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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 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 and nine-month periods ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended | ​ | ​ | Nine Months Ended | ​
​ |  | September 30, 2024 |  | ​ | September 30, 2023 |  | ​ | September 30, 2024 |  | ​ | September 30, 2023 | ​
Number of significant customers |  | ​ | 2 |  | ​ | ​ | 3 |  | ​ | ​ | 3 |  | ​ | ​ | 3 |
Aggregate dollar amount of net sales to significant customers | ​ | $ | 5.5 | million | ​ | ​ | $ | 5.7 | million | ​ | ​ | $ | 12.8 | million | ​ | ​ | $ | 14.3 | million | ​
Percentage of net sales to significant customers | ​ | ​ | 53.2% | ​ | ​ | ​ | 55.0% | ​ | ​ | ​ | 53.4% | ​ | ​ | ​ | 49.0% | ​
​
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 September 30, 2024:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales | ​ | $ | 4,470,036 | ​ | $ | 290,926 | ​ | $ | 4,860,327 | ​ | $ | 7,319 | ​ | $ | 9,628,608
North and South America sales (excluding U.S.) | ​ |  | 569,970 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 569,970
Other international sales | ​ |  | 132,817 | ​ | ​ | 7,790 | ​ | ​ | 3,572 | ​ | ​ | 4,100 | ​ |  | 148,279
Total | ​ | $ | 5,172,823 | ​ | $ | 298,716 | ​ | $ | 4,863,899 | ​ | $ | 11,419 | ​ | $ | 10,346,857
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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 nine months ended September 30, 2024:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | ​ | Revenue
U.S. sales | ​ | $ | 14,655,118 | ​ | $ | 991,924 | ​ | $ | 5,615,759 | ​ | $ | 20,545 | ​ | $ | 21,283,346
North and South America sales (excluding U.S.) | ​ |  | 1,325,507 | ​ | ​ | 96 | ​ | ​ | 59,040 | ​ | ​ | 6,240 | ​ |  | 1,390,883
Other international revenue | ​ |  | 961,429 | ​ | ​ | 151,650 | ​ | ​ | 178,276 | ​ | ​ | 10,000 | ​ |  | 1,301,355
Total | ​ | $ | 16,942,054 | ​ | $ | 1,143,670 | ​ | $ | 5,853,075 | ​ | $ | 36,785 | ​ | $ | 23,975,584
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the nine months ended September 30, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Product
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Sales
U.S. sales | ​ | $ | 17,022,384 | ​ | $ | 1,123,808 | ​ | $ | 3,944,284 | ​ | $ | 26,385 | ​ | $ | 22,116,861
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
​
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 and nine month periods ending September 30, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended
​ |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Common stock underlying issued and outstanding stock options | ​ | - |  | 6,408 | ​ | 2,706 |  | 17,904
​ | ​ | - |  | 6,408 | ​ | 2,706 |  | 17,904
Schedule of earnings per share | The potential dilution, if any, is shown on the following schedule: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023 | ​
Net loss | ​ | $ | (1,921,989) | ​ | $ | (4,060,496) | ​ | $ | (15,657,246) | ​ | $ | (6,938,090) | ​
Preferred stock dividend requirements | ​ |  | (57,611) | ​ |  | (58,111) | ​ |  | (172,832) | ​ |  | (174,335) | ​
Loss applicable to common shareholders | ​ | $ | (1,979,600) | ​ | $ | (4,118,607) | ​ | $ | (15,830,078) | ​ | $ | (7,112,425) | ​
Average common shares outstanding | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​
Average common and common equivalent shares outstanding — diluted | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​
Basic loss per share | ​ | $ | (0.07) | ​ | $ | (0.14) | ​ | $ | (0.53) | ​ | $ | (0.24) | ​
Diluted loss per share | ​ | $ | (0.07) | ​ | $ | (0.14) | ​ | $ | (0.53) | ​ | $ | (0.24) | ​
​

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