XML 41 R27.htm IDEA: XBRL DOCUMENT v3.21.2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
May 31, 2021
Prior Period Adjustment [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

36,685,176

 

$

2,151,567

 

$

38,836,743

Accumulated deficit

  

(28,394,768)

    

(2,151,567)

    

(30,546,335)

Other Equity accounts

 

936,615

 

 

-

 

 

936,615

Total Shareholders' Equity

$

9,227,023

 

$

-

  

$

9,227,023

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

35,213,707

 

$

1,174,349

 

$

36,388,056

Accumulated deficit

  

(21,925,732)

    

(1,174,349)

    

(23,100,081)

Other Equity accounts

 

925,078

 

 

-

 

 

925,078

Total Shareholders' Equity

$

14,213,053

 

$

-

  

$

14,213,053

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

22,830,006

 

$

836,232

 

$

23,666,238

Accumulated deficit

  

(19,586,678)

    

(836,232)

    

(20,422,910)

Other Equity accounts

 

737,642

 

 

-

 

 

737,642

Total Shareholders' Equity

$

3,980,970

 

$

-

  

$

3,980,970

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

6,702,046

 

$

130,696

 

$

6,832,742

Gross Profit

  

496,981

   

(130,696)

    

366,285

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

4,608,950

 

 

785,575

 

 

5,394,525

Research and development

 

2,410,506

 

 

60,947

 

 

2,471,453

Total operating expense

 

7,019,456

 

 

846,522

 

 

7,865,978

 

 

 

 

 

 

 

 

 

Loss from operations

  

(6,522,475)

    

(977,218)

    

(7,499,693)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(6,455,979)

 

 

(977,218)

 

 

(7,433,197)

 

 

 

 

 

 

 

 

 

Net loss

$

(6,469,036)

 

$

(977,218)

 

$

(7,446,254)
                 

Basic net loss per common share

$

(0.54)

 

$

(0.08)

 

$

(0.62)
                 

Diluted net loss per common share

$

(0.54)

 

$

(0.08)

 

$

(0.62)
                 

Comprehensive loss

$

(6,477,151)

 

$

(977,218)

 

$

(7,454,369)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

4,910,935

 

$

43,549

 

$

4,954,484

Gross Profit

  

1,781,776

   

(43,549)

    

1,738,227

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

2,274,415

 

 

272,207

 

 

2,546,622

Research and development

 

1,910,209

 

 

22,361

 

 

1,932,570

Total operating expense

 

4,184,624

 

 

294,568

 

 

4,479,192

                 

Loss from operations

 

(2,402,848)

 

 

(338,117)

 

 

(2,740,965)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(2,331,664)

 

 

(338,117)

 

 

(2,669,781)

 

 

 

 

 

 

 

 

 

Net loss

$

(2,339,054)

 

$

(338,117)

 

$

(2,677,171)
                 

Basic net loss per common share

$

(0.23)

 

$

(0.03)

 

$

(0.26)
                 

Diluted net loss per common share

$

(0.23)

 

$

(0.03)

 

$

(0.26)
                 

Comprehensive loss

$

(2,342,364)

 

$

(338,117)

 

$

(2,680,481)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 
                 

Net loss

$

(6,469,036)

 

$

(977,218)

 

$

(7,446,254)

Adjustments to reconcile net loss to net cash used in operating activities:

                

Stock option expense

 

377,391

 

 

977,218

 

 

1,354,609

Net cash used in operating activities

  

(5,251,748)

    

-

    

(5,251,748)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of year

$

4,199,311

 

$

-

  

$

4,199,311

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 
                 

Net loss

$

(2,339,054)

 

$

(338,117)

 

$

(2,677,171)

Adjustments to reconcile net loss to net cash used in operating activities:

                

Stock option expense

 

200,470

 

 

338,117

 

 

538,587

Net cash used in operating activities

  

(4,297,498)

    

-

    

(4,297,498)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of year

$

8,641,027

 

$

-

  

$

8,641,027

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

35,231,415

 

$

1,417,328

 

$

36,648,743

Accumulated deficit

  

(23,575,147)

    

(1,417,328)

    

(24,992,475)

Other Equity accounts

 

924,357

 

 

-

 

 

924,357

Total Shareholders' Equity

$

12,580,625

 

$

-

  

$

12,580,625

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

960,930

 

$

64,787

 

$

1,025,717

Gross Profit

  

182,876

   

(64,787)

    

118,089

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

1,164,564

 

 

141,380

 

 

1,305,944

Research and development

 

674,693

 

 

36,812

 

 

711,505

Total operating expense

 

1,839,257

 

 

178,192

 

 

2,017,449

                 

Loss from operations

 

(1,656,381)

 

 

(242,979)

 

 

(1,899,360)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(1,648,290)

 

 

(242,979)

 

 

(1,891,269)

 

 

 

 

 

 

 

 

 

Net loss

$

(1,649,415)

 

$

(242,979)

 

$

(1,892,394)
                 

Basic net loss per common share

$

(0.14)

 

$

(0.02)

 

$

(0.16)
                 

Diluted net loss per common share

$

(0.14)

 

$

(0.02)

 

$

(0.16)
                 

Comprehensive loss

$

(1,651,136)

 

$

(242,979)

 

$

(1,894,115)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 
                 

Net loss

$

(1,649,415)

 

$

(242,979)

 

$

(1,892,394)

Adjustments to reconcile net loss to net cash used in operating activities:

                

Stock option expense

 

3,808

 

 

242,979

 

 

246,787

Net cash used in operating activities

  

(1,597,146)

    

-

    

(1,597,146)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

6,964,314

 

$

-

 

$

6,964,314

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

35,284,864

 

