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SUBSEQUENT EVENTS | 12 Months Ended
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May 31, 2020
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS Subsequent to May 31, 2020 and through August 31, 2020, 12,500 stock options were exercised at $1.20 per share. Net proceeds to the Company were approximately $14,900. On June 15, 2020, the Board approved the grant of 52,000 stock options to certain employees. The options vest one-quarter on June 15, 2021 and then one-quarter per year thereafter. The options have an exercise price of $5.46 per share and have a ten-year life. On July 13, 2020, the Board approved the grant of 76,000 stock options to certain employees and consultants. The options vest one-quarter on July 13, 2021 and then one-quarter per year thereafter. The options have an exercise price of $8.70 per share and have a ten-year life. On July 13, 2020, the approved the grant of 7,500 stock options to a consultant. The options vest one-half on January 13, 2021 and one-half on July 13, 2021. The options have an exercise price of $8.70 per share and have a ten-year life. On June 25, 2020, the Company entered into a Clinical Trial Agreement with the University of Texas Health Science Center for the purpose of conducting a clinical trial of the Biomerica Infoods product. The term of the agreement shall be until completion of the work outlined and the charges will be invoiced monthly for work performed in the previous month. The maximum budgeted costs will be $139,850. On July 20, 2020, the Company filed with the SEC a new Form S-3 “Shelf” registration statement to replace the registration statement that expired on that day. The new registration statement registers common shares to be issued in a maximum aggregate of $90,000,000. On August 27, 2020, the Board approved the grant of 33,000 stock options to an employee and a board member. The options vest one-quarter on August 27, 2021 and then one-quarter per year thereafter. The options have an exercise price of $7.47 per share and have a ten-year life. On August 27, 2020, the Board approved the grant of 2,500 stock options to a consultant. The options vest one-half on January 13, 2021 and 50% on July 13, 2021. The options have an exercise price of $7.47 per share and have a ten-year life.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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