Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May 31, 2023 | Aug. 15, 2023 | Nov. 30, 2022 | |
Details | |||
Registrant CIK | 0000096536 | ||
Fiscal Year End | --05-31 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | May 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-3498 | ||
Entity Registrant Name | TAYLOR DEVICES INC | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 16-0797789 | ||
Entity Address, Address Line One | 90 Taylor Drive | ||
Entity Address, City or Town | North Tonawanda | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 14120 | ||
Entity Address, Address Description | Address of principal executive offices | ||
Phone Fax Number Description | Registrant's telephone number, including area code | ||
City Area Code | 716 | ||
Local Phone Number | 694-0800 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 46,934,000 | ||
Entity Common Stock, Shares Outstanding | 3,521,377 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Lumsden & McCormick, LLP | ||
Auditor Firm ID | 130 | ||
Auditor Location | Buffalo, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May 31, 2023 | May 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 3,575,219 | $ 22,517,038 | |
Short-term investments | 24,514,757 | 1,097,450 | |
Accounts and other receivables, net (Note 2) | [1] | 5,553,504 | 4,466,686 |
Inventory (Note 3) | [2] | 5,941,304 | 5,854,935 |
Prepaid expenses | 439,607 | 468,489 | |
Prepaid income taxes | 228,947 | 235,947 | |
Costs and estimated earnings in excess of billings (Note 4) | [3] | 4,124,182 | 3,336,474 |
Total current assets | 44,377,520 | 37,977,019 | |
Maintenance and other inventory, net (Note 5) | [4] | 1,003,140 | 1,107,309 |
Property and equipment, net (Note 6) | [5] | 11,721,784 | 9,854,759 |
Cash value of life insurance, net | 210,120 | 205,359 | |
Deferred income taxes (Note 10) | [6] | 568,615 | 74,615 |
Assets | 57,881,179 | 49,219,061 | |
Current liabilities | |||
Accounts payable | 1,717,657 | 1,426,830 | |
Accrued expenses (Note 8) | [7] | 4,078,322 | 3,414,314 |
Billings in excess of costs and estimated earnings (Note 4) | [3] | 1,992,470 | 1,122,763 |
Total current liabilities | 7,788,449 | 5,963,907 | |
Stockholders' Equity | |||
Common Stock, Value | 102,127 | 101,342 | |
Paid-in capital | 10,947,089 | 10,227,916 | |
Retained earnings | 42,128,256 | 35,840,898 | |
Treasury stock - 567,751 and 558,834 shares at cost | (3,084,742) | (2,915,002) | |
Total stockholders' equity | 50,092,730 | 43,255,154 | |
Liabilities and Equity | $ 57,881,179 | $ 49,219,061 | |
[1]Note 2[2]Note 3[3]Note 4Note 4[4]Note 5[5]Note 6[6]Note 10Note 10[7]Note 8 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | May 31, 2023 | May 31, 2022 |
Consolidated Balance Sheets | ||
Common Stock, Par or Stated Value Per Share | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized | 8,000,000 | 8,000,000 |
Common Stock, Shares, Issued | 4,088,193 | 4,056,771 |
Common Stock, Shares, Outstanding | 4,088,193 | 4,056,771 |
Treasury Stock, Common, Shares | 567,751 | 558,834 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
May 31, 2023 | May 31, 2022 | ||
Consolidated Statements of Income | |||
Sales, net (Note 9) | [1] | $ 40,199,354 | $ 30,866,582 |
Cost of goods sold | 24,133,312 | 21,239,886 | |
Gross profit | 16,066,042 | 9,626,696 | |
Research and development costs | 1,096,807 | 999,184 | |
Selling, general and administrative expenses | 8,160,169 | 6,154,735 | |
Operating income | 6,809,066 | 2,472,777 | |
Other income (expense) | |||
Interest, net | 698,864 | 4,543 | |
Miscellaneous | (2,572) | 79,103 | |
Total other income, net | 696,292 | 83,646 | |
Income before provision for income taxes | 7,505,358 | 2,556,423 | |
Provision for income taxes (Note 10) | [2] | 1,218,000 | 317,000 |
Net income | $ 6,287,358 | $ 2,239,423 | |
Basic earnings per common share (Note 11) | [3] | $ 1.79 | $ 0.64 |
Diluted earnings per common share (Note 11) | [3] | $ 1.77 | $ 0.64 |
[1]Note 9[2]Note 10Note 10[3]Note 11Note 11 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, Common |
Equity, Attributable to Parent, Beginning Balance at May. 31, 2021 | $ 101,305 | $ 10,010,430 | $ 33,601,475 | $ (2,915,002) | |
Issuance of shares for employee stock purchase plan | 37 | 16,208 | |||
Issuance of shares for employee stock option plan | 0 | 0 | 0 | ||
Equity, Attributable to Parent, Ending Balance at May. 31, 2022 | $ 43,255,154 | 101,342 | 10,227,916 | 35,840,898 | (2,915,002) |
Stock options issued for services | 201,278 | ||||
Net income | 2,239,423 | 2,239,423 | |||
Issuance of shares for employee stock purchase plan | 22 | 10,854 | |||
Issuance of shares for employee stock option plan | 763 | 291,066 | (169,740) | ||
Equity, Attributable to Parent, Ending Balance at May. 31, 2023 | 50,092,730 | $ 102,127 | 10,947,089 | 42,128,256 | $ (3,084,742) |
Stock options issued for services | $ 417,253 | ||||
Net income | $ 6,287,358 | $ 6,287,358 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Operating activities | ||
Net income | $ 6,287,358 | $ 2,239,423 |
Adjustments to reconcile net income to net cash flows from operating activities | ||
Depreciation | 1,472,455 | 1,347,442 |
Stock options issued for services | 417,253 | 201,278 |
Bad debt expense | 23,360 | 0 |
(Gain) loss on disposal of property and equipment | 20,015 | (1,530) |
Provision for inventory obsolescence | 295,014 | 0 |
Deferred income taxes | (494,000) | 115,500 |
Changes in other current assets and liabilities | ||
Accounts and other receivables | (1,110,178) | (346,122) |
Inventory | (277,214) | 486,191 |
Prepaid expenses | 28,882 | 54,258 |
Prepaid income taxes | 7,000 | 218,831 |
Costs and estimated earnings in excess of billings | (787,708) | (1,836,870) |
Accounts payable | 290,827 | (360,495) |
Accrued expenses | 664,008 | 1,429,841 |
Billings in excess of costs and estimated earnings | 869,707 | (239,222) |
Net operating activities | 7,706,779 | 3,308,525 |
Investing activities | ||
Acquisition of property and equipment | (3,359,495) | (1,391,577) |
Proceeds from disposal of property and equipment | 0 | 7,500 |
Increase in short-term investments | (23,417,307) | (438) |
Increase in cash value of life insurance | (4,761) | (4,821) |
Net investing activities | (26,781,563) | (1,389,336) |
Financing activities | ||
Proceeds from issuance of common stock | 302,705 | 16,245 |
Acquisition of treasury stock | (169,740) | 0 |
Net financing activities | 132,965 | 16,245 |
Net change in cash and cash equivalents | (18,941,819) | 1,935,434 |
Cash and cash equivalents - beginning | 22,517,038 | 20,581,604 |
Cash and cash equivalents - ending | $ 3,575,219 | $ 22,517,038 |
1. Summary of Significant Accou
1. Summary of Significant Accounting Policies | 12 Months Ended |
May 31, 2023 | |
Notes | |
1. Summary of Significant Accounting Policies: | 1. Summary of Significant Accounting Policies: Nature of Operations: Taylor Devices, Inc. (the Company) manufactures and sells a single group of very similar products that have many different applications for customers. These similar products are included in one of eight categories; namely, Seismic Dampers, Fluidicshoks®, Crane and Industrial Buffers, Self-Adjusting Shock Absorbers, Liquid Die Springs, Vibration Dampers, Machined Springs and Custom Actuators for use in various types of machinery, equipment and structures, primarily to customers which are located throughout the United States and several foreign countries. The products are manufactured at the Company's sole operating facility in the United States where all of the Company's long-lived assets reside. Management does not track or otherwise account for sales broken down by these categories. 81% of the Company's 2023 revenue was generated from sales to customers in the United States and 11% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe, Australia, and South America. 76% of the Company's 2022 revenue was generated from sales to customers in the United States and 14% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe, Australia, and South America. Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Tayco Realty Corporation (Realty). All inter-company transactions and balances have been eliminated in consolidation. Subsequent Events: The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents: The Company includes all highly liquid investments in money market funds in cash and cash equivalents on the accompanying balance sheets. Cash and cash equivalents in financial institutions may exceed insured limits at various times during the year and subject the Company to concentrations of credit risk. Short-term Investments: At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at May 31, 2023 and May 31, 2022 include “available for sale” money market funds, US treasury securities and corporate bonds stated at fair value, which approximates cost. The short-term investments (20) mature on various dates during the period June 2023 to November 2026. Unrealized holding gains and losses would be presented as a separate component of accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of investments are determined using the specific identification method. The short-term investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. Accounts and Other Receivables: Accounts and other receivables are stated at an amount management expects to collect from outstanding balances. Management provides for probable uncollectible accounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to the receivable. Inventory: Inventory is stated at the lower of average cost or net realizable value. Average cost approximates first-in, first-out cost. Property and Equipment: Property and equipment is stated at cost net of accumulated depreciation. Depreciation is provided primarily using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Maintenance and repairs are charged to operations as incurred; significant improvements are capitalized. Cash Value of Life Insurance: Cash value of life insurance is stated at the surrender value of the contracts. Revenue Recognition: Revenue is recognized (generally at fixed prices) when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time (generally less than one year), using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. Adjustments to cost estimates are made periodically, and losses expected to be incurred on contracts in progress are charged to operations in the period such losses are determined. Other sales to customers are recognized upon shipment to the customer based on contract prices and terms. In the year ended May 31, 2023, 61% of revenue was recorded for contracts in which revenue was recognized over time while 39% was recognized at a point in time. In the year ended May 31, 2022, 60% of revenue was recorded for contracts in which revenue was recognized over time while 40% was recognized at a point in time. Progress payments are typically negotiated for longer term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title). For financial statement presentation purposes, the Company nets progress billings against the total costs incurred on uncompleted contracts. The asset, “costs and estimated earnings in excess of billings,” represents revenues recognized in excess of amounts billed. The liability, “billings in excess of costs and estimated earnings,” represents billings in excess of revenues recognized. If applicable, the Company recognizes an asset for the incremental material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. As of May 31, 2023 and 2022, the Company does not have material incremental costs on any open contracts with an original expected duration of greater than one year, and therefore such costs are expensed as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. Shipping and Handling Costs: Shipping and handling costs on incoming inventory items are classified as a component of cost of goods sold, while shipping and handling costs on outgoing shipments to customers are classified as a component of selling, general and administrative expenses. The amounts of these costs classified as a component of selling, general and administrative expenses were $366,763 and $238,536 for the years ended May 31, 2023 and 2022. Shipping and handling activities that occur after the customer has obtained control of the product are considered fulfillment activities, not performance obligations. Income Taxes: The provision for income taxes provides for the tax effects of transactions reported in the financial statements regardless of when such taxes are payable. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax and financial statement basis of assets and liabilities. Deferred taxes are based on tax laws currently enacted with tax rates expected to be in effect when the taxes are actually paid or recovered. The Company's practice is to recognize interest related to income tax matters in interest income / expense and to recognize penalties in selling, general and administrative expenses. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at May 31, 2023 and 2022. The Company recorded no interest expense or penalties in its consolidated statements of income during the years ended May 31, 2023 and 2022. The Company believes it is no longer subject to examination by federal and state taxing authorities for years prior to May 31, 2020. Sales Taxes: Certain jurisdictions impose a sales tax on Company sales to nonexempt customers. The Company collects these taxes from customers and remits the entire amount as required by the applicable law. The Company excludes from revenues and expenses the tax collected and remitted. Stock-Based Compensation: The Company measures compensation cost arising from the grant of share-based payments to employees at fair value and recognizes such cost in income over the period during which the employee is required to provide service in exchange for the award. The stock-based compensation expense for the years ended May 31, 2023 and 2022 was $417,253 and $201,278. New Accounting Standards: Any recently issued Accounting Standards Codification (ASC) guidance has either been implemented or is not significant to the Company. Reclassifications: The 2022 financial statements have been reclassified to conform with the presentation adopted for 2023. |
2. Accounts and Other Receivabl
2. Accounts and Other Receivables | 12 Months Ended |
May 31, 2023 | |
Notes | |
2. Accounts and Other Receivables: | 2. Accounts and Other Receivables: 2023 2022 Customers $ 5,558,990 $ 4,292,300 Customers – retention 23,980 190,492 5,582,970 4,482,792 Less allowance for doubtful accounts 29,466 16,106 $ 5,553,504 $ 4,466,686 Retention receivable from customers represents amounts invoiced to customers where payments have been partially withheld pending completion of the project. All amounts are expected to be collected within the next fiscal year. |
3. Inventory
3. Inventory | 12 Months Ended |
May 31, 2023 | |
Notes | |
3. Inventory: | 3. Inventory: 2023 2022 Raw materials $ 673,453 $ 488,393 Work-in-process 5,005,416 5,166,271 Finished goods 330,435 300,271 6,009,304 5,954,935 Less allowance for obsolescence 68,000 100,000 $ 5,941,304 $ 5,854,935 |
4. Costs and Estimated Earnings
4. Costs and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
May 31, 2023 | |
Notes | |
4. Costs and Estimated Earnings on Uncompleted Contracts: | 4. Costs and Estimated Earnings on Uncompleted Contracts: 2023 2022 Costs incurred on uncompleted contracts $ 5,349,111 $ 4,268,608 Estimated earnings 4,850,889 3,211,392 10,200,000 7,480,000 Less billings to date 8,068,288 5,266,289 $ 2,131,712 $ 2,213,711 Amounts are included in the accompanying balance sheets under the following captions: 2023 2022 Costs and estimated earnings in excess of billings $ 4,124,182 $ 3,336,474 Billings in excess of costs and estimated earnings 1,992,470 1,122,763 $ 2,131,712 $ 2,213,711 The following summarizes the status of Projects in progress as of May 31, 2023 and 2022: 2023 2022 Number of Projects in progress 22 19 Aggregate percent complete 33% 47% Aggregate amount remaining $18,061,484 $7,627,234 Percentage of total value invoiced to customer 29% 35% The Company expects to recognize the majority of remaining revenue on all open projects during the May 31, 2024 fiscal year. Revenue recognized during the years ended May 31, 2023 and 2022 for amounts included in billings in excess of costs and estimated earnings as of the beginning of the year amounted to $1,123,000, and $1,362,000. |
5. Maintenance and Other Invent
5. Maintenance and Other Inventory | 12 Months Ended |
May 31, 2023 | |
Notes | |
5. Maintenance and Other Inventory: | 5. Maintenance and Other Inventory: 2023 2022 Maintenance and other inventory $ 2,236,106 $ 2,334,889 Less allowance for obsolescence 1,232,966 1,227,580 $ 1,003,140 $ 1,107,309 Maintenance and other inventory represent stock that is estimated to have a product life-cycle in excess of twelve-months. This stock represents certain items the Company is required to maintain for service of products sold, and items that are generally subject to spontaneous ordering. This inventory is particularly sensitive to technical obsolescence in the near term due to its use in industries characterized by the continuous introduction of new product lines, rapid technological advances and product obsolescence. Therefore, management of the Company has recorded an allowance for potential inventory obsolescence. $322,000 and $772,000 of inventory was disposed of during the years ended May 31, 2023 and 2022. The provision for potential inventory obsolescence was $295,000 and zero for the years ended May 31, 2023 and 2022. The Company continues to rework slow-moving inventory, where applicable, to convert it to product to be used on customer orders. |
6. Property and Equipment
6. Property and Equipment | 12 Months Ended |
May 31, 2023 | |
Notes | |
6. Property and Equipment: | 6. Property and Equipment: 2023 2022 Land $ 195,220 $ 195,220 Buildings and improvements 10,033,399 9,821,812 Machinery and equipment 15,278,928 12,824,696 Office furniture and equipment 2,840,980 2,744,400 Autos and trucks 24,818 24,818 Land improvements 483,929 483,929 28,857,274 26,094,875 Less accumulated depreciation 17,135,490 16,240,116 $ 11,721,784 $ 9,854,759 Depreciation expense was $1,472,455 and $1,347,442 for the years ended May 31, 2023 and 2022. The Company has commitments to make capital expenditures of approximately $107,000 as of May 31, 2023. |
7. Short-Term Borrowings
7. Short-Term Borrowings | 12 Months Ended |
May 31, 2023 | |
Notes | |
7. Short-Term Borrowings: | 7. Short-Term Borrowings: The Company has available a $10,000,000 bank demand line of credit from a bank, with interest payable at the Company's option of 30, 60 or 90 day LIBOR rate plus 2.25%. Interest payable will change from LIBOR rate plus 2.25% to SOFR rate plus 2.365% effective July 1, 2023. The line is secured by a negative pledge of the Company's real and personal property. This line of credit is subject to the usual terms and conditions applied by the bank and subject to renewal annually. There is no amount outstanding under the line of credit at May 31, 2023 or May 31, 2022. The Company uses a cash management facility under which the bank draws against the available line of credit to cover checks presented for payment on a daily basis. Outstanding checks under this arrangement totaled $13,873 and $193,478 as of May 31, 2023 and 2022. These amounts are included in accounts payable. |
8. Accrued Expenses
8. Accrued Expenses | 12 Months Ended |
May 31, 2023 | |
Notes | |
8. Accrued Expenses: | 8. Accrued Expenses: 2023 2022 Customer deposits $ 367,902 $ 1,347,709 Personnel costs 3,023,501 1,587,271 Other 686,919 479,334 $ 4,078,322 $ 3,414,314 |
9. Sales
9. Sales | 12 Months Ended |
May 31, 2023 | |
Notes | |
9. Sales: | 9. Sales: The Company manufactures and sells a single group of very similar products that have many different applications for customers. These similar products are included in one of eight categories; namely, Seismic Dampers, Fluidicshoks®, Crane and Industrial Buffers, Self-Adjusting Shock Absorbers, Liquid Die Springs, Vibration Dampers, Machined Springs and Custom Actuators. Management does not track or otherwise account for sales broken down by these categories. Sales of the Company's products are made to three general groups of customers: industrial, structural and aerospace / defense. A breakdown of sales to these three general groups of customers is as follows: 2023 2022 Structural $ 20,642,326 $ 16,267,162 Aerospace / Defense 15,568,695 12,440,687 Industrial 3,988,333 2,158,733 $ 40,199,354 $ 30,866,582 Sales to a single customer approximated 15% of net sales for 2022. |
10. Income Taxes
10. Income Taxes | 12 Months Ended |
May 31, 2023 | |
Notes | |
10. Income Taxes: | 10. Income Taxes: 2023 2022 Current tax provision: Federal $ 1,710,000 $ 200,100 State 2,000 1,400 1,712,000 201,500 Deferred tax provision (benefit): Federal (494,000) 115,500 State - - (494,000) 115,500 $ 1,218,000 $ 317,000 A reconciliation of provision for income taxes at the statutory rate to income tax provision at the Company's effective rate is as follows: 2023 2022 Computed tax provision at the expected statutory rate $ 1,576,100 $ 536,800 State income tax - net of Federal tax benefit (1,600) 1,100 Tax effect of permanent differences: Research tax credits (283,600) (275,400) Foreign-derived intangible income deduction (66,900) (12,200) Other permanent differences 900 3,100 Other (6,900) 63,600 $ 1,218,000 $ 317,000 Effective income tax rate 16.2% 12.4% Significant components of the Company's deferred tax assets and liabilities consist of the following: 2023 2022 Deferred tax assets: Allowance for doubtful receivables $ 6,200 $ 3,400 Tax inventory adjustment 84,300 92,200 Allowance for obsolete inventory 273,200 278,800 Accrued vacation 136,600 84,300 Accrued commissions 9,800 7,000 Warranty reserve 62,700 48,800 R&D tax credit - 84,000 R&D capitalization 678,500 - Stock options issued for services 331,300 277,600 1,582,600 876,100 Deferred tax liabilities: Excess tax depreciation (1,013,985) (801,485) Net deferred tax assets $ 568,615 $ 74,615 Realization of the deferred tax assets is dependent on generating sufficient taxable income at the time temporary differences become deductible. The Company provides a valuation allowance to the extent that deferred tax assets may not be realized. A valuation allowance has not been recorded against the deferred tax assets since management believes it is more likely than not that the deferred tax assets are recoverable. The Company considers future taxable income and potential tax planning strategies in assessing the need for a potential valuation allowance. The amount of the deferred tax assets considered realizable however, could be reduced in the near term if estimates of future taxable income are reduced. The Company will need to generate approximately $7.5 million in taxable income in future years in order to realize the deferred tax assets recorded as of May 31, 2023 of $1,582,600. The Company and its subsidiary file consolidated Federal and State income tax returns. As of May 31, 2023, the Company had State investment tax credit carryforwards of approximately $424,000 expiring through May 2028. |
11. Earnings Per Common Share
11. Earnings Per Common Share | 12 Months Ended |
May 31, 2023 | |
Notes | |
11. Earnings Per Common Share: | 11. Earnings Per Common Share: Basic earnings per common share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding for the period. Diluted earnings per common share reflects the weighted-average common shares outstanding and dilutive potential common shares, such as stock options. A reconciliation of weighted-average common shares outstanding to weighted-average common shares outstanding assuming dilution is as follows: 2023 2022 Average common shares outstanding 3,506,474 3,497,345 Common shares issuable under stock option plans 45,020 2,208 Average common shares outstanding assuming dilution 3,551,494 3,499,553 |
12. Related Party Transactions
12. Related Party Transactions | 12 Months Ended |
May 31, 2023 | |
Notes | |
12. Related Party Transactions: | 12. Related Party Transactions: The Company had no material related party transactions for the years ended May 31, 2023 and 2022. |
13. Employee Stock Purchase Pla
13. Employee Stock Purchase Plan | 12 Months Ended |
May 31, 2023 | |
Notes | |
13. Employee Stock Purchase Plan: | 13. Employee Stock Purchase Plan: In March 2004, the Company reserved 295,000 shares of common stock for issuance pursuant to a non-qualified employee stock purchase plan. Participation in the employee stock purchase plan is voluntary for all eligible employees of the Company. Purchase of common shares can be made by employee contributions through payroll deductions. At the end of each calendar quarter, the employee contributions will be applied to the purchase of common shares using a share value equal to the mean between the closing bid and ask prices of the stock on that date. These shares are distributed to the employees at the end of each calendar quarter or upon withdrawal from the plan. During the years ended May 31, 2023 and 2022, 922 ($8.65 to $19.96 price per share) and 1,496 ($9.90 to $11.83 price per share) common shares, respectively, were issued to employees. As of May 31, 2023, 216,365 shares were reserved for further issue. |
