Retractable (RVP) 10-K 31 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Cover
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-16465
Entity Registrant Name	Retractable Technologies, Inc
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-2599762
Entity Address, Address Line One	511 Lobo Lane
Entity Address, State or Province	TX
Entity Address, City or Town	Little Elm
City Area Code	972
Local Phone Number	294-1010
Entity Address, Postal Zip Code	75068-5295
Title of 12(b) Security	Common
Trading Symbol	RVP
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 200,031,281
Entity Common Stock, Shares Outstanding		33,123,205
Auditor Name	Moss Adams LLP
Auditor Firm ID	659
Auditor Location	Dallas, TX
Entity Central Index Key	0000946563
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 29,162,913	$ 17,566,682
Accounts receivable, net of allowance for doubtful accounts of $352,217 and $205,822	34,859,505	21,131,841
Receivable from Technology Investment Agreement (TIA)	5,924,136	11,779,078
Investments in debt and equity securities, at fair value	13,268,986	8,081,833
Inventories	20,589,919	10,234,646
Other current assets	701,969	684,317
Total current assets	104,507,428	69,478,397
Property, plant, and equipment, net	87,925,651	30,816,504
Deferred tax asset	13,865,834	4,631,206
Other assets	5,675	44,567
Total assets	206,304,588	104,970,674
Current liabilities:
Accounts payable	20,404,573	16,256,444
Current portion of long-term debt	289,114	1,030,763
Accrued compensation	1,056,656	826,762
Dividends payable	1,438,371	49,091
Accrued royalties to shareholder	3,450,684	1,973,781
Other accrued liabilities	3,725,527	3,398,904
Income taxes payable	4,959,878	4,365,770
Total current liabilities	35,324,803	27,901,515
Other long-term liabilities	69,996,330	24,478,697
Long-term debt, net of current maturities	1,814,194	2,710,337
Total liabilities	107,135,327	55,090,549
Commitments and contingencies - see Note 10
Preferred stock, $1 par value:
Common Stock, no par value; authorized: 100,000,000 shares; issued: 34,013,104 and 33,957,204 at December 31, 2021 and 2020, respectively	0	0
Additional paid-in capital	63,024,888	59,285,401
Retained earnings (accumulated deficit)	41,182,429	(9,668,221)
Common stock in treasury - at cost: (528,169) and 0 at December 31, 2021 and 2020, respectively	(5,270,501)
Total stockholders' equity	99,169,261	49,880,125
Total liabilities and stockholders' equity	206,304,588	104,970,674
Series II, Class B
Preferred stock, $1 par value:
Preferred stock	156,200	156,200
Series III, Class B
Preferred stock, $1 par value:
Preferred stock	$ 76,245	$ 106,745

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 352,217	$ 205,822
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Common stock, par value (in dollars per share)	$ 0	$ 0
Common Stock, authorized shares	100,000,000	100,000,000
Common Stock, issued shares	34,013,104	33,957,204
Common Stock, Shares, Outstanding	33,484,935	33,957,204
Common stock in treasury - at cost	(528,169)	0
Preferred Class B
Preferred stock, par value (in dollars per share)	$ 1
Preferred Stock, authorized shares	5,000,000	5,000,000
Series II, Class B
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, outstanding shares	156,200	156,200
Preferred Stock, liquidation preference (in dollars)	$ 1,952,500
Series III, Class B
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, outstanding shares	76,245	106,745
Preferred Stock, liquidation preference (in dollars)	$ 953,063

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales, net	$ 188,382,454	$ 81,862,453	$ 41,797,179
Cost of sales:
Total cost of sales	93,029,933	44,854,100	27,659,223
Gross profit	95,352,521	37,008,353	14,137,956
Operating expenses:
Sales and marketing	4,477,651	4,061,904	4,217,863
Research and development	901,381	574,527	516,095
General and administrative	17,378,301	8,301,169	6,432,158
Total operating expenses	22,757,333	12,937,600	11,166,116
Income from operations	72,595,188	24,070,753	2,971,840
Gain on forgiveness of PPP loan	1,377,652
Other income - TIA	425,158
Interest and other income	779,996	2,262,758	351,166
Interest expense	(227,183)	(260,264)	(166,897)
Income before income taxes	74,950,811	26,073,247	3,156,109
Provision for income taxes	18,886,570	1,850,234	7,875
Net income	56,064,241	24,223,013	3,148,234
Preferred Stock dividend requirements	(241,703)	(573,868)	(702,618)
Deemed contribution on extinguishment of preferred stock		2,975,708
Net income applicable to common shareholders	$ 55,822,538	$ 26,624,853	$ 2,445,616
Basic earnings per share	$ 1.65	$ 0.80	$ 0.07
Diluted earnings per share	$ 1.63	$ 0.80	$ 0.07
Weighted average common shares outstanding:
Basic (in shares)	33,870,819	33,169,307	32,672,475
Diluted (in shares)	34,244,699	33,300,654	32,672,475
Costs of manufactured product
Cost of sales:
Total cost of sales	$ 81,711,840	$ 39,377,794	$ 24,209,401
Royalty expense to shareholder
Cost of sales:
Total cost of sales	$ 11,318,093	$ 5,476,306	$ 3,449,822

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Preferred Stock [Member]Series I, Class B	Preferred Stock [Member]Series II, Class B	Preferred Stock [Member]Series III, Class B	Preferred Stock [Member]Series IV, Class B	Preferred Stock [Member]Series V, Class B	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Series I, Class B	Series II, Class B	Series III, Class B	Total
Balance at Dec. 31, 2018		$ 98,500	$ 171,200	$ 129,245	$ 342,500	$ 40,000	$ 61,871,756	$ (37,039,468)					$ 25,613,733
Balance (in shares) at Dec. 31, 2018	32,666,454	98,500	171,200	129,245	342,500	40,000
Increase (Decrease) in Stockholders' Equity
Conversion of Preferred Stock into Common Stock		$ (2,500)				$ (6,000)	8,500
Conversion of Preferred Stock into Common Stock (in Shares)	8,500	(2,500)				(6,000)
Dividends							(219,512)						(219,512)
Net income								3,148,234					3,148,234
Balance at Dec. 31, 2019		$ 96,000	$ 171,200	$ 129,245	$ 342,500	$ 34,000	61,660,744	(33,891,234)					28,542,455
Balance (in shares) at Dec. 31, 2019	32,674,954	96,000	171,200	129,245	342,500	34,000
Increase (Decrease) in Stockholders' Equity
Exchange of Preferred Stock for Common Stock				$ (22,500)	$ (342,500)	$ (34,000)	(3,090,672)						(3,489,672)
Exchange of Preferred Stock for Common Stock (in shares)	754,000			(22,500)	(342,500)	(34,000)
Conversion of Preferred Stock into Common Stock		$ (81,700)	$ (15,000)				96,700
Conversion of Preferred Stock into Common Stock (in Shares)	96,700	(81,700)	(15,000)								15,000	0
Stock Option Exercises							922,512						922,512
Stock Option Exercises (in shares)	431,550
Redemption		$ (14,300)					(92,950)						(107,250)
Redemption (in shares)		(14,300)								14,300
Dividends							(210,933)						(210,933)
Net income								24,223,013					24,223,013
Balance at Dec. 31, 2020			$ 156,200	$ 106,745			59,285,401	(9,668,221)					49,880,125
Balance (in shares) at Dec. 31, 2020	33,957,204		156,200	106,745
Increase (Decrease) in Stockholders' Equity
Conversion of Preferred Stock into Common Stock				$ (30,500)			30,500
Conversion of Preferred Stock into Common Stock (in Shares)	30,500			(30,500)							0	30,500
Stock Option Exercises							48,600						48,600
Stock Option Exercises (in shares)	25,400
Redemption													(6,000)
Dividends								(5,213,591)					(5,213,591)
Stock option compensation							3,660,387						3,660,387
Repurchase of Common Stock	$ (528,169)								$ (5,270,501)				(5,270,501)
Net income								56,064,241					56,064,241
Balance at Dec. 31, 2021			$ 156,200	$ 76,245			$ 63,024,888	$ 41,182,429	$ (5,270,501)				$ 99,169,261
Balance (in shares) at Dec. 31, 2021	33,484,935		156,200	76,245

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 56,064,241	$ 24,223,013	$ 3,148,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,257,417	832,069	852,080
Net unrealized gain on investments	(513,529)	(1,870,010)	(129,315)
Realized gains on investments		(162,595)	(7,925)
Accreted interest	109,019
Deferred taxes	(9,234,628)	(4,631,206)
Provision for doubtful accounts, net of write-offs	150,000	59,440
Share-based compensation	3,660,387
Gain on forgiveness of PPP loan	(1,377,652)
Loss on disposal of assets		33,140
(Increase) decrease in operating assets:
Accounts receivable	(13,877,663)	(14,626,910)	(1,652,015)
Inventories	(10,355,273)	(2,784,054)	94,502
Other current assets	(17,652)	(49,116)	9,602
Income taxes receivable		100,785	100,937
Other assets	38,892	43,748	77,541
Increase (decrease) in operating liabilities:
Accounts payable	4,148,128	11,248,840	(362,072)
Accrued liabilities	2,147,705	2,232,059	55,150
Income taxes payable	594,107	4,347,826	7,919
Net cash provided by operating activities	32,793,499	18,997,029	2,194,638
Cash flows from investing activities
Purchase of property, plant, and equipment	(58,366,563)	(21,049,656)	(632,078)
Purchase of debt and equity securities	(4,748,624)	(2,242,897)	(7,360,398)
Proceeds from the sales of debt and equity securities	75,000	3,965,329	2,712,134
Net cash used by investing activities	(63,040,187)	(19,327,224)	(5,280,342)
Cash flows from financing activities
Repayments of long-term debt	(274,791)	(260,894)	(407,014)
Proceeds of long-term debt		1,363,000
Proceeds from Technology Investment Agreement (TIA)	52,366,282	10,636,822
Proceeds from the exercise of stock options	48,600	922,512
Payment of preferred stock redemption price payable	(101,250)
Payment of preferred stock repurchase payable	(1,101,110)	(482,670)
Payment of preferred stock dividends	(3,824,311)	(216,642)	(219,825)
Repurchase of common stock	(5,270,501)
Net cash provided (used) by financing activities	41,842,919	11,962,128	(626,839)
Net increase (decrease) in cash and cash equivalents	11,596,231	11,631,933	(3,712,543)
Cash and cash equivalents at:
Beginning of period	17,566,682	5,934,749	9,647,292
End of period	29,162,913	17,566,682	5,934,749
Supplemental schedule of cash flow information:
Interest paid	118,163	260,264	166,897
Income taxes paid	27,124,342	2,106,000
Supplemental schedule of noncash investing and financing activities:
Preferred dividends declared, not paid	1,438,371	49,091	54,800
Conversion of preferred stock to common stock	30,500	96,700	$ 8,500
Amounts receivable under Technology Investment Agreement	5,924,136	11,779,078
Redemption price payable	6,000	107,250
Preferred stock repurchase payable	$ 2,132,948	$ 3,007,002

BUSINESS OF THE COMPANY AND BAS

BUSINESS OF THE COMPANY AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
BUSINESS OF THE COMPANY AND BASIS OF PRESENTATION
BUSINESS OF THE COMPANY AND BASIS OF PRESENTATION	1. BUSINESS OF THE COMPANY AND BASIS OF PRESENTATION Business of the Company Retractable Technologies, Inc. (the “Company”) was incorporated in Texas on May 9, 1994, and designs, develops, manufactures, and markets safety syringes and other safety medical products for the healthcare profession. The Company began to develop its manufacturing operations in 1995. The Company’s manufacturing and administrative facilities are located in Little Elm, Texas. The Company’s products are the VanishPoint ® ® ® ® ® ® ®

