Quarterly report pursuant to Section 13 or 15(d)

RETIREMENT PLANS

v3.21.4
RETIREMENT PLANS
6 Months Ended
Nov. 30, 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 $52,028 and $0 for the three months ended November 30, 2021 and 2020, respectively. The Company recorded expense of $56,321 and $12,727 for the six months ended November 30, 2021 and 2020, respectively.