14. Stock Option Plans
14. Stock Option Plans | 12 Months Ended |
May 31, 2023 | |
Notes | |
14. Stock Option Plans: | 14. Stock Option Plans: In 2022, the Company adopted a stock option plan which permits the Company to grant both incentive stock options and non-qualified stock options. The incentive stock options qualify for preferential treatment under the Internal Revenue Code. Under this plan, 260,000 shares of common stock have been reserved for grant to key employees and directors of the Company and 59,000 shares have been granted as of May 31, 2023. Under the plan, the option price may not be less than the fair market value of the stock at the time the options are granted. Options vest immediately and expire ten years from the date of grant. Using the Black-Scholes option pricing model, the weighted average estimated fair value of each option granted under the plan was $4.91 during 2023 and $3.02 during 2022. The pricing model uses the assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of options granted is derived from previous history of stock exercises from the grant date and represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise and employee termination assumptions under the valuation model. The Company has never paid dividends on its common stock and does not anticipate doing so in the foreseeable future. 2023 2022 Risk-free interest rate 2.45% 2.59% Expected life in years 4.2 4.0 Expected volatility 33% 31% Expected dividend yield 0% 0% The following is a summary of stock option activity: Shares Weighted Average Exercise Price Intrinsic Value Outstanding - May 31, 2021 267,750 $ 11.60 $ 271,426 Options granted 66,750 $ 10.69 Less: options expired 51,500 - Outstanding - May 31, 2022 283,000 $ 11.43 $ 28,248 Options granted 85,000 $ 15.75 Less: options exercised 30,500 $ 9.57 Less: options expired 4,500 - Outstanding - May 31, 2023 333,000 $ 12.70 $ 2,016,961 We calculated intrinsic value for those options that had an exercise price lower than the market price of our common shares as of the balance sheet dates. The aggregate intrinsic value of outstanding options as of the end of each fiscal year is calculated as the difference between the exercise price of the underlying options and the market price of our common shares for the options that were in-the-money at that date (279,500 at May 31, 2023 and 29,250 at May 31, 2022.) The Company's closing stock price was $18.55 and $9.30 as of May 31, 2023 and 2022. As of May 31, 2023, there are 201,000 options available for future grants under the 2022 stock option plan. $291,829 was received from the exercise of share options during the fiscal year ended May 31, 2023. No options were exercised in the fiscal year ended May 31, 2022. The following table summarizes information about stock options outstanding at May 31, 2023: Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 8.01-$ 9.00 13,000 0.9 $ 8.87 $ 9.01-$10.00 55,000 8.0 $ 9.67 $10.01-$11.00 23,500 6.2 $10.16 $11.01-$12.00 140,000 7.5 $11.66 $12.01-$13.00 28,000 2.8 $12.39 $13.01-$14.00 10,000 3.9 $13.80 $16.01-$17.00 10,000 2.9 $16.40 $19.01-$20.00 53,500 8.6 $19.82 $ 8.01-$20.00 333,000 6.8 $12.70 The following table summarizes information about stock options outstanding at May 31, 2022: Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 7.01-$ 8.00 10,000 0.9 $ 7.74 $ 8.01-$ 9.00 19,250 1.5 $ 8.64 $ 9.01-$10.00 55,000 9.0 $ 9.67 $10.01-$11.00 26,500 7.3 $10.14 $11.01-$12.00 112,250 7.8 $11.72 $12.01-$13.00 28,750 3.9 $12.39 $13.01-$14.00 10,000 4.9 $13.80 $16.01-$17.00 10,000 3.9 $16.40 $19.01-$20.00 11,250 4.2 $19.26 $ 7.01-$20.00 283,000 6.5 $11.43 |
15. Preferred Stock
15. Preferred Stock | 12 Months Ended |
May 31, 2023 | |
Notes | |
15. Preferred Stock: | 15. Preferred Stock: The Company has 2,000,000 authorized but unissued shares of preferred stock which may be issued in series. The shares of each series shall have such rights, preferences, and limitations as shall be fixed by the Board of Directors. |
16. Treasury Stock
16. Treasury Stock | 12 Months Ended |
May 31, 2023 | |
Notes | |
16. Treasury Stock: | 16. Treasury Stock: Treasury shares are 567,751 at May 31, 2023 and 558,834 at May 31, 2022. |
17. Retirement Plan
17. Retirement Plan | 12 Months Ended |
May 31, 2023 | |
Notes | |
17. Retirement Plan: | 17. Retirement Plan: The Company maintains a retirement plan for essentially all employees pursuant to Section 401(k) of the Internal Revenue Code. The Company matches a percentage of employee voluntary salary deferrals subject to limitations. The Company may also make discretionary contributions as determined annually by the Company's Board of Directors. The amount expensed under the plan was $371,881 and $313,269 for the years ended May 31, 2023 and 2022. |
18. Fair Value of Financial Ins
18. Fair Value of Financial Instruments | 12 Months Ended |
May 31, 2023 | |
Notes | |
18. Fair Value of Financial Instruments: | 18. Fair Value of Financial Instruments: The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments. The fair values of short-term investments were determined as described in Note 1. |
19. Cash Flows Information
19. Cash Flows Information | 12 Months Ended |
May 31, 2023 | |
Notes | |
19. Cash Flows Information: | 19. Cash Flows Information: 2023 2022 Interest paid None None Income taxes paid $1,705,000 None |
20. Risks and Uncertainties
20. Risks and Uncertainties | 12 Months Ended |
May 31, 2023 | |
Notes | |
20. Risks and Uncertainties: | 20. Risks and Uncertainties: On January 31, 2020, the United States Secretary of Health and Human Services (HHS) declared a public health emergency related to the global spread of coronavirus COVID-19, and a pandemic was declared by the World Health Organization in February 2020. Efforts to fight the widespread disease included limiting or closing many businesses and resulted in a severe disruption of operations for many organizations. Financial markets also fluctuated significantly during this time. The extent of the impact of COVID-19 on the Company’s operational and financial performance was significant in fiscal 2021. The use of vaccinations world-wide have apparently slowed spread of the disease, the extent of the impact of COVID-19 on the Company’s operational and financial performance in fiscal 2022 and 2023 was minimal. |
21. Legal Proceedings
21. Legal Proceedings | 12 Months Ended |
May 31, 2023 | |
Notes | |
21. Legal Proceedings: | 21. Legal Proceedings: Taylor Devices Inc. (the “Company”) has been named as a Third-Party Defendant in an action captioned Board of Managers of the 432 Park Condominium, et al. v. 56th and Park (NY) Owner LLC, et al. Index No. 655617/2021 (S.Ct. N.Y. Co.) (the “Action”). The Action was filed on or about September 23, 2021. In an amended Complaint dated April 29, 2022, the Board of Managers of 432 Park Condominium (the “Owner”), a condominium association for a high-rise condominium building (the “Building”) located at 432 Park Avenue in New York, N.Y., has asserted a claim against the condominium sponsor, 56 th On March 14, 2022, the Sponsor filed a Third-Party Complaint against LendLease Construction (US) LMB (“LendLease”), as well as the architects of record on the project (SLCE Architects), the lead structural engineer (Cantor ESA) and the head mechanical engineer (Flack + Kurtz) involved in the Building’s design. As to LendLease, the Third-Party Complaint alleges breach of a Construction Management Contract between LendLease and Sponsor and negligence arising from purported failure to perform under the contract. On March 22, 2023, LendLease initiated a Third-Party action against various entities with whom LendLease had contracted for the supply of materials and services in connection with construction of the Building. The Third-Party defendants include the suppliers of products and services relating to the automatic sprinkler system, structural steel, mechanical systems, electrical systems, sheet metal, component assembly, roofing, the building exterior, plumbing, concrete, curtain walls, custom machine work and elevators. The Third-Party Complaint also names the Company as a Third-Party Defendant, based upon a contract between the Company and LendLease to supply 16 Viscous Damping Devices (“VDDs”) that were incorporated