0001213900-18-011517.txt : 20180821 0001213900-18-011517.hdr.sgml : 20180821 20180821170241 ACCESSION NUMBER: 0001213900-18-011517 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20180531 FILED AS OF DATE: 20180821 DATE AS OF CHANGE: 20180821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TSR INC CENTRAL INDEX KEY: 0000098338 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 132635899 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08656 FILM NUMBER: 181030831 BUSINESS ADDRESS: STREET 1: 400 OSER AVE CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5162310333 MAIL ADDRESS: STREET 1: 400 OSER AVENUE CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: TIME SHARING RESOURCES INC DATE OF NAME CHANGE: 19840129 10-K 1 f10k2018_tsrinc.htm ANNUAL REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-K

 

☒ Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

For the fiscal year ended May 31, 2018

 

or

 

☐ Transition Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934

 

For the transition period from _______ to _______

 

Commission File Number: 0-8656

 

TSR, Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware   13-2635899
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

 

400 Oser Avenue, Hauppauge, NY 11788

 

(Address of principal executive offices)

 

Registrant’s telephone number: 631-231-0333

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of Each Class   Name of Each Exchange on Which Registered
Common Stock, par value, $0.01 per share   The NASDAQ Capital Market

 

Securities registered pursuant to Section 12(g) of the Exchange Act:

 

None

 

(Title of Class)

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes  ☒ No

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Exchange Act. ☐ Yes  ☒ No

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). ☒ Yes  ☐ No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company
  Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the Registrant is a shell Company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒

 

The aggregate market value of voting and non-voting common equity held by non-affiliates of the Registrant based upon the closing price of $5.10 at November 30, 2017 was $5,475,000.

 

The number of shares of the Registrant’s common stock outstanding as of June 30, 2018 was 1,962,062.

 

Documents incorporated by Reference:

 

The information required in Part III, Items 10, 11, 12, 13 and 14 is incorporated by reference to the Registrant’s Proxy Statement in connection with the 2018 Annual Meeting of Stockholders, which will be filed by the Registrant within 120 days after the close of its fiscal year.

 

 

 

 

 

 

TSR, Inc.

 

Form 10-K

 

For the Fiscal Year Ended May 31, 2018

 

Table of Contents

 

    Page No.
Part I    
     
Item 1. Business 1
Item 1A. Risk Factors 3
Item 1B Unresolved Staff Comments 8
Item 2. Properties 8
Item 3. Legal Proceedings 8
Item 4. Mine Safety Disclosures 8
     
Part II    
     
Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9
Item 6. Selected Financial Data 9
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 14
Item 8. Financial Statements and Supplementary Data 15
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 16
Item 9A. Controls and Procedures 16
Item 9B. Other Information 16
     
Part III    
     
Item 10. Directors, Executive Officers and Corporate Governance 17
Item 11. Executive Compensation 17
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 17
Item 13. Certain Relationships and Related Transactions, and Director Independence 17
Item 14. Principal Accounting Fees and Services 17
     
Part IV.    
     
Item 15. Exhibits and Financial Statement Schedules 17
  Signatures 18

 

 i 

 

 

PART I

 

Item 1. Business

 

General

 

TSR, Inc. (the “Company”) is primarily engaged in the business of providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel to supplement their in-house information technology (“IT”) capabilities. The Company’s customers for its contract computer programming services consist primarily of Fortune 1000 companies with significant technology budgets. In the year ended May 31, 2018, the Company provided IT staffing services to 56 customers. Also, beginning in the year ended May 31, 2017, the Company has provided and continues to provide contract administrative (non-IT) workers to two of its significant IT customers.

 

The Company was incorporated in Delaware in 1969. The Company’s executive offices are located at 400 Oser Avenue, Suite 150, Hauppauge, NY 11788, and its telephone number is (631) 231-0333. This annual report, and each of our other periodic and current reports, including any amendments, are available, free of charge, on our website, www.tsrconsulting.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission. The information contained on our website is not incorporated by reference into this annual report on Form 10-K and should not be considered part of this report.

 

STAFFING SERVICES

 

The Company’s contract computer programming services involve the provision of technical staff to customers to meet the specialized requirements of their IT operations. The technical personnel provided by the Company generally supplement the in-house capabilities of the Company’s customers. The Company’s approach is to make available to its customers a broad range of technical personnel to meet their requirements rather than focusing on specific specialized areas. The Company has staffing capabilities in the areas of application development in .net and java, mobile applications for android and IOS platforms, project management, IT security specialists, cloud development and architecture, business analysts, UI design and development, network infrastructure and support and database development and administration. The Company’s services provide customers with flexibility in staffing their day-to-day operations, as well as special projects, on a short-term or long-term basis.

 

The Company provides technical employees for projects, which usually range from three months to one year. Generally, customers may terminate projects at any time. Staffing services are provided at the client’s facility and are billed primarily on an hourly basis based on the actual hours worked by technical personnel provided by the Company and with reimbursement for out-of-pocket expenses. The Company pays its technical personnel on a semi-monthly basis and invoices its customers, not less frequently than monthly.

 

The Company’s success is dependent upon, among other things, its ability to attract and retain qualified professional computer personnel. The Company believes that there is significant competition for software professionals with the skills and experience necessary to perform the services offered by the Company. Although the Company generally has been successful in attracting employees with the skills needed to fulfill customer engagements, demand for qualified professionals conversant with certain technologies may outstrip supply as new and additional skills are required to keep pace with evolving computer technology or as competition for technical personnel increases. Increasing demand for qualified personnel could also result in increased expenses to hire and retain qualified technical personnel and could adversely affect the Company’s profit margins.

 

In the past several years, an increasing number of companies are using or are considering using low cost offshore outsourcing centers, particularly in India, to perform technology related work and projects. This trend has contributed to an industry wide decline in domestic IT staffing revenue. There can be no assurance that this trend will not continue to adversely impact the Company’s IT staffing revenue.

 

Beginning in the year ended May 31, 2017, the Company also provided contract administrative (non-IT) workers to two of its significant IT customers. This service was added at the customers’ request. The recruiting for these positions is less demanding and the Company has hired a separate recruiting staff to handle this business, which includes both-in house and off-shore recruiters. There can be no assurance that the customers will continue to request these services. The Company has no plans to attempt to expand this aspect of its business beyond its existing customers.

 

 Page 1 

 

 

OPERATIONS

 

The Company provides contract computer programming services primarily in the New York metropolitan area, New England, and the Mid-Atlantic region, although there are also customer locations around the country where the Company places contractors. The Company provides its services principally through offices located in New York, New York, Edison, New Jersey and Long Island, New York. The Company does not currently intend to open additional offices. Competition from larger competitors for recruiters has created more turnover than expected and increased the cost of retaining recruiters, making it more difficult to increase the number of technical recruiters on staff. As of May 31, 2018, the Company employed 26 persons who are responsible for recruiting technical personnel and 11 persons who are account executives. As of May 31, 2017, the Company had employed 22 technical personnel recruiters and 13 account executives.

 

MARKETING AND CUSTOMERS

 

The Company focuses its marketing efforts on large businesses and institutions with significant IT budgets and recurring staffing and software development needs. The Company provided services to 56 customers during the year ended May 31, 2018 as compared to 64 in the prior fiscal year. The reduction in customers did not include any significant accounts. The Company has historically derived a significant percentage of its total revenue from a relatively small number of customers. In the fiscal year ended May 31, 2018, the Company had three customers which each provided more than 10% of consolidated revenues: Citigroup (20.7%), Consolidated Edison (15.9%), and Pontoon (formerly Beeline) (12.1%). Pontoon provides vendor management services under an arrangement where the Company enters into a subcontract with Pontoon and Pontoon directly contracts with five end customers. The Pontoon end customers for which the Company provides services include Bristol Myers Squibb, which alone constituted 8.8% of the Company’s consolidated revenue for the year ended May 31, 2018. Additionally, the Company’s top ten customers (including end customers of vendor management companies) accounted for 78% of consolidated revenue in fiscal 2018 and 82% in fiscal 2017. While continuing its efforts to further expand its client base, the Company’s marketing efforts are focused primarily on increasing business from its existing accounts. Approximately 31% of the Company’s revenue is derived from end customers in the financial services business. Continuing economic pressures in financial services, primarily with European based banks, have negatively affected the net effective rates that the Company charges to certain of the Company’s end customers in this industry, which has negatively affected the Company’s gross profit margins.

 

Many of the Company’s major customers, totaling over 29% of revenue, have retained a third party to provide vendor management services and centralize the consultant hiring process. Under this system, the third party retains the Company to provide contract computer programming services, the Company bills the third party and the third party bills the ultimate customer. This process has weakened the relationships the Company has built with its customers’ project managers, who are the Company’s primary contacts with its customers and with whom the Company would normally work to place consultants. Instead, the Company is required to interface with the vendor management provider, making it more difficult to maintain its relationships with its customers and preserve and expand its business. These changes have also reduced the Company’s profit margins because the vendor management company is retained for the purpose of keeping costs down for the end client and receives a processing fee which is deducted from the payment to the Company.

 

In accordance with industry practice, most of the Company’s contracts for contract computer programming services are terminable by either the client or the Company on short notice.

 

PROFESSIONAL STAFF AND RECRUITMENT

 

In addition to using internet based job boards such as Dice, Monster, Career Builder and Discover.org, the Company maintains a database of technical personnel with a wide range of skills. The Company uses a sophisticated proprietary computer system to match potential employees’ skills and experience with client requirements. The Company periodically contacts personnel within its database to update their availability, skills, employment interests and other matters and continually updates its database. This database is made available to the account executives and recruiters at each of the Company’s offices.

 

The Company employs technical personnel primarily on an hourly basis, as required in order to meet the staffing requirements under particular contracts or for particular projects. The Company primarily recruits technical personnel by posting jobs on the Internet and, on occasion, by publishing advertisements in local newspapers and attending job fairs. The Company devotes significant resources to recruiting technical personnel, maintaining 26 recruiters based in the U.S., additionally contracting with an India based company for 4 recruiters in India and contracting with a Philippine company for 4 recruiters in the Philippines to help locate U.S. based technical consultants. Additionally, the Company contracts for 3 recruiters in the Philippines to assist in locating administrative (non-IT) workers. Potential applicants are generally interviewed and tested by the Company’s recruiting personnel, by third parties that have the required technical backgrounds to review the qualifications of the applicants, or by on-line testing services. In some cases, instead of employing technical personnel directly, the Company uses subcontractors who employ the technical personnel who are provided to the Company’s customers. For a small fee, the Company may sometimes process payments on behalf of customers to contractors identified by the customers directly instead of through the normal recruiting process; this is known as “payrolling”.

 

 Page 2 

 

 

Competition

 

The technical staffing industry is highly competitive and fragmented and has low barriers to entry. The Company competes for potential customers with providers of outsourcing services, systems integrators, computer systems consultants, other providers of technical staffing services and, to a lesser extent, temporary personnel agencies. Many of the Company’s competitors are significantly larger and have greater financial resources than the Company. The Company believes that the principal competitive factors in obtaining and retaining customers are accurate assessment of customers’ requirements, timely assignment of technical employees with appropriate skills and the price of services. The principal competitive factors in attracting qualified technical personnel are compensation, availability, quality and variety of projects and schedule flexibility. The Company believes that many of the technical personnel included in its database may also be pursuing other employment opportunities. Therefore, the Company believes that its responsiveness to the needs of technical personnel is an important factor in the Company’s ability to fill projects. Although the Company believes it competes favorably with respect to these factors, it expects competition to increase and there can be no assurance that the Company will remain competitive.

 

Intellectual Property Rights

 

The Company relies primarily upon a combination of trade secret, nondisclosure and other contractual arrangements to protect its proprietary rights. The Company generally enters into confidentiality agreements with its employees, consultants, customers and potential customers and limits access to and distribution of its proprietary information. There can be no assurance that the steps taken by the Company in this regard will be adequate to deter misappropriation of its proprietary information or that the Company will be able to detect unauthorized use and take appropriate steps to enforce its intellectual property rights.

 

Personnel

 

As of May 31, 2018, the Company employed 417 people including its 2 executive officers. Of such employees, 11 were engaged in sales, 26 were recruiters for programmers, 364 were IT and administrative (non-IT) contractors, and 14 were engaged in corporate administrative and clerical functions. None of the Company’s employees belong to unions.

 

Item 1A. Risk Factors

 

Certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, including statements concerning the Company’s future prospects and the Company’s future cash flow requirements are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projections in the forward-looking statements, which statements involve risks and uncertainties, including but not limited to the factors set forth below.

 

Dependence Upon Key Personnel

 

Joseph F. Hughes, Chairman of the Board, Chief Executive Officer, President and Treasurer, retired on July 5, 2017. The Board of Directors of the Company elected Christopher Hughes, formerly Senior Vice President of TSR, Inc., to succeed Joseph F. Hughes as Chairman of the Board, Chief Executive Officer, President and Treasurer. The Company is dependent on Christopher Hughes in his corporate positions and as President of TSR Consulting Services, Inc. The Company has an employment agreement with Christopher Hughes which expires May 31, 2022. The Company is also dependent on the Company’s New Jersey office branch manager. The Company has an employment agreement with this branch manager which terminates in July, 2021. The Company is also dependent on certain of its account executives who are responsible for servicing its principal customers and attracting new customers. The Company does not have employment contracts with the account executives. There can be no assurance that the Company will be able to retain its existing personnel or find and attract additional qualified employees. The loss of the service of any of these personnel could have a material adverse effect on the Company.

 

 Page 3 

 

 

Dependence on Significant Customers

 

In the fiscal year ended May 31, 2018, the Company’s three largest customers, Citigroup, Consolidated Edison and Pontoon, accounted for 20.7%, 15.9%, and 12.1% of the Company’s consolidated revenue, respectively. Pontoon is a vendor management company through which the Company provides services to five end customers, of which Bristol Myers Squibb is the most significant, representing 8.8% of the Company’s consolidated revenue for fiscal 2018. In total, the Company derives over 29% of its revenue from accounts with vendor management companies. The Company’s 10 largest customers provided 78% of consolidated revenue in fiscal 2018. Client contract terms vary depending on the nature of the engagement, and there can be no assurance that a client will renew a contract when it terminates. In addition, the Company’s contracts are generally cancelable by the client at any time on short notice, and customers may unilaterally reduce their use of the Company’s services under such contracts without penalty. Approximately 31% of the Company’s revenue is derived from end customers in the financial services business. Continuing economic pressures in financial services, primarily with European based banks, have negatively affected the net effective rates that the Company charges to certain end customers in this industry, which has negatively affected the Company’s gross profit margins. See “Rapidly Changing Industry” below.