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. The amount reported as a contractual allowance for rebates involves examination of past historical trends related to sales to customers and the related credits issued once contractual obligations of the customers have been met. The establishment of a liability for future claims of rebates against sales in the current period requires that the Company has an understanding of the relevant sales with respect to product categories, sales distribution channels, and the likelihood of contractual obligations being satisfied. Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and investments with original maturities of three months or less. Accounts receivable The Company records trade receivables when revenue is recognized. No product has been consigned to customers. The Company’s allowance for doubtful accounts is primarily determined by review of specific trade receivables. Those accounts that are doubtful of collection are included in the allowance. This provision is reviewed to determine the adequacy of the allowance for doubtful accounts. Trade receivables are charged off when there is certainty as to their being uncollectible. Trade receivables are considered delinquent when payment has not been made within contract terms. The Company requires certain customers to make a prepayment prior to beginning production or shipment of their order. Customers may apply such prepayments to their outstanding invoices or pay the invoice and continue to carry forward the deposit for future orders. Such amounts are included in Other accrued liabilities on the Balance Sheets and are shown in Note 7, Other Accrued Liabilities. The Company records an allowance for estimated returns as a reduction to Accounts receivable and Gross sales. Historically, returns have been insignificant. Receivable from Technology Investment Agreement (TIA) The amounts set forth as Receivable from Technology Investment Agreement (TIA) represent amounts receivable under a contractual agreement under the TIA. The amounts may represent advance requests or reimbursement requests for expenditures the Company makes or has made under its obligations with the federal government. For further explanation, please refer to Note 22 – Technology Investment Agreement. Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined using actual average cost. The Company compares the average cost to the net realizable value and records the lower value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Management considers such factors as the amount of inventory on hand and in the distribution channel, estimated time to sell such inventory, the shelf life of inventory, and current market conditions when determining excess or obsolete inventories. Once inventory items are deemed to be either excess or obsolete, they are written down to their net realizable value. Investments in debt and equity securities The Company holds high-grade exchange-traded and closed-end funds (ETFs), mutual funds, equity securities, and debt securities as investments. These assets are readily marketable and are carried at fair value as of the date of the Balance Sheets. Net unrealized and realized gains or losses on investments in debt and equity securities are reflected as a component of Interest and other income. Realized gains or losses on investments in debt and equity securities are recognized using the specific identification method. Property, plant, and equipment Property, plant, and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity and interest cost associated with significant capital additions. Gains or losses from disposals are included in Interest and other income. 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 ​ Long-lived assets The Company assesses the recoverability of long-lived assets using an assessment of the estimated undiscounted future cash flows related to such assets. In the event that assets are found to be carried at amounts which are in excess of estimated gross future cash flows, the assets will be adjusted for impairment to a level commensurate with fair value determined using a discounted cash flow analysis or appraised values of the underlying assets. Fair value measurements For assets and liabilities that are measured using quoted prices in active markets, total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are valued by reference to similar assets or liabilities, adjusted for contract restrictions and other terms specific to that asset or liability. For these items, a significant portion of fair value is derived by reference to quoted prices of similar assets or liabilities in active markets. For all remaining assets and liabilities, fair value is derived using a fair value model, such as a discounted cash flow model or Black-Scholes model. Financial instruments The Company estimates the fair value of financial instruments through the use of public market prices, quotes from financial institutions, and other available information. Judgment is required in interpreting data to develop estimates of fair value and, accordingly, amounts are not necessarily indicative of the amounts that could be realized in a current market exchange. Short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, consist primarily of instruments without extended maturities, the fair value of which, based on Management’s estimates, equals their recorded values. Investments in equity securities consist primarily of individual equity securities, exchange-traded and closed-end funds and mutual funds and are reported at their fair value based upon quoted prices in active markets. Investments in certificates of deposit (CD) with original maturities of greater than three months are reported at their estimated fair value based upon the duration of the CD and the interest rate earned on the CD versus current interest rates of similar duration CDs. The fair value of long-term liabilities, based on Management’s estimates, approximates their reported values. Concentration risks The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash, cash equivalents, certificates of deposit, exchange-traded and closed-end funds, mutual funds, equity securities, and accounts receivable. Cash balances, some of which exceed federally insured limits, are maintained in financial institutions; however, Management believes the institutions are of high credit quality. The majority of accounts receivable are due from companies that are well-established entities. The Company assesses market risk in debt and equity securities through consultation with its outside investment advisors. Management is responsible for directing investment activity based on current economic conditions. In 2021, a significant portion of the Company's sales were to the U.S. government, which Management does not consider a credit risk. As a consequence, Management considers any exposure from concentrations of credit risks to be limited. The following table reflects our significant customers in 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 Number of significant customers ​ 1 ​ 2 ​ 3 ​ Aggregate dollar amount of net sales to significant customers ​ ​ $ 113.7 million ​ $ 41.6 million ​ $ 19.0 million ​ Percentage of net sales to significant customers ​ ​ ​ 60.3 % ​ 50.6 % ​ 45.6 % ​ The Company increased its allowance for doubtful accounts by $150 thousand in 2021. The Company manufactures some of its products in Little Elm, Texas, as well as utilizing manufacturers in China. The Company obtained roughly 92% of its products in 2021 from its Chinese manufacturers. Purchases from Chinese manufacturers aggregated 85.2% and 82.6% of products in 2020 and 2019, respectively. In the event that the Company becomes unable to purchase products from its Chinese manufacturers, the Company would need to find an alternate manufacturer for its blood collection set, IV catheter, Patient Safe ® ® Revenue recognition The Company recognizes revenue when control of performance obligations passes to the customer, generally when the product ships. Payments from customers with approved credit terms are typically due 30 days from the invoice date. Under certain contracts, revenue is recorded on the basis of sales price to distributors, less contractual pricing allowances. Contractual pricing allowances consist of: (i) rebates granted to distributors who provide tracking reports which show, among other things, the facility that purchased the products, and (ii) a provision for estimated contractual pricing allowances for products for which the Company has not received tracking reports. When rebates are issued, they are applied against the customer’s receivable balance. Distributors receive a rebate for the difference between the Wholesale Acquisition Cost and the appropriate contract price as reflected on a tracking report provided by the distributor to the Company. If product is sold by a distributor to an entity that has no contract, there is a standard rebate (lower than a contracted rebate) given to the distributor. One of the purposes of the rebate is to encourage distributors to submit tracking reports to the Company. The provision for contractual pricing allowances is recognized in the period the related sales are recognized and is reviewed at the end of each quarter and adjusted for changes in levels of products for which there is no tracking report. Additionally, if it becomes clear that tracking reports will not be provided by individual distributors, the provision is further adjusted. The estimated contractual allowance is included in Accounts payable in the Balance Sheets and deducted from Revenues in the Statements of Operations. Accounts payable included estimated contractual allowances for $6.2 million and $3.4 million as of December 31, 2021 and 2020, respectively. The terms and conditions of contractual pricing allowances are governed by contracts between the Company and its distributors. Revenue for shipments directly to end-users is recognized when title and risk of ownership pass from the Company. End-users do not receive any contractual allowances on their purchases. Any product shipped or distributed for evaluation purposes is expensed. The Company provides product warranties that: i) the products are fit for medical use as generally defined within the boundaries of United States FDA approval; ii) the products are not defective; and iii) the products will conform to the descriptions set forth in their respective labeling, provided that they are used in accordance with such labeling and the Company’s written directions for use. The Company has historically not incurred significant warranty claims. The Company’s domestic return policy provides that a customer may return incorrect shipments within 10 days following arrival at the distributor’s facility. In all such cases, the distributor must obtain an authorization code from the Company and affix the code to the returned product. The Company’s domestic return policy also generally provides that a customer may return product that is overstocked. Overstocking returns are limited to two times in each 12-month period up to 1% of distributor’s total purchase of products for the prior 12-month period. All product overstocks and returns are subject to inspection and acceptance by the Company. The Company has not historically incurred significant returns. The Company’s international distribution agreements generally do not provide for any returns. The Company requires certain customers to pay in advance of product shipment. Such prepayments from customers are recorded in Other accrued liabilities and are generally recognized as revenue upon shipment of the product. The Company periodically recognizes revenue from licensing agreements. If the Company licenses its products for sale and the customers of the sublicensee are not known to the Company, the Company is obligated to pay Thomas J. Shaw, the owner of certain patented technology, fifty percent (50%) of such revenue pursuant to the terms of the Technology License Agreement between the Company and Mr. Shaw. Disaggregated information of revenue recognized from contracts with customers and licensing fees recognized are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales (excluding U.S. government) ​ $ 30,446,858 ​ ​ 2,116,108 ​ ​ 9,542,122 ​ ​ 64,375 ​ $ 42,169,463 Sales to U.S. government ​ ​ 31,634,343 ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,634,343 North and South America sales (excluding U.S.) ​ 5,733,116 ​ ​ 8,450 ​ ​ 86,816 ​ ​ 1,064,768 ​ 6,893,150 Other international sales ​ 917,478 ​ ​ 239,329 ​ ​ 235 ​ ​ 8,455 ​ 1,165,497 Total ​ $ 68,731,795 ​ $ 2,363,887 ​ $ 9,629,173 ​ $ 1,137,598 ​ $ 81,862,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales ​ $ 26,722,414 ​ $ 2,130,767 ​ $ 2,970,374 ​ $ 74,369 ​ $ 31,897,924 North and South America sales (excluding U.S.) ​ 7,863,796 ​ 6,313 ​ 7,996 ​ 370,885 ​ 8,248,990 Other international sales ​ 1,052,217 ​ 578,617 ​ 635 ​ 18,796 ​ 1,650,265 Total ​ $ 35,638,427 ​ $ 2,715,697 ​ $ 2,979,005 ​ $ 464,050 ​ $ 41,797,179 ​ Income taxes The Company evaluates tax positions taken or expected to be taken in a tax return for recognition in the financial statements based on whether it is “more-likely-than-not” that a tax position will be sustained based upon the technical merits of the position. Measurement of the tax position is based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company provides for deferred income taxes through utilizing an asset and liability approach for financial accounting and reporting based on the tax effects of differences between the financial statement and tax bases of assets and liabilities, based on enacted rates expected to be in effect when such differences reverse in future periods. Deferred tax assets are periodically reviewed for realizability. In prior periods, the Company established a valuation allowance for its net deferred tax asset as future taxable income which could not be reasonably assured. During the quarter ended June 30, 2020, the Company released its valuation allowance based on available evidence supporting that its deferred tax assets will be realized in full. Earnings per share The Company computes basic earnings per share (“EPS”) by dividing net earnings for the period (adjusted for any cumulative dividends for the period) by the weighted average number of common shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect, if any, of the common stock deliverable pursuant to stock options and/or common stock issuable upon the conversion of convertible preferred stock. ​ The calculation of diluted EPS under the treasury stock method included the following shares in 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Common Stock underlying issued and outstanding stock options ​ 141,435 131,347 ​ 639,300 Common stock issuable upon the conversion of convertible preferred shares ​ 232,445 — — ​ ​ 373,880 131,347 639,300 ​ In 2020 and 2019, 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, ​ ​ 2021 2020 2019 Net income ​ ​ $ 56,064,241 ​ $ 24,223,013 ​ $ 3,148,234 Preferred stock dividend requirements ​ ​ (241,703) ​ (573,868) ​ (702,618) Deemed contribution on extinguishment of preferred stock ​ ​ ​ — ​ ​ 2,975,708 ​ ​ — Income applicable to common shareholders ​ ​ $ 55,822,538 ​ $ 26,624,853 ​ $ 2,445,616 Average common shares outstanding ​ ​ 33,870,819 ​ 33,169,307 ​ 32,672,475 Average common and common equivalent shares outstanding — assuming dilution ​ ​ 34,244,699 ​ 33,300,654 ​ 32,672,475 Basic earnings per share ​ ​ $ 1.65 ​ $ 0.80 ​ $ 0.07 Diluted earnings per share ​ ​ $ 1.63 ​ $ 0.80 ​ $ 0.07 ​ The FASB Codification 260-10-S99-2, Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock The Company has determined to apply this guidance to its accounting treatment of the preferred stock transactions described in Note 20. Shipping and handling costs The Company classifies shipping and handling costs as part of Cost of sales in the Statements of Operations. Share-based Compensation The Company’s share-based payments are accounted for using the Black-Scholes fair value method. The Company records share-based compensation expense on a straight-line basis over the requisite service period. The Company incurred share-based compensation costs of $3.7 million which were classified as General and administrative expenses. ​ Self-insured employee benefit costs The Company self-insures certain health insurance benefits for its employees under certain policy limits. The Company has additional coverage provided by an insurance company for any individual with claims in excess of $100,000 and/or total plan claims in excess of $1.6 million for the plan year. Research and development costs Research and development costs are expensed as incurred. Leases The Company determines if an arrangement is a lease at inception. Operating and finance leases are included in Other assets, Other accrued liabilities, and Other long-term liabilities on the Balance Sheets. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the incremental borrowing rate based on information available at the commencement date was used in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Balance Sheets; however, rent expense is recognized on a straight-line basis over the lease term. Technology Investment Agreement (TIA) Effective July 1, 2020, the Company entered into a Technology Investment Agreement ("TIA") with the United States Government Department of Defense, U.S. Army Contracting Command-Aberdeen Proving Ground, Natick Contracting Division & Edgewood Contracting Division (ACC-APG, NCD & ECD) on behalf of the Biomedical Advanced Research and Development Authority (BARDA), as amended, for $81,029,518 in government funding for expanding the Company's domestic production of needles and syringes. Pursuant to the terms of the TIA, the Company is expected to make significant additions to its facilities which should allow the Company to increase domestic production. As reimbursements are received from the U.S. government for such expenditures, the Company records a deferred liability. The deferred liability will be systematically amortized as a gain over the life of the related property, plant, and equipment as to offset the related depreciation expense of the assets acquired. The amortization will be presented separately from the depreciation expense on the Statements of Operations. Recently Adopted Pronouncements The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as well as subsequent clarifying amendments on January 1, 2020. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Many of the loss estimation techniques applied previously will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The adoption of ASU 2016-13, as well as the Targeted Transition Relief as provided by ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326) – Targeted Transition Relief” did not have a significant impact on the Company’s financial statements. The Company adopted ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a Consensus of the FASB Emerging Issues Task Force)" on January 1, 2020. This amendment requires that implemented costs incurred in a hosting arrangement that is a service contract should be accounted for in accordance with ASC 350-40 Internal-Use Software. Accordingly, costs incurred during the preliminary project and post-implementation stages are expensed and costs associated with the application development phase are capitalized. The amendment also requires that capitalized costs be amortized over the term of the hosting arrangement and that capitalized costs should be evaluated for impairment. The adoption of this ASU did not have a significant impact on the Company's financial statements or disclosures. In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The amendment modifies, among other things, disclosure requirements on fair value measurements and eliminates certain disclosures related to transfers and valuation levels of Level 3 fair value measurements. Additionally, the amendment requires disclosure of changes in unrealized gains and losses in other comprehensive income for Level 3 fair value measurements and certain qualitative factors related to significant unobservable inputs used in Level 3 valuations. The amendment was effective for annual periods beginning after December 15, 2019 and interim periods within the annual period. The adoption of ASU 2018-13 did not have a significant effect on the Company's financial statements, as the Company does not currently have any investments classified as Level 3 fair value measurements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes”. The new standard is intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within the annual period, with early adoption permitted. Adoption of the standard requires certain changes primarily be made prospectively, with some changes to be made retrospectively. The Company has determined that the adoption of ASU 2019-12 did not have a material impact on its financial statements. Recently Issued Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients for contracts that reference LIBOR, if certain criteria are met, that can be applied through December 31, 2022. As reference rate reform is still an ongoing process, the Company will continue to evaluate the timing and potential impact of adoption for optional expedients when deemed necessary. ​ In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”. The new standard is intended to provide increased transparency by requiring business entities to disclose information about certain types of government assistance they receive in the notes to the financial statements. ASU 2021-10 also adds a new Topic – ASC 832, Government Assistance – to the FASB’s Codification. Included in the disclosures under the guidance are the nature of the transaction including the nature of the assistance being given, the accounting policies being used to account for the transaction and other provisions of relevance. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The Company has determined that the guidance will not have a material impact on its financial statements as such disclosures surrounding the TIA, including the accounting policies used to account for the agreement have been in place since its inception.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
INVENTORIES
INVENTORIES	3. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Raw materials ​ $ 4,402,828 ​ $ 1,358,552 Finished goods ​ ​ 16,187,091 ​ ​ 8,876,094 ​ ​ $ 20,589,919 ​ $ 10,234,646

