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INCOME TAXES (Tables)

12 Months Ended

May 31, 2024

INCOME TAXES

Domestic and foreign components of loss before income tax (expense) benefit

		Year Ended May 31,
(In thousands)		2024				2023				2022
Domestic		$	12,355			$	14,541			$	9,416
Foreign			103				76				125
		$	12,458			$	14,617			$	9,541

Income tax (expense) benefit

		Year Ended May 31,
(In thousands)		2024				2023				2022
Federal income taxes:
Current		$	6			$	28			$	59
Deferred			(14,377	)			-				-
State income taxes:
Current			14				-				5
Deferred			(6,396	)			-				-
Foreign income taxes:
Current			55				32				27
Deferred			-				-				-
		$	(20,698	)		$	60			$	91

Income tax reconciliation

		Year Ended May 31,
(In thousands)		2024				2023				2022
U.S. federal statutory tax rate			21.0	%			21.0	%			21.0	%
State taxes, net of federal tax effect			(51.1	)			-				0.1
Foreign rate differential			0.2				0.7				0.3
Stock-based compensation			(8.4	)			(9.1	)			(11.0	)
Research and development credit			(1.5	)			(2.3	)			(1.3	)
Change in valuation allowance			(126.0	)			(9.3	)			(4.7	)
PPP Loan			-				-				(3.7	)
Other			(0.3	)			(0.6	)			0.4
Effective tax rate			(166.1	)%			0.4	%			1.1	%

Net deferred tax assets and liabilities

		May 31,
(In thousands)		2024				2023
Deferred tax assets:
Net operating losses		$	9,344			$	11,964
Lease liability			1,310				1,335
Credit carryforwards			6,739				6,235
Inventory reserves			1,070				938
Reserves and accruals			855				1,200
Capitalized research and development			2,645				1,187
Other			23				297
Less: valuation allowance			-				(21,859	)
			21,986				1,297
Deferred tax liabilities:
Operating lease right-of-use assets			(1,213	)			(1,297	)
Net deferred tax assets		$	20,773			$	-

Unrecognized tax benefits

(In thousands)
Balance at May 31, 2021		$	1,928
Increases related to prior year tax positions			12
Increases related to current year tax positions			78
Balance at May 31, 2022			2,018
Increases related to prior year tax positions			90
Increases related to current year tax positions			168
Balance at May 31, 2023			2,276
Increases related to prior year tax positions			35
Decreases related to prior year tax positions			(28	)
Increases related to current year tax positions			233
Decreases related to current year tax positions			(32	)
Balance at May 31, 2024		$	2,484

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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