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INCOME TAXES (Tables)

12 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAXES

 Provision for income taxes for the years ended May 31 consists of the following:

SCHEDULE OF PROVISION FOR INCOME TAXES 

		2023				2022
		For the Year Ended May 31,
		2023				2022
Current:
U.S. Federal		$	-			$	-
Foreign Taxes Subsidiaries			(50,000	)			(23,000	)
State and local			(1,000	)			(1,000	)
Total current			(51,000	)			(24,000	)
Deferred:
U.S. Federal			-				-
State and local			-				-
Total deferred			-				-
Income tax expense		$	(51,000	)		$	(24,000	)

SCHEDULE OF EFFECTIVE INCOME TAX RECONCILIATION

 SCHEDULE OF EFFECTIVE INCOME TAX RECONCILIATION

		2023				2022
		For the Year Ended May 31,
		2023				2022
Computed “expected” tax benefit		$	1,490,000				947,000
Increase (reduction) in income taxes resulting from:
Change in valuation allowance			(1,973,000	)			(1,022,000	)
State income taxes, net of federal benefit			583,000				300,000
Research and development tax credits			-				50,000
Permanent tax differences and other			(17,000	)			(197,000	)
Stock based compensation benefit			(5,000	)			11,000
Foreign taxes of subsidiaries			(129,000	)			(113,000	)
Income tax expense		$	(51,000	)		$	(24,000	)

SCHEDULE OF DEFERRED TAX ASSETS

 The tax effect of significant temporary differences is presented below:

 SCHEDULE OF DEFERRED TAX ASSETS

		2023				2022
		May 31,
		2023				2022
Deferred tax assets:
Accounts receivable, principally due to allowance for doubtful accounts		$	8,000			$	43,000
Inventory valuation			188,000				237,000
Compensated absences			118,000				120,000
Net operating loss carryforwards			5,817,000				4,349,000
Tax credit carryforwards			1,239,000				1,096,000
Deferred rent expense/Capitalized leases			11,000				20,000
Stock Options			1,296,000				1,035,000
Sec 174 capitalized costs			284,000				-
Losses of foreign subsidiaries & other, net			-				41,000
Accumulated depreciation and amortization			(21,000	)			26,000
Total deferred tax assets			8,940,000				6,967,000
Less valuation allowance			(8,940,000	)			(6,967,000	)
Net deferred tax asset		$	-			$	-

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Topic 740
-SubTopic 10
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-Paragraph 12
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