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, “Fair Value Measurements”, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows: ● Level 1 – quoted market prices in active markets for identical assets and liabilities ● Level 2 – inputs other than quoted prices that are directly or indirectly observable ● Level 3 - unobservable inputs where there is little or no market activity The following tables summarize the values of assets designated as Investments in debt and equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Equity securities ​ $ 9,112,607 ​ $ — ​ $ — ​ $ 9,112,607 Mutual funds and exchange traded funds ​ ​ 4,156,379 ​ ​ — ​ ​ — ​ ​ 4,156,379 ​ ​ $ 13,268,986 ​ $ — ​ $ — ​ $ 13,268,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Equity securities ​ $ 3,990,533 ​ $ — ​ $ — ​ $ 3,990,533 Mutual funds and exchange traded funds ​ ​ 4,013,956 ​ ​ — ​ ​ — ​ ​ 4,013,956 Certificates of deposit ​ — ​ 77,344 ​ — ​ 77,344 ​ ​ $ 8,004,489 ​ $ 77,344 ​ $ — ​ $ 8,081,833 ​ The Company holds high-grade ETFs, mutual funds, individual equity stocks, and debt securities as investments. These assets are readily marketable and are carried at fair value as of the date of the Balance Sheets. The Company intends to hold these assets for possible future operating requirements. The following table summarizes gross unrealized gains and losses from Investments in debt and equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross Unrealized ​ Aggregate ​ Cost Gains Losses Fair Value Equity securities ​ $ 6,729,245 ​ $ 2,383,362 ​ $ — ​ $ 9,112,607 Mutual funds and exchange traded funds ​ ​ 4,018,488 ​ ​ 137,891 ​ ​ — ​ ​ 4,156,379 ​ ​ $ 10,747,733 ​ $ 2,521,253 ​ $ — ​ $ 13,268,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross Unrealized ​ Aggregate ​ Cost Gains Losses Fair Value Equity securities ​ $ 2,098,144 ​ $ 1,892,389 ​ $ — ​ $ 3,990,533 Mutual funds and exchange traded funds ​ ​ 3,909,364 ​ ​ 104,592 ​ ​ — ​ ​ 4,013,956 Certificates of deposit ​ 75,000 ​ 2,344 ​ — ​ 77,344 ​ ​ $ 6,082,508 ​ $ 1,999,325 ​ $ — ​ $ 8,081,833 ​ ​ Unrealized gains on investments in debt and equity securities were $2,521,253 and $1,999,325 for the years ended December 31, 2021 and 2020, respectively.

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT	5. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Land ​ $ 261,893 ​ $ 261,893 Buildings and building improvements ​ 24,364,084 ​ 11,593,952 Production equipment ​ 34,112,766 ​ 20,290,331 Office furniture and equipment ​ 4,089,362 ​ 3,630,455 Construction in progress ​ 52,681,005 ​ 21,365,915 ​ ​ 115,509,110 ​ 57,142,546 Accumulated depreciation ​ (27,583,459) ​ (26,326,042) ​ ​ $ 87,925,651 ​ $ 30,816,504 ​ Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $1,257,417; $832,069; and $851,673, respectively.

LICENSE AGREEMENT

LICENSE AGREEMENT	12 Months Ended
	Dec. 31, 2021
LICENSE AGREEMENT
LICENSE AGREEMENT	​ 6. LICENSE AGREEMENT In 1995, the Company entered into a license agreement with the Chief Executive Officer of the Company, Thomas J. Shaw, for the exclusive right to manufacture, market, and distribute products utilizing automated retraction technology, which agreement has been amended. This technology is the subject of various patents and patent applications owned by Mr. Shaw. The license agreement provides for quarterly payments of a 5% royalty fee on gross sales. Additionally, if the Company sublicenses the technology and the sublicensee’s customers are not known to the Company, then Mr. Shaw shall be entitled to receive from the Company fifty percent (50)% of the royalties actually paid to the Company by such sublicensee. The royalty fee expense is recognized in the period in which it is earned. Royalty fees of $11,318,093; $5,476,306; and $3,449,822; are included in Cost of sales for the years ended December 31, 2021, 2020, and 2019, respectively. Royalties payable under this agreement aggregated $3,450,684 and $1,973,781 at December 31, 2021, and 2020, respectively. Gross sales upon which royalties are based were $226,294,765; $109,526,118; and $67,529,783 for 2021, 2020, and 2019, respectively. ​ On November 16, 2021, the Company and Mr. Shaw entered into the Third Amendment to Technology License Agreement (the “Amendment”). The Amendment expands the scope of the Technology License Agreement and provides additional protection to the parties in the event of a Hostile Takeover, as defined by the Amendment. Under the Amendment, under certain conditions, Mr. Shaw is granted the unilateral right to terminate the Technology License Agreement or cancel or convert a license thereunder from exclusive to nonexclusive following a Hostile Takeover.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES	7. OTHER ACCRUED LIABILITIES Other accrued liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Prepayments from customers ​ $ 2,339,530 ​ $ 1,686,868 Accrued professional fees ​ ​ 185,515 ​ ​ 331,204 Current portion – preferred stock repurchase ​ 1,098,282 ​ 1,092,282 Other accrued expenses ​ 102,200 ​ 288,550 Total ​ $ 3,725,527 ​ $ 3,398,904 ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2021
LONG-TERM DEBT
LONG-TERM DEBT	8. LONG-TERM DEBT Long-term debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Loan from American First National Bank. Maturity date is April 10, 2028. The loan, in the original amount of $4,209,608, provided funding for the expansion of the warehouse, additional office space, and a new Controlled Environment. The loan is secured by the Company’s land and buildings. The interest rate is equal to prime rate plus 0.25%, not to be less than 5.0%. The interest rate was 5.0% at December 31, 2021. ​ $ 2,103,308 ​ $ 2,378,100 ​ ​ ​ ​ ​ ​ ​ Loan from Independent Bank pursuant to the Paycheck Protection Program. This loan was forgiven in May 2021. ​ ​ — ​ ​ 1,363,000 ​ ​ 2,103,308 ​ 3,741,100 ​ ​ ​ ​ ​ ​ ​ Less: current portion ​ (289,114) ​ (1,030,763) ​ ​ $ 1,814,194 ​ $ 2,710,337 ​ The fair value of long-term liabilities, based on Management’s estimates, approximates their reported values. The aggregate maturities of long-term debt as of December 31, 2021, are as follows: ​ ​ ​ ​ ​ 2022 $ 289,114 2023 ​ ​ 304,116 2024 ​ ​ 319,682 2025 ​ ​ 336,485 2026 ​ ​ 353,944 Thereafter ​ ​ 499,967 ​ ​ $ 2,103,308 ​

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2021
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES	9. OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Technology Investment Agreement (TIA) $ 68,955,664 $ 22,444,324 Stock repurchase ​ 1,040,666 ​ 2,034,373 Total ​ $ 69,996,330 ​ $ 24,478,697 ​ The TIA provides for reimbursement to the Company for the purchase of equipment and supplies related to the expansion of the Company’s domestic production of needles and syringes. Under the TIA, reimbursable amounts will be reflected as a liability until the time its deferred income can be systematically amortized over a period matching the useful life of the purchased assets. The stock repurchase liability represents the long-term portion, at net present value, of $3,303,330 gross payable by the Company to former preferred shareholders as a result of private stock purchases in 2020 of 320,333 shares of Class B Series IV preferred stock and 25,000 shares of Class B Series V preferred stock. The purchase price is payable in three annual installments of $1,101,110.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES On November 7, 2019, the Company filed a lawsuit in the 44 th ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The provision (benefit) for income taxes consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2021 2020 2019 Current tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 20,041,644 ​ $ 4,431,590 ​ $ — State ​ 8,079,555 ​ 2,049,850 ​ 7,875 Total current provision (benefit) ​ 28,121,199 ​ 6,481,440 ​ 7,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (6,719,211) ​ (3,428,399) ​ — State ​ (2,515,418) ​ (1,202,807) ​ — Total deferred tax provision (benefit) ​ (9,234,629) ​ (4,631,206) ​ — Total income tax provision (benefit) ​ $ 18,886,570 ​ $ 1,850,234 ​ $ 7,875 ​ The Company has state net operating losses of $2.0 million as of December 31, 2021 which will begin to expire in 2030. The Company fully utilized its $23.3 million in tax benefits attributable to federal net operating losses as of December 31, 2020. Utilization of the state net operating loss carry forwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by state rules that are similar to the Internal Revenue Code of 1986, as amended. Deferred taxes are provided for those items reported in different periods for income tax and financial reporting purposes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets ​ ​ ​ ​ ​ ​ Net operating loss carry forwards ​ $ 130,643 ​ $ 198,675 Accrued expenses and reserves ​ 1,298,083 ​ 824,920 Employee stock option expense ​ 958,530 ​ 15,188 Nonemployee stock option expense ​ ​ 8,887 ​ ​ 8,515 Inventories ​ 118,201 ​ 98,748 Deferred income – TIA contract ​ ​ 18,199,768 ​ ​ 5,675,617 Deferred tax assets ​ 20,714,112 ​ 6,821,663 Deferred tax liabilities ​ ​ ​ ​ ​ ​ Unrealized gains/losses ​ ​ (665,960) ​ ​ (508,197) Property, plant, and equipment ​ (6,182,318) ​ (1,682,260) Deferred tax liabilities ​ (6,848,278) ​ (2,190,457) Net deferred tax assets ​ $ 13,865,834 ​ $ 4,631,206 ​ Deferred income tax calculations reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss carry forwards, and are stated at the U.S. tax rate of 21%. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Deferred tax assets are periodically reviewed for realizability. In prior periods, the Company established a valuation allowance for its net deferred tax asset as future taxable income which could not be reasonably assured. The Company determined that no valuation allowance is needed for the years ended December 21, 2021 and 2020. The valuation allowance of $5.0 million was fully released during the year ended December 31, 2020. Under the Tax Cuts and Jobs Act, net operating losses incurred after December 31, 2017 can only offset 80% of taxable income. However, these net operating losses may be carried forward indefinitely instead of limited to twenty years under previous tax law. Carryback of these losses is no longer permitted. The CARES Act temporarily removed the 80% of taxable income limitation to allow NOL carryforwards to fully offset income. For tax years beginning before 2021, the Company can take an NOL deduction equal to 100% of taxable income. For tax years beginning after 2021, the Company can take: (1) a 100% deduction of NOLs arising in tax years prior to 2018, and (2) a deduction limited to 80% of modified taxable income for NOLs arising in tax years after 2017. A reconciliation of income taxes based on the federal statutory rate and the effective income tax rate is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 2019 U.S. statutory federal tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal tax 6.4 4.2 2.0 Change in valuation allowance — (19.2) (35.6) Valuation Allowance — (0.6) — Stock options ​ ​ (0.1) ​ — ​ — ​ PPP loan ​ ​ (0.4) ​ — ​ — ​ Return-to-provision and other (1.7) 1.7 12.9 Effective tax rate 25.2 % 7.1 % 0.3 % ​ The Company files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. The Company’s federal income tax returns for all tax years ended on or after December 31, 2019, remain subject to examination by the Internal Revenue Service. The Company’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, most ranging from three

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2021
DIVIDENDS
DIVIDENDS	12. DIVIDENDS The Board declared and the Company paid cash dividends to Series I and Series II Class B Preferred Shareholders within one month of the end of each quarter in 2019 and 2020, resulting in cumulative annual payments of: $48,625, and $171,200 to Series I and Series II preferred shareholders, respectively, in 2019; and $48,000, and $168,642 to Series I and Series II preferred shareholders, respectively, in 2020. One payment of $10,041, and $39,050 was made to Series I and Series II preferred shareholders, respectively, in January 2021. A payment of $39,050 was paid in April 2021 to Series II preferred shareholders. ​ In June 2021, the Board of Directors approved payments to its Series II, Series III, and former Series IV and Series V Class B Preferred Shareholders in the cumulative amount of $5,056,945 representing all current dividends, dividends in arrears, as well as dividends still owed to shareholders who converted their preferred stock in the past. Of this amount, $39,050 was declared and paid to Series II Class B Convertible Preferred shareholders. To Series III Class B Convertible Preferred shareholders, $4,086,704 was declared, covering amounts in arrears from the date of purchase though the date of conversion or June 30, 2021, whichever is applicable. To former Series IV Class B Convertible Preferred shareholders, $101,475 was declared, covering amounts in arrears from the date of purchase though the date of conversion. To former Series V Class B Convertible Preferred shareholders, $829,716 was declared, covering amounts in arrears from the date of purchase though the date of conversion. The dividends were paid on July 22, 2021 to all shareholders who had been contacted and confirmed as the rightful owner entitled to payment. The Company has not yet established contact with all former shareholders, most of whom converted their shares prior to 2001. As of March 31, 2022, the Company is continuing its efforts to establish contact with approximately 90 former shareholders who are entitled to approximately $1.4 million. ​ A payment of $39,050 was paid in both October 2021 and January 2022 to Series II preferred shareholders. Series III preferred shareholders were paid $39,495 in January 2022.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	​ 13. STOCKHOLDERS’ EQUITY Preferred Stock The Company is authorized to issue 5,000,000 shares of Preferred Stock Class A with a par value of One Dollar ($1.00) per share; 5,000,000 shares of Preferred Stock Class B with a par value of One Dollar ($1.00) per share; and 5,000,000 shares of Preferred Stock Class C with a par value of One Dollar ($1.00) per share. The Company has one class of Preferred Stock outstanding: Class B Convertible Preferred Stock (“Class B Stock”). The Class B Stock has two series: Series II and Series III. Series I, Series IV, and Series V were cancelled by Board resolution effective March 16, 2021. The Class B Series II and III stock had 156,200 and 76,245 shares outstanding, respectively, at December 31, 2021. The remaining 4,767,555 authorized shares have not been assigned a series. Series II Class B Stock There were 156,200 shares of $1 par value Series II Class B Stock outstanding at December 31, 2021 and 2020. Holders of Series II Class B Stock are entitled to receive a cumulative annual dividend of $1.00 per share, payable quarterly if declared by the Board of Directors. Holders of Series II Class B Stock generally have no voting rights until dividends are in arrears and unpaid for twelve consecutive quarters. In such case, the holders of Series II Class B Stock have the right to elect one-third Series II Class B Stock is redeemable at the option of the Company at a price of $15.00 per share plus all unpaid dividends. Each share of Series II Class B Stock may, at the option of the stockholder, be converted to one share of Common Stock. No shares were converted in 2021 and 15,000 shares were converted into Common Stock in 2020. In the event of voluntary or involuntary dissolution, liquidation, or winding up of the Company, holders of Series II Class B Stock then outstanding are entitled to $12.50 per share, plus all unpaid dividends, prior to any distributions to holders of Series III Class B Stock or Common Stock. Series III Class B Stock There were 76,245 shares and 106,745 shares of $1 par value Series III Class B Stock outstanding at December 31, 2021 and 2020, respectively. Holders of Series III Class B Stock are entitled to receive a cumulative annual dividend of $1.00 per share, payable quarterly if declared by the Board of Directors. The Company paid dividends of $3,245,693 in 2021, including dividend amounts owed to shareholders who converted their preferred stock in the past. No dividends were paid on the Series III Class B Stock in 2020. At December 31, 2021, no dividends were in arrears. Series III Class B Stock is redeemable at the option of the Company at a price of $15.00 per share, plus all unpaid dividends. Each share of Series III Class B Stock may, at the option of the stockholder, be converted to one share of Common Stock. 30,500 shares were converted into Common Stock in 2021. No shares were converted in 2020. 22,500 shares were exchanged for Common Stock in private transactions in 2020. Please see Note 20 for a description of private exchange transactions in 2020. In the event of voluntary or involuntary dissolution, liquidation, or winding up of the Company, holders of Series III Class B Stock then outstanding are entitled to $12.50 per share, plus all unpaid dividends, after distribution obligations to Series II Class B Stock have been satisfied and prior to any distributions to holders of Common Stock. Common stock The Company is authorized to issue 100,000,000 shares of no par value Common Stock, of which 33,484,935 and 33,957,204 shares were outstanding at December 31, 2021 and 2020, respectively. At December 31, 2021, 528,169 shares were held as treasury stock and were not deemed outstanding. Additionally, as of December 31, 2021, a total of 405,495 shares of Common Stock were issuable upon the conversion of Preferred Stock and the exercise of stock options.

