0001213900-18-013867.txt : 20181012 0001213900-18-013867.hdr.sgml : 20181012 20181012170403 ACCESSION NUMBER: 0001213900-18-013867 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20180831 FILED AS OF DATE: 20181012 DATE AS OF CHANGE: 20181012 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08656 FILM NUMBER: 181120764 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-Q 1 f10q0818_tsrinc.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended August 31, 2018

 

☐ Transition report Pursuant to 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   (I.R.S. Employer
Incorporation or organization)   Identification No.)

 

400 Oser Avenue, Hauppauge, NY 11788
(Address of principal executive offices)
 
631-231-0333
(Registrant’s telephone number)

 

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 Regulation 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 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 Exchange Act).       ☐ Yes     ☒ No

 

As of September 30, 2018, there were 1,962,062 shares of common stock, par value $.01 per share, issued and outstanding.

 

 

 

 

 

 

TSR, INC. AND SUBSIDIARIES

INDEX

 

      Page
Number
       
Part I. Financial Information:  
     
  Item 1. Financial Statements: 1
       
    Condensed Consolidated Balance Sheets – August 31, 2018 and May 31, 2018 1
       
    Condensed Consolidated Statements of Income – For the three months ended August 31, 2018 and 2017 2
       
    Condensed Consolidated Statements of Equity – For the three months ended August 31, 2018 and 2017 3
       
    Condensed Consolidated Statements of Cash Flows – For the three months ended August 31, 2018 and 2017 4
       
    Notes to Condensed Consolidated Financial Statements 5
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
       
  Item 4. Controls and Procedures 15
       
Part II. Other Information 16
       
  Item 6. Exhibits 16
       
Signatures 17

 

 Page i 

 

 

Part I.Financial Information

 

Item 1. Financial Statements

 

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   August 31,   May 31, 
   2018   2018 
   (Unaudited)   (see Note 1) 
ASSETS        
Current Assets:        
Cash and cash equivalents  $4,951,686   $5,323,437 
Certificates of deposit and marketable securities   530,744    537,160 
Accounts receivable, net of allowance for doubtful accounts of $185,000   7,785,878    7,227,823 
Other receivables   2,983    2,094 
Prepaid expenses   131,597    98,344 
Prepaid and recoverable income taxes   15,819    28,214 
Total Current Assets   13,418,707    13,217,072 
           
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $267,632 and $263,742   23,836    27,726 
Other assets   49,653    49,653 
Deferred income taxes   79,000    78,000 
Total Assets  $13,571,196   $13,372,451 
           
LIABILITIES AND EQUITY          
           
Current Liabilities:          
Accounts and other payables  $613,418   $559,428 
Accrued expenses and other current liabilities   3,470,409    3,333,013 
Advances from customers   1,206,255    1,211,232 
Total Liabilities   5,290,082    5,103,673 
           
Commitments and contingencies          
           
Equity:          
TSR, Inc.:          
Preferred stock, $1 par value, authorized 500,000 shares; none issued   -    - 
Class A Preferred Stock, Series One, authorized 30,000 and 0 shares; none issued   -    - 
Common stock, $.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   16,642,014    16,604,219 
    21,776,024    21,738,229 
Less: Treasury stock, 1,152,101 shares, at cost   13,514,003    13,514,003 
Total TSR, Inc. Equity   8,262,021    8,224,226 
Noncontrolling Interest   19,093    44,552 
Total Equity   8,281,114    8,268,778 
Total Liabilities and Equity  $13,571,196   $13,372,451 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 Page 1 

 

 

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For The Three Months Ended August 31, 2018 and 2017

(UNAUDITED)

 

   Three Months Ended
August 31,		 
   2018   2017 
Revenue, net  $16,580,921   $17,037,108 
           
Cost of sales   13,984,547    14,192,630 
Selling, general and administrative expenses   2,520,549    2,567,989 
    16,505,096    16,760,619 
Income from operations   75,825    276,489 
           
