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LEASES | 9 Months Ended
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Feb. 28, 2025
Leases |
LEASES | NOTE 5: LEASES The Company leases facilities in Irvine, California and Mexicali, Mexico As of February 28, 2025, the Company had approximately 22,000 square feet of floor space at its corporate headquarters at 17571 Von Karman Avenue in Irvine, California. This facility includes administration, research and development, certain manufacturing, shipping and inventory storage. 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 months and nine months ended February 28, 2025 and February 29, 2024: SCHEDULE OF OPERATING LEASES
|  | February 28, 2025 |  |  | February 29, 2024 |  |  | February 28, 2025 |  |  | February 29, 2024 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | February 28, 2025 |  |  | February 29, 2024 |  |  | February 28, 2025 |  |  | February 29, 2024 |
Operating lease cost |  | $ | 88,000 |  |  | $ | 88,000 |  |  | $ | 265,000 |  |  | $ | 265,000 |
Variable lease cost |  |  | 3,000 |  |  |  | 3,000 |  |  |  | 8,000 |  |  |  | 8,000 |
Short-term lease cost |  |  | 3,000 |  |  |  | 8,000 |  |  |  | 7,000 |  |  |  | 10,000 |
Total lease cost |  | $ | 94,000 |  |  | $ | 99,000 |  |  | $ | 280,000 |  |  | $ | 283,000 |
The approximate maturity of lease liabilities as of February 28, 2025 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
Year Ending May 31: |  |  |  |
|  |  | Operating Leases |
2026 (excluding the nine months ended February 28, 2025) |  | $ | 374,000 |
2027 |  |  | 195,000 |
Total minimum future lease payments |  |  | 569,000 |
Less: imputed interest |  |  | 26,000 |
Total operating lease liabilities |  | $ | 543,000 |
The following table summarizes the Company’s other supplemental lease information for the nine months ended February 28, 2025 and February 29, 2024: SCHEDULE OF OTHER SUPPLEMENTAL LEASE INFORMATION
|  | February 28, 2025 |  |  | February 29, 2024 |
|  | Nine Months Ended |
|  | February 28, 2025 |  |  | February 29, 2024 |
Cash paid for operating lease liabilities |  | $ | 274,000 |  |  | $ | 267,000 |
Weighted-average remaining lease term (years) |  |  | 1.06 |  |  |  | 2.77 |
Weighted-average discount rate |  |  | 6.50 | % |  |  | 6.50 | %
The Company also has various insignificant leases for office equipment.

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- 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
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