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Dec. 31, 2021
TREASURY STOCK
TREASURY STOCK	​ 14. TREASURY STOCK In June 2021, the Company approved a stock repurchase plan as described by Note 23. The Company accounts for the purchased shares under the cost method as Common Stock Held in Treasury – at cost, which represents the cost of the shares and the cost of acquiring the shares through the Company’s broker.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company has a license agreement with the Chief Executive Officer of the Company. See Note 6.

STOCK OPTIONS

STOCK OPTIONS	12 Months Ended
	Dec. 31, 2021
STOCK OPTIONS.
STOCK OPTIONS	​ 16. STOCK OPTIONS Stock options Options for the purchase of 3,649,508 shares of Common Stock have been issued under the 2008 Stock Option Plan. Options for the purchase of 173,050 shares under the 2008 Stock Option Plan were outstanding as of December 31, 2021. No shares are available for future issuance under the 2008 Stock Option Plan, which expired July 25, 2018. Options for the purchase of 1,350,000 shares of Common Stock are issued and outstanding under the 2021 Stock Option Plan and none have vested. 650,000 shares are available for future issuance under the 2021 Stock Option Plan. The Compensation and Benefits Committee administers the Company’s stock option plans. Stock option exercises Stock options were exercised by the Company’s employees and directors during 2021, and, consequently, a total of 25,400 shares of Common Stock were issued for an aggregate payment to the Company of $48,600 to exercise such options. Director, officer, and employee options A summary of Director, officer, and employee options granted and outstanding under the 2008 Stock Option Plan is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Weighted ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price ​ Shares ​ Price Outstanding at beginning of period 199,450 ​ $ 2.05 639,300 ​ $ 2.12 1,300,303 ​ $ 1.57 Granted — ​ $ — — ​ $ — — ​ $ — Exercised (25,400) ​ $ 1.91 (431,550) ​ $ (2.14) — ​ $ — Forfeited (1,000) ​ $ 2.75 (8,300) ​ $ (2.75) (661,003) ​ $ (1.05) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of period 173,050 ​ $ 2.06 199,450 ​ $ 2.05 639,300 ​ $ 2.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of period 173,050 ​ $ 2.06 199,450 ​ $ 2.05 639,300 ​ $ 2.12 ​ No options were issued in 2021, 2020, or 2019 under the 2008 Stock Option Plan to employees or non-employee directors. The following table summarizes information about Director, officer, and employee options outstanding under the 2008 Stock Option Plan at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Exercise Prices Shares Outstanding Remaining Contractual Life Shares Exercisable $ 1.05 70,000 4.99 70,000 $ 2.75 103,050 4.70 103,050 ​ In the year ended December 31, 2021, three officers were granted options for the purchase of a total of 1,350,000 shares under the 2021 Stock Option Plan. All options were outstanding, but none were exercisable at the end of 2021. The fair value of the 2021 grant is $10.21 per share using the Black-Scholes option pricing model with a risk-free rate of $1.20 and a volatility factor of 92.66%. The options were granted on March 16, 2021, have a ten-year term, and may vest in their entirety three years from the grant date. ​ Non-employee options ​ In 2021 and 2020, there were no non-employee options outstanding. In 2019, non-employees forfeited 57,500 shares underlying options exercisable at $0.81 under the 2008 Stock Option Plan. ​ Stock-based Compensation ​ The Company recorded $3,660,387 in stock-based compensation expense in 2021. Assuming there are no changes to the stock options granted under the 2021 Stock Option Plan, the Company expects to recognize $4,595,400, $4,595,400, and $935,013 in stock-based compensation expense in 2022, 2023, and 2024, respectively. No stock-based compensation expense was recorded in 2020 or 2019. The total intrinsic value of outstanding and exercisable stock options with exercise prices lower than the closing market price was $842,349 and $1,733,856 at December 31, 2021 and December 31, 2020, respectively. Options Pricing Models – Assumptions The expected life is based on the Company’s historical experience with option exercise trends. The assumptions for expected volatility are based on a calculation of volatility over the five-years preceding the grant date. Risk-free interest rates are set using grant-date U.S. Treasury yield curves. In its calculations, the Company assumed no dividends. The Company elected a policy to account for forfeitures as they occur, rather than on an estimated basis.

401(k) PLAN

401(k) PLAN	12 Months Ended
	Dec. 31, 2021
401(k) PLAN.
401(k) PLAN	​ 17. 401(k) PLAN The Company implemented an employee savings and retirement plan (the “401(k) Plan”) in 2005 that is intended to be a tax-qualified plan covering substantially all employees. The 401(k) Plan is available to all employees on the first day of the month after 90 days of service. Under the terms of the 401(k) Plan, employees may elect to contribute up to 88% of their compensation, or the statutory prescribed limit, if less. The Company may, at its discretion, match employee contributions. For 2021, 2020, and 2019, the Company matched each participant’s elective deferrals up to 2% of the participant’s compensation for the pay period. The total match was $204,032; $162,008; and $117,917 in 2021, 2020, and 2019, respectively.

BUSINESS SEGMENT

BUSINESS SEGMENT	12 Months Ended
	Dec. 31, 2021
BUSINESS SEGMENT
BUSINESS SEGMENT	18. BUSINESS SEGMENT The following is a summary of the Company’s sales and long-lived assets by geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 U.S. sales (excluding U.S. government) ​ ​ $ 53,888,136 ​ $ 42,169,463 ​ $ 31,897,924 Sales to U.S. government ​ ​ ​ 113,662,440 ​ ​ 31,634,343 ​ ​ — North and South America sales (excluding U.S.) ​ ​ 14,561,236 ​ 6,893,150 ​ 8,248,990 Other international sales ​ ​ 6,270,642 ​ 1,165,497 ​ 1,650,265 Total sales ​ ​ $ 188,382,454 ​ $ 81,862,453 ​ $ 41,797,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ Long-lived assets ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 83,695,991 ​ $ 30,751,259 ​ International ​ ​ 4,229,660 ​ ​ 65,245 ​ Total ​ $ 87,925,651 ​ $ 30,816,504 ​ ​ The Company does not operate in separate reportable segments. Shipments to international customers generally require a prepayment either by wire transfer or an irrevocable confirmed letter of credit. The Company does extend credit to international customers on some occasions depending upon certain criteria, including, but not limited to, the credit worthiness of the customer, the stability of the country, banking restrictions, and the size of the order. All transactions are in U.S. currency.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	19. LEASES The Company has no finance leases and its operating leases for a warehouse and equipment terminated on August 15, 2021. The Company has chosen not to renew the terminated leases. The ROU asset value was determined based on the lease liability adjusted for lease incentives received. Lease expense has been recognized on a straight-line basis over the lease term. Certain costs incidental to the use of the property were separate from the minimum rent payment and were not considered in the determination of the lease liability and ROU asset. The Company elected the policy to not separate lease from non-lease components if they are combined with the minimum rent payment. The option periods were not included in the determination of the lease liability and right-of-use asset. The operating lease cost component of the lease expense was $38,892 and $103,312 for the years ended December 31, 2021 and 2020, respectively. The cash paid for amounts included in the measurement of lease liabilities as a component of cash flows related to leases was $32,272 and $106,101 for the years ended December 31, 2021 and 2020, respectively. Assets and liabilities associated with these leases included in the Balance Sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 OPERATING LEASES ​ ​ Other assets ​ $ — ​ $ 38,892 Other accrued liabilities ​ $ — ​ $ 38,892 Other long-term liabilities ​ — ​ — Total operating lease liabilities ​ $ — ​ $ 38,892 ​

PRIVATE EXCHANGES AND REDEMPTIO

PRIVATE EXCHANGES AND REDEMPTION	12 Months Ended
	Dec. 31, 2021
PRIVATE EXCHANGES AND REDEMPTION
PRIVATE EXCHANGES AND REDEMPTION	20. PRIVATE EXCHANGES AND REDEMPTION Private Exchanges of Preferred Stock for Common Stock In 2020, the Company entered into several agreements with shareholders to purchase its outstanding Class B Convertible Preferred Stock. The consideration for these purchases consisted of both cash and Common Stock. In addition, in each such transaction, the preferred shareholder counterparty waived all rights to unpaid dividends in arrears. In total, 22,500 shares of Series III Class B Convertible Preferred Stock, 342,500 shares of Series IV Class B Convertible Preferred Stock, and 34,000 shares of Series V Class B Convertible Preferred Stock were purchased by the Company. The aggregate cash consideration equaled $3,786,000, of which $482,670 was paid in 2020 with the rest payable over a three-year period. Two of such equal installment payments were paid in February 2021 and February 2022 in the amount of $1,101,110 each. The aggregate stock consideration was 754,000 shares of Common Stock. As a result of the transactions, $7,642,049 in unpaid dividends in arrears were waived, as measured from the effective date of each transaction. Redemption of Class B Series I Preferred Stock The Company caused a redemption of its Class B Series I Preferred Stock on December 31, 2020 pursuant to the terms of the Certificate of Designation for such series of preferred stock which required a redemption price of $7.50 per share. Pursuant to such redemption, all shares of the Class B Series I Preferred Stock existing on December 31, 2020 (14,300 shares) were cancelled.

PAYCHECK PROTECTION PROGRAM LOA

PAYCHECK PROTECTION PROGRAM LOAN	12 Months Ended
	Dec. 31, 2021
PAYCHECK PROTECTION PROGRAM LOAN
PAYCHECK PROTECTION PROGRAM LOAN	21. PAYCHECK PROTECTION PROGRAM LOAN On April 17, 2020, the Company entered into a promissory note in the principal amount of $1,363,000 (the “PPP Loan”) in favor of Independent Bank pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), administered by the U.S. Small Business Administration (“SBA”). The PPP Loan’s original maturity date was April 17, 2022 with an interest rate of 1.0% per annum. The PPP Loan had a prepayment option with no prepayment penalties. The PPP Loan was unsecured and was a non-recourse obligation. On May 13, 2021, the Company was informed that the SBA granted its request for loan forgiveness for the entire original principal and accrued interest, for a total of $1,377,652. No payments were made prior to receiving forgiveness.

TECHNOLOGY INVESTMENT AGREEMENT

TECHNOLOGY INVESTMENT AGREEMENT	12 Months Ended
	Dec. 31, 2021
TECHNOLOGY INVESTMENT AGREEMENT
TECHNOLOGY INVESTMENT AGREEMENT	22 . Effective July 1, 2020, the Company entered into the TIA with the U.S. government. The principal purpose of the TIA is to fund the expansion of the Company's manufacturing capacity for hypodermic safety needles and corresponding syringes in response to the worldwide COVID-19 global pandemic. The award is an expenditure-type TIA, whereby the U.S. government will make payments to the Company for the Company's expenditures for equipment and supplies in carrying out the expansion of the Company's domestic production. The Company's contributions under the terms of the TIA to enhance domestic capacity of pandemic-essential technology include providing facilities, technical expertise, labor, and maintenance of the TIA-funded equipment for a ten-year term. As of December 31, 2021, the Company had negotiated contracts for the purchase of automated assembly equipment, molds, and molding equipment, as well as portions of auxiliary equipment, for approximately $46.3 million. The Company has received a temporary certificate of occupancy for the approximately 27,800 square foot controlled environment and a certificate of occupancy for the approximately 55,000 square foot new warehouse space. The final cost of the controlled environment within existing properties is $6.7 million. The new warehouse space final cost is $5.9 million. The cost of the controlled environment was funded by the U.S. government under the TIA, while the cost of the new warehouse was funded by the Company. A May 2021 amendment to the TIA required further expansion and new assembly lines. As of December 31, 2021, the Company had issued purchase orders for approximately $17.1 million for the purchase of additional production and ancillary equipment in connection with the foregoing amendment. ​

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCK REPURCHASE PLAN	23. STOCK REPURCHASE PLAN The Company entered into a repurchase plan (the “Plan”) dated June 4, 2021 with an independent broker for the purchase of up to $10 million of the Company’s Common Stock. Under the Plan, open market purchases of the Company’s Common Stock commenced June 18, 2021 and 528,169 shares were purchased in the year ended December 31, 2021 for an aggregate purchase price of $5.3 million. These treasury share purchases are accounted for under the cost method and are included as a component of treasury stock in the Company’s balance sheets. The Plan terminates on the earliest of: June 18, 2022, the completion of all purchases contemplated by the Plan, termination by either party, the existence of a legal or regulatory restriction, certain fundamental business transactions, liquidation or reorganization, or failure of the Company to adhere to the representations and warranties in the Plan. The Plan is structured to comply with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The purchases under the Plan are subject to Rule 10b-18 limitations as well as certain price and market volume constraints specified in the Plan. As of March 11, 2022, 371,730 shares had been purchased since January 1, 2022 for an aggregate purchase price of $2.0 million. ​

