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RETIREMENT PLANS
3 Months Ended
Aug. 31, 2021
Retirement Benefits [Abstract]  
RETIREMENT PLANS

 

7. RETIREMENT PLANS

 

We have two savings plans that qualify under Section 401(k) of the Internal Revenue Code. Eligible employees may contribute a portion of their salary into the savings plans, subject to certain limitations. In one of which the Company has the discretionary option of matching employee contributions and in the other the Company matches 20% on the first 100% contribution. In either Plan, employees can contribute 1% to 98% of gross salary up to a maximum permitted by law. The Company recorded expense of $56,321 and $0 for the three months ended August 31, 2021 and 2020, respectively.