Form 10-Q

0001513162-21-000006.txt : 20210114 0001513162-21-000006.hdr.sgml : 20210114 20210114161533 ACCESSION NUMBER: 0001513162-21-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20201130 FILED AS OF DATE: 20210114 DATE AS OF CHANGE: 20210114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOMERICA INC CENTRAL INDEX KEY: 0000073290 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 952645573 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37863 FILM NUMBER: 21528919 BUSINESS ADDRESS: STREET 1: 17571 VON KARMAN AVENUE CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 9496452111 MAIL ADDRESS: STREET 1: 17571 VON KARMAN AVENUE CITY: IRVINE STATE: CA ZIP: 92614 FORMER COMPANY: FORMER CONFORMED NAME: NMS PHARMACEUTICALS INC DATE OF NAME CHANGE: 19871130 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR MEDICAL SYSTEMS INC DATE OF NAME CHANGE: 19830216 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR INSTRUMENTS INC DATE OF NAME CHANGE: 19720508 10-Q 1 form10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2020

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37863

BIOMERICA, INC.

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(Exact name of registrant as specified in its charter)

Delaware 95-2645573

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(State or other jurisdiction of (I.R.S. Employer

incorporation or organization) Identification No.)

17571 Von Karman Avenue, Irvine, CA 92614

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(Address of principal executive offices) (Zip Code)

Registrant's telephone number including area code: (949) 645-2111

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(Former name, former address and former fiscal year, if changed since last report.)

(TITLE OF EACH CLASS) (NAME OF EACH EXCHANGE ON WHICH REGISTERED)

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Common, par value $.08 NASDAQ Capital Market

Securities registered pursuant to Section 12(g) of the Act:

(TITLE OF EACH CLASS)

COMMON STOCK, PAR VALUE $0.08

Indicate by check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [_]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (paragraph 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [_]

Indicate by check mark whether the registrant is a large accelerated, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [_] Accelerated Filer [_]

Non-Accelerated Filer [_] Smaller Reporting Company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes [_] No [X]

Indicate the number of shares outstanding of each of the registrant's common stock, as of the latest practicable date 11,780,089 shares of common stock, par value $0.08, as of January 14, 2021.

BIOMERICA, INC.

INDEX

PART I	Financial Information

Item 1.	Financial Statements:

	Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) – Three and Six Months Ended November 30, 2020 and 2019	1

	Condensed Consolidated Balance Sheets (unaudited) November 30, 2020 and (audited) May 31, 2020	2

	Condensed Consolidated Statement of Shareholders’ Equity – (unaudited) Six Months Ended November 30, 2020	3

	Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended November 30, 2020 and 2019	4

	Notes to Condensed Consolidated Financial Statements (unaudited)	5-11

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	11-15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	15

Item 4.	Controls and Procedures	15

PART II	Other Information

Item 1.	Legal Proceedings	16

Item 1A.	Risk and Uncertainties	16-18

Item 2.	Unregistered Sales of Equity Securities & Use of Proceeds	18

Item 3.	Defaults upon Senior Securities	18

Item 4.	Mine Safety Disclosures	18

Item 5.	Other Information	18

Item 6.	Exhibits	18

	Signatures	19

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PART I - FINANCIAL INFORMATION

SUMMARIZED FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BIOMERICA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS(UNAUDITED)

	Six Months Ended				Three Months Ended
	November 30, 2020		November 30, 2019		November 30, 2020		November 30, 2019

Net sales	$	2,516,332	$	2,790,823	$	1,372,526	$	1,596,408
Cost of sales		(1,971,960)		(1,954,647)		(1,011,030)		(1,127,536)
Gross Profit		544,372		836,176		361,496		468,872

Operating Expenses:
Selling, general and administrative		2,419,411		1,060,958		1,254,847		553,761
Research and development		1,261,096		775,320		586,403		404,854
Total operating expense		3,680,507		1,836,278		1,841,250		958,615

Loss from operations		(3,136,135)		(1,000,102)		(1,479,754)		(489,743)

Other Income:
Dividend and interest income		16,074		8,551		7,983		4,488
Interest expense		-		(5)		-		(5)
Total other income		16,074		8,546		7,983		4,483

Loss before income taxes		(3,120,061)		(991,556)		(1,471,771)		(485,260)

Provision for income taxes		14,518		-		13,393		-

Net loss	$	(3,134,579)	$	(991,556)	$	(1,485,164)	$	(485,260)

Basic net loss per common share	$	(0.27)	$	(0.10)	$	(0.13)	$	(0.05)

Diluted net loss per common share	$	(0.27)	$	(0.10)	$	(0.13)	$	(0.05)

Weighted average number of common and common equivalent shares:
Basic		11,752,299		9,780,813		11,756,265		9,817,363

Diluted		11,752,299		9,780,813		11,756,265		9,817,363

Net loss	$	(3,134,579)	$	(991,556)	$	(1,485,164)	$	(485,260)

Other comprehensive loss, net of tax:
Foreign currency translation		(3,250)		(5,085)		(1,530)		(1,643)

Comprehensive loss	$	(3,137,829)	$	(996,641)	$	(1,486,694)	$	(486,903)

The accompanying notes are an integral part of these statements.

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BIOMERICA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	November 30, 2020 (unaudited)		May 31, 2020 (audited)
	November 30, 2020 (unaudited)		May 31, 2020 (audited)

Assets

Current Assets:
Cash and cash equivalents	$	5,683,787	$	8,641,027
Accounts receivable, less allowance for doubtful accounts of $481,142 and $70,981 as of November 30, 2020 and May 31, 2020, respectively		1,611,769		1,765,871
Inventories, net		4,198,213		2,850,836
Prepaid expenses and other		453,137		1,509,083
Total current assets		11,946,906		14,766,817

Property and equipment, net of accumulated depreciation and amortization of $1,920,217 and $1,867,643 as of November 30, 2020 and May 31, 2020, respectively		288,370		279,379

Right of use assets, net of accumulated amortization of $346,514 and $231,489 as of November 30, 2020 and May 31, 2020, respectively		1,596,485		1,711,510

Investments		165,324		165,324

Intangible assets, net of accumulated amortization of $513,367 and $496,124 as of November 30, 2020 and May 31, 2020, respectively		218,331		168,655

Other assets		262,278		168,193
Total Assets	$	14,477,694	$	17,259,878

Liabilities and Shareholders' Equity

Current Liabilities:
Accounts payable and accrued expenses	$	1,258,097	$	986,711
Accrued compensation		392,006		278,627
Lease liability, current portion		223,920		211,809
Total current liabilities		1,874,023		1,477,147
Lease liability, net of current portion		1,454,890		1,569,678
Total Liabilities		3,328,913		3,046,825

Commitments and contingencies (Notes 5 and 6)

Shareholders' Equity:

Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at November 30, 2020 and May 31, 2020		25,714		25,714
Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at November 30, 2020 and May 31, 2020		-		-
Common stock, $0.08 par value, 25,000,000 shares authorized, 11,770,089 and 11,740,089 issued and outstanding at November 30, 2020 and May 31, 2020, respectively		941,605		939,205
Additional paid-in-capital		35,284,864		35,213,707
Accumulated other comprehensive loss		(43,091)		(39,841)
Accumulated deficit		(25,060,311)		(21,925,732)
Total Shareholders' Equity		11,148,781		14,213,053
Total Liabilities and Shareholders' Equity	$	14,477,694	$	17,259,878

The accompanying notes are an integral part of these statements.

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BIOMERICA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited)

Six Months Ended November 30, 2020

	Common Stock			Series A 5% Convertible Preferred Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit
	Shares	Amount		Shares	Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total

Balances, May 31, 2020	11,740,089	$	939,205	321,429	$	25,714	$	35,213,707	$	(39,841)	$	(21,925,732)	$	14,213,053

Exercise of stock options	30,000		2,400	-		-		46,930		-		-		49,330
Foreign currency translation	-		-	-		-		-		(3,250)		-		(3,250)
Compensation expense in connection with options granted	-		-	-		-		24,227		-		-		24,227
Net loss	-		-	-		-		-		-		(3,134,579)		(3,134,579)
Balances, November 30, 2020	11,770,089	$	941,605	321,429	$	25,714	$	35,284,864	$	(43,091)	$	(25,060,311)	$	11,148,781

The accompanying notes are an integral part of these statements.

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BIOMERICA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended
	November 30, 2020		November 30, 2019

Cash flows from operating activities:

Net loss	$	(3,134,579)	$	(991,556)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		64,435		65,545
Change in allowance on accounts receivable		410,161		3,571
Inventory reserve		11,943		6,873
Stock option expense		24,227		34,978
Reduction in deferred rent liability		-		(37,971)
Amortization of right-of-use asset		115,025		157,356
Changes in assets and liabilities:
Accounts receivable		(256,059)		168,133
Inventories		(1,359,320)		(46,675)
Prepaid expenses		1,055,946		18,431
Reduction in lease liability		(102,677)		(102,133)
Other assets		(94,085)		-
Accounts payable and accrued expenses		271,386		345,211
Accrued compensation		113,379		12,243
Net cash used in operating activities		(2,880,218)		(365,994)

Cash flows from investing activities:
Increase in intangibles		(61,536)		(15,008)
Purchases of property and equipment		(61,566)		(6,323)
Net cash used in investing activities		(123,102)		(21,331)

Cash flows from financing activities:
Proceeds from sale of common stock, net		-		307,686
Proceeds from exercise of stock options		49,330		48,928
Proceeds from equity financing-officer		-		200,000
Net cash provided by financing activities		49,330		556,614

Effect of exchange rate changes in cash		(3,250)		(5,085)
Net (decrease) increase in cash and cash equivalents		(2,957,240)		164,204

Cash and cash equivalents at beginning of period		8,641,027		686,785

Cash and cash equivalents at end of period	$	5,683,787	$	850,989

Supplemental Disclosure of Cash-Flow Information:
Cash paid during the period for:
Interest	$	-	$	5
Income taxes	$	11,735	$	7,844
Non-cash investing and financing activities:
Establishment of Right-Of-Use Asset per ASC 842	$	-	$	1,942,999
Establishment of Lease Liability per ASC 842	$	-	$	1,980,970

The accompanying notes are an integral part of these statements.

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BIOMERICA, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1: BASIS OF PRESENTATION

Biomerica, Inc. and Subsidiaries (collectively "the Company") are primarily engaged in the development, manufacturing and marketing of medical diagnostic products.

The Company develops, manufactures, and markets medical diagnostic products designed for the early detection and monitoring of chronic diseases and other medical conditions. The Company’s medical diagnostic products are sold worldwide in two markets: 1) clinical laboratories and 2) point of care (physicians' offices and over-the-counter drugstores). The diagnostic test kits are used to analyze blood, urine or fecal samples from patients in the diagnosis of various diseases and other medical complications, by measuring or detecting the existence and/or level of specific bacteria, hormones, antibodies, antigens or other substances, which may exist in a patient’s body, stools, or blood, often in extremely small concentrations.

The information set forth in these condensed consolidated financial statements is unaudited and reflects all adjustments which, in the opinion of management, are necessary to present a fair statement of the consolidated results of operations of Biomerica, Inc. and subsidiaries, for the periods indicated. It does not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. All adjustments that were made are of a normal recurring nature.

The unaudited, Condensed Consolidated Financial Statements and notes are presented as permitted by the requirements for Form 10-Q and do not contain certain information included in the annual financial statements and notes. The condensed consolidated balance sheet data as of May 31, 2020 was derived from audited financial statements. The accompanying interim condensed consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 31, 2020 for the fiscal year ended May 31, 2020. The results of operations for the interim periods are not necessarily indicative of results to be achieved for the full fiscal year.

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of Biomerica, Inc. as well as its German subsidiary (BioEurope GmbH) and Mexican subsidiary (Biomerica de Mexico). All significant intercompany accounts and transactions have been eliminated in consolidation.

ACCOUNTING ESTIMATES

The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reported period. Estimates that are made include the allowance for doubtful accounts, which is estimated based on current as well as historical past practices with a customer; stock option forfeiture rates, which are calculated based on historical data; inventory obsolescence, which are based on projected and historical usage of materials; and lease liability and right-of-use assets, which are calculated based on certain assumptions such as borrowing rate, likelihood of lease extensions to occur, asset valuation, among other things; and other items that may be necessary to estimate using current, historical and judgment based information. Actual results could materially differ from those estimates.

CONCENTRATION OF CREDIT RISK

The Company maintains cash balances at certain financial institutions in excess of amounts insured by federal agencies. As of November 30, 2020, the Company had approximately $5,417,958 of uninsured cash. The Company does not believe it is exposed to significant credit risks.

For the six months ended November 30, 2020 and November 30, 2019, the Company had one distributor which accounted for 35.1% and 50.3% of net consolidated sales, respectively. At November 30, 2020 and May 31, 2020, the Company had two distributors and three distributors which accounted for a total of 61.9% and 80.0%, respectively, of gross accounts receivable. Of the 61.9% as of November 30, 2020, 37.1% was owed by a distributor in South America.

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For the six months ended November 30, 2020 and 2019, two vendors accounted for 56.0% and three vendors which accounted for 51.4% of the purchases of raw materials, respectively. As of November 30, 2020 and May 31, 2020, the Company had one vendor and two vendors which accounted for 26.5% and 26.9%, respectively, of accounts payable.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of demand deposits and money market accounts with original maturities of less than three months.

ACCOUNTS RECEIVABLE

The Company extends unsecured credit to its customers located throughout the United States and the world. International accounts are normally required to prepay until they establish a history with the Company and at that time, they are extended credit at levels based on a number of criteria. Based on various criteria, initial credit levels for individual distributors are approved by designated officers and managers of the Company. All increases in credit limits are also approved by designated upper-level management. Management evaluates receivables on a quarterly basis and adjusts the allowance for doubtful accounts accordingly. For receivables over ninety days old, the Company begins to reserve a portion of the balance unless collection is reasonably assured.

Occasionally certain long-standing customers, who routinely place large orders, will have unusually large receivables balances relative to the total gross receivables. Management monitors the payments for these large balances closely and often requires payment of existing invoices before shipping new sales orders.

The Company has established a reserve of $481,142 for doubtful accounts. The majority of this reserve has been established to cover 40% of outstanding accounts receivable from an international distributor. The distributor continues to make small payments and the Company is continuining to work on collection of this account.

PREPAIDS

The Company occasionally prepays for items such as inventory, insurance and other items. These items are reported as prepaids, until either the inventory is physically received or the insurance and other items are expensed.

As of May 31, 2020, approximately $1 million of the prepaids was an advance payment to one of our suppliers. This prepayment was subsequently refunded by the supplier.

INVENTORIES

The Company values inventory at the lower of cost (determined using a combination of specific lot identification and the first-in, first-out methods) or net realizable value. Management periodically reviews inventory for excess quantities and obsolescence. Management evaluates quantities on hand, physical condition, and technical functionality as these characteristics may be impacted by anticipated customer demand for current products and new product introductions. The reserve is adjusted based on such evaluation, with a corresponding provision included in cost of sales. Abnormal amounts of idle facility expenses, freight, handling costs and wasted material are recognized as current period charges and the allocation of fixed production overhead is based on the normal capacity of the production facilities.

Inventories approximate the following at:

	November 30, 2020		May 31, 2020
Raw materials	$	1,748,000	$	1,635,000
Work in progress		1,516,000		988,000
Finished products		934,000		228,000
Total	$	4,198,000	$	2,851,000

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated realizable value or to specifically reserve for obsolete inventory that the Company intends to dispose of. As of November 30, 2020 and May 31, 2020, inventory reserves were approximately $78,000 and $67,000, respectively.

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PROPERTY AND EQUIPMENT, NET

Property and equipment are stated at cost. Expenditures for additions and major improvements are capitalized. Repairs and maintenance costs are charged to operations as incurred. When property and equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation or amortization are removed from the accounts, and gains or losses from sales, retirements and dispositions are credited or charged to income.

Depreciation and amortization are provided over the estimated useful lives of the related assets, ranging from 5 to 10 years, using the straight-line method. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Depreciation and amortization expense on property and equipment amounted to $25,843 and $24,321 for the three months ended November 30, 2020 and 2019, and $52,575 and $53,819 for the six months ended November 30, 2020 and 2019, respectively.

INTANGIBLE ASSETS, NET

Intangible assets include trademarks, product rights, technology rights and patents, and are accounted for based on Accounting Standards Codification (“ASC”), ASC 350 Intangibles – Goodwill and Other (“ASC 350”). In that regard, intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets are being amortized using the straight-line method over the useful life, not to exceed 18 years for marketing and distribution rights, 10 years for purchased technology use rights, and 20 years for patents. Amortization amounted to $6,022 and $5,946 for the three months ended November 30, 2020 and 2019 and $11,860 and $11,726 for the six months ended November 30, 2020 and 2019, respectively.

The Company assesses the recoverability of these intangible assets by determining whether the amortization of the asset’s balance over its remaining life can be recovered through projected undiscounted future cash flows. The Company uses a qualitative assessment to determine whether there was any impairment. No impairment adjustment was required as of November 30, 2020 or 2019.

INVESTMENTS

From time-to-time, the Company makes investments in privately-held companies. The Company determines whether the fair values of any investments in privately-held entities have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considers any such decline to be other than temporary (based on various factors, including historical financial results, and the overall health of the investee’s industry), a write-down to estimated fair value is recorded. Investments represent the Company’s investment in a Polish distributor which is primarily engaged in distributing medical products and devices. The Company currently has not written down the investment and no events have occurred which could indicate the carrying value to be greater than the fair value. The Company owns approximately 6% of the investee, and accordingly, applies the cost method to account for the investment. Under the cost method, investments are recorded at cost, with gains and losses recognized as of the sale date, and income recorded when received.

SHARE-BASED COMPENSATION

The Company follows the guidance of the accounting provisions of ASC 718, Share-based Compensation (“ASC 718”), which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (options). The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the future. Expected volatilities are based on weighted averages of the historical volatility of the Company’s common stock estimated over the expected term of the options. The expected forfeiture rate is based on historical forfeitures experienced. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term as historically the Company had limited activity surrounding its options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.

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The following summary presents the options and warrants granted, exercised, expired, cancelled and outstanding for the six months ended November 30, 2020:

	Option Shares	Exercise Price Weighted Average
Outstanding May 31, 2020	1,789,251	$	2.75
Granted	171,000		7.46
Exercised	(30,000)		1.67
Cancelled or expired	(22,001)		3.43
Outstanding November 30, 2020	1,908,250	$	3.18

During the six months ended November 30, 2020, options to purchase 30,000 shares of common stock were exercised at prices ranging from $1.04 to $3.62. Total net proceeds to the Company were $49,330.

During the six months ended November 30, 2020, the Company granted 171,000 options to purchase common stock at an average purchase price of $7.46.

REVENUE RECOGNITION

The Company has various contracts with customers. All of the contracts specify that revenues from product sales are recognized at the time the product is shipped, customarily FOB shipping point, which is when the transfer of control of goods has occurred and at which point title passes. The Company does not allow for returns except in the event of defective merchandise and therefore does not establish an allowance for returns. In addition, the Company has contracts with customers wherein they receive purchase discounts for achieving specified sales volumes. The Company evaluated the status of these contracts as of November 30, 2020 and does not believe that any additional discounts will be given through the end of the contract periods. Services for some contract work are invoiced and recognized for work that has been performed as the project progresses. The Company sells clinical lab products to domestic and international distributors, including hospitals and clinical laboratories, medical research institutions, medical schools and pharmaceutical companies. OTC products are sold directly to drug stores and e-commerce customers as well as to distributors. Physician’s office products are sold to physicians and distributors, all of whom are categorized below according to the type of product sold to them. The Company also manufactures certain components on a contract basis for domestic and international manufacturers.

Disaggregation of revenue:

The following is a breakdown of revenues according to markets to which the products are sold:

	Six Months Ended				Three Months Ended
	November 30, 2020		November 30, 2019		November 30, 2020		November 30, 2019
Clinical lab	$	1,474,512	$	2,034,228	$	892,804	$	1,144,172
Lab Supplies		2,884		-		2,884		-
OTC		457,131		520,109		272,223		320,785
Physician's office		350,604		124,493		153,273		79,226
Contract Manufacturing		231,201		111,993		51,342		52,225
Total	$	2,516,332	$	2,790,823	$	1,372,526	$	1,596,408

See Note 4 for additional information regarding revenue concentrations.

SHIPPING AND HANDLING FEES

The Company includes shipping and handling fees billed to customers in net sales.

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred. The Company expensed $586,403 and $404,854 of research and development costs during the three months ended November 30, 2020 and 2019 and $1,261,096 and $775,320 during the six months ended November 30, 2020 and 2019, respectively.

INCOME TAXES

The Company has provided a valuation allowance on deferred income tax assets of approximately $3,832,000 and $3,175,000 as of November 30, 2020 and May 31, 2020, respectively.

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FOREIGN CURRENCY TRANSLATION

The subsidiary located in Mexico operates primarily using the Mexican peso. The subsidiary located in Germany operates primarily using the U.S. dollar, with an immaterial amount of transactions occurring using the Euro. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments to assets and liabilities are presented as a separate component of accumulated other comprehensive loss. There are no adjustments to foreign currency loss that are included in the consolidated statements of operations for the three months ended November 30, 2020 and 2019 and six months ended November 30, 2020 and 2019.

RIGHT-OF-USE ASSETS AND LEASE LIABILITY

The Company follows the guidance of ASC 842, Leases, which requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset. Right-of-use 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. The Company leases office space and copy machines, all of which are operating leases. The Company has elected to exclude short-term leases. Most leases include the option to renew and the exercise of the renewal options is at the Company’s sole discretion. Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise. The leases do not include the options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

NET LOSS PER SHARE

Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities using the treasury stock method. The total amount of anti-dilutive stock options not included in the loss per share calculation for the three months ended November 30, 2020 and 2019 was 1,326,489 and 521,782, respectively. The total amount of anti-dilutive stock options not included in the loss per share calculation for the six months ended November 30, 2020 and 2019 was 1,399,763 and 498,040, respectively. The Company also has outstanding 321,429 of series A 5% convertible preferred stock, which may be converted at any time to common stock.

RECENT ACCOUNTING PRONOUNCEMENTS

Recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission (“SEC”) did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.

NOTE 3: SHAREHOLDERS’ EQUITY

On July 20, 2020, the Company’s outstanding SEC Form S-3 “Shelf” registration statement dated July 20, 2017 expired. This prior registration statement registered an indeterminant number of shares equating to a maximum aggregate offering amount of $45,000,000 of shares.

NOTE 4: GEOGRAPHIC INFORMATION

Financial information about foreign and domestic operations and export sales is approximately as follows:

	Six Months Ended				Three Months Ended
	November 30, 2020		November 30, 2019		November 30, 2020		November 30, 2019
Revenues from sales to unaffiliated customers:
United States	$	241,000	$	224,000	$	107,000	$	109,000
Asia		897,000		1,460,000		550,000		797,000
Europe		1,170,000		717,000		580,000		416,000
South America		82,000		71,000		39,000		24,000
Middle East		125,000		309,000		96,000		241,000
Other		1,000		10,000		1,000		10,000
	$	2,516,000	$	2,791,000	$	1,373,000	$	1,597,000

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As of November 30, 2020 and May 31, 2020, approximately $555,000 and $613,000 of Biomerica’s gross inventory and approximately $28,000 and $31,000, of Biomerica’s property and equipment, net of accumulated depreciation and amortization, was located in Mexicali, Mexico, respectively.

NOTE 5: LEASES

On June 18, 2009, the Company entered into an agreement to lease a building in Irvine, California. The lease commenced September 1, 2009 and ended August 31, 2016. In November 2015, the Company signed the First Amendment to extend the lease until August 31, 2021. As of September 1, 2020, the rent was $23,637 per month. The Company has an option to renew this lease for another 5 years and intends to pursue this renewal.

In November 2016, the Company’s Mexican subsidiary, Biomerica de Mexico, entered into a 10-year lease for approximately 8,100 square feet of manufacturing space. The rent is currently $3,383 per month. The Company has one 10-year option to renew at the end of the initial lease period. Biomerica, Inc. is not a guarantor of such lease. Biomerica de Mexico also leases a smaller unit on a month-to-month basis for use in one manufacturing process. In addition, the Company leases a small office on a month-to-month basis in Lindau, Germany, as headquarters for BioEurope GmbH, its Germany subsidiary.

Components of lease expense include fixed lease expense of $171,769 for the six months ended November 30, 2020. For purposes of determining straight-line rent expense, the lease term is calculated from the date the Company first takes possession of the facility, including any periods of free rent and any renewal option periods that the Company is reasonably certain of exercising. The Company’s office and equipment leases generally have contractually specified minimum rent and annual rent increases which are included in the measurement of the right-of-use asset and related lease liability. Additionally, under these lease arrangements, the Company may be required to pay directly, or reimburse the lessors, for some maintenance and operating costs. Such amounts are generally variable and therefore not included in the measurement of the right-of-use asset and related lease liability but are instead recognized as variable lease expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss when they are incurred.

Supplemental cash flow information related to leases for
the six months ended November 30, 2020:

Operating cash flows from operating leases	$	159,212
Right-of-use assets obtained in exchange for new operating lease liabilities		--
Weighted average remaining lease term (in years)		5.77
Weighted average discount rate		6.5	%

The maturity of lease liabilities as of November 30, 2020 are as follows:

2021	$	108,290
2022		235,569
2023		262,698
2024		291,210
2025		321,971
Thereafter		459,072
Total	$	1,678,810

NOTE 6: COMMITMENTS AND CONTINGENCIES

Contracts and Licensing Agreements

On May 25, 2016, the Company entered into an Exclusive Marketing License Agreement (“Telcon Agreement”) with Celtis Pharm Co., Ltd., who subsequently changed their name to Telcon Pharmaceutical Co., LTD (“Telcon”), a medical company in the South Korea. The Telcon Agreement grants to Telcon an exclusive license to market and sell Biomerica’s new InFoods® IBS products (“IBS Products”) in South Korea. The term of the agreement is for a period of five years following Korean FDA clearance of the product and provides an additional two years for Telcon to attain such Korean FDA clearance. The sequential two-year and five-year terms do not begin until after Biomerica first receives final clearance for sale of the IBS Products in the United States from the US FDA. Telcon, at its sole cost and expense, must use its commercially reasonably good faith efforts to obtain Korean FDA for the IBS Product to be sold in South Korea. The agreement may be cancelled if Biomerica has not obtained final US FDA clearance for sale of the IBS Products on or before December 31, 2019. Biomerica is also obligated to maintain a full quality assurance system for the IBS Products following the harmonized standards according to Annex IV of Directive 98/79/EC.

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The terms of the Telcon Agreement provide up to $1.25 million in exclusivity fees based on certain milestones including Biomerica’s starting clinical trials in the United States, receipt of US FDA clearance and Telcon’s first sales of IBS Products in Korea. If Biomerica commences FDA Trials and Telcon pays the initial $250,000 milestone-based exclusivity fees, and the Agreement is subsequently terminated by either party for lack of performance, then Biomerica shall issue to Telcon 83,333 shares of Biomerica common in consideration for the $250,000 of paid exclusivity fee. No exclusivity fees have yet been paid.

Additionally, the Telcon Agreement provides for a royalty of 15% paid to Biomerica on all sales in Korea of the IBS Product, and further sets the pricing of IBS Products sold to Telcon. In order to retain the exclusivity within South Korean, Telcon must meet certain annual minimum royalty payments to Biomerica following Telcon’s receipt of Korean FDA approval or clearance for the IBS Product to be sold in Korea, which in no case will be later than May 31, 2019. In September 2017, the Telcon Agreement was amended to extend the date by which Telcon must attain Korean FDA approval until April 30, 2020. During the quarter ended August 31, 2020, a second amendment was signed extending the required FDA approval date to December 31, 2021.

On June 25, 2020, the Company entered into a Clinical Trial Agreement with the University of Texas Health Science Center for the purpose of conducting a clinical trial of the Biomerica InFoods product. The term of the agreement shall be until completion of the work outlined and the charges will be invoiced monthly for work performed in the previous month. The maximum budgeted costs will be $139,850.

On September 15, 2020, the Company entered into an agreement with Public Health England research institution for the purpose of evaluating the Company’s COVID-19 Rapid Test.

As disclosed in the Form 10K filed with the SEC on August 31, 2020, on July 2, 2020, the Company received a notice of investigation and subpoena to produce information and documents from the Division of Enforcement of the SEC. The subpoena seeks information and documents related to events and circumstances leading up to the March 17, 2020 announcement that the Company had commenced shipping samples of the Company’s COVID-19 IgG/IgM Rapid Test to countries outside of the United States, and had initiated the application process with the United States Food and Drug Administration under the COVID-19 Emergency Use Authorization for approval to market and sell the test in the United States. The subpoena also seeks information and documents about the identity of any persons who were aware of the substance of the March 17, 2020 announcement prior to that date. In addition, on December 15, 2020, the SEC sent a second subpoena related to this investigation to Zack Irani, the Company’s CEO, requesting documents held by Mr. Irani concerning his past purchases of Company stock, any past communications with certain persons and entities, and other personal and Company documents. The Company and Mr. Irani are continuing to cooperate fully with the SEC’s investigation and provide information as requested. At this time, the Company is unable to predict the duration, scope or outcome of these investigations.

NOTE 7: SUBSEQUENT EVENTS

At the December 10, 2020 board meeting, the Board of Directors approved the grant of 213,616 options to purchase shares of the Company’s common stock to officers, directors and certain employees. The options are exercisable by outside board members one year from date of grant and for officers and employees one-quarter per year with the first quarter vesting one year from date of grant. The options will be at the exercise price of $6.36 per share and expire ten years from date of grant.

During December 2020, the Company filed the necessary paperwork with Medical Device Safety Service who then notified the competent authority in Germany to attain CE Mark in the EU for the Company’s COVID-19 antigen test that uses a nasal swab to collect a person’s nasal fluid sample to detect if the person has COVID-19 antigen in their system, which can indicate that the person has recently been infected with the COVID-19 virus and may still be infectious to others. This nasal swab antigen test received CE clearance on January 8, 2021, and is now available for sale in the EU. The Company has received an initial order for over $1 million of these tests and is in the process of filling this order.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE STATEMENTS IN THIS QUARTERLY REPORT ON FORM 10-Q MAY BE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 27A OF THE SECURITIES ACT OF 1933. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH MAY CAUSE BIOMERICA'S RESULTS IN FUTURE PERIODS TO DIFFER MATERIALLY FROM FORECASTED RESULTS.

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Like other businesses, THE COMPANY IS susceptible to macroeconomic downturns in the United States or abroad, as were experienced recently AND AS CURRENTLY CONTINUE, that may affect the general economic climate and OUR performance or OUR customers. Aside from general macroeconomic downturns, the additional material factors, RISKS AND UNCERTAINTIES that could affect future financial results include, but are not limited to: THE CONTINUED DEMAND FOR THE COMPANY'S PRODUCTS; AVAILABILITY OF RAW MATERIALS; RESULTS OF RESEARCH AND DEVELOPMENT ACTIVITIES; THE ABILITY TO RETAIN KEY EMPLOYEES AND CUSTOMERS; THE ABILITY TO COLLECT RECEIVABLES FROM CUSTOMERS; THE CONTINUED ABILITY OF THE COMPANY TO ATTAIN AND MAINTAIN THE LICENSES AND APPROVALS REQUIRED, INCLUDING EUA CLEARANCE FROM THE FDA FOR THE COMPANY’S COVID-10 PRODUCTS;Regional or global pandemics, GOVERNMENT RESPONSES TO SUCH PANDEMICS, and the economic and social disruptions these cause ESPECIALLY IN THE HEALTHCARE INDUSTRY IN WHICH WE OPERATE; SHUTDOWNS OR DISRUPTIONS IN OUR MANUFACTURING DUE TO WIDESPRED ILLNESS, OR OTHER ISSUES; terrorist attacks and the impact of such events; existing and potential increase in trade tariffs, especially with China; diminished or no access to raw materials that directly enter into our manufacturing process; shipping labor disruption or other major degradation of the ability to ship out products to end users; inability to successfully control our margins which are affected by many factors including RAW MATERIALS, competition and product mix; protracted shutdown of the U.S. border due to an escalation of terrorist or counter terrorist activity; any changes in our business relationships with international distributors or the economic climate they operate in; any event that has a material adverse impact on our foreign manufacturing operations may adversely affect our operations as a whole; failure to manage the future expansion of our business could have a material adverse effect on our revenues and profitability; possible costs in complying with government regulations and the delays in receiving required regulatory approvals or the enactment of new adverse regulations or regulatory requirements; numerous competitors, some of which have substantially greater financial and other resources than we do; potential claims and litigation brought by patients or medical professionals alleging harm caused by the use of or exposure to our products; recalls of products; inability to obtain FDA clearance on products or excessive costs incurred in order to obtain such approvals; regulatory actions taken by government agencies such as the FDA, SEC, USDA and other regulators; quarterly variations in operating results caused by a number of factors, including business and industry conditions; and other factors beyond our control. All these factors make it difficult to predict operating results for any particular period.

EXCEPT AS MAY BE REQUIRED BY APPLICABLE LAW, WE MAY NOT UPDATE OR REVISE OUR FORWARD-LOOKING STATEMENTS AND THE LACK OF SUCH UPDATE DOES NOT IMPLY THAT ACTUAL EVENTS ARE AS ORIGINALLY EXPRESSED BY SUCH FORWARD-LOOKING STATEMENTS. YOU SHOULD READ THE DISCLOSURES IN THIS REPORT AND OTHER REPORTS, WHICH WE FILE WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING THE RISK FACTORS CONTAINED THEREIN.

OVERVIEW

Biomerica, Inc. and its subsidiaries (which includes wholly-owned subsidiaries, Biomerica de Mexico and BioEurope GmbH), (the “Company”, “we”, “our”) is a biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (physicians' offices and over-the-counter through drugstores and online) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. Our diagnostic test kits are used to analyze blood, urine or fecal material from patients in the diagnosis of various diseases, food intolerances and other medical complications, or to measure the level of specific hormones, antibodies, antigens or other substances, which may exist in the human body in extremely small concentrations. The Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs.

Our primary focus is the research and development of disruptive, patented diagnostic-guided therapy (“DGT”) products to treat gastrointestinal diseases, such as irritable bowel syndrome (“IBS”), and other inflammatory diseases. These products are directed at chronic inflammatory illnesses that are widespread and common, and as such address very large markets. If these DGT products prove effective in their clinical trials, and are ultimately cleared for sale by the U.S. FDA, management believes the revenue potential to the Company is significant.

Due to the global 2019 SARS-CoV-2 novel coronavirus (“COVID-19”) pandemic, in March 2020 we began redirecting and focusing a majority of our resources to develop, test, validate, seek regulatory approval for, and sell diagnostic products that indicate if a person has been infected by COVID-19. These diagnostic tests use a patient’s blood sample to detect if the patient has certain antibodies to COVID-19 that were created as part of their body’s immune response to a COVID-19 infection, even if the infection was asymptomatic. The Company is marketing and selling outside of the U.S. a disposable rapid finger-prick blood test, which detects COVID-19 IgG/IgM antibodies within 10 minutes.

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Following fiscal 2020 year-end, we submitted to the FDA an application under an Emergency Use Authorization (“EUA”) to sell in the U.S. a lab-scale, high throughput ELISA COVID-19 antibody test kit that would be sold to labs and hospitals to perform COVID-19 antibody testing. The Company also anticipates selling this test kit outside of the U.S. under a CE Mark (European Conformity). This ELISA lab test can be run using blood drawn by a medical professional, or can be run using a finger prick blood sample that can be collected by a patient in their own home, using our proprietary “at-home” blood collection kit, that the patient sends to a lab for processing on our ELISA test. Our EUA application/submission for the ELISA COVID-19 antibody test includes the at-home blood collection kit. Initial sales for the ELISA test kit and the at-home blood collection kits are expected following EUA clearance from the FDA for the products to be sold in the US. The FDA has now assigned an examiner to review this submission and the Company is actively working with the FDA to attain EUA clearance. The Company manufactures this COVID-19 ELISA test on its automated equipment at the Company’s California facility that is also used to produce serology antibody tests for other diseases. Since we did not receive FDA clearance for this product during our second quarter of fiscal year 2021, we did not record any sales in the U.S. for our COVID-19 ELISA products. Further, sales of our disposable rapid finger prick blood test, which is only authorized for sale outside of the U.S., were slower in the second quarter as we are told by customers that most government health agencies are focused on viral testing (determining who is currently infected) while the infection rates in the territories we serve showed lower overall cases. However, the Company believes even with vaccines beginning to become available in the market, demand for serology (antibody) tests, like those we produce, could increase. In addition, the infection rates in the territories we serve have increased, which we believe will result in a higher demand for both antibody and viral testing, as long as pandemic continues. Vaccines are designed to create antibodies in individuals that will enable them to avoid serious illness when exposed to the COVID-19 virus. Therefore, following vaccination, the Company believes many patients will want to know if the vaccination worked and they have produced antibodies to the COVID-19 virus. Further, at various points following vaccination (e.g., 3 months, 6 months, etc.), we anticipate people will want to receive an antibody test to determine if the level of antibodies produced from the vaccine are still adequate to fight off a serious infection. Therefore, we believe demand for COVID-19 antibody testing will begin to strengthen near term, and could remain strong into the foreseeable future, even after demand for actual virus testing begins to fall.

During the first and second fiscal quarters of 2021, we also focused resources on developing and validating a COVID-19 antigen test that uses nasal (via a nasal swab) or saliva human samples to detect if the COVID-19 antigen is present in a person’s nasal and oral fluids, indicating that the person has been infected with the COVID-19 virus, and may still be actively infected and infectious to others.

Aside from the current focus on COVID-19 products in research, development and clinical trials, the products we continue to sell are primarily focused on gastrointestinal diseases, food intolerances, diabetes and certain esoteric tests. These diagnostic test products utilize immunoassay technology. Our products are CE marked and/or sold for diagnostic use where they are registered by each country’s regulatory agency. In addition, some products are cleared for sale in the U.S. by the FDA.

Finally, the Company continues to see progress in completing the testing required to attain FDA clearance for our patented InFoods® IBS DGT product that is designed to diagnose and treat sufferers of IBS. Mayo Clinic, Beth Israel Deaconess Medical Center Inc., a Harvard Medical School teaching hospital, University of Texas Health Science Center at Houston, Houston Methodist and the University of Michigan are participating in our clinical trials for this product.

InFoods® IBS is a unique, patented product that can allow physicians to identify specific foods (e.g., pork, milk, onions, sugar, chickpeas, etc.) for each IBS patient, that when removed from that patient’s diet, may alleviate or improve their IBS symptoms and suffering.

Upon demonstrating efficacy and obtaining FDA approval, we believe the long-term opportunities for the InFoods IBS product could be comparable to any of the major drugs currently used to treat IBS.

Further, the United States Patent and Trademark Office (“USPTO”) has issued the Company two patents with broad claims that protect the InFoods® IBS product. Patents have also been issued in the countries of Japan, Korea and recently Singapore with many other patents still pending globally. Additional patents have also been filed for other diseases that utilize the InFoods® DGT technology platform which include: functional dyspepsia, Crohn’s Disease, ulcerative colitis, gastroesophageal reflux disease (“GERD”), migraine headaches, and osteoarthritis.

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RESULTS OF OPERATIONS

Consolidated net sales for Biomerica were $1,372,526 for the three months ended November 30, 2020 as compared to $1,596,408 for the same period in the previous year. This represents a decrease of $223,882, or 14%. Consolidated net sales for Biomerica were $2,516,332 for the six months ended November 30, 2020 as compared to $2,790,823 for the same period in the previous year. This represents a decrease of $274,491, or 10%. The decrease for the three months ended November 30, 2020 as compared to the same period in the previous year was primarily due to softness in demand for our non-COVID products in certain markets due to the pandemic. However, the Company believes demand to be returning for certain regions as orders for non-COVID products received from Asian customers during the first six weeks of fiscal third quarter 2021 were over $700,000. Nevertheless, the Company still believes that total sales of non-COVID-19 products could continue to be negatively impacted by the world-wide pandemic. Because the Company sells both COVID-19 and Non-COVID-19 products, the impact COVID-19 will have on future revenues is difficult to predict.

Consolidated cost of sales for Biomerica were $1,011,030 for the three months ended November 30, 2020 as compared to $1,127,536 for the same period in the previous year. This represents a decrease of $116,506, or 10%. Consolidated cost of sales for Biomerica were $1,971,960 for the six months ended November 30, 2020 as compared to $1,954,647 for the same period in the previous year. This represents an increase of $17,313, or 1%. The percentage of cost of sales relative to sales for the three months ended November 30, 2020 increased from 71% to 74%. The percentage of cost of sales relative to sales for the six months ended November 30, 2020 increased from 70% to 78%. The Company’s standard margin on products sold was similar to previous periods. However, during the three and six months ended November 30, 2020 the manufacturing facilities were not running at 100% capacity due to the negative impact COVID-19 had on sales of the Company’s non-COVID-19 products. This generated unfavorable manufacturing variances within our reported cost of sales. Because the Company sells both COVID-19 and Non-COVID-19 products, the impact COVID-19 will have on future cost of sales is difficult to determine.

Consolidated selling, general and administrative expenses for Biomerica were $1,254,847 for the three months ended November 30, 2020 as compared to $553,761 for the same period in the previous year. This represents an increase of $701,086, or 127%. Consolidated selling, general and administrative expense for Biomerica were $2,419,411 for the six months ended November 30, 2020 as compared to $1,060,958 for the same period in the previous year. This represents an increase of $1,358,453, or 128%. The increase in the three and six month periods was primarily due to legal expenses related to responding to the SEC inquiry discussed in Part II, as well as an increase in the allowance for doubtful accounts, additional consulting fees, and increased personnel costs as the Company is expanding and strengthening its management team in sales, marketing, and administration.

Consolidated research and development expenses for Biomerica were $586,403 for the three months ended November 30, 2020 as compared to $404,854 for the same period in the previous year. This represents an increase of $181,549, or 45%. Consolidated research and development expense for Biomerica were $1,261,096 for the six months ended November 30, 2020 as compared to $775,320 for the same period in the previous year. This represents an increase of $485,776, or 63%. The increase in the three and six month periods was primarily a result of increases in costs related to the research, development and validation of COVID-19 tests, and the initiation costs at Mayo Clinic, University of Houston Texas, and Methodist Hospital in Texas for clinical trials for our InFoods® IBS product.

Interest and dividend income were $7,983 for the three months ended November 30, 2020 as compared to $4,488 for the same period in the previous year. This represents an increase of $3,495, or 78%. Interest and dividend income were $16,074 for the six months ended November 30, 2020 as compared to $8,551 for the same period in the previous year. This represents an increase of $7,523, or 88%.

LIQUIDITY AND CAPITAL RESOURCES

As of November 30, 2020 and May 31, 2020, the Company had cash and cash equivalents in the amount of $5,683,787 and $8,641,027 and working capital of $10,072,883 and $13,289,670, respectively.

During the six months ended November 30, 2020, the Company’s operations used cash of $2,880,218 compared to cash used in operations of $365,994 in the same period of the prior fiscal year. Cash used by operations increased year to date in fiscal 2021 compared to year-to-date fiscal 2020 primarily due to operating losses of $3,134,579, growth in inventory of $1,359,320 driven by an increase in COVID-19 inventory of approximately $1,519,000 partially offset by a reduction in prepaids of $1,055,946 which was primarily driven by a repayment of an advance the Company had with one of our suppliers. Cash used in investing activities year to date in fiscal 2021 was $61,566 for purchases of fixed assets and $61,536 for increased intangibles. Cash provided by financing activities in fiscal year 2021 to date was $49,330 which was a result of stock option exercises.

We have been working on new products that address large markets for the gastroenterology sector. Patent applications for these new products have been filed and six patents have been issued (two in the USA, two in Korea, and one each in Japan, and Singapore). The Company has been working on obtaining additional patents and U.S. regulatory approvals for these products. Due to the significant revenue opportunities these products represent, the Company has been spending significant funds on research, development, patents and related costs, and expects this will continue in order to strengthen and expand our patent protection, and attain regulatory approvals of these products.

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On July 21, 2020, the Company filed with the SEC a new Form S-3 “Shelf” registration statement to replace the registration statement that expired on July 20, 2020. The new registration statement registers common shares to be issued in a maximum aggregate amount of $90,000,000. Included in this registration statement was the registration of all of the common shares issued, or to be issued, to Palm Global Small Cap Master Fund LP upon conversion of their convertible Preferred stock into common shares. This S-3 registration statement became effective September 30, 2020. The Company intended to use the net proceeds from this offering for general corporate purposes, including, without limitation, sales and marketing activities, clinical studies and product development, making acquisitions of assets, businesses, companies or securities, capital expenditures, and for working capital needs.

OFF BALANCE SHEET ARRANGEMENTS

There were no off-balance sheet arrangements as of November 30, 2020.

CRITICAL ACCOUNTING POLICIES

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make a number of 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. Such estimates and assumptions affect the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements. On an ongoing basis, we evaluate estimates and assumptions based upon historical experience and various other factors and circumstances. We believe our estimates and assumptions are reasonable in the circumstances; however, actual results may differ from these estimates under different future conditions.

We believe that the estimates and assumptions that are most important to the portrayal of our financial condition and results of operations, in that they require subjective or complex judgments, form the basis for the accounting policies deemed to be most critical to us. These relate to revenue recognition, bad debts, inventory overhead application, inventory reserve, lease liabilities and right-of-use assets. We believe estimates and assumptions related to these critical accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on our future financial conditions or results of operations. We suggest that our significant accounting policies be read in conjunction with this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Please refer to Note 2 for information on Significant Accounting Policies.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4. CONTROLS AND PROCEDURES

Our management evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, as of the end of the period covered by this report. Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The disclosure controls and procedures have been designed to provide reasonable assurance of achieving their objectives and the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective at the "reasonable assurance" level. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms; and (2) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting identified in connection with the evaluation that occurred during our last fiscal quarter that has materially affected, or that is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is, from time to time, involved in legal proceedings, claims and litigation arising in the ordinary course of business. While the amounts claimed may be substantial, the ultimate liability cannot presently be determined because of considerable uncertainties that exist. Therefore, it is possible the outcome of such legal proceedings, claims and litigation could have a material effect on quarterly or annual operating results or cash flows when resolved in a future period. There were no legal proceedings pending as of November 30, 2020.

ITEM 1A. RISKS AND UNCERTAINTIES.

You should read the following factors in conjunction with the factors discussed elsewhere in this and our other filings with the Securities and Exchange Commission and in materials incorporated by reference in these filings such as the Form S-3 and Prospectus Supplement filed on July 21, 2020. The following is intended to highlight certain factors that may affect the financial condition and results of operations of Biomerica, Inc. and are not meant to be an exhaustive discussion of risks that apply to companies such as Biomerica, Inc. Like other businesses, Biomerica, Inc. is susceptible to macroeconomic downturns in the United States or abroad, as were experienced in recent history that may affect the general economic climate and performance of Biomerica, Inc. or its customers. Our results may fluctuate adversely as a result of many factors that are outside our control, which may negatively impact our stock price. Sales of our common stock in the public market could lower the market price for our common stock and the price of our stock could fluctuate unpredictably in response to various factors. The Company does not anticipate paying dividends in the foreseeable future, which could affect the market price of the stock.

Our business could be adversely affected by the effects of widespread public health epidemics.

We are susceptible to a widespread outbreak of an illness or other health issue, such as the recent COVID-19 Coronavirus outbreak first reported in Wuhan, Hubei Province, China in December 2019 and subsequently spreading throughout the world resulting in tens of millions of confirmed cases worldwide and hundreds of thousands of deaths. The outbreak of the COVID-19 virus has caused virtually all governments, including the U.S., to implement quarantines, various restrictions on travel causing airlines to suspend international and certain domestic flights, shelter in place orders and other restrictions. Governments have also implemented work restrictions that prohibit many employees from going to work, and for businesses that are allowed to remain open, many employees are electing to remain at home to avoid spread of the disease. In addition, infections among employees at Company’s like ours is causing significant work disruptions. As a result of this COVID-19 virus outbreak and potential future pandemic outbreaks, the Company faces significant risks including, but not limited to: a) supply chain disruptions making it difficult for the Company to contract and receive materials needed for production of its products, and needed to ship finished products to our end customers, b) loss of contracts and customers from the financial strains or other disruptions they are experiencing as a result of the pandemic, c) financial risks pertaining to receivables due from customers that may fall into insolvency or otherwise be unable to pay their bills, d) government responses including orders that make it difficult to remain open for business, restrict imports of raw materials or exports of finished goods, refusal to allow the Company’s product to be licensed for sale in their countries, and other foreseeable or unforeseen actions taken by government agencies, e) absenteeism or loss of employees at the Company, or at our partner’s companies due to COVID-19 infection or infection of employee family members or do to other health reasons, f) government restrictions, that are needed to develop, validate, manufacture and perform other necessary functions for our operations, g) equipment failures, loss of utilities and other disruptions that could impact our operations or render them inoperable, h) litigation or government actions against the Company pertaining to existing products or new products sold by the Company that are designed to detect if a person has been infected by the COVID-19 virus or designed to help limit the spread of the pandemic outbreak, i) a local or global recession or depression that could harm the international banking system, limit demand for all products including those made by the Company, j) a drop in demand for our products, that are all medical related, due to patients’ reluctance or refusal to visit hospitals, labs, and doctors’ offices where our products are used, due to their fear of contracting a disease, and many other seen and unforeseen events and circumstances, all of which could negatively impact the Company.

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If our COVID-19 tests are unable to gain acceptance in the market, prove to be ineffective or less effective than expected, and/or we do not receive regulatory approvals for our COVID-19 tests to be sold, our results of operation could be materially harmed.

Although we believe that our COVID-19 tests represent promising tests to detect prior COVID-19 virus exposure, the tests may never gain significant acceptance in the marketplace and therefore may never generate substantial revenue or profits for us. We will need to establish a market for our COVID-19 antibody and antigen tests. Gaining acceptance in medical communities requires increasing awareness of our COVID-19 tests and their benefits. Also, there are a large number of companies around the world now making and selling COVID-19 tests that compete with our COVID-19 tests. Many of these competitor products are made in China and other parts of Asia where manufacturing costs are low. As such, we are seeing supply and price competition which could make it difficult for the Company to compete. Other risks pertaining to these products include:

• our ability to demonstrate the efficacy, speed and cost competitiveness of our COVID-19 tests;

• whether healthcare providers and governmental agencies believe our COVID-19 tests are sufficiently safe, effective, and accurate;

• our ability to transfer, further develop, integrate and use third-party licensed technology;

• our ability to manufacture and scale commercial products;

• our ability to source required raw materials in a cost effective and timely manner;

• manufacturing capabilities of our materials partners and their ability to meet our quality and delivery requirements;

• mutations in the COVID-19 virus that render our tests ineffective;

• receipt of regulatory approvals necessary prior to commercialization of our products;

• the FDA or other regulatory agencies retracting their prior approval for our products to be sold in their market or changing regulations
for approval; and

• whether the medical community accepts our COVID-19 tests as a supplement to, alternative to, or complementary to, current PCR or other
tests for COVID-19 infection.

In addition, each country in which we wish to sell these tests has its own regulatory approval requirements. We will need to comply with the regulatory requirements of each country before we are permitted to sell in that country. There can be no assurance that governmental agencies, including the FDA, will provide clearance of our COVID-19 tests to be sold in their markets. Failure to achieve widespread market acceptance of our COVID-19 tests, or failure to achieve regulatory clearance of our COVID-19 tests, could materially harm our business, financial condition, and results of operations. Our COVID-19 tests are new tests that only generated revenue during the last two months of our prior fiscal year and for the current fiscal year. It is uncertain how long we will be able to generate revenues from these tests, and what level of sales, if any, we will attain in the future.

There is no assurance that we will be able to remain competitive and develop new products and markets for these products. Raising funds to support this development may be difficult and the inability to do so may impact our ability to develop these new products. Acceptance of these new products by health care providers and physicians could have a negative impact on future sales.

Our business is subject to regulation by various governmental agencies. Our results of operations could be negatively impacted by failures or delays in approvals or the loss of previously received approvals or changes to existing laws and regulations. Possible costs or difficulty in complying with government regulations and the delays in receiving required regulatory approvals or the enactment of new adverse regulations or regulatory requirements could affect results adversely.

