10-K Filing

TAYLOR DEVICES, INC. CIK: 96536 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001376474-23-000411`
Period End Date	20230531
Filing Date	20230815
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	tayd-20230531_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 6

Balance Sheet 56 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
Common Stock, Shares, Issued	`CommonStockSharesIssued`	4.09M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.58M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.09M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	4.06M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$1.10M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$24.51M	USD	Point-in-time
Accounts and other receivables, net (Note 2)	`AccountsAndOtherReceivablesNetCurrent`	$5.55M	USD	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	558,834.00	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	567,751.00	shares	Point-in-time
Accounts and other receivables, net (Note 2)	`AccountsAndOtherReceivablesNetCurrent`	$4.47M	USD	Point-in-time
Inventory (Note 3)	`InventoryPartsAndComponentsNetOfReserves`	$5.94M	USD	Point-in-time
Inventory (Note 3)	`InventoryPartsAndComponentsNetOfReserves`	$5.85M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$468.49K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$439.61K	USD	Point-in-time
Prepaid income taxes	`OtherAssetsCurrent`	$235.95K	USD	Point-in-time
Prepaid income taxes	`OtherAssetsCurrent`	$228.95K	USD	Point-in-time
Costs and estimated earnings in excess of billings (Note 4)	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$4.12M	USD	Point-in-time
Costs and estimated earnings in excess of billings (Note 4)	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$3.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.98M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.38M	USD	Point-in-time
Maintenance and other inventory, net (Note 5)	`OtherInventoryNoncurrent`	$1.11M	USD	Point-in-time
Maintenance and other inventory, net (Note 5)	`OtherInventoryNoncurrent`	$1.00M	USD	Point-in-time
Property and equipment, net (Note 6)	`PropertyPlantAndEquipmentNet`	$11.72M	USD	Point-in-time
Property and equipment, net (Note 6)	`PropertyPlantAndEquipmentNet`	$9.85M	USD	Point-in-time
Cash value of life insurance, net	`OtherAssetsMiscellaneousNoncurrent`	$205.36K	USD	Point-in-time
Cash value of life insurance, net	`OtherAssetsMiscellaneousNoncurrent`	$210.12K	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxAssetsNet`	$74.61K	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxAssetsNet`	$568.62K	USD	Point-in-time
Assets	`Assets`	$57.88M	USD	Point-in-time
Assets	`Assets`	$49.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.43M	USD	Point-in-time
Accrued expenses (Note 8)	`AccruedLiabilitiesCurrent`	$3.41M	USD	Point-in-time
Accrued expenses (Note 8)	`AccruedLiabilitiesCurrent`	$4.08M	USD	Point-in-time
Billings in excess of costs and estimated earnings (Note 4)	`BillingsInExcessOfCostCurrent`	$1.99M	USD	Point-in-time
Billings in excess of costs and estimated earnings (Note 4)	`BillingsInExcessOfCostCurrent`	$1.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.96M	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$102.13K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$101.34K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$10.95M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$10.23M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$42.13M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.84M	USD	Point-in-time
Treasury stock - 567,751 and 558,834 shares at cost	`TreasuryStockValue`	$3.08M	USD	Point-in-time
Treasury stock - 567,751 and 558,834 shares at cost	`TreasuryStockValue`	$2.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$50.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$43.26M	USD	Point-in-time
Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$57.88M	USD	Point-in-time
Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$49.22M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales, net (Note 9)	`Revenues`	$30.87M	USD	Annual
Sales, net (Note 9)	`Revenues`	$40.20M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$21.24M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$24.13M	USD	Annual
Gross profit	`GrossProfit`	$9.63M	USD	Annual
Gross profit	`GrossProfit`	$16.07M	USD	Annual
Research and development costs	`ResearchAndDevelopmentExpense`	$1.10M	USD	Annual
Research and development costs	`ResearchAndDevelopmentExpense`	$999.18K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.15M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.16M	USD	Annual
Operating income	`OperatingIncomeLoss`	$6.81M	USD	Annual
Operating income	`OperatingIncomeLoss`	$2.47M	USD	Annual
Interest, net	`InvestmentIncomeInterest`	$698.86K	USD	Annual
Interest, net	`InvestmentIncomeInterest`	$4.54K	USD	Annual
Miscellaneous	`OtherNonoperatingIncomeExpense`	$-2.57K	USD	Annual
Miscellaneous	`OtherNonoperatingIncomeExpense`	$79.10K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$83.65K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$696.29K	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.56M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.51M	USD	Annual
