Cover
Cover - shares | 3 Months Ended | |
Feb. 28, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 28, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
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 | |
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 Common Stock, Shares Outstanding | 3,497,542 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Feb. 28, 2022 | May 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,251,643 | $ 20,581,604 |
Short-term investments | 1,101,705 | 1,097,012 |
Accounts and other receivables, net | 5,268,164 | 4,120,564 |
Inventory | 5,932,166 | 5,835,596 |
Costs and estimated earnings in excess of billings | 1,321,412 | 1,499,604 |
Other current assets | 868,300 | 977,525 |
Total current assets | 34,743,390 | 34,111,905 |
Maintenance and other inventory, net | 1,477,678 | 1,612,839 |
Property and equipment, net | 9,558,038 | 9,816,594 |
Other assets | 204,216 | 200,538 |
Deferred income taxes | 190,115 | 190,115 |
Total assets | 46,173,437 | 45,931,991 |
Current liabilities: | ||
Accounts payable | 1,170,172 | 1,787,325 |
Accrued commissions | 353,245 | 269,064 |
Billings in excess of costs and estimated earnings | 708,129 | 1,361,985 |
Other current liabilities | 2,281,196 | 1,715,409 |
Total current liabilities | 4,512,742 | 5,133,783 |
Stockholders' Equity: | ||
Common stock and additional paid-in capital | 10,249,834 | 10,111,735 |
Retained earnings | 34,325,863 | 33,601,475 |
Stockholders’ equity before treasury stock | 44,575,697 | 43,713,210 |
Treasury stock - at cost | (2,915,002) | (2,915,002) |
Total stockholders’ equity | 41,660,695 | 40,798,208 |
Total liabilities and stockholders’ equity | $ 46,173,437 | $ 45,931,991 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Income Statement [Abstract] | ||||
Sales, net | $ 6,143,329 | $ 4,772,371 | $ 21,209,052 | $ 15,249,425 |
Cost of goods sold | 4,969,756 | 4,368,784 | 16,055,994 | 12,714,882 |
Gross profit | 1,173,573 | 403,587 | 5,153,058 | 2,534,543 |
Selling, general, and administrative expenses | 1,364,664 | 1,223,275 | 4,445,623 | 3,832,682 |
Operating income (loss) | (191,091) | (819,688) | 707,435 | (1,298,139) |
Other income, net | 4,798 | 643,006 | 75,953 | 2,122,758 |
Income (loss) before provision for income taxes | (186,293) | (176,682) | 783,388 | 824,619 |
Provision for income taxes (benefit) | (69,000) | (359,000) | 59,000 | (179,000) |
Net income (loss) | $ (117,293) | $ 182,318 | $ 724,388 | $ 1,003,619 |
Basic and diluted earnings per common share | $ (0.03) | $ 0.05 | $ 0.21 | $ 0.29 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Stockholders' Equity Attributable to Parent | $ 100,943 | $ 9,759,063 | $ 32,538,580 | |
Stockholders' Equity Attributable to Parent, Beginning Balance at May. 31, 2020 | 100,943 | 9,759,063 | 32,538,580 | |
Treasury Stock, Value at May. 31, 2020 | $ (2,861,032) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 29 | 11,382 | ||
Stock Issued During Period, Value, Employee Benefit Plan | 75 | 25,470 | 25,545 | |
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 49,717 | |||
Net Income (Loss) Attributable to Parent | 1,003,619 | |||
Stock Issued During Period, Value, Employee Benefit Plan | (75) | (25,470) | (25,545) | |
Stockholders' Equity Attributable to Parent, Ending Balance at Feb. 28, 2021 | 101,047 | 9,845,632 | 33,542,199 | |
Treasury Stock, Value at Feb. 28, 2021 | (2,886,577) | |||
Stockholders' Equity Attributable to Parent | 101,037 | 9,841,612 | 33,359,881 | |
Stockholders' Equity Attributable to Parent, Beginning Balance at Nov. 30, 2020 | 101,037 | 9,841,612 | 33,359,881 | |
Treasury Stock, Value at Nov. 30, 2020 | (2,886,577) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 10 | 4,020 | ||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 0 | |||
Net Income (Loss) Attributable to Parent | 182,318 | |||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
Stockholders' Equity Attributable to Parent, Ending Balance at Feb. 28, 2021 | 101,047 | 9,845,632 | 33,542,199 | |
Treasury Stock, Value at Feb. 28, 2021 | (2,886,577) | |||
Stockholders' Equity Attributable to Parent | 101,047 | 9,845,632 | 33,542,199 | |
Stockholders' Equity Attributable to Parent | 101,305 | 10,010,430 | 33,601,475 | |
Stockholders' Equity Attributable to Parent, Beginning Balance at May. 31, 2021 | 101,305 | 10,010,430 | 33,601,475 | |
Treasury Stock, Value at May. 31, 2021 | (2,915,002) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 27 | 12,308 | ||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 125,764 | |||
Net Income (Loss) Attributable to Parent | 724,388 | |||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
Stockholders' Equity Attributable to Parent, Ending Balance at Feb. 28, 2022 | 101,332 | 10,148,502 | 34,325,863 | |
Treasury Stock, Value at Feb. 28, 2022 | (2,915,002) | |||
Stockholders' Equity Attributable to Parent | 101,323 | 10,144,275 | 34,443,156 | |
Stockholders' Equity Attributable to Parent, Beginning Balance at Nov. 30, 2021 | 101,323 | 10,144,275 | 34,443,156 | |
