Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

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Employee Benefit Plan
6 Months Ended
Nov. 30, 2020
Employee Benefit Plan
Note
13
. 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 three and six months ended November 30, 2020 and 2019, the Company incurred an expense of approximately $42,000 and $200,000 and $19,800 and $46,000, respectively, for qualified
non-elective
contributions.