Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Operations and Management Plans

Note 2 - Operations and Management Plans
9 Months Ended
Aug. 31, 2022
Notes to Financial Statements  
Operations and Management Plans Disclosure [Text Block]




From inception to August 31, 2022, the Company had incurred an accumulated deficit of $61.3 million.  The Company has funded operations through the issuance of common stock.  The Company generated $32.0 million in revenue and net loss of $7.8 million for the nine months ended August 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.  Management projects that all cash needs will be met beyond one year from the time these financial statements are issued.