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STOCKHOLDERS EQUITY AND STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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May 31, 2022
STOCKHOLDERS EQUITY AND STOCK-BASED COMPENSATION |
Compensation costs related to the Company's stock-based compensation | The following table summarizes the stock-based compensation expense for the fiscal years ended May 31, 2022, 2021 and 2020 (in thousands, except per share data):
|  | Year Ended May 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Stock-based compensation in the form of stock options, RSUs, and ESPP purchase rights, included in: |  |  |  |  |  |  |  |  |
Cost of sales |  | $ | 234 |  |  | $ | 70 |  |  | $ | 80 |
Selling, general and administrative |  |  | 1,721 |  |  |  | 816 |  |  |  | 631 |
Research and development |  |  | 968 |  |  |  | 215 |  |  |  | 199 |
Net effect on net income (loss) |  | $ | 2,923 |  |  | $ | 1,101 |  |  | $ | 910 |
Effect on net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.11 |  |  | $ | 0.05 |  |  | $ | 0.04 |
Diluted |  | $ | 0.11 |  |  | $ | 0.05 |  |  | $ | 0.04 |
Fair value assumptions for Option Valuation Model | Fair Value. The fair values of the Company’s stock options granted to employees in fiscal 2022, 2021 and 2020 were estimated using the following weighted average assumptions in the Black-Scholes option valuation method:
|  | Year Ended May 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected term (in years) |  | 5 - 6 |  |  |  | 6 |  |  |  | 5 |
Volatility |  |  | 88.0 | % |  |  | 72.0 | % |  |  | 71.5 | %
Risk-free interest rates |  |  | 1.50 | % |  |  | 0.44 | % |  |  | 1.56 | %
Weighted average grant date fair value |  | $ | 4.01 |  |  | $ | 1.12 |  |  | $ | 0.95 |
Fair value assumption of the ESPP Purchase Rights | The fair value of our ESPP purchase rights for the fiscal 2022, 2021 and 2020 was estimated using the following weighted average assumptions:
|  | Year End May 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Expected term (in years) |  | 0.5 – 2.0 |  |  | 0.5 – 2.0 |  |  | 0.5 – 2.0 |
Volatility |  | 101% – 272 | % |  | 74% – 88 | % |  | 62% – 77 | %
Risk-free interest rates |  | 0.05%–2.44 | % |  | 0.04%–0.17 | % |  | 0.14%–1.81 | %
Weighted average grant date fair value |  | $ | 9.68 |  |  | $ | 1.03 |  |  | $ | 0.79 |
Stock option and RSU transactions | The following tables summarize the Company’s stock option and RSU transactions during fiscal 2022, 2021 and 2020 (in thousands):
|  | Available |
|  | Shares |
Balance, May 31, 2019 |  |  | 1,147 |
Additional shares reserved |  |  | 1,196 |
Options granted |  |  | (738 | )
RSUs granted |  |  | (25 | )
Shares withheld for taxes and not issued |  |  | 6 |
Options terminated |  |  | 457 |
Options expired |  |  | (393 | )
Balance, May 31, 2020 |  |  | 1,650 |
Options granted |  |  | (297 | )
RSUs granted |  |  | (340 | )
RSUs cancelled |  |  | 1 |
Shares withheld for taxes and not issued |  |  | 9 |
Options terminated |  |  | 455 |
Options expired |  |  | (341 | )
Balance, May 31, 2021 |  |  | 1,137 |
Additional shares reserved |  |  | 1,414 |
Options granted |  |  | (303 | )
RSUs granted |  |  | (522 | )
RSUs cancelled |  |  | 10 |
Shares withheld for taxes and not issued |  |  | (15 | )
Options terminated |  |  | 105 |
Balance, May 31, 2022 |  |  | 1,826 |
Stock option transactions | The following table summarized the stock option transactions during fiscal 2022, 2021 and 2020 (in thousands, except per share data):
|  | Outstanding Options |
|  |  |  |  | Weighted |  |  |  |
|  | Number |  |  | Average |  |  | Aggregate |
|  | of |  |  | Exercise |  |  | Intrinsic |
|  | Shares |  |  | Price |  |  | Value |
Balances, May 31, 2019 |  |  | 3,107 |  |  | $ | 2.20 |  |  | $ | 283 |
Options granted |  |  | 738 |  |  | $ | 1.61 |  |  |  |  |
Options terminated |  |  | (457 | ) |  | $ | 1.98 |  |  |  |  |
Options exercised |  |  | (235 | ) |  | $ | 1.22 |  |  |  |  |
Balances, May 31, 2020 |  |  | 3,153 |  |  | $ | 2.17 |  |  | $ | 102 |
Options granted |  |  | 297 |  |  | $ | 1.78 |  |  |  |  |
Options terminated |  |  | (455 | ) |  | $ | 2.31 |  |  |  |  |
Options exercised |  |  | (229 | ) |  | $ | 1.54 |  |  |  |  |
Balances, May 31, 2021 |  |  | 2,766 |  |  | $ | 2.16 |  |  | $ | 807 |
Options granted |  |  | 303 |  |  | $ | 5.37 |  |  |  |  |
Options terminated |  |  | (105 | ) |  | $ | 1.59 |  |  |  |  |
Options exercised |  |  | (1,367 | ) |  | $ | 2.28 |  |  |  |  |
Balances, May 31, 2022 |  |  | 1,597 |  |  | $ | 2.70 |  |  | $ | 9,290 |
Options fully vested and expected to vest at May 31, 2022 |  |  | 1,570 |  |  | $ | 2.69 |  |  | $ | 9,138 |
Options outstanding | The options outstanding and exercisable at May 31, 2022 were in the following exercise price ranges (in thousands, except per share data):
|  |  | Options Outstanding |  |  | Options Exercisable |
|  |  | at May 31, 2022 |  |  | at May 31, 2022 |
Range of Exercise Prices |  |  | Number Outstanding Shares |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable Shares |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
$ | 1.34 |  |  |  | 51 |  |  |  | 5.39 |  |  | $ | 1.34 |  |  |  | 51 |  |  |  | 5.39 |  |  | $ | 1.34 |  |  |  |
$1.64-$1.86 |  |  |  | 659 |  |  |  | 4.02 |  |  | $ | 1.70 |  |  |  | 419 |  |  |  | 3.71 |  |  | $ | 1.69 |  |  |  |
$2.03-$2.42 |  |  |  | 471 |  |  |  | 3.33 |  |  | $ | 2.25 |  |  |  | 408 |  |  |  | 3.21 |  |  | $ | 2.26 |  |  |  |
$2.76-$2.93 |  |  |  | 215 |  |  |  | 5.60 |  |  | $ | 2.91 |  |  |  | 56 |  |  |  | 4.12 |  |  | $ | 2.87 |  |  |  |
$3.46-$3.93 |  |  |  | 104 |  |  |  | 2.17 |  |  | $ | 3.84 |  |  |  | 104 |  |  |  | 2.17 |  |  | $ | 3.84 |  |  |  |
$9.45-$19.85 |  |  |  | 97 |  |  |  | 6.80 |  |  | $ | 10.57 |  |  |  | 4 |  |  |  | 6.64 |  |  | $ | 14.02 |  |  |  |
$1.34-$19.85 |  |  |  | 1,597 |  |  |  | 4.12 |  |  | $ | 2.70 |  |  |  | 1,042 |  |  |  | 3.47 |  |  | $ | 2.22 |  |  | $ | 6,440 |

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