Schedule II-Schedule of Valuati

Schedule II-Schedule of Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
Schedule II - Schedule of Valuation and Qualifying Accounts
Schedule II - Schedule of Valuation and Qualifying Accounts	Item 15. Exhibits, Financial Statement Schedules. (a) (1) All financial statements: See Retractable Technologies, Inc. Index to Financial Statements on Page F-2. ​ (2) Those financial statement schedules required to be filed by Item 8 of this form, and by paragraph (b) below. Schedule II-Schedule of Valuation and Qualifying Accounts for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ beginning ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ of period ​ Additions ​ Deductions ​ end of period Provision for Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ended 2019 ​ $ 297,208 ​ $ — ​ $ — ​ $ 297,208 Fiscal year ended 2020 ​ $ 297,208 ​ $ — ​ $ — ​ $ 297,208 Fiscal year ended 2021 ​ $ 297,208 ​ $ — ​ $ — ​ $ 297,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for Accounts Receivable ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ended 2019 ​ $ 149,665 ​ $ — ​ $ 3,283 ​ $ 146,382 Fiscal year ended 2020 ​ $ 146,382 ​ $ 125,000 ​ $ 65,560 ​ $ 205,822 Fiscal year ended 2021 ​ $ 205,822 ​ $ 150,000 ​ $ 3,605 ​ $ 352,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred Tax Valuation ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ended 2019 ​ $ 6,151,398 ​ $ — ​ $ 1,121,560 ​ $ 5,029,838 Fiscal year ended 2020 ​ $ 5,029,838 ​ $ — ​ $ 5,029,838 ​ $ — Fiscal year ended 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for Rebates ​ ​ ​ ​ (A) ​ (B) ​ (C) Fiscal year ended 2019 ​ $ 4,586,847 ​ $ 24,212,830 ​ $ 24,526,108 ​ $ 4,273,569 Fiscal year ended 2020 ​ $ 4,273,569 ​ $ 26,104,612 ​ $ 26,566,256 ​ $ 3,811,925 Fiscal year ended 2021 ​ $ 3,811,925 ​ $ 36,230,028 ​ $ 33,403,838 ​ $ 6,638,115 (A) Represents estimated rebates deducted from gross revenues. (B) Represents rebates credited to the distributor and charge offs against the allowance. (C) Includes $6,209,708; $3,435,352; and $3,586,726 in Accounts payable for 2021, 2020, and 2019, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting estimates	Accounting estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. The amount reported as a contractual allowance for rebates involves examination of past historical trends related to sales to customers and the related credits issued once contractual obligations of the customers have been met. The establishment of a liability for future claims of rebates against sales in the current period requires that the Company has an understanding of the relevant sales with respect to product categories, sales distribution channels, and the likelihood of contractual obligations being satisfied.
Cash and cash equivalents	Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and investments with original maturities of three months or less.
Accounts receivable	Accounts receivable The Company records trade receivables when revenue is recognized. No product has been consigned to customers. The Company’s allowance for doubtful accounts is primarily determined by review of specific trade receivables. Those accounts that are doubtful of collection are included in the allowance. This provision is reviewed to determine the adequacy of the allowance for doubtful accounts. Trade receivables are charged off when there is certainty as to their being uncollectible. Trade receivables are considered delinquent when payment has not been made within contract terms. The Company requires certain customers to make a prepayment prior to beginning production or shipment of their order. Customers may apply such prepayments to their outstanding invoices or pay the invoice and continue to carry forward the deposit for future orders. Such amounts are included in Other accrued liabilities on the Balance Sheets and are shown in Note 7, Other Accrued Liabilities. The Company records an allowance for estimated returns as a reduction to Accounts receivable and Gross sales. Historically, returns have been insignificant. Receivable from Technology Investment Agreement (TIA) The amounts set forth as Receivable from Technology Investment Agreement (TIA) represent amounts receivable under a contractual agreement under the TIA. The amounts may represent advance requests or reimbursement requests for expenditures the Company makes or has made under its obligations with the federal government. For further explanation, please refer to Note 22 – Technology Investment Agreement.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined using actual average cost. The Company compares the average cost to the net realizable value and records the lower value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Management considers such factors as the amount of inventory on hand and in the distribution channel, estimated time to sell such inventory, the shelf life of inventory, and current market conditions when determining excess or obsolete inventories. Once inventory items are deemed to be either excess or obsolete, they are written down to their net realizable value.
Investments in debt and equity securities	Investments in debt and equity securities The Company holds high-grade exchange-traded and closed-end funds (ETFs), mutual funds, equity securities, and debt securities as investments. These assets are readily marketable and are carried at fair value as of the date of the Balance Sheets. Net unrealized and realized gains or losses on investments in debt and equity securities are reflected as a component of Interest and other income. Realized gains or losses on investments in debt and equity securities are recognized using the specific identification method.
Property, plant, and equipment	Property, plant, and equipment Property, plant, and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Cost includes major expenditures for improvements and replacements which extend useful lives or increase capacity and interest cost associated with significant capital additions. Gains or losses from disposals are included in Interest and other income. 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 ​
Long-lived assets	Long-lived assets The Company assesses the recoverability of long-lived assets using an assessment of the estimated undiscounted future cash flows related to such assets. In the event that assets are found to be carried at amounts which are in excess of estimated gross future cash flows, the assets will be adjusted for impairment to a level commensurate with fair value determined using a discounted cash flow analysis or appraised values of the underlying assets.
Fair value measurements	Fair value measurements For assets and liabilities that are measured using quoted prices in active markets, total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are valued by reference to similar assets or liabilities, adjusted for contract restrictions and other terms specific to that asset or liability. For these items, a significant portion of fair value is derived by reference to quoted prices of similar assets or liabilities in active markets. For all remaining assets and liabilities, fair value is derived using a fair value model, such as a discounted cash flow model or Black-Scholes model.
Financial instruments	Financial instruments The Company estimates the fair value of financial instruments through the use of public market prices, quotes from financial institutions, and other available information. Judgment is required in interpreting data to develop estimates of fair value and, accordingly, amounts are not necessarily indicative of the amounts that could be realized in a current market exchange. Short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, consist primarily of instruments without extended maturities, the fair value of which, based on Management’s estimates, equals their recorded values. Investments in equity securities consist primarily of individual equity securities, exchange-traded and closed-end funds and mutual funds and are reported at their fair value based upon quoted prices in active markets. Investments in certificates of deposit (CD) with original maturities of greater than three months are reported at their estimated fair value based upon the duration of the CD and the interest rate earned on the CD versus current interest rates of similar duration CDs. The fair value of long-term liabilities, based on Management’s estimates, approximates their reported values.
Concentration risks	Concentration risks The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash, cash equivalents, certificates of deposit, exchange-traded and closed-end funds, mutual funds, equity securities, and accounts receivable. Cash balances, some of which exceed federally insured limits, are maintained in financial institutions; however, Management believes the institutions are of high credit quality. The majority of accounts receivable are due from companies that are well-established entities. The Company assesses market risk in debt and equity securities through consultation with its outside investment advisors. Management is responsible for directing investment activity based on current economic conditions. In 2021, a significant portion of the Company's sales were to the U.S. government, which Management does not consider a credit risk. As a consequence, Management considers any exposure from concentrations of credit risks to be limited. The following table reflects our significant customers in 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 Number of significant customers ​ 1 ​ 2 ​ 3 ​ Aggregate dollar amount of net sales to significant customers ​ ​ $ 113.7 million ​ $ 41.6 million ​ $ 19.0 million ​ Percentage of net sales to significant customers ​ ​ ​ 60.3 % ​ 50.6 % ​ 45.6 % ​ The Company increased its allowance for doubtful accounts by $150 thousand in 2021. The Company manufactures some of its products in Little Elm, Texas, as well as utilizing manufacturers in China. The Company obtained roughly 92% of its products in 2021 from its Chinese manufacturers. Purchases from Chinese manufacturers aggregated 85.2% and 82.6% of products in 2020 and 2019, respectively. In the event that the Company becomes unable to purchase products from its Chinese manufacturers, the Company would need to find an alternate manufacturer for its blood collection set, IV catheter, Patient Safe ® ®
Revenue recognition	Revenue recognition The Company recognizes revenue when control of performance obligations passes to the customer, generally when the product ships. Payments from customers with approved credit terms are typically due 30 days from the invoice date. Under certain contracts, revenue is recorded on the basis of sales price to distributors, less contractual pricing allowances. Contractual pricing allowances consist of: (i) rebates granted to distributors who provide tracking reports which show, among other things, the facility that purchased the products, and (ii) a provision for estimated contractual pricing allowances for products for which the Company has not received tracking reports. When rebates are issued, they are applied against the customer’s receivable balance. Distributors receive a rebate for the difference between the Wholesale Acquisition Cost and the appropriate contract price as reflected on a tracking report provided by the distributor to the Company. If product is sold by a distributor to an entity that has no contract, there is a standard rebate (lower than a contracted rebate) given to the distributor. One of the purposes of the rebate is to encourage distributors to submit tracking reports to the Company. The provision for contractual pricing allowances is recognized in the period the related sales are recognized and is reviewed at the end of each quarter and adjusted for changes in levels of products for which there is no tracking report. Additionally, if it becomes clear that tracking reports will not be provided by individual distributors, the provision is further adjusted. The estimated contractual allowance is included in Accounts payable in the Balance Sheets and deducted from Revenues in the Statements of Operations. Accounts payable included estimated contractual allowances for $6.2 million and $3.4 million as of December 31, 2021 and 2020, respectively. The terms and conditions of contractual pricing allowances are governed by contracts between the Company and its distributors. Revenue for shipments directly to end-users is recognized when title and risk of ownership pass from the Company. End-users do not receive any contractual allowances on their purchases. Any product shipped or distributed for evaluation purposes is expensed. The Company provides product warranties that: i) the products are fit for medical use as generally defined within the boundaries of United States FDA approval; ii) the products are not defective; and iii) the products will conform to the descriptions set forth in their respective labeling, provided that they are used in accordance with such labeling and the Company’s written directions for use. The Company has historically not incurred significant warranty claims. The Company’s domestic return policy provides that a customer may return incorrect shipments within 10 days following arrival at the distributor’s facility. In all such cases, the distributor must obtain an authorization code from the Company and affix the code to the returned product. The Company’s domestic return policy also generally provides that a customer may return product that is overstocked. Overstocking returns are limited to two times in each 12-month period up to 1% of distributor’s total purchase of products for the prior 12-month period. All product overstocks and returns are subject to inspection and acceptance by the Company. The Company has not historically incurred significant returns. The Company’s international distribution agreements generally do not provide for any returns. The Company requires certain customers to pay in advance of product shipment. Such prepayments from customers are recorded in Other accrued liabilities and are generally recognized as revenue upon shipment of the product. The Company periodically recognizes revenue from licensing agreements. If the Company licenses its products for sale and the customers of the sublicensee are not known to the Company, the Company is obligated to pay Thomas J. Shaw, the owner of certain patented technology, fifty percent (50%) of such revenue pursuant to the terms of the Technology License Agreement between the Company and Mr. Shaw. Disaggregated information of revenue recognized from contracts with customers and licensing fees recognized are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales (excluding U.S. government) ​ $ 30,446,858 ​ ​ 2,116,108 ​ ​ 9,542,122 ​ ​ 64,375 ​ $ 42,169,463 Sales to U.S. government ​ ​ 31,634,343 ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,634,343 North and South America sales (excluding U.S.) ​ 5,733,116 ​ ​ 8,450 ​ ​ 86,816 ​ ​ 1,064,768 ​ 6,893,150 Other international sales ​ 917,478 ​ ​ 239,329 ​ ​ 235 ​ ​ 8,455 ​ 1,165,497 Total ​ $ 68,731,795 ​ $ 2,363,887 ​ $ 9,629,173 ​ $ 1,137,598 ​ $ 81,862,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales ​ $ 26,722,414 ​ $ 2,130,767 ​ $ 2,970,374 ​ $ 74,369 ​ $ 31,897,924 North and South America sales (excluding U.S.) ​ 7,863,796 ​ 6,313 ​ 7,996 ​ 370,885 ​ 8,248,990 Other international sales ​ 1,052,217 ​ 578,617 ​ 635 ​ 18,796 ​ 1,650,265 Total ​ $ 35,638,427 ​ $ 2,715,697 ​ $ 2,979,005 ​ $ 464,050 ​ $ 41,797,179 ​
Income taxes	Income taxes The Company evaluates tax positions taken or expected to be taken in a tax return for recognition in the financial statements based on whether it is “more-likely-than-not” that a tax position will be sustained based upon the technical merits of the position. Measurement of the tax position is based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company provides for deferred income taxes through utilizing an asset and liability approach for financial accounting and reporting based on the tax effects of differences between the financial statement and tax bases of assets and liabilities, based on enacted rates expected to be in effect when such differences reverse in future periods. Deferred tax assets are periodically reviewed for realizability. In prior periods, the Company established a valuation allowance for its net deferred tax asset as future taxable income which could not be reasonably assured. During the quarter ended June 30, 2020, the Company released its valuation allowance based on available evidence supporting that its deferred tax assets will be realized in full.
Earnings per share	Earnings per share The Company computes basic earnings per share (“EPS”) by dividing net earnings for the period (adjusted for any cumulative dividends for the period) by the weighted average number of common shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect, if any, of the common stock deliverable pursuant to stock options and/or common stock issuable upon the conversion of convertible preferred stock. ​ The calculation of diluted EPS under the treasury stock method included the following shares in 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Common Stock underlying issued and outstanding stock options ​ 141,435 131,347 ​ 639,300 Common stock issuable upon the conversion of convertible preferred shares ​ 232,445 — — ​ ​ 373,880 131,347 639,300 ​ In 2020 and 2019, 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, ​ ​ 2021 2020 2019 Net income ​ ​ $ 56,064,241 ​ $ 24,223,013 ​ $ 3,148,234 Preferred stock dividend requirements ​ ​ (241,703) ​ (573,868) ​ (702,618) Deemed contribution on extinguishment of preferred stock ​ ​ ​ — ​ ​ 2,975,708 ​ ​ — Income applicable to common shareholders ​ ​ $ 55,822,538 ​ $ 26,624,853 ​ $ 2,445,616 Average common shares outstanding ​ ​ 33,870,819 ​ 33,169,307 ​ 32,672,475 Average common and common equivalent shares outstanding — assuming dilution ​ ​ 34,244,699 ​ 33,300,654 ​ 32,672,475 Basic earnings per share ​ ​ $ 1.65 ​ $ 0.80 ​ $ 0.07 Diluted earnings per share ​ ​ $ 1.63 ​ $ 0.80 ​ $ 0.07 ​ The FASB Codification 260-10-S99-2, Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock The Company has determined to apply this guidance to its accounting treatment of the preferred stock transactions described in Note 20.
Shipping and handling costs	Shipping and handling costs The Company classifies shipping and handling costs as part of Cost of sales in the Statements of Operations.
Share-based compensation	Share-based Compensation The Company’s share-based payments are accounted for using the Black-Scholes fair value method. The Company records share-based compensation expense on a straight-line basis over the requisite service period. The Company incurred share-based compensation costs of $3.7 million which were classified as General and administrative expenses. ​
Self-insured employee benefit costs	Self-insured employee benefit costs The Company self-insures certain health insurance benefits for its employees under certain policy limits. The Company has additional coverage provided by an insurance company for any individual with claims in excess of $100,000 and/or total plan claims in excess of $1.6 million for the plan year.
Research and development costs	Research and development costs Research and development costs are expensed as incurred.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating and finance leases are included in Other assets, Other accrued liabilities, and Other long-term liabilities on the Balance Sheets. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the incremental borrowing rate based on information available at the commencement date was used in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the Balance Sheets; however, rent expense is recognized on a straight-line basis over the lease term.
Technology Investment Agreement (TIA)	Technology Investment Agreement (TIA) Effective July 1, 2020, the Company entered into a Technology Investment Agreement ("TIA") with the United States Government Department of Defense, U.S. Army Contracting Command-Aberdeen Proving Ground, Natick Contracting Division & Edgewood Contracting Division (ACC-APG, NCD & ECD) on behalf of the Biomedical Advanced Research and Development Authority (BARDA), as amended, for $81,029,518 in government funding for expanding the Company's domestic production of needles and syringes. Pursuant to the terms of the TIA, the Company is expected to make significant additions to its facilities which should allow the Company to increase domestic production. As reimbursements are received from the U.S. government for such expenditures, the Company records a deferred liability. The deferred liability will be systematically amortized as a gain over the life of the related property, plant, and equipment as to offset the related depreciation expense of the assets acquired. The amortization will be presented separately from the depreciation expense on the Statements of Operations.
Recently Adopted Pronouncements and Recently Issued Pronouncement	Recently Adopted Pronouncements The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as well as subsequent clarifying amendments on January 1, 2020. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Many of the loss estimation techniques applied previously will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The adoption of ASU 2016-13, as well as the Targeted Transition Relief as provided by ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326) – Targeted Transition Relief” did not have a significant impact on the Company’s financial statements. The Company adopted ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a Consensus of the FASB Emerging Issues Task Force)" on January 1, 2020. This amendment requires that implemented costs incurred in a hosting arrangement that is a service contract should be accounted for in accordance with ASC 350-40 Internal-Use Software. Accordingly, costs incurred during the preliminary project and post-implementation stages are expensed and costs associated with the application development phase are capitalized. The amendment also requires that capitalized costs be amortized over the term of the hosting arrangement and that capitalized costs should be evaluated for impairment. The adoption of this ASU did not have a significant impact on the Company's financial statements or disclosures. In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The amendment modifies, among other things, disclosure requirements on fair value measurements and eliminates certain disclosures related to transfers and valuation levels of Level 3 fair value measurements. Additionally, the amendment requires disclosure of changes in unrealized gains and losses in other comprehensive income for Level 3 fair value measurements and certain qualitative factors related to significant unobservable inputs used in Level 3 valuations. The amendment was effective for annual periods beginning after December 15, 2019 and interim periods within the annual period. The adoption of ASU 2018-13 did not have a significant effect on the Company's financial statements, as the Company does not currently have any investments classified as Level 3 fair value measurements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes”. The new standard is intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within the annual period, with early adoption permitted. Adoption of the standard requires certain changes primarily be made prospectively, with some changes to be made retrospectively. The Company has determined that the adoption of ASU 2019-12 did not have a material impact on its financial statements. Recently Issued Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients for contracts that reference LIBOR, if certain criteria are met, that can be applied through December 31, 2022. As reference rate reform is still an ongoing process, the Company will continue to evaluate the timing and potential impact of adoption for optional expedients when deemed necessary. ​ In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”. The new standard is intended to provide increased transparency by requiring business entities to disclose information about certain types of government assistance they receive in the notes to the financial statements. ASU 2021-10 also adds a new Topic – ASC 832, Government Assistance – to the FASB’s Codification. Included in the disclosures under the guidance are the nature of the transaction including the nature of the assistance being given, the accounting policies being used to account for the transaction and other provisions of relevance. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The Company has determined that the guidance will not have a material impact on its financial statements as such disclosures surrounding the TIA, including the accounting policies used to account for the agreement have been in place since its inception.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 Number of significant customers ​ 1 ​ 2 ​ 3 ​ Aggregate dollar amount of net sales to significant customers ​ ​ $ 113.7 million ​ $ 41.6 million ​ $ 19.0 million ​ Percentage of net sales to significant customers ​ ​ ​ 60.3 % ​ 50.6 % ​ 45.6 % ​
Schedule of disaggregated information of revenue recognized from contracts with customers and licensing fees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales (excluding U.S. government) ​ $ 30,446,858 ​ ​ 2,116,108 ​ ​ 9,542,122 ​ ​ 64,375 ​ $ 42,169,463 Sales to U.S. government ​ ​ 31,634,343 ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,634,343 North and South America sales (excluding U.S.) ​ 5,733,116 ​ ​ 8,450 ​ ​ 86,816 ​ ​ 1,064,768 ​ 6,893,150 Other international sales ​ 917,478 ​ ​ 239,329 ​ ​ 235 ​ ​ 8,455 ​ 1,165,497 Total ​ $ 68,731,795 ​ $ 2,363,887 ​ $ 9,629,173 ​ $ 1,137,598 ​ $ 81,862,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019: ​ ​ ​ Blood ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Collection ​ EasyPoint ® ​ Other ​ Product Geographic Segment ​ Syringes ​ Products ​ Needles ​ Products ​ Sales U.S. sales ​ $ 26,722,414 ​ $ 2,130,767 ​ $ 2,970,374 ​ $ 74,369 ​ $ 31,897,924 North and South America sales (excluding U.S.) ​ 7,863,796 ​ 6,313 ​ 7,996 ​ 370,885 ​ 8,248,990 Other international sales ​ 1,052,217 ​ 578,617 ​ 635 ​ 18,796 ​ 1,650,265 Total ​ $ 35,638,427 ​ $ 2,715,697 ​ $ 2,979,005 ​ $ 464,050 ​ $ 41,797,179 ​
Schedule of diluted EPS under the treasury stock method	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 Common Stock underlying issued and outstanding stock options ​ 141,435 131,347 ​ 639,300 Common stock issuable upon the conversion of convertible preferred shares ​ 232,445 — — ​ ​ 373,880 131,347 639,300
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 Net income ​ ​ $ 56,064,241 ​ $ 24,223,013 ​ $ 3,148,234 Preferred stock dividend requirements ​ ​ (241,703) ​ (573,868) ​ (702,618) Deemed contribution on extinguishment of preferred stock ​ ​ ​ — ​ ​ 2,975,708 ​ ​ — Income applicable to common shareholders ​ ​ $ 55,822,538 ​ $ 26,624,853 ​ $ 2,445,616 Average common shares outstanding ​ ​ 33,870,819 ​ 33,169,307 ​ 32,672,475 Average common and common equivalent shares outstanding — assuming dilution ​ ​ 34,244,699 ​ 33,300,654 ​ 32,672,475 Basic earnings per share ​ ​ $ 1.65 ​ $ 0.80 ​ $ 0.07 Diluted earnings per share ​ ​ $ 1.63 ​ $ 0.80 ​ $ 0.07

