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SHAREHOLDERS' EQUITY
 12 Months Ended
May. 31, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
6.    SHAREHOLDERS' EQUITY 

STOCK OPTION AND RESTRICTED STOCK PLANS 

In August 1999, the Company adopted a stock option and restricted stock plan (the "1999 Plan") which provides that non-qualified options and incentive stock options and restricted stock covering an aggregate of 1,000,000 shares of the Company's unissued common stock may be granted to affiliates, employees or consultants of the Company. As of January 1, of each calendar year, commencing January 1, 2000, this amount is subject to automatic annual increases equal to the lesser of 1.5% of the total number of outstanding common shares, assuming conversion of convertible securities, or 500,000 shares. The 1999 plan expired in November 2009. Options granted under the 1999 Plan were granted at prices not less than 80% of the then fair market value of the common stock and expired not more than 10 years after the date of grant. 

In August 2010, the Company adopted a stock option and restricted stock plan (the "2010 Plan") which provides that non-qualified options and incentive stock options and restricted stock covering an aggregate of 850,000 shares of the Company's unissued common stock may be granted to affiliates, employees or consultants of the Company. This plan was approved by shareholders in December 2010.  The 2010 Plan expires in December 2020. Options granted under the 2010 Plan will be granted at prices not less than 80% of the then fair market value of the common stock and will expire not more than 10 years after the date of grant.

In December 2014, the Company adopted a stock option and restricted stock plan (the "2014 Plan") which provides that non-qualified options and incentive stock options and restricted stock covering an aggregate of 850,000 shares of the Company's unissued common stock may be granted to affiliates, employees or consultants of the Company. This plan was approved by shareholders in December 2014.  The 2014 Plan expires in December 2024. Options granted under the 2014 Plan will be granted at prices not less than 80% of the then fair market value of the common stock and will expire not more than 10 years after the date of grant.

Activity as to stock options outstanding are as follows:  

                    

NUMBER OF STOCK OPTIONS

PRICE RANGE PER SHARE

WEIGHTED

AVERAGE EXERCISE

 PRICE

Options outstanding at May 31, 2013

846,500

$0.38 - $0.75

$0.47

Options granted

178,000

$0.71-$0.84

$0.75

Options exercised

(69,000)

$0.38-$0.60

$0.51

Options canceled or expired

(95,000)

$0.43-$0.84

$0.59

Options outstanding at May 31, 2014

860,500

$0.38-$0.84

$0.51

Options granted

356,000

$0.82-$0.85

$0.82

Options exercised

(23,000)

$0.38-$0.71

$0.42

Options canceled or expired

(45,500)

$0.43-$0.85

$0.72

Options outstanding at May 31, 2015

1,148,000

$0.38-$0.85

$0.60


The weighted average fair value of options granted during 2015 and 2014 was $0.82 and $0.75, respectively. The aggregate intrinsic value of options exercised during 2015 and 2014 was approximately $11,000 and $20,000 respectively. The aggregate intrinsic value of options outstanding at May 31, 2015 and 2014 was approximately $376,000 and $325,000, respectively. The aggregate intrinsic value of options vested and exercisable at May 31, 2015 and 2014 was approximately $284,000 and $189,000, respectively. 

Activity as to non-vested stock options are as follows:   

 

 

 

STOCK OPTIONS

WEIGHTED AVERAGE

AVERAGE

GRANT DATE

FAIR VALUE

 

 

 

 

 

 

 

NUMBER OF

SHARES

 

 

 

Nonvested shares at May 31,2014

411,000

 

$

0.56

Granted

356,000

 

$

0.82

Vested/Issued

(199,875)

 

$

0.48

Forfeited

(40,000)

 

$

0.72

Nonvested shares at May 31,2015

527,125

 

$

0.75


At May 31, 2015, total compensation cost related to non-vested stock option awards not yet recognized totaled approximately $58,000. The weighted-average period over which this amount is expected to be recognized is 4.45 years. The weighted average remaining contractual term of options that were exercisable at May 31, 2015 was 3.81 years. 

The following summarizes information about all of the Company's stock options outstanding at May 31, 2015. These options are comprised of those granted under the 1999, 2010 and 2014 plans. 

RANGE OF EXERCISE PRICES

NUMBER OUTSTANDING 5/31/2015

WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE IN YEARS

WEIGHTED AVERAGE EXERCISE PRICE

NUMBER EXERCISABLE AT MAY 31, 2015

WEIGHTED AVERAGE EXERCISE PRICE

$ 0.38 - $ 0.50

577,500

1.31

$0.42

509,250

$0.41

$ 0.51 - $ 0.75

184,500

3.65

$0.73

103,875

$0.74

$ 0.82 - $ 0.85

386,000

8.73

$0.82

7,750

$0.83


STOCK ACTIVITY 

During the fiscal year ended May 31, 2014, options to purchase 69,000 shares of common stock were exercised at prices ranging from $0.38 to $0.60.  Total proceeds to the Company were $35,275. 

During the fiscal year ended May 31, 2015, options to purchase 23,000 shares of common stock were exercised at prices ranging from $0.38 to $0.71.  Total proceeds to the Company were $9,560. 

During the fiscal year ended May 31, 2014, the Company sold 200,000 shares of its common stock at a price of $1.25 per share for proceeds of $250,000.