Other income (loss):          
Interest and dividend income   4,627    2,702 
Unrealized loss on marketable securities, net   (5,416)   (832)
Income before income taxes   75,036    278,359 
Provision for income taxes   19,000    118,000 
Consolidated net income   56,036    160,359 
Less: Net income attributable to noncontrolling interest   18,241    19,270 
Net income attributable to TSR, Inc.  $37,795   $141,089 
Net income per TSR, Inc. common share  $0.02   $0.07 
Weighted average number common shares outstanding   1,962,062    1,962,062 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 Page 2 

 

 

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For The Three Months Ended August 31, 2018 and 2017

(UNAUDITED)

 

   Shares of
common
stock		   Common
stock		   Additional
paid-in
capital		   Retained
earnings		   Treasury
stock		   TSR, Inc.
equity		   Non-
controlling
interest		   Total
equity		 
                                 
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   -    -    -    -    -    -    19,270    19,270 
                                         
Distribution to noncontrolling interest   -    -    -    -    -    -    (4,350)   (4,350)
                                         
Net income attributable to TSR, Inc.   -    -    -    141,089    -    141,089    -    141,089 
                                         
Balance at August 31, 2017   3,114,163   $31,142   $5,102,868   $16,259,100   $(13,514,003)  $7,879,107   $36,377   $7,915,484 
                                         
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 
                                         
Net income attributable to noncontrolling interest   -    -    -    -    -    -    18,241    18,241 
                                         
Distribution to noncontrolling interest   -    -    -    -    -    -    (43,700)   (43,700)
                                         
Net income attributable to TSR, Inc.   -    -    -    37,795    -    37,795    -    37,795 
                                         
Balance at August 31, 2018   3,114,163   $31,142   $5,102,868   $16,642,014   $(13,514,003)  $8,262,021   $19,093   $8,281,114 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 Page 3 

 

 

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For The Three Months Ended August 31, 2018 and 2017

(UNAUDITED)

 

   Three Months Ended
August 31,		 
   2018   2017 
Cash flows from operating activities:        
Consolidated net income  $56,036   $160,359 
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:          
Depreciation and amortization   3,890    4,210 
Unrealized loss on marketable securities, net   5,416    832 
Deferred income taxes   (1,000)   (6,000)
           
Changes in operating assets and liabilities:          
Accounts receivable   (558,055)   (159,863)
Other receivables   (889)   14,148 
Prepaid expenses   (33,253)   66,601 
Prepaid and recoverable income taxes   12,395    94,833 
Accounts and other payables and accrued expenses and other current liabilities   191,386    510,991 
Income taxes payable   -    23,793 
Advances from customers   (4,977)   (156,882)
Net cash provided by (used in) operating activities   (329,051)   553,022 
           
Cash flows from investing activities:          
Proceeds from maturities of marketable securities   248,000    248,000 
Purchases of marketable securities   (247,000)   - 
Net cash provided by investing activities   1,000    248,000 
           
Cash flows from financing activities:          
Cash dividend paid   -    (1,962,062)
Distribution to noncontrolling interest   (43,700)   (4,350)
Net cash used in financing activities   (43,700)   (1,966,412)
Net decrease in cash and cash equivalents   (371,751)   (1,165,390)
Cash and cash equivalents at beginning of period   5,323,437    5,723,976 
Cash and cash equivalents at end of period  $4,951,686   $4,558,586 
           
Supplemental disclosures of cash flow data:          
Income taxes paid  $8,000   $5,000 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 Page 4 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

1.Basis of Presentation

 

The accompanying condensed consolidated interim financial statements include the accounts of TSR, Inc. and its subsidiaries (the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The condensed balance sheet as of May 31, 2018, which has been derived from audited financial statements, and the unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applying to interim financial information and with the instructions to Form 10-Q of Regulation S-X of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures required by accounting principles generally accepted in the United States of America and normally included in the Company’s annual financial statements have been condensed or omitted. These condensed consolidated interim financial statements as of and for the three months ended August 31, 2018 are unaudited; however, in the opinion of management, such statements include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending May 31, 2019. These condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2018.