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Raw materials ​ $ 4,402,828 ​ $ 1,358,552 Finished goods ​ ​ 16,187,091 ​ ​ 8,876,094 ​ ​ $ 20,589,919 ​ $ 10,234,646

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Summary of value of assets designated as investments in debt and equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Equity securities ​ $ 9,112,607 ​ $ — ​ $ — ​ $ 9,112,607 Mutual funds and exchange traded funds ​ ​ 4,156,379 ​ ​ — ​ ​ — ​ ​ 4,156,379 ​ ​ $ 13,268,986 ​ $ — ​ $ — ​ $ 13,268,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Equity securities ​ $ 3,990,533 ​ $ — ​ $ — ​ $ 3,990,533 Mutual funds and exchange traded funds ​ ​ 4,013,956 ​ ​ — ​ ​ — ​ ​ 4,013,956 Certificates of deposit ​ — ​ 77,344 ​ — ​ 77,344 ​ ​ $ 8,004,489 ​ $ 77,344 ​ $ — ​ $ 8,081,833
Schedule of unrealized gains (losses) on investments in equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross Unrealized ​ Aggregate ​ Cost Gains Losses Fair Value Equity securities ​ $ 6,729,245 ​ $ 2,383,362 ​ $ — ​ $ 9,112,607 Mutual funds and exchange traded funds ​ ​ 4,018,488 ​ ​ 137,891 ​ ​ — ​ ​ 4,156,379 ​ ​ $ 10,747,733 ​ $ 2,521,253 ​ $ — ​ $ 13,268,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross Unrealized ​ Aggregate ​ Cost Gains Losses Fair Value Equity securities ​ $ 2,098,144 ​ $ 1,892,389 ​ $ — ​ $ 3,990,533 Mutual funds and exchange traded funds ​ ​ 3,909,364 ​ ​ 104,592 ​ ​ — ​ ​ 4,013,956 Certificates of deposit ​ 75,000 ​ 2,344 ​ — ​ 77,344 ​ ​ $ 6,082,508 ​ $ 1,999,325 ​ $ — ​ $ 8,081,833

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT, AND EQUIPMENT
Schedule of property, plant, and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Land ​ $ 261,893 ​ $ 261,893 Buildings and building improvements ​ 24,364,084 ​ 11,593,952 Production equipment ​ 34,112,766 ​ 20,290,331 Office furniture and equipment ​ 4,089,362 ​ 3,630,455 Construction in progress ​ 52,681,005 ​ 21,365,915 ​ ​ 115,509,110 ​ 57,142,546 Accumulated depreciation ​ (27,583,459) ​ (26,326,042) ​ ​ $ 87,925,651 ​ $ 30,816,504

OTHER ACCRUED LIABILITIES (Tabl

OTHER ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER ACCRUED LIABILITIES
Schedule of other accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Prepayments from customers ​ $ 2,339,530 ​ $ 1,686,868 Accrued professional fees ​ ​ 185,515 ​ ​ 331,204 Current portion – preferred stock repurchase ​ 1,098,282 ​ 1,092,282 Other accrued expenses ​ 102,200 ​ 288,550 Total ​ $ 3,725,527 ​ $ 3,398,904

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
LONG-TERM DEBT
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Loan from American First National Bank. Maturity date is April 10, 2028. The loan, in the original amount of $4,209,608, provided funding for the expansion of the warehouse, additional office space, and a new Controlled Environment. The loan is secured by the Company’s land and buildings. The interest rate is equal to prime rate plus 0.25%, not to be less than 5.0%. The interest rate was 5.0% at December 31, 2021. ​ $ 2,103,308 ​ $ 2,378,100 ​ ​ ​ ​ ​ ​ ​ Loan from Independent Bank pursuant to the Paycheck Protection Program. This loan was forgiven in May 2021. ​ ​ — ​ ​ 1,363,000 ​ ​ 2,103,308 ​ 3,741,100 ​ ​ ​ ​ ​ ​ ​ Less: current portion ​ (289,114) ​ (1,030,763) ​ ​ $ 1,814,194 ​ $ 2,710,337 ​
Schedule of future payments of long-term debt	The aggregate maturities of long-term debt as of December 31, 2021, are as follows: ​ ​ ​ ​ ​ 2022 $ 289,114 2023 ​ ​ 304,116 2024 ​ ​ 319,682 2025 ​ ​ 336,485 2026 ​ ​ 353,944 Thereafter ​ ​ 499,967 ​ ​ $ 2,103,308

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER LONG-TERM LIABILITIES
Schedule of other long-term liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Technology Investment Agreement (TIA) $ 68,955,664 $ 22,444,324 Stock repurchase ​ 1,040,666 ​ 2,034,373 Total ​ $ 69,996,330 ​ $ 24,478,697

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2021 2020 2019 Current tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 20,041,644 ​ $ 4,431,590 ​ $ — State ​ 8,079,555 ​ 2,049,850 ​ 7,875 Total current provision (benefit) ​ 28,121,199 ​ 6,481,440 ​ 7,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax provision (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (6,719,211) ​ (3,428,399) ​ — State ​ (2,515,418) ​ (1,202,807) ​ — Total deferred tax provision (benefit) ​ (9,234,629) ​ (4,631,206) ​ — Total income tax provision (benefit) ​ $ 18,886,570 ​ $ 1,850,234 ​ $ 7,875
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets ​ ​ ​ ​ ​ ​ Net operating loss carry forwards ​ $ 130,643 ​ $ 198,675 Accrued expenses and reserves ​ 1,298,083 ​ 824,920 Employee stock option expense ​ 958,530 ​ 15,188 Nonemployee stock option expense ​ ​ 8,887 ​ ​ 8,515 Inventories ​ 118,201 ​ 98,748 Deferred income – TIA contract ​ ​ 18,199,768 ​ ​ 5,675,617 Deferred tax assets ​ 20,714,112 ​ 6,821,663 Deferred tax liabilities ​ ​ ​ ​ ​ ​ Unrealized gains/losses ​ ​ (665,960) ​ ​ (508,197) Property, plant, and equipment ​ (6,182,318) ​ (1,682,260) Deferred tax liabilities ​ (6,848,278) ​ (2,190,457) Net deferred tax assets ​ $ 13,865,834 ​ $ 4,631,206 ​
Schedule of reconciliation of income taxes based on the federal statutory rate and the effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 2019 U.S. statutory federal tax rate 21.0 % 21.0 % 21.0 % State tax, net of federal tax 6.4 4.2 2.0 Change in valuation allowance — (19.2) (35.6) Valuation Allowance — (0.6) — Stock options ​ ​ (0.1) ​ — ​ — ​ PPP loan ​ ​ (0.4) ​ — ​ — ​ Return-to-provision and other (1.7) 1.7 12.9 Effective tax rate 25.2 % 7.1 % 0.3 % ​

