10-K Filing

TAYLOR DEVICES, INC. CIK: 96536 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0000096536-21-000015`
Period End Date	20210531
Filing Date	20210827
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	tayd202110k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 12

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	8.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	8.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.06M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.04M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.58M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.10M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	553,934.00	shares	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	558,834.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.07M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$4.12M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$5.82M	USD	Point-in-time
Inventory	`InventoryPartsAndComponentsNetOfReserves`	$10.11M	USD	Point-in-time
Inventory	`InventoryPartsAndComponentsNetOfReserves`	$5.84M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$460.21K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$522.75K	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$50.15K	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$454.78K	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$1.50M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$1.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.42M	USD	Point-in-time
Maintenance and other inventory, net	`InventoryNoncurrent`	$879.05K	USD	Point-in-time
Maintenance and other inventory, net	`InventoryNoncurrent`	$1.61M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.41M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.82M	USD	Point-in-time
Cash value of life insurance, net	`CashSurrenderValueOfLifeInsurance`	$200.54K	USD	Point-in-time
Cash value of life insurance, net	`CashSurrenderValueOfLifeInsurance`	$195.62K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$190.12K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$170.12K	USD	Point-in-time
Total assets	`Assets`	$45.93M	USD	Point-in-time
Total assets	`Assets`	$45.08M	USD	Point-in-time
Short-term borrowings	`ShortTermBankLoansAndNotesPayable`	-	USD	Point-in-time
Short-term borrowings	`ShortTermBankLoansAndNotesPayable`	$1.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accrued commissions	`AccruedSalesCommissionCurrent`	$305.88K	USD	Point-in-time
Accrued commissions	`AccruedSalesCommissionCurrent`	$269.06K	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$1.66M	USD	Point-in-time
Other accrued expenses	`AccruedLiabilitiesCurrent`	$1.72M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$736.87K	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$1.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.54M	USD	Point-in-time
Common stock, $.025 par value, authorized 8,000,000 shares, issued 4,055,275 and 4,040,805 shares	`CommonStockValue`	$100.94K	USD	Point-in-time
Common stock, $.025 par value, authorized 8,000,000 shares, issued 4,055,275 and 4,040,805 shares	`CommonStockValue`	$101.31K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$10.01M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	$9.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.54M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$33.60M	USD	Point-in-time
Stockholders equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$43.71M	USD	Point-in-time
Stockholders equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$42.40M	USD	Point-in-time
Treasury stock 558,834 and 553,934 shares at cost	`TreasuryStockValue`	$2.86M	USD	Point-in-time
Treasury stock 558,834 and 553,934 shares at cost	`TreasuryStockValue`	$2.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$39.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$40.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$45.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$45.93M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales, net	`Revenues`	$22.51M	USD	Annual
Sales, net	`Revenues`	$28.38M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$19.33M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$19.14M	USD	Annual
Gross profit	`GrossProfit`	$3.17M	USD	Annual
Gross profit	`GrossProfit`	$9.24M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.53M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.93M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-2.35M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$3.30M	USD	Annual
Interest, net	`InterestIncomeExpenseNet`	$53.65K	USD	Annual
Interest, net	`InterestIncomeExpenseNet`	$111.05K	USD	Annual
Paycheck Protection Program loan forgiveness	`GainLossOnPaycheckProtectionProgramLoanForgiveness`	$1.46M	USD	Annual
Paycheck Protection Program loan forgiveness	`GainLossOnPaycheckProtectionProgramLoanForgiveness`	-	USD	Annual
Employee Retention Credit	`OtherIncomeEmployeeRetentionCredit`	-	USD	Annual
Employee Retention Credit	`OtherIncomeEmployeeRetentionCredit`	$1.51M	USD	Annual
Miscellaneous	`OtherNonoperatingIncomeExpense`	$2.24K	USD	Annual
Miscellaneous	`OtherNonoperatingIncomeExpense`	$8.69K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$3.03M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$113.30K	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$681.89K	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.42M	USD	Annual