 

2.Net Income Per Common Share

 

Basic net income per common share is computed by dividing net 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 any of the periods presented.

 

3.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 August 31, 2018 and May 31, 2018:

 

     August 31,
2018		   May 31,
2018		 
           
  Cash in banks   $4,346,317   $4,723,700 
  Money market funds    605,369    599,737 
     $4,951,686   $5,323,437 

 

4.Revenue Recognition

 

Effective June 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective method. This update outlined a comprehensive new revenue recognition model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional quantitative and qualitative disclosures. The adoption allows companies to apply the new revenue standard to reporting periods beginning in the year the standard is first implemented, while prior periods continue to be reported in accordance with previous accounting guidance. Since the adoption of Accounting Standards Codification (“ASC”) 606 did not have a significant impact on the recognition of revenue, the Company did not have an opening retained earnings adjustment.

 

 Page 5 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

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 as part of the adoption of ASC 606.

 

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 collectibility; 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 as part of the adoption of ASC 606.

 

Revenues are recognized as control of the promised service is transferred to customers, in an amount that reflects the consideration expected in exchange for the services. Revenue from contract assignments are recognized over time, based on hours worked by the Company’s contract professionals. The performance of the requested service over time is the single performance obligation for assignment revenues. Certain customers may receive discounts (e.g., volume discounts, rebates, prompt-pay discounts) and adjustments to the amounts billed. These discounts, rebates and adjustments are considered variable consideration. Volume discounts are the largest component of variable consideration and are estimated using the most likely amount method prescribed by ASC 606, contracts terms and estimates of revenue. Revenues are recognized net of variable consideration to the extent that it is probable that a significant reversal of revenues will not occur in subsequent periods. Payment terms vary and the time between invoicing and when payment is due is not significant. There are no financing components to the Company’s arrangements. There are no incremental costs to obtain contracts and costs to fulfill contracts are expensed as incurred. The Company’s operations are primarily located in the United States.

 

The Company recognizes most of its revenue on a gross basis when it acts as a principal in its transactions. The Company has direct contractual relationships with its customers, bears the risks and rewards of its arrangements, has the discretion to select the contract professionals and establish the price for the services to be provided. Additionally, the Company retains control over its contract professionals based on its contractual arrangements. The Company primarily provides services through its employees and to a lesser extent, through subcontractors; the related costs are included in cost of sales. The Company includes billable expenses (out-of-pocket reimbursable expenses) in revenue and the associated expenses are included in cost of sales.

 

5.Certificates of Deposit and Marketable Securities

 

The Company has characterized its investments in certificates of deposit and 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 condensed 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. 

 

 Page 6 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

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

 

  August 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit  $-   $492,000   $-   $492,000 
  Equity Securities   38,744    -                 -    38,744 
     $38,744   $492,000   $-   $530,744 

 

  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 

 

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to twelve 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 August 31, 2018 and May 31, 2018 are summarized as follows:

 

  August 31, 2018   Amortized
Cost		     Gross
Unrealized
Holding
Gains		     Gross
Unrealized
Holding
Losses		     Recorded
Value		  
  Current                        
  Certificates of Deposit   $ 492,000     $ -     $ -     $ 492,000  
  Equity Securities     16,866       21,878                -       38,744  
      $ 508,866     $ 21,878     $ -     $ 530,744  

 

  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  

 

 Page 7 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

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.

 

6.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 condensed consolidated financial statements approximate fair value because of the short-term maturities of these instruments.

 

7.Equity

 

Cash Dividend

 

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.