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
STOCK OPTIONS.
Summary of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Weighted ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price ​ Shares ​ Price Outstanding at beginning of period 199,450 ​ $ 2.05 639,300 ​ $ 2.12 1,300,303 ​ $ 1.57 Granted — ​ $ — — ​ $ — — ​ $ — Exercised (25,400) ​ $ 1.91 (431,550) ​ $ (2.14) — ​ $ — Forfeited (1,000) ​ $ 2.75 (8,300) ​ $ (2.75) (661,003) ​ $ (1.05) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of period 173,050 ​ $ 2.06 199,450 ​ $ 2.05 639,300 ​ $ 2.12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of period 173,050 ​ $ 2.06 199,450 ​ $ 2.05 639,300 ​ $ 2.12 ​
Schedule of information about stock options by range of exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Exercise Prices Shares Outstanding Remaining Contractual Life Shares Exercisable $ 1.05 70,000 4.99 70,000 $ 2.75 103,050 4.70 103,050

BUSINESS SEGMENT (Tables)

BUSINESS SEGMENT (Tables)	12 Months Ended
	Dec. 31, 2021
BUSINESS SEGMENT
Schedule of company's sales and long-lived assets by geography	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 U.S. sales (excluding U.S. government) ​ ​ $ 53,888,136 ​ $ 42,169,463 ​ $ 31,897,924 Sales to U.S. government ​ ​ ​ 113,662,440 ​ ​ 31,634,343 ​ ​ — North and South America sales (excluding U.S.) ​ ​ 14,561,236 ​ 6,893,150 ​ 8,248,990 Other international sales ​ ​ 6,270,642 ​ 1,165,497 ​ 1,650,265 Total sales ​ ​ $ 188,382,454 ​ $ 81,862,453 ​ $ 41,797,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ Long-lived assets ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 83,695,991 ​ $ 30,751,259 ​ International ​ ​ 4,229,660 ​ ​ 65,245 ​ Total ​ $ 87,925,651 ​ $ 30,816,504 ​ ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of assets and liabilities relating to leases included in the Condensed Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 OPERATING LEASES ​ ​ Other assets ​ $ — ​ $ 38,892 Other accrued liabilities ​ $ — ​ $ 38,892 Other long-term liabilities ​ — ​ — Total operating lease liabilities ​ $ — ​ $ 38,892

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable (Details)	12 Months Ended
	Dec. 31, 2021customer
Accounts receivable
Number of products consigned to the customers	0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Production equipment | Minimum
Property, plant, and equipment
Useful lives (in years)	3 years
Production equipment | Maximum
Property, plant, and equipment
Useful lives (in years)	13 years
Office furniture and equipment | Minimum
Property, plant, and equipment
Useful lives (in years)	3 years
Office furniture and equipment | Maximum
Property, plant, and equipment
Useful lives (in years)	10 years
Building
Property, plant, and equipment
Useful lives (in years)	39 years
Building Improvements
Property, plant, and equipment
Useful lives (in years)	15 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration risks (Details)	12 Months Ended
	Dec. 31, 2021USD ($)customer	Dec. 31, 2020USD ($)customer	Dec. 31, 2019USD ($)customer
Concentration risks
Aggregate dollar amount of net sales to significant customers	$ 188,382,454	$ 81,862,453	$ 41,797,179
Allowance for doubtful accounts	$ (150,000)
Customer Concentration Risk | Revenue | Significant customers
Concentration risks
Number of significant customers | customer	1	2	3
Aggregate dollar amount of net sales to significant customers	$ 113,700,000	$ 41,600,000	$ 19,000,000
Percentage of net sales to significant customers	60.30%	50.60%	45.60%
Supplier Concentration Risk | Revenue | China
Concentration risks
Percentage of net sales to significant customers	92.00%	85.20%	82.60%

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revenue recognition
Estimated contractual allowance	$ 6,200,000	$ 3,400,000
Period for return of incorrect shipments	10 days
Number of times overstocking returns are limited | item	2
Period for return of product due to overstock	12 months
Maximum percentage of distributor's total purchase for the prior 12-month period	1.00%
Sales, net	$ 188,382,454	81,862,453	$ 41,797,179
Syringes
Revenue recognition
Sales, net	176,330,309	68,731,795	35,638,427
Blood Collection Products
Revenue recognition
Sales, net	2,248,150	2,363,887	2,715,697
Easy Point Needles
Revenue recognition
Sales, net	9,636,440	9,629,173	2,979,005
Other Products
Revenue recognition
Sales, net	167,555	1,137,598	464,050
U.S. sales
Revenue recognition
Sales, net	53,888,136	42,169,463	31,897,924
U.S. sales | Syringes
Revenue recognition
Sales, net	42,770,403	30,446,858	26,722,414
U.S. sales | Blood Collection Products
Revenue recognition
Sales, net	2,171,680	2,116,108	2,130,767
U.S. sales | Easy Point Needles
Revenue recognition
Sales, net	8,892,712	9,542,122	2,970,374
U.S. sales | Other Products
Revenue recognition
Sales, net	53,341	64,375	74,369
U.S. government
Revenue recognition
Sales, net	113,662,440	31,634,343
U.S. government | Syringes
Revenue recognition
Sales, net	113,662,440	31,634,343
North and South America (excluding U.S)
Revenue recognition
Sales, net	14,561,236	6,893,150	8,248,990
North and South America (excluding U.S) | Syringes
Revenue recognition
Sales, net	14,345,874	5,733,116	7,863,796
North and South America (excluding U.S) | Blood Collection Products
Revenue recognition
Sales, net	4,800	8,450	6,313
North and South America (excluding U.S) | Easy Point Needles
Revenue recognition
Sales, net	100,848	86,816	7,996
North and South America (excluding U.S) | Other Products
Revenue recognition
Sales, net	109,714	1,064,768	370,885
Other international sales
Revenue recognition
Sales, net	6,270,642	1,165,497	1,650,265
Other international sales | Syringes
Revenue recognition
Sales, net	5,551,592	917,478	1,052,217
Other international sales | Blood Collection Products
Revenue recognition
Sales, net	71,670	239,329	578,617
Other international sales | Easy Point Needles
Revenue recognition
Sales, net	642,880	235	635
Other international sales | Other Products
Revenue recognition
Sales, net	$ 4,500	$ 8,455	$ 18,796

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per share
Common Stock underlying issued and outstanding stock options	141,435	131,347	639,300
Common stock issuable upon the conversion of convertible preferred shares	232,445
Diluted EPS calculated under the treasury stock method	373,880	131,347	639,300
Net income	$ 56,064,241	$ 24,223,013	$ 3,148,234
Preferred stock dividend requirements	(241,703)	(573,868)	(702,618)
Deemed contribution on extinguishment of preferred stock		2,975,708
Net income applicable to common shareholders	$ 55,822,538	$ 26,624,853	$ 2,445,616
Average common shares outstanding	33,870,819	33,169,307	32,672,475
Average common and common equivalent shares outstanding - assuming dilution	34,244,699	33,300,654	32,672,475
Basic earnings per share	$ 1.65	$ 0.80	$ 0.07
Diluted earnings per share	$ 1.63	$ 0.80	$ 0.07

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-based compensation (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Share-based compensation expense	$ 3,660,387
General and administrative
Share-based compensation expense	$ 3,700,000

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Self-insured employee benefit costs (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Minimum
Additional insurance coverage	$ 100,000
Maximum
Additional insurance coverage	$ 1,600,000

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Technology Investment Agreement (TIA) (Details)	Jul. 01, 2020USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development agreement with government funding amount	$ 81,029,518

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INVENTORIES
Raw materials	$ 4,402,828	$ 1,358,552
Finished goods	16,187,091	8,876,094
Inventory, net	$ 20,589,919	$ 10,234,646

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investments in equity securities
Investments in debt and equity securities, at fair value	$ 13,268,986	$ 8,081,833
Gross Unrealized
Cost	10,747,733	6,082,508
Gross Unrealized Gains	2,521,253	1,999,325
Unrealized gains on investments in debt and equity securities	2,521,253	1,999,325
Level 1
Investments in equity securities
Investments in debt and equity securities, at fair value	13,268,986	8,004,489
Level 2
Investments in equity securities
Investments in debt and equity securities, at fair value		77,344
Equity securities
Investments in equity securities
Investments in debt and equity securities, at fair value	9,112,607	3,990,533
Gross Unrealized
Cost	6,729,245	2,098,144
Gross Unrealized Gains	2,383,362	1,892,389
Equity securities | Level 1
Investments in equity securities
Investments in debt and equity securities, at fair value	9,112,607	3,990,533
Mutual funds and exchange traded funds
Investments in equity securities
Investments in debt and equity securities, at fair value	4,156,379	4,013,956
Gross Unrealized
Cost	4,018,488	3,909,364
Gross Unrealized Gains	137,891	104,592
Mutual funds and exchange traded funds | Level 1
Investments in equity securities
Investments in debt and equity securities, at fair value	$ 4,156,379	4,013,956
Certificates of deposit
Investments in equity securities
Investments in debt and equity securities, at fair value		77,344
Gross Unrealized
Cost		75,000
Gross Unrealized Gains		2,344
Certificates of deposit | Level 2
Investments in equity securities
Investments in debt and equity securities, at fair value		$ 77,344

PROPERTY, PLANT, AND EQUIPMEN_2

PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, plant, and equipment
Property, plant and equipment, gross	$ 115,509,110	$ 57,142,546
Accumulated depreciation	(27,583,459)	(26,326,042)
Property, plant and equipment, net	87,925,651	30,816,504
Depreciation expense	1,257,417	832,069	$ 851,673
Land
Property, plant, and equipment
Property, plant and equipment, gross	261,893	261,893
Building and building improvements
Property, plant, and equipment
Property, plant and equipment, gross	24,364,084	11,593,952
Production equipment
Property, plant, and equipment
Property, plant and equipment, gross	34,112,766	20,290,331
Office furniture and equipment
Property, plant, and equipment
Property, plant and equipment, gross	4,089,362	3,630,455
Construction in Progress
Property, plant, and equipment
Property, plant and equipment, gross	$ 52,681,005	$ 21,365,915

LICENSE AGREEMENT (Details)

LICENSE AGREEMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LICENSE AGREEMENT
Fees	$ 93,029,933	$ 44,854,100	$ 27,659,223
Royalty expense to shareholder
LICENSE AGREEMENT
Fees	$ 11,318,093	5,476,306	3,449,822
Licensing Agreement | Chief Executive Officer
LICENSE AGREEMENT
Royalty percentage on sales	5.00%
Royalty percentage on sales of sublicense	50.00%
Royalty payable under the license agreement	$ 3,450,684	1,973,781
Gross sales upon which royalties are based	226,294,765	109,526,118	67,529,783
Licensing Agreement | Royalty expense to shareholder | Chief Executive Officer
LICENSE AGREEMENT
Fees	$ 11,318,093	$ 5,476,306	$ 3,449,822

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
OTHER ACCRUED LIABILITIES
Prepayments from customers	$ 2,339,530	$ 1,686,868
Accrued professional fees	185,515	331,204
Current portion - preferred stock repurchase	1,098,282	1,092,282
Other accrued expenses	102,200	288,550
Other accrued liabilities	$ 3,725,527	$ 3,398,904

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Long-term debt	$ 2,103,308	$ 3,741,100
Less: current portion	(289,114)	(1,030,763)
Long-term debt, net of current maturities	1,814,194	2,710,337
American First National Bank
Long-term debt
Principal amount	$ 4,209,608	4,209,608
Interest rate (as a percent)	5.00%
Long-term debt	$ 2,103,308	$ 2,378,100
American First National Bank | Minimum
Long-term debt
Prime rate (as a percent)	0.25%	0.25%
American First National Bank | Maximum
Long-term debt
Prime rate (as a percent)	5.00%	5.00%
Independent Bank
Long-term debt
Long-term debt		$ 1,363,000

LONG-TERM DEBT - Future payment

LONG-TERM DEBT - Future payments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Future payments of long-term debt
2022	$ 289,114
2023	304,116
2024	319,682
2025	336,485
2026	353,944
Thereafter	499,967
Long term debt total	$ 2,103,308	$ 3,741,100

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
OTHER LONG-TERM LIABILITIES
Technology Investment Agreement (TIA)	$ 68,955,664	$ 22,444,324
Stock repurchase	1,040,666	2,034,373
Total	$ 69,996,330	$ 24,478,697

