SHAREHOLDERS’ EQUITY |
3 Months Ended |
|---|---|
Aug. 31, 2026 | |
| Equity [Abstract] | |
| SHAREHOLDERS’ EQUITY | NOTE 3: SHAREHOLDERS’ EQUITY
On September 28, 2023, we filed the Shelf Registration allowing us to issue up to $20,000,000 of equity value in shares of common stock. Under the Shelf Registration Statement, shares of our common stock may be sold from time to time for up to three years from its initial effective date. On May 10, 2024, we filed a prospectus supplement to the Shelf Registration Statement with the SEC. This prospectus supplement was intended to facilitate the sale of up to $5,500,000 in common stock through the 2024 ATM Offering. The Shelf Registration Statement reached its third anniversary on September 29, 2026. See Note 7 for information regarding the filing of a replacement shelf registration statement.
During the three months ended August 31, 2026, we did not sell any shares of common stock pursuant to the 2024 ATM Offering.
On August 26, 2026, we completed a private placement pursuant to a SPA with accredited investors and issued shares of our common stock at $ per share, which resulted in gross proceeds of approximately $2,231,000 and net proceeds to us of $2,120,000 after deducting legal and other offering costs totaling approximately $111,000. The approximately $111,000 of offering costs were accrued and unpaid as of August 31, 2026. Accordingly, the gross proceeds were received in cash, while the offering costs reduced the net equity proceeds recorded.
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