SUBSEQUENT EVENTS

6 Months Ended

Nov. 30, 2021

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 7:  SUBSEQUENT EVENTS

Subsequent to November 30, 2021, the Company sold 157,597 shares of its common stock under its S-3 “shelf” Registration statement.  The average sale price was $4.13 per share. Net proceeds to the Company were approximately $634,000.

At the December 9, 2021 board meeting, the Board of Directors approved the grant of 283,000 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 $4.46 per share and expire ten years from date of grant.

We held our Annual Meeting of Stockholders on December 9, 2021, to consider and vote on the proposals set forth in our proxy statement filed with the Securities and Exchange Commission on September 28, 2021. Please refer to the Form 8-K filed on December 10, 2021 for a description of the results of the meeting.