Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plan

v3.20.2
Employee Benefit Plan
12 Months Ended
May 31, 2020
Employee Benefit Plan
Note 15 – Employee Benefit Plan
The Company has an employee savings plan (the “Plan”) pursuant to Section 401(k) of the Internal Revenue Code (the “Code”), covering all of its employees. The Company makes a qualified
non-elective
contribution of 3%, which consequently vests immediately. In addition, participants in the Plan may contribute a percentage of their compensation, but not in excess of the maximum allowed under the Code. During the year ended May 31, 2020, May 31, 2019 and May 31, 2018, the Company incurred an expense of approximately $97,000, $111,000 and $61,000, respectively, for qualified
non-elective
contributions.