| Document and Entity Information - $ / shares | 9 Months Ended | |
| Feb. 29, 2024 | Mar. 28, 2024 | |
| Details | ||
| Registrant CIK | 0000096536 | |
| Fiscal Year End | --05-31 | |
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Feb. 29, 2024 | |
| Document Transition Report | false | |
| Securities Act File Number | 0-3498 | |
| Entity Registrant Name | TAYLOR DEVICES INC | |
| Entity Incorporation, State or Country Code | NY | |
| Entity Tax Identification Number | 16-0797789 | |
| Entity Address, Address Line One | 90 Taylor Drive | |
| Entity Address, City or Town | North Tonawanda | |
| Entity Address, State or Province | NY | |
| Entity Address, Postal Zip Code | 14120 | |
| Entity Address, Address Description | Address of principal executive offices | |
| City Area Code | 716 | |
| Local Phone Number | 694-0800 | |
| Phone Fax Number Description | Registrant’s telephone number, including area code | |
| 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 | 3,093,964 | |
| Entity Listing, Par Value Per Share | $ 0.025 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2024 | |
| Document Fiscal Period Focus | Q3 |
| Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Feb. 29, 2024 | May 31, 2023 |
| Current assets | ||
| Cash and cash equivalents | $ 3,056,450 | $ 3,575,219 |
| Short-term investments | 21,567,890 | 24,514,757 |
| Accounts and other receivables, net | 4,886,625 | 5,553,504 |
| Inventory | 6,677,772 | 5,941,304 |
| Costs and estimated earnings in excess of billings | 4,534,019 | 4,124,182 |
| Other current assets | 464,745 | 668,554 |
| Total current assets | 41,187,501 | 44,377,520 |
| Maintenance and other inventory, net | 1,360,932 | 1,003,140 |
| Property and equipment, net | 11,135,688 | 11,721,784 |
| Patents, net | 298,148 | 0 |
| Other assets | 241,051 | 210,120 |
| Deferred income taxes | 568,615 | 568,615 |
| Assets | 54,791,935 | 57,881,179 |
| Current liabilities | ||
| Accounts payable | 955,841 | 1,717,657 |
| Accrued expenses | 4,039,991 | 4,078,322 |
| Billings in excess of costs and estimated earnings | 1,960,286 | 1,992,470 |
| Total current liabilities | 6,956,118 | 7,788,449 |
| Stockholders' Equity | ||
| Common stock and additional paid-in capital | 11,794,037 | 11,049,216 |
| Retained earnings | 48,654,388 | 42,128,256 |
| Treasury stock - at cost | (12,612,608) | (3,084,742) |
| Total stockholders' equity | 47,835,817 | 50,092,730 |
| Liabilities and Equity | $ 54,791,935 | $ 57,881,179 |
| Condensed Consolidated Statements of Income (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
| Condensed Consolidated Statements of Income (unaudited) | ||||
| Sales, net | $ 12,254,093 | $ 9,891,272 | $ 32,517,596 | $ 29,479,337 |
| Cost of goods sold | 6,501,227 | 5,629,523 | 17,569,487 | 17,357,733 |
| Gross profit | 5,752,866 | 4,261,749 | 14,948,109 | 12,121,604 |
| Research and development costs | 108,363 | 190,688 | 321,518 | 881,335 |
| Selling, general and administrative expenses | 2,651,289 | 2,266,115 | 7,660,172 | 6,500,487 |
| Operating income | 2,993,214 | 1,804,946 | 6,966,419 | 4,739,782 |
| Other income, net | 362,707 | 239,941 | 1,122,713 | 432,984 |
| Income before provision for income taxes | 3,355,921 | 2,044,887 | 8,089,132 | 5,172,766 |
| Provision for income taxes | 659,000 | 386,000 | 1,563,000 | 952,000 |
| Net income | $ 2,696,921 | $ 1,658,887 | $ 6,526,132 | $ 4,220,766 |
| Basic and diluted earnings per common share | $ 0.82 | $ 0.47 | $ 1.91 | $ 1.2 |
| Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, Common |
| Equity, Attributable to Parent, Beginning Balance at May. 31, 2022 | $ 101,342 | $ 10,227,916 | $ 35,840,898 | $ (2,915,002) | |
| Issuance of shares for employee stock purchase plan | 20 | 8,083 | |||
| Issuance of shares for employee stock option plan | 344 | 137,750 | (54,705) | ||
| Equity, Attributable to Parent, Ending Balance at Feb. 28, 2023 | $ 47,695,849 | 101,706 | 10,502,186 | 40,061,664 | (2,969,707) |
| Stock options issued for services | 128,437 | ||||
| Net income | 4,220,766 | 4,220,766 | |||
| Repurchase of shares | 0 | ||||
| Equity, Attributable to Parent, Beginning Balance at Nov. 30, 2022 | 101,457 | 10,394,127 | 38,402,777 | (2,915,002) | |
| Issuance of shares for employee stock purchase plan | 5 | 2,429 | |||
| Issuance of shares for employee stock option plan | 244 | 105,630 | (54,705) | ||
| Equity, Attributable to Parent, Ending Balance at Feb. 28, 2023 | 47,695,849 | 101,706 | 10,502,186 | 40,061,664 | (2,969,707) |
| Stock options issued for services | 0 | ||||
| Net income | 1,658,887 | 1,658,887 | |||
| Repurchase of shares | 0 | ||||
| Equity, Attributable to Parent, Beginning Balance at May. 31, 2023 | 50,092,730 | 102,127 | 10,947,089 | 42,128,256 | (3,084,742) |
| Issuance of shares for employee stock purchase plan | 8 | 7,559 | |||
| Issuance of shares for employee stock option plan | 863 | 435,083 | (384,287) | ||
| Equity, Attributable to Parent, Ending Balance at Feb. 29, 2024 | 47,835,817 | 102,998 | 11,691,039 | 48,654,388 | (12,612,608) |
| Stock options issued for services | 301,308 | ||||
| Net income | 6,526,132 | 6,526,132 | |||
| Repurchase of shares | (9,143,579) | ||||
| Equity, Attributable to Parent, Beginning Balance at Nov. 30, 2023 | 102,171 | 11,269,228 | 45,957,467 | (3,100,541) | |
| Issuance of shares for employee stock purchase plan | 2 | 2,489 | |||
| Issuance of shares for employee stock option plan | 825 | 419,322 | (368,488) | ||
| Equity, Attributable to Parent, Ending Balance at Feb. 29, 2024 | 47,835,817 | $ 102,998 | 11,691,039 | 48,654,388 | (12,612,608) |
| Stock options issued for services | $ 0 | ||||
| Net income | $ 2,696,921 | $ 2,696,921 | |||
| Repurchase of shares | $ (9,143,579) |
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
| Feb. 29, 2024 | Feb. 28, 2023 | |
| Operating activities | ||
| Net income | $ 6,526,132 | $ 4,220,766 |
| Adjustments to reconcile net income to net cash flows from operating activities | ||
| Depreciation | 1,341,435 | 1,003,924 |
| Amortization | 1,852 | 0 |
| Stock options issued for services | 301,308 | 128,437 |
| Changes in other assets and liabilities | ||
| Accounts and other receivables, net | 666,879 | (4,096,679) |
| Inventory | (1,094,260) | 414,140 |
| Costs and estimated earnings in excess of billings | (409,837) | (437,513) |
| Other current assets | 203,809 | (113,378) |
| Accounts payable | (761,816) | 40,323 |
| Accrued expenses | (38,331) | (134,605) |
| Billings in excess of costs and estimated earnings | (32,184) | 315,233 |
| Other assets | (27,343) | 0 |
| Net operating activities | 6,677,644 | 1,340,648 |
| Investing activities | ||
| Acquisition of property and equipment | (755,339) | (2,382,514) |
| Patent expenditures | (300,000) | 0 |
| Purchase of short-term investments | (7,553,133) | (18,179,193) |
| Proceeds from sale of short-term investments | 10,500,000 | 0 |
| Other investing activities | (3,588) | (3,624) |
| Net investing activities | 1,887,940 | (20,565,331) |