 

Common Stock Transactions

 

On July 24, 2018 the Company became aware that Joseph F. Hughes and Winifred Hughes filed Amendments to Statements on Schedule 13D (the “Schedules 13D”) with the United States Securities and Exchange Commission (the “SEC”) on that date, in which Joseph F. Hughes and Winifred Hughes disclosed that they had collectively sold 819,491 shares of the Company’s Common Stock jointly held by them in a privately-negotiated transaction to Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC. The Schedules 13D stated that the sale closed on July 23, 2018. Joseph F. Hughes is the former Chairman and Chief Executive Officer of the Company. Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC acquired, in the aggregate, 41.8% of the Company’s shares of issued and outstanding Common Stock from Joseph F. Hughes and Winifred Hughes in this transaction. Amendments to Statements on Schedule 13D previously filed by Joseph F. Hughes and Winifred Hughes on July 17, 2018 attached an exhibit wherein it was stated that prior to the transaction described above, Zeff Capital, L.P. owned 77,615 shares or approximately 4% of the Company’s issued and outstanding Common Stock.

 

The Company became aware on August 23, 2018 that Zeff Capital, L.P., Zeff Holding Company, LLC and Daniel Zeff filed an Amendment to Statement on Schedule 13D with the SEC disclosing the additional purchase by Zeff Capital, L.P. of an aggregate of 55,680 shares of Common Stock. As a result of these additional purchases of Common Stock, Zeff Capital, L.P., Zeff Holding Company, LLC and Daniel Zeff beneficially own a total of 437,774 shares of Common Stock, which represents approximately 22.3% of the Company’s issued and outstanding Common Stock.

 

The Company became aware on August 28, 2018 that QAR Industries, Inc. and Robert Fitzgerald filed an Amendment to Statement on Schedule 13D with the SEC disclosing the additional purchase by QAR Industries, Inc. of an aggregate of 4,070 shares of Common Stock. As a result of these additional purchases of Common Stock, QAR Industries, Inc. and Robert Fitzgerald beneficially own a total of 143,900 shares of Common Stock, which represents approximately 7.3% of the Company’s issued and outstanding Common Stock.

 

As a result of the transactions described above, Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC are the beneficial owners of an aggregate of 957,774 shares Common Stock, which represents approximately 48.8% of the Company’s issued and outstanding Common Stock. Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC have not filed Statements on Schedule 13D stating that they are acting as a group.

 

 

 Page 8 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

Rights Plan / Preferred Stock

 

On August 29, 2018, the Board of Directors of the Company declared a dividend of one preferred share purchase right (a “Right”) for each share of Common Stock, par value $0.01 per share (“Common Stock”), of the Company outstanding on August 29, 2018 (the “Record Date”) to the stockholders of record on that date. In connection with the distribution of the Rights, the Company entered into a Rights Agreement (the “Rights Agreement”), dated as of August 29, 2018, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Class A Preferred Stock, Series One, par value $0.01 per share (“Preferred Stock”), of the Company at a price of $24.78 per one one-hundredth of a share of Preferred Stock represented by a Right (the “Purchase Price”), subject to adjustment.

 

Distribution Date; Exercisability; Expiration

 

Initially, the Rights will be attached to all certificates for shares of Common Stock and no separate certificates evidencing the Rights (“Rights Certificates”) will be issued. Until the Distribution Date (as defined below), the Rights will be transferred with and only with shares of Common Stock. As long as the Rights are attached to the shares of Common Stock, the Company will issue one Right with each new share of Common Stock so that all such shares of Common Stock will have Rights attached.

 

The Rights will separate and begin trading separately from the Common Stock, and Rights Certificates will be caused to evidence the Rights, on the earlier to occur of (a) the Close of Business (as such term is defined in the Rights Agreement) on the tenth day following a public announcement, or the public disclosure of facts indicating, that a Person (as such term is defined in the Rights Agreement), group of affiliated or associated Persons or any other Person with whom such Person is Acting in Concert (as defined below) has acquired Beneficial Ownership (as defined below) of 5% or more of the outstanding Common Stock (an “Acquiring Person”) (or, in the event an exchange is effected in accordance with Section 27 of the Rights Agreement and the Board of Directors determines that a later date is advisable, then such later date) or (b) the Close of Business on the tenth Business Day (as such term is defined in the Rights Agreement) (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership by a Person or group of 5% or more of the outstanding Common Stock (the earlier of such dates, the “Distribution Date”). As soon as practicable after the Distribution Date, unless the Rights are recorded in book-entry or other uncertificated form, the Company will prepare and cause the Right Certificates to be sent to each record holder of Common Stock as of the Close of Business on the Distribution Date.

 

An “Acquiring Person” will not include (i) the Company, (ii) any Subsidiary (as such term is defined in the Rights Agreement) of the Company, (iii) any employee benefit plan or employee stock plan of the Company or any Subsidiary of the Company, or any trust or other entity organized, appointed, established or holding Common Stock for or pursuant to the terms of any such plan, or (iv) any Person who or which, at the time of the first public announcement of the Rights Agreement, is a Beneficial Owner of 5% or more of the Common Shares then outstanding (a “Grandfathered Stockholder”). However, if a Grandfathered Stockholder becomes, after such time, the Beneficial Owner of any additional shares of Common Stock (regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of shares of Common Stock then outstanding beneficially owned by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon such acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more of the Common Stock then outstanding. In addition, upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership below 5%, such Grandfathered Stockholder will cease to be a Grandfathered Stockholder. In the event that after the time of the first public announcement of the Rights Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Common Stock expires, terminates or no longer confers any benefit to or imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different shares of Common Stock that confers Beneficial Ownership of Common Stock shall be considered the acquisition of Beneficial Ownership of additional shares of Common Stock by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement unless, upon such acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more of the Common Stock then outstanding.

 

 Page 9 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

The Rights are not exercisable until the Distribution Date. The Rights will expire on the Close of Business on August 29, 2021 (the “Expiration Date”).

 

Redemption

 

At any time prior to the Close of Business on the earlier of (a) the tenth day following the Stock Acquisition Date or (b) the Expiration Date, the Board of Directors may redeem the Rights in whole, but not in part, at a price of $0.01 per Right (the “Redemption Price”). The “Stock Acquisition Date” is the first date on which there is a public announcement by the Company or an Acquiring Person that an Acquiring Person has become such, or such earlier date as a majority of the Board of Directors becomes aware of the existence of an Acquiring Person. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish. Immediately upon the action of the Board of Directors ordering the redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

Preferred Stock Rights

 

The Preferred Stock will not be redeemable. Each share of Preferred Stock will be entitled to receive, when, as and if declared by the Board of Directors, (a) cash dividends in an amount per share (rounded to the nearest cent) equal to 100 times the aggregate per share amount of all cash dividends declared or paid on the Common Stock and (b) a preferential quarterly cash dividend (the “Preferential Dividends”) in an amount equal to $50.00 per share of Preferred Stock less the per share amount of all cash dividends declared on the Preferred Stock pursuant to clause (a) of this sentence. Each share of Preferred Stock will entitle the holder thereof to 100 votes per share, voting together with the holders of the Common Stock as a single class, except as otherwise provided in the Certificate of Designations of Class A Preferred Stock Series One filed by the Company with the Delaware Secretary of State or the Company’s Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated By-laws. In the event of any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each outstanding share of Preferred Stock shall at the same time be similarly exchanged for or changed into the aggregate amount of stock, securities, cash and/or other property (payable in like kind), as the case may be, for which or into which each share of Common Stock is changed or exchanged, multiplied by 100. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, (a) no distribution shall be made to the holders of shares of stock ranking junior to the Preferred Stock unless the holders of the Preferred Stock shall have received the greater of (i) $100 per share of Preferred Stock plus an amount equal to accrued and unpaid dividends and distributions thereon or (ii) an amount equal to 100 times the aggregate amount to be distributed per share to holders of the Common Stock, and (b) no distribution shall be made to the holders of stock ranking on a parity upon liquidation, dissolution or winding up with the Preferred Stock unless simultaneously therewith distributions are made ratably on the holders of the Preferred Stock and all other shares of such parity stock in proportion to the total amounts to which the holders of shares of Preferred Stock are entitled under clause (a)(i) of this sentence and to which the holders of such parity shares are entitled, in each case upon such liquidation, dissolution or winding up.

 

The foregoing rights are protected by customary anti-dilution provisions.

 

The foregoing description of the rights of the Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designations of Class A Preferred Stock Series One.

 

Rights of Holders

 

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.

 

 Page 10 

 

 

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2018

(Unaudited)

 

8.Retirement Arrangement

 

Joseph F. Hughes, retired as Chairman of the Board, Chief Executive Officer, President and Treasurer on July 5, 2017. The Board of Directors of the Company has 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 under 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 first quarter of fiscal 2018, resulting in charges amounting to approximately $180,000 which were included in selling, general and administrative expenses for the quarter.

 

9.Other Matters

 

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

 

10.Recently Adopted Accounting Pronouncements

 

Effective June 1, 2018, the Company adopted ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10), which requires 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. The adoption of this standard did not have significant impact on the Company’s consolidated financial statements.

 

11.Recent Accounting Pronouncements

 

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.

 

 Page 11 

 

  

TSR, INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Part I.Financial Information

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and the notes to such financial statements.

 

Forward-Looking Statements

 

Certain statements contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations, including statements concerning the Company’s plans, 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 due to known and unknown risks and uncertainties, including but not limited to the following: the success of the Company’s plan for internal growth; the impact of adverse economic conditions on client spending which has a negative impact on the Company’s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company’s contract computer programming services will continue to adversely affect the Company’s business; the concentration of the Company’s business with certain customers; uncertainty as to the Company’s ability to maintain its relations with existing customers and expand its contract computer consulting services business; the impact of changes in the industry, such as the use of vendor management companies in connection with the consultant procurement process; the increase in customers moving IT operations offshore; the Company’s ability to adapt to changing market conditions; and other risks and uncertainties set forth in the Company’s filings with the Securities and Exchange Commission. The Company is under no obligation to publicly update or revise forward-looking statements.

 

Results of Operations

 

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

 

Three months ended August 31, 2018 compared with three months ended August 31, 2017

 

   (Dollar amounts in thousands)
Three Months Ended		 
  

August 31,

2018

  

August 31,

2017

 
   Amount   % of
Revenue		   Amount   % of
Revenue		 
Revenue, net   $16,581    100.0%  $17,037    100.0%
Cost of sales    13,985    84.3%   14,193    83.3%
Gross profit    2,596    15.7%   2,844    16.7%
Selling, general and administrative expenses    2,520    15.2%   2,568    15.1%
Income from operations    76    0.5%   276    1.6%
Other income (loss), net    (1)   0.0%   2    0.0%
Income before income taxes    75    0.5%   278    1.6%
Provision for income taxes    19    0.2%   118    0.7%
Consolidated net income    56    0.3%   160    0.9%
Less: Net income attributable to noncontrolling interest    18    0.1%   19    0.1%
                     
Net income attributable to TSR, Inc.   $38    0.2%  $141    0.8%

 

 Page 12 

 

 

TSR, INC. AND SUBSIDIARIES

 

Revenue

 

Revenue consists primarily of revenue from computer programming consulting services. Revenue for the quarter ended August 31, 2018 decreased $456,000 or 2.7% from the prior year quarter. The overall average number of consultants on billing with customers decreased from 394 for the quarter ended August 31, 2017 to 389 for the quarter ended August 31, 2018, while the average number of computer programming consultants decreased from 341 for the quarter ended August 31, 2017 to 329 in the quarter ended August 31, 2018. The 389 consultants on billing for the current quarter include an equivalent 60 administrative (non-IT) workers that the Company placed at the customers’ requests as compared with the prior year quarter which included an equivalent 53 administrative (non-IT) workers. Revenue for the quarter ended August 31, 2018 also decreased due to a higher discount plan put in place upon contract renewal with a major customer in May 2018.