 

The accounts receivable balances associated with the Company’s largest customers were $3,692,000 for three customers at May 31, 2018 and $3,340,000 for three customers at May 31, 2017. Because of the significant amount of outstanding receivables that the Company may have with its larger customers at any one time, if a client, including a vendor management company which then contracts with the ultimate client, filed for bankruptcy protection, it could prevent the Company from collecting on the receivables and have an adverse effect on the Company’s results of operations.

 

Dependence on Reputation

 

The Company’s reputation among its customers, potential customers and the staffing services industry depends on the performance of the technical personnel that the Company places with its customers. If the Company’s customers are not satisfied with the services provided by the technical personnel placed by the Company, or if the technical personnel placed by the Company lack the qualifications or experience necessary to perform the services required by the Company’s customers, the Company may not be able to successfully maintain its relationships with its customers or expand its client base.

 

Competitive Market for Technical Personnel

 

The Company’s success is dependent upon its ability to attract and retain qualified computer professionals to provide as temporary personnel to its customers. Competition for the limited number of qualified professionals with a working knowledge of certain sophisticated computer languages, which the Company requires for its contract computer services business, is intense. The Company believes that there is a shortage of, and significant competition for, software professionals with the skills and experience necessary to perform the services offered by the Company.

 

The Company’s ability to maintain and renew existing engagements and obtain new business in its contract computer programming business depends, in large part, on its ability to hire and retain technical personnel with the IT skills that keep pace with continuing changes in software evolution, industry standards and technologies, and client preferences. Although the Company generally has been successful in attracting employees with the skills needed to fulfill customer engagements, demand for qualified professionals conversant with certain technologies may outstrip supply as new and additional skills are required to keep pace with evolving computer technology or as competition for technical personnel increases. Increasing demand for qualified personnel could also result in increased expenses to hire and retain qualified technical personnel and could adversely affect the Company’s profit margins.

 

Competitive Market for Account Executives and Technical Recruiters

 

The Company faces a highly competitive market for the limited number of qualified personnel. The competitive market for such personnel could affect the Company’s ability to hire and retain such personnel, including increasing the cost of retaining such personnel and, if the Company is successful in hiring technical recruiters and account executives, there can be no assurance that such hiring will result in increased revenue.

 

Rapidly Changing Industry

 

The computer industry is characterized by rapidly changing technology and evolving industry standards. These include the overall increase in the sophistication and interdependency of computer technology and a focus by IT managers on cost-efficient solutions. There can be no assurance that these changes will not adversely affect demand for technical staffing services. Organizations may elect to perform such services in-house or outsource such functions to companies that do not utilize temporary staffing, such as that provided by the Company.

 

 Page 4 

 

 

Additionally, a number of companies have, in recent years, limited the number of vendors on their approved vendor lists, and are continuing to do so. In some cases this has required the Company to subcontract with a company on the approved vendor list to provide services to customers. The staffing industry has also experienced margin erosion caused by this increased competition, and customers leveraging their buying power by consolidating the number of vendors with which they deal. In addition to these factors, there has been intense price competition in the area of IT staffing, pressure on billing rates and pressure by customers for discounts. The Company has endeavored to increase its technical recruiting staff in order to better respond to customers’ increasing demands for both the timeliness, quality and quantities of resume submittals against job requisitions.

 

The Company cannot predict at this time what long-term effect these changes will have on the Company’s business and results of operations.

 

Vendor Management Companies

 

There have been changes in the industry which have affected the Company’s operating results. Many customers have retained third parties to provide vendor management services, and in excess of 29% of the Company’s revenue is derived through vendor management companies. The third party is then responsible for retaining companies to provide temporary IT personnel. This results in the Company contracting with such third parties and not directly with the ultimate customer. This change weakens the Company’s relationship with its customer, which makes it more difficult for the Company to maintain and expand its business with its existing customers. It also reduces the Company’s profit margins.

 

In addition, the agreements with the vendor management companies are frequently structured as subcontracting agreements, with the vendor management company entering into a services agreement directly with the end customers. As a result, in the event of a bankruptcy of a vendor management company, the Company’s ability to collect its outstanding receivables and continue to provide services could be adversely affected.

 

Effect of Current Economic Uncertainties and Limited Growth in Company’s Business

 

Demand for the Company’s IT staffing services has been and is significantly affected by the general economic environment. During periods of slowing economic activity, customers may reduce their IT projects and their demand for outside consultants. Therefore, any significant economic downturn could have a material adverse effect on the Company’s results of operations. As a result of the broad based economic downturn that began in 2008, the Company experienced a decrease in the number of consultants on billing with customers from which it took years to recover. Customer spending during the 2018 fiscal year appears to have decreased in certain areas, particularly among foreign based financial services customers. The Company expects that economic conditions will continue to affect the number of consultants on billing with customers and the Company’s profitability. In addition to the impact of the economic uncertainties, the Company has not been successful in expanding its customer base beyond its core customers. There is no assurance that the Company will achieve growth in its revenue.

 

Effect of Increases in Payroll-related Costs

 

The Company is required to pay a number of federal, state and local payroll and related costs, including unemployment insurance, workers’ compensation insurance, employer’s portion of Social Security and Medicare taxes, among others, for our employees, including those placed with customers. Significant increases in the effective rates of any payroll-related costs would likely have a material adverse effect on the Company. Recently, many of the states in which the Company conducts business have significantly increased their state unemployment tax rates in an effort to increase funding for unemployment benefits. Costs have continued to increase as a result of health care reforms and the mandate to provide health insurance to employees under the Affordable Care Act which went into effect January 1, 2015. Additionally, the New York City Council approved a measure which went into effect in April 2014 requiring the Company to provide five paid sick days per year. Several municipalities, such as Newark and Jersey City, New Jersey, have enacted similar statutes. The State of New Jersey will be adding a similar paid sick time law effective in October 2018. The Company has not been able to sufficiently increase the fees charged to its customers to cover these mandated cost increases. There are also proposals on the federal and state levels to phase in paid or partially paid family leave. It is too early to determine how this will affect the Company’s profitability. New York State passed a paid family leave law effective January 1, 2018 that is not expected to increase employer costs.

 

 Page 5 

 

 

Effect of Offshore Outsourcing

 

The current trend of companies moving technology jobs and projects offshore has caused and could continue to cause revenue to decline. In the past few years, more companies are using or are considering using low cost offshore outsourcing centers, particularly in India and other East Asian countries, to perform technology related work and projects. This trend has contributed to the decline in domestic IT staffing revenue for the industry. There can be no assurance that this trend will not continue to adversely impact the Company’s IT staffing revenue.

 

Effect of Immigration Restrictions

 

The Company obtains many of its technical personnel by subcontracting with companies that utilize foreign nationals entering the U.S. on work visas, primarily under the H-1B visa classification. The Company also sponsors foreign nationals on H-1B visas on a limited basis. The H-1B visa classification enables U.S. employers to hire qualified foreign nationals in positions that require an education at least equal to a bachelor’s degree. U.S. Immigration laws and regulations are subject to legislative and administrative changes, as well as changes in the application of standards and enforcement. Recent changes in enforcement have reduced the ability of graduates to work under the “Optional Practical Training” status and prevents spouses of H-1B holders from working under the H-4 status. These and future restrictions on the availability of work visas could restrain the Company’s ability to acquire the skilled professionals needed to meet our customers’ requirements, which could have a material adverse effect on our business. The scope and impact of these changes on the staffing industry and the Company remain unclear, however a narrow interpretation and vigorous enforcement of existing laws and regulations could adversely affect the ability of entities with which the Company subcontracts to utilize foreign nationals and/or renew existing foreign national consultants on assignment. There can be no assurance that the Company or its subcontractors will be able to keep or replace all foreign nationals currently on assignment, or continue to acquire foreign national talent at the same rates as in the past.

 

Fluctuations in Quarterly Operating Results

 

The Company’s revenue and operating results are subject to significant variations from quarter-to-quarter. Revenue is subject to fluctuation based upon a number of factors, including the timing and number of client projects commenced and completed during the quarter, delays incurred in connection with projects, the growth rate of the market for contract computer programming services and general economic conditions. Unanticipated termination of a project or the decision by a client not to proceed to the next stage of a project anticipated by the Company could result in decreased revenue and lower utilization rates which could have a material adverse effect on the Company’s business, operating results and financial condition. Compensation levels can be impacted by a variety of factors, including competition for highly skilled employees and inflation.

 

The Company’s operating results also fluctuate due to seasonality. Typically, our billable hours, which directly affect our revenue and profitability, decrease in our third fiscal quarter. The holiday season and winter weather cause the number of billable work days for consultants on billing with customers to decrease. Additionally, at the beginning of the calendar year, which also falls within our third fiscal quarter, payroll taxes are at their highest. This results in our lowest gross margins of the year. The Company’s operating results are also subject to fluctuation as a result of other factors.

 

Competition

 

The technical staffing industry is highly competitive and fragmented and has low barriers to entry. The Company competes for potential customers with providers of outsourcing services, systems integrators, computer systems consultants, other providers of technical staffing services and, to a lesser extent, temporary personnel agencies. The Company competes for technical personnel with other providers of technical staffing services, systems integrators, providers of outsourcing services, computer systems consultants, customers and temporary personnel agencies. Many of the Company’s competitors are significantly larger and have greater financial resources than the Company. The Company believes that the principal competitive factors in obtaining and retaining customers are accurate assessment of customers’ requirements, timely assignment of technical employees with appropriate skills and the price of services. The principal competitive factors in attracting qualified technical personnel are compensation, availability, quality and variety of projects and schedule flexibility. The Company believes that many of the technical personnel included in its database may also be pursuing other employment opportunities. Therefore, the Company believes that its responsiveness to the needs of technical personnel is an important factor in the Company’s ability to fill projects. Although the Company believes it competes favorably with respect to these factors, it expects competition to increase, and there can be no assurance that the Company will remain competitive.

 

 Page 6 

 

 

Potential for Contract and Other Liability

 

The personnel provided by the Company to customers provide services involving key aspects of its customers’ software applications. A failure in providing these services could result in a claim for substantial damages against the Company, regardless of the Company’s responsibility for such failure. The Company attempts to limit, contractually, its liability for damages arising from negligence or omissions in rendering services, but it is not always successful in negotiating such limits. Furthermore, due to increased competition and the requirements of vendor management companies, the Company may be required to accept less favorable terms regarding limitations on liability, including assuming obligations to indemnify customers for damages sustained in connection with the provision of our services. There can be no assurance our contracts will include the desired limitations of liability or that the limitations of liability set forth in our contracts would be enforceable or would otherwise protect the Company from liability for damages.

 

The Company’s business involves assigning personnel to the workplace of the client, typically under the client’s supervision. Although the Company has little control over the client’s workplace, the Company may be exposed to claims of discrimination and harassment and other similar claims as a result of inappropriate actions allegedly taken against the Company’s personnel by customers. As an employer, the Company is also exposed to other possible employment-related claims. The Company is exposed to liability with respect to actions taken by its technical personnel while on a project, such as damages caused by technical personnel errors, misuse of client proprietary information or theft of client property. To reduce these exposures, the Company maintains insurance policies and a fidelity bond covering general liability, worker’s compensation claims, errors and omissions and employee theft. In certain instances, the Company indemnifies its customers for these exposures. Certain of these costs and liabilities are not covered by insurance. There can be no assurance that insurance coverage will continue to be available and at its current price or that it will be adequate to, or will, cover any such liability.

 

Data Security

 

Our ability to protect client, employee, and Company data and information is critical to our reputation and the success of our business. Our clients and employees expect that their confidential, personal and private information will be secure in our possession. Attacks against security systems have become increasingly sophisticated along with developments in technology, and such attacks have become more prevalent. Consequently, the regulatory environment surrounding cybersecurity and privacy has become more and more demanding and has resulted in new requirements and increasingly demanding standards for protection of information. As a result, the Company may incur increased expenses associated with adequately protecting confidential client, employee, and Company data and complying with applicable regulatory requirements. There can be no assurance that we will be able to prevent unauthorized third parties from breaching our systems and gaining unauthorized access to confidential client, employee, and Company data even if our cybersecurity measures are compliant with regulatory requirements and standards. Unauthorized third party access to confidential client, employee, and Company data stored in our system whether as a result of a third party system breach, systems failure or employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose customers, and could subject us to monetary damages, fines and/or criminal prosecution. Furthermore, unauthorized third party access to or through our information systems or those we develop for our customers, whether by our employees or third parties, could result in system disruptions, negative publicity, legal liability, monetary damages, and damage to our reputation.

 

Intellectual Property Rights

 

The Company relies primarily upon a combination of trade secret, nondisclosure and other contractual agreements to protect its proprietary rights. The Company generally enters into confidentiality agreements with its employees, consultants, customers and potential customers and limits access to and distribution of its proprietary information. There can be no assurance that the steps taken by the Company in this regard will be adequate to deter misappropriation of its proprietary information or that the Company will be able to detect unauthorized use and take appropriate steps to enforce its intellectual property rights.

 

Voting Power of Major Stockholders

 

Through an amendment to filings with the United States Securities and Exchange Commission on Schedule 13D by Joseph F. Hughes and Winifred M. Hughes, the Company has been informed that on July 20, 2018, Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC entered an agreement to purchase 819,491 shares of the Company’s Common Stock (the “Shares”) which were held by Joseph F. Hughes and Winifred M. Hughes. Joseph F. Hughes is the former Chairman and Chief Executive Officer of the Company. The Shares were sold in a privately negotiated transaction for a purchase price of $6.25 per share, or $5,121,819 in the aggregate, and the Shares collectively represent 41.8% of the Company’s issued and outstanding Common Stock. It had also been disclosed that Zeff Capital, LP owned 77,615 shares of the Company’s Common Stock, which represented approximately 4.0% of the Company’s issued and outstanding Common Stock. Each of the purchasers of the Shares has significant voting power on all matters subject to a vote of the Company’s stockholders.

