8. LONG-TERM DEBT	12 Months Ended
May 31, 2019
Long-term Debt, Unclassified [Abstract]
8. LONG-TERM DEBT	8. LONG-TERM DEBT: On April 10, 2015, the Company entered into a Convertible Note Purchase and Credit Facility Agreement (the “Purchase Agreement”) with QVT Fund LP and Quintessence Fund L.P. (the “Purchasers”) providing for (a) the Company’s sale to the Purchasers of $4,110,000 in aggregate principal amount of 9.0% Convertible Secured Notes due 2017 (the “Convertible Notes”) and (b) a secured revolving loan facility (the “Credit Facility”) in an aggregate principal amount of up to $2,000,000. On August 22, 2016 the Purchase Agreement was amended to extend the maturity date of the Convertible Notes to April 10, 2019, decrease the conversion price from $2.65 per share to $2.30 per share, decrease the forced conversion price from $7.50 per share to $6.51 per share, and allow for additional equity awards. The maximum amount of $2,000,000 drawn against the Credit Facility was converted to Convertible Notes, and at May 31, 2018 there was no remaining balance available to be drawn on the Credit Facility. The Convertible Notes bore interest at an annual rate of 9.0%. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Debt issuance costs of $356,000, which were accreted over the term of the original loan using the effective interest rate method, were offset against the loan balance. The conversion price for the Convertible Notes was $2.30 per share and was subject to adjustment upon the occurrence of certain specified events. Holders could convert all or any part of the principal amount of their Convertible Notes in integrals of $10,000 at any time prior to the maturity date. Upon conversion, the Company would deliver shares of its common stock to the holder of Convertible Notes electing such conversion. The Company could not redeem the Convertible Notes prior to maturity. The Company’s obligations under the Purchase Agreement were secured by substantially all of the assets of the Company. On the maturity date of April 10, 2019, the Company paid off the Convertible Notes in an aggregate principal amount of $6.1 million.

8. LONG-TERM DEBT

12 Months Ended

May 31, 2019

Long-term Debt, Unclassified [Abstract]

8. LONG-TERM DEBT:

On April 10, 2015, the Company entered into a Convertible Note Purchase and Credit Facility Agreement (the “Purchase Agreement”) with QVT Fund LP and Quintessence Fund L.P. (the “Purchasers”) providing for (a) the Company’s sale to the Purchasers of $4,110,000 in aggregate principal amount of 9.0% Convertible Secured Notes due 2017 (the “Convertible Notes”) and (b) a secured revolving loan facility (the “Credit Facility”) in an aggregate principal amount of up to $2,000,000. On August 22, 2016 the Purchase Agreement was amended to extend the maturity date of the Convertible Notes to April 10, 2019, decrease the conversion price from $2.65 per share to $2.30 per share, decrease the forced conversion price from $7.50 per share to $6.51 per share, and allow for additional equity awards.

The maximum amount of $2,000,000 drawn against the Credit Facility was converted to Convertible Notes, and at May 31, 2018 there was no remaining balance available to be drawn on the Credit Facility.

The Convertible Notes bore interest at an annual rate of 9.0%. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Debt issuance costs of $356,000, which were accreted over the term of the original loan using the effective interest rate method, were offset against the loan balance.

The conversion price for the Convertible Notes was $2.30 per share and was subject to adjustment upon the occurrence of certain specified events. Holders could convert all or any part of the principal amount of their Convertible Notes in integrals of $10,000 at any time prior to the maturity date. Upon conversion, the Company would deliver shares of its common stock to the holder of Convertible Notes electing such conversion. The Company could not redeem the Convertible Notes prior to maturity.

The Company’s obligations under the Purchase Agreement were secured by substantially all of the assets of the Company.

On the maturity date of April 10, 2019, the Company paid off the Convertible Notes in an aggregate principal amount of $6.1 million.