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CONSOLIDATED BALANCE SHEETS - USD ($)
May 31, 2018
May 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 1,204,903 $ 1,225,462
Accounts receivable, less allowance for doubtful accounts of $57,695 and $50,129, respectively 799,940 1,060,011
Inventories, net 2,178,777 1,729,121
Prepaid expenses and other 300,409 195,757
Total current assets 4,484,029 4,210,351
PROPERTY AND EQUIPMENT:    
Equipment 1,808,152 1,549,411
Furniture, fixtures and leasehold improvements 204,125 332,519
Total property and equipment 2,012,277 1,881,930
Accumulated depreciation (1,661,128) (1,550,073)
Net property and equipment 351,149 331,857
DEFERRED TAX ASSETS 10,000 41,000
INTANGIBLE ASSETS, net 98,923 174,469
INVESTMENTS 165,324 165,324
OTHER ASSETS 113,157 94,989
TOTAL ASSETS 5,222,582 5,017,990
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 686,956 352,000
Accrued compensation 209,852 176,866
Total current liabilities 896,808 528,866
COMMITMENTS AND CONTINGENCIES (NOTE 8)
SHAREHOLDERS' EQUITY    
Preferred stock, no par value, 5,000,000 authorized shares, no shares issued and outstanding at May 31, 2018 and 2017
Common stock, $.08 par value; 25,000,000 shares authorized; 8,888,011 and 8,511,173 shares issued and outstanding at May 31, 2018 and 2017, respectively 711,040 680,893
Additional paid-in capital 20,843,550 19,551,855
Subscriptions receivable (9,062)
Accumulated other comprehensive loss (26,136) (15,834)
Accumulated deficit (17,193,618) (15,727,790)
Total shareholders' equity 4,325,774 4,489,124
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,222,582 $ 5,017,990