From inception to May 31, 2022, the Company had incurred an accumulated deficit of $59.7 million.  The Company has funded operations through the issuance of common stock, warrants, and convertible notes payable. The Company generated $19.6 million in revenue and net loss of $6.2 million for the six months ended May 31, 2022.  It still is expected to incur significant losses before the Company's revenues sustain its operations. The Company’s future success is dependent upon its ability to continue to raise sufficient capital or generate adequate revenues, to cover its ongoing operating expenses, and also to continue to develop and be able to profitably market its products. 

In July 2021, the Company issued and sold an aggregate of 2,875,000 registered shares of its common stock (including 375,000 shares sold pursuant to the exercise of the underwriters' overallotment option) at a price of $21.00 per share. The net proceeds to the Company, after deducting $4.4 million in underwriting discounts and commissions, and offering expenses, were approximately $56.0 million.  See Note 15, “Stockholders' Equity” for additional information. Management projects that all cash needs will be met beyond one year from the time these financial statements are issued.

On February 15, 2022, the Company's Board of Directors approved a plan to buy back up to $10 million worth of shares of the Company's common stock from the open market (“Stock Buyback Plan”) which was completed during March 2022.  On April 28, the Company's Board of Directors approved a plan to buy back up to an additional $5 million worth of shares of the Company's common stock.  The Company completed the full $5 million repurchase of shares during May 2022.