2022:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales (excluding U.S. government) | ​ | $ | 6,947,856 | ​ | $ | 815,964 | ​ | $ | 1,426,060 | ​ | $ | 7,253 | ​ | $ | 9,197,133
Sales to U.S. government | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
North and South America sales (excluding U.S.) | ​ |  | 9,825,120 | ​ |  | — | ​ |  | — | ​ |  | 16,416 | ​ |  | 9,841,536
Other international sales | ​ |  | 3,915,102 | ​ |  | 8,590 | ​ |  | 97,724 | ​ |  | 1,200 | ​ |  | 4,022,616
Total | ​ | $ | 20,688,078 | ​ | $ | 824,554 | ​ | $ | 1,523,784 | ​ | $ | 24,869 | ​ | $ | 23,061,285
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months ended September 30, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales (excluding U.S. government) | ​ | $ | 17,022,384 | ​ | $ | 1,123,808 | ​ | $ | 3,944,284 | ​ | $ | 26,385 | ​ | $ | 22,116,861
Sales to U.S. government | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
North and South America sales (excluding U.S.) | ​ |  | 5,596,992 | ​ |  | — | ​ |  | — | ​ |  | 226,290 | ​ |  | 5,823,282
Other international sales | ​ |  | 959,548 | ​ |  | 224,868 | ​ |  | 178,004 | ​ |  | 4,850 | ​ |  | 1,367,270
Total | ​ | $ | 23,578,924 | ​ | $ | 1,348,676 | ​ | $ | 4,122,288 | ​ | $ | 257,525 | ​ | $ | 29,307,413
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months ended September 30, 2022:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales (excluding U.S. government) | ​ | $ | 22,220,324 | ​ | ​ | 2,419,915 | ​ | ​ | 4,294,603 | ​ | ​ | 36,941 | ​ | $ | 28,971,783
Sales to U.S. government | ​ | ​ | 15,731,136 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,731,136
North and South America sales (excluding U.S.) | ​ |  | 24,421,790 | ​ | ​ | — | ​ | ​ | 2,608 | ​ | ​ | 232,834 | ​ |  | 24,657,232
Other international sales | ​ |  | 12,418,679 | ​ | ​ | 255,204 | ​ | ​ | 103,420 | ​ | ​ | 2,750 | ​ |  | 12,780,053
Total | ​ | $ | 74,791,929 | ​ | $ | 2,675,119 | ​ | $ | 4,400,631 | ​ | $ | 272,525 | ​ | $ | 82,140,204
​
Schedule of diluted EPS under the treasury stock method | The calculation of diluted EPS under the treasury stock method included the following shares in the three-month and nine-month periods ending September 30, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended
​ |  | September 30, 2023 |  | September 30, 2022 | ​ | September 30, 2023 |  | September 30, 2022
Common Stock underlying issued and outstanding stock options | ​ | 6,408 |  | 60,462 | ​ | 17,904 |  | 76,370
Common stock issuable upon the conversion of convertible preferred shares | ​ | 232,445 |  | 232,445 | ​ | 232,445 |  | 232,445
​ | ​ | 238,853 |  | 292,907 | ​ | 250,349 |  | 308,815
Schedule of earnings per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022 | ​
Net income (loss) | ​ | $ | (4,060,496) | ​ | $ | 5,385,254 | ​ | $ | (6,938,090) | ​ | $ | 9,360,113 | ​
Preferred stock dividend requirements | ​ |  | (58,111) | ​ |  | (58,111) | ​ |  | (174,335) | ​ |  | (174,333) | ​
Income (loss) applicable to common shareholders | ​ | $ | (4,118,607) | ​ | $ | 5,327,143 | ​ | $ | (7,112,425) | ​ | $ | 9,185,780 | ​
Average common shares outstanding | ​ |  | 29,937,159 | ​ |  | 32,936,959 | ​ |  | 29,937,159 | ​ |  | 33,049,411 | ​
Average common and common equivalent shares outstanding — assuming dilution | ​ |  | 29,937,159 | ​ |  | 33,229,866 | ​ |  | 29,937,159 | ​ |  | 33,358,225 | ​
Basic earnings (loss) per share | ​ | $ | (0.14) | ​ | $ | 0.16 | ​ | $ | (0.24) | ​ | $ | 0.28 | ​
Diluted earnings (loss) per share | ​ | $ | (0.14) | ​ | $ | 0.16 | ​ | $ | (0.24) | ​ | $ | 0.28 | ​

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