Quarterly report pursuant to Section 13 or 15(d)

RETIREMENT PLANS

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RETIREMENT PLANS
9 Months Ended
Feb. 28, 2022
Retirement Benefits [Abstract]  
RETIREMENT PLANS

7. RETIREMENT PLANS

 

We have two savings plans that qualify under Section 401(k) of the Internal Revenue Code legacy of the predecessor companies 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 $--28,019 and $21,140 for the three months ended February 28, 2022 and 2021, respectively. The Company recorded expense of $41,219 and $33,867 for the nine months ended February 28, 2022 and 2021, respectively.