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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
May 31, 2012
Schedule of Inventory, Current [Table Text Block]

 

 

 

 

 

 

                                        

2012

 

2011

Raw materials

$

896,000

$

737,000

Work in progress

 

554,000

 

718,000

Finished products

 

371,000

 

331,000

Total

$

1,821,000

$

1,786,000

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

  

2012

  

2011

Dividend yield

  

0%

 

 0%

Expected volatility

  

77.76-84.97%

 

85.97-86.42%

Risk free interest rate

  

0.63-0.76%

 

1.87-2.27%

Expected life

  

3.25-3.75 years

 

3.75 years

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

 

 

 

 

 

 

For the Years Ended  May 31

 

2012

 

2011

 

 

 

 

 

 

Numerator for basic and diluted net income per common share                

$

548,435

$

157,447

                                                                      

 

 

 

 

 

 

 

 

 

 

Denominator for basic net income per common share

 

6,887,929

 

6,668,229 

Effect of dilutive securities:

 

 

 

 

 

Options and warrants

 

219,830

 

36,078

 

 

 

 

 

 

Denominator for diluted net income per common share   

 

7,107,759

 

6,704,307 

                                                                      

 

 

 

 

Basic net income per common share                                                    

$

0.08

$

0.02

 

 

 

 

 

 

Diluted net income per common share                                                 

$

0.08

$

0.02