 

Cost of Sales

 

Cost of sales for the quarter ended August 31, 2018 decreased $208,000 or 1.5% to $13,985,000 from $14,193,000 in the prior year period. The decrease in cost of sales resulted primarily from a decrease in consultants placed with customers. Cost of sales as a percentage of revenue increased from 83.3% in the quarter ended August 31, 2017 to 84.3% in the quarter ended August 31, 2018. The increase in cost of sales as a percentage of revenue was primarily attributable to an unusually high amount of full time placement fees in the prior year quarter for which there are no associated cost of sales and the new discount plan put in place with a major customer upon contract renewal in May 2018.

 

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 approximately $48,000 or 1.9% from approximately $2,568,000 in the quarter ended August 31, 2017 to $2,520,000 in the quarter ended August 31, 2018. The decrease in these expenses primarily resulted from the retirement of the former Chairman offset by a significant increase in professional and advisory fees and increased recruiting expenses. Selling, general and administrative expenses, as a percentage of revenue, increased from 15.1% in the quarter ended August 31, 2017 to 15.2% in the quarter ended August 31, 2018.

 

Other Income (Loss)

 

Other income (loss) for the quarter ended August 31, 2018 resulted primarily from interest and dividend income of $4,000 and a mark to market loss of $5,000 on the Company’s equity securities. Other income for the quarter ended August 31, 2017 resulted primarily from interest and dividend income of $3,000 and a mark to market loss of $1,000 on the Company’s equity securities.

 

Income Taxes

 

The income tax provision included in the Company’s results of operations for the quarters ended August 31, 2018 and 2017 reflects the Company’s estimated effective tax rate for the years ending May 31, 2019 and 2018, respectively. These rates were 25.3% for the quarter ended August 31, 2018 and 42.4% for the quarter ended August 31, 2017. The decrease in the effective tax rate in the current quarter was primarily due to the reduction of the federal income tax rate from 34% to 21% due to the Tax Cuts and Jobs Act effective January 1, 2018.

 

Net Income Attributable to TSR, Inc.

 

Net income attributable to TSR, Inc. decreased $103,000 from $141,000 in the quarter ended August 31, 2017 to $38,000 in the quarter ended August 31, 2018. This decrease was primarily attributable to a decrease in revenue offset, to an extent, by a decrease in cost of sales.

 

 Page 13 

 

 

TSR, INC. AND SUBSIDIARIES

  

Liquidity and Capital Resources

 

The Company expects that its cash and cash equivalents, certificates of deposit and marketable securities and cash flow provided by operations will be sufficient to provide the Company with adequate resources to meet its liquidity requirements for at least the next 12 months from the issuance of these financial statements. The Company does not maintain a line of credit facility with any banking institution.

 

At August 31, 2018, the Company had working capital (total current assets in excess of total current liabilities) of $8,129,000 including cash and cash equivalents and certificates of deposit and marketable securities of $5,482,000 as compared to working capital of $8,113,000 including cash and cash equivalents and certificates of deposit and marketable securities of $5,861,000 at May 31, 2018.

 

For the three months ended August 31, 2018, net cash used in operating activities was $329,000 compared to net cash provided by operating activities of $553,000 for the three months ended August 31, 2017. The cash used in operating activities in the three months ended August 31, 2018 resulted primarily from an increase in accounts receivable of $558,000 offset by an increase in accounts payable and other payables and accrued expenses of $191,000. The increase in accounts receivable resulted primarily from two clients changing from weekly to monthly payment cycles. The cash provided by operating activities in the three months ended August 31, 2017 resulted primarily from consolidated net income of $160,000 and an increase in accounts and other payables and accrued expenses of $511,000 offset by an increase in accounts receivable of $160,000 and a decrease in advances from customers of $157,000.

 

Net cash provided by investing activities of $1,000 for the three months ended August 31, 2018 primarily resulted from not fully reinvesting a certificate of deposit. Net cash provided by investing activities of $248,000 for the three months ended August 31, 2017 primarily resulted from not reinvesting a certificate of deposit.

