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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 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 |  | 5 to 15 years
​
Schedule of significant customers | The following table reflects our significant customers in 2024, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Years Ended December 31, |
​ |  | ​ | 2024 |  | 2023 |  | 2022 |
Number of significant customers |  |  | ​ | 3 |  | ​ | 4 |  | ​ | 4 | ​
Aggregate dollar amount of net sales to significant customers | ​ | ​ | $ | 17.8 million | ​ | $ | 25.9 million | ​ | $ | 66.4 million | ​
Percentage of net sales to significant customers | ​ | ​ | ​ | 53.8 | % | ​ | 61.3 | % | ​ | 70.0 | %
​
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 year ended December 31, 2024:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Revenue
U.S. sales | ​ | $ | 19,491,747 | ​ | ​ | 1,259,289 | ​ | ​ | 8,595,794 | ​ | ​ | 27,315 | ​ | $ | 29,374,145
North and South America sales (excluding U.S.) | ​ |  | 1,895,393 | ​ | ​ | 96 | ​ | ​ | 59,040 | ​ | ​ | 6,240 | ​ |  | 1,960,769
Other international revenue | ​ |  | 1,242,748 | ​ | ​ | 166,222 | ​ | ​ | 293,352 | ​ | ​ | 12,297 | ​ |  | 1,714,619
Total | ​ | $ | 22,629,888 | ​ | $ | 1,425,607 | ​ | $ | 8,948,186 | ​ | $ | 45,852 | ​ | $ | 33,049,533
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2023:
​ |  | ​ | ​ |  | Blood |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Revenue
U.S. sales | ​ | $ | 26,119,940 | ​ | ​ | 1,414,783 | ​ | ​ | 7,031,798 | ​ | ​ | 33,233 | ​ | $ | 34,599,754
North and South America sales (excluding U.S.) | ​ |  | 5,858,726 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 226,440 | ​ |  | 6,085,166
Other international sales | ​ |  | 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 |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | Collection | ​ | EasyPoint® | ​ | Other | ​ | Total
Geographic Segment | ​ | Syringes | ​ | Products | ​ | Needles | ​ | Products | ​ | Revenue
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
Schedule of diluted EPS under the treasury stock method | The calculation of diluted EPS under the treasury stock method included the following shares in 2024, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Common stock underlying issued and outstanding stock options | ​ | — | ​ | 15,040 | ​ | 65,597
​ | ​ | — | ​ | 15,040 | ​ | 65,597
​
Schedule of earnings per share | The potential dilution, if any, is shown on the following schedule: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Years Ended December 31,
​ |  | ​ | 2024 |  | 2023 |  | 2022
Net income (loss) | ​ | ​ | $ | (11,886,524) | ​ | $ | (7,011,036) | ​ | $ | 5,078,557
Preferred stock dividend requirements | ​ | ​ |  | (230,444) | ​ |  | (231,946) | ​ |  | (232,444)
Income (loss) applicable to common shareholders | ​ | ​ | $ | (12,116,968) | ​ | $ | (7,242,982) | ​ | $ | 4,846,113
Average common shares outstanding | ​ | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 32,896,348
Average common and common equivalent shares outstanding — diluted | ​ | ​ |  | 29,937,159 | ​ |  | 29,937,159 | ​ |  | 32,961,945
Basic earnings (loss) per share | ​ | ​ | $ | (0.40) | ​ | $ | (0.24) | ​ | $ | 0.15
Diluted earnings (loss) per share | ​ | ​ | $ | (0.40) | ​ | $ | (0.24) | ​ | $ | 0.15

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