Provision for income taxes (benefit)	`IncomeTaxExpenseBenefit`	$386.00K	USD	Annual
Provision for income taxes (benefit)	`IncomeTaxExpenseBenefit`	$-381.00K	USD	Annual
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Net income	`NetIncomeLoss`	$1.06M	USD	Annual
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.30	USD	Annual
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.87	USD	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.03M	USD	Annual
Net income	`NetIncomeLoss`	$1.06M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$1.14M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$1.21M	USD	Annual
Stock options issued for services	`StockOptionPlanExpense`	$143.10K	USD	Annual
Stock options issued for services	`StockOptionPlanExpense`	$154.34K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$134.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Provision for inventory obsolescence	`InventoryWriteDown`	$180.00K	USD	Annual
Provision for inventory obsolescence	`InventoryWriteDown`	$1.50M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$19.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-20.00K	USD	Annual
Paycheck Protection Program debt forgiveness	`GainLossOnPaycheckProtectionProgramLoanForgiveness`	$1.46M	USD	Annual
Paycheck Protection Program debt forgiveness	`GainLossOnPaycheckProtectionProgramLoanForgiveness`	-	USD	Annual
Accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-540.17K	USD	Annual
Accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.56M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$804.72K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$2.04M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-148.05K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-62.53K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-404.63K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$186.87K	USD	Annual
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$254.97K	USD	Annual
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$5.82M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$417.15K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-32.52K	USD	Annual
Accrued commissions	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.00M	USD	Annual
Accrued commissions	`IncreaseDecreaseInOtherOperatingLiabilities`	$-36.82K	USD	Annual
Other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$51.49K	USD	Annual
Other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$131.64K	USD	Annual
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$625.12K	USD	Annual
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$103.16K	USD	Annual
Net operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.03M	USD	Annual
Net operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.83M	USD	Annual
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.62M	USD	Annual
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.23M	USD	Annual
Increase in short-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$16.36K	USD	Annual
Increase in short-term investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$25.06K	USD	Annual
Increase in cash value of life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$4.87K	USD	Annual
Increase in cash value of life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$4.92K	USD	Annual
Net investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.25M	USD	Annual
Net investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.65M	USD	Annual
Short-term borrowings	`ProceedsFromBankDebt`	-	USD	Annual
Short-term borrowings	`ProceedsFromBankDebt`	$1.46M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$43.42K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$45.61K	USD	Annual
Net financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.51M	USD	Annual
Net financing activities	`NetCashProvidedByUsedInFinancingActivities`	$43.42K	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.09M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.42M	USD	Annual
Cash and cash equivalents - beginning	`CashAndCashEquivalentsAtCarryingValue`	$15.16M	USD	Point-in-time
Cash and cash equivalents - beginning	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents - beginning	`CashAndCashEquivalentsAtCarryingValue`	$20.58M	USD	Point-in-time
Cash and cash equivalents - ending	`CashAndCashEquivalentsAtCarryingValue`	$15.16M	USD	Point-in-time
Cash and cash equivalents - ending	`CashAndCashEquivalentsAtCarryingValue`	$5.07M	USD	Point-in-time
Cash and cash equivalents - ending	`CashAndCashEquivalentsAtCarryingValue`	$20.58M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$39.54M	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$40.80M	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$39.54M	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$40.80M	USD	Point-in-time
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$3.03M	USD	Annual
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$1.06M	USD	Annual
Treasury Stock, Value, Beginning Balance	`TreasuryStockValue`	$2.86M	USD	Point-in-time
Treasury Stock, Value, Beginning Balance	`TreasuryStockValue`	$2.92M	USD	Point-in-time
Treasury Stock, Value, Ending Balance	`TreasuryStockValue`	$2.86M	USD	Point-in-time
Treasury Stock, Value, Ending Balance	`TreasuryStockValue`	$2.92M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$39.54M	USD	Point-in-time
Stockholders' Equity Attributable to Parent	`StockholdersEquity`	$40.80M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.