 

 Page 7 

 

 

Prior to the sale of the Shares by Joseph F. Hughes and Winifred M. Hughes to Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC described above, the Company had received a letter on June 25, 2018 from James Hughes on behalf of Joseph F. Hughes and Winifred M. Hughes, in which Joseph F. Hughes and Winifred M. Hughes requested that the Board pursue a sale of the Company. On July 9, 2018, by resolution, the Board established a Special Committee of the Board to review this request, and to consider and evaluate other strategic alternatives available to the Company in the context of that review, including (a) potential opportunities for a sale of the Company by way of merger, consolidation, sale of equity securities (including the Company’s outstanding Common Stock), sale of all or substantially all of the Company’s assets, or other strategic transactions; (b) recapitalization of the Company; (c) the sale or exchange of the shares of Common Stock held (at that time) by Mr. Hughes and Mrs. Hughes in a transaction involving the Company; or (d) remaining independent and continuing to execute the Company’s business plans on a standalone basis, and to review, consider and evaluate, for purposes of advising the full Board, whether any of the potential strategic alternatives is in the best interests of the Company’s stockholders. The Special Committee has remained in place following the acquisition of the Shares by Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC from Joseph F. Hughes and Winifred M. Hughes described above.

 

Certain Anti-Takeover Provisions May Inhibit a Change of Control

 

In addition to the significant ownership of Common Stock discussed above under the caption “Voting Power of Major Stockholders,” certain provisions of the Company’s charter and by-laws may have the effect of discouraging a third party from making an acquisition proposal for the Company and may thereby inhibit a change in control of the Company under circumstances that could give the holders of Common Stock the opportunity to realize a premium over the then-prevailing market prices. Such provisions include a classified Board of Directors and advance notice requirements for nomination of directors and certain stockholder proposals set forth in the Company’s Certificate of Incorporation and by-laws.

 

New Classes and Series of Stock

 

The Company’s charter authorizes the Board of Directors to create new classes and series of preferred stock and to establish the preferences and rights of any such classes and series without further action of the stockholders. The issuance of additional classes and series of capital stock may have the effect of delaying, deferring or preventing a change in control of the Company.

 

The Company’s stock price could be extremely volatile and, as a result, investors may not be able to resell their shares at or above the price they paid for them.

 

Among the factors that could affect the Company’s stock price are:

 

-limited float and a low average daily trading volume;
-industry trends and the performance of the Company’s customers;
-fluctuations in the Company’s results of operations;
-litigation; and
-general market conditions.

 

The stock market has, and may in the future, experience extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the market price of the Company’s Common Stock.

 

Item 1B. Unresolved Staff Comments

 

None

 

Item 2. Properties

 

The Company leases 8,000 square feet of space in Hauppauge, New York for a term expiring December 31, 2020, with annual rentals of approximately $83,000. This space is used as executive and administrative offices for the Company and the Company’s operating subsidiary. The Company also leases sales and technical recruiting offices in New York City (lease expires August 2022) and Edison, New Jersey (lease expires February 2019), with aggregate annual rentals of approximately $152,000 and $143,000, respectively.

 

The Company believes the present locations are adequate for its current needs as well as for the future expansion of its existing business.

 

Item 3. Legal Proceedings

 

There are no material legal proceedings.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

 Page 8 

 

 

PART II

 

Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

The Company’s shares of Common Stock trade on the NASDAQ Capital Market under the symbol TSRI. The following are the high and low sales prices for each quarter during the fiscal years ended May 31, 2018 and 2017:

 

   JUNE 1, 2017 – MAY 31, 2018 
   1ST
QUARTER
   2ND
QUARTER
   3RD
QUARTER
   4TH
QUARTER
 
High Sales Price  $11.10   $7.45   $8.41   $6.64 
Low Sales Price   4.05    3.80    4.75    4.95 

 

   JUNE 1, 2016 – MAY 31, 2017 
   1ST
QUARTER
   2ND
QUARTER
   3RD
QUARTER
   4TH
QUARTER
 
High Sales Price  $6.80   $9.50   $6.70   $8.00 
Low Sales Price   3.42    4.70    4.80    4.34 

 

There were 54 holders of record of the Company’s Common Stock as of June 30, 2018. Additionally, the Company estimates that there were approximately 785 beneficial holders as of that date. On May 25, 2017, the Company declared a special cash dividend of $1.00 per common share payable on July 14, 2017 to stockholders of record on June 16, 2017. The Company has no current plans to implement a quarterly dividend program or pay any other special cash dividend.

 

There are no securities authorized for issuance under any equity compensation plans.

 

Item 6. Selected Financial Data

 

(Amounts in Thousands, Except Per Share Data)

 

   Years Ended 
   May 31,
2018
   May 31,
2017
   May 31,
2016
   May 31,
2015
   May 31,
2014
 
                     
Revenue, Net  $64,990   $62,573   $60,998   $57,403   $49,530 
                          
Income From Operations   909    562    839    432    25 
                          
Net Income (Loss) Attributable to TSR, Inc.   486    268    399    193    (86)
                          
Basic Net Income (Loss) Per TSR, Inc. Common Share   0.25    0.14    0.20    0.10    (0.04)
                          
Working Capital   8,113    7,689    9,391    8,986    8,706 
                          
Total Assets   13,372    14,535    14,090    14,051    13,563 
                          
Total TSR, Inc. Equity   8,224    7,738    9,432    9,033    8,840 
                          
Book Value Per TSR, Inc. Common Share (Total TSR Equity Divided by Common Shares Outstanding)   4.19    3.94    4.81    4.60    4.51 
                          
Cash Dividends Declared Per TSR, Inc. Common Share  $0.00   $1.00   $0.00   $0.00   $0.00 

 

 Page 9 

 

 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis should be read in conjunction with the Company’s consolidated financial statements and notes thereto presented elsewhere in this report.

 

Results of Operations

 

The following table sets forth for the periods indicated certain financial information derived from the Company’s consolidated statements of net income. There can be no assurance that historical trends in operating results will continue in the future:

 

   Years Ended May 31,
(Dollar Amounts in Thousands)
 
   2018   2017 
   Amount   % of
Revenue
   Amount   % of
Revenue
 
Revenue, Net  $64,990    100.0%  $62,573    100.0%
Cost of Sales   54,609    84.0    52,327    83.6 
Gross Profit   10,381    16.0    10,246    16.4 
Selling, General and Administrative Expenses   9,472    14.6    9,684    15.5 
Income from Operations   909    1.4    562    0.9 
Other Income, Net   28    0.0    15    0.0 
Income Before Income Taxes   937    1.4    577    0.9 
Provision for Income Taxes   381    0.6    263    0.4 
Consolidated Net Income   556    0.8    314    0.5 
Net Income Attributable to Noncontrolling Interest   70    0.1    46    0.1 
Net Income Attributable to TSR, Inc.  $486    0.7%  $268    0.4%

 

Revenue

 

Revenue consists primarily of revenue from computer programming consulting services. Revenue for the fiscal year ended May 31, 2018 increased $2,417,000 or 3.9% from fiscal 2017. The increase in revenue resulted primarily from an increase in billing rates and an increase in the average number of consultants on billing with customers. The overall average number of consultants on billing with customers increased slightly from 379 for the fiscal ended May 31, 2017 to 383 for the fiscal year ended May 31, 2018, while the average number of computer programming consultants also increased from 328 for the fiscal year ended May 31, 2017 to 332 in the fiscal year ended May 31, 2018. The 383 consultants on billing for the current period include 51 administrative (non-IT) workers that the Company placed with two large customers at the customers’ requests at billing rates 69.3% lower than those charged for computer programming consultants. The Company also placed an average of 51 administrative (non-IT) workers in the prior fiscal year at billing rates 67.6% lower than those charged for computer programming consultants. The Company charges lower daily billing rates for administrative (non-IT) workers, but also pays lower rates to the administrative (non-IT) workers.

 

Cost of Sales

 

Cost of sales for the fiscal year ended May 31, 2018 increased $2,282,000 or 4.4% to $54,609,000 from $52,327,000 in the prior fiscal year. The increase in cost of sales resulted primarily from an increase in consultants pay rates and benefits. Cost of sales as a percentage of revenue increased from 83.6% in the fiscal year ended May 31, 2017 to 84.0% in the fiscal year ended May 31, 2018. The increase in cost of sales as a percentage of revenue was primarily attributable to lower gross margins on the placement of administrative (non-IT) workers due to a shift in the business mix between the two non-IT customers towards the customer with lower markup limits.

 

 Page 10 

 

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses consist primarily of expenses relating to account executives, technical recruiters, facilities costs, management and corporate overhead. These expenses decreased $212,000 or 2.2% from $9,684,000 in the fiscal year ended May 31, 2017 to $9,472,000 in the fiscal year ended May 31, 2018. The decrease in these expenses resulted primarily from the retirement of the former Chairman offset by an increase in amounts paid for offshore recruiting services to support the hiring of both contract IT and administrative (non-IT) workers. Selling, general and administrative expenses, as a percentage of revenue, decreased from 15.5% in the fiscal year ended May 31, 2017 to 14.6% in the fiscal year ended May 31, 2018 as a result of the reduction in these expenses.

 

Other Income

 

Other income for the fiscal year ended May 31, 2018 resulted primarily from interest and dividend income of $12,000 and a mark to market gain of approximately $15,000 on the Company’s marketable equity securities. Other income for the fiscal year ended May 31, 2017 resulted primarily from interest and dividend income of $11,000 and a mark to market gain of approximately $4,000 on the Company’s marketable equity securities.

 

Income Taxes

 

The effective income tax rates were 40.7% for the fiscal year ended May 31, 2018 and 45.6% for the fiscal year ended May 31, 2017. The rate for fiscal 2018 is impacted by the effects of the new lower federal corporate tax rates effective January 1, 2018. The current tax provision for fiscal 2018 includes a blended federal statutory rate of 28.6%. However, this lower rate is offset, to an extent, by the devaluation of the Company’s deferred tax asset. The benefit of the deferred tax asset will be limited to 21% for federal income tax purposes in fiscal years going forward.

 

Net Income Attributable to TSR, Inc.

 

Net income attributable to TSR, Inc. increased $218,000 from $268,000 in the fiscal year ended May 31, 2017 to net income of $486,000 in the fiscal year ended May 31, 2018. The increase in net income was primarily attributable to the decrease in selling, general and administrative expenses as well as the increase in gross profit generated by the revenue increase.

 

 Page 11 

 

 

Liquidity, Capital Resources and Changes in Financial Condition

 

The Company expects that its available cash, certificates of deposit and marketable securities will be sufficient to provide the Company with adequate resources to meet its liquidity requirements for the 12 month period following the issuance of these financial statements. The Company does not maintain a line of credit facility with any financial institution.

 

At May 31, 2018, the Company had working capital (total current assets in excess of total current liabilities) of $8,113,000 including cash and cash equivalents and certificates of deposit and marketable securities of $5,861,000 as compared to working capital of $7,689,000 including cash and cash equivalents and certificates of deposit and marketable securities of $6,745,000 at May 31, 2017.

 

Net cash flow of $1,131,000 was provided by operations during fiscal 2018 as compared to $750,000 of net cash flow provided by operations in fiscal 2017. The cash provided by operations for fiscal 2018 primarily resulted from consolidated net income of $556,000 and an increase in accounts and other payables and accrued and other liabilities of $410,000. The cash provided by operations for fiscal 2017 primarily resulted from consolidated net income of $314,000, a decrease in accounts receivable of $379,000 and an increase in accounts and other payables and accrued and other liabilities of $125,000, offset, to some extent, by an increase in prepaid expenses of $77,000 and an increase in prepaid and recoverable income taxes of $95,000.

 

Net cash provided by investing activities amounted to $478,000 for fiscal 2018, compared to $523,000 in net cash provided by investing activities in fiscal 2017. The cash provided by investing activities in both 2018 and 2017 primarily resulted from maturing certificates of deposit, a portion of which were not rolled over.

 

Net cash used in financing activities of $2,009,000 during the fiscal years ended May 31, 2018 resulted primarily from the payment of a cash dividend of $1,962,000 and a distribution to the holder of the noncontrolling interest in the Company’s subsidiary, Logixtech Solutions, LLC of $47,000. The distribution to the noncontrolling interest in fiscal 2017 was $64,000.

 

The Company’s capital resource commitments at May 31, 2018 consisted of lease obligations on its branch and corporate facilities. The Company intends to finance these lease commitments from cash flow provided by operations, available cash and short-term marketable securities.

 

The Company’s cash and marketable securities were sufficient to enable it to meet its liquidity requirements during fiscal 2018.

 

 Page 12 

 

 

Impact of New Accounting Standards

 

In May 2014, the FASB issued an update to ASC 606, “Revenue from Contracts with Customers.” This update to ASC 606 provides a five-step process to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. This update to ASC 606 will also result in enhanced disclosures about revenue, providing guidance for transactions that were not previously addressed comprehensively, and improving guidance for multiple-element arrangements. This update to ASC 606 is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of this update, if any, to be immaterial on its consolidated financial statements.

 

In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which applies to the classification of deferred tax assets and liabilities. The update eliminates the requirement to classify deferred tax assets and liabilities as noncurrent or current within a classified statement of financial position. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company adopted this guidance in the first quarter of fiscal 2018. The Company’s deferred tax assets and liabilities have been classified as noncurrent.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of this update, if any, to be immaterial on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. This update is effective for the Company in the fiscal year ending May 31, 2020. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Consideration (Topic 606).” This update contains guidance on principal versus agent assessments when a third party is involved in providing goods or services to a customer. It specifies that an entity is a principal, and thus records revenue on a gross basis, if it controls a good or service before transferring the good or service to the customer. An entity is an agent, and thus records revenue on a net basis, if it arranges for a good or service to be provided by another entity. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of this update, if any, to be immaterial on its consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients (Topic 606).” This update provides certain clarifications to reduce potential diversity and to simplify the standard. The amendments in ASU 2016-12 clarify the following key areas: assessing collectibilty; presenting sales taxes and other similar taxes collected from customers; noncash consideration; contract modifications at transition; completed contracts at transition; and disclosing the accounting change in the period of adoption. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of this update, if any, to be immaterial on its consolidated financial statements.

 

 Page 13 

 

 

Critical Accounting Policies

 

The SEC defines “critical accounting policies” as those that require the application of management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.

 

The Company’s significant accounting policies are described in Note 1 to its consolidated financial statements, contained elsewhere in this report. The Company believes that the following accounting policies require the application of management’s most difficult, subjective or complex judgments:

 

Estimating Allowances for Doubtful Accounts Receivable

 

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based on our historical experience, customer types, creditworthiness, economic trends and any specific customer collection issues that we have identified. While such credit losses have historically been within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. A significant change in the liquidity or financial position of any of our significant customers, or in their willingness to pay, could have a material adverse effect on the collectibility of our accounts receivable and our future operating results.

 

Valuation of Marketable Securities

 

The Company classifies its marketable securities at acquisition as either (i) held-to-maturity, (ii) trading or (iii) available-for-sale. Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to 12 months), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market price, which is Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings.

 

Valuation of Deferred Tax Assets

 

We regularly evaluate our ability to recover the reported amount of our deferred income tax assets considering several factors, including our estimate of the likelihood of the Company generating sufficient taxable income in future years during the period over which temporary differences reverse. Presently, the Company believes that it is more likely than not that it will realize the benefits of its deferred tax assets based primarily on the Company’s history of and projections for taxable income in the future. In the event that actual results differ from our estimates or we adjust these estimates in future periods, we may need to establish a valuation allowance against a portion or all of our deferred tax assets, which could materially impact our financial position or results of operations.

 

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 

The Company is a smaller reporting company and is therefore not required to provide this information.

 

 Page 14 

 

 

Item 8. Financial Statements and Supplementary Data

 

Index to Consolidated Financial Statements

 

  Page
Report of Independent Registered Public Accounting Firm F-1
   
Consolidated Financial Statements:  
   
Consolidated Balance Sheets as of May 31, 2018 and 2017 F-2
   
Consolidated Statements of Income for the years ended May 31, 2018 and 2017 F-4
   
Consolidated Statements of Equity for the years ended May 31, 2018 and 2017 F-5
   
Consolidated Statements of Cash Flows for the years ended May 31, 2018 and 2017 F-6
   
Notes to Consolidated Financial Statements F-7

 

 Page 15 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and
Stockholders of TSR, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of TSR, Inc. and Subsidiaries (the Company) as of May 31, 2018 and 2017, and the related consolidated statements of income, equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ CohnReznick LLP  
   
We have served as the Company’s auditor since 2008.  

 

Jericho, New York

 

August 21, 2018

 

  F-1 

 

 

TSR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

May 31, 2018 and 2017

 

ASSETS

 

   2018   2017 
Current Assets:        
         
Cash and cash equivalents  $5,323,437   $5,723,976 
Certificates of deposit and marketable securities   537,160    1,020,888 
Accounts receivable:          
Trade, net of allowance for doubtful accounts of $185,000 in 2018 and 2017   7,227,823    7,324,291 
Other   2,094    18,455 
    7,229,917    7,342,746 
           
Prepaid expenses   98,344    176,397 
Prepaid and recoverable income taxes   28,214    94,833 
Deferred income taxes   -    106,000 
Total Current Assets   13,217,072    14,464,840 
           
Equipment and leasehold improvements, at cost:          
Equipment   100,980    98,889 
Furniture and fixtures   111,107    111,107 
Automobiles   19,323    19,665 
Leasehold improvements   60,058    60,058 
    291,468    289,719 
           
Less accumulated depreciation and amortization   263,742    269,069 
    27,726    20,650 
           
Other assets   49,653    49,653 
Deferred income taxes   78,000    - 
Total Assets  $13,372,451   $14,535,143 

 

See accompanying notes to consolidated financial statements.

 

  F-2 

 

 

TSR, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

May 31, 2018 and 2017

 

LIABILITIES AND EQUITY

 

   2018   2017 
Current Liabilities:        
         
Accounts and other payables  $559,428   $644,834 
Accrued expenses and other current liabilities:          
Salaries, wages and commissions   3,136,023    2,699,686 
Other   196,990    138,372 
    3,333,013    2,838,058 
           
Dividends payable   -    1,962,062 
Advances from customers   1,211,232    1,330,714 
Total Liabilities   5,103,673    6,775,668 
           
Commitments and Contingencies          
           
Equity:           
TSR, Inc.          
Preferred stock, $1.00 par value, authorized 500,000 shares; none issued   -    - 
Common stock, $0.01 par value, authorized 12,500,000 shares; issued 3,114,163 shares; 1,962,062 outstanding   31,142    31,142 
Additional paid-in capital   5,102,868    5,102,868 
Retained earnings   16,604,219    16,118,011 
    21,738,229    21,252,021 
Less: treasury stock, 1,152,101 shares, at cost   13,514,003    13,514,003 
           
Total TSR, Inc. Equity   8,224,226    7,738,018 
Noncontrolling Interest   44,552    21,457 
           
Total Equity   8,268,778    7,759,475 
Total Liabilities and Equity  $13,372,451   $14,535,143 

 

See accompanying notes to consolidated financial statements.

 

  F-3 

 

 

TSR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

Years Ended May 31, 2018 and 2017

 

   2018   2017 
         
Revenue, net  $64,989,995   $62,572,585 
           
Cost of sales   54,609,095    52,326,521 
Selling, general and administrative expenses   9,471,523    9,683,601 
    64,080,618    62,010,122 
Income from operations   909,377    562,463 
           
Other income:          
Interest and dividend income   12,381    10,888 
Unrealized gain from marketable securities, net   15,272    3,616 
    27,653    14,504 
Income before income taxes   937,030    576,967 
Provision for income taxes   381,000    263,000 
           
Consolidated net income   556,030    313,967 
Less: Net income attributable to noncontrolling interest   69,822    45,778 
           
Net income attributable to TSR, Inc.   $486,208   $268,189 
           
Net income per TSR, Inc. common share  $0.25   $0.14 
           
Weighted average number of common shares outstanding   1,962,062    1,962,062 

 

See accompanying notes to consolidated financial statements.

 

  F-4 

 

 

TSR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended May 31, 2018 and 2017

 

   Shares of
common
stock
   Common
stock
   Additional
paid-in
capital
   Retained
earnings
   Treasury
stock
   TSR, Inc.
equity
   Non-
controlling
interest
   Total
equity
 
Balance at June 1, 2016   3,114,163   $31,142   $5,102,868   $17,811,884   $(13,514,003)  $9,431,891   $39,603   $9,471,494 
                                         
Net income attributable to noncontrolling interest   -    -    -    -    -    -    45,778    45,778 
                                         
Distribution to
noncontrolling interest
   -    -    -    -    -    -    (63,924)   (63,924)
                                         
Cash dividend declared   -    -    -    (1,962,062)   -    (1,962,062)   -    (1,962,062)
                                         
Net income attributable to TSR, Inc.   -    -    -    268,189    -    268,189    -    268,189 
                                         
Balance at May 31, 2017   3,114,163    31,142    5,102,868    16,118,011    (13,514,003)   7,738,018    21,457    7,759,475 
                                         
Net income attributable to noncontrolling interest   -    -    -    -    -    -    69,822    69,822 
                                         
Distribution to
noncontrolling interest
   -    -    -    -    -    -    (46,727)   (46,727)
                                         
Net income attributable to TSR, Inc.   -    -    -    486,208    -    486,208    -    486,208 
                                         
Balance at May 31, 2018   3,114,163   $31,142   $5,102,868   $16,604,219   $(13,514,003)  $8,224,226   $44,552   $8,268,778 

 

See accompanying notes to consolidated financial statements.

 

  F-5 

 

 

TSR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended May 31, 2018 and 2017

 

   2018   2017 
Cash flows from operating activities:          
Consolidated net income  $556,030   $313,967 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:          
Depreciation and amortization   14,339    19,976 
Unrealized gain from marketable securities, net   (15,272)   (3,616)
Deferred income taxes   28,000    25,000 
           
Changes in operating assets and liabilities:          
Accounts receivable-trade   96,468    379,389 
Other receivables   16,361    (7,602)
Prepaid expenses   78,053    (77,328)
Prepaid and recoverable income taxes   66,619    (94,833)
Accounts and other payables and accrued expenses and other current liabilities   409,549    125,077 
Income taxes payable   -    (14,810)
Advances from customers   (119,482)   85,151 
           
Net cash provided by operating activities   1,130,665    750,371 
           
Cash flows from investing activities:          
Proceeds from maturities of marketable securities   992,000    2,523,000 
Purchases of marketable securities   (493,000)   (1,987,000)
Purchases of equipment and leasehold improvements   (21,415)   (12,628)
           
Net cash provided by investing activities   477,585    523,372 
Cash flows from financing activities:          
Cash dividend paid   (1,962,062)   - 
Distributions to noncontrolling interest   (46,727)   (63,924)
           
Net cash used in financing activities   (2,008,789)   (63,924)
           
Net increase (decrease) in cash and cash equivalents   (400,539)   1,209,819 
           
Cash and cash equivalents at beginning of year   5,723,976    4,514,157 
           
Cash and cash equivalents at end of year  $5,323,437   $5,723,976 
           
Supplemental disclosures of cash flow data:          
Income taxes paid  $286,000   $348,000 
           
Non-cash:          
Dividends declared and payable  $-   $1,962,000 

 

See accompanying notes to consolidated financial statements.

 

  F-6 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2018 and 2017

 

(1)Summary of Significant Accounting Policies

 

(a)Business, Nature of Operations and Customer Concentrations

TSR, Inc. and Subsidiaries (the “Company”) are primarily engaged in providing contract computer programming services to commercial customers located primarily in the Metropolitan New York area. The Company provides its customers with technical computer personnel to supplement their in-house information technology (“IT”) capabilities. In addition, beginning in fiscal 2017, the Company has provided and continues to provide administrative (non-IT) workers on a contract basis to two of its existing customers. In fiscal 2018, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 48.7%. The largest of these constituted 20.7% of consolidated revenue. In fiscal 2017, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 44.9%. The largest of these constituted 19.4% of consolidated revenue. The accounts receivable balances associated with the Company’s largest customers were $3,692,000 for three customers at May 31, 2018 and $3,340,000 for three customers at May 31, 2017. The Company operates in one business segment, contract staffing services.

 

(b)Principles of Consolidation

The consolidated financial statements include the accounts of TSR, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

 

(c)Revenue Recognition

The Company’s contract computer programming and administrative staffing services are generally provided under time and materials arrangements with its customers. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, when persuasive evidence of an arrangement exists, the services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. These conditions occur when a customer agreement is effected and the consultant performs the authorized services. Revenue is recorded net of all discounts and processing fees. Advances from customers represent amounts received from customers prior to the Company’s completion of the related services and credit balances from overpayments.

 

Reimbursements received by the Company for out-of-pocket expenses are characterized as revenue.

 

(d)Cash and Cash Equivalents

The Company considers short-term highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents were comprised of the following as of May 31, 2018 and 2017:

 

     2018   2017 
  Cash in banks   $4,723,700   $4,634,245 
  Money market funds    599,737    840,731 
  Certificates of deposit    

-

    249,000 
     $5,323,437   $5,723,976 

 

(Continued)

 

  F-7 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

(e)Certificates of Deposit and Marketable Securities

The Company has characterized its investments in marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

Investments recorded in the accompanying consolidated balance sheets are categorized based on the inputs to valuation techniques as follows:

 

Level 1-These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.
  
Level 2-These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.
  
Level 3-These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

 

The following are the major categories of assets measured at fair value on a recurring basis as of May 31, 2018 and 2017 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3):

 

  May 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit   $-   $493,000   $-   $493,000 
  Equity Securities    44,160    -    -    44,160 
     $44,160   $493,000   $-   $537,160 
                       
  May 31, 2017   Level 1    Level 2    Level 3    Total 
                       
  Certificates of Deposit   $-   $992,000   $-   $992,000 
  Equity Securities    28,888    -    -    28,888 
     $28,888   $992,000   $-   $1,020,888 

 

(Continued)

 

  F-8 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s certificates of deposit and marketable securities at May 31, 2018 and 2017 are summarized as follows:

 

  May 31, 2018  Amortized
Cost
   Gross
Unrealized
Holding
Gains
   Gross
Unrealized
Holding
Losses
   Recorded
Value
 
  Current                
  Certificates of Deposit   $493,000   $-   $      -   $493,000 
  Equity Securities    16,866    27,294    -    44,160 
     $509,866   $27,294   $-   $537,160 
                       
  May 31, 2017                    
  Current
                    
  Certificates of Deposit   $992,000   $-   $-   $992,000 
  Equity Securities    16,866    12,022    -    28,888 
     $1,008,866   $12,022   $-   $1,020,888 

 

The Company’s investments in marketable securities consist primarily of investments in certificates of deposit and equity securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values.

 

(f)Accounts Receivable and Credit Policies

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance, including historical data, experience, customer types, creditworthiness and economic trends. From time-to-time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability.

 

(g)Depreciation and Amortization

Depreciation and amortization of equipment and leasehold improvements has been computed using the straight-line method over the following useful lives:

 

  Equipment  3 years
  Furniture and fixtures  3 years
  Automobiles  3 years
  Leasehold improvements  Lesser of lease term or useful life

 

(Continued)

 

  F-9 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

(h)Net Income Per Common Share

Basic net income per common share is computed by dividing income available to common stockholders of TSR, Inc. by the weighted average number of common shares outstanding. The Company had no stock options or other common stock equivalents outstanding during the fiscal years ended May 31, 2018 or 2017.

 

(i)Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities at enacted rates expected to be in effect when such amounts are realized or settled. The effect of enacted tax law or rate changes is reflected in income in the period of enactment.

