SHAREHOLDERS’ EQUITY

6 Months Ended

Nov. 30, 2024

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 3: SHAREHOLDERS’ EQUITY

On September 28, 2023, the Company filed a “shelf” registration statement on Form S-3 with the SEC, which was declared effective on September 29, 2023, allowing the Company to issue up to $20,000,000 in common shares. Under this registration statement, shares of our common stock may be sold from time to time for up to three years from the filing date. On May 10, 2024, the Company filed a prospectus supplement with the SEC to facilitate the sale of up to $5,500,000 in common stock through ATM offerings, as defined in Rule 415 under the Securities Act.

On November 30, 2023, the Company did not have an open ATM offering in place. No shares of common stock or other equity securities of the Company were sold under the shelf registration statement during the six months ended November 30, 2023. During the six months ended November 30, 2024, the Company sold 1,515,348 shares of its common stock at prices ranging from $0.36 to $0.47 under its Form S-3 Registration Statement and ATM Offering which resulted in gross proceeds of approximately $603,000 and net proceeds to the Company of approximately $567,000 after deducting commissions for each sale and legal, accounting, and other fees related to the ATM Offering.