 

In the three months ended August 31, 2018, net cash used in financing activities resulted from distributions to the noncontrolling interest of $44,000. In the three months ended August 31, 2017, net cash used in financing activities resulted from the payment of a cash dividend of $1,962,000 and distribution to the noncontrolling interest of $4,000.

 

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

 

Recently Adopted Accounting Pronouncements

 

Effective June 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective method. This update outlined a comprehensive new revenue recognition model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional quantitative and qualitative disclosures. The adoption allows companies to apply the new revenue standard to reporting periods beginning in the year the standard is first implemented, while prior periods continue to be reported in accordance with previous accounting guidance. Since the adoption of ASC 606 did not have a significant impact on the recognition of revenues, the Company did not have an opening retained earnings adjustment. (See Note 4 to the condensed consolidated financial statements)

 

Effective June 1, 2018, the Company adopted ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10), which requires 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. The adoption of this standard did not have significant impact on the Company’s consolidated financial statements. 

 

 Page 14 

 

 

TSR, INC. AND SUBSIDIARIES

 

Recent Accounting Pronouncements

 

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.

 

Critical Accounting Policies

 

The Securities and Exchange Commission 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 the Company’s consolidated financial statements, contained in its May 31, 2018 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. The Company believes that those accounting policies require the application of management’s most difficult, subjective or complex judgments. Except for the adoption of ASC 606 as of June 1, 2018, disclosed in Note 4 to the condensed consolidated financial statements, there have been no changes in the Company’s significant accounting policies as of August 31, 2018.

 

Item 4. 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 accounting 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 accounting 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.

 

 Page 15 

 

 

TSR, INC. AND SUBSIDIARIES

 

Part II. Other Information

 

Item 6. Exhibits

 

  (a) Exhibit 31.1 – Certification by Christopher Hughes pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
    Exhibit 31.2 – Certification by John G. Sharkey pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
    Exhibit 32.1 – Certification by Christopher Hughes pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
    Exhibit 32.2 – Certification by John G. Sharkey pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
    Exhibit 101 – The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) the Notes to the Condensed Consolidated Financial Statements. 

  

 Page 16 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

 

  TSR Inc.
  (Registrant)
   
Date:  October 12, 2018 /s/ Christopher Hughes
  Christopher Hughes,
  Chairman of the Board, Chief Executive Officer,
  President, Treasurer and Principal Executive Officer
   
Date:  October 12, 2018 /s/ John G. Sharkey
  John G. Sharkey,
  Vice President-Finance and Principal Accounting Officer

 

 Page 17 

 EX-31.1 2 f10q0818ex31-1_tsrinc.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

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

 

1.I have reviewed this Quarterly Report on Form 10-Q 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 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:  October 12, 2018
   
  /s/ Christopher Hughes
  Chairman of the Board,
  Chief Executive Officer,
  President, Treasurer and
  Principal Executive Officer

 

 EX-31.2 3 f10q0818ex31-2_tsrinc.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

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

 

1.I have reviewed this Quarterly Report on Form 10-Q 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 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:  October 12, 2018
   
  /s/ John G. Sharkey
  Vice President-Finance and
  Principal Accounting Officer

 

 EX-32.1 4 f10q0818ex32-1_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 Quarterly Report of TSR, Inc. (the “Company”) on Form 10-Q for the quarter ended August 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 foregoing 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
   
  October 12, 2018

 

 EX-32.2 5 f10q0818ex32-2_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 Quarterly Report of TSR, Inc. (the “Company”) on Form 10-Q for the quarter ended August 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 foregoing 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
   
  October 12, 2018

 

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Equity Noncontrolling Interest Total Equity Total Liabilities and Equity Allowance for doubtful accounts related to accounts receivable Accumulated depreciation and amortization Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares Income Statement [Abstract] Revenue, net Cost of sales Selling, general and administrative expenses