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CONSOLIDATED BALANCE SHEETS - USD ($)
May. 31, 2015
May. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 1,088,307 $ 1,509,125
Accounts receivable, less allowance for doubtful accounts of $17,468 and $30,000, respectively 1,111,570 1,447,705
Inventories, net 2,027,372 1,765,772
Deferred tax assets, current portion 74,000 87,000
Prepaid expenses and other 164,352 103,572
Total current assets 4,465,601 4,913,174
PROPERTY AND EQUIPMENT    
Equipment 1,442,856 1,504,322
Furniture, fixtures and leasehold improvements 270,147 270,949
Total property and equipment 1,713,003 1,775,271
Accumulated depreciation (1,267,617) (1,160,934)
Net property and equipment 445,386 614,337
DEFERRED TAX ASSETS, net of current portion 670,000 359,000
INTANGIBLE ASSETS, net 321,304 382,181
INVESTMENTS 165,324 165,324
OTHER ASSETS 56,838 36,297
TOTAL ASSETS 6,124,453 6,470,313
CURRENT LIABILITIES    
Accounts payable and accrued expenses 392,139 441,681
Accrued compensation 131,794 114,163
Total current liabilities $ 523,933 $ 555,844
COMMITMENTS AND CONTINGENCIES (NOTE 9)    
SHAREHOLDERS' EQUITY    
Preferred stock, no par value, 5,000,000 authorized shares, no shares issued and outstanding at May 31, 2015 and 2014    
Common stock, $.08 par value; 25,000,000 shares authorized; 7,566,714 and 7,543,714 shares issued and outstanding, respectively $ 605,336 $ 603,496
Additional paid-in capital 18,326,890 18,309,154
Accumulated other comprehensive loss (12,264) (10,149)
Accumulated deficit (13,319,442) (12,988,032)
Total shareholders' equity 5,600,520 5,914,469
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 6,124,453 $ 6,470,313