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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2024
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 for the three-month periods ended March 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Three Months Ended | ​ | ​
​ |  | March 31, 2024 |  | ​ | March 31, 2023 |  | ​
Number of significant customers |  | ​ | 2 |  | ​ | ​ | 3 |  |
Aggregate dollar amount of net sales to significant customers | ​ | $ | 3.4 | million | ​ | ​ | $ | 7.0 | million | ​ | ​
Percentage of net sales to significant customers | ​ | ​ | 44.3% | ​ | ​ | ​ | 63.5% | ​ | ​
​
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 three months ended March 31, 2024:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | ​ | Revenue
U.S. sales | ​ | $ | 5,653,309 | ​ | ​ | 367,609 | ​ | ​ | 612,871 | ​ | ​ | 7,379 | ​ | $ | 6,641,168
North and South America sales (excluding U.S.) | ​ |  | 154,537 | ​ | ​ | 96 | ​ | ​ | — | ​ | ​ | — | ​ |  | 154,633
Other international revenue | ​ |  | 572,478 | ​ | ​ | 143,460 | ​ | ​ | 87,024 | ​ | ​ | 600 | ​ |  | 803,562
Total | ​ | $ | 6,380,324 | ​ | $ | 511,165 | ​ | $ | 699,895 | ​ | $ | 7,979 | ​ | $ | 7,599,363
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales | ​ | $ | 4,803,086 | ​ | $ | 398,376 | ​ | $ | 212,487 | ​ | $ | 9,499 | ​ | $ | 5,423,448
North and South America sales (excluding U.S.) | ​ |  | 4,561,280 | ​ |  | — | ​ |  | — | ​ |  | 212,040 | ​ |  | 4,773,320
Other international sales | ​ |  | 505,542 | ​ |  | 212,200 | ​ |  | 86,592 | ​ |  | — | ​ |  | 804,334
Total | ​ | $ | 9,869,908 | ​ | $ | 610,576 | ​ | $ | 299,079 | ​ | $ | 221,539 | ​ | $ | 11,001,102
​
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 periods ending March 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ |  | March 31, 2024 |  | March 31, 2023
Common stock underlying issued and outstanding stock options | ​ | 8,194 |  | 26,604
Common stock issuable upon the conversion of convertible preferred shares | ​ | — |  | —
​ | ​ | 8,194 |  | 26,604
Schedule of earnings per share | The potential dilution, if any, is shown on the following schedule: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​
​ |  | March 31, 2024 |  | March 31, 2023 |
Net income | ​ | $ | 429,384 | ​ | $ | 990,972 | ​
Preferred stock dividend requirements | ​ |  | (57,611) | ​ |  | (58,111) | ​
Income applicable to common shareholders | ​ | $ | 371,773 | ​ | $ | 932,861 | ​
Average common shares outstanding | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​
Average common and common equivalent shares outstanding — assuming dilution | ​ |  | 29,945,353 | ​ |  | 29,963,763 | ​
Basic earnings per share | ​ | $ | 0.01 | ​ | $ | 0.03 | ​
Diluted earnings per share | ​ | $ | 0.01 | ​ | $ | 0.03 | ​
​

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