Interruptions in the supply of raw materials could adversely affect our operations and results. Inability to successfully control our margins is affected by many factors including competition and product mix.

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The loss of key personnel and the inability to hire key personnel could affect the business. Aside from general macroeconomic downturns, the additional material factors that could affect future financial results include, but are not limited to: Terrorist attacks and the impact of such events; shipping labor disruption or other major degradation of the ability to ship out products to end users; inability to successfully control our margins which are affected by many factors including competition and product mix; protracted shutdown of the U.S. border due to an escalation of terrorist or counter terrorist activity; additional governmental tariffs or other fees imposed by the U.S. government for the export of goods to China or other countries; tariffs or restrictions implemented by the Chinese government on shipments of raw materials to us from our suppliers in China; any changes in our business relationships with international distributors or the economic climate they operate in; any event that has a material adverse impact on our foreign manufacturing operations may adversely affect our operations as a whole; failure to manage the future expansion of our business could have a material adverse effect on our revenues and profitability; numerous competitors, some of which have substantially greater financial and other resources than we do; potential claims and litigation brought by patients or medical professionals alleging harm caused by the use of or exposure to our products; quarterly variations in operating results caused by a number of factors, including business and industry conditions; concentrations of sales with certain distributors-the loss of certain of these distributors could lead to significantly reduced sales, which have been increasing. This could adversely affect the results of the Company if the Company were to lose the sales of that distributor and other factors beyond our control; high balances carried on accounts receivables from concentrated customers could result in write-offs of accounts receivable; and the costs of recalls, should such occasion arise. All these factors make it difficult to predict operating results for any particular period.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS - None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES - None.

ITEM 4. MINE SAFETY DISCLOSURES - None.

ITEM 5. OTHER INFORMATION

The Company held its Annual Meeting of Stockholders on December 10, 2020, to consider and vote on the proposals set forth in our proxy statement filed with the Securities and Exchange Commission on September 25, 2020. Please refer to the Form 8-K filed on December 11, 2020 for a description of the results of the meeting.

ITEM 6. EXHIBITS.

The following exhibits are filed or furnished as part of this quarterly report on Form 10-Q:


Exhibit No.				Description

	31.1		*	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act — Zackary S. Irani

	31.2		*	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act — Steve Sloan

	32.1		*	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act — Zackary S. Irani

	32.2		*	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act — Steve Sloan

		101 Interactive data files pursuant to Rule 405 Regulation S-T, as follows:
101.INS-XBRL Instance Document
101.SCH-XBRL Taxonomy Extension Schema Document 101.CAL-XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF–XBRL Taxonomy Extension Definition Linkbase Document 101.LAB-XBRL Taxonomy Extension Label Linkbase Document 101.PRE-XBRL Taxonomy Extension Presentation Linkbase Document

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has fully caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BIOMERICA, INC.

Date: January 14, 2021
	By:	/S/ Zackary S. Irani
		Zackary S. Irani
		Chief Executive Officer
		(Principal Executive Officer)

Date: January 14, 2021
	By:	/S/ Steve Sloan
		Steve Sloan
		Chief Financial Officer
		(Principal Financial Officer)

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<div style="font-family: "Courier New"; font-size: 10pt; "> NOTE 1:  BASIS OF PRESENTATION Biomerica, Inc. and Subsidiaries (collectively "the Company") are primarily engaged in the development, manufacturing and marketing of medical diagnostic products.  The Company develops, manufactures, and markets medical diagnostic products designed for the early detection and monitoring of chronic diseases and other medical conditions. The Company’s medical diagnostic products are sold worldwide in two markets: 1) clinical laboratories and 2) point of care (physicians' offices and over-the-counter drugstores). The diagnostic test kits are used to analyze blood, urine or fecal samples from patients in the diagnosis of various diseases and other medical complications, by measuring or detecting the existence and/or level of specific bacteria, hormones, antibodies, antigens or other substances, which may exist in a patient’s body, stools, or blood, often in extremely small concentrations. The information set forth in these condensed consolidated financial statements is unaudited and reflects all adjustments which, in the opinion of management, are necessary to present a fair statement of the consolidated results of operations of Biomerica, Inc. and subsidiaries, for the periods indicated. It does not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. All adjustments that were made are of a normal recurring nature. The unaudited, Condensed Consolidated Financial Statements and notes are presented as permitted by the requirements for Form 10-Q and do not contain certain information included in the annual financial statements and notes. The condensed consolidated balance sheet data as of May 31, 2020 was derived from audited financial statements. The accompanying interim condensed consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 31, 2020 for the fiscal year ended May 31, 2020. The results of operations for the interim periods are not necessarily indicative of results to be achieved for the full fiscal year. </div>

<div style="font-family: "Courier New"; font-size: 10pt; "> NOTE 2:  SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of Biomerica, Inc. as well as its German subsidiary (BioEurope GmbH) and Mexican subsidiary (Biomerica de Mexico). All significant intercompany accounts and transactions have been eliminated in consolidation. ACCOUNTING ESTIMATES The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reported period. Estimates that are made include the allowance for doubtful accounts, which is estimated based on current as well as historical past practices with a customer; stock option forfeiture rates, which are calculated based on historical data; inventory obsolescence, which are based on projected and historical usage of materials; and lease liability and right-of-use assets, which are calculated based on certain assumptions such as borrowing rate, likelihood of lease extensions to occur, asset valuation, among other things; and other items that may be necessary to estimate using current, historical and judgment based information. Actual results could materially differ from those estimates. CONCENTRATION OF CREDIT RISK The Company maintains cash balances at certain financial institutions in excess of amounts insured by federal agencies. As of November 30, 2020, the Company had approximately $5,417,958 of uninsured cash.  The Company does not believe it is exposed to significant credit risks. For the six months ended November 30, 2020 and November 30, 2019, the Company had one distributor which accounted for 35.1% and 50.3% of net consolidated sales, respectively.  At November 30, 2020 and May 31, 2020, the Company had two distributors and three distributors which accounted for a total of 61.9% and 80.0%, respectively, of gross accounts receivable. Of the 61.9% as of November 30, 2020, 37.1% was owed by a distributor in South America.  For the six months ended November 30, 2020 and 2019, two vendors accounted for 56.0% and three vendors which accounted for 51.4% of the purchases of raw materials, respectively. As of November 30, 2020 and May 31, 2020, the Company had one vendor and two vendors which accounted for 26.5% and 26.9%, respectively, of accounts payable. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of demand deposits and money market accounts with original maturities of less than three months. ACCOUNTS RECEIVABLE The Company extends unsecured credit to its customers located throughout the United States and the world. International accounts are normally required to prepay until they establish a history with the Company and at that time, they are extended credit at levels based on a number of criteria.  Based on various criteria, initial credit levels for individual distributors are approved by designated officers and managers of the Company. All increases in credit limits are also approved by designated upper-level management.  Management evaluates receivables on a quarterly basis and adjusts the allowance for doubtful accounts accordingly. For receivables over ninety days old, the Company begins to reserve a portion of the balance unless collection is reasonably assured. Occasionally certain long-standing customers, who routinely place large orders, will have unusually large receivables balances relative to the total gross receivables.  Management monitors the payments for these large balances closely and often requires payment of existing invoices before shipping new sales orders. The Company has established a reserve of $481,142 for doubtful accounts. The majority of this reserve has been established to cover 40% of outstanding accounts receivable from an international distributor.  The distributor continues to make small payments and the Company is continuining to work on collection of this account. PREPAIDS The Company occasionally prepays for items such as inventory, insurance and other items.  These items are reported as prepaids, until either the inventory is physically received or the insurance and other items are expensed. As of May 31, 2020, approximately $1 million of the prepaids was an advance payment to one of our suppliers.  This prepayment was subsequently refunded by the supplier. INVENTORIES The Company values inventory at the lower of cost (determined using a combination of specific lot identification and the first-in, first-out methods) or net realizable value. Management periodically reviews inventory for excess quantities and obsolescence. Management evaluates quantities on hand, physical condition, and technical functionality as these characteristics may be impacted by anticipated customer demand for current products and new product introductions. The reserve is adjusted based on such evaluation, with a corresponding provision included in cost of sales. Abnormal amounts of idle facility expenses, freight, handling costs and wasted material are recognized as current period charges and the allocation of fixed production overhead is based on the normal capacity of the production facilities. Inventories approximate the following at: <table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:14.66%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> May 31, 2020</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Raw materials</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:13.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,748,000 </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:11.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,635,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Work in progress</td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:13.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,516,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:11.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 988,000</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Finished products</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.1%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 934,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:11.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 228,000</td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:13.1%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 4,198,000 </td> <td style="HEIGHT:15.75pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:11.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 2,851,000 </td></tr></table> Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated realizable value or to specifically reserve for obsolete inventory that the Company intends to dispose of. As of November 30, 2020 and May 31, 2020, inventory reserves were approximately $78,000 and $67,000, respectively. PROPERTY AND EQUIPMENT, NET Property and equipment are stated at cost. Expenditures for additions and major improvements are capitalized. Repairs and maintenance costs are charged to operations as incurred. When property and equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation or amortization are removed from the accounts, and gains or losses from sales, retirements and dispositions are credited or charged to income. Depreciation and amortization are provided over the estimated useful lives of the related assets, ranging from 5 to 10 years, using the straight-line method. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Depreciation and amortization expense on property and equipment amounted to $25,843 and $24,321 for the three months ended November 30, 2020 and 2019, and $52,575 and $53,819 for the six months ended November 30, 2020 and 2019, respectively.   INTANGIBLE ASSETS, NET Intangible assets include trademarks, product rights, technology rights and patents, and are accounted for based on Accounting Standards Codification (“ASC”), ASC 350 Intangibles – Goodwill and Other (“ASC 350”). In that regard, intangible assets <a name="OLE_LINK9"></a><a name="OLE_LINK8">that have indefinite </a>useful lives are not amortized but are tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets are being amortized using the straight-line method over the useful life, not to exceed 18 years for marketing and distribution rights, 10 years for purchased technology use rights, and 20 years for patents. <a name="OLE_LINK6">Amortization amounted to $6,022 and $5,946 for the three months ended November 30, 2020 and 2019 and $11,860 and $11,726 for the six months ended November 30, 2020 and 2019, respectively. </a> The Company assesses the recoverability of these intangible assets by determining whether the amortization of the asset’s balance over its remaining life can be recovered through projected undiscounted future cash flows.  The Company uses a qualitative assessment to determine whether there was any impairment. No impairment adjustment was required as of November 30, 2020 or 2019. INVESTMENTS From time-to-time, the Company makes investments in privately-held companies.  The Company determines whether the fair values of any investments in privately-held entities have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable.  If the Company considers any such decline to be other than temporary (based on various factors, including historical financial results, and the overall health of the investee’s industry), a write-down to estimated fair value is recorded. Investments represent the Company’s investment in a Polish distributor which is primarily engaged in distributing medical products and devices.  The Company currently has not written down the investment and no events have occurred which could indicate the carrying value to be greater than the fair value.  The Company owns approximately 6% of the investee, and accordingly, applies the cost method to account for the investment.  Under the cost method, investments are recorded at cost, with gains and losses recognized as of the sale date, and income recorded when received. SHARE-BASED COMPENSATION The Company follows the guidance of the accounting provisions of ASC 718, Share-based Compensation (“ASC 718”), which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (options). The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the future. Expected volatilities are based on weighted averages of the historical volatility of the Company’s common stock estimated over the expected term of the options. The expected forfeiture rate is based on historical forfeitures experienced. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term as historically the Company had limited activity surrounding its options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. The following summary presents the options and warrants granted, exercised, expired, cancelled and outstanding for the six months ended November 30, 2020: <table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:40.5pt"> <td style="HEIGHT:40.5pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> Option Shares</td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%;" valign="bottom"> Exercise Price Weighted Average</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding May 31, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,789,251 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 2.75 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Granted </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 171,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 7.46 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Exercised </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (30,000)</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 1.67 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Cancelled or expired </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (22,001)</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.43 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding November 30, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,908,250 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.18 </td></tr></table> During the six months ended November 30, 2020, options to purchase 30,000 shares of common stock were exercised at prices ranging from $1.04 to $3.62. Total net proceeds to the Company were $49,330. During the six months ended November 30, 2020, the Company granted 171,000 options to purchase common stock at an average purchase price of $7.46. REVENUE RECOGNITION The Company has various contracts with customers.  All of the contracts specify that revenues from product sales are recognized at the time the product is shipped, customarily FOB shipping point, which is when the transfer of control of goods has occurred and at which point title passes. The Company does not allow for returns except in the event of defective merchandise and therefore does not establish an allowance for returns. In addition, the Company has contracts with customers wherein they receive purchase discounts for achieving specified sales volumes.  The Company evaluated the status of these contracts as of November 30, 2020 and does not believe that any additional discounts will be given through the end of the contract periods.  Services for some contract work are invoiced and recognized for work that has been performed as the project progresses.  The Company sells clinical lab products to domestic and international distributors, including hospitals and clinical laboratories, medical research institutions, medical schools and pharmaceutical companies. OTC products are sold directly to drug stores and e-commerce customers as well as to distributors. Physician’s office products are sold to physicians and distributors, all of whom are categorized below according to the type of product sold to them.  The Company also manufactures certain components on a contract basis for domestic and international manufacturers. Disaggregation of revenue: The following is a breakdown of revenues according to markets to which the products are sold: <table width="575" style="WIDTH:575pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Six Months Ended</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Three Months Ended</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Clinical lab</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,474,512 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,034,228 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 892,804 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,144,172 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Lab Supplies</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> OTC</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 457,131 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 520,109 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 272,223 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 320,785 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Physician's office</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 350,604 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 124,493 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 153,273 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 79,226 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Contract Manufacturing</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 231,201 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 111,993 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 51,342 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 52,225 </td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,516,332 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,790,823 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,372,526 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,596,408 </td></tr></table> See Note 4 for additional information regarding revenue concentrations. SHIPPING AND HANDLING FEES The Company includes shipping and handling fees billed to customers in net sales. RESEARCH AND DEVELOPMENT Research and development costs are expensed as incurred. The Company expensed $586,403 and $404,854 of research and development costs during the three months ended November 30, 2020 and 2019 and $1,261,096 and $775,320 during the six months ended November 30, 2020 and 2019, respectively. INCOME TAXES The Company has provided a valuation allowance on deferred income tax assets of approximately $3,832,000 and $3,175,000 as of November 30, 2020 and May 31, 2020, respectively.   FOREIGN CURRENCY TRANSLATION The subsidiary located in Mexico operates primarily using the Mexican peso. The subsidiary located in Germany operates primarily using the U.S. dollar, with an immaterial amount of transactions occurring using the Euro. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments to assets and liabilities are presented as a separate component of accumulated other comprehensive loss. There are no adjustments to foreign currency loss that are included in the consolidated statements of operations for the three months ended November 30, 2020 and 2019 and six months ended November 30, 2020 and 2019. RIGHT-OF-USE ASSETS AND LEASE LIABILITY The Company follows the guidance of ASC 842, Leases, which requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset.  Right-of-use 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. The Company leases office space and copy machines, all of which are operating leases. The Company has elected to exclude short-term leases. Most leases include the option to renew and the exercise of the renewal options is at the Company’s sole discretion. Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise.  The leases do not include the options to purchase the leased property.  The depreciable life of assets and leasehold improvements are limited by the expected lease term. NET LOSS PER SHARE Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities using the treasury stock method. The total amount of anti-dilutive stock options not included in the loss per share calculation for the three months ended November 30, 2020 and 2019 was 1,326,489 and 521,782, respectively. The total amount of anti-dilutive stock options not included in the loss per share calculation for the six months ended November 30, 2020 and 2019 was 1,399,763 and 498,040, respectively. The Company also has outstanding 321,429 of series A 5% convertible preferred stock, which may be converted at any time to common stock. RECENT ACCOUNTING PRONOUNCEMENTS Recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission (“SEC”) did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. </div>

5417958

0.351

0.503

0.619

0.800

0.371

0.560

0.514

0.265

0.269

P90D

481142

0.40

1000000

<div style="font-family: "Courier New"; font-size: 10pt; "> INVENTORIES The Company values inventory at the lower of cost (determined using a combination of specific lot identification and the first-in, first-out methods) or net realizable value. Management periodically reviews inventory for excess quantities and obsolescence. Management evaluates quantities on hand, physical condition, and technical functionality as these characteristics may be impacted by anticipated customer demand for current products and new product introductions. The reserve is adjusted based on such evaluation, with a corresponding provision included in cost of sales. Abnormal amounts of idle facility expenses, freight, handling costs and wasted material are recognized as current period charges and the allocation of fixed production overhead is based on the normal capacity of the production facilities. Inventories approximate the following at: <table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:14.66%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> May 31, 2020</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Raw materials</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:13.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,748,000 </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:11.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,635,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Work in progress</td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:13.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,516,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:11.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 988,000</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Finished products</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.1%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 934,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:11.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 228,000</td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:13.1%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 4,198,000 </td> <td style="HEIGHT:15.75pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:11.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 2,851,000 </td></tr></table> Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated realizable value or to specifically reserve for obsolete inventory that the Company intends to dispose of. As of November 30, 2020 and May 31, 2020, inventory reserves were approximately $78,000 and $67,000, respectively.</div>