 

(j)Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of certain financial instruments. For cash and cash equivalents, accounts receivable, accounts and other payables, accrued liabilities and advances from customers, the amounts presented in the consolidated financial statements approximate fair value because of the short-term maturities of these instruments.

 

(k)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 reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, provisions for doubtful accounts receivable and assessments of the recoverability of the Company’s deferred tax assets. Actual results could differ from those estimates.

 

(l)Long-Lived Assets

The Company reviews its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its fair value.

 

(m)Impact of New Accounting Standards

In May 2014, the FASB issued an update to ASC 606, “Revenue from Contracts with Customers.” This update to ASC 606 provides a five-step process to determine when and how revenue is recognized. The core principle of the guidance is that a Company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. This update to ASC 606 will also result in enhanced disclosures about revenue, providing guidance for transactions that were not previously addressed comprehensively, and improving guidance for multiple-element arrangements. This update to ASC 606 is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which applies to the classification of deferred tax assets and liabilities. The update eliminates the requirement to classify deferred tax assets and liabilities as noncurrent or current within a classified statement of financial position. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company adopted this guidance in the first quarter of fiscal 2018. The Company’s deferred tax assets and liabilities have been classified as noncurrent.

 

(Continued)

 

  F-10 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. This update is effective for the Company in the fiscal year ending May 31, 2020. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Consideration (Topic 606).” This update contains guidance on principal versus agent assessments when a third party is involved in providing goods or services to a customer. It specifies that an entity is a principal, and thus records revenue on a gross basis, if it controls a good or service before transferring the good or service to the customer. An entity is an agent, and thus records revenue on a net basis, if it arranges for a good or service to be provided by another entity. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients (Topic 606).” This update provides certain clarifications to reduce potential diversity and to simplify the standard. The amendments in ASU 2016-12 clarify the following key areas: assessing collectibilty; presenting sales taxes and other similar taxes collected from customers; noncash consideration; contract modifications at transition; completed contracts at transition; and disclosing the accounting change in the period of adoption. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

(n)Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, certificates of deposit, marketable securities and accounts receivable. The Company places its cash equivalents with high-credit quality financial institutions and brokerage houses. The Company has substantially all of its cash in four bank accounts. At times, such amounts may exceed federally insured limits. The Company holds its marketable securities in brokerage accounts. The Company has not experienced losses in any such accounts. The Company’s accounts receivable represent 43 accounts with open balances as of May 31, 2018. As a percentage of revenue, the three largest customers among these 43 accounts consisted of 51.1% of the net accounts receivable balance at May 31, 2018.

 

(Continued)

 

  F-11 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

(2)Income Taxes

A reconciliation of the provision for income taxes computed at the federal statutory rates of 28.6% (blended) for fiscal 2018 and 34.0% for fiscal 2017 to the reported amounts is as follows:

 

     2018   2017 
     Amount   %   Amount   % 
  Amounts at statutory federal tax rate   $268,000    28.6%  $196,000    34.0%
  Noncontrolling interest    (20,000)   (2.1)   (16,000)   (2.8)
  State and local taxes, net of federal income tax effect.   83,000    8.9    56,000    9.7 
  Effect of rate change on deferred asset    32,000    3.4    -    - 
  Non-deductible expenses and other    18,000    1.9    27,000    4.7 
     $381,000    40.7%  $263,000    45.6%

 

The components of the provision for income taxes are as follows:

 

     Federal   State   Total 
  2018: Current   $236,000   $117,000   $353,000 
            Deferred    28,000    -    28,000 
     $264,000   $117,000   $381,000 
                  
  2017: Current   $170,000   $68,000   $238,000 
            Deferred    8,000    17,000    25,000 
     $178,000   $85,000   $263,000 

 

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets at May 31, 2018 and 2017 are as follows:

 

     2018   2017 
  Allowance for doubtful accounts receivable   $53,000   $75,000 
  Accrued compensation and other accrued expenses    37,000    38,000 
  Equipment and leasehold improvement depreciation and amortization    (3,000)   (4,000)
  Acquired client relationships    (1,000)   2,000 
  Unrealized gain    (8,000)   (5,000)
  Total deferred income tax assets   $78,000   $106,000 

 

The Company believes that it is more likely than not that it will realize the benefits of its deferred tax assets based primarily on the Company’s history of and projections for taxable income in the future.

 

(Continued)

 

  F-12 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

The Company recognizes interest and penalties associated with tax matters as selling, general and administrative expenses and includes accrued interest and penalties with accrued and other liabilities in the consolidated balance sheets.

 

In the third quarter of fiscal 2018, the Company revised its estimated annual effective income tax rate to reflect a change in the federal statutory corporate income tax rate from 34% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our fiscal year 2018, using a blended rate for the annual period. As a result, the blended statutory rate for the fiscal year ending May 31, 2018 is 28.6%.

 

In addition, the Company was required in the current year to recognize the change related to adjusting the deferred tax asset to reflect the new corporate tax rate. As a result, income tax expense reported for the year ended May 31, 2018 was adjusted to reflect the effects of the change in the tax law and resulting in a decrease in income tax expense of $21,000. This amount comprises a reduction of $53,000 in income tax expense for the year ended May 31, 2018 related to the lower corporate rate and a charge of $32,000 from the application of the newly enacted reduced rates to the existing net deferred tax asset balances.

 

In the third quarter of fiscal 2018, the Company discovered it had not filed required information returns related to a foreign bank account opened by a subsidiary in fiscal 2016 with contributions totaling approximately $25,000. The Company has accrued an expense of $30,000 with a charge to selling, general and administrative expenses for potential penalties that may be assessed. The Company will monitor this reserve periodically to determine if it is more-likely–than–not that penalties will be assessed. Changes to the reserve may occur due to changes in judgment, abatement, negotiation or expiration of the statute of limitations on the returns.

 

A reconciliation of the beginning and ending amount of unrecognized tax benefit as follows:

 

  Balance at June 1, 2017  $- 
  Additions based on tax positions related to current year   - 
  Additions for tax positions of prior years   30,000 
  Reductions for tax positions of prior years   - 
  Settlements   - 
  Balance at May 31, 2018  $30,000 

 

The Company’s federal and state income tax returns prior to fiscal year 2015 are closed.

 

(3)Commitments and Contingencies

A summary of noncancellable long-term operating lease commitments for facilities as of May 31, 2018 follows:

 

  Fiscal Year  Amount 
  2019  $342,000 
  2020   241,000 
  2021   209,000 
  2022   161,000 
  2023   41,000 
  Thereafter   - 
  Total  $994,000 

 

Total rent expenses under all lease agreements amounted to $369,000 and $372,000 in fiscal 2018 and 2017, respectively.

 

(Continued)

 

  F-13 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

May 31, 2018 and 2017

 

The Company has entered into employment agreements with two of its executive officers expiring in 2020 and 2022, respectively. The total remaining payments under these agreements is $1,900,000 at May 31, 2018.

 

From time-to-time, the Company is party to various lawsuits, some involving substantial amounts. Management is not aware of any lawsuits that would have a material adverse impact on the consolidated financial position of the Company.

 

(4)Stockholders’ Equity

On May 25, 2017, the Company declared a special cash dividend of $1.00 per common share payable on July 14, 2017 to shareholders of record on June 16, 2017. This dividend totaled $1,962,062. The Company has no current plans to implement a quarterly dividend program or pay any other special cash dividend.

 

(5)Retirement Arrangement

Joseph F. Hughes, Chairman of the Board, Chief Executive Officer, President and Treasurer, retired on July 5, 2017. The Board of Directors of the Company elected Christopher Hughes, formerly Senior Vice President of TSR, Inc., to succeed Joseph F. Hughes as Chairman of the Board, Chief Executive Officer, President and Treasurer. Upon his retirement, the Board awarded Joseph F. Hughes a one-time founder’s bonus of $100,000. The Board also approved the continued payment by the Company of the remaining payments of the lease for the automobile used by Joseph F. Hughes until the lease expired in May 2018. Further, the Board approved the continued payment by the Company for health insurance coverage for Joseph F. Hughes and his spouse under the Company’s executive medical plan until May 31, 2018 and payments in lieu of the insurance coverage for two years thereafter. Joseph F. Hughes and his spouse have remained on the executive medical plan subsequent to May 31, 2018 at the Company’s expense in lieu of the direct payments to them for this coverage, saving the Company a small amount monthly. The total amount of these retirement benefits were accrued in the quarter ended August 31, 2017, resulting in charges amounting to $180,000, which were included in selling, general and administrative expenses for fiscal 2018.

 

(6)Subsequent Event

Through an amendment to filings with the United States Securities and Exchange Commission on Schedule 13D by Joseph F. Hughes and Winifred M. Hughes, the Company has been informed that on July 20, 2018, Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC entered an agreement to purchase 819,491 shares of the Company’s Common Stock (the “Shares”) which were held by Joseph F. Hughes and Winifred M. Hughes. Joseph F. Hughes is the former Chairman and Chief Executive Officer of the Company. The Shares were sold in a privately negotiated transaction for a purchase price of $6.25 per share, or $5,121,819 in the aggregate, and the Shares collectively represent 41.8% of the Company’s issued and outstanding Common Stock. It had also been disclosed that Zeff Capital, LP owned 77,615 shares of the Company’s Common Stock, which represented approximately 4.0% of the Company’s issued and outstanding Common Stock. Each of the purchasers of the Shares has significant voting power on all matters subject to a vote of the Company’s stockholders.

 

Prior to the sale of the Shares by Joseph F. Hughes and Winifred M. Hughes to Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC described above, the Company had received a letter on June 25, 2018 from James Hughes on behalf of Joseph F. Hughes and Winifred M. Hughes, in which Joseph F. Hughes and Winifred M. Hughes requested that the Board pursue a sale of the Company. On July 9, 2018, by resolution, the Board established a Special Committee of the Board to review this request, and to consider and evaluate other strategic alternatives available to the Company in the context of that review, including (a) potential opportunities for a sale of the Company by way of merger, consolidation, sale of equity securities (including the Company’s outstanding Common Stock), sale of all or substantially all of the Company’s assets, or other strategic transactions; (b) recapitalization of the Company; (c) the sale or exchange of the shares of Common Stock held (at that time) by Mr. Hughes and Mrs. Hughes in a transaction involving the Company; or (d) remaining independent and continuing to execute the Company’s business plans on a standalone basis, and to review, consider and evaluate, for purposes of advising the full Board, whether any of the potential strategic alternatives is in the best interests of the Company’s stockholders. The Special Committee has remained in place following the acquisition of the Shares by Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC from Joseph F. Hughes and Winifred M. Hughes described above.

 

  F-14 

 

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None

 

Item 9A. Controls and Procedures

 

Disclosure Controls and Procedures. The Company conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures are effective.

 

Internal Control Over Financial Reporting. There was no change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s most recently reported completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Management’s Report on Internal Control Over Financial Reporting. The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Under the supervision and with the participation of the Company’s management, including its principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on criteria established in the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, the Company’s management concluded that its internal control over financial reporting was effective as of May 31, 2018.

 

Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, internal control over financial reporting determined to be effective can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect all misstatements. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

 

Item 9B. Other Information

 

None

 

  Page 16 

 

 

Part III

 

Item 10. Directors, Executive Officers and Corporate Governance

 

The information required by this Item 10 is incorporated by reference to the Company’s definitive proxy statement in connection with the 2018 Annual Meeting of Stockholders.

 

Item 11. Executive Compensation

 

The information required by this Item 11 is incorporated by reference to the Company’s definitive proxy statement in connection with the 2018 Annual Meeting of Stockholders.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The information required by this Item 12 is incorporated by reference to the Company’s definitive proxy statement in connection with the 2018 Annual Meeting of Stockholders.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

 

The information required by this Item 13 is incorporated by reference to the Company’s definitive proxy statement in connection with the 2018 Annual Meeting of Stockholders.

 

Item 14. Principal Accounting Fees and Services

 

The information required by this Item 14 is incorporated by reference to the Company’s definitive proxy statement in connection with the 2018 Annual Meeting of Stockholders.

 

Part IV

 

Item 15. Exhibits and Financial Statement Schedules

 

(a)The following documents are filed as part of this report:

 

1. The consolidated financial statements as indicated in the index set forth on page 15.

 

Financial Statement Schedules have been omitted, since they are either not applicable, not required or the information is included elsewhere herein.

 

2. Exhibits as listed in Exhibit Index on page 19.

 

  Page 17 

 

 

Signatures

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the Undersigned, thereunto duly authorized.

 

TSR, INC.

 

By: /s/ Christopher Hughes  
  Christopher Hughes,
Chairman, Chief Executive Officer, President, Treasurer and Principal Executive Officer
 

 

Dated: August 21, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

 

/s/ Christopher Hughes  
Christopher Hughes,
Chairman, Chief Executive Officer, President, Treasurer and Principal Executive Officer
 
   
/s/ John G. Sharkey  
John G. Sharkey,
Vice President, Finance and Principal Accounting Officer
 
   
/s/ Raymond A. Roel  
Raymond A. Roel,
Director
 
   
/s/ Brian J. Mangan  
Brian J. Mangan,
Director
 
   
/s/ Regina Dowd  
Regina Dowd,
Director
 
   
/s/ Eric M. Stein  
Eric M. Stein,
Director
 
   
/s/ Joseph Pennacchio  
Joseph Pennacchio,
Director
 
   
/s/ William J. Kelly  
William J. Kelly,
Director
 

 

Dated: August 21, 2018

 

  Page 18 

 

 

TSR, INC. AND SUBSIDIARIES

EXHIBIT INDEX

FORM 10-K, MAY 31, 2018

 

Exhibit
Number
  Exhibit
3.1   Articles of Incorporation for the Company, as amended.  Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K filed by the Company for the fiscal year ended May 31, 1998.
     
3.2   Bylaws of the Company, as amended incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Company on April 10, 2015.
     
10.1   Amended and Restated Employment Agreement between TSR, Inc. and Christopher Hughes dated as of August 9, 2018.  Incorporated by reference to the Form 8-K filed by the Company on August 14, 2018.
     
10.2   Employment Agreement dated as of  June 1, 2015 between the Company and John G. Sharkey incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed by the Company on April 28, 2015.
     
