10. LONG-TERM DEBT	12 Months Ended
May 31, 2021
Long-term Debt, Unclassified [Abstract]
10. LONG-TERM DEBT	10. LONG-TERM DEBT On April 23, 2020, the Company obtained the PPP Loan in the aggregate amount of $1,678,789 from SVB. The PPP Loan was evidenced by a promissory note dated April 23, 2020 (the “Note”) that matures on April 23, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 23, 2020. The PPP Loan proceeds were used for payroll, health care benefits, rent and utilities. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the Company. On June 4, 2021, the entire PPP Loan balance and interest were forgiven, see Note 18, “Subsequent Event” of the Notes to Consolidated Financial Statements.

10. LONG-TERM DEBT

12 Months Ended

May 31, 2021

Long-term Debt, Unclassified [Abstract]

On April 23, 2020, the Company obtained the PPP Loan in the aggregate amount of $1,678,789 from SVB. The PPP Loan was evidenced by a promissory note dated April 23, 2020 (the “Note”) that matures on April 23, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 23, 2020. The PPP Loan proceeds were used for payroll, health care benefits, rent and utilities.

Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the Company. On June 4, 2021, the entire PPP Loan balance and interest were forgiven, see Note 18, “Subsequent Event” of the Notes to Consolidated Financial Statements.