78000

67000

P5Y

P10Y

25843

24321

52575

53819

P18Y

P10Y

P20Y

6022

5946

11860

11726

0.06

<div style="font-family: "Courier New"; font-size: 10pt; "> SHARE-BASED COMPENSATION The Company follows the guidance of the accounting provisions of ASC 718, Share-based Compensation (“ASC 718”), which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (options). The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the future. Expected volatilities are based on weighted averages of the historical volatility of the Company’s common stock estimated over the expected term of the options. The expected forfeiture rate is based on historical forfeitures experienced. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term as historically the Company had limited activity surrounding its options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. The following summary presents the options and warrants granted, exercised, expired, cancelled and outstanding for the six months ended November 30, 2020: <table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:40.5pt"> <td style="HEIGHT:40.5pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> Option Shares</td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%;" valign="bottom"> Exercise Price Weighted Average</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding May 31, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,789,251 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 2.75 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Granted </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 171,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 7.46 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Exercised </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (30,000)</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 1.67 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Cancelled or expired </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (22,001)</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.43 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding November 30, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,908,250 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.18 </td></tr></table> During the six months ended November 30, 2020, options to purchase 30,000 shares of common stock were exercised at prices ranging from $1.04 to $3.62. Total net proceeds to the Company were $49,330. During the six months ended November 30, 2020, the Company granted 171,000 options to purchase common stock at an average purchase price of $7.46.</div>

30000

1.04

3.62

49330

171000

7.46

<div style="font-family: "Courier New"; font-size: 10pt; "> REVENUE RECOGNITION The Company has various contracts with customers.  All of the contracts specify that revenues from product sales are recognized at the time the product is shipped, customarily FOB shipping point, which is when the transfer of control of goods has occurred and at which point title passes. The Company does not allow for returns except in the event of defective merchandise and therefore does not establish an allowance for returns. In addition, the Company has contracts with customers wherein they receive purchase discounts for achieving specified sales volumes.  The Company evaluated the status of these contracts as of November 30, 2020 and does not believe that any additional discounts will be given through the end of the contract periods.  Services for some contract work are invoiced and recognized for work that has been performed as the project progresses.  The Company sells clinical lab products to domestic and international distributors, including hospitals and clinical laboratories, medical research institutions, medical schools and pharmaceutical companies. OTC products are sold directly to drug stores and e-commerce customers as well as to distributors. Physician’s office products are sold to physicians and distributors, all of whom are categorized below according to the type of product sold to them.  The Company also manufactures certain components on a contract basis for domestic and international manufacturers. Disaggregation of revenue: The following is a breakdown of revenues according to markets to which the products are sold: <table width="575" style="WIDTH:575pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Six Months Ended</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Three Months Ended</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Clinical lab</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,474,512 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,034,228 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 892,804 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,144,172 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Lab Supplies</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> OTC</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 457,131 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 520,109 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 272,223 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 320,785 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Physician's office</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 350,604 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 124,493 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 153,273 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 79,226 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Contract Manufacturing</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 231,201 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 111,993 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 51,342 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 52,225 </td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,516,332 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,790,823 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,372,526 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,596,408 </td></tr></table> See Note 4 for additional information regarding revenue concentrations.</div>

3832000

3175000

1326489

521782

1399763

498040

321429

<table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:14.66%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> May 31, 2020</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Raw materials</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:13.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,748,000 </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:11.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,635,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Work in progress</td> <td style="HEIGHT:15pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:13.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 1,516,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:11.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 988,000</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:69.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Finished products</td> <td style="HEIGHT:15pt; WIDTH:1.1%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:13.1%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 934,000</td> <td style="HEIGHT:15pt; WIDTH:1.56%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:1.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:11.56%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 228,000</td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:69.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:1.1%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:13.1%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 4,198,000 </td> <td style="HEIGHT:15.75pt; WIDTH:1.56%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:1.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:11.56%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> 2,851,000 </td></tr></table>

1748000

1635000

1516000

988000

934000

228000

<table width="733" style="WIDTH:550pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:40.5pt"> <td style="HEIGHT:40.5pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> Option Shares</td> <td style="HEIGHT:40.5pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:40.5pt; BORDER-RIGHT:0px; WIDTH:12%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%;" valign="bottom"> Exercise Price Weighted Average</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding May 31, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,789,251 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:12%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 2.75 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Granted </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 171,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 7.46 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Exercised </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (30,000)</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 1.67 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Cancelled or expired </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> (22,001)</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:12%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.43 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:195.85pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Outstanding November 30, 2020 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:2.9pt; width: 12%; white-space: nowrap;" valign="bottom"> 1,908,250 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:12%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 12%; white-space: nowrap;" valign="bottom"> 3.18 </td></tr></table>

1789251

2.75

171000

7.46

1.67

22001

3.43

1908250

3.18

<table width="575" style="WIDTH:575pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Six Months Ended</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Three Months Ended</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Clinical lab</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,474,512 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,034,228 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 892,804 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,144,172 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Lab Supplies</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,884 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom">  - </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> OTC</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 457,131 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 520,109 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 272,223 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 320,785 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Physician's office</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 350,604 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 124,493 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 153,273 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 79,226 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:167.05pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Contract Manufacturing</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 231,201 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 111,993 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 51,342 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BACKGROUND:#bdd7ee; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 52,225 </td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:167.05pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Total</td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,516,332 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,790,823 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,372,526 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,596,408 </td></tr></table>

1474512

2034228

892804

1144172

2884

457131

520109

272223

320785

350604

124493

153273

79226

231201

111993

51342

52225

2516332

2790823

1372526

1596408

<div style="font-family: "Courier New"; font-size: 10pt; "> NOTE 3:  SHAREHOLDERS’ EQUITY On July 20, 2020, the Company’s outstanding SEC Form S-3 “Shelf” registration statement dated July 20, 2017 expired. This prior registration statement registered an indeterminant number of shares equating to a maximum aggregate offering amount of $45,000,000 of shares. On July 21, 2020, the Company filed with the SEC a new Form S-3 “Shelf” registration statement to replace the registration statement that expired on July 20, 2020. The new registration statement registers common shares to be issued in a maximum aggregate amount of $90,000,000. Included in this registration statement was the registration of all of the common shares issued, or to be issued, to Palm Global Small Cap Master Fund LP upon conversion of their Series A 5% Convertible Preferred Stock into common shares. This S-3 registration statement became effective September 30, 2020. </div>

45000000

90000000

<div style="font-family: "Courier New"; font-size: 10pt; "> NOTE 4:  GEOGRAPHIC INFORMATION Financial information about foreign and domestic operations and export sales is approximately as follows: <table width="733" style="WIDTH:550.1pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Six Months Ended</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Three Months Ended</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Revenues from sales to unaffiliated customers:</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> United States</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 241,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 224,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 107,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 109,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Asia</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 897,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,460,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 550,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 797,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Europe</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,170,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 717,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 580,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 416,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> South America</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 82,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 71,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 39,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 24,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Middle East</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 125,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 309,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 96,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 241,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Other</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 10,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 10,000 </td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,516,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,791,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,373,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,597,000 </td></tr></table> As of November 30, 2020 and May 31, 2020, approximately $555,000 and $613,000 of Biomerica’s gross inventory and approximately $28,000 and $31,000, of Biomerica’s property and equipment, net of accumulated depreciation and amortization, was located in Mexicali, Mexico, respectively. </div>

555000

613000

28000

31000

<table width="733" style="WIDTH:550.1pt; BORDER-COLLAPSE:collapse; margin-left: auto; margin-right: auto;" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Six Months Ended</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="5" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> Three Months Ended</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2020</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td colspan="2" style="BORDER-TOP:windowtext 1pt solid; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> November 30, 2019</td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Revenues from sales to unaffiliated customers:</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"></td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> United States</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 241,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 224,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 107,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 109,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Asia</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 897,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,460,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 550,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 797,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Europe</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,170,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 717,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 580,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 416,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> South America</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 82,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 71,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 39,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15pt; WIDTH:10%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 24,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Middle East</td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 125,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 309,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 96,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:2%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="HEIGHT:15pt; WIDTH:10%; BACKGROUND:#bdd7ee; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 241,000 </td></tr> <tr style="HEIGHT:15pt"> <td style="HEIGHT:15pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"> Other</td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 10,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,000 </td> <td style="HEIGHT:15pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 10,000 </td></tr> <tr style="HEIGHT:15.75pt"> <td style="HEIGHT:15.75pt; WIDTH:290.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; white-space: nowrap;" valign="bottom"></td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"></td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,516,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 2,791,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,373,000 </td> <td style="HEIGHT:15.75pt; WIDTH:2%; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom">  </td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:2%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 2%; white-space: nowrap;" valign="bottom"> $</td> <td style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; WIDTH:10%; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; width: 10%; white-space: nowrap;" valign="bottom"> 1,597,000 </td></tr></table>

241000

224000

107000

109000

897000

1460000

550000

797000

1170000

717000

580000

416000

82000

71000

39000

24000

125000

309000

96000

241000

1000

10000

1000

10000

<div style="font-family: "Courier New"; font-size: 10pt; "> NOTE 5:  LEASES On June 18, 2009, the Company entered into an agreement to lease a building in Irvine, California. The lease commenced September 1, 2009 and ended August 31, 2016. In November 2015, the Company signed the First Amendment to extend the lease until August 31, 2021. As of September 1, 2020, the rent was $23,637 per month. The Company has an option to renew this lease for another 5 years and intends to pursue this renewal. In November 2016, the Company’s Mexican subsidiary, Biomerica de Mexico, entered into a 10-year lease for approximately 8,100 square feet of manufacturing space. The rent is currently $3,383 per month. The Company has one 10-year option to renew at the end of the initial lease period.  Biomerica, Inc. is not a guarantor of such lease. Biomerica de Mexico also leases a smaller unit on a month-to-month basis for use in one manufacturing process. In addition, the Company leases a small office on a month-to-month basis in Lindau, Germany, as headquarters for BioEurope GmbH, its Germany subsidiary. Components of lease expense include fixed lease expense of $171,769 for the six months ended November 30, 2020.  For purposes of determining straight-line rent expense, the lease term is calculated from the date the Company first takes possession of the facility, including any periods of free rent and any renewal option periods that the Company is reasonably certain of exercising. The Company’s office and equipment leases generally have contractually specified minimum rent and annual rent increases which are included in the measurement of the right-of-use asset and related lease liability. Additionally, under these lease arrangements, the Company may be required to pay directly, or reimburse the lessors, for some maintenance and operating costs. Such amounts are generally variable and therefore not included in the measurement of the right-of-use asset and related lease liability but are instead recognized as variable lease expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss when they are incurred.  <table style="width: 550pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" width="733" cellspacing="0" cellpadding="0"> <tr style="height: 19.5pt;"> <td style="height: 19.5pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> Supplemental cash flow information related to leases for </td> <td style="height: 19.5pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> the six months ended November 30, 2020:  </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Operating cash flows from operating leases      </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2.4%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="height: 15pt; width: 10%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 159,212 </td> <td style="height: 15pt; width: 1%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> </tr> <tr style="height: 27pt;"> <td style="height: 27pt; width: 357.85pt; padding: 0in;" valign="bottom"> Right-of-use assets obtained in exchange for  new operating lease liabilities </td> <td style="height: 27pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Weighted average remaining lease term (in years) </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2.4%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 10%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 5.77 </td> <td style="height: 15pt; width: 1%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> Weighted average discount rate </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> 6.5 </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> % </td> </tr> </table> The maturity of lease liabilities as of November 30, 2020 are as follows: <table style="width: 550pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" width="733" cellspacing="0" cellpadding="0"> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2021 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 108,290 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> 2022 </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 15%; white-space: nowrap; padding: 0in;" valign="bottom"> 235,569 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2023 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 262,698 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> 2024 </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 15%; white-space: nowrap; padding: 0in;" valign="bottom"> 291,210 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2025 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 321,971 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> Thereafter </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 2%; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 15%; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> 459,072 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Total </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 2%; background: #bdd7ee; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 15%; background: #bdd7ee; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> 1,678,810 </td> </tr> </table> </div>

2009-09-01

2016-08-31

2021-08-31

23637

P10Y

3383

171769

<table style="width: 550pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" width="733" cellspacing="0" cellpadding="0"> <tr style="height: 19.5pt;"> <td style="height: 19.5pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> Supplemental cash flow information related to leases for </td> <td style="height: 19.5pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 19.5pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> the six months ended November 30, 2020:  </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Operating cash flows from operating leases      </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2.4%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="height: 15pt; width: 10%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 159,212 </td> <td style="height: 15pt; width: 1%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> </tr> <tr style="height: 27pt;"> <td style="height: 27pt; width: 357.85pt; padding: 0in;" valign="bottom"> Right-of-use assets obtained in exchange for  new operating lease liabilities </td> <td style="height: 27pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 27pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Weighted average remaining lease term (in years) </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2.4%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 10%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 5.77 </td> <td style="height: 15pt; width: 1%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 357.85pt; white-space: nowrap; padding: 0in;" valign="bottom"> Weighted average discount rate </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2.4%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 10%; white-space: nowrap; padding: 0in;" valign="bottom"> 6.5 </td> <td style="height: 15pt; width: 1%; white-space: nowrap; padding: 0in;" valign="bottom"> % </td> </tr> </table>

159212

P5Y281D

0.065

<table style="width: 550pt; border-collapse: collapse; margin-left: auto; margin-right: auto;" width="733" cellspacing="0" cellpadding="0"> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2021 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 108,290 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> 2022 </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 15%; white-space: nowrap; padding: 0in;" valign="bottom"> 235,569 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2023 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 262,698 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> 2024 </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 2%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="height: 15pt; width: 15%; white-space: nowrap; padding: 0in;" valign="bottom"> 291,210 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 2025 </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 2%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="height: 15pt; width: 15%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> 321,971 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; white-space: nowrap; padding: 0in;" valign="bottom"> Thereafter </td> <td style="height: 15pt; width: 3%; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 2%; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 15%; border-bottom: windowtext 1pt solid; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> 459,072 </td> </tr> <tr style="height: 15pt;"> <td style="height: 15pt; width: 130.3pt; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom"> Total </td> <td style="height: 15pt; width: 3%; background: #bdd7ee; white-space: nowrap; padding: 0in;" valign="bottom">   </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 2%; background: #bdd7ee; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> $ </td> <td style="border-top: 0px; height: 15pt; border-right: 0px; width: 15%; background: #bdd7ee; border-bottom: windowtext 2.25pt double; border-left: 0px; white-space: nowrap; padding: 0in;" valign="bottom"> 1,678,810 </td> </tr> </table>

108290

235569

262698

291210

321971

459072

1678810

1250000

83333

250000

0.15 139850

<div style="font-family: "Times New Roman","serif"; font-size: 12pt; "> NOTE 7:  SUBSEQUENT EVENTS <a name="Form_8_K">At the December 10, 2020 board meeting, the Board of Directors approved the grant of 213,616 options to purchase shares of the Company’s common stock to officers, directors and certain employees.  The options are exercisable by outside board members one year from date of grant and for officers and employees one-quarter per year with the first quarter vesting one year from date of grant. The options will be at the exercise price of $6.36 per share and expire ten years from date of grant.</a> During December 2020, the Company filed the necessary paperwork with Medical Device Safety Service who then notified the competent authority in Germany to attain CE Mark in the EU for the Company’s COVID-19 antigen test that uses a nasal swab to collect a person’s nasal fluid sample to detect if the person has COVID-19 antigen in their system, which can indicate that the person has recently been infected with the COVID-19 virus and may still be infectious to others.  This nasal swab antigen test received CE clearance on January 8, 2021, and is now available for sale in the EU.  The Company has received an initial order for over $1 million of these tests and is in the process of filling this order. </div>

213616

P1Y

6.36

P10Y

1000000

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Operating Expenses: Other Income: Weighted average number of common and common equivalent shares: Other comprehensive loss, net of tax: The accompanying notes are an integral part of these statements. Assets Current Assets: Liabilities and Shareholders' Equity Current Liabilities: Commitments and contingencies (Notes 5 and 6) Shareholders' Equity: Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at November 30, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at November 30, 2020 and May 31, 2020 Preferred Stock, undesignated shares The accompanying notes are an integral part of these statements. The accompanying notes are an integral part of these statements. Cash flows from operating activities: Adjustments to reconcile net loss to net cash used in operating activities: Changes in assets and liabilities: Cash flows from investing activities: Cash flows from financing activities: Supplemental Disclosure of Cash-Flow Information: Cash paid during the period for: Non-cash investing and financing activities: The accompanying notes are an integral part of these statements. 5% Convertible Preferred Stock [Member] Series A Preferred Stock [Member] Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] AOCI Attributable to Parent [Member] Retained Earnings [Member] Basis of Accounting [Text Block] Significant Accounting Policies [Text Block] Schedule of Inventory, Current [Table Text Block] Share-based Payment Arrangement, Option, Activity [Table Text Block] Disaggregation of Revenue [Table Text Block] Stockholders' Equity Note Disclosure [Text Block] Geographic Information Disclosure [Text Block] Revenue from External Customers by Geographic Areas [Table Text Block] Revenues from sales to unaffiliated customers: EX-101.PRE 7 bmra-20201130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-31 8 exhibit31_1.htm EXHIBIT 31.1 Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Zackary S. Irani, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Biomerica, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of our internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or other persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 14, 2021

/s/ Zackary S. Irani

Zackary S. Irani

Chief Executive Officer

(Principal Executive Officer)

EX-31 9 exhibit31_2.htm EXHIBIT 31.2 Exhibit 31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steve Sloan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Biomerica, Inc.;

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 14, 2021

/s/ Steve Sloan

Steve Sloan

Chief Financial Officer

(Principal Financial Officer)

EX-32 10 exhibit32_1.htm EXHIBIT 32.1 Exhibit 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Biomerica, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Zackary Irani, Chief Executive Officer of the Company, certify, to the best of my knowledge, Pursuant to Exchange Act Rule 15d-14(b) and 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002,