| Financing activities | ||
| Proceeds from issuance of common stock, net | 443,513 | 91,492 |
| Acquisition of treasury stock | (9,527,866) | 0 |
| Net financing activities | (9,084,353) | 91,492 |
| Net change in cash and cash equivalents | (518,769) | (19,133,191) |
| Cash and cash equivalents - beginning | 3,575,219 | 22,517,038 |
| Cash and cash equivalents - ending | $ 3,056,450 | $ 3,383,847 |
| Condensed Financial Statements | 9 Months Ended |
| Feb. 29, 2024 | |
| Notes | |
| Condensed Financial Statements | Notes to Condensed Consolidated Financial Statements 1. 2. 3. 4. 5. 6. 7. At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at February 29, 2024 and May 31, 2023 include “available for sale” money market funds, US treasury securities and corporate bonds stated at fair value, which approximates cost. The short-term investments (24) mature on various dates during the period March 2024 to December 2026. Unrealized holding gains and losses would be presented as a separate component of accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of investments are determined using the specific identification method. The short-term investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. 8. February 29, 2024 May 31, 2023 Raw materials $ 795,623 $ 673,453 Work-in-process 5,658,693 5,005,416 Finished goods 274,456 330,435 6,728,772 6,009,304 Less allowance for obsolescence 51,000 68,000 $ 6,677,772 $ 5,941,304 9. 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 29, 2024, 58% of revenue was recorded for contracts in which revenue was recognized over time while 42% was recognized at a point in time. In the nine months ended February 28, 2023, 62% of revenue was recorded for contracts in which revenue was recognized over time while 38% 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 29, 2024 and May 31, 2023, 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. 10. 11. February 29, 2024 May 31, 2023 Customer deposits $ 363,641 $ 367,902 Personnel costs 2,919,543 3,023,501 Other 756,807 686,919 $ 4,039,991 $ 4,078,322 |
| Condensed Financial Statements: Schedule of Inventory, Current (Tables) | 9 Months Ended |
| Feb. 29, 2024 | |
| Tables/Schedules | |
| Schedule of Inventory, Current | February 29, 2024 May 31, 2023 Raw materials $ 795,623 $ 673,453 Work-in-process 5,658,693 5,005,416 Finished goods 274,456 330,435 6,728,772 6,009,304 Less allowance for obsolescence 51,000 68,000 $ 6,677,772 $ 5,941,304 |
| Condensed Financial Statements: Schedule of Accrued Expenses (Tables) | 9 Months Ended |
| Feb. 29, 2024 | |
| Tables/Schedules | |
| Schedule of Accrued Expenses | February 29, 2024 May 31, 2023 Customer deposits $ 363,641 $ 367,902 Personnel costs 2,919,543 3,023,501 Other 756,807 686,919 $ 4,039,991 $ 4,078,322 |
| Condensed Financial Statements: Schedule of Inventory, Current (Details) - USD ($) | Feb. 29, 2024 | May 31, 2023 |
| Details | ||
| Raw materials | $ 795,623 | $ 673,453 |
| Work-in-process | 5,658,693 | 5,005,416 |
| Finished goods | 274,456 | 330,435 |
| Inventory, Gross | 6,728,772 | 6,009,304 |
| Less allowance for obsolescence | 51,000 | 68,000 |
| Inventory, Net | $ 6,677,772 | $ 5,941,304 |
| Condensed Financial Statements: Schedule of Accrued Expenses (Details) - USD ($) | Feb. 29, 2024 | May 31, 2023 |
| Details | ||
| Customer deposits | $ 363,641 | $ 367,902 |
| Personnel costs | 2,919,543 | 3,023,501 |
| Other | 756,807 | 686,919 |
| Accrued Liabilities and Other Liabilities | $ 4,039,991 | $ 4,078,322 |