21   List of Subsidiaries.
     
31.1   Certification by Christopher Hughes Pursuant to Securities Exchange Act Rule 13a-14(a).
     
31.2   Certification by John G. Sharkey Pursuant to Securities Exchange Act Rule 13a-14(a).
     
32.1   Certification of Christopher Hughes Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certification of John G. Sharkey Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

  Page 19 

 

EX-21 2 f10k2018ex21_tsrinc.htm LIST OF SUBSIDIARIES

Exhibit 21

 

TSR, INC. AND SUBSIDIARIES

List of Subsidiaries to Report on Form 10-K

Fiscal Year Ended May 31, 2018

 

Name   State of Incorporation/Formation
TSR Consulting Services, Inc.   New York
Logixtech Solutions, LLC   Delaware
Eurologix S.a.r.l.   Luxembourg

 

EX-31.1 3 f10k2018ex31-1_tsrinc.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION PURSUANT TO SECURITIES EXCHANGE ACT RULE 13A-14(A)

 

I, Christopher Hughes, Chairman of the Board, Chief Executive Officer, President and Treasurer, certify that:

 

1.I have reviewed this Annual Report on Form 10-K of TSR, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  Date: August 21, 2018
   
  /s/ Christopher Hughes
  Chairman of the Board,
  Chief Executive Officer,
  President, Treasurer and
  Principal Executive Officer

EX-31.2 4 f10k2018ex31-2_tsrinc.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION PURSUANT TO SECURITIES EXCHANGE ACT RULE 13A-14(A)

 

I, John G. Sharkey, Vice President-Finance and Principal Accounting Officer, certify that:

 

1.I have reviewed this Annual Report on Form 10-K of TSR, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  Date: August 21, 2018
   
  /s/ John G. Sharkey
  Vice President-Finance and
  Principal Accounting Officer

 

EX-32.1 5 f10k2018ex32-1_tsrinc.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of TSR, Inc. (the “Company”) on Form 10-K for the year ended May 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher Hughes, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

The forgoing certification is incorporated solely for the purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to be used for any other purpose.

 

  /s/ Christopher Hughes
  Chairman of the Board,
  Chief Executive Officer,
  President, Treasurer and
  Principal Executive Officer
   
  August 21, 2018

 

EX-32.2 6 f10k2018ex32-2_tsrinc.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of TSR, Inc. (the “Company”) on Form 10-K for the year ended May 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John G. Sharkey, Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

The forgoing certification is incorporated solely for the purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to be used for any other purpose.

 

  /s/ John G. Sharkey
  Vice President-Finance and
  Principal Accounting Officer
   
  August 21, 2018

 

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font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; 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font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; 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12 Months Ended
May 31, 2018
Jun. 30, 2018
Nov. 30, 2017
Document and Entity Information [Abstract]      
Entity Registrant Name TSR INC    
Entity Central Index Key 0000098338    
Trading Symbol TSRI    
Amendment Flag false    
Current Fiscal Year End Date --05-31    
Document Type 10-K    
Document Period End Date May 31, 2018    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2018    
Entity Filer Category Smaller Reporting Company    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 5,475,000
Entity Common Stock, Shares Outstanding   1,962,062  
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May 31, 2017
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Certificates of deposit and marketable securities 537,160 1,020,888
Accounts receivable:    
Trade, net of allowance for doubtful accounts of $185,000 in 2018 and 2017 7,227,823 7,324,291
Other 2,094 18,455
Total accounts receivable 7,229,917 7,342,746
Prepaid expenses 98,344 176,397
Prepaid and recoverable income taxes 28,214 94,833
Deferred income taxes 106,000
Total Current Assets 13,217,072 14,464,840
Equipment and leasehold improvements, at cost:    
Equipment 100,980 98,889
Furniture and fixtures 111,107 111,107
Automobiles 19,323 19,665
Leasehold improvements 60,058 60,058
Equipment and leasehold improvements 291,468 289,719
Less accumulated depreciation and amortization 263,742 269,069
Total equipment and leasehold improvements, at cost 27,726 20,650
Other assets 49,653 49,653
Deferred income taxes 78,000
Total Assets 13,372,451 14,535,143
Current Liabilities:    
Accounts and other payables 559,428 644,834
Accrued expenses and other current liabilities:    
Salaries, wages and commissions 3,136,023 2,699,686
Other 196,990 138,372
Total accrued expenses and other current liabilities 3,333,013 2,838,058
Dividends payable 1,962,062
Advances from customers 1,211,232 1,330,714
Total Liabilities 5,103,673 6,775,668
Commitments and Contingencies
Equity: TSR, Inc.    
Preferred stock, $1.00 par value, authorized 500,000 shares; none issued
Common stock, $0.01 par value, authorized 12,500,000 shares; issued 3,114,163 shares; 1,962,062 outstanding 31,142 31,142
Additional paid-in capital 5,102,868 5,102,868
Retained earnings 16,604,219 16,118,011
Shareholder's equity before treasury stock 21,738,229 21,252,021
Less: treasury stock, 1,152,101 shares, at cost 13,514,003 13,514,003
Total TSR, Inc. Equity 8,224,226 7,738,018
Noncontrolling Interest 44,552 21,457
Total Equity 8,268,778 7,759,475
Total Liabilities and Equity $ 13,372,451 $ 14,535,143
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Consolidated Balance Sheets (Parenthetical) - USD ($)
May 31, 2018
May 31, 2017
Statement of Financial Position [Abstract]    
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Preferred stock, par value $ 1 $ 1
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 12,500,000 12,500,000
Common stock, shares issued 3,114,163 3,114,163
Common stock, shares outstanding 1,962,062 1,962,062
Treasury stock, shares 1,152,101 1,152,101
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Consolidated Statements of Income - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Income Statement [Abstract]    
Revenue, net $ 64,989,995 $ 62,572,585
Cost of sales 54,609,095 52,326,521
Selling, general and administrative expenses 9,471,523 9,683,601
Cost and expenses, total 64,080,618 62,010,122
Income from operations 909,377 562,463
Other income:    
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Unrealized gain from marketable securities, net 15,272 3,616
Total other income 27,653 14,504
Income before income taxes 937,030 576,967
Provision for income taxes 381,000 263,000
Consolidated net income 556,030 313,967
Less: Net income attributable to noncontrolling interest 69,822 45,778
Net income attributable to TSR, Inc. $ 486,208 $ 268,189
Net income per TSR, Inc. common share $ 0.25 $ 0.14
Weighted average number of common shares outstanding 1,962,062 1,962,062
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Consolidated Statements of Equity - USD ($)
Common stock
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Retained earnings
Treasury stock
TSR, Inc. equity
Non-controlling interest
Total
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Balance, shares at May. 31, 2016 3,114,163            
Net income attributable to noncontrolling interest 45,778 45,778
Distribution to noncontrolling interest (63,924) (63,924)
Cash dividend declared (1,962,062) (1,962,062) (1,962,062)
Net income attributable to TSR, Inc. 268,189 268,189 268,189
Balance at May. 31, 2017 $ 31,142 5,102,868 16,118,011 (13,514,003) 7,738,018 21,457 7,759,475
Balance, shares at May. 31, 2017 3,114,163            
Net income attributable to noncontrolling interest 69,822 69,822
Distribution to noncontrolling interest (46,727) (46,727)
Net income attributable to TSR, Inc. 486,208 486,208 486,208
Balance at May. 31, 2018 $ 31,142 $ 5,102,868 $ 16,604,219 $ (13,514,003) $ 8,224,226 $ 44,552 $ 8,268,778
Balance, shares at May. 31, 2018 3,114,163            
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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Cash flows from operating activities:    
Consolidated net income $ 556,030 $ 313,967
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 14,339 19,976
Unrealized gain from marketable securities, net (15,272) (3,616)
Deferred income taxes 28,000 25,000
Changes in operating assets and liabilities:    
Accounts receivable-trade 96,468 379,389
Other receivables 16,361 (7,602)
Prepaid expenses 78,053 (77,328)
Prepaid and recoverable income taxes 66,619 (94,833)
Accounts and other payables and accrued expenses and other current liabilities 409,549 125,077
Income taxes payable (14,810)
Advances from customers (119,482) 85,151
Net cash provided by operating activities 1,130,665 750,371
Cash flows from investing activities:    
Proceeds from maturities of marketable securities 992,000 2,523,000
Purchases of marketable securities (493,000) (1,987,000)
Purchases of equipment and leasehold improvements (21,415) (12,628)
Net cash provided by investing activities 477,585 523,372
Cash flows from financing activities:    
Cash dividend paid (1,962,062)
Distributions to noncontrolling interest (46,727) (63,924)
Net cash used in financing activities (2,008,789) (63,924)
Net increase (decrease) in cash and cash equivalents (400,539) 1,209,819
Cash and cash equivalents at beginning of year 5,723,976 4,514,157
Cash and cash equivalents at end of year 5,323,437 5,723,976
Supplemental disclosures of cash flow data:    
Income taxes paid 286,000 348,000
Non-cash:    
Dividends declared and payable $ 1,962,000
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
12 Months Ended
May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Significant Accounting Policies
(1)Summary of Significant Accounting Policies

 

(a)Business, Nature of Operations and Customer Concentrations

TSR, Inc. and Subsidiaries (the “Company”) are primarily engaged in providing contract computer programming services to commercial customers located primarily in the Metropolitan New York area. The Company provides its customers with technical computer personnel to supplement their in-house information technology (“IT”) capabilities. In addition, beginning in fiscal 2017, the Company has provided and continues to provide administrative (non-IT) workers on a contract basis to two of its existing customers. In fiscal 2018, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 48.7%. The largest of these constituted 20.7% of consolidated revenue. In fiscal 2017, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 44.9%. The largest of these constituted 19.4% of consolidated revenue. The accounts receivable balances associated with the Company’s largest customers were $3,692,000 for three customers at May 31, 2018 and $3,340,000 for three customers at May 31, 2017. The Company operates in one business segment, contract staffing services.

 

(b)Principles of Consolidation

The consolidated financial statements include the accounts of TSR, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

 

(c)Revenue Recognition

The Company’s contract computer programming and administrative staffing services are generally provided under time and materials arrangements with its customers. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, when persuasive evidence of an arrangement exists, the services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. These conditions occur when a customer agreement is effected and the consultant performs the authorized services. Revenue is recorded net of all discounts and processing fees. Advances from customers represent amounts received from customers prior to the Company’s completion of the related services and credit balances from overpayments.

 

Reimbursements received by the Company for out-of-pocket expenses are characterized as revenue.

 

(d)Cash and Cash Equivalents

The Company considers short-term highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents were comprised of the following as of May 31, 2018 and 2017:

 

     2018   2017 
  Cash in banks   $4,723,700   $4,634,245 
  Money market funds    599,737    840,731 
  Certificates of deposit    

-

    249,000 
     $5,323,437   $5,723,976 

 

(e)Certificates of Deposit and Marketable Securities

The Company has characterized its investments in marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

Investments recorded in the accompanying consolidated balance sheets are categorized based on the inputs to valuation techniques as follows:

 

Level 1-These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.
  
Level 2-These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.
  
Level 3-These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

 

The following are the major categories of assets measured at fair value on a recurring basis as of May 31, 2018 and 2017 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3):

 

  May 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit   $-   $493,000   $-   $493,000 
  Equity Securities    44,160    -    -    44,160 
     $44,160   $493,000   $-   $537,160 
                       
  May 31, 2017   Level 1    Level 2    Level 3    Total 
                       
  Certificates of Deposit   $-   $992,000   $-   $992,000 
  Equity Securities    28,888    -    -    28,888 
     $28,888   $992,000   $-   $1,020,888 

  

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s certificates of deposit and marketable securities at May 31, 2018 and 2017 are summarized as follows:

 

  May 31, 2018  Amortized
Cost
   Gross
Unrealized
Holding
Gains
   Gross
Unrealized
Holding
Losses
   Recorded
Value
 
  Current                
  Certificates of Deposit   $493,000   $-   $      -   $493,000 
  Equity Securities    16,866    27,294    -    44,160 
     $509,866   $27,294   $-   $537,160 
                       
  May 31, 2017                    
  Current
                    
  Certificates of Deposit   $992,000   $-   $-   $992,000 
  Equity Securities    16,866    12,022    -    28,888 
     $1,008,866   $12,022   $-   $1,020,888 

 

The Company’s investments in marketable securities consist primarily of investments in certificates of deposit and equity securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values.

 

(f)Accounts Receivable and Credit Policies

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance, including historical data, experience, customer types, creditworthiness and economic trends. From time-to-time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability.

 

(g)Depreciation and Amortization

Depreciation and amortization of equipment and leasehold improvements has been computed using the straight-line method over the following useful lives:

 

  Equipment  3 years
  Furniture and fixtures  3 years
  Automobiles  3 years
  Leasehold improvements  Lesser of lease term or useful life

  

(h)Net Income Per Common Share

Basic net income per common share is computed by dividing income available to common stockholders of TSR, Inc. by the weighted average number of common shares outstanding. The Company had no stock options or other common stock equivalents outstanding during the fiscal years ended May 31, 2018 or 2017.

 

(i)Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities at enacted rates expected to be in effect when such amounts are realized or settled. The effect of enacted tax law or rate changes is reflected in income in the period of enactment.

 

(j)Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of certain financial instruments. For cash and cash equivalents, accounts receivable, accounts and other payables, accrued liabilities and advances from customers, the amounts presented in the consolidated financial statements approximate fair value because of the short-term maturities of these instruments.

 

(k)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 reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, provisions for doubtful accounts receivable and assessments of the recoverability of the Company’s deferred tax assets. Actual results could differ from those estimates.

 

(l)Long-Lived Assets

The Company reviews its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its fair value.

 

(m)Impact of New Accounting Standards

In May 2014, the FASB issued an update to ASC 606, “Revenue from Contracts with Customers.” This update to ASC 606 provides a five-step process to determine when and how revenue is recognized. The core principle of the guidance is that a Company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. This update to ASC 606 will also result in enhanced disclosures about revenue, providing guidance for transactions that were not previously addressed comprehensively, and improving guidance for multiple-element arrangements. This update to ASC 606 is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which applies to the classification of deferred tax assets and liabilities. The update eliminates the requirement to classify deferred tax assets and liabilities as noncurrent or current within a classified statement of financial position. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company adopted this guidance in the first quarter of fiscal 2018. The Company’s deferred tax assets and liabilities have been classified as noncurrent.

  

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. This update is effective for the Company in the fiscal year ending May 31, 2020. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Consideration (Topic 606).” This update contains guidance on principal versus agent assessments when a third party is involved in providing goods or services to a customer. It specifies that an entity is a principal, and thus records revenue on a gross basis, if it controls a good or service before transferring the good or service to the customer. An entity is an agent, and thus records revenue on a net basis, if it arranges for a good or service to be provided by another entity. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients (Topic 606).” This update provides certain clarifications to reduce potential diversity and to simplify the standard. The amendments in ASU 2016-12 clarify the following key areas: assessing collectibilty; presenting sales taxes and other similar taxes collected from customers; noncash consideration; contract modifications at transition; completed contracts at transition; and disclosing the accounting change in the period of adoption. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

(n)Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, certificates of deposit, marketable securities and accounts receivable. The Company places its cash equivalents with high-credit quality financial institutions and brokerage houses. The Company has substantially all of its cash in four bank accounts. At times, such amounts may exceed federally insured limits. The Company holds its marketable securities in brokerage accounts. The Company has not experienced losses in any such accounts. The Company’s accounts receivable represent 43 accounts with open balances as of May 31, 2018. As a percentage of revenue, the three largest customers among these 43 accounts consisted of 51.1% of the net accounts receivable balance at May 31, 2018.

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
12 Months Ended
May 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
(2)Income Taxes

A reconciliation of the provision for income taxes computed at the federal statutory rates of 28.6% (blended) for fiscal 2018 and 34.0% for fiscal 2017 to the reported amounts is as follows:

 

     2018   2017 
     Amount   %   Amount   % 
  Amounts at statutory federal tax rate   $268,000    28.6%  $196,000    34.0%
  Noncontrolling interest    (20,000)   (2.1)   (16,000)   (2.8)
  State and local taxes, net of federal income tax effect.   83,000    8.9    56,000    9.7 
  Effect of rate change on deferred asset    32,000    3.4    -    - 
  Non-deductible expenses and other    18,000    1.9    27,000    4.7 
     $381,000    40.7%  $263,000    45.6%

 

The components of the provision for income taxes are as follows:

 

     Federal   State   Total 
  2018: Current   $236,000   $117,000   $353,000 
            Deferred    28,000    -    28,000 
     $264,000   $117,000   $381,000 
                  
  2017: Current   $170,000   $68,000   $238,000 
            Deferred    8,000    17,000    25,000 
     $178,000   $85,000   $263,000 

 

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets at May 31, 2018 and 2017 are as follows:

 

     2018   2017 
  Allowance for doubtful accounts receivable   $53,000   $75,000 
  Accrued compensation and other accrued expenses    37,000    38,000 
  Equipment and leasehold improvement depreciation and amortization    (3,000)   (4,000)
  Acquired client relationships    (1,000)   2,000 
  Unrealized gain    (8,000)   (5,000)
  Total deferred income tax assets   $78,000   $106,000 

 

The Company believes that it is more likely than not that it will realize the benefits of its deferred tax assets based primarily on the Company’s history of and projections for taxable income in the future.

  

The Company recognizes interest and penalties associated with tax matters as selling, general and administrative expenses and includes accrued interest and penalties with accrued and other liabilities in the consolidated balance sheets.

 

In the third quarter of fiscal 2018, the Company revised its estimated annual effective income tax rate to reflect a change in the federal statutory corporate income tax rate from 34% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our fiscal year 2018, using a blended rate for the annual period. As a result, the blended statutory rate for the fiscal year ending May 31, 2018 is 28.6%.

 

In addition, the Company was required in the current year to recognize the change related to adjusting the deferred tax asset to reflect the new corporate tax rate. As a result, income tax expense reported for the year ended May 31, 2018 was adjusted to reflect the effects of the change in the tax law and resulting in a decrease in income tax expense of $21,000. This amount comprises a reduction of $53,000 in income tax expense for the year ended May 31, 2018 related to the lower corporate rate and a charge of $32,000 from the application of the newly enacted reduced rates to the existing net deferred tax asset balances.

 

In the third quarter of fiscal 2018, the Company discovered it had not filed required information returns related to a foreign bank account opened by a subsidiary in fiscal 2016 with contributions totaling approximately $25,000. The Company has accrued an expense of $30,000 with a charge to selling, general and administrative expenses for potential penalties that may be assessed. The Company will monitor this reserve periodically to determine if it is more-likely–than–not that penalties will be assessed. Changes to the reserve may occur due to changes in judgment, abatement, negotiation or expiration of the statute of limitations on the returns.

 

A reconciliation of the beginning and ending amount of unrecognized tax benefit as follows:

 

  Balance at June 1, 2017  $- 
  Additions based on tax positions related to current year   - 
  Additions for tax positions of prior years   30,000 
  Reductions for tax positions of prior years   - 
  Settlements   - 
  Balance at May 31, 2018  $30,000 

 

The Company’s federal and state income tax returns prior to fiscal year 2015 are closed.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
12 Months Ended
May 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
(3)Commitments and Contingencies

A summary of noncancellable long-term operating lease commitments for facilities as of May 31, 2018 follows:

 

  Fiscal Year  Amount 
  2019  $342,000 
  2020   241,000 
  2021   209,000 
  2022   161,000 
  2023   41,000 
  Thereafter   - 
  Total  $994,000 

 

Total rent expenses under all lease agreements amounted to $369,000 and $372,000 in fiscal 2018 and 2017, respectively.

 

The Company has entered into employment agreements with two of its executive officers expiring in 2020 and 2022, respectively. The total remaining payments under these agreements is $1,900,000 at May 31, 2018.

 

From time to time, the Company is party to various lawsuits, some involving substantial amounts. Management is not aware of any lawsuits that would have a material adverse impact on the consolidated financial position of the Company.

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
12 Months Ended
May 31, 2018
Equity [Abstract]  
Stockholders' Equity
(4)Stockholders’ Equity

On May 25, 2017, the Company declared a special cash dividend of $1.00 per common share payable on July 14, 2017 to shareholders of record on June 16, 2017. This dividend totaled $1,962,062. The Company has no current plans to implement a quarterly dividend program or pay any other special cash dividend.

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Retirement Arrangement
12 Months Ended
May 31, 2018
Retirement Benefits [Abstract]  
Retirement Arrangement
(5)Retirement Arrangement

Joseph F. Hughes, Chairman of the Board, Chief Executive Officer, President and Treasurer, retired on July 5, 2017. The Board of Directors of the Company elected Christopher Hughes, formerly Senior Vice President of TSR, Inc., to succeed Joseph F. Hughes as Chairman of the Board, Chief Executive Officer, President and Treasurer. Upon his retirement, the Board awarded Joseph F. Hughes a one-time founder’s bonus of $100,000. The Board also approved the continued payment by the Company of the remaining payments of the lease for the automobile used by Joseph F. Hughes until the lease expired in May 2018. Further, the Board approved the continued payment by the Company for health insurance coverage for Joseph F. Hughes and his spouse under the Company’s executive medical plan until May 31, 2018 and payments in lieu of the insurance coverage for two years thereafter. Joseph F. Hughes and his spouse have remained on the executive medical plan subsequent to May 31, 2018 at the Company’s expense in lieu of the direct payments to them for this coverage, saving the Company a small amount monthly. The total amount of these retirement benefits were accrued in the quarter ended August 31, 2017, resulting in charges amounting to $180,000, which were included in selling, general and administrative expenses for fiscal 2018.

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event
12 Months Ended
May 31, 2018
Subsequent Events [Abstract]  
Subsequent Event
(6)Subsequent Event

Through an amendment to filings with the United States Securities and Exchange Commission on Schedule 13D by Joseph F. Hughes and Winifred M. Hughes, the Company has been informed that on July 20, 2018, Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC entered an agreement to purchase 819,491 shares of the Company’s Common Stock (the “Shares”) which were held by Joseph F. Hughes and Winifred M. Hughes. Joseph F. Hughes is the former Chairman and Chief Executive Officer of the Company. The Shares were sold in a privately negotiated transaction for a purchase price of $6.25 per share, or $5,121,819 in the aggregate, and the Shares collectively represent 41.8% of the Company’s issued and outstanding Common Stock. It had also been disclosed that Zeff Capital, LP owned 77,615 shares of the Company’s Common Stock, which represented approximately 4.0% of the Company’s issued and outstanding Common Stock. Each of the purchasers of the Shares has significant voting power on all matters subject to a vote of the Company’s stockholders.

 

Prior to the sale of the Shares by Joseph F. Hughes and Winifred M. Hughes to Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC described above, the Company had received a letter on June 25, 2018 from James Hughes on behalf of Joseph F. Hughes and Winifred M. Hughes, in which Joseph F. Hughes and Winifred M. Hughes requested that the Board pursue a sale of the Company. On July 9, 2018, by resolution, the Board established a Special Committee of the Board to review this request, and to consider and evaluate other strategic alternatives available to the Company in the context of that review, including (a) potential opportunities for a sale of the Company by way of merger, consolidation, sale of equity securities (including the Company’s outstanding Common Stock), sale of all or substantially all of the Company’s assets, or other strategic transactions; (b) recapitalization of the Company; (c) the sale or exchange of the shares of Common Stock held (at that time) by Mr. Hughes and Mrs. Hughes in a transaction involving the Company; or (d) remaining independent and continuing to execute the Company’s business plans on a standalone basis, and to review, consider and evaluate, for purposes of advising the full Board, whether any of the potential strategic alternatives is in the best interests of the Company’s stockholders. The Special Committee has remained in place following the acquisition of the Shares by Zeff Capital, LP, QAR Industries, Inc. and Fintech Consulting LLC from Joseph F. Hughes and Winifred M. Hughes described above.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
12 Months Ended
May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business, Nature of Operations and Customer Concentrations

(a)Business, Nature of Operations and Customer Concentrations

TSR, Inc. and Subsidiaries (the “Company”) are primarily engaged in providing contract computer programming services to commercial customers located primarily in the Metropolitan New York area. The Company provides its customers with technical computer personnel to supplement their in-house information technology (“IT”) capabilities. In addition, beginning in fiscal 2017, the Company has provided and continues to provide administrative (non-IT) workers on a contract basis to two of its existing customers. In fiscal 2018, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 48.7%. The largest of these constituted 20.7% of consolidated revenue. In fiscal 2017, three customers each accounted for more than 10% of the Company’s consolidated revenue, constituting a combined 44.9%. The largest of these constituted 19.4% of consolidated revenue. The accounts receivable balances associated with the Company’s largest customers were $3,692,000 for three customers at May 31, 2018 and $3,340,000 for three customers at May 31, 2017. The Company operates in one business segment, contract staffing services.

Principles of Consolidation

(b)Principles of Consolidation

The consolidated financial statements include the accounts of TSR, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Revenue Recognition

(c)Revenue Recognition

The Company’s contract computer programming and administrative staffing services are generally provided under time and materials arrangements with its customers. Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition”, when persuasive evidence of an arrangement exists, the services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. These conditions occur when a customer agreement is effected and the consultant performs the authorized services. Revenue is recorded net of all discounts and processing fees. Advances from customers represent amounts received from customers prior to the Company’s completion of the related services and credit balances from overpayments.

 

Reimbursements received by the Company for out-of-pocket expenses are characterized as revenue.

Cash and Cash Equivalents
(d)Cash and Cash Equivalents

The Company considers short-term highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents were comprised of the following as of May 31, 2018 and 2017:

 

     2018   2017 
  Cash in banks   $4,723,700   $4,634,245 
  Money market funds    599,737    840,731 
  Certificates of deposit    

-

    249,000 
     $5,323,437   $5,723,976 
Certificates of Deposit and Marketable Securities
(e)Certificates of Deposit and Marketable Securities

The Company has characterized its investments in marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

Investments recorded in the accompanying consolidated balance sheets are categorized based on the inputs to valuation techniques as follows:

 

Level 1-These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.
  
Level 2-These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.
  
Level 3-These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

 

The following are the major categories of assets measured at fair value on a recurring basis as of May 31, 2018 and 2017 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3):

 

  May 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit   $-   $493,000   $-   $493,000 
  Equity Securities    44,160    -    -    44,160 
     $44,160   $493,000   $-   $537,160 
                       
  May 31, 2017   Level 1    Level 2    Level 3    Total 
                       
  Certificates of Deposit   $-   $992,000   $-   $992,000 
  Equity Securities    28,888    -    -    28,888 
     $28,888   $992,000   $-   $1,020,888 

  

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s certificates of deposit and marketable securities at May 31, 2018 and 2017 are summarized as follows:

 

  May 31, 2018  Amortized
Cost
   Gross
Unrealized
Holding
Gains
   Gross
Unrealized
Holding
Losses
   Recorded
Value
 
  Current                
  Certificates of Deposit   $493,000   $-   $      -   $493,000 
  Equity Securities    16,866    27,294    -    44,160 
     $509,866   $27,294   $-   $537,160 
                       
  May 31, 2017                    
  Current
                    
  Certificates of Deposit   $992,000   $-   $-   $992,000 
  Equity Securities    16,866    12,022    -    28,888 
     $1,008,866   $12,022   $-   $1,020,888 

 

The Company’s investments in marketable securities consist primarily of investments in certificates of deposit and equity securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values.

Accounts Receivable and Credit Policies
(f)Accounts Receivable and Credit Policies

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance, including historical data, experience, customer types, creditworthiness and economic trends. From time-to-time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability.

Depreciation and Amortization
(g)Depreciation and Amortization

Depreciation and amortization of equipment and leasehold improvements has been computed using the straight-line method over the following useful lives:

 

  Equipment  3 years
  Furniture and fixtures  3 years
  Automobiles  3 years
  Leasehold improvements  Lesser of lease term or useful life
Net Income Per Common Share
(h)Net Income Per Common Share

Basic net income per common share is computed by dividing income available to common stockholders of TSR, Inc. by the weighted average number of common shares outstanding. The Company had no stock options or other common stock equivalents outstanding during the fiscal years ended May 31, 2018 or 2017.

