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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

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