XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.24.4

LEASES | 6 Months Ended
--- | ---
Nov. 30, 2024
Leases [Abstract] |
LEASES | NOTE 5: LEASES The Company leases facilities in Irvine, California and Mexicali, Mexico. As of November 30, 2024, the Company had approximately 22,000 square feet of floor space at its corporate headquarters at 17571 Von Karman Avenue in Irvine, California. The lease for its headquarters expires in August 2026. The Company has the option to extend the lease for an additional five-year term. The Company made a security deposit of approximately $22,000. In November 2016, the Company’s Mexican subsidiary, Biomerica de Mexico, entered into a 10-year lease for approximately 8,100 square feet of manufacturing space. The Company has one 10-year option to renew at the end of the initial lease period. Biomerica de Mexico also leases a smaller unit on a month-to-month basis for use in one manufacturing process. In addition, the Company leases a small office in Lindau, Germany on a month-to-month basis, as headquarters for BioEurope GmbH, its Germany subsidiary. For purposes of determining straight-line rent expense, the lease term is calculated from the date the Company first takes possession of the facility, including any periods of free rent and any renewal options periods that the Company is reasonably certain of exercising. The Company’s office and equipment leases generally have contractually specified minimum rent and annual rent increases are included in the measurement of the right-of-use asset and related lease liabilities. Additionally, under these lease arrangements, the Company may be required to pay directly, or reimburse the lessors, for some maintenance and operating costs. Such amounts are generally variable and therefore not included in the measurement of the right-of-use asset and related lease liabilities but are instead recognized as variable lease expense in the consolidated statements of operations and comprehensive loss when they are incurred. The following table presents information on our operating leases for the three and six months ended November 30, 2024 and 2023: SCHEDULE OF OPERATING LEASES
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Three Months Ended November 30, |  |  | Six Months Ended November 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 88,000 |  |  | $ | 88,000 |  |  | $ | 176,000 |  |  |  | 176,000 |
Variable lease cost |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 5,000 |  |  |  | 5,000 |
Short-term lease cost |  |  | 3,000 |  |  |  | 1,000 |  |  |  | 4,000 |  |  |  | 2,000 |
Total lease cost |  | $ | 93,000 |  |  | $ | 91,000 |  |  | $ | 185,000 |  |  | $ | 183,000 |
The approximate maturity of lease liabilities as of November 30, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
|  | Operating |
Year Ending November 30: |  | Leases |
2025 (excluding the six months ended November 30, 2024) |  | $ | 371,000 |
2026 |  |  | 290,000 |
Total minimum future lease payments |  |  | 661,000 |
Less: imputed interest |  |  | 35,000 |
Total operating lease liabilities |  | $ | 626,000 |
The following table summarizes the Company’s other supplemental lease information for the six months ended November 30, 2024 and 2023: SCHEDULE OF OTHER SUPPLEMENTAL LEASE INFORMATION
|  | Six Months Ended November 30, |
|  | 2024 |  |  | 2023 |
Cash paid for operating lease liabilities |  | $ | 182,000 |  |  | $ | 177,000 |
Weighted-average remaining lease term (years) |  |  | 1.07 |  |  |  | 2.77 |
Weighted-average discount rate |  |  | 6.50 | % |  |  | 6.50 | %
The Company also has various insignificant leases for office equipment.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration