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CONSOLIDATED BALANCE SHEETS - USD ($)
May 31, 2019
May 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 686,785 $ 1,204,903
Accounts receivable, less allowance for doubtful accounts of $73,110 and $57,695, respectively 1,454,652 799,940
Inventories, net 2,151,090 2,178,777
Prepaid expenses and other 202,402 300,409
Total current assets 4,494,929 4,484,029
PROPERTY AND EQUIPMENT:    
Equipment 1,891,381 1,808,152
Furniture, fixtures and leasehold improvements 222,033 204,125
Total property and equipment 2,113,414 2,012,277
Accumulated depreciation (1,762,344) (1,661,128)
Net property and equipment 351,070 351,149
DEFERRED TAX ASSETS 10,000
INTANGIBLE ASSETS, net 107,209 98,923
INVESTMENTS 165,324 165,324
OTHER ASSETS 126,832 113,157
TOTAL ASSETS 5,245,364 5,222,582
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 1,037,565 686,956
Accrued compensation 226,829 209,852
Total current liabilities 1,264,394 896,808
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, 2019 and 2018
Common stock, $.08 par value; 25,000,000 shares authorized; 9,677,188 and 8,888,011 shares issued and outstanding at May 31, 2019 and 2018, respectively 774,173 711,040
Additional paid-in capital 22,830,006 20,843,550
Subscriptions receivable (9,062)
Accumulated other comprehensive loss (36,531) (26,136)
Accumulated deficit (19,586,678) (17,193,618)
Total shareholders' equity 3,980,970 4,325,774
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,245,364 $ 5,222,582