$

1,650,262

 

$

36,935,126

Accumulated deficit

  

(25,060,311)

    

(1,650,262)

    

(26,710,573)

Other Equity accounts

 

924,228

 

 

-

 

 

924,228

Total Shareholders' Equity

$

11,148,781

 

$

-

  

$

11,148,781

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

1,971,960

 

$

117,564

 

$

2,089,524

Gross Profit

  

544,372

   

(117,564)

    

426,808

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

2,419,411

 

 

291,379

 

 

2,710,790

Research and development

 

1,261,096

 

 

66,970

 

 

1,328,066

Total operating expense

 

3,680,507

 

 

358,349

 

 

4,038,856

                 

Loss from operations

 

(3,136,135)

 

 

(475,913)

 

 

(3,612,048)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(3,120,061)

 

 

(475,913)

 

 

(3,595,974)

 

 

 

 

 

 

 

 

 

Net loss

$

(3,134,579)

 

$

(475,913)

 

$

(3,610,492)
                 

Basic net loss per common share

$

(0.27)

 

$

(0.04)

 

$

(0.31)
                 

Diluted net loss per common share

$

(0.27)

 

$

(0.04)

 

$

(0.31)
                 

Comprehensive loss

$

(3,137,829)

 

$

(475,913)

 

$

(3,613,742)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

1,011,030

 

$

52,777

 

$

1,063,807

Gross Profit

  

361,496

   

(52,777)

    

308,719

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

1,254,847

 

 

149,999

 

 

1,404,846

Research and development

 

586,403

 

 

30,158

 

 

616,561

Total operating expense

 

1,841,250

 

 

180,157

 

 

2,021,407

                 

Loss from operations

 

(1,479,754)

 

 

(232,934)

 

 

(1,712,688)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(1,471,771)

 

 

(232,934)

 

 

(1,704,705)

 

 

 

 

 

 

 

 

 

Net loss

$

(1,485,164)

 

$

(232,934)

 

$

(1,718,098)
                 

Basic net loss per common share

$

(0.13)

 

$

(0.02)

 

$

(0.15)
                 

Diluted net loss per common share

$

(0.13)

 

$

(0.02)

 

$

(0.15)
                 

Comprehensive loss

$

(1,486,694)

 

$

(232,934)

 

$

(1,719,628)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 
                 

Net loss

$

(3,134,579)

 

$

(475,913)

 

$

(3,610,492)

Adjustments to reconcile net loss to net cash used in operating activities:

                

Stock option expense

 

24,227

 

 

475,913

 

 

500,140

Net cash used in operating activities

  

(2,880,218)

    

-

    

(2,880,218)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

5,683,787

 

$

-

  

$

5,683,787

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Shareholders' Equity:

 

 

 

 

 

 

 

 
                 

Additional paid-in-capital

$

36,563,562

 

$

1,935,493

 

$

38,499,055

Accumulated deficit

  

(26,899,621)

    

(1,935,493)

    

(28,835,114)

Other Equity accounts

 

935,642

 

 

-

 

 

935,642

Total Shareholders' Equity

$

10,599,583

 

$

-

  

$

10,599,583

 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

5,639,103

 

$

152,490

 

$

5,791,593

Gross Profit

  

505,867

   

(152,490)

    

353,377

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

3,697,804

 

 

540,933

 

 

4,238,737

Research and development

 

1,824,312

 

 

67,721

 

 

1,892,033

Total operating expense

 

5,522,116

 

 

608,654

 

 

6,130,770

                 

Loss from operations

 

(5,016,249)

 

 

(761,144)

 

 

(5,777,393)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(4,962,488)

 

 

(761,144)

 

 

(5,723,632)

 

 

 

 

 

 

 

 

 

Net loss

$

(4,973,889)

 

$

(761,144)

 

$

(5,735,033)
                 

Basic net loss per common share

$

(0.42)

 

$

(0.07)

 

$

(0.49)
                 

Diluted net loss per common share

$

(0.42)

 

$

(0.07)

 

$

(0.49)
                 

Comprehensive loss

$

(4,982,576)

 

$

(761,144)

 

$

(5,743,720)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cost of sales

$

3,667,143

 

$

34,926

 

$

3,702,069

Gross Loss

  

(38,505)

    

(34,926)

    

(73,431)

 

 

 

 

 

 

 

 

 

Operating Expenses:

                

Selling, general and administrative

 

1,278,393

 

 

249,554

 

 

1,527,947

Research and development

 

563,216

 

 

751

 

 

563,967

Total operating expense

 

1,841,609

 

 

250,305

 

 

2,091,914

                 

Loss from operations

 

(1,880,114)

 

 

(285,231)

 

 

(2,165,345)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(1,842,427)

 

 

(285,231)

 

 

(2,127,658)

 

 

 

 

 

 

 

 

 

Net loss

$

(1,839,310)

 

$

(285,231)

 

$

(2,124,541)
                 

Basic net loss per common share

$

(0.15)

 

$

(0.03)

 

$

(0.18)
                 

Diluted net loss per common share

$

(0.15)

 

$

(0.03)

 

$

(0.18)
                 

Comprehensive loss

$

(1,844,747)

 

$

(285,231)

 

$

(2,129,978)
 

As Previously

Reported

            
   

Adjustments

  

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 
                 

Net loss

$

(4,973,889)

 

$

(761,144)

 

$

(5,735,033)

Adjustments to reconcile net loss to net cash used in operating activities:

                

Stock option expense

 

261,176

 

 

761,144

 

 

1,022,320

Net cash used in operating activities

  

(4,244,064)

    

-

    

(4,244,064)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

5,272,565

 

$

-

 

$

5,272,565