Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 28, 2017 | Mar. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TSR INC | |
Entity Central Index Key | 98,338 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-31 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | TSRI | |
Entity Common Stock, Shares Outstanding | 1,962,062 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Feb. 28, 2017 | May 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 4,898,622 | $ 4,514,157 |
Certificates of deposit and marketable securities | 1,290,960 | 1,553,272 |
Accounts receivable, net of allowance for doubtful accounts of $185,000 | 6,742,094 | 7,703,680 |
Other receivables | 11,911 | 10,853 |
Prepaid expenses | 215,500 | 99,069 |
Prepaid and recoverable income taxes | 156,833 | |
Deferred income taxes | 118,000 | 128,000 |
Total Current Assets | 13,433,920 | 14,009,031 |
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $276,447 and $262,076 | 19,771 | 27,998 |
Prepaid expenses | 30,559 | |
Other assets | 49,653 | 49,653 |
Deferred income taxes | 1,000 | 3,000 |
Total Assets | 13,534,903 | 14,089,682 |
Current Liabilities: | ||
Accounts and other payables | 415,764 | 723,705 |
Accrued expenses and other current liabilities | 2,241,703 | 2,634,110 |
Income taxes payable | 14,810 | |
Advances from customers | 1,231,242 | 1,245,563 |
Total Liabilities | 3,888,709 | 4,618,188 |
Commitments and contingencies | ||
TSR, Inc.: | ||
Preferred stock, $1 par value, authorized 500,000 shares; none issued | ||
Common stock, $.01 par value, authorized 12,500,000 shares; issued 3,114,163 shares, 1,962,062 outstanding | 31,142 | 31,142 |
Additional paid-in capital | 5,102,868 | 5,102,868 |
Retained earnings | 18,017,577 | 17,811,884 |
Shareholder's equity before treasury stock | 23,151,587 | 22,945,894 |
Less: Treasury stock, 1,152,101 shares, at cost | 13,514,003 | 13,514,003 |
Total TSR, Inc. Equity | 9,637,584 | 9,431,891 |
Noncontrolling Interest | 8,610 | 39,603 |
Total Equity | 9,646,194 | 9,471,494 |
Total Liabilities and Equity | $ 13,534,903 | $ 14,089,682 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Feb. 28, 2017 | May 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts related to accounts receivable | $ 185,000 | $ 185,000 |
Accumulated depreciation and amortization related to equipment and leasehold improvements | $ 276,447 | $ 262,076 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares issued | 3,114,163 | 3,114,163 |
Common stock, shares outstanding | 1,962,062 | 1,962,062 |
Treasury stock, shares | 1,152,101 | 1,152,101 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Statements of Operations [Abstract] | ||||
Revenue, net | $ 15,390,236 | $ 15,074,832 | $ 45,675,408 | $ 45,494,626 |
Cost of sales | 12,988,277 | 12,770,009 | 38,081,928 | 38,164,592 |
Selling, general and administrative expenses | 2,521,189 | 2,318,607 | 7,181,611 | 6,791,922 |
Operating expenses | 15,509,466 | 15,088,616 | 45,263,539 | 44,956,514 |
Income (loss) from operations | (119,230) | (13,784) | 411,869 | 538,112 |
Other income (loss): | ||||
Interest and dividend income | 2,649 | 2,250 | 8,067 | 5,999 |
Unrealized gain (loss) on marketable securities, net | 1,200 | (4,144) | 3,688 | (3,896) |
Income (loss) before income taxes | (115,381) | (15,678) | 423,624 | 540,215 |
Provision (benefit) for income taxes | (58,000) | (7,000) | 188,000 | 270,000 |
Consolidated net income (loss) | (57,381) | (8,678) | 235,624 | 270,215 |
Less: Net income attributable to noncontrolling interest | 11,020 | 14,969 | 29,931 | 40,049 |
Net income (loss) attributable to TSR, Inc. | $ (68,401) | $ (23,647) | $ 205,693 | $ 230,166 |
Net income (loss) per TSR, Inc. common share | $ (0.03) | $ (0.01) | $ 0.10 | $ 0.12 |
Weighted average number common shares outstanding | 1,962,062 | 1,962,062 | 1,962,062 | 1,962,062 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) | Total | Common stock | Additional paid-in capital | Retained earnings | Treasury stock | TSR, Inc. equity | Non-controlling interest |
Balance at May. 31, 2015 | $ 9,102,934 | $ 31,142 | $ 5,102,868 | $ 17,412,658 | $ (13,514,003) | $ 9,032,665 | $ 70,269 |
Balance, shares at May. 31, 2015 | 3,114,163 | ||||||
Net income attributable to noncontrolling interest | 40,049 | 40,049 | |||||
Distribution to noncontrolling interest | (87,641) | (87,641) | |||||
Net income attributable to TSR, Inc. | 230,166 | 230,166 | 230,166 | ||||
Balance at Feb. 29, 2016 | 9,285,508 | $ 31,142 | 5,102,868 | 17,642,824 | (13,514,003) | 9,262,831 | 22,677 |
Balance, shares at Feb. 29, 2016 | 3,114,163 | ||||||
Balance at May. 31, 2016 | 9,471,494 | $ 31,142 | 5,102,868 | 17,811,884 | (13,514,003) | 9,431,891 | 39,603 |
Balance, shares at May. 31, 2016 | 3,114,163 | ||||||
Net income attributable to noncontrolling interest | 29,931 | 29,931 | |||||
Distribution to noncontrolling interest | (60,924) | (60,924) | |||||
Net income attributable to TSR, Inc. | 205,693 | 205,693 | 205,693 | ||||
Balance at Feb. 28, 2017 | $ 9,646,194 | $ 31,142 | $ 5,102,868 | $ 18,017,577 | $ (13,514,003) | $ 9,637,584 | $ 8,610 |
Balance, shares at Feb. 28, 2017 | 3,114,163 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Cash flows from operating activities: | ||
Consolidated net income | $ 235,624 | $ 270,215 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,371 | 16,919 |
Unrealized loss (gain) on marketable securities, net | (3,688) | 3,896 |
Deferred income taxes | 12,000 | 24,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 961,586 | 203,357 |
Other receivables | (1,058) | (7,062) |
Prepaid expenses | (146,990) | (23,373) |
Prepaid and recoverable income taxes | (156,833) | (4,562) |
Accounts and other payables and accrued expenses and other current liabilities | (700,348) | (7,281) |
Income taxes payable | (14,810) | (3,877) |
Advances from customers | (14,321) | (147,894) |
Net cash provided by operating activities | 185,533 | 324,338 |
Cash flows from investing activities: | ||
Proceeds from maturities of marketable securities | 1,509,000 | 1,493,000 |
Purchases of marketable securities | (1,243,000) | (1,778,000) |
Purchases of equipment and leasehold improvements | (6,144) | (8,857) |
Net cash provided by (used in) investing activities | 259,856 | (293,857) |
Cash flows from financing activities: | ||
Distribution to noncontrolling interest | (60,924) | (87,641) |
Net cash used in financing activities | (60,924) | (87,641) |
Net increase (decrease) in cash and cash equivalents | 384,465 | (57,160) |
Cash and cash equivalents at beginning of period | 4,514,157 | 3,669,790 |
Cash and cash equivalents at end of period | 4,898,622 | 3,612,630 |
Supplemental disclosures of cash flow data: | ||
Income taxes paid | $ 348,000 | $ 254,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Feb. 28, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying condensed consolidated interim financial statements include the accounts of TSR, Inc. and its subsidiaries (the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The condensed balance sheet as of May 31, 2016, which has been derived from audited financial statements, and the unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applying to interim financial information and with the instructions to Form 10-Q of Regulation S-X of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures required by accounting principles generally accepted in the United States of America and normally included in the Company’s annual financial statements have been condensed or omitted. These condensed consolidated interim financial statements as of and for the three months and nine months ended February 28, 2017 are unaudited; however, in the opinion of management, such statements include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending May 31, 2017. These condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2016. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Feb. 28, 2017 | |
Net Income (Loss) Per Common Share [Abstract] | |
Net Income (Loss) Per Common Share | 2. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) available to common stockholders of TSR, Inc. by the weighted average number of common shares outstanding. The Company had no stock options or other common stock equivalents outstanding during any of the periods presented. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Feb. 28, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. Cash and Cash Equivalents The Company considers short-term highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents were comprised of the following as of February 28, 2017 and May 31, 2016: February 28, May 31, Cash in banks $ 4,083,962 $ 3,974,007 Money market funds 814,660 540,150 $ 4,898,622 $ 4,514,157 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Feb. 28, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 4. Revenue Recognition The Company’s contract computer programming services are generally provided under time and materials arrangements with its customers. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” when persuasive evidence of an arrangement exists, the services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. These conditions occur when a customer agreement is effected and the consultant performs the authorized services. Revenue is recorded net of all discounts and processing fees. Advances from customers represent amounts received from customers prior to the Company’s provision of the related services and credit balances from overpayments. Reimbursements received by the Company for out-of-pocket expenses are characterized as revenue. |
Certificates of Deposit and Mar
Certificates of Deposit and Marketable Securities | 9 Months Ended |
Feb. 28, 2017 | |
Certificates of Deposit and Marketable Securities [Abstract] | |
Certificates of Deposit and Marketable Securities | 5. Certificates of Deposit and Marketable Securities The Company has characterized its investments in certificates of deposit and marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Investments recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to valuation techniques as follows: Level 1- These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access. Level 2- These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets. Level 3- These are investments where values are derived from techniques in which one or more significant inputs are unobservable. The following are the major categories of assets measured at fair value on a recurring basis as of February 28, 2017 and May 31, 2016 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3): February 28, 2017 Level 1 Level 2 Level 3 Total Certificates of Deposit $ - $ 1,262,000 $ - $ 1,262,000 Equity Securities 28,960 - - 28,960 $ 28,960 $ 1,262,000 $ - $ 1,290,960 May 31, 2016 Level 1 Level 2 Level 3 Total Certificates of Deposit $ - $ 1,528,000 $ - $ 1,528,000 Equity Securities 25,272 - - 25,272 $ 25,272 $ 1,528,000 $ - $ 1,553,272 Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to twelve months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s certificates of deposit and marketable securities at February 28, 2017 and May 31, 2016 are summarized as follows: February 28, 2017 Amortized Gross Gross Recorded Certificates of Deposit $ 1,262,000 $ - $ - $ 1,262,000 Equity Securities 16,866 12,094 - 28,960 $ 1,278,866 $ 12,094 $ - $ 1,290,960 May 31, 2016 Amortized Gross Gross Recorded Certificates of Deposit $ 1,528,000 $ - $ - $ 1,528,000 Equity Securities 16,866 8,406 - 25,272 $ 1,544,866 $ 8,406 $ - $ 1,553,272 The Company’s investments in marketable securities consist primarily of investments in certificates of deposit and equity securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Feb. 28, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of certain financial instruments. For cash and cash equivalents, accounts receivable, accounts and other payables, accrued liabilities and advances from customers, the amounts presented in the condensed consolidated financial statements approximate fair value because of the short-term maturities of these instruments. |
Equity
Equity | 9 Months Ended |
Feb. 28, 2017 | |
Equity [Abstract] | |
Equity | 7. Equity During the nine months ended February 28, 2017 and February 29, 2016, the Company did not purchase any shares of its common stock. As of April 7, 2016, the previously announced repurchase plan was terminated with 56,318 shares remaining available for purchase. |
Other Matters
Other Matters | 9 Months Ended |
Feb. 28, 2017 | |
Other Matters [Abstract] | |
Other Matters | 8. Other Matters From time to time, the Company is party to various lawsuits, some involving material amounts. Management is not aware of any lawsuits that would have a material adverse impact on the consolidated financial position of the Company. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Feb. 28, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 9. Recent Accounting Pronouncements In May 2014, the FASB issued an update to ASC 606, “Revenue from Contracts with Customers.” This update to ASC 606 provides a five-step process to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. This update to ASC 606 will also result in enhanced disclosures about revenue, providing guidance for transactions that were not previously addressed comprehensively, and improving guidance for multiple-element arrangements. This update to ASC 606 is effective for the Company in the fiscal year ending May 31, 2018. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which applies to the classification of deferred tax assets and liabilities. The update eliminates the requirement to classify deferred tax assets and liabilities as noncurrent or current within a classified statement of financial position. This ASU is effective for annual periods beginning after December 15, 2016 and for interim periods within those annual periods. This ASU should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company will classify any deferred tax assets and liabilities as noncurrent beginning with the first quarter of fiscal 2018. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. This update is effective for the Company in the fiscal year ending May 31, 2020. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Consideration (Topic 606).” This update contains guidance on principal versus agent assessments when a third party is involved in providing goods or services to a customer. It specifies that an entity is a principal, and thus records revenue on a gross basis, if it controls a good or service before transferring the good or service to the customer. An entity is an agent, and thus records revenue on a net basis, if it arranges for a good or service to be provided by another entity. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients (Topic 606).” This update provides certain clarifications to reduce potential diversity and to simplify the standard. The amendments in ASU 2016-12 clarify the following key areas: assessing collectibilty; presenting sales taxes and other similar taxes collected from customers; noncash consideration; contract modifications at transition; completed contracts at transition; and disclosing the accounting change in the period of adoption. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Summary of cash and cash equivalents | February 28, May 31, Cash in banks $ 4,083,962 $ 3,974,007 Money market funds 814,660 540,150 $ 4,898,622 $ 4,514,157 |
Certificates of Deposit and M17
Certificates of Deposit and Marketable Securities (Tables) | 9 Months Ended |
Feb. 28, 2017 | |
Certificates of Deposit and Marketable Securities [Abstract] | |
Summary of assets measured at fair value on recurring basis | February 28, 2017 Level 1 Level 2 Level 3 Total Certificates of Deposit $ - $ 1,262,000 $ - $ 1,262,000 Equity Securities 28,960 - - 28,960 $ 28,960 $ 1,262,000 $ - $ 1,290,960 May 31, 2016 Level 1 Level 2 Level 3 Total Certificates of Deposit $ - $ 1,528,000 $ - $ 1,528,000 Equity Securities 25,272 - - 25,272 $ 25,272 $ 1,528,000 $ - $ 1,553,272 |
Summary of certificates of deposit and marketable securities | February 28, 2017 Amortized Gross Gross Recorded Certificates of Deposit $ 1,262,000 $ - $ - $ 1,262,000 Equity Securities 16,866 12,094 - 28,960 $ 1,278,866 $ 12,094 $ - $ 1,290,960 May 31, 2016 Amortized Gross Gross Recorded Certificates of Deposit $ 1,528,000 $ - $ - $ 1,528,000 Equity Securities 16,866 8,406 - 25,272 $ 1,544,866 $ 8,406 $ - $ 1,553,272 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Feb. 28, 2017 | May 31, 2016 | Feb. 29, 2016 | May 31, 2015 |
Summary of cash and cash equivalents | ||||
Cash in banks | $ 4,083,962 | $ 3,974,007 | ||
Money market funds | 814,660 | 540,150 | ||
Total | $ 4,898,622 | $ 4,514,157 | $ 3,612,630 | $ 3,669,790 |
Certificates of Deposit and M19
Certificates of Deposit and Marketable Securities (Details) - USD ($) | Feb. 28, 2017 | May 31, 2016 |
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | $ 1,290,960 | $ 1,553,272 |
Fair value on recurring basis [Member] | Certificates of Deposit [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 1,262,000 | 1,528,000 |
Fair value on recurring basis [Member] | Equity Securities [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 28,960 | 25,272 |
Fair value on recurring basis [Member] | Level 1 [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 28,960 | 25,272 |
Fair value on recurring basis [Member] | Level 1 [Member] | Certificates of Deposit [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | ||
Fair value on recurring basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 28,960 | 25,272 |
Fair value on recurring basis [Member] | Level 2 [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 1,262,000 | 1,528,000 |
Fair value on recurring basis [Member] | Level 2 [Member] | Certificates of Deposit [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | 1,262,000 | 1,528,000 |
Fair value on recurring basis [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | ||
Fair value on recurring basis [Member] | Level 3 [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | ||
Fair value on recurring basis [Member] | Level 3 [Member] | Certificates of Deposit [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total | ||
Fair value on recurring basis [Member] | Level 3 [Member] | Equity Securities [Member] | ||
Summary Of Assets Measured Fairvalue On Recurring Basis [Abstract] | ||
Assets measured at fair value, Total |
Certificates of Deposit and M20
Certificates of Deposit and Marketable Securities (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Feb. 28, 2017 | May 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,278,866 | $ 1,544,866 |
Gross Unrealized Holding Gains | 12,094 | 8,406 |
Gross Unrealized Holding Losses | ||
Recorded Value | 1,290,960 | 1,553,272 |
Certificates of Deposit [Member] | Current [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,262,000 | 1,528,000 |
Gross Unrealized Holding Gains | ||
Gross Unrealized Holding Losses | ||
Recorded Value | 1,262,000 | 1,528,000 |
Equity Securities [Member] | Current [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,866 | 16,866 |
Gross Unrealized Holding Gains | 12,094 | 8,406 |
Gross Unrealized Holding Losses | ||
Recorded Value | $ 28,960 | $ 25,272 |
Equity (Details)
Equity (Details) | Apr. 07, 2016shares |
Equity (Textual) | |
Shares remain available for purchase | 56,318 |