Treasury Stock, Value at Nov. 30, 2021 | (2,915,002) | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 9 | 4,227 | ||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 0 | |||
Net Income (Loss) Attributable to Parent | (117,293) | |||
Stock Issued During Period, Value, Employee Benefit Plan | 0 | 0 | 0 | |
Stockholders' Equity Attributable to Parent, Ending Balance at Feb. 28, 2022 | 101,332 | 10,148,502 | 34,325,863 | |
Treasury Stock, Value at Feb. 28, 2022 | $ (2,915,002) | |||
Stockholders' Equity Attributable to Parent | $ 101,332 | $ 10,148,502 | $ 34,325,863 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Operating activities: | ||
Net income | $ 724,388 | $ 1,003,619 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation | 980,525 | 938,493 |
Stock options issued for services | 125,764 | 49,717 |
Paycheck Protection Program debt forgiveness | 0 | (1,461,500) |
Changes in other assets and liabilities: | ||
Accounts receivable | (1,147,600) | 794,814 |
Inventory | 38,591 | 1,193,304 |
Costs and estimated earnings in excess of billings | 178,192 | 743,206 |
Other current assets | 109,225 | (420,881) |
Accounts payable | (617,153) | (164,375) |
Accrued commissions | 84,181 | 96,235 |
Billings in excess of costs and estimated earnings | (653,856) | (644,042) |
Other current liabilities | 565,787 | (103,650) |
Net operating activities | 388,044 | 2,024,940 |
Investing activities: | ||
Acquisition of property and equipment | (721,969) | (1,089,069) |
Other investing activities | (8,371) | (22,391) |
Net investing activities | (730,340) | (1,111,460) |
Financing activities: | ||
Proceeds from issuance of common stock, net | 12,335 | 11,411 |
Net change in cash and cash equivalents | (329,961) | 924,891 |
Cash and cash equivalents - beginning | 20,581,604 | 15,159,827 |
Cash and cash equivalents - ending | $ 20,251,643 | $ 16,084,718 |
TAYLOR DEVICES, INC.
TAYLOR DEVICES, INC. | 3 Months Ended |
Feb. 28, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
TAYLOR DEVICES, INC. | TAYLOR DEVICES, INC. 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of February 28, 2022 and May 31, 2021, the results of operations for the three and nine months ended February 28, 2022 and 2021, and cash flows for the nine months ended February 28, 2022 and 2021. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report to Shareholders for the year ended May 31, 2021. 2. The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. 3. There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year. 4. For the nine-month periods ended February 28, 2022 and 2021, the net income was divided by 3,496,968 3,487,801 3,496,833 3,487,599 5. The results of operations for the three and nine-month periods ended February 28, 2022 are not necessarily indicative of the results to be expected for the full year. 6. Recently issued Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) guidance has either been implemented or is not significant to the Company. 7. Inventory: February 28, 2022 May 31, 2021 Raw materials $ 497,309 $ 503,344 Work-in-process 5,200,533 5,076,377 Finished goods 334,324 355,875 Gross inventory 6,032,166 5,935,596 Less allowance for obsolescence 100,000 100,000 Net inventory $ 5,932,166 $ 5,835,596 8. 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 costs represent 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 nine months ended February 28, 2022, 63% of revenue was recorded for contracts in which revenue was recognized over time while 37% was recognized at a point in time. In the nine months ended February 28, 2021, 39% of revenue was recorded for contracts in which revenue was recognized over time while 61% was recognized at a point in time. Progress payments are typically negotiated for longer term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title). For financial statement presentation purposes, the Company nets progress billings against the total costs incurred and estimated earnings recognized 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 February 28, 2022 and May 31, 2021, 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. |
TAYLOR DEVICES, INC. (Tables)
TAYLOR DEVICES, INC. (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Inventory | February 28, 2022 May 31, 2021 Raw materials $ 497,309 $ 503,344 Work-in-process 5,200,533 5,076,377 Finished goods 334,324 355,875 Gross inventory 6,032,166 5,935,596 Less allowance for obsolescence 100,000 100,000 Net inventory $ 5,932,166 $ 5,835,596 |
Inventory (Details)
Inventory (Details) - USD ($) | Feb. 28, 2022 | May 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 497,309 | $ 503,344 |
Work-in-process | 5,200,533 | 5,076,377 |
Finished goods | 334,324 | 355,875 |
Gross inventory | 6,032,166 | 5,935,596 |
Less allowance for obsolescence | 100,000 | 100,000 |
Net inventory | $ 5,932,166 | $ 5,835,596 |
TAYLOR DEVICES, INC. (Details N
TAYLOR DEVICES, INC. (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,496,833 | 3,487,599 | 3,496,968 | 3,487,801 |