Taylor Devices (TAYD) 10-K 27 Aug 21 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	May 31, 2021	Aug. 27, 2021	Nov. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	May 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--05-31
Entity File Number	0-3498
Entity Registrant Name	TAYLOR DEVICES INC
Entity Central Index Key	0000096536
Entity Tax Identification Number	16-0797789
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	90 Taylor Drive
Entity Address, City or Town	North Tonawanda
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14120
City Area Code	716
Local Phone Number	694-0800
Title of 12(g) Security	Common Stock ($.025 par value)
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
Entity Shell Company	false
Entity Public Float			$ 36,765,000
Entity Common Stock, Shares Outstanding		3,496,765

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	May 31, 2021	May 31, 2020
Current assets:
Cash and cash equivalents	$ 20,581,604	$ 15,159,827
Short-term investments	1,097,012	1,071,950
Accounts and other receivables, net	4,120,564	5,819,471
Inventory	5,835,596	10,107,437
Prepaid expenses	522,747	460,212
Prepaid income taxes	454,778	50,148
Costs and estimated earnings in excess of billings	1,499,604	1,754,573
Total current assets	34,111,905	34,423,618
Maintenance and other inventory, net	1,612,839	879,050
Property and equipment, net	9,816,594	9,407,490
Cash value of life insurance, net	200,538	195,621
Deferred income taxes	190,115	170,115
Total assets	45,931,991	45,075,894
Current liabilities:
Short-term borrowings		1,461,500
Accounts payable	1,787,325	1,370,175
Accrued commissions	269,064	305,885
Other accrued expenses	1,715,409	1,663,914
Billings in excess of costs and estimated earnings	1,361,985	736,866
Total current liabilities	5,133,783	5,538,340
Stockholders' Equity:
Common stock, $.025 par value, authorized 8,000,000 shares,    issued 4,055,275 and 4,040,805 shares	101,305	100,943
Paid-in capital	10,010,430	9,759,063
Retained earnings	33,601,475	32,538,580
Stockholders’ equity before treasury stock	43,713,210	42,398,586
Treasury stock – 558,834 and 553,934 shares at cost	(2,915,002)	(2,861,032)
Total stockholders' equity	40,798,208	39,537,554
Total liabilities and stockholders’ equity	$ 45,931,991	$ 45,075,894

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2021	May 31, 2020
Statement of Financial Position [Abstract]
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	4,055,275	4,040,805
Treasury Stock, Shares	558,834	553,934

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Income Statement [Abstract]
Sales, net	$ 22,509,641	$ 28,381,541
Cost of goods sold	19,334,950	19,144,451
Gross profit	3,174,691	9,237,090
Selling, general and administrative expenses	5,526,774	5,934,410
Operating income (loss)	(2,352,083)	3,302,680
Interest, net	53,654	111,054
Paycheck Protection Program loan forgiveness	1,461,500
Employee Retention Credit	1,510,131
Miscellaneous	8,693	2,242
Total other income	3,033,978	113,296
Income before provision for income taxes	681,895	3,415,976
Provision for income taxes (benefit)	(381,000)	386,000
Net income	$ 1,062,895	$ 3,029,976
Basic and diluted earnings per common share	$ 0.30	$ 0.87

Consolidated Statements of Shar

Consolidated Statements of Shareholders Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Stockholders' Equity Attributable to Parent	$ 100,735	$ 9,538,892	$ 29,508,604
Stockholders' Equity Attributable to Parent, Beginning Balance at May. 31, 2019	100,735	9,538,892	29,508,604
Stock Issued During Period, Value, Employee Stock Purchase Plan	34	13,824
Stock Issued During Period, Value, Employee Benefit Plan	174	63,250		$ (31,673)
Stockholders' Equity Attributable to Parent, Ending Balance at May. 31, 2020	100,943	9,759,063	32,538,580
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition		143,097
Net Income (Loss) Attributable to Parent			3,029,976
Treasury Stock, Value, Beginning Balance at May. 31, 2019				(2,829,359)
Treasury Stock, Value, Ending Balance at May. 31, 2020				(2,861,032)
Stockholders' Equity Attributable to Parent	100,943	9,759,063	32,538,580
Stock Issued During Period, Value, Employee Stock Purchase Plan	37	14,954
Stock Issued During Period, Value, Employee Benefit Plan	325	82,070		(53,970)
Stockholders' Equity Attributable to Parent, Ending Balance at May. 31, 2021	101,305	10,010,430	33,601,475
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition		154,343
Net Income (Loss) Attributable to Parent			1,062,895
Treasury Stock, Value, Ending Balance at May. 31, 2021				$ (2,915,002)
Stockholders' Equity Attributable to Parent	$ 101,305	$ 10,010,430	$ 33,601,475

