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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Aug. 31, 2022
May 31, 2022
Current Assets:    
Cash and cash equivalents $ 6,075,037 $ 5,916,983
Accounts receivable, less allowance for doubtful accounts of $383,106 and $153,231 as of August 31, 2022 and May 31, 2022, respectively 932,273 773,818
Inventories, net of inventory reserves of $981,814 and $845,549 as of August 31, 2022 and May 31, 2022, respectively 1,921,734 2,416,447
Prepaid expenses and other 238,762 320,283
Total current assets 9,167,806 9,427,531
Property and equipment, net of accumulated depreciation and amortization of $1,325,561 and $1,305,360 as of August 31, 2022 and May 31, 2022, respectively 227,908 214,487
Right of use assets, net of accumulated amortization of $791,859 and $724,802 as of August 31, 2022 and May 31, 2022, respectively 1,234,777 1,301,834
Investments 165,324 165,324
Intangible assets, net of accumulated amortization of $21,271 and $18,994 as of August 31, 2022 and May 31, 2022, respectively 160,750 169,516
Other assets 93,509 95,588
Total Assets 11,050,074 11,374,280
Current Liabilities:    
Accounts payable and accrued expenses 671,240 972,372
Accrued compensation 591,948 646,944
Advance from customers 150,523 50,670
Lease liability, current portion 343,889 341,296
Total current liabilities 1,757,600 2,011,282
Lease liability, net of current portion 970,890 1,038,284
Total Liabilities 2,728,490 3,049,566
Commitments and contingencies (Notes 5 and 6)
Shareholders' Equity:    
Common stock, $0.08 par value, 25,000,000 shares authorized, 13,406,901 and 12,867,924 issued and outstanding at August 31, 2022 and May 31, 2022, respectively 1,072,550 1,029,432
Additional paid-in-capital 44,484,752 42,446,597
Accumulated other comprehensive loss (86,463) (73,936)
Accumulated deficit (37,149,255) (35,077,379)
Total Shareholders' Equity 8,321,584 8,324,714
Total Liabilities and Shareholders' Equity $ 11,050,074 $ 11,374,280