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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of estimated useful lives of property, plant and equipment | The Company's property, plant, and equipment primarily consist of buildings, land, assembly equipment, molding machines, molds, office equipment, furniture, and fixtures. Depreciation and amortization are calculated using the straight-line method over the following useful lives: ​
​ | ​ | ​
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 | The following table reflects our significant customers in 2023, 2022, and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Years Ended December 31, |
​ |  | ​ | 2023 |  | 2022 |  | 2021 |
Number of significant customers |  |  | ​ | 4 |  | ​ | 4 |  | ​ | 1 | ​
Aggregate dollar amount of net sales to significant customers | ​ | ​ | $ | 25.9 million | ​ | $ | 66.4 million | ​ | $ | 113.7 million | ​
Percentage of net sales to significant customers | ​ | ​ | ​ | 61.3 | % | ​ | 70.0 | % | ​ | 60.3 | %
​
Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees recognized | Disaggregated information of revenue recognized from contracts with customers and licensing fees recognized are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | ​ | Revenue
U.S. sales (excluding U.S. government) | ​ | $ | 26,119,940 | ​ | ​ | 1,414,783 | ​ | ​ | 7,031,798 | ​ | ​ | 33,233 | ​ | $ | 34,599,754
Sales to U.S. government | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
North and South America sales (excluding U.S.) | ​ |  | 5,858,726 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 226,440 | ​ |  | 6,085,166
Other international revenue | ​ |  | 2,176,674 | ​ | ​ | 511,788 | ​ | ​ | 216,944 | ​ | ​ | 6,600 | ​ |  | 2,912,006
Total | ​ | $ | 34,155,340 | ​ | $ | 1,926,571 | ​ | $ | 7,248,742 | ​ | $ | 266,273 | ​ | $ | 43,596,926
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2022:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales (excluding U.S. government) | ​ | $ | 29,283,122 | ​ | $ | 2,685,785 | ​ | $ | 4,481,202 | ​ | $ | 42,166 | ​ | $ | 36,492,275
Sales to U.S. government | ​ | ​ | 15,731,136 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,731,136
North and South America sales (excluding U.S.) | ​ |  | 28,720,378 | ​ |  | — | ​ |  | 2,608 | ​ |  | 403,834 | ​ |  | 29,126,820
Other international sales | ​ |  | 13,004,225 | ​ |  | 268,064 | ​ |  | 190,468 | ​ |  | 5,950 | ​ |  | 13,468,707
Total | ​ | $ | 86,738,861 | ​ | $ | 2,953,849 | ​ | $ | 4,674,278 | ​ | $ | 451,950 | ​ | $ | 94,818,938
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales (excluding U.S. government) | ​ | $ | 42,770,403 | ​ | $ | 2,171,680 | ​ | $ | 8,892,712 | ​ | $ | 53,341 | ​ | $ | 53,888,136
Sales to U.S. government | ​ |  | 113,662,440 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 113,662,440
North and South America sales (excluding U.S.) | ​ | ​ | 14,345,874 | ​ | ​ | 4,800 | ​ | ​ | 100,848 | ​ | ​ | 109,714 | ​ | ​ | 14,561,236
Other international sales | ​ |  | 5,551,592 | ​ | ​ | 71,670 | ​ | ​ | 642,880 | ​ | ​ | 4,500 | ​ |  | 6,270,642
Total | ​ | $ | 176,330,309 | ​ | $ | 2,248,150 | ​ | $ | 9,636,440 | ​ | $ | 167,555 | ​ | $ | 188,382,454
Schedule of diluted EPS under the treasury stock method | The calculation of diluted EPS under the treasury stock method included the following shares in 2023, 2022, and 2021: ​
​ | ​ | ​ | ​ | ​ | ​
​ | Years Ended December 31,
​ | 2023 |  | 2022 |  | 2021
Common Stock underlying issued and outstanding stock options | 15,040 | ​ | 65,597 | ​ | 141,435
Common stock issuable upon the conversion of convertible preferred shares | — | ​ | — | ​ | 232,445
​ | 15,040 | ​ | 65,597 | ​ | 373,880
​
Schedule of earnings per share | In 2023 and 2022, preferred stock was excluded from the calculation of diluted EPS because the effect was antidilutive. ​ The potential dilution, if any, is shown on the following schedule: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Years Ended December 31,
​ |  | ​ | 2023 |  | 2022 |  | 2021
Net income | ​ | ​ | $ | (7,011,036) | ​ | $ | 5,078,557 | ​ | $ | 56,064,241
Preferred stock dividend requirements | ​ | ​ |  | (231,946) | ​ |  | (232,444) | ​ |  | (241,703)
Income applicable to common shareholders | ​ | ​ | $ | (7,242,982) | ​ | $ | 4,846,113 | ​ | $ | 55,822,538
Average common shares outstanding | ​ | ​ |  | 29,937,159 | ​ |  | 32,896,348 | ​ |  | 33,870,819
Average common and common equivalent shares outstanding — assuming dilution | ​ | ​ |  | 29,937,159 | ​ |  | 32,961,945 | ​ |  | 34,244,699
Basic earnings per share | ​ | ​ | $ | (0.24) | ​ | $ | 0.15 | ​ | $ | 1.65
Diluted earnings per share | ​ | ​ | $ | (0.24) | ​ | $ | 0.15 | ​ | $ | 1.63

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