OTHER LONG-TERM LIABILITIES- Ad

OTHER LONG-TERM LIABILITIES- Additional information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)installment	Dec. 31, 2020shares
OTHER LONG-TERM LIABILITIES
Net present value | $	$ 3,303,330
Number of annual installment payments | installment	3
Purchase price is payable | $	$ 1,101,110
Series IV, Class B
OTHER LONG-TERM LIABILITIES
Preferred shareholders as a result of private stock purchases | shares		320,333
Series V, Class B
OTHER LONG-TERM LIABILITIES
Preferred shareholders as a result of private stock purchases | shares		25,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Current tax provision (benefit)
Federal	$ 20,041,644	$ 4,431,590
State	8,079,555	2,049,850	$ 7,875
Total current provision (benefit)	28,121,199	6,481,440	7,875
Deferred tax provision (benefit)
Federal	(6,719,211)	(3,428,399)
State	(2,515,418)	(1,202,807)
Total deferred tax provision (benefit)	(9,234,629)	(4,631,206)
Total income tax provision (benefit)	18,886,570	1,850,234	$ 7,875
Tax benefits attributable to net operating losses for federal tax purposes	2,000,000	23,300,000
Deferred tax assets
Net operating loss carry forwards	130,643	198,675
Accrued expenses and reserves	1,298,083	824,920
Employee stock option expense	958,530	15,188
Nonemployee stock option expense	8,887	8,515
Inventories	118,201	98,748
Deferred income - TIA contract	18,199,768	5,675,617
Deferred tax assets	20,714,112	6,821,663
Deferred tax liabilities
Unrealized gains/losses	(665,960)	(508,197)
Property and equipment	(6,182,318)	(1,682,260)
Deferred tax liabilities	(6,848,278)	(2,190,457)
Net deferred tax assets	$ 13,865,834	$ 4,631,206
Reconciliation of income taxes based on the federal statutory rate and the effective income tax rate
U.S. statutory federal tax rate (as a percent)	21.00%	21.00%	21.00%
State tax, net of federal tax (as a percent)	6.40%	4.20%	2.00%
Change in valuation allowance (as a percent)		(19.20%)	(35.60%)
Valuation Allowance		(0.60%)
Stock options (as a percent)	(0.10%)
PPP loan (as a percent)	(0.40%)
Return-to-provision and other (as a percent)	(1.70%)	1.70%	12.90%
Release of valuation allowance, amount		$ 5,000,000
Tax Reform and Jobs Act tax rate change				80.00%
Effective tax rate (as a percent)	25.20%	7.10%	0.30%
Minimum
Reconciliation of income taxes based on the federal statutory rate and the effective income tax rate
State and local income tax returns, period subject to examination	3 years
Maximum
Reconciliation of income taxes based on the federal statutory rate and the effective income tax rate
State and local income tax returns, period subject to examination	5 years

DIVIDENDS (Details)

DIVIDENDS (Details)	Mar. 31, 2022USD ($)stockholder	Jan. 31, 2022USD ($)	Oct. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Jan. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Dividends
Cumulative annual payments				$ 5,056,945
Dividends paid							$ 1,438,371	$ 49,091	$ 54,800
Number of entitled shareholders | stockholder	90
Contingent liability former shareholders	$ 1,400,000
Series I, Class B
Dividends
Cumulative annual payments						$ 10,041		48,000	48,625
Series II, Class B
Dividends
Cumulative annual payments				39,050	$ 39,050	$ 39,050		$ 168,642	$ 171,200
Dividends paid		$ 39,050	$ 39,050
Series III, Class B
Dividends
Cumulative annual payments				4,086,704
Dividends paid		$ 39,495
Series IV, Class B
Dividends
Cumulative annual payments				101,475
Series V, Class B
Dividends
Cumulative annual payments				$ 829,716

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item$ / sharesshares	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)
Stockholders' equity
Preferred stock par value (in dollars per share) | $ / shares	$ 1	$ 1
Number of classes of preferred stock outstanding | item		1
Dividend paid | $	$ 3,824,311	$ 216,642	$ 219,825
Common stock authorized (in shares) | shares	100,000,000	100,000,000
Common stock no par value (in dollars per share) | $ / shares	$ 0	$ 0
Common stock outstanding (in shares) | shares	33,484,935	33,957,204
Treasury shares | shares	528,169
Number of shares issued for convertible preferred stock | shares	405,495
Preferred Class A [Member]
Stockholders' equity
Preferred stock authorized (in shares) | shares	5,000,000
Preferred stock par value (in dollars per share) | $ / shares	$ 1
Preferred Class B
Stockholders' equity
Preferred stock authorized (in shares) | shares	5,000,000	5,000,000
Preferred stock par value (in dollars per share) | $ / shares	$ 1
Number of series of preferred stock class B | item	2
Preferred stock, remaining authorized shares to which series have Not been assigned | shares	4,767,555
Series II, Class B
Stockholders' equity
Preferred stock par value (in dollars per share) | $ / shares	$ 1	$ 1
Preferred stock outstanding (in shares) | shares	156,200	156,200
Cumulative annual dividend payable quarterly (in dollars per share) | $ / shares	$ 1
Dividend paid | $	$ 156,200	$ 168,642
Preferred stock dividend in arrears | $	$ 0
Preferred stock redemption price (in dollars per share) | $ / shares	$ 15
Preferred stock conversion ratio	1
Number of shares of preferred stock converted into common stock | shares	0	15,000
Amount per share the holders of the preferred stock entitled to in voluntary or involuntary dissolution, liquidation or winding up of the Company (in dollars per share) | $ / shares	$ 12.50
Number of consecutive quarters in which preferred stockholders have no voting right until dividends are in arrears | item	12
Right of preferred stock holders to elect a specified proportion of board of directors	0.33
Series III, Class B
Stockholders' equity
Preferred stock par value (in dollars per share) | $ / shares	$ 1	$ 1
Preferred stock outstanding (in shares) | shares	76,245	106,745
Cumulative annual dividend payable quarterly (in dollars per share) | $ / shares	$ 1
Dividend paid | $	$ 3,245,693	$ 0
Preferred stock dividend in arrears | $	$ 0
Preferred stock redemption price (in dollars per share) | $ / shares	$ 15
Preferred stock conversion ratio	1
Number of shares of preferred stock converted into common stock | shares	30,500	0
Exchanged for Common Stock | shares		22,500
Amount per share the holders of the preferred stock entitled to in voluntary or involuntary dissolution, liquidation or winding up of the Company (in dollars per share) | $ / shares	$ 12.50
Preferred Class C [Member]
Stockholders' equity
Preferred stock authorized (in shares) | shares	5,000,000
Preferred stock par value (in dollars per share) | $ / shares	$ 1

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares
STOCK OPTIONS
Share-based compensation expense | $	$ 3,660,387
Allocated share based compensation expense year one | $	4,595,400
Allocated share based compensation expense year two | $	4,595,400
Allocated share based compensation expense year three | $	935,013
Intrinsic value | $	842,349	$ 1,733,856
Assumed dividends | $	0
Weighted-Average Exercise Price
Proceeds from Stock Options Exercised | $	$ 48,600	$ 922,512
Fair value assumptions
Weighted average fair value of options granted during period (in dollars per share) | $ / shares	$ 10.21
Volatility (as a percent)	92.66%
Risk-free rate (as a percent)	1.20%
Expected life	10 years
Term (in years)	3 years
Officers
STOCK OPTIONS
Number of officers | item	3
Number of options
Granted (in shares)	1,350,000
Exercisable (in shares)	0
2008 Option Plan
STOCK OPTIONS
Shares available for future issuance	0
2021 Stock Option Plan
STOCK OPTIONS
Options issued (in shares)	1,350,000
Shares available for future issuance	650,000
Number of shares vested	0
Stock Option
STOCK OPTIONS
Options issued (in shares)	0	0	0
Exercise price (in dollars per share) | $ / shares	$ 2.06	$ 2.05	$ 2.12
Number of options
Outstanding at beginning of period (in shares)	199,450	639,300	1,300,303
Exercised (in shares)	(25,400)	(431,550)
Forfeited (in shares)	(1,000)	(8,300)	(661,003)
Outstanding at end of period (in shares)	173,050	199,450	639,300
Exercisable (in shares)	173,050	199,450	639,300
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 2.05	$ 2.12	$ 1.57
Exercise price (in dollars per share) | $ / shares	(1.91)	(2.14)
Forfeited (in dollars per share) | $ / shares	(2.75)	(2.75)	(1.05)
Outstanding at end of period (in dollars per share) | $ / shares	2.06	2.05	2.12
Exercisable (in dollars per share) | $ / shares	$ 2.06	$ 2.05	$ 2.12
Stock Option | 2008 Option Plan
Number of options
Granted (in shares)	3,649,508
Outstanding at end of period (in shares)	173,050
Stock Option | 2008 Option Plan | Nonemployee
Number of options
Outstanding at beginning of period (in shares)	0
Forfeited (in shares)			(57,500)
Outstanding at end of period (in shares)	0	0
Weighted-Average Exercise Price
Forfeited (in dollars per share) | $ / shares			$ (0.81)

STOCK OPTIONS - Outstanding (De

STOCK OPTIONS - Outstanding (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options Outstanding
Exercise price (in dollars per share)	$ 2.06	$ 2.05	$ 2.12	$ 1.57
Exercise Price Dollars 1.05
Stock Options Outstanding
Exercise price (in dollars per share)	$ 1.05
Shares Outstanding	70,000
Weighted Average Remaining Contractual Life	4 years 11 months 26 days
Shares Exercisable	70,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares Outstanding	70,000
Exercise Price Dollars 2.75
Stock Options Outstanding
Exercise price (in dollars per share)	$ 2.75
Shares Outstanding	103,050
Weighted Average Remaining Contractual Life	4 years 8 months 12 days
Shares Exercisable	103,050
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares Outstanding	103,050

401(k) PLAN (Details)

401(k) PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Maximum percentage of compensation that employees may elect to contribute	88.00%
Employee service period	90 days
Employer Discretionary Contribution Amount	$ 204,032	$ 162,008	$ 117,917
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer Matching Contribution, Percent of Match	2.00%	2.00%	2.00%

BUSINESS SEGMENT (Details)

BUSINESS SEGMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales by geography
Sales, net	$ 188,382,454	$ 81,862,453	$ 41,797,179
Long-lived assets
Long-lived assets	87,925,651	30,816,504
U.S. sales
Sales by geography
Sales, net	53,888,136	42,169,463	31,897,924
Long-lived assets
Long-lived assets	83,695,991	30,751,259
U.S. government
Sales by geography
Sales, net	113,662,440	31,634,343
North and South America (excluding U.S)
Sales by geography
Sales, net	14,561,236	6,893,150	8,248,990
Other international sales
Sales by geography
Sales, net	6,270,642	1,165,497	$ 1,650,265
International
Long-lived assets
Long-lived assets	$ 4,229,660	$ 65,245

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating lease cost	$ 38,892	$ 103,312
Cash outflows related to leases	$ 32,272	106,101
Assets and liabilities associated with these leases in Balance Sheets
Other assets		$ 38,892
Other assets [Extensible List]	Other Assets	Other Assets
Other accrued liabilities		$ 38,892
Other accrued liabilities [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Other long-term liabilities [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities		$ 38,892

PRIVATE EXCHANGES AND REDEMPT_2

PRIVATE EXCHANGES AND REDEMPTION (Details)	1 Months Ended		12 Months Ended
	Feb. 28, 2022USD ($)	Feb. 28, 2021USD ($)installment	Dec. 31, 2021$ / shares	Dec. 31, 2020USD ($)$ / sharesshares
Stockholders' equity
Cash consideration payment period			3 years
Number of installments | installment		2
Series I, Class B
Stockholders' equity
Redemption (in shares)				14,300
Preferred stock redemption price (in dollars per share) | $ / shares				$ 7.50
Series II, Class B
Stockholders' equity
Preferred stock redemption price (in dollars per share) | $ / shares			$ 15
Series III, Class B
Stockholders' equity
Stock repurchased under the Common Stock repurchase plan (in shares)				22,500
Preferred stock redemption price (in dollars per share) | $ / shares			$ 15
Series IV, Class B
Stockholders' equity
Stock repurchased under the Common Stock repurchase plan (in shares)				342,500
Series V, Class B
Stockholders' equity
Stock repurchased under the Common Stock repurchase plan (in shares)				34,000
Common Stock [Member]
Stockholders' equity
Aggregate cash consideration | $				$ 3,786,000
Payment for repurchase of stock | $	$ 1,101,110	$ 1,101,110		$ 482,670
Conversion of Preferred Stock into Common Stock (in shares)				754,000
Unpaid dividends in arrears waived | $				$ 7,642,049

PAYCHECK PROTECTION PROGRAM L_2

PAYCHECK PROTECTION PROGRAM LOAN (Details) - USD ($)	May 13, 2021	Apr. 17, 2020
Debt Instrument [Line Items]
Loan amount forgiveness, CARES Act	$ 1,377,652
Promissory note | Paycheck Protection Program Loan
Debt Instrument [Line Items]
Principal amount		$ 1,363,000
Interest rate (as a percent)		1.00%

TECHNOLOGY INVESTMENT AGREEME_2

TECHNOLOGY INVESTMENT AGREEMENT (Details) $ in Millions	Jul. 01, 2020	Dec. 31, 2021USD ($)
TECHNOLOGY INVESTMENT AGREEMENT
Technology investment agreement term	10 years
Purchase of automated assembly and auxiliary equipment		$ 46.3
Area of land for existing properties		27,800
Area of land for new warehouse		55,000
Estimated cost of the controlled environment within existing properties		$ 6.7
Increase cost of controlled environment within manufacturing equipment		5.9
Estimated cost of the construction of the new warehouse		$ 17.1

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - USD ($) $ in Millions	Mar. 11, 2022	Dec. 31, 2021	Jun. 04, 2021	Dec. 31, 2020
Obligation with Joint and Several Liability Arrangement [Line Items]
Proceeds from sale of common stock		$ 5.3
Common Stock in treasury		528,169		0
Repurchase Plan
Obligation with Joint and Several Liability Arrangement [Line Items]
Value of shares under repurchase plans			$ 10
Shares issued (in shares)	371,730	528,169
Proceeds from sale of common stock	$ 2

Schedule II-Schedule of Valua_2

Schedule II-Schedule of Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Provision for Inventories
Movement in schedule of valuation and qualifying accounts
Balance at beginning of period	$ 297,208	$ 297,208	$ 297,208
Balance at end of period	297,208	297,208	297,208
Provision for Accounts Receivables
Movement in schedule of valuation and qualifying accounts
Balance at beginning of period	205,822	146,382	149,665
Additions	150,000	125,000
Deductions	3,605	65,560	3,283
Balance at end of period	352,217	205,822	146,382
Deferred Tax Valuation
Movement in schedule of valuation and qualifying accounts
Balance at beginning of period		5,029,838	6,151,398
Deductions		5,029,838	1,121,560
Balance at end of period			5,029,838
Provision for Rebates
Movement in schedule of valuation and qualifying accounts
Balance at beginning of period	3,811,925	4,273,569	4,586,847
Additions	36,230,028	26,104,612	24,212,830
Deductions	33,403,838	26,566,256	24,526,108
Balance at end of period	6,638,115	3,811,925	4,273,569
Accounts payable
Movement in schedule of valuation and qualifying accounts
Balance at beginning of period	3,435,352	3,586,726
Balance at end of period	$ 6,209,708	$ 3,435,352	$ 3,586,726