into a Tuned Mass Damper (“TMD”) system designed by another company to limit accelerations of the Building during wind events. On July 5, 2023, the Company timely filed and served an Answer to LendLease’s Third-Party Complaint. Additional third-party actions have been filed by parties named as defendants in the Third-Party Complaint. Presently, seven third-party actions are pending. The Progress of the Matter to Date On June 13, 2023, Special Master Peck issued an Amended Final Scheduling Order. Among the directives in the Amended Final Scheduling Order is a requirement that: (a) recently-added third-party defendants (including the Company) respond to discovery demands by August 30, 2023 and complete document productions by October 11, 2023; (b) all parties complete fact depositions and fact discovery by March 15, 2024; and (c) all parties complete expert discovery by August 28, 2024. Management Response Based upon the information currently available, there is a credible argument that: (a) the Company met the contractual requirements of the 2013 Purchase Order for Viscous Damping Devices (VDDs) that were incorporated into the Tuned Mass Damper (TMD) system; and (b) the VDDs that were delivered were successfully tested to the applicable specification and met the technical requirements of that specification. The Owner has not itemized the damages it seeks to recover from Sponsor, but the Amended Complaint contains an ad damnum clause demanding $125 million plus punitive damages. Sponsor has not itemized the damages it seeks to recover from LendLease or the other third-party defendants, but the claim for relief in the Third-Party Complaint includes a demand for full indemnification of any amounts the Sponsor is required to pay plaintiff. In turn, LendLease does not itemize the damages it seeks to recover from the several Third-Party defendants (including the Company), but its demand for relief in the Third-Party Complaint includes a demand for full indemnification of any amounts LendLease is required to pay to Sponsor. The Company anticipates that the pending actions would provide opportunities for Sponsor, LendLease and the Company to allocate some or all of any liability to one or more co-defendants or third parties. In view of the limited discovery to date, it is not practical to quantify likely damages to the Company in the event of an unfavorable outcome on liability. |
1. Summary of Significant Acc_2
1. Summary of Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Nature of Operations: | Nature of Operations: Taylor Devices, Inc. (the Company) manufactures and sells a single group of very similar products that have many different applications for customers. These similar products are included in one of eight categories; namely, Seismic Dampers, Fluidicshoks®, Crane and Industrial Buffers, Self-Adjusting Shock Absorbers, Liquid Die Springs, Vibration Dampers, Machined Springs and Custom Actuators for use in various types of machinery, equipment and structures, primarily to customers which are located throughout the United States and several foreign countries. The products are manufactured at the Company's sole operating facility in the United States where all of the Company's long-lived assets reside. Management does not track or otherwise account for sales broken down by these categories. 81% of the Company's 2023 revenue was generated from sales to customers in the United States and 11% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe, Australia, and South America. 76% of the Company's 2022 revenue was generated from sales to customers in the United States and 14% was from sales to customers in Asia. Remaining sales were to customers in other countries in North America, Europe, Australia, and South America. |
1. Summary of Significant Acc_3
1. Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Principles of Consolidation: | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Tayco Realty Corporation (Realty). All inter-company transactions and balances have been eliminated in consolidation. |
1. Summary of Significant Acc_4
1. Summary of Significant Accounting Policies: Subsequent Events (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Subsequent Events: | Subsequent Events: The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. |
1. Summary of Significant Acc_5
1. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Use of Estimates: | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
1. Summary of Significant Acc_6
1. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Cash and Cash Equivalents: | Cash and Cash Equivalents: The Company includes all highly liquid investments in money market funds in cash and cash equivalents on the accompanying balance sheets. Cash and cash equivalents in financial institutions may exceed insured limits at various times during the year and subject the Company to concentrations of credit risk. |
1. Summary of Significant Acc_7
1. Summary of Significant Accounting Policies: Short-term Investments (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Short-term Investments: | Short-term Investments: At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at May 31, 2023 and May 31, 2022 include “available for sale” money market funds, US treasury securities and corporate bonds stated at fair value, which approximates cost. The short-term investments (20) mature on various dates during the period June 2023 to November 2026. Unrealized holding gains and losses would be presented as a separate component of accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of investments are determined using the specific identification method. The short-term investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. |
1. Summary of Significant Acc_8
1. Summary of Significant Accounting Policies: Accounts and Other Receivables (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Accounts and Other Receivables: | Accounts and Other Receivables: Accounts and other receivables are stated at an amount management expects to collect from outstanding balances. Management provides for probable uncollectible accounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to the receivable. |
1. Summary of Significant Acc_9
1. Summary of Significant Accounting Policies: Inventory (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Inventory: | Inventory: Inventory is stated at the lower of average cost or net realizable value. Average cost approximates first-in, first-out cost. |
1. Summary of Significant Ac_10
1. Summary of Significant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Property and Equipment: | Property and Equipment: Property and equipment is stated at cost net of accumulated depreciation. Depreciation is provided primarily using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Maintenance and repairs are charged to operations as incurred; significant improvements are capitalized. |
1. Summary of Significant Ac_11
1. Summary of Significant Accounting Policies: Cash Value of Life Insurance (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Cash Value of Life Insurance: | Cash Value of Life Insurance: Cash value of life insurance is stated at the surrender value of the contracts. |
1. Summary of Significant Ac_12
1. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Revenue Recognition: | Revenue Recognition: Revenue is recognized (generally at fixed prices) when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time (generally less than one year), using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. Adjustments to cost estimates are made periodically, and losses expected to be incurred on contracts in progress are charged to operations in the period such losses are determined. Other sales to customers are recognized upon shipment to the customer based on contract prices and terms. In the year ended May 31, 2023, 61% of revenue was recorded for contracts in which revenue was recognized over time while 39% was recognized at a point in time. In the year ended May 31, 2022, 60% of revenue was recorded for contracts in which revenue was recognized over time while 40% was recognized at a point in time. Progress payments are typically negotiated for longer term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title). For financial statement presentation purposes, the Company nets progress billings against the total costs incurred on uncompleted contracts. The asset, “costs and estimated earnings in excess of billings,” represents revenues recognized in excess of amounts billed. The liability, “billings in excess of costs and estimated earnings,” represents billings in excess of revenues recognized. If applicable, the Company recognizes an asset for the incremental material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. As of May 31, 2023 and 2022, the Company does not have material incremental costs on any open contracts with an original expected duration of greater than one year, and therefore such costs are expensed as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. |
1. Summary of Significant Ac_13
1. Summary of Significant Accounting Policies: Shipping and Handling Costs (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Shipping and Handling Costs: | Shipping and Handling Costs: Shipping and handling costs on incoming inventory items are classified as a component of cost of goods sold, while shipping and handling costs on outgoing shipments to customers are classified as a component of selling, general and administrative expenses. The amounts of these costs classified as a component of selling, general and administrative expenses were $366,763 and $238,536 for the years ended May 31, 2023 and 2022. Shipping and handling activities that occur after the customer has obtained control of the product are considered fulfillment activities, not performance obligations. |
1. Summary of Significant Ac_14
1. Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Income Taxes: | Income Taxes: The provision for income taxes provides for the tax effects of transactions reported in the financial statements regardless of when such taxes are payable. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax and financial statement basis of assets and liabilities. Deferred taxes are based on tax laws currently enacted with tax rates expected to be in effect when the taxes are actually paid or recovered. The Company's practice is to recognize interest related to income tax matters in interest income / expense and to recognize penalties in selling, general and administrative expenses. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at May 31, 2023 and 2022. The Company recorded no interest expense or penalties in its consolidated statements of income during the years ended May 31, 2023 and 2022. The Company believes it is no longer subject to examination by federal and state taxing authorities for years prior to May 31, 2020. |
1. Summary of Significant Ac_15
1. Summary of Significant Accounting Policies: Sales Taxes (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Sales Taxes: | Sales Taxes: Certain jurisdictions impose a sales tax on Company sales to nonexempt customers. The Company collects these taxes from customers and remits the entire amount as required by the applicable law. The Company excludes from revenues and expenses the tax collected and remitted. |
1. Summary of Significant Ac_16
1. Summary of Significant Accounting Policies: Stock-Based Compensation (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Stock-Based Compensation: | Stock-Based Compensation: The Company measures compensation cost arising from the grant of share-based payments to employees at fair value and recognizes such cost in income over the period during which the employee is required to provide service in exchange for the award. The stock-based compensation expense for the years ended May 31, 2023 and 2022 was $417,253 and $201,278. |
1. Summary of Significant Ac_17
1. Summary of Significant Accounting Policies: New Accounting Standards (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
New Accounting Standards: | New Accounting Standards: Any recently issued Accounting Standards Codification (ASC) guidance has either been implemented or is not significant to the Company. |
1. Summary of Significant Ac_18
1. Summary of Significant Accounting Policies: Reclassifications (Policies) | 12 Months Ended |
May 31, 2023 | |
Policies | |
Reclassifications: | Reclassifications: The 2022 financial statements have been reclassified to conform with the presentation adopted for 2023. |
2. Accounts and Other Receiva_2
2. Accounts and Other Receivables: Accounts and Other Receivables (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Accounts and Other Receivables | 2023 2022 Customers $ 5,558,990 $ 4,292,300 Customers – retention 23,980 190,492 5,582,970 4,482,792 Less allowance for doubtful accounts 29,466 16,106 $ 5,553,504 $ 4,466,686 |
3. Inventory_ Schedule of Inven
3. Inventory: Schedule of Inventory (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Inventory | 2023 2022 Raw materials $ 673,453 $ 488,393 Work-in-process 5,005,416 5,166,271 Finished goods 330,435 300,271 6,009,304 5,954,935 Less allowance for obsolescence 68,000 100,000 $ 5,941,304 $ 5,854,935 |
4. Costs and Estimated Earnin_2
4. Costs and Estimated Earnings on Uncompleted Contracts: Schedule of Costs incurred on uncompleted contracts and Estimated earnings (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Costs incurred on uncompleted contracts and Estimated earnings | 2023 2022 Costs incurred on uncompleted contracts $ 5,349,111 $ 4,268,608 Estimated earnings 4,850,889 3,211,392 10,200,000 7,480,000 Less billings to date 8,068,288 5,266,289 $ 2,131,712 $ 2,213,711 |
4. Costs and Estimated Earnin_3
4. Costs and Estimated Earnings on Uncompleted Contracts: Schedule of Amounts are included in the accompanying balance sheets (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Amounts are included in the accompanying balance sheets | 2023 2022 Costs and estimated earnings in excess of billings $ 4,124,182 $ 3,336,474 Billings in excess of costs and estimated earnings 1,992,470 1,122,763 $ 2,131,712 $ 2,213,711 |
4. Costs and Estimated Earnin_4
4. Costs and Estimated Earnings on Uncompleted Contracts: Schdule of Status of Projects in progress (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schdule of Status of Projects in progress | 2023 2022 Number of Projects in progress 22 19 Aggregate percent complete 33% 47% Aggregate amount remaining $18,061,484 $7,627,234 Percentage of total value invoiced to customer 29% 35% |
5. Maintenance and Other Inve_2
5. Maintenance and Other Inventory: Schedule of Maintenance and Other Inventory (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Maintenance and Other Inventory | 2023 2022 Maintenance and other inventory $ 2,236,106 $ 2,334,889 Less allowance for obsolescence 1,232,966 1,227,580 $ 1,003,140 $ 1,107,309 |
6. Property and Equipment_ Sche
6. Property and Equipment: Schedule of Property, Plant and Equipment (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Property, Plant and Equipment | 2023 2022 Land $ 195,220 $ 195,220 Buildings and improvements 10,033,399 9,821,812 Machinery and equipment 15,278,928 12,824,696 Office furniture and equipment 2,840,980 2,744,400 Autos and trucks 24,818 24,818 Land improvements 483,929 483,929 28,857,274 26,094,875 Less accumulated depreciation 17,135,490 16,240,116 $ 11,721,784 $ 9,854,759 |
8. Accrued Expenses_ Schedule o
8. Accrued Expenses: Schedule of Accrued Expenses (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Accrued Expenses | 2023 2022 Customer deposits $ 367,902 $ 1,347,709 Personnel costs 3,023,501 1,587,271 Other 686,919 479,334 $ 4,078,322 $ 3,414,314 |
9. Sales_ Disaggregation of Sal
9. Sales: Disaggregation of Sales Revenue (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Disaggregation of Sales Revenue | 2023 2022 Structural $ 20,642,326 $ 16,267,162 Aerospace / Defense 15,568,695 12,440,687 Industrial 3,988,333 2,158,733 $ 40,199,354 $ 30,866,582 |
10. Income Taxes_ Schedule of C
10. Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | 2023 2022 Current tax provision: Federal $ 1,710,000 $ 200,100 State 2,000 1,400 1,712,000 201,500 Deferred tax provision (benefit): Federal (494,000) 115,500 State - - (494,000) 115,500 $ 1,218,000 $ 317,000 |
10. Income Taxes_ Schedule of E
10. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of provision for income taxes at the statutory rate to income tax provision at the Company's effective rate is as follows: 2023 2022 Computed tax provision at the expected statutory rate $ 1,576,100 $ 536,800 State income tax - net of Federal tax benefit (1,600) 1,100 Tax effect of permanent differences: Research tax credits (283,600) (275,400) Foreign-derived intangible income deduction (66,900) (12,200) Other permanent differences 900 3,100 Other (6,900) 63,600 $ 1,218,000 $ 317,000 Effective income tax rate 16.2% 12.4% |
10. Income Taxes_ Schedule of D
10. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2023 2022 Deferred tax assets: Allowance for doubtful receivables $ 6,200 $ 3,400 Tax inventory adjustment 84,300 92,200 Allowance for obsolete inventory 273,200 278,800 Accrued vacation 136,600 84,300 Accrued commissions 9,800 7,000 Warranty reserve 62,700 48,800 R&D tax credit - 84,000 R&D capitalization 678,500 - Stock options issued for services 331,300 277,600 1,582,600 876,100 Deferred tax liabilities: Excess tax depreciation (1,013,985) (801,485) Net deferred tax assets $ 568,615 $ 74,615 |
11. Earnings Per Common Share_
11. Earnings Per Common Share: Schedule of Earnings Per Common Share (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Earnings Per Common Share | 2023 2022 Average common shares outstanding 3,506,474 3,497,345 Common shares issuable under stock option plans 45,020 2,208 Average common shares outstanding assuming dilution 3,551,494 3,499,553 |
14. Stock Option Plans_ Schedul
14. Stock Option Plans: Schedule of Fair Value Assumptions (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Fair Value Assumptions | 2023 2022 Risk-free interest rate 2.45% 2.59% Expected life in years 4.2 4.0 Expected volatility 33% 31% Expected dividend yield 0% 0% |
14. Stock Option Plans_ Sched_2
14. Stock Option Plans: Schedule of Stock Options Activity (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Stock Options Activity | Shares Weighted Average Exercise Price Intrinsic Value Outstanding - May 31, 2021 267,750 $ 11.60 $ 271,426 Options granted 66,750 $ 10.69 Less: options expired 51,500 - Outstanding - May 31, 2022 283,000 $ 11.43 $ 28,248 Options granted 85,000 $ 15.75 Less: options exercised 30,500 $ 9.57 Less: options expired 4,500 - Outstanding - May 31, 2023 333,000 $ 12.70 $ 2,016,961 |
14. Stock Option Plans_ Share-B
14. Stock Option Plans: Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | The following table summarizes information about stock options outstanding at May 31, 2023: Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 8.01-$ 9.00 13,000 0.9 $ 8.87 $ 9.01-$10.00 55,000 8.0 $ 9.67 $10.01-$11.00 23,500 6.2 $10.16 $11.01-$12.00 140,000 7.5 $11.66 $12.01-$13.00 28,000 2.8 $12.39 $13.01-$14.00 10,000 3.9 $13.80 $16.01-$17.00 10,000 2.9 $16.40 $19.01-$20.00 53,500 8.6 $19.82 $ 8.01-$20.00 333,000 6.8 $12.70 The following table summarizes information about stock options outstanding at May 31, 2022: Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 7.01-$ 8.00 10,000 0.9 $ 7.74 $ 8.01-$ 9.00 19,250 1.5 $ 8.64 $ 9.01-$10.00 55,000 9.0 $ 9.67 $10.01-$11.00 26,500 7.3 $10.14 $11.01-$12.00 112,250 7.8 $11.72 $12.01-$13.00 28,750 3.9 $12.39 $13.01-$14.00 10,000 4.9 $13.80 $16.01-$17.00 10,000 3.9 $16.40 $19.01-$20.00 11,250 4.2 $19.26 $ 7.01-$20.00 283,000 6.5 $11.43 |
19. Cash Flows Information_ Sch
19. Cash Flows Information: Schedule of Cash Flow, Supplemental Disclosures (Tables) | 12 Months Ended |
May 31, 2023 | |
Tables/Schedules | |
Schedule of Cash Flow, Supplemental Disclosures | 2023 2022 Interest paid None None Income taxes paid $1,705,000 None |
2. Accounts and Other Receiva_3
2. Accounts and Other Receivables: Accounts and Other Receivables (Details) - USD ($) | May 31, 2023 | May 31, 2022 | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 5,582,970 | $ 4,482,792 | |
Less allowance for doubtful accounts | 29,466 | 16,106 | |
Accounts and other receivables, net (Note 2) | [1] | 5,553,504 | 4,466,686 |
Customers | |||
Accounts Receivable, before Allowance for Credit Loss, Current | 5,558,990 | 4,292,300 | |
Customers - retention | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 23,980 | $ 190,492 | |
[1]Note 2 |
3. Inventory_ Schedule of Inv_2
3. Inventory: Schedule of Inventory (Details) - USD ($) | May 31, 2023 | May 31, 2022 |
Inventory, Gross | $ 6,009,304 | $ 5,954,935 |
Less allowance for obsolescence | 68,000 | 100,000 |
Inventory, Net | 5,941,304 | 5,854,935 |
Raw Materials | ||
Inventory, Gross | 673,453 | 488,393 |
Work-in-process | ||
Inventory, Gross | 5,005,416 | 5,166,271 |
Finished goods | ||
Inventory, Gross | $ 330,435 | $ 300,271 |
4. Costs and Estimated Earnin_5
4. Costs and Estimated Earnings on Uncompleted Contracts: Schedule of Costs incurred on uncompleted contracts and Estimated earnings (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Costs incurred on uncompleted contracts | $ 5,349,111 | $ 4,268,608 |
Costs incurred on uncompleted contracts, Estimated earnings | 4,850,889 | 3,211,392 |
Costs incurred on uncompleted contracts, Gross | 10,200,000 | 7,480,000 |
Costs incurred on uncompleted contracts, Billings to date | 8,068,288 | 5,266,289 |
Costs incurred on uncompleted contracts, Net | $ 2,131,712 | $ 2,213,711 |
4. Costs and Estimated Earnin_6
4. Costs and Estimated Earnings on Uncompleted Contracts: Schedule of Amounts are included in the accompanying balance sheets (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Costs and estimated earnings in excess of billings | $ 4,124,182 | $ 3,336,474 |
Billings in excess of costs and estimated earnings | 1,992,470 | 1,122,763 |
Costs incurred on uncompleted contracts, Net | $ 2,131,712 | $ 2,213,711 |
4. Costs and Estimated Earnin_7
4. Costs and Estimated Earnings on Uncompleted Contracts: Schdule of Status of Projects in progress (Details) | May 31, 2023 USD ($) | May 31, 2022 USD ($) |
Details | ||
Number of Projects in progress | 22 | 19 |
Aggregate percent complete | 33% | 47% |
Aggregate amount remaining | $ 18,061,484 | $ 7,627,234 |
Percentage of total value invoiced to customer | 29% | 35% |
4. Costs and Estimated Earnin_8
4. Costs and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Revenues Recognized For amounts included in billings in excess of costs and estimated earnings | $ 1,123,000 | $ 1,362,000 |
5. Maintenance and Other Inve_3
5. Maintenance and Other Inventory: Schedule of Maintenance and Other Inventory (Details) - USD ($) | May 31, 2023 | May 31, 2022 |
Details | ||
Maintenance and other inventory, Gross | $ 2,236,106 | $ 2,334,889 |
Maintenance and other inventory, allowance for obsolescence | 1,232,966 | 1,227,580 |
Maintenance and other inventory, Net | $ 1,003,140 | $ 1,107,309 |
5. Maintenance and Other Inve_4
5. Maintenance and Other Inventory (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Inventory disposed of | $ 322,000 | $ 772,000 |
Provision for potential inventory obsolescence | $ 295,000 | $ 0 |
6. Property and Equipment_ Sc_2
6. Property and Equipment: Schedule of Property, Plant and Equipment (Details) - USD ($) | May 31, 2023 | May 31, 2022 | |
Property, Plant and Equipment, Gross | $ 28,857,274 | $ 26,094,875 | |
Less accumulated depreciation | 17,135,490 | 16,240,116 | |
Property and equipment, net (Note 6) | [1] | 11,721,784 | 9,854,759 |
Land | |||
Property, Plant and Equipment, Gross | 195,220 | 195,220 | |
Building Improvements | |||
Property, Plant and Equipment, Gross | 10,033,399 | 9,821,812 | |
Machinery and Equipment | |||
Property, Plant and Equipment, Gross | 15,278,928 | 12,824,696 | |
Furniture and Fixtures | |||
Property, Plant and Equipment, Gross | 2,840,980 | 2,744,400 | |
Vehicles | |||
Property, Plant and Equipment, Gross | 24,818 | 24,818 | |
Land Improvements | |||
Property, Plant and Equipment, Gross | $ 483,929 | $ 483,929 | |
[1]Note 6 |
6. Property and Equipment (Deta
6. Property and Equipment (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Depreciation | $ 1,472,455 | $ 1,347,442 |
Commitments to make capital expenditures | $ 107,000 |
7. Short-Term Borrowings (Detai
7. Short-Term Borrowings (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Long-Term Line of Credit | $ 10,000,000 | |
Line of Credit Facility, Average Outstanding Amount | 0 | $ 0 |
Outstanding checks | $ 13,873 | $ 193,478 |
8. Accrued Expenses_ Schedule_2
8. Accrued Expenses: Schedule of Accrued Expenses (Details) - USD ($) | May 31, 2023 | May 31, 2022 | |
Accrued expenses (Note 8) | [1] | $ 4,078,322 | $ 3,414,314 |
Customer deposits | |||
Accrued expenses (Note 8) | 367,902 | 1,347,709 | |
Personnel costs | |||
Accrued expenses (Note 8) | 3,023,501 | 1,587,271 | |
Other | |||
Accrued expenses (Note 8) | $ 686,919 | $ 479,334 | |
[1]Note 8 |
9. Sales_ Disaggregation of S_2
9. Sales: Disaggregation of Sales Revenue (Details) - USD ($) | 12 Months Ended | ||
May 31, 2023 | May 31, 2022 | ||
Sales, net (Note 9) | [1] | $ 40,199,354 | $ 30,866,582 |
Structural | |||
Sales, net (Note 9) | 20,642,326 | 16,267,162 | |
Aerospace / Defense | |||
Sales, net (Note 9) | 15,568,695 | 12,440,687 | |
Industrial | |||
Sales, net (Note 9) | $ 3,988,333 | $ 2,158,733 | |
[1]Note 9 |
10. Income Taxes_ Schedule of_2
10. Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
May 31, 2023 | May 31, 2022 | ||
Current tax provision | |||
Federal | $ 1,710,000 | $ 200,100 | |
State | 2,000 | 1,400 | |
Current Federal, State and Local, Tax Expense (Benefit) | 1,712,000 | 201,500 | |
Deferred tax provision (benefit) | |||
Federal | (494,000) | 115,500 | |
State | 0 | 0 | |
Deferred Federal, State and Local, Tax Expense (Benefit) | (494,000) | 115,500 | |
Provision for income taxes (Note 10) | [1] | $ 1,218,000 | $ 317,000 |
[1]Note 10Note 10 |
10. Income Taxes_ Schedule of_3
10. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
May 31, 2023 | May 31, 2022 | ||
Details | |||
Computed tax provision at the expected statutory rate | $ 1,576,100 | $ 536,800 | |
State income tax - net of Federal tax benefit | (1,600) | 1,100 | |
Tax effect of permanent differences | |||
Research tax credits | (283,600) | (275,400) | |
Foreign-derived intangible income deduction | (66,900) | (12,200) | |
Other permanent differences | 900 | 3,100 | |
Other Adjustments | (6,900) | 63,600 | |
Provision for income taxes (Note 10) | [1] | $ 1,218,000 | $ 317,000 |
Effective income tax rate | 16.20% | 12.40% | |
[1]Note 10Note 10 |
10. Income Taxes_ Schedule of_4
10. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | May 31, 2023 | May 31, 2022 |
Deferred tax assets | ||
Allowance for doubtful receivables | $ 6,200 | $ 3,400 |
Tax inventory adjustment | 84,300 | 92,200 |
Allowance for obsolete inventory | 273,200 | 278,800 |
Accrued vacation | 136,600 | 84,300 |
Accrued commissions | 9,800 | 7,000 |
Warranty reserve | 62,700 | 48,800 |
R&D tax credit | 0 | 84,000 |
R&D capitalization | 678,500 | 0 |
Stock options issued for services | 331,300 | 277,600 |
Deferred Tax Assets, Gross | 1,582,600 | 876,100 |
Deferred tax liabilities | ||
Excess tax depreciation | (1,013,985) | (801,485) |
Net deferred tax assets | $ 568,615 | $ 74,615 |
10. Income Taxes (Details)
10. Income Taxes (Details) - USD ($) | May 31, 2023 | May 31, 2022 |
Details | ||
Deferred Tax Assets, Gross | $ 1,582,600 | $ 876,100 |
11. Earnings Per Common Share_2
11. Earnings Per Common Share: Schedule of Earnings Per Common Share (Details) - shares | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Average common shares outstanding | 3,506,474 | 3,497,345 |
Common shares issuable under stock option plans | 45,020 | 2,208 |
Average common shares outstanding assuming dilution | 3,551,494 | 3,499,553 |
13. Employee Stock Purchase P_2
13. Employee Stock Purchase Plan (Details) - shares | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Common shares issued to employees | 922 | 1,496 |
Shares reserved for further issue | 216,365 |
14. Stock Option Plans_ Sched_3
14. Stock Option Plans: Schedule of Fair Value Assumptions (Details) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Risk-free interest rate | 2.45% | 2.59% |
Expected life in years | 4 years 2 months 12 days | 4 years |
Expected volatility | 33% | 31% |
Expected dividend yield | 0% | 0% |
14. Stock Option Plans_ Sched_4
14. Stock Option Plans: Schedule of Stock Options Activity (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance | 283,000 | 267,750 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 11.43 | $ 11.60 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 28,248 | $ 271,426 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 85,000 | 66,750 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15.75 | $ 10.69 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period | 4,500 | 51,500 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0 | $ 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 333,000 | 283,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 12.70 | $ 11.43 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,016,961 | $ 28,248 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 30,500 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.57 |
14. Stock Option Plans_ Share_2
14. Stock Option Plans: Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
$ 8.01-$ 9.00 | ||
Number of Options | 13,000 | 19,250 |
Weighted Average Remaining Years of Contractual Life | 10 months 24 days | 1 year 6 months |
Weighted Average Exercise Price | $ 8.87 | $ 8.64 |
$ 9.01-$10.00 | ||
Number of Options | 55,000 | 55,000 |
Weighted Average Remaining Years of Contractual Life | 8 years | 9 years |
Weighted Average Exercise Price | $ 9.67 | $ 9.67 |
$10.01-$11.00 | ||
Number of Options | 23,500 | 26,500 |
Weighted Average Remaining Years of Contractual Life | 6 years 2 months 12 days | 7 years 3 months 18 days |
Weighted Average Exercise Price | $ 10.16 | $ 10.14 |
$11.01-$12.00 | ||
Number of Options | 140,000 | 112,250 |
Weighted Average Remaining Years of Contractual Life | 7 years 6 months | 7 years 9 months 18 days |
Weighted Average Exercise Price | $ 11.66 | $ 11.72 |
$12.01-$13.00 | ||
Number of Options | 28,000 | 28,750 |
Weighted Average Remaining Years of Contractual Life | 2 years 9 months 18 days | 3 years 10 months 24 days |
Weighted Average Exercise Price | $ 12.39 | $ 12.39 |
$13.01-$14.00 | ||
Number of Options | 10,000 | 10,000 |
Weighted Average Remaining Years of Contractual Life | 3 years 10 months 24 days | 4 years 10 months 24 days |
Weighted Average Exercise Price | $ 13.80 | $ 13.80 |
$16.01-$17.00 | ||
Number of Options | 10,000 | 10,000 |
Weighted Average Remaining Years of Contractual Life | 2 years 10 months 24 days | 3 years 10 months 24 days |
Weighted Average Exercise Price | $ 16.40 | $ 16.40 |
$19.01-$20.00 | ||
Number of Options | 53,500 | 11,250 |
Weighted Average Remaining Years of Contractual Life | 8 years 7 months 6 days | 4 years 2 months 12 days |
Weighted Average Exercise Price | $ 19.82 | $ 19.26 |
$ 8.01-$20.00 | ||
Number of Options | 333,000 | |
Weighted Average Remaining Years of Contractual Life | 6 years 9 months 18 days | |
Weighted Average Exercise Price | $ 12.70 | |
$ 7.01-$ 8.00 | ||
Number of Options | 10,000 | |
Weighted Average Remaining Years of Contractual Life | 10 months 24 days | |
Weighted Average Exercise Price | $ 7.74 | |
$ 7.01-$20.00 | ||
Number of Options | 283,000 | |
Weighted Average Remaining Years of Contractual Life | 6 years 6 months | |
Weighted Average Exercise Price | $ 11.43 |
15. Preferred Stock (Details)
15. Preferred Stock (Details) | 12 Months Ended |
May 31, 2023 shares | |
Details | |
Preferred stock authorized but unissued | 2,000,000 |
16. Treasury Stock (Details)
16. Treasury Stock (Details) - shares | May 31, 2023 | May 31, 2022 |
Details | ||
Treasury Stock, Common, Shares | 567,751 | 558,834 |
17. Retirement Plan (Details)
17. Retirement Plan (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 371,881 | $ 313,269 |
19. Cash Flows Information_ S_2
19. Cash Flows Information: Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) | 12 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Details | ||
Interest paid | $ 0 | $ 0 |
Income taxes paid | $ 1,705,000 | $ 0 |
21. Legal Proceedings (Details)
21. Legal Proceedings (Details) | 12 Months Ended |
May 31, 2023 | |
Details | |
Loss Contingency, Parties Jointly and Severally Liable in Litigation | Taylor Devices Inc. (the “Company”) has been named as a Third-Party Defendant |
Loss Contingency, Name of Plaintiff | Board of Managers of the 432 Park Condominium, et al |
Loss Contingency, Name of Defendant | 56th and Park (NY) Owner LLC, et al |
Loss Contingency, Lawsuit Filing Date | September 23, 2021 |
Loss Contingency, Allegations | The Owner alleges “over 1500 identified construction and design defects to the common elements of” residential and commercial units at the Building, based upon a report generated by a consultant (SBI Consultants Inc.) retained by the Owner |
Loss Contingency, Management's Assessment and Process | Management of the Company vigorously disputes the allegations in the Third-Party Complaint. |
Loss Contingency, Inestimable Loss | it is not practical to quantify likely damages to the Company in the event of an unfavorable outcome on liability |