Provision for income taxes (Note 10)	`IncomeTaxExpenseBenefit`	$1.22M	USD	Annual
Provision for income taxes (Note 10)	`IncomeTaxExpenseBenefit`	$317.00K	USD	Annual
Net income	`NetIncomeLoss`	$6.29M	USD	Annual
Net income	`NetIncomeLoss`	$2.24M	USD	Annual
Basic earnings per common share (Note 11)	`EarningsPerShareBasic`	$0.64	USD	Annual
Basic earnings per common share (Note 11)	`EarningsPerShareBasic`	$1.79	USD	Annual
Diluted earnings per common share (Note 11)	`EarningsPerShareDiluted`	$1.77	USD	Annual
Diluted earnings per common share (Note 11)	`EarningsPerShareDiluted`	$0.64	USD	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.29M	USD	Annual
Net income	`NetIncomeLoss`	$2.24M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$1.35M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$1.47M	USD	Annual
Stock options issued for services	`StockOptionPlanExpense`	$417.25K	USD	Annual
Stock options issued for services	`StockOptionPlanExpense`	$201.28K	USD	Annual
Bad debt expense	`GainsLossesOnExtinguishmentOfDebt`	$-23.36K	USD	Annual
Bad debt expense	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
(Gain) loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	$-20.02K	USD	Annual
(Gain) loss on disposal of property and equipment	`GainLossOnDispositionOfAssets1`	$1.53K	USD	Annual
Provision for inventory obsolescence	`GainLossOnCondemnation`	-	USD	Annual
Provision for inventory obsolescence	`GainLossOnCondemnation`	$-295.01K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-494.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$115.50K	USD	Annual
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	Annual
Accounts and other receivables	`IncreaseDecreaseInAccountsReceivable`	$346.12K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$277.21K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-486.19K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-28.88K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-54.26K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInOtherCurrentAssets`	$-218.83K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInOtherCurrentAssets`	$-7.00K	USD	Annual
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.84M	USD	Annual
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInOtherOperatingLiabilities`	$-787.71K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-360.50K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$290.83K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$664.01K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.43M	USD	Annual
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$869.71K	USD	Annual
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-239.22K	USD	Annual
Net operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.31M	USD	Annual
Net operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.71M	USD	Annual
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.39M	USD	Annual
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.36M	USD	Annual
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.50K	USD	Annual
Increase in short-term investments	`PaymentsToAcquireOtherInvestments`	$23.42M	USD	Annual
Increase in short-term investments	`PaymentsToAcquireOtherInvestments`	$438.00	USD	Annual
Increase in cash value of life insurance	`PaymentsForProceedsFromOtherInvestingActivities`	$4.76K	USD	Annual
Increase in cash value of life insurance	`PaymentsForProceedsFromOtherInvestingActivities`	$4.82K	USD	Annual
Net investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.39M	USD	Annual
Net investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-26.78M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$16.25K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$302.70K	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$169.74K	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Net financing activities	`NetCashProvidedByUsedInFinancingActivities`	$132.97K	USD	Annual
Net financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.25K	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-18.94M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.94M	USD	Annual
Cash and cash equivalents - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.58M	USD	Point-in-time
Cash and cash equivalents - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.58M	USD	Point-in-time
Cash and cash equivalents - beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.52M	USD	Point-in-time
Cash and cash equivalents - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.58M	USD	Point-in-time
Cash and cash equivalents - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.58M	USD	Point-in-time
Cash and cash equivalents - ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.52M	USD	Point-in-time

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Equity, Attributable to Parent, Beginning Balance	`StockholdersEquity`	$50.09M	USD	Point-in-time
Equity, Attributable to Parent, Beginning Balance	`StockholdersEquity`	$43.26M	USD	Point-in-time
Equity, Attributable to Parent, Ending Balance	`StockholdersEquity`	$50.09M	USD	Point-in-time
Equity, Attributable to Parent, Ending Balance	`StockholdersEquity`	$43.26M	USD	Point-in-time
Net income	`NetIncomeLoss`	$6.29M	USD	Annual
Net income	`NetIncomeLoss`	$2.24M	USD	Annual

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