XML 14 R3.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Feb. 28, 2021
May 31, 2020
Current Assets:    
Cash and cash equivalents $ 5,272,565 $ 8,641,027
Accounts receivable, less allowance for doubtful accounts of $649,419 and $70,981 as of February 28, 2021 and May 31, 2020, respectively 1,878,124 1,765,871
Inventories, net 2,860,055 2,850,836
Prepaid expenses and other 774,117 1,509,083
Total current assets 10,784,861 14,766,817
Property and equipment, net of accumulated depreciation and amortization of $1,945,908 and $1,867,643 as of February 28, 2021 and May 31, 2020, respectively 307,873 279,379
Right of use assets, net of accumulated amortization of $405,407 and $231,489 as of February 28, 2021 and May 31, 2020, respectively 1,537,591 1,711,510
Investments 165,324 165,324
Intangible assets, net of accumulated amortization of $517,792 and $496,124 as of February 28, 2021 and May 31, 2020, respectively 269,252 168,655
Other assets 282,857 168,193
Total Assets 13,347,758 17,259,878
Current Liabilities:    
Accounts payable and accrued expenses 756,136 986,711
Accrued compensation 366,936 278,627
Lease liability, current portion 228,936 211,809
Total current liabilities 1,352,008 1,477,147
Lease liability, net of current portion 1,396,167 1,569,678
Total Liabilities 2,748,175 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, none issued and outstanding at February 28, 2021 and 321,429 issued and outstanding at May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at February 28, 2021 and May 31, 2020 25,714
Common stock, $0.08 par value, 25,000,000 shares authorized, 12,302,157 and 11,740,089 issued and outstanding at February 28, 2021 and May 31, 2020, respectively 984,170 939,205
Additional paid-in-capital 36,563,562 35,213,707
Accumulated other comprehensive loss (48,528) (39,841)
Accumulated deficit (26,899,621) (21,925,732)
Total Shareholders' Equity 10,599,583 14,213,053
Total Liabilities and Shareholders' Equity 13,347,758 17,259,878
5% Percent 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, none issued and outstanding at February 28, 2021 and 321,429 issued and outstanding at May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at February 28, 2021 and May 31, 2020 25,714
Preferred Stock [Member]    
Shareholders' Equity:    
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, none issued and outstanding at February 28, 2021 and 321,429 issued and outstanding at May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at February 28, 2021 and May 31, 2020