The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, and

ii.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Zackary S. Irani

Zackary S. Irani

Chief Executive Officer

Date: January 14, 2021

EX-32 11 exhibit32_2.htm EXHIBIT 32.2 Exhibit 32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Biomerica, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steve Sloan, Chief Financial Officer of the Company, certify, to the best of my knowledge, Pursuant to Exchange Act Rule 15d-14(b) and 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002,

The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, and

ii.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Steve Sloan

Steve Sloan

Chief Financial Officer

Date: January 14, 2021

XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Nov. 30, 2020	Jan. 14, 2021
Document Information Line Items
Entity Registrant Name	BIOMERICA INC
Document Type	10-Q
Current Fiscal Year End Date	--05-31
Entity Common Stock, Shares Outstanding		11,780,089
Amendment Flag	false
Entity Central Index Key	0000073290
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net sales	$ 1,372,526	$ 1,596,408	$ 2,516,332	$ 2,790,823
Cost of sales	(1,011,030)	(1,127,536)	(1,971,960)	(1,954,647)
Gross Profit	361,496	468,872	544,372	836,176
Operating Expenses:
Selling, general and administrative	1,254,847	553,761	2,419,411	1,060,958
Research and development	586,403	404,854	1,261,096	775,320
Total operating expense	1,841,250	958,615	3,680,507	1,836,278
Loss from operations	(1,479,754)	(489,743)	(3,136,135)	(1,000,102)
Other Income:
Dividend and interest income	7,983	4,488	16,074	8,551
Interest expense		(5)		(5)
Total other income	7,983	4,483	16,074	8,546
Loss before income taxes	(1,471,771)	(485,260)	(3,120,061)	(991,556)
Provision for income taxes	13,393		14,518
Net loss	$ (1,485,164)	$ (485,260)	$ (3,134,579)	$ (991,556)
Basic net loss per common share (in Dollars per share)	$ (0.13)	$ (0.05)	$ (0.27)	$ (0.10)
Diluted net loss per common share (in Dollars per share)	$ (0.13)	$ (0.05)	$ (0.27)	$ (0.10)
Weighted average number of common and common equivalent shares:
Basic (in Shares)	11,756,265	9,817,363	11,752,299	9,780,813
Diluted (in Shares)	11,756,265	9,817,363	11,752,299	9,780,813
Net loss	$ (1,485,164)	$ (485,260)	$ (3,134,579)	$ (991,556)
Other comprehensive loss, net of tax:
Foreign currency translation	(1,530)	(1,643)	(3,250)	(5,085)
Comprehensive loss	$ (1,486,694)	$ (486,903)	$ (3,137,829)	$ (996,641)

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Nov. 30, 2020	May 31, 2020
Current Assets:
Cash and cash equivalents	$ 5,683,787	$ 8,641,027
Accounts receivable, less allowance for doubtful accounts of $481,142 and $70,981 as of November 30, 2020 and May 31, 2020, respectively	1,611,769	1,765,871
Inventories, net	4,198,213	2,850,836
Prepaid expenses and other	453,137	1,509,083
Total current assets	11,946,906	14,766,817
Property and equipment, net of accumulated depreciation and amortization of $1,920,217 and $1,867,643 as of November 30, 2020 and May 31, 2020, respectively	288,370	279,379
Right of use assets, net of accumulated amortization of $346,514 and $231,489 as of November 30, 2020 and May 31, 2020, respectively	1,596,485	1,711,510
Investments	165,324	165,324
Intangible assets, net of accumulated amortization of $513,367 and $496,124 as of November 30, 2020 and May 31, 2020, respectively	218,331	168,655
Other assets	262,278	168,193
Total Assets	14,477,694	17,259,878
Current Liabilities:
Accounts payable and accrued expenses	1,258,097	986,711
Accrued compensation	392,006	278,627
Lease liability, current portion	223,920	211,809
Total current liabilities	1,874,023	1,477,147
Lease liability, net of current portion	1,454,890	1,569,678
Total Liabilities	3,328,913	3,046,825
Commitments and contingencies (Notes 5 and 6)
Shareholders' Equity:
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at November 30, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at November 30, 2020 and May 31, 2020	25,714	25,714
Common stock, $0.08 par value, 25,000,000 shares authorized, 11,770,089 and 11,740,089 issued and outstanding at November 30, 2020 and May 31, 2020, respectively	941,605	939,205
Additional paid-in-capital	35,284,864	35,213,707
Accumulated other comprehensive loss	(43,091)	(39,841)
Accumulated deficit	(25,060,311)	(21,925,732)
Total Shareholders' Equity	11,148,781	14,213,053
Total Liabilities and Shareholders' Equity	14,477,694	17,259,878
5% Convertible Preferred Stock [Member] \| Series A Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at November 30, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at November 30, 2020 and May 31, 2020	25,714	25,714
Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at November 30, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at November 30, 2020 and May 31, 2020

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Nov. 30, 2020	May 31, 2020
Allowance for doubtful accounts (in Dollars)	$ 481,142	$ 70,981
Accumulated depreciation and amortization (in Dollars)	1,920,217	1,867,643
Accumulated amortization, Right of Use Assets (in Dollars)	346,514	231,489
Accumulated amortization, Intangible Assets (in Dollars)	$ 513,367	$ 496,124
Common stock par value (in Dollars per share)	$ 0.08	$ 0.08
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	11,770,089	11,740,089
Common stock, shares outstanding	11,770,089	11,740,089
5% Convertible Preferred Stock [Member] \| Series A Preferred Stock [Member]
Preferred Stock, Par Value (in Dollars per share)	$ 0.08	$ 0.08
Preferred Stock, shares authorized	571,429	571,429
Preferred Stock, shares issued	321,429	321,429
Preferred Stock, shares outstanding	321,429	321,429
Preferred Stock [Member]
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Preferred Stock, No Par Value (in Dollars per share)	$ 0	$ 0
Preferred Stock, undesignated shares	4,428,571	4,428,571

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - 6 months ended Nov. 30, 2020 - USD ($)	Series A Preferred Stock [Member] 5% Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balances at May. 31, 2020	$ 25,714	$ 939,205	$ 35,213,707	$ (39,841)	$ (21,925,732)	$ 14,213,053
Balances (in Shares) at May. 31, 2020	321,429	11,740,089
Exercise of stock options		$ 2,400	46,930			49,330
Exercise of stock options (in Shares)		30,000
Foreign currency translation				(3,250)		(3,250)
Compensation expense in connection with options granted			24,227			24,227
Net loss					(3,134,579)	(3,134,579)
Balances at Nov. 30, 2020	$ 25,714	$ 941,605	$ 35,284,864	$ (43,091)	$ (25,060,311)	$ 11,148,781
Balances (in Shares) at Nov. 30, 2020	321,429	11,770,089

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash flows from operating activities:
Net loss	$ (3,134,579)	$ (991,556)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	64,435	65,545
Change in allowance on accounts receivable	410,161	3,571
Inventory reserve	11,943	6,873
Stock option expense	24,227	34,978
Reduction in deferred rent liability		(37,971)
Amortization of right-of-use asset	115,025	157,356
Changes in assets and liabilities:
Accounts receivable	(256,059)	168,133
Inventories	(1,359,320)	(46,675)
Prepaid expenses	1,055,946	18,431
Reduction in lease liability	(102,677)	(102,133)
Other assets	(94,085)
Accounts payable and accrued expenses	271,386	345,211
Accrued compensation	113,379	12,243
Net cash used in operating activities	(2,880,218)	(365,994)
Cash flows from investing activities:
Increase in intangibles	(61,536)	(15,008)
Purchases of property and equipment	(61,566)	(6,323)
Net cash used in investing activities	(123,102)	(21,331)
Cash flows from financing activities:
Proceeds from sale of common stock, net		307,686
Proceeds from exercise of stock options	49,330	48,928
Proceeds from equity financing-officer		200,000
Net cash provided by financing activities	49,330	556,614
Effect of exchange rate changes in cash	(3,250)	(5,085)
Net (decrease) increase in cash and cash equivalents	(2,957,240)	164,204
Cash and cash equivalents at beginning of period	8,641,027	686,785
Cash and cash equivalents at end of period	5,683,787	850,989
Cash paid during the period for:
Interest		5
Income taxes	11,735	7,844
Non-cash investing and financing activities:
Establishment of Right-Of-Use Asset per ASC 842		1,942,999
Establishment of Lease Liability per ASC 842		$ 1,980,970

XML 18 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Nov. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting [Text Block]	NOTE 1: BASIS OF PRESENTATION Biomerica, Inc. and Subsidiaries (collectively "the Company") are primarily engaged in the development, manufacturing and marketing of medical diagnostic products. The Company develops, manufactures, and markets medical diagnostic products designed for the early detection and monitoring of chronic diseases and other medical conditions. The Company’s medical diagnostic products are sold worldwide in two markets: 1) clinical laboratories and 2) point of care (physicians' offices and over-the-counter drugstores). The diagnostic test kits are used to analyze blood, urine or fecal samples from patients in the diagnosis of various diseases and other medical complications, by measuring or detecting the existence and/or level of specific bacteria, hormones, antibodies, antigens or other substances, which may exist in a patient’s body, stools, or blood, often in extremely small concentrations. The information set forth in these condensed consolidated financial statements is unaudited and reflects all adjustments which, in the opinion of management, are necessary to present a fair statement of the consolidated results of operations of Biomerica, Inc. and subsidiaries, for the periods indicated. It does not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. All adjustments that were made are of a normal recurring nature. The unaudited, Condensed Consolidated Financial Statements and notes are presented as permitted by the requirements for Form 10-Q and do not contain certain information included in the annual financial statements and notes. The condensed consolidated balance sheet data as of May 31, 2020 was derived from audited financial statements. The accompanying interim condensed consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 31, 2020 for the fiscal year ended May 31, 2020. The results of operations for the interim periods are not necessarily indicative of results to be achieved for the full fiscal year.

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SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Nov. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 2:  SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of Biomerica, Inc. as well as its German subsidiary (BioEurope GmbH) and Mexican subsidiary (Biomerica de Mexico). All significant intercompany accounts and transactions have been eliminated in consolidation. 

ACCOUNTING ESTIMATES

The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reported period. Estimates that are made include the allowance for doubtful accounts, which is estimated based on current as well as historical past practices with a customer; stock option forfeiture rates, which are calculated based on historical data; inventory obsolescence, which are based on projected and historical usage of materials; and lease liability and right-of-use assets, which are calculated based on certain assumptions such as borrowing rate, likelihood of lease extensions to occur, asset valuation, among other things; and other items that may be necessary to estimate using current, historical and judgment based information. Actual results could materially differ from those estimates. 

CONCENTRATION OF CREDIT RISK

The Company maintains cash balances at certain financial institutions in excess of amounts insured by federal agencies. As of November 30, 2020, the Company had approximately $5,417,958 of uninsured cash.  The Company does not believe it is exposed to significant credit risks.

For the six months ended November 30, 2020 and November 30, 2019, the Company had one distributor which accounted for 35.1% and 50.3% of net consolidated sales, respectively.  At November 30, 2020 and May 31, 2020, the Company had two distributors and three distributors which accounted for a total of 61.9% and 80.0%, respectively, of gross accounts receivable. Of the 61.9% as of November 30, 2020, 37.1% was owed by a distributor in South America.  

For the six months ended November 30, 2020 and 2019, two vendors accounted for 56.0% and three vendors which accounted for 51.4% of the purchases of raw materials, respectively. As of November 30, 2020 and May 31, 2020, the Company had one vendor and two vendors which accounted for 26.5% and 26.9%, respectively, of accounts payable.

CASH AND CASH EQUIVALENTS 

Cash and cash equivalents consist of demand deposits and money market accounts with original maturities of less than three months.

ACCOUNTS RECEIVABLE

The Company extends unsecured credit to its customers located throughout the United States and the world. International accounts are normally required to prepay until they establish a history with the Company and at that time, they are extended credit at levels based on a number of criteria.  Based on various criteria, initial credit levels for individual distributors are approved by designated officers and managers of the Company. All increases in credit limits are also approved by designated upper-level management.  Management evaluates receivables on a quarterly basis and adjusts the allowance for doubtful accounts accordingly. For receivables over ninety days old, the Company begins to reserve a portion of the balance unless collection is reasonably assured.

Occasionally certain long-standing customers, who routinely place large orders, will have unusually large receivables balances relative to the total gross receivables.  Management monitors the payments for these large balances closely and often requires payment of existing invoices before shipping new sales orders.

The Company has established a reserve of $481,142 for doubtful accounts. The majority of this reserve has been established to cover 40% of outstanding accounts receivable from an international distributor.  The distributor continues to make small payments and the Company is continuining to work on collection of this account.

PREPAIDS

The Company occasionally prepays for items such as inventory, insurance and other items.  These items are reported as prepaids, until either the inventory is physically received or the insurance and other items are expensed.

As of May 31, 2020, approximately $1 million of the prepaids was an advance payment to one of our suppliers.  This prepayment was subsequently refunded by the supplier.

INVENTORIES 

The Company values inventory at the lower of cost (determined using a combination of specific lot identification and the first-in, first-out methods) or net realizable value. Management periodically reviews inventory for excess quantities and obsolescence. Management evaluates quantities on hand, physical condition, and technical functionality as these characteristics may be impacted by anticipated customer demand for current products and new product introductions. The reserve is adjusted based on such evaluation, with a corresponding provision included in cost of sales. Abnormal amounts of idle facility expenses, freight, handling costs and wasted material are recognized as current period charges and the allocation of fixed production overhead is based on the normal capacity of the production facilities.

Inventories approximate the following at:

    November 30, 
2020
  May 31, 
2020
 Raw materials
  
 $
 1,748,000 
  
 $
 1,635,000 
 Work in progress
   1,516,000
   988,000
 Finished products
  
  
 934,000
  
  
 228,000
 Total
  $
 4,198,000 
  $
 2,851,000 

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated realizable value or to specifically reserve for obsolete inventory that the Company intends to dispose of. As of November 30, 2020 and May 31, 2020, inventory reserves were approximately $78,000 and $67,000, respectively.

PROPERTY AND EQUIPMENT, NET

Property and equipment are stated at cost. Expenditures for additions and major improvements are capitalized. Repairs and maintenance costs are charged to operations as incurred. When property and equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation or amortization are removed from the accounts, and gains or losses from sales, retirements and dispositions are credited or charged to income. 

Depreciation and amortization are provided over the estimated useful lives of the related assets, ranging from 5 to 10 years, using the straight-line method. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Depreciation and amortization expense on property and equipment amounted to $25,843 and $24,321 for the three months ended November 30, 2020 and 2019, and $52,575 and $53,819 for the six months ended November 30, 2020 and 2019, respectively.  

INTANGIBLE ASSETS, NET

Intangible assets include trademarks, product rights, technology rights and patents, and are accounted for based on Accounting Standards Codification (“ASC”), ASC 350 Intangibles – Goodwill and Other (“ASC 350”). In that regard, intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets are being amortized using the straight-line method over the useful life, not to exceed 18 years for marketing and distribution rights, 10 years for purchased technology use rights, and 20 years for patents. Amortization amounted to $6,022 and $5,946 for the three months ended November 30, 2020 and 2019 and $11,860 and $11,726 for the six months ended November 30, 2020 and 2019, respectively. 

The Company assesses the recoverability of these intangible assets by determining whether the amortization of the asset’s balance over its remaining life can be recovered through projected undiscounted future cash flows.  The Company uses a qualitative assessment to determine whether there was any impairment. No impairment adjustment was required as of November 30, 2020 or 2019.

INVESTMENTS

From time-to-time, the Company makes investments in privately-held companies.  The Company determines whether the fair values of any investments in privately-held entities have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable.  If the Company considers any such decline to be other than temporary (based on various factors, including historical financial results, and the overall health of the investee’s industry), a write-down to estimated fair value is recorded. Investments represent the Company’s investment in a Polish distributor which is primarily engaged in distributing medical products and devices.  The Company currently has not written down the investment and no events have occurred which could indicate the carrying value to be greater than the fair value.  The Company owns approximately 6% of the investee, and accordingly, applies the cost method to account for the investment.  Under the cost method, investments are recorded at cost, with gains and losses recognized as of the sale date, and income recorded when received.

SHARE-BASED COMPENSATION

The Company follows the guidance of the accounting provisions of ASC 718, Share-based Compensation (“ASC 718”), which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (options). The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the future. Expected volatilities are based on weighted averages of the historical volatility of the Company’s common stock estimated over the expected term of the options. The expected forfeiture rate is based on historical forfeitures experienced. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term as historically the Company had limited activity surrounding its options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.

The following summary presents the options and warrants granted, exercised, expired, cancelled and outstanding for the six months ended November 30, 2020:

    Option Shares
  Exercise Price Weighted Average
 Outstanding May 31, 2020 
  
 1,789,251 
  
 $
 2.75 
 Granted 
  171,000 
   7.46 
 Exercised 
  
 (30,000)
  
  
 1.67 
 Cancelled or expired 
  (22,001)
   3.43 
 Outstanding November 30, 2020 
  
 1,908,250 
  
 $
 3.18 

During the six months ended November 30, 2020, options to purchase 30,000 shares of common stock were exercised at prices ranging from $1.04 to $3.62. Total net proceeds to the Company were $49,330.

During the six months ended November 30, 2020, the Company granted 171,000 options to purchase common stock at an average purchase price of $7.46.

REVENUE RECOGNITION

The Company has various contracts with customers.  All of the contracts specify that revenues from product sales are recognized at the time the product is shipped, customarily FOB shipping point, which is when the transfer of control of goods has occurred and at which point title passes. The Company does not allow for returns except in the event of defective merchandise and therefore does not establish an allowance for returns. In addition, the Company has contracts with customers wherein they receive purchase discounts for achieving specified sales volumes.  The Company evaluated the status of these contracts as of November 30, 2020 and does not believe that any additional discounts will be given through the end of the contract periods.  Services for some contract work are invoiced and recognized for work that has been performed as the project progresses.  The Company sells clinical lab products to domestic and international distributors, including hospitals and clinical laboratories, medical research institutions, medical schools and pharmaceutical companies. OTC products are sold directly to drug stores and e-commerce customers as well as to distributors. Physician’s office products are sold to physicians and distributors, all of whom are categorized below according to the type of product sold to them.  The Company also manufactures certain components on a contract basis for domestic and international manufacturers.

Disaggregation of revenue:

The following is a breakdown of revenues according to markets to which the products are sold:

    Six Months Ended
  Three Months Ended
   November 30, 2020
  November 30, 2019
  November 30, 2020
  November 30, 2019
 Clinical lab
  
 $
 1,474,512 
  
 $
 2,034,228 
  
 $
 892,804 
  
 $
 1,144,172 
 Lab Supplies
   2,884 
    - 
   2,884 
    - 
 OTC
  
  
 457,131 
  
  
 520,109 
  
  
 272,223 
  
  
 320,785 
 Physician's office
   350,604 
   124,493 
   153,273 
   79,226 
 Contract Manufacturing
  
  
 231,201 
  
  
 111,993 
  
  
 51,342 
  
  
 52,225 
 Total
  $
 2,516,332 
    $
 2,790,823 
    $
 1,372,526 
    $
 1,596,408 

See Note 4 for additional information regarding revenue concentrations.

SHIPPING AND HANDLING FEES

The Company includes shipping and handling fees billed to customers in net sales.

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred. The Company expensed $586,403 and $404,854 of research and development costs during the three months ended November 30, 2020 and 2019 and $1,261,096 and $775,320 during the six months ended November 30, 2020 and 2019, respectively.

INCOME TAXES

The Company has provided a valuation allowance on deferred income tax assets of approximately $3,832,000 and $3,175,000 as of November 30, 2020 and May 31, 2020, respectively.   

FOREIGN CURRENCY TRANSLATION

The subsidiary located in Mexico operates primarily using the Mexican peso. The subsidiary located in Germany operates primarily using the U.S. dollar, with an immaterial amount of transactions occurring using the Euro. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments to assets and liabilities are presented as a separate component of accumulated other comprehensive loss. There are no adjustments to foreign currency loss that are included in the consolidated statements of operations for the three months ended November 30, 2020 and 2019 and six months ended November 30, 2020 and 2019.

RIGHT-OF-USE ASSETS AND LEASE LIABILITY

The Company follows the guidance of ASC 842, Leases, which requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset.  Right-of-use 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. The Company leases office space and copy machines, all of which are operating leases. The Company has elected to exclude short-term leases. Most leases include the option to renew and the exercise of the renewal options is at the Company’s sole discretion. Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise.  The leases do not include the options to purchase the leased property.  The depreciable life of assets and leasehold improvements are limited by the expected lease term.

NET LOSS PER SHARE

Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities using the treasury stock method. The total amount of anti-dilutive stock options not included in the loss per share calculation for the three months ended November 30, 2020 and 2019 was 1,326,489 and 521,782, respectively. The total amount of anti-dilutive stock options not included in the loss per share calculation for the six months ended November 30, 2020 and 2019 was 1,399,763 and 498,040, respectively. The Company also has outstanding 321,429 of series A 5% convertible preferred stock, which may be converted at any time to common stock.

RECENT ACCOUNTING PRONOUNCEMENTS

Recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission (“SEC”) did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. 

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SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Nov. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 3: SHAREHOLDERS’ EQUITY On July 20, 2020, the Company’s outstanding SEC Form S-3 “Shelf” registration statement dated July 20, 2017 expired. This prior registration statement registered an indeterminant number of shares equating to a maximum aggregate offering amount of $45,000,000 of shares. On July 21, 2020, the Company filed with the SEC a new Form S-3 “Shelf” registration statement to replace the registration statement that expired on July 20, 2020. The new registration statement registers common shares to be issued in a maximum aggregate amount of $90,000,000. Included in this registration statement was the registration of all of the common shares issued, or to be issued, to Palm Global Small Cap Master Fund LP upon conversion of their Series A 5% Convertible Preferred Stock into common shares. This S-3 registration statement became effective September 30, 2020.

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GEOGRAPHIC INFORMATION

6 Months Ended

Nov. 30, 2020

Geographic Information Disclosure [Abstract]

Geographic Information Disclosure [Text Block]

NOTE 4:  GEOGRAPHIC INFORMATION

Financial information about foreign and domestic operations and export sales is approximately as follows:

    Six Months Ended
  Three Months Ended
   November 30, 2020
  November 30, 2019
  November 30, 2020
  November 30, 2019
 Revenues from sales to unaffiliated customers:
            
 United States
  
 $
 241,000 
  
 $
 224,000 
  
 $
 107,000 
  
 $
 109,000 
 Asia
   897,000 
   1,460,000 
   550,000 
   797,000 
 Europe
  
  
 1,170,000 
  
  
 717,000 
  
  
 580,000 
  
  
 416,000 
 South America
   82,000 
   71,000 
   39,000 
   24,000 
 Middle East
  
  
 125,000 
  
  
 309,000 
  
  
 96,000 
  
  
 241,000 
 Other
   
 1,000 
   
 10,000 
   
 1,000 
   
 10,000 
   $
 2,516,000 
    $
 2,791,000 
    $
 1,373,000 
    $
 1,597,000 

As of November 30, 2020 and May 31, 2020, approximately $555,000 and $613,000 of Biomerica’s gross inventory and approximately $28,000 and $31,000, of Biomerica’s property and equipment, net of accumulated depreciation and amortization, was located in Mexicali, Mexico, respectively.

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LEASES

6 Months Ended

Nov. 30, 2020

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

NOTE 5:  LEASES

On June 18, 2009, the Company entered into an agreement to lease a building in Irvine, California. The lease commenced September 1, 2009 and ended August 31, 2016. In November 2015, the Company signed the First Amendment to extend the lease until August 31, 2021. As of September 1, 2020, the rent was $23,637 per month. The Company has an option to renew this lease for another 5 years and intends to pursue this renewal.

In November 2016, the Company’s Mexican subsidiary, Biomerica de Mexico, entered into a 10-year lease for approximately 8,100 square feet of manufacturing space. The rent is currently $3,383 per month. The Company has one 10-year option to renew at the end of the initial lease period.  Biomerica, Inc. is not a guarantor of such lease. Biomerica de Mexico also leases a smaller unit on a month-to-month basis for use in one manufacturing process. In addition, the Company leases a small office on a month-to-month basis in Lindau, Germany, as headquarters for BioEurope GmbH, its Germany subsidiary. 

Components of lease expense include fixed lease expense of $171,769 for the six months ended November 30, 2020.  For purposes of determining straight-line rent expense, the lease term is calculated from the date the Company first takes possession of the facility, including any periods of free rent and any renewal option periods that the Company is reasonably certain of exercising. The Company’s office and equipment leases generally have contractually specified minimum rent and annual rent increases which are included in the measurement of the right-of-use asset and related lease liability. Additionally, under these lease arrangements, the Company may be required to pay directly, or reimburse the lessors, for some maintenance and operating costs. Such amounts are generally variable and therefore not included in the measurement of the right-of-use asset and related lease liability but are instead recognized as variable lease expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss when they are incurred.  

Supplemental cash flow information related to leases for 

the six months ended November 30, 2020:  

Operating cash flows from operating leases      

$

159,212

Right-of-use assets obtained in exchange for  new operating lease liabilities

Weighted average remaining lease term (in years)

5.77

Weighted average discount rate

6.5

%

The maturity of lease liabilities as of November 30, 2020 are as follows:

2021

$

108,290 

2022

235,569 

2023

262,698 

2024

291,210 

2025

321,971 

Thereafter

459,072 

Total

$

1,678,810

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COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 6: COMMITMENTS AND CONTINGENCIES Contracts and Licensing Agreements On May 25, 2016, the Company entered into an Exclusive Marketing License Agreement (“Telcon Agreement”) with Celtis Pharm Co., Ltd., who subsequently changed their name to Telcon Pharmaceutical Co., LTD (“Telcon”), a medical company in the South Korea. The Telcon Agreement grants to Telcon an exclusive license to market and sell Biomerica’s new InFoods® IBS products (“IBS Products”) in South Korea. The term of the agreement is for a period of five years following Korean FDA clearance of the product and provides an additional two years for Telcon to attain such Korean FDA clearance. The sequential two-year and five-year terms do not begin until after Biomerica first receives final clearance for sale of the IBS Products in the United States from the US FDA. Telcon, at its sole cost and expense, must use its commercially reasonably good faith efforts to obtain Korean FDA for the IBS Product to be sold in South Korea. The agreement may be cancelled if Biomerica has not obtained final US FDA clearance for sale of the IBS Products on or before December 31, 2019. Biomerica is also obligated to maintain a full quality assurance system for the IBS Products following the harmonized standards according to Annex IV of Directive 98/79/EC. The terms of the Telcon Agreement provide up to $1.25 million in exclusivity fees based on certain milestones including Biomerica’s starting clinical trials in the United States, receipt of US FDA clearance and Telcon’s first sales of IBS Products in Korea. If Biomerica commences FDA Trials and Telcon pays the initial $250,000 milestone-based exclusivity fees, and the Agreement is subsequently terminated by either party for lack of performance, then Biomerica shall issue to Telcon 83,333 shares of Biomerica common in consideration for the $250,000 of paid exclusivity fee. No exclusivity fees have yet been paid. Additionally, the Telcon Agreement provides for a royalty of 15% paid to Biomerica on all sales in Korea of the IBS Product, and further sets the pricing of IBS Products sold to Telcon. In order to retain the exclusivity within South Korean, Telcon must meet certain annual minimum royalty payments to Biomerica following Telcon’s receipt of Korean FDA approval or clearance for the IBS Product to be sold in Korea, which in no case will be later than May 31, 2019. In September 2017, the Telcon Agreement was amended to extend the date by which Telcon must attain Korean FDA approval until April 30, 2020. During the quarter ended August 31, 2020, a second amendment was signed extending the required FDA approval date to December 31, 2021. On June 25, 2020, the Company entered into a Clinical Trial Agreement with the University of Texas Health Science Center for the purpose of conducting a clinical trial of the Biomerica InFoods product. The term of the agreement shall be until completion of the work outlined and the charges will be invoiced monthly for work performed in the previous month. The maximum budgeted costs will be $139,850. On September 15, 2020, the Company entered into an agreement with Public Health England research institution for the purpose of evaluating the Company’s COVID-19 Rapid Test. As disclosed in the Form 10K filed with the SEC on August 31, 2020, on July 2, 2020, the Company received a notice of investigation and subpoena to produce information and documents from the Division of Enforcement of the SEC. The subpoena seeks information and documents related to events and circumstances leading up to the March 17, 2020 announcement that the Company had commenced shipping samples of the Company’s COVID-19 IgG/IgM Rapid Test to countries outside of the United States, and had initiated the application process with the United States Food and Drug Administration under the COVID-19 Emergency Use Authorization for approval to market and sell the test in the United States. The subpoena also seeks information and documents about the identity of any persons who were aware of the substance of the March 17, 2020 announcement prior to that date. In addition, on December 15, 2020, the SEC sent a second subpoena related to this investigation to Zack Irani, the Company’s CEO, requesting documents held by Mr. Irani concerning his past purchases of Company stock, any past communications with certain persons and entities, and other personal and Company documents. The Company and Mr. Irani are continuing to cooperate fully with the SEC’s investigation and provide information as requested. At this time, the Company is unable to predict the duration, scope or outcome of these investigations.

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SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Nov. 30, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 7: SUBSEQUENT EVENTS At the December 10, 2020 board meeting, the Board of Directors approved the grant of 213,616 options to purchase shares of the Company’s common stock to officers, directors and certain employees. The options are exercisable by outside board members one year from date of grant and for officers and employees one-quarter per year with the first quarter vesting one year from date of grant. The options will be at the exercise price of $6.36 per share and expire ten years from date of grant. During December 2020, the Company filed the necessary paperwork with Medical Device Safety Service who then notified the competent authority in Germany to attain CE Mark in the EU for the Company’s COVID-19 antigen test that uses a nasal swab to collect a person’s nasal fluid sample to detect if the person has COVID-19 antigen in their system, which can indicate that the person has recently been infected with the COVID-19 virus and may still be infectious to others. This nasal swab antigen test received CE clearance on January 8, 2021, and is now available for sale in the EU. The Company has received an initial order for over $1 million of these tests and is in the process of filling this order.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Nov. 30, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of Biomerica, Inc. as well as its German subsidiary (BioEurope GmbH) and Mexican subsidiary (Biomerica de Mexico). All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

ACCOUNTING ESTIMATES

The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reported period. Estimates that are made include the allowance for doubtful accounts, which is estimated based on current as well as historical past practices with a customer; stock option forfeiture rates, which are calculated based on historical data; inventory obsolescence, which are based on projected and historical usage of materials; and lease liability and right-of-use assets, which are calculated based on certain assumptions such as borrowing rate, likelihood of lease extensions to occur, asset valuation, among other things; and other items that may be necessary to estimate using current, historical and judgment based information. Actual results could materially differ from those estimates.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

CONCENTRATION OF CREDIT RISK

The Company maintains cash balances at certain financial institutions in excess of amounts insured by federal agencies. As of November 30, 2020, the Company had approximately $5,417,958 of uninsured cash.  The Company does not believe it is exposed to significant credit risks.

For the six months ended November 30, 2020 and November 30, 2019, the Company had one distributor which accounted for 35.1% and 50.3% of net consolidated sales, respectively.  At November 30, 2020 and May 31, 2020, the Company had two distributors and three distributors which accounted for a total of 61.9% and 80.0%, respectively, of gross accounts receivable. Of the 61.9% as of November 30, 2020, 37.1% was owed by a distributor in South America.  

For the six months ended November 30, 2020 and 2019, two vendors accounted for 56.0% and three vendors which accounted for 51.4% of the purchases of raw materials, respectively. As of November 30, 2020 and May 31, 2020, the Company had one vendor and two vendors which accounted for 26.5% and 26.9%, respectively, of accounts payable.

Cash and Cash Equivalents, Policy [Policy Text Block]

CASH AND CASH EQUIVALENTS 

Cash and cash equivalents consist of demand deposits and money market accounts with original maturities of less than three months.

Accounts Receivable [Policy Text Block]

ACCOUNTS RECEIVABLE

The Company extends unsecured credit to its customers located throughout the United States and the world. International accounts are normally required to prepay until they establish a history with the Company and at that time, they are extended credit at levels based on a number of criteria.  Based on various criteria, initial credit levels for individual distributors are approved by designated officers and managers of the Company. All increases in credit limits are also approved by designated upper-level management.  Management evaluates receivables on a quarterly basis and adjusts the allowance for doubtful accounts accordingly. For receivables over ninety days old, the Company begins to reserve a portion of the balance unless collection is reasonably assured.

Occasionally certain long-standing customers, who routinely place large orders, will have unusually large receivables balances relative to the total gross receivables.  Management monitors the payments for these large balances closely and often requires payment of existing invoices before shipping new sales orders.

The Company has established a reserve of $481,142 for doubtful accounts. The majority of this reserve has been established to cover 40% of outstanding accounts receivable from an international distributor.  The distributor continues to make small payments and the Company is continuining to work on collection of this account.

Prepaids, Policy [Policy Text Block]

PREPAIDS

The Company occasionally prepays for items such as inventory, insurance and other items.  These items are reported as prepaids, until either the inventory is physically received or the insurance and other items are expensed.

As of May 31, 2020, approximately $1 million of the prepaids was an advance payment to one of our suppliers.  This prepayment was subsequently refunded by the supplier.

Inventory, Policy [Policy Text Block]

INVENTORIES 

The Company values inventory at the lower of cost (determined using a combination of specific lot identification and the first-in, first-out methods) or net realizable value. Management periodically reviews inventory for excess quantities and obsolescence. Management evaluates quantities on hand, physical condition, and technical functionality as these characteristics may be impacted by anticipated customer demand for current products and new product introductions. The reserve is adjusted based on such evaluation, with a corresponding provision included in cost of sales. Abnormal amounts of idle facility expenses, freight, handling costs and wasted material are recognized as current period charges and the allocation of fixed production overhead is based on the normal capacity of the production facilities.

Inventories approximate the following at:

    November 30, 
2020
  May 31, 
2020
 Raw materials
  
 $
 1,748,000 
  
 $
 1,635,000 
 Work in progress
   1,516,000
   988,000
 Finished products
  
  
 934,000
  
  
 228,000
 Total
  $
 4,198,000 
  $
 2,851,000 

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated realizable value or to specifically reserve for obsolete inventory that the Company intends to dispose of. As of November 30, 2020 and May 31, 2020, inventory reserves were approximately $78,000 and $67,000, respectively.

Property, Plant and Equipment, Policy [Policy Text Block]

PROPERTY AND EQUIPMENT, NET

Property and equipment are stated at cost. Expenditures for additions and major improvements are capitalized. Repairs and maintenance costs are charged to operations as incurred. When property and equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation or amortization are removed from the accounts, and gains or losses from sales, retirements and dispositions are credited or charged to income. 

Depreciation and amortization are provided over the estimated useful lives of the related assets, ranging from 5 to 10 years, using the straight-line method. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the term of the lease. Depreciation and amortization expense on property and equipment amounted to $25,843 and $24,321 for the three months ended November 30, 2020 and 2019, and $52,575 and $53,819 for the six months ended November 30, 2020 and 2019, respectively.

Goodwill and Intangible Assets, Policy [Policy Text Block]

INTANGIBLE ASSETS, NET

Intangible assets include trademarks, product rights, technology rights and patents, and are accounted for based on Accounting Standards Codification (“ASC”), ASC 350 Intangibles – Goodwill and Other (“ASC 350”). In that regard, intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets are being amortized using the straight-line method over the useful life, not to exceed 18 years for marketing and distribution rights, 10 years for purchased technology use rights, and 20 years for patents. Amortization amounted to $6,022 and $5,946 for the three months ended November 30, 2020 and 2019 and $11,860 and $11,726 for the six months ended November 30, 2020 and 2019, respectively. 

The Company assesses the recoverability of these intangible assets by determining whether the amortization of the asset’s balance over its remaining life can be recovered through projected undiscounted future cash flows.  The Company uses a qualitative assessment to determine whether there was any impairment. No impairment adjustment was required as of November 30, 2020 or 2019.

Investment, Policy [Policy Text Block]

INVESTMENTS

From time-to-time, the Company makes investments in privately-held companies.  The Company determines whether the fair values of any investments in privately-held entities have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable.  If the Company considers any such decline to be other than temporary (based on various factors, including historical financial results, and the overall health of the investee’s industry), a write-down to estimated fair value is recorded. Investments represent the Company’s investment in a Polish distributor which is primarily engaged in distributing medical products and devices.  The Company currently has not written down the investment and no events have occurred which could indicate the carrying value to be greater than the fair value.  The Company owns approximately 6% of the investee, and accordingly, applies the cost method to account for the investment.  Under the cost method, investments are recorded at cost, with gains and losses recognized as of the sale date, and income recorded when received.

Share-based Payment Arrangement [Policy Text Block]

SHARE-BASED COMPENSATION

The Company follows the guidance of the accounting provisions of ASC 718, Share-based Compensation (“ASC 718”), which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (options). The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions for expected volatility, expected dividends, expected forfeiture rate, expected term, and the risk-free interest rate. The Company has not paid dividends historically and does not expect to pay them in the future. Expected volatilities are based on weighted averages of the historical volatility of the Company’s common stock estimated over the expected term of the options. The expected forfeiture rate is based on historical forfeitures experienced. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term as historically the Company had limited activity surrounding its options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.

The following summary presents the options and warrants granted, exercised, expired, cancelled and outstanding for the six months ended November 30, 2020:

    Option Shares
  Exercise Price Weighted Average
 Outstanding May 31, 2020 
  
 1,789,251 
  
 $
 2.75 
 Granted 
  171,000 
   7.46 
 Exercised 
  
 (30,000)
  
  
 1.67 
 Cancelled or expired 
  (22,001)
   3.43 
 Outstanding November 30, 2020 
  
 1,908,250 
  
 $
 3.18 

During the six months ended November 30, 2020, options to purchase 30,000 shares of common stock were exercised at prices ranging from $1.04 to $3.62. Total net proceeds to the Company were $49,330.

During the six months ended November 30, 2020, the Company granted 171,000 options to purchase common stock at an average purchase price of $7.46.

Revenue [Policy Text Block]

REVENUE RECOGNITION

The Company has various contracts with customers.  All of the contracts specify that revenues from product sales are recognized at the time the product is shipped, customarily FOB shipping point, which is when the transfer of control of goods has occurred and at which point title passes. The Company does not allow for returns except in the event of defective merchandise and therefore does not establish an allowance for returns. In addition, the Company has contracts with customers wherein they receive purchase discounts for achieving specified sales volumes.  The Company evaluated the status of these contracts as of November 30, 2020 and does not believe that any additional discounts will be given through the end of the contract periods.  Services for some contract work are invoiced and recognized for work that has been performed as the project progresses.  The Company sells clinical lab products to domestic and international distributors, including hospitals and clinical laboratories, medical research institutions, medical schools and pharmaceutical companies. OTC products are sold directly to drug stores and e-commerce customers as well as to distributors. Physician’s office products are sold to physicians and distributors, all of whom are categorized below according to the type of product sold to them.  The Company also manufactures certain components on a contract basis for domestic and international manufacturers.

Disaggregation of revenue:

The following is a breakdown of revenues according to markets to which the products are sold:

    Six Months Ended
  Three Months Ended
   November 30, 2020
  November 30, 2019
  November 30, 2020
  November 30, 2019
 Clinical lab
  
 $
 1,474,512 
  
 $
 2,034,228 
  
 $
 892,804 
  
 $
 1,144,172 
 Lab Supplies
   2,884 
    - 
   2,884 
    - 
 OTC
  
  
 457,131 
  
  
 520,109 
  
  
 272,223 
  
  
 320,785 
 Physician's office
   350,604 
   124,493 
   153,273 
   79,226 
 Contract Manufacturing
  
  
 231,201 
  
  
 111,993 
  
  
 51,342 
  
  
 52,225 
 Total
  $
 2,516,332 
    $
 2,790,823 
    $
 1,372,526 
    $
 1,596,408 

See Note 4 for additional information regarding revenue concentrations.

Cost of Goods and Service [Policy Text Block]

SHIPPING AND HANDLING FEES

The Company includes shipping and handling fees billed to customers in net sales.

Research and Development Expense, Policy [Policy Text Block]

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred. The Company expensed $586,403 and $404,854 of research and development costs during the three months ended November 30, 2020 and 2019 and $1,261,096 and $775,320 during the six months ended November 30, 2020 and 2019, respectively.

Income Tax, Policy [Policy Text Block]

INCOME TAXES

The Company has provided a valuation allowance on deferred income tax assets of approximately $3,832,000 and $3,175,000 as of November 30, 2020 and May 31, 2020, respectively.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

FOREIGN CURRENCY TRANSLATION

The subsidiary located in Mexico operates primarily using the Mexican peso. The subsidiary located in Germany operates primarily using the U.S. dollar, with an immaterial amount of transactions occurring using the Euro. Accordingly, assets and liabilities of these subsidiaries are translated using exchange rates in effect at the end of the period, and revenues and costs are translated using average exchange rates for the period. The resulting adjustments to assets and liabilities are presented as a separate component of accumulated other comprehensive loss. There are no adjustments to foreign currency loss that are included in the consolidated statements of operations for the three months ended November 30, 2020 and 2019 and six months ended November 30, 2020 and 2019.

Lessee, Leases [Policy Text Block]

RIGHT-OF-USE ASSETS AND LEASE LIABILITY

The Company follows the guidance of ASC 842, Leases, which requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset.  Right-of-use 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. The Company leases office space and copy machines, all of which are operating leases. The Company has elected to exclude short-term leases. Most leases include the option to renew and the exercise of the renewal options is at the Company’s sole discretion. Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise.  The leases do not include the options to purchase the leased property.  The depreciable life of assets and leasehold improvements are limited by the expected lease term.

Earnings Per Share, Policy [Policy Text Block]

NET LOSS PER SHARE

Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities using the treasury stock method. The total amount of anti-dilutive stock options not included in the loss per share calculation for the three months ended November 30, 2020 and 2019 was 1,326,489 and 521,782, respectively. The total amount of anti-dilutive stock options not included in the loss per share calculation for the six months ended November 30, 2020 and 2019 was 1,399,763 and 498,040, respectively. The Company also has outstanding 321,429 of series A 5% convertible preferred stock, which may be converted at any time to common stock.

New Accounting Pronouncements, Policy [Policy Text Block]

RECENT ACCOUNTING PRONOUNCEMENTS

Recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission (“SEC”) did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Nov. 30, 2020

Accounting Policies [Abstract]

Schedule of Inventory, Current [Table Text Block]

	November 30, 2020		May 31, 2020
Raw materials	$	1,748,000	$	1,635,000
Work in progress		1,516,000		988,000
Finished products		934,000		228,000
Total	$	4,198,000	$	2,851,000

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Option Shares	Exercise Price Weighted Average
Outstanding May 31, 2020	1,789,251	$	2.75
Granted	171,000		7.46
Exercised	(30,000)		1.67
Cancelled or expired	(22,001)		3.43
Outstanding November 30, 2020	1,908,250	$	3.18

Disaggregation of Revenue [Table Text Block]

	Six Months Ended				Three Months Ended
	November 30, 2020		November 30, 2019		November 30, 2020		November 30, 2019
Clinical lab	$	1,474,512	$	2,034,228	$	892,804	$	1,144,172
Lab Supplies		2,884		-		2,884		-
OTC		457,131		520,109		272,223		320,785
Physician's office		350,604		124,493		153,273		79,226
Contract Manufacturing		231,201		111,993		51,342		52,225
Total	$	2,516,332	$	2,790,823	$	1,372,526	$	1,596,408

XML 27 R16.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Nov. 30, 2020

Geographic Information Disclosure [Abstract]

Revenue from External Customers by Geographic Areas [Table Text Block]

	Six Months Ended				Three Months Ended
	November 30, 2020		November 30, 2019		November 30, 2020		November 30, 2019
Revenues from sales to unaffiliated customers:
United States	$	241,000	$	224,000	$	107,000	$	109,000
Asia		897,000		1,460,000		550,000		797,000
Europe		1,170,000		717,000		580,000		416,000
South America		82,000		71,000		39,000		24,000
Middle East		125,000		309,000		96,000		241,000
Other		1,000		10,000		1,000		10,000
	$	2,516,000	$	2,791,000	$	1,373,000	$	1,597,000

XML 28 R17.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

6 Months Ended

Nov. 30, 2020

Disclosure Text Block [Abstract]

Schedule Of Cash Flow Supplemental Disclosures Related To Lease [Table Text Block]

Supplemental cash flow information related to leases for
the six months ended November 30, 2020:

Operating cash flows from operating leases	$	159,212
Right-of-use assets obtained in exchange for new operating lease liabilities
Weighted average remaining lease term (in years)		5.77
Weighted average discount rate		6.5	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

2021	$	108,290
2022		235,569
2023		262,698
2024		291,210
2025		321,971
Thereafter		459,072
Total	$	1,678,810

XML 29 R18.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)		3 Months Ended		6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	May 31, 2020	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Cash, Uninsured Amount		$ 5,417,958		$ 5,417,958
Concentration Risk, Percentage		40.00%
Threshold Period Past Due for Write-off of Trade Accounts Receivable				90 days
Accounts Receivable, Credit Loss Expense (Reversal)		$ 481,142		$ 410,161	$ 3,571
Increase (Decrease) in Prepaid Supplies	$ 1,000,000
Inventory Valuation Reserves	67,000	78,000		78,000
Depreciation, Depletion and Amortization		25,843	$ 24,321	52,575	53,819
Amortization of Intangible Assets		$ 6,022	5,946	$ 11,860	11,726
Equity Method Investment, Ownership Percentage		6.00%		6.00%
Proceeds from Stock Options Exercised				$ 49,330	48,928
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)				171,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)				$ 7.46
Research and Development Expense		$ 586,403	$ 404,854	$ 1,261,096	$ 775,320
Deferred Tax Assets, Valuation Allowance	$ 3,175,000	$ 3,832,000		$ 3,832,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)		1,326,489	521,782	1,399,763	498,040
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares)		321,429		321,429
Minimum [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Property, Plant and Equipment, Useful Life				5 years
Maximum [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Property, Plant and Equipment, Useful Life				10 years
Distribution Rights [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life				18 years
Purchased Technology Rights [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life				10 years
Patents [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life				20 years
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage				35.10%	50.30%
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage	80.00%			61.90%
Customer Concentration Risk [Member] \| South America [Member] \| Accounts Receivable [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage				37.10%
Supplier Concentration Risk [Member] \| Cost of Goods and Service, Product and Service Benchmark [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage				56.00%	51.40%
Supplier Concentration Risk [Member] \| Accounts Payable [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage	26.90%			26.50%
Share-based Payment Arrangement, Option [Member]
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares)				30,000
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in Dollars per share)				$ 1.04
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in Dollars per share)				$ 3.62
Proceeds from Stock Options Exercised				$ 49,330
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)				171,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)				$ 7.46

XML 30 R19.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details) - Inventories - USD ($)	Nov. 30, 2020	May 31, 2020
Inventories [Abstract]
Raw materials	$ 1,748,000	$ 1,635,000
Work in progress	1,516,000	988,000
Finished products	934,000	228,000
Total	$ 4,198,213	$ 2,850,836

XML 31 R20.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details) - Options Activity - Share-based Payment Arrangement, Option [Member]	6 Months Ended
	Nov. 30, 2020 $ / shares shares
SIGNIFICANT ACCOUNTING POLICIES (Details) - Options Activity [Line Items]
Options Outstanding, Shares \| shares	1,789,251
Option Outstanding, Exercise Price Weighted Average \| $ / shares	$ 2.75
Option Granted, Shares \| shares	171,000
Option Granted, Exercise Price Weighted Average \| $ / shares	$ 7.46
Option Exercised, Shares \| shares	(30,000)
Option Exercised, Exercise Price Weighted Average \| $ / shares	$ 1.67
Option Cancelled or expired, Shares \| shares	(22,001)
Option Cancelled or expired, Exercise Price Weighted Average \| $ / shares	$ 3.43
Options Outstanding, Shares \| shares	1,908,250
Option Outstanding, Exercise Price Weighted Average \| $ / shares	$ 3.18

XML 32 R21.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details) - Revenue from contracts with customers - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue From Customers	$ 1,372,526	$ 1,596,408	$ 2,516,332	$ 2,790,823
Clinical Lab [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	892,804	1,144,172	1,474,512	2,034,228
Lab Supplies [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	2,884		2,884
OTC [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	272,223	320,785	457,131	520,109
Physicians Office [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	153,273	79,226	350,604	124,493
Contract Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Revenue From Customers	$ 51,342	$ 52,225	$ 231,201	$ 111,993

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY (Details) - USD ($)	Jul. 21, 2020	Jul. 20, 2020
Common Stock [Member] \| Maximum [Member]
SHAREHOLDERS' EQUITY (Details) [Line Items]
Proceeds from Issuance of Common Stock	$ 90,000,000	$ 45,000,000

XML 34 R23.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION (Details) - MEXICO - USD ($)	Nov. 30, 2020	May 31, 2020
GEOGRAPHIC INFORMATION (Details) [Line Items]
Inventory, Gross	$ 555,000	$ 613,000
Property, Plant and Equipment, Net	$ 28,000	$ 31,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	$ 1,372,526	$ 1,596,408	$ 2,516,332	$ 2,790,823
UNITED STATES
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	107,000	109,000	241,000	224,000
Asia [Member]
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	550,000	797,000	897,000	1,460,000
Europe [Member]
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	580,000	416,000	1,170,000	717,000
South America [Member]
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	39,000	24,000	82,000	71,000
Middle East [Member]
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	96,000	241,000	125,000	309,000
Other [Member]
GEOGRAPHIC INFORMATION (Details) - Financial information about foreign and domestic operations and export sales [Line Items]
Net Sales	$ 1,000	$ 10,000	$ 1,000	$ 10,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
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+ Details

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LEASES (Details) - USD ($)		1 Months Ended	6 Months Ended
LEASES (Details) - USD ($)	Jun. 18, 2009	Nov. 30, 2016	Nov. 30, 2020
LEASES (Details) [Line Items]
Threshold Period Past Due for Write-off of Trade Accounts Receivable			90 days
Operating Lease, Expense			$ 171,769
Building In Irvine California [Member]
LEASES (Details) [Line Items]
Operating Lease Initiation Date	Sep. 01, 2009
Lease Expiration Date	Aug. 31, 2016
Operating Leases, Rent Expense	$ 23,637
Building In Irvine California [Member] \| First Amendment To Lease [Member]
LEASES (Details) [Line Items]
Lease Expiration Date	Aug. 31, 2021
MEXICO \| Property Available for Operating Lease [Member]
LEASES (Details) [Line Items]
Operating Leases, Rent Expense		$ 3,383
Threshold Period Past Due for Write-off of Trade Accounts Receivable		10 years

XML 37 R26.htm IDEA: XBRL DOCUMENT

LEASES (Details) - Supplemental cash flow information related to leases	6 Months Ended
	Nov. 30, 2020 USD ($)
Supplemental cash flow information related to leases [Abstract]
Operating cash flows from operating leases	$ 159,212
Right-of-use assets obtained in exchange for new operating lease liabilities
Weighted average remaining lease term (in years)	5 years 281 days
Weighted average discount rate	6.50%

XML 38 R27.htm IDEA: XBRL DOCUMENT

LEASES (Details) - The maturity of lease liabilities	Nov. 30, 2020 USD ($)
The maturity of lease liabilities [Abstract]
2021	$ 108,290
2022	235,569
2023	262,698
2024	291,210
2025	321,971
Thereafter	459,072
Total	$ 1,678,810

XML 39 R28.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	May 25, 2016	Jun. 25, 2020
University Of Texas Health Science Center [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Clinical Trial Agreement Maximum Budgeted Costs		$ 139,850
Telcon Agreement [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Accrued Fees and Other Revenue Receivable	$ 1,250,000
Stock Issued During Period, Shares, Other (in Shares)	83,333
Proceeds from Fees Received	$ 250,000
Royalty Percentage	15.00%

XML 40 R29.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2020	Dec. 10, 2020
SUBSEQUENT EVENTS (Details) [Line Items]
Contract with Customer, Asset, Sale (in Dollars)	$ 1
Share-based Payment Arrangement, Employee [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)		213,616
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)		$ 6.36
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years

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