Income Taxes
(i)Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial reporting and tax bases of the Company’s assets and liabilities at enacted rates expected to be in effect when such amounts are realized or settled. The effect of enacted tax law or rate changes is reflected in income in the period of enactment.

Fair Value of Financial Instruments
(j)Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of certain financial instruments. For cash and cash equivalents, accounts receivable, accounts and other payables, accrued liabilities and advances from customers, the amounts presented in the consolidated financial statements approximate fair value because of the short-term maturities of these instruments.

Use of Estimates
(k)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 reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, provisions for doubtful accounts receivable and assessments of the recoverability of the Company’s deferred tax assets. Actual results could differ from those estimates.

Long-Lived Assets
(l)Long-Lived Assets

The Company reviews its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its fair value.

Impact of New Accounting Standards
(m)Impact of New Accounting Standards

In May 2014, the FASB issued an update to ASC 606, “Revenue from Contracts with Customers.” This update to ASC 606 provides a five-step process to determine when and how revenue is recognized. The core principle of the guidance is that a Company should recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received in exchange for those goods or services. This update to ASC 606 will also result in enhanced disclosures about revenue, providing guidance for transactions that were not previously addressed comprehensively, and improving guidance for multiple-element arrangements. This update to ASC 606 is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which applies to the classification of deferred tax assets and liabilities. The update eliminates the requirement to classify deferred tax assets and liabilities as noncurrent or current within a classified statement of financial position. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company adopted this guidance in the first quarter of fiscal 2018. The Company’s deferred tax assets and liabilities have been classified as noncurrent.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update includes a lease accounting model that recognizes two types of leases – finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. This update is effective for the Company in the fiscal year ending May 31, 2020. The Company is currently evaluating the impact, if any, of this update on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Consideration (Topic 606).” This update contains guidance on principal versus agent assessments when a third party is involved in providing goods or services to a customer. It specifies that an entity is a principal, and thus records revenue on a gross basis, if it controls a good or service before transferring the good or service to the customer. An entity is an agent, and thus records revenue on a net basis, if it arranges for a good or service to be provided by another entity. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

 

In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients (Topic 606).” This update provides certain clarifications to reduce potential diversity and to simplify the standard. The amendments in ASU 2016-12 clarify the following key areas: assessing collectibilty; presenting sales taxes and other similar taxes collected from customers; noncash consideration; contract modifications at transition; completed contracts at transition; and disclosing the accounting change in the period of adoption. This update is effective for the Company in the fiscal year ending May 31, 2019. The Company expects the impact of the update, if any, to be immaterial on its consolidated financial statements.

Credit Risk
(n)Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, certificates of deposit, marketable securities and accounts receivable. The Company places its cash equivalents with high-credit quality financial institutions and brokerage houses. The Company has substantially all of its cash in four bank accounts. At times, such amounts may exceed federally insured limits. The Company holds its marketable securities in brokerage accounts. The Company has not experienced losses in any such accounts. The Company’s accounts receivable represent 43 accounts with open balances as of May 31, 2018. As a percentage of revenue, the three largest customers among these 43 accounts consisted of 51.1% of the net accounts receivable balance at May 31, 2018.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
May 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of cash and cash equivalents
     2018   2017 
  Cash in banks   $4,723,700   $4,634,245 
  Money market funds    599,737    840,731 
  Certificates of deposit    

-

    249,000 
     $5,323,437   $5,723,976 
Summary of assets measured at fair value on recurring basis

  May 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit   $-   $493,000   $-   $493,000 
  Equity Securities    44,160    -    -    44,160 
     $44,160   $493,000   $-   $537,160 
                       
  May 31, 2017   Level 1    Level 2    Level 3    Total 
                       
  Certificates of Deposit   $-   $992,000   $-   $992,000 
  Equity Securities    28,888    -    -    28,888 
     $28,888   $992,000   $-   $1,020,888 

Summary of deposit and marketable securities

  May 31, 2018  Amortized
Cost
   Gross
Unrealized
Holding
Gains
   Gross
Unrealized
Holding
Losses
   Recorded
Value
 
  Current                
  Certificates of Deposit   $493,000   $-   $      -   $493,000 
  Equity Securities    16,866    27,294    -    44,160 
     $509,866   $27,294   $-   $537,160 
                       
  May 31, 2017                    
  Current
                    
  Certificates of Deposit   $992,000   $-   $-   $992,000 
  Equity Securities    16,866    12,022    -    28,888 
     $1,008,866   $12,022   $-   $1,020,888 

Summary of useful lives of assets
  Equipment  3 years
  Furniture and fixtures  3 years
  Automobiles  3 years
  Leasehold improvements  Lesser of lease term or useful life
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
12 Months Ended
May 31, 2018
Income Tax Disclosure [Abstract]  
Summary of reconciliation of provision for income taxes computed at federal statutory rates
     2018   2017 
     Amount   %   Amount   % 
  Amounts at statutory federal tax rate   $268,000    28.6%  $196,000    34.0%
  Noncontrolling interest    (20,000)   (2.1)   (16,000)   (2.8)
  State and local taxes, net of federal income tax effect.   83,000    8.9    56,000    9.7 
  Effect of rate change on deferred asset    32,000    3.4    -    - 
  Non-deductible expenses and other    18,000    1.9    27,000    4.7 
     $381,000    40.7%  $263,000    45.6%
Summary of provision for income taxes
     Federal   State   Total 
  2018: Current   $236,000   $117,000   $353,000 
            Deferred    28,000    -    28,000 
     $264,000   $117,000   $381,000 
                  
  2017: Current   $170,000   $68,000   $238,000 
            Deferred    8,000    17,000    25,000 
     $178,000   $85,000   $263,000 
Summary of deferred income tax assets
     2018   2017 
  Allowance for doubtful accounts receivable   $53,000   $75,000 
  Accrued compensation and other accrued expenses    37,000    38,000 
  Equipment and leasehold improvement depreciation and amortization    (3,000)   (4,000)
  Acquired client relationships    (1,000)   2,000 
  Unrealized gain    (8,000)   (5,000)
  Total deferred income tax assets   $78,000   $106,000 
Summary of unrecognized tax benefit
  Balance at June 1, 2017  $- 
  Additions based on tax positions related to current year   - 
  Additions for tax positions of prior years   30,000 
  Reductions for tax positions of prior years   - 
  Settlements   - 
  Balance at May 31, 2018  $30,000 
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
12 Months Ended
May 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Summary of noncancellable long-term operating lease commitments
  Fiscal Year  Amount 
  2019  $342,000 
  2020   241,000 
  2021   209,000 
  2022   161,000 
  2023   41,000 
  Thereafter   - 
  Total  $994,000 
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
May 31, 2018
May 31, 2017
May 31, 2016
Summary of cash and cash equivalents      
Cash in banks $ 4,723,700 $ 4,634,245  
Money market funds 599,737 840,731  
Certificates of deposit 249,000  
Total $ 5,323,437 $ 5,723,976 $ 4,514,157
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 1) - Fair value measurement recurring [Member] - USD ($)
May 31, 2018
May 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total $ 537,160 $ 1,020,888
Certificates of Deposit [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 493,000 992,000
Equity Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 44,160 28,888
Level 1 [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 44,160 28,888
Level 1 [Member] | Certificates of Deposit [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total
Level 1 [Member] | Equity Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 44,160 28,888
Level 2 [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 493,000 992,000
Level 2 [Member] | Certificates of Deposit [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total 493,000 992,000
Level 2 [Member] | Equity Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total
Level 3 [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total
Level 3 [Member] | Certificates of Deposit [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total
Level 3 [Member] | Equity Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Assets measured at fair value, Total
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 2) - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 509,866 $ 1,008,866
Gross Unrealized Holding Gains 27,294 12,022
Gross Unrealized Holding Losses
Recorded Value 537,160 1,020,888
Certificates of Deposit [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 493,000 992,000
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Recorded Value 493,000 992,000
Equity Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,866 16,866
Gross Unrealized Holding Gains 27,294 12,022
Gross Unrealized Holding Losses
Recorded Value $ 44,160 $ 28,888
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 3)
12 Months Ended
May 31, 2018
Equipment [Member]  
Summary of depreciation and amortization of equipment and leasehold improvements useful lives  
Depreciation and amortization of equipment and leasehold improvements, useful life 3 years
Furniture and Fixtures [Member]  
Summary of depreciation and amortization of equipment and leasehold improvements useful lives  
Depreciation and amortization of equipment and leasehold improvements, useful life 3 years
Automobiles [Member]  
Summary of depreciation and amortization of equipment and leasehold improvements useful lives  
Depreciation and amortization of equipment and leasehold improvements, useful life 3 years
Leasehold improvements [Member]  
Summary of depreciation and amortization of equipment and leasehold improvements useful lives  
Depreciation and amortization of equipment and leasehold improvements, useful lives Lesser of Lease term or useful life
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Textual)
12 Months Ended
May 31, 2018
USD ($)
Customers
May 31, 2017
USD ($)
Customers
Summary of Significant Accounting Policies (Textual)    
Number of customers | Customers 3 3
Concentration risk percentage 10.00% 10.00%
Constituting combined risk percentage 48.70% 44.90%
Largest concentration risk percentage 20.70% 19.40%
Accounts receivable with largest customers | $ $ 3,692,000 $ 3,340,000
Accounts Receivable [Member]    
Summary of Significant Accounting Policies (Textual)    
Concentration risk percentage 51.10%  
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details) - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Summary of reconciliation of the provisions for income taxes computed at the Federal statutory rates    
Amounts at statutory federal tax rate $ 268,000 $ 196,000
Noncontrolling interest (20,000) (16,000)
State and local taxes, net of federal income tax effect. 83,000 56,000
Effect of rate change on deferred asset 32,000
Non-deductible expenses and other 18,000 27,000
Provision for income taxes $ 381,000 $ 263,000
% Amounts at statutory federal tax rate 28.60% 34.00%
% Noncontrolling interest (2.10%) (2.80%)
% State and local taxes, net of federal income tax effect. 8.90% 9.70%
% Effect of rate change on deferred asset 3.40%
% Non-deductible expenses and other 1.90% 4.70%
% Provision for income taxes 40.70% 45.60%
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details 1) - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Schedule of components of the provision for income taxes    
Federal tax expense, Current $ 236,000 $ 170,000
State tax expense, Current 117,000 68,000
Provisions for income taxes, Current, Total 353,000 238,000
Federal tax expense, Deferred 28,000 8,000
State tax expense, Deferred 17,000
Provisions of income taxes, Deferred, Total 28,000 25,000
Federal provision for income taxes 264,000 178,000
State provision for income taxes 117,000 85,000
Provision for income taxes $ 381,000 $ 263,000
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details 2) - USD ($)
May 31, 2018
May 31, 2017
Schedule of deferred income tax assets    
Allowance for doubtful accounts receivable $ 53,000 $ 75,000
Accrued compensation and other accrued expenses 37,000 38,000
Equipment and leasehold improvement depreciation and amortization (3,000) (4,000)
Acquired client relationships (1,000) 2,000
Unrealized gain (8,000) (5,000)
Total deferred income tax assets $ 78,000 $ 106,000
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details 3)
12 Months Ended
May 31, 2018
USD ($)
Income Tax Disclosure [Abstract]  
Balance at June 1, 2017
Additions based on tax positions related to current year
Additions for tax positions of prior years 30,000
Reductions for tax positions of prior years
Settlements
Balance at May 31, 2018 $ 30,000
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details Textual) - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Income Taxes (Textual)    
Federal statutory corporate income tax rate 28.60% 34.00%
Blended statutory rate 28.60%  
Decrease in income tax expense $ 21,000  
Income tax expense 53,000  
Net deferred tax asset 32,000  
Subsidiary contributions taxes 25,000  
Accrued an expense $ 30,000  
Maximum [Member]    
Income Taxes (Textual)    
Federal statutory corporate income tax rate 34.00%  
Minimum [Member]    
Income Taxes (Textual)    
Federal statutory corporate income tax rate 21.00%  
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details)
Jun. 30, 2018
USD ($)
Summary of noncancellable long-term operating lease commitments  
2019 $ 342,000
2020 241,000
2021 209,000
2022 161,000
2023 41,000
Thereafter
Total $ 994,000
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Textual)
12 Months Ended
May 31, 2018
USD ($)
Officer
May 31, 2017
USD ($)
Commitments and Contingencies (Textual)    
Rent expenses under all lease agreements $ 369,000 $ 372,000
Number of officers | Officer 2  
Description of agreement expiration date 2020 and 2022  
Payment due under agreement $ 1,900,000  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details)
1 Months Ended
May 25, 2017
USD ($)
$ / shares
Stockholders' Equity (Textual)  
Cash dividend per share | $ / shares $ 1.00
Dividend | $ $ 1,962,062
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Retirement Arrangement (Details)
12 Months Ended
May 31, 2018
Retirement Arrangement (Textual)  
One-time founder's bonus, description

Joseph F. Hughes, Chairman of the Board, Chief Executive Officer, President and Treasurer, retired on July 5, 2017. The Board of Directors of the Company elected Christopher Hughes, formerly Senior Vice President of TSR, Inc., to succeed Joseph F. Hughes as Chairman of the Board, Chief Executive Officer, President and Treasurer. Upon his retirement, the Board awarded Joseph F. Hughes a one-time founder’s bonus of $100,000.

Retirement benefits, description The total amount of these retirement benefits were accrued in the quarter ended August 31, 2017, resulting in charges amounting to $180,000, which were included in selling, general and administrative expenses for fiscal 2018.
Lease expires date May 31, 2018
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event (Details) - Subsequent Event [Member]
1 Months Ended
Jul. 20, 2018
USD ($)
$ / shares
shares
Subsequent Event (Textual)  
Purchase of common stock 819,491
Shares price | $ / shares $ 6.25
Aggregate amount | $ $ 5,121,819
Percentage of sale stock and issued and outstanding 41.80%
Shares owned 77,615
Percentage of after ownership sale of stock 4.00%
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