Stock Based Compensation (Tables)

12 Months Ended

May 31, 2020

Fair value of stock options/restricted stock units granted

	Year Ended May 31,
	2020		2019
Average risk-free interest rate		N/A		3.1%
Expected life		N/A		6.0 years
Expected volatility		N/A		46.3%

Stock options outstanding

Outstanding Options			Exercisable Options
Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (yrs)	Weighted Average Exercise Price
22,500	$	1.70	6.9	$	1.70

Stock option activity

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Options outstanding and exercisable - May 31, 2018		318,332		$	2.36		6.8	$	751,264
Options granted		15,000			2.45
Options exercised		(38,333	)		1.70
Options forfeited/canceled		(40,833	)		2.66
Options outstanding and exercisable - May 31, 2019		254,166		$	2.41		5.8	$	612,540
Options granted		-
Options exercised		(69,166	)		1.82
Options forfeited/canceled		(162,500	)		2.77
Options outstanding and exercisable - May 31, 2020		22,500		$	1.70		6.9	$	38,250

Restricted Stock Units

Fair value of stock options/restricted stock units granted

	Year Ended May 31,
	2020		2019
Expected stock price volatility		54.1%		50.1% - 57.5%
Expected dividend yield		0%		0%
Average risk-free interest rate		2.3%		2.55% - 2.98%

Restricted stock units granted

Number of restricted stock units	Target Price
3,000	$	4.00
3,000	$	4.20
3,000	$	4.40
3,000	$	4.60
3,000	$	4.80
3,000	$	5.00

Non-vested restricted stock unit activity

	Number of Units			Weighted average price at grant date		Aggregate Intrinsic Value
Non-vested restricted stock units - May 31, 2019		98,000		$	2.94	$	288,120
Restricted stock units granted		87,478			2.99		261,559
Restricted stock units vested		(113,561	)		2.83		(321,378	)
Restricted stock units forfeited		(16,770	)		2.79		(46,788	)
Non-vested restricted stock units - May 31, 2020		55,147		$	3.28	$	180,882