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Subsequent Events
6 Months Ended
Nov. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 8: Subsequent Events


      Subsequent to November 30, 2019, options to purchase 26,250 of the Company’s common stock at prices ranging from $1.04 to $1.20 were exercised by the option holders. Net proceeds to the Company were approximately $31,000.


     On January 7, 2020, the Company sold 7,139 shares of common stock under the S-3 registration statement and received net proceeds of $21,282. On January 9, 2020 the Company sold 5,396 shares of common stock under the S-3 registration statement and received net proceeds of approximately $16,058.


     In December 2019, options to purchase 51,000 shares of the Company’s common stock were granted to various employees of the Company.  The purchase price of the options will be $2.68 per share.  The options are exercisable one quarter per year with the first quarter vesting one year from date of grant.  The options expire five years from date of grant.


     In December 2019, the Board of Directors approved the 2020 Stock Option and Incentive Plan.  The plan is for the issuance of 900,000 options to purchase the Company’s common stock from time to time at the discretion of the Board of Directors.  The plan will be submitted for approval by the shareholders in December 2020.


     In December 2019, the Board of Directors approved the grant of 295,000 options to purchase shares of the Company’s common stock to officers and directors.  The options are exercisable by outside board members one year from date of grant and for officers one-quarter per year with the first quarter vesting one year from date of grant. The options will be at the exercise price of $2.81 per share and expire ten years from date of grant.


     In December 2019, the Company entered into a Clinical Trial Agreement with a research institution for the purpose of conducting a clinical trial of the Biomerica InFoods product.  The term of the agreement shall be until completion of the work outlined and the charges will be invoiced monthly for work performed in the previous month.  The maximum budgeted costs will be approximately $133,000.


      On December 18, 2019, the Company entered into a Clinical Trial Agreement with a research institution for the purpose of conducting a clinical trial of the Biomerica H. pylori product.  The term of the agreement shall be until completion of the work outlined and the charges will be invoiced monthly for work performed in the previous month. The maximum budgeted costs will be approximately $57,800.