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Operating activities:
Net income	$ 1,062,895	$ 3,029,976
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	1,212,713	1,141,110
Stock options issued for services	154,343	143,097
Bad debt expense	134,000
Provision for inventory obsolescence	1,500,000	180,000
Deferred income taxes	(20,000)	19,000
Paycheck Protection Program debt forgiveness	(1,461,500)
Changes in other current assets and liabilities:
Accounts and other receivables	1,564,907	(540,169)
Inventory	2,038,052	804,721
Prepaid expenses	(62,535)	(148,052)
Prepaid income taxes	(404,630)	186,869
Costs and estimated earnings in excess of billings	254,969	5,817,917
Accounts payable	417,150	(32,517)
Accrued commissions	(36,821)	(1,003,473)
Other accrued expenses	51,495	131,644
Billings in excess of costs and estimated earnings	625,119	103,163
Net operating activities	7,030,157	9,833,286
Investing activities:
Acquisition of property and equipment	(1,621,817)	(1,231,158)
Increase in short-term investments	(25,062)	(16,359)
Increase in cash value of life insurance	(4,917)	(4,872)
Net investing activities	(1,651,796)	(1,252,389)
Financing activities:
Short-term borrowings		1,461,500
Proceeds from issuance of common stock	43,416	45,608
Net financing activities	43,416	1,507,108
Net change in cash and cash equivalents	5,421,777	10,088,005
Cash and cash equivalents - beginning	15,159,827	5,071,822
Cash and cash equivalents - ending	$ 20,581,604	$ 15,159,827

1. Summary of Significant Accou

1. Summary of Significant Accounting Policies:	12 Months Ended
	May 31, 2021
Accounting Policies [Abstract]
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. 68 20 83 11 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, 2021 and May 31, 2020 include “available for sale” corporate bonds stated at fair value, which approximates cost. The bonds (16) mature on various dates during the period August 2021 to September 2025. 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 bonds 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, 2021, 43 57 57 43 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, 2021 and 2020, 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 $ 146,878 420,786 Research and Development Costs: Research and development costs are classified as a component of cost of sales. The amounts of these costs were $ 924,000 585,000 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, 2021 or 2020. The Company recorded no interest expense or penalties in its consolidated statements of income during the years ended May 31, 2021 and 2020. The Company believes it is no longer subject to examination by federal and state taxing authorities for years prior to May 31, 2018. 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, 2021 and 2020 was $ 154,343 143,097 New Accounting Standards: Any recently issued Accounting Standards Codification (ASC) guidance has either been implemented or are not significant to the Company.

2. Accounts and Other Receivabl

2. Accounts and Other Receivables:	12 Months Ended
	May 31, 2021
Receivables [Abstract]
2. Accounts and Other Receivables:	2. Accounts and Other Receivables: 2021 2020 Customers $ 3,184,970 $ 5,399,915 Customers – retention 200,956 630,823 Gross accounts receivable 3,385,926 6,030,738 Less Allowance for doubtful accounts 6,781 211,267 Add Other receivables 741,419 — Net accounts receivable $ 4,120,564 $ 5,819,471 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. Other receivable is an amount of Employee Retention Credit claimed by the Company for the second calendar quarter of 2021 and is expected to be received in the third calendar quarter of 2021.

3. Inventory_

3. Inventory:	12 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
3. Inventory:	3. Inventory: 2021 2020 Raw materials $ 503,344 $ 658,024 Work-in-process 5,076,377 8,586,404 Finished goods 355,875 963,009 Gross inventory 5,935,596 10,207,437 Less allowance for obsolescence 100,000 100,000 Net inventory $ 5,835,596 $ 10,107,437

4. Costs and Estimated Earnings

4. Costs and Estimated Earnings on Uncompleted Contracts:	12 Months Ended
	May 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
4. Costs and Estimated Earnings on Uncompleted Contracts:	4. Costs and Estimated Earnings on Uncompleted Contracts: 2021 2020 Costs incurred on uncompleted contracts $ 3,372,276 $ 6,395,550 Estimated earnings 778,011 3,816,527 Total costs and estimated earnings 4,150,287 10,212,077 Less billings to date 4,012,668 9,194,370 Costs and estimated earnings not billed $ 137,619 $ 1,017,707 Amounts are included in the accompanying balance sheets under the following captions: 2021 2020 Costs and estimated earnings in excess of billings $ 1,499,604 $ 1,754,573 Billings in excess of costs and estimated earnings 1,361,985 736,866 Costs and estimated earnings not billed $ 137,619 $ 1,017,707 The following summarizes the status of Projects in progress as of May 31, 2021 and 2020: 2021 2020 Number of Projects in progress 14 15 Aggregate percent complete 32 % 80 % Aggregate amount remaining $ 9,333,701 $ 2,234,962 Percentage of total value invoiced to customer 30 % 74 % The Company expects to recognize the entire remaining revenue on all open projects during the May 31, 2022 fiscal year. Revenue recognized during the years ended May 31, 2021 and 2020 for amounts included in billings in excess of costs and estimated earnings as of the beginning of the year amounted to $ 736,866 633,703

5. Maintenance and Other Invent

5. Maintenance and Other Inventory:	12 Months Ended
	May 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
5. Maintenance and Other Inventory:	5. Maintenance and Other Inventory: 2021 2020 Maintenance and other inventory $ 3,612,000 $ 2,479,497 Less allowance for obsolescence 1,999,161 1,600,447 Maintenance and other inventory, net $ 1,612,839 $ 879,050 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. During fiscal 2021, the Company began a thorough review of the facilities including the flow of inventory through the factory and warehouse areas to determine the most efficient utilization of available space. Inventory purchasing practices and stocking levels were also evaluated and it was determined that a significant portion of the older items would be disposed of while the allowance for potential inventory obsolescence would be increased as more items are identified for disposal. $1,101,000 of inventory was disposed of during the year. The provision for potential inventory obsolescence was $ 1,500,000 180,000

6. Property and Equipment_

6. Property and Equipment:	12 Months Ended
	May 31, 2021
Property, Plant and Equipment [Abstract]
6. Property and Equipment:	6. Property and Equipment: 2021 2020 Land $ 195,220 $ 195,220 Buildings and improvements 9,584,087 9,457,142 Machinery and equipment 12,366,569 11,242,667 Office furniture and equipment 2,536,688 2,209,382 Autos and trucks 24,818 24,818 Land improvements 476,429 455,429 Gross property and equipment 25,183,811 23,584,658 Less accumulated depreciation 15,367,217 14,177,168 Property and equipment, net $ 9,816,594 $ 9,407,490 Depreciation expense was $ 1,212,713 1,141,110 The Company has commitments to make capital expenditures of approximately $ 400,000

7. Short-Term Borrowings_

7. Short-Term Borrowings:	12 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
7. Short-Term Borrowings:	7. Short-Term Borrowings: During 2020, the Company received a loan totaling $ 1,461,500 The Company has available a $ 10,000,000 There is no 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 $ 366,209 523,344

8. Legal Proceedings_

8. Legal Proceedings:	12 Months Ended
	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
8. Legal Proceedings:	8. Legal Proceedings: There are no legal proceedings except for routine litigation incidental to the business.

10. Income Taxes_

10. Income Taxes:	12 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
10. Income Taxes:	10. Income Taxes: 2021 2020 Current tax provision (benefit): Federal $ (361,000 ) $ 375,000 State — — Total current tax provision (361,000 ) 375,000 Deferred tax provision (benefit): Federal (20,000 ) 11,000 State — — Total deferred tax provision (20,000 ) 11,000 Total tax provision $ (381,000 ) $ 386,000 A reconciliation of provision for income taxes at the statutory rate to income tax provision at the Company's effective rate is as follows: 2021 2020 Computed tax provision at the expected statutory rate $ 143,200 $ 717,400 State income tax - net of Federal tax benefit — 500 Tax effect of permanent differences: Research tax credits (218,000 ) (272,000 ) Foreign-derived intangible income deduction — (99,739 ) PPP loan forgiveness (306,900 ) — Other permanent differences 41,500 40,200 Other (40,800 ) (361 ) Total tax provision $ (381,000 ) $ 386,000 Effective income tax rate (55.9 %) 11.3 % Significant components of the Company's deferred tax assets and liabilities consist of the following: 2021 2020 Deferred tax assets: Allowance for doubtful receivables $ 1,400 $ 44,400 Tax inventory adjustment 22,900 94,000 Allowance for obsolete inventory 440,800 357,100 Accrued vacation 81,400 60,500 Accrued commissions 5,900 3,900 Warranty reserve 23,900 39,400 Stock options issued for services 238,500 230,200 Total deferred tax assets 814,800 829,500 Deferred tax liabilities: Excess tax depreciation (624,685 ) (659,385 ) Net deferred tax assets $ 190,115 $ 170,115 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 $3.9 million in taxable income in future years in order to realize the deferred tax assets recorded as of May 31, 2021 of $ 814,800 The Company and its subsidiary file consolidated Federal and State income tax returns. As of May 31, 2021, the Company had State investment tax credit carryforwards of approximately $ 368,000 May 2026

11. Earnings Per Common Share_

11. Earnings Per Common Share:	12 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
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: 2021 2020 Average common shares outstanding 3,490,213 3,481,128 Common shares issuable under stock option plans 1,674 8,663 Average common shares outstanding assuming dilution 3,491,887 3,489,791

12. Related Party Transactions_

12. Related Party Transactions:	12 Months Ended
	May 31, 2021
Related Party Transactions [Abstract]
12. Related Party Transactions:	12. Related Party Transactions: The Company had no related party transactions for the years ended May 31, 2021 and 2020.

13. Employee Stock Purchase Pla

13. Employee Stock Purchase Plan:	12 Months Ended
	May 31, 2021
Share-based Payment Arrangement [Abstract]
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, 2021 and 2020, 1,470 1,374

14. Stock Option Plans_

14. Stock Option Plans:	12 Months Ended
	May 31, 2021
Share-based Payment Arrangement [Abstract]
14. Stock Option Plans:	14. Stock Option Plans: In 2018, 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, 160,000 Using the Black-Scholes option pricing model, the weighted average estimated fair value of each option granted under the plan was $ 3.27 2.85 2021 2020 Risk-free interest rate 2.31 % 1.98 % Expected life in years 4.0 3.9 Expected volatility 33 % 32 % Expected dividend yield 0 % 0 % The following is a summary of stock option activity: Shares Weighted Average Exercise Price Intrinsic Value Outstanding - May 31, 2019 224,000 $ 11.71 $ 228,132 Options granted 50,250 $ 10.30 Less: options exercised 10,000 $ 6.35 Less: options expired 12,000 $ 14.34 Outstanding - May 31, 2020 252,250 $ 11.52 $ 209,835 Options granted 47,250 $ 11.26 Less: options exercised 13,000 $ 6.34 Less: options expired 18,750 $ 13.31 Outstanding - May 31, 2021 267,750 $ 11.60 $ 271,426 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 (137,750 at May 31, 2021 and 98,000 at May 31, 2020.) The Company's closing stock price was $ 11.85 10.99 84,000 28,425 31,750 The following table summarizes information about stock options outstanding at May 31, 2021: 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 15,000 1.6 $ 7.74 $ 8.01 9.00 24,250 2.1 $ 8.71 $ 9.01 10.00 30,000 7.6 $ 9.85 $ 10.01 11.00 32,250 7.2 $ 10.17 $ 11.01 12.00 91,250 7.4 $ 11.71 $ 12.01 13.00 33,750 4.3 $ 12.36 $ 13.01 14.00 15,000 4.2 $ 13.80 $ 16.01 17.00 15,000 3.6 $ 16.40 $ 19.01 20.00 11,250 5.2 $ 19.26 $ 7.01 20.00 267,750 5.7 $ 11.60 The following table summarizes information about stock options outstanding at May 31, 2020: Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 5.01 6.00 10,000 0.9 $ 5.69 $ 7.01 8.00 15,000 2.9 $ 7.74 $ 8.01 9.00 27,250 3.6 $ 8.69 $ 9.01 10.00 30,750 9.9 $ 9.85 $ 10.01 11.00 15,000 7.9 $ 10.30 $ 11.01 12.00 68,750 7.8 $ 11.57 $ 12.01 13.00 40,500 5.8 $ 12.38 $ 13.01 14.00 15,000 6.9 $ 13.80 $ 16.01 17.00 15,000 5.9 $ 16.40 $ 19.01 20.00 15,000 6.2 $ 19.26 $ 5.01 20.00 252,250 6.5 $ 11.52

15. Preferred Stock_

15. Preferred Stock:	12 Months Ended
	May 31, 2021
Equity [Abstract]
15. Preferred Stock:	15. Preferred Stock: The Company has 2,000,000

16. Treasury Stock_

16. Treasury Stock:	12 Months Ended
	May 31, 2021
Equity [Abstract]
16. Treasury Stock:	16. Treasury Stock: Treasury shares are 558,834 553,934

17. Retirement Plan_

17. Retirement Plan:	12 Months Ended
	May 31, 2021
Retirement Benefits [Abstract]
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 $ 288,470 158,191

18. Fair Value of Financial Ins

18. Fair Value of Financial Instruments:	12 Months Ended
	May 31, 2021
Accounting Policies [Abstract]
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, 2021
Supplemental Cash Flow Elements [Abstract]
19. Cash Flows Information:	19. Cash Flows Information: 2021 2020 Interest paid none none Income taxes paid $ 43,630 $ 180,131

20. Risks and Uncertainties_

20. Risks and Uncertainties:	12 Months Ended
	May 31, 2021
Risks and Uncertainties [Abstract]
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. While 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 will depend on further developments, including the duration and spread of the outbreak, impact on customers, employees, and vendors, all of which cannot be predicted. As a result of the pandemic described above, the Company applied for, and received, financial assistance from the U.S. federal government as part of the CARES Act and the Consolidated Appropriations Act of 2021 (CAA) including: a.) $1,461,500 of income due to the forgiveness of the PPP loan by the SBA (discussed previously in Note 7), and b.) $1,510,131 of Employee Retention Credit income. These amounts are included in Other income on the Consolidated Statements of Income.

1. Summary of Significant Acc_2

1. Summary of Significant Accounting Policies: (Policies)	12 Months Ended
	May 31, 2021
Accounting Policies [Abstract]
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. 68 20 83 11
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.
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.
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.
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.
Short-term Investments:	Short-term Investments: At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at May 31, 2021 and May 31, 2020 include “available for sale” corporate bonds stated at fair value, which approximates cost. The bonds (16) mature on various dates during the period August 2021 to September 2025. 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 bonds 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: 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: 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: 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: Cash value of life insurance is stated at the surrender value of the contracts.
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, 2021, 43 57 57 43 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, 2021 and 2020, 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: 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 $ 146,878 420,786
Research and Development Costs:	Research and Development Costs: Research and development costs are classified as a component of cost of sales. The amounts of these costs were $ 924,000 585,000
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, 2021 or 2020. The Company recorded no interest expense or penalties in its consolidated statements of income during the years ended May 31, 2021 and 2020. The Company believes it is no longer subject to examination by federal and state taxing authorities for years prior to May 31, 2018.
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.
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, 2021 and 2020 was $ 154,343 143,097
New Accounting Standards:	New Accounting Standards: Any recently issued Accounting Standards Codification (ASC) guidance has either been implemented or are not significant to the Company.

2. Accounts and Other Receiva_2

2. Accounts and Other Receivables: (Tables)	12 Months Ended
	May 31, 2021
Receivables [Abstract]
Accounts receivable table	2021 2020 Customers $ 3,184,970 $ 5,399,915 Customers – retention 200,956 630,823 Gross accounts receivable 3,385,926 6,030,738 Less Allowance for doubtful accounts 6,781 211,267 Add Other receivables 741,419 — Net accounts receivable $ 4,120,564 $ 5,819,471

3. Inventory_ (Tables)

3. Inventory: (Tables)	12 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Inventory table	2021 2020 Raw materials $ 503,344 $ 658,024 Work-in-process 5,076,377 8,586,404 Finished goods 355,875 963,009 Gross inventory 5,935,596 10,207,437 Less allowance for obsolescence 100,000 100,000 Net inventory $ 5,835,596 $ 10,107,437

4. Costs and Estimated Earnin_2

4. Costs and Estimated Earnings on Uncompleted Contracts: (Tables)	12 Months Ended
	May 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs and estimated earnings on uncompleted contracts components table	2021 2020 Costs incurred on uncompleted contracts $ 3,372,276 $ 6,395,550 Estimated earnings 778,011 3,816,527 Total costs and estimated earnings 4,150,287 10,212,077 Less billings to date 4,012,668 9,194,370 Costs and estimated earnings not billed $ 137,619 $ 1,017,707
Costs and estimated earnings on uncompleted contracts table	2021 2020 Costs and estimated earnings in excess of billings $ 1,499,604 $ 1,754,573 Billings in excess of costs and estimated earnings 1,361,985 736,866 Costs and estimated earnings not billed $ 137,619 $ 1,017,707
Costs and estimated earnings on uncompleted contracts two table	2021 2020 Number of Projects in progress 14 15 Aggregate percent complete 32 % 80 % Aggregate amount remaining $ 9,333,701 $ 2,234,962 Percentage of total value invoiced to customer 30 % 74 %

5. Maintenance and Other Inve_2

5. Maintenance and Other Inventory: (Tables)	12 Months Ended
	May 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Maintenance and other inventory table	2021 2020 Maintenance and other inventory $ 3,612,000 $ 2,479,497 Less allowance for obsolescence 1,999,161 1,600,447 Maintenance and other inventory, net $ 1,612,839 $ 879,050

6. Property and Equipment_ (Tab

6. Property and Equipment: (Tables)	12 Months Ended
	May 31, 2021
Property, Plant and Equipment [Abstract]
Property and equipment table	2021 2020 Land $ 195,220 $ 195,220 Buildings and improvements 9,584,087 9,457,142 Machinery and equipment 12,366,569 11,242,667 Office furniture and equipment 2,536,688 2,209,382 Autos and trucks 24,818 24,818 Land improvements 476,429 455,429 Gross property and equipment 25,183,811 23,584,658 Less accumulated depreciation 15,367,217 14,177,168 Property and equipment, net $ 9,816,594 $ 9,407,490

9. Sales_ (Tables)

9. Sales: (Tables)	12 Months Ended
	May 31, 2021
Sales
Sales by major customer type	2021 2020 Structural $ 10,137,468 $ 15,621,784 Aerospace / Defense 10,183,399 10,771,129 Industrial 2,188,774 1,988,628 Sales, net $ 22,509,641 $ 28,381,541

10. Income Taxes_ (Tables)

10. Income Taxes: (Tables)	12 Months Ended
	May 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes Table	2021 2020 Current tax provision (benefit): Federal $ (361,000 ) $ 375,000 State — — Total current tax provision (361,000 ) 375,000 Deferred tax provision (benefit): Federal (20,000 ) 11,000 State — — Total deferred tax provision (20,000 ) 11,000 Total tax provision $ (381,000 ) $ 386,000
Reconciliation of income tax statutory rate to effective rate	2021 2020 Computed tax provision at the expected statutory rate $ 143,200 $ 717,400 State income tax - net of Federal tax benefit — 500 Tax effect of permanent differences: Research tax credits (218,000 ) (272,000 ) Foreign-derived intangible income deduction — (99,739 ) PPP loan forgiveness (306,900 ) — Other permanent differences 41,500 40,200 Other (40,800 ) (361 ) Total tax provision $ (381,000 ) $ 386,000 Effective income tax rate (55.9 %) 11.3 %
Components of Deferred Tax Assets and Liabilities	2021 2020 Deferred tax assets: Allowance for doubtful receivables $ 1,400 $ 44,400 Tax inventory adjustment 22,900 94,000 Allowance for obsolete inventory 440,800 357,100 Accrued vacation 81,400 60,500 Accrued commissions 5,900 3,900 Warranty reserve 23,900 39,400 Stock options issued for services 238,500 230,200 Total deferred tax assets 814,800 829,500 Deferred tax liabilities: Excess tax depreciation (624,685 ) (659,385 ) Net deferred tax assets $ 190,115 $ 170,115

11. Earnings Per Common Share_

11. Earnings Per Common Share: (Tables)	12 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
Earnings per common share table	2021 2020 Average common shares outstanding 3,490,213 3,481,128 Common shares issuable under stock option plans 1,674 8,663 Average common shares outstanding assuming dilution 3,491,887 3,489,791

14. Stock Option Plans_ (Tables

14. Stock Option Plans: (Tables)	12 Months Ended
	May 31, 2021
Share-based Payment Arrangement [Abstract]
Stock option plans table	2021 2020 Risk-free interest rate 2.31 % 1.98 % Expected life in years 4.0 3.9 Expected volatility 33 % 32 % Expected dividend yield 0 % 0 %
Stock options roll foward	Shares Weighted Average Exercise Price Intrinsic Value Outstanding - May 31, 2019 224,000 $ 11.71 $ 228,132 Options granted 50,250 $ 10.30 Less: options exercised 10,000 $ 6.35 Less: options expired 12,000 $ 14.34 Outstanding - May 31, 2020 252,250 $ 11.52 $ 209,835 Options granted 47,250 $ 11.26 Less: options exercised 13,000 $ 6.34 Less: options expired 18,750 $ 13.31 Outstanding - May 31, 2021 267,750 $ 11.60 $ 271,426
Stock option plans - Stock options outstanding and exercisable	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 15,000 1.6 $ 7.74 $ 8.01 9.00 24,250 2.1 $ 8.71 $ 9.01 10.00 30,000 7.6 $ 9.85 $ 10.01 11.00 32,250 7.2 $ 10.17 $ 11.01 12.00 91,250 7.4 $ 11.71 $ 12.01 13.00 33,750 4.3 $ 12.36 $ 13.01 14.00 15,000 4.2 $ 13.80 $ 16.01 17.00 15,000 3.6 $ 16.40 $ 19.01 20.00 11,250 5.2 $ 19.26 $ 7.01 20.00 267,750 5.7 $ 11.60
Stock option plans - Stock options outstanding and exercisable	Outstanding and Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Years of Contractual Life Weighted Average Exercise Price $ 5.01 6.00 10,000 0.9 $ 5.69 $ 7.01 8.00 15,000 2.9 $ 7.74 $ 8.01 9.00 27,250 3.6 $ 8.69 $ 9.01 10.00 30,750 9.9 $ 9.85 $ 10.01 11.00 15,000 7.9 $ 10.30 $ 11.01 12.00 68,750 7.8 $ 11.57 $ 12.01 13.00 40,500 5.8 $ 12.38 $ 13.01 14.00 15,000 6.9 $ 13.80 $ 16.01 17.00 15,000 5.9 $ 16.40 $ 19.01 20.00 15,000 6.2 $ 19.26 $ 5.01 20.00 252,250 6.5 $ 11.52

19. Cash Flows Information_ (Ta

19. Cash Flows Information: (Tables)	12 Months Ended
	May 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	2021 2020 Interest paid none none Income taxes paid $ 43,630 $ 180,131

1. Summary of Significant Acc_3

1. Summary of Significant Accounting Policies: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Accounting Policies [Abstract]
Percentage of total sales during a period to domestic customers	6800.00%	8300.00%
Percentage of total sales during a period to export customers	2000.00%	1100.00%
Percent of revenue recognized with sales contracts for which revenue is recognized over time	4300.00%	5700.00%
Percent of revenue recognized with sales contracts containing a single performance obligation	5700.00%	4300.00%
Shipping and handling costs	$ 146,878	$ 420,786
Research and development costs	924,000	585,000
Share based compensation expense	$ 154,343	$ 143,097

Accounts receivable table (Deta

Accounts receivable table (Details) - USD ($)	May 31, 2021	May 31, 2020
Receivables [Abstract]
Customers	$ 3,184,970	$ 5,399,915
Customers – retention	200,956	630,823
Gross accounts receivable	3,385,926	6,030,738
Less Allowance for doubtful accounts	6,781	211,267
Add Other receivables	741,419
Net accounts receivable	$ 4,120,564	$ 5,819,471

Inventory table (Details)

Inventory table (Details) - USD ($)	May 31, 2021	May 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 503,344	$ 658,024
Work-in-process	5,076,377	8,586,404
Finished goods	355,875	963,009
Gross inventory	5,935,596	10,207,437
Less allowance for obsolescence	100,000	100,000
Net inventory	$ 5,835,596	$ 10,107,437

Costs and estimated earnings on

Costs and estimated earnings on uncompleted contracts components table (Details) - USD ($)	May 31, 2021	May 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs incurred on uncompleted contracts	$ 3,372,276	$ 6,395,550
Estimated earnings	778,011	3,816,527
Total costs and estimated earnings	4,150,287	10,212,077
Less billings to date	4,012,668	9,194,370
Costs and estimated earnings not billed	$ 137,619	$ 1,017,707

Costs and estimated earnings _2

Costs and estimated earnings on uncompleted contracts table (Details) - USD ($)	May 31, 2021	May 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Costs and estimated earnings in excess of billings	$ 1,499,604	$ 1,754,573
Billings in excess of costs and estimated earnings	1,361,985	736,866
Costs and estimated earnings not billed	$ 137,619	$ 1,017,707

Costs and estimated earnings _3

Costs and estimated earnings on uncompleted contracts two table (Details)	May 31, 2021USD ($)	May 31, 2020USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Number of Projects in progress	14	15
Aggregate percent complete	32.00%	80.00%
Aggregate amount remaining	$ 9,333,701	$ 2,234,962
Percentage of total value invoiced to customer	30.00%	74.00%

Maintenance and other inventory

Maintenance and other inventory table (Details) - USD ($)	May 31, 2021	May 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Maintenance and other inventory	$ 3,612,000	$ 2,479,497
Less allowance for obsolescence	1,999,161	1,600,447
Maintenance and other inventory, net	$ 1,612,839	$ 879,050

4. Costs and Estimated Earnin_3

4. Costs and Estimated Earnings on Uncompleted Contracts: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Revenue recognized in current period for projects included in billings in excess of costs and estimated earnings at end of prior year	$ 736,866	$ 633,703

5. Maintenance and Other Inve_3

5. Maintenance and Other Inventory: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Provision for potentially obsolete inventory	$ 1,500,000	$ 180,000

Property and equipment table (D

Property and equipment table (Details) - USD ($)	May 31, 2021	May 31, 2020
Property, Plant and Equipment [Abstract]
Land	$ 195,220	$ 195,220
Buildings and improvements	9,584,087	9,457,142
Machinery and equipment	12,366,569	11,242,667
Office furniture and equipment	2,536,688	2,209,382
Autos and trucks	24,818	24,818
Land improvements	476,429	455,429
Gross property and equipment	25,183,811	23,584,658
Less accumulated depreciation	15,367,217	14,177,168
Property and equipment, net	$ 9,816,594	$ 9,407,490

6. Property and Equipment_ (Det

6. Property and Equipment: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,212,713	$ 1,141,110
Commitments for future capital expenditures	$ 400,000

7. Short-Term Borrowings_ (Deta

7. Short-Term Borrowings: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Debt Disclosure [Abstract]
Proceeds from Bank Debt		$ 1,461,500
Current borrowing capacity	10,000,000
Outstanding balance on line of credit	0	0
Uncleared checks	$ 366,209	$ 523,344

Sales by major customer type (D

Sales by major customer type (Details) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Policyholder Account Balance [Line Items]
Sales, net	$ 22,509,641	$ 28,381,541
Structural Seismic Wind Revenue
Policyholder Account Balance [Line Items]
Sales, net	10,137,468	15,621,784
Aerospace Defense Revenue
Policyholder Account Balance [Line Items]
Sales, net	10,183,399	10,771,129
Industrial Revenue
Policyholder Account Balance [Line Items]
Sales, net	$ 2,188,774	$ 1,988,628

9. Sales_ (Details Narrative)

9. Sales: (Details Narrative)	12 Months Ended
	May 31, 2021	May 31, 2020
Sales
Percentage of total sales to significant individual customers	2100.00%
Percentage of total sales to significant individual customer 1	1100.00%	1000.00%
Percentage of total sales to significant individual customer 2	1000.00%

Income Taxes Table (Details)

Income Taxes Table (Details) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Current tax provision (benefit):
Federal	$ (361,000)	$ 375,000
State
Total current tax provision	(361,000)	375,000
Deferred tax provision (benefit):
Federal	(20,000)	11,000
State
Total deferred tax provision	(20,000)	11,000
Total tax provision	$ (381,000)	$ 386,000

Reconciliation of income tax st

Reconciliation of income tax statutory rate to effective rate (Details) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Income Tax Disclosure [Abstract]
Computed tax provision at the expected statutory rate	$ 143,200	$ 717,400
State income tax - net of Federal tax benefit		500
Tax effect of permanent differences:
Research tax credits	(218,000)	(272,000)
Foreign-derived intangible income deduction		(99,739)
PPP loan forgiveness	(306,900)
Other permanent differences	41,500	40,200
Other	(40,800)	(361)
Total tax provision	$ (381,000)	$ 386,000
Effective income tax rate	(55.90%)	11.30%

Components of Deferred Tax Asse

Components of Deferred Tax Assets and Liabilities (Details) - USD ($)	May 31, 2021	May 31, 2020
Deferred tax assets:
Allowance for doubtful receivables	$ 1,400	$ 44,400
Tax inventory adjustment	22,900	94,000
Allowance for obsolete inventory	440,800	357,100
Accrued vacation	81,400	60,500
Accrued commissions	5,900	3,900
Warranty reserve	23,900	39,400
Stock options issued for services	238,500	230,200
Total deferred tax assets	814,800	829,500
Deferred tax liabilities:
Excess tax depreciation	(624,685)	(659,385)
Net deferred tax assets	$ 190,115	$ 170,115

10. Income Taxes_ (Details Narr

10. Income Taxes: (Details Narrative) - USD ($)	60 Months Ended
	May 31, 2026	May 31, 2021	May 31, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Gross		$ 814,800	$ 829,500
State investment tax credit carryforwards		$ 368,000
Tax Credit Carryforward, Expiration Date	May 31, 2026

Earnings per common share table

Earnings per common share table (Details) - shares	12 Months Ended
	May 31, 2021	May 31, 2020
Earnings Per Share [Abstract]
Average common shares outstanding	3,490,213	3,481,128
Common shares issuable under stock option plans	1,674	8,663
Average common shares outstanding assuming dilution	3,491,887	3,489,791

13. Employee Stock Purchase P_2

13. Employee Stock Purchase Plan: (Details Narrative) - shares	12 Months Ended
	May 31, 2021	May 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Issued During Period, Shares, Employee Stock Purchase Plans	1,470	1,374

Stock option plans table (Detai

Stock option plans table (Details)	12 Months Ended
	May 31, 2021	May 31, 2020
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	2.31%	1.98%
Expected life in years	4 years	3 years 10 months 24 days
Expected volatility	33.00%	32.00%
Expected dividend yield	0.00%	0.00%

Stock options roll foward (Deta

Stock options roll foward (Details) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Payment Arrangement [Abstract]
Stock options outstanding	267,750	252,250	224,000
Weighted average exercise price of options outstanding	$ 11.60	$ 11.52	$ 11.71
Intrinsic value of options outstanding	$ 271,426	$ 209,835	$ 228,132
Options granted	47,250	50,250
Weighted average exercise price of options granted	$ 11.26	$ 10.30
Stock options exercised	13,000	10,000
Weighted average exercise price of options exercised	$ 6.34	$ 6.35
Stock options expired	18,750	12,000
Weighted average exercise price of options expired	$ 11.60	$ 14.34

Stock option plans - Stock opti

Stock option plans - Stock options outstanding and exercisable (Details)	May 31, 2021$ / sharesshares	May 31, 2020$ / sharesshares	May 31, 2019$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	$ 7.01
Range of exercise prices, Maximum	$ 20
Remaining number of years	5.7
Number of Options | shares	267,750	252,250	224,000
Weighted Average Exercise Price	$ 11.60	$ 11.52	$ 11.71
Range of exercise prices, Minimum		5.01
Range of exercise prices, Maximum		$ 20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares	267,750	252,250	224,000
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Two [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	$ 7.01
Range of exercise prices, Maximum	$ 8
Number of Options | shares	15,000	15,000
Remaining number of years	1.6
Weighted Average Exercise Price	$ 7.74
Range of exercise prices, Minimum		$ 7.01
Range of exercise prices, Maximum		$ 8
Remaining number of years		2.9
Weighted Average Exercise Price | shares		7.74
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Three [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	8.01
Range of exercise prices, Maximum	$ 9
Number of Options | shares	24,250	27,250
Remaining number of years	2.1
Weighted Average Exercise Price	$ 8.71
Range of exercise prices, Minimum		$ 8.01
Range of exercise prices, Maximum		$ 9
Remaining number of years		3.6
Weighted Average Exercise Price | shares		8.69
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Four [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	9.01
Range of exercise prices, Maximum	$ 10
Number of Options | shares	30,000	30,750
Remaining number of years	7.6
Weighted Average Exercise Price	$ 9.85
Range of exercise prices, Minimum		$ 9.01
Range of exercise prices, Maximum		$ 10
Remaining number of years		9.9
Weighted Average Exercise Price | shares		9.85
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Five [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	10.01
Range of exercise prices, Maximum	$ 11
Number of Options | shares	32,250	15,000
Remaining number of years	7.2
Weighted Average Exercise Price	$ 10.17
Range of exercise prices, Minimum		$ 10.01
Range of exercise prices, Maximum		$ 11
Remaining number of years		7.9
Weighted Average Exercise Price | shares		10.30
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Six [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	11.01
Range of exercise prices, Maximum	$ 12
Number of Options | shares	91,250	68,750
Remaining number of years	7.4
Weighted Average Exercise Price	$ 11.71
Range of exercise prices, Minimum		$ 11.01
Range of exercise prices, Maximum		$ 12
Remaining number of years		7.8
Weighted Average Exercise Price | shares		11.57
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Seven [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	12.01
Range of exercise prices, Maximum	$ 13
Number of Options | shares	33,750	40,500
Remaining number of years	4.3
Weighted Average Exercise Price	$ 12.36
Range of exercise prices, Minimum		$ 12.01
Range of exercise prices, Maximum		$ 13
Remaining number of years		5.8
Weighted Average Exercise Price | shares		12.38
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Eight [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	13.01
Range of exercise prices, Maximum	$ 14
Number of Options | shares	15,000	15,000
Remaining number of years	4.2
Weighted Average Exercise Price	$ 13.80
Range of exercise prices, Minimum		$ 13.01
Range of exercise prices, Maximum		$ 14
Remaining number of years		6.9
Weighted Average Exercise Price | shares		13.80
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Nine [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	16.01
Range of exercise prices, Maximum	$ 17
Number of Options | shares	15,000	15,000
Remaining number of years	3.6
Weighted Average Exercise Price	$ 16.40
Range of exercise prices, Minimum		$ 16.01
Range of exercise prices, Maximum		$ 17
Remaining number of years		5.9
Weighted Average Exercise Price | shares		16.40
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Ten [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, Minimum	19.01
Range of exercise prices, Maximum	$ 20
Number of Options | shares	11,250	15,000
Remaining number of years	5.2
Weighted Average Exercise Price	$ 19.26
Range of exercise prices, Minimum		$ 19.01
Range of exercise prices, Maximum		$ 20
Remaining number of years		6.2
Weighted Average Exercise Price | shares		19.26
Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range One [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options | shares		10,000
Range of exercise prices, Maximum		$ 6
Remaining number of years		0.9
Weighted Average Exercise Price | shares		5.69

14. Stock Option Plans_ (Detail

14. Stock Option Plans: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Share-based Payment Arrangement [Abstract]
Common shares reserved for stock options	160,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 3.27	$ 2.85
Price per share of common	$ 11.85	$ 10.99
Shares available	84,000
Proceeds exercise of options	$ 28,425	$ 31,750

15. Preferred Stock_ (Details N

15. Preferred Stock: (Details Narrative)	May 31, 2021shares
Equity [Abstract]
Preferred shares authorized	2,000,000

16. Treasury Stock_ (Details Na

16. Treasury Stock: (Details Narrative) - shares	May 31, 2021	May 31, 2020
Equity [Abstract]
Treasury Stock	558,834	553,934

17. Retirement Plan_ (Details N

17. Retirement Plan: (Details Narrative) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Retirement Benefits [Abstract]
Retirement plan expense	$ 288,470	$ 158,191

Supplemental cash flow informat

Supplemental cash flow information (Details) - USD ($)	12 Months Ended
	May 31, 2021	May 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 0	$ 0
Income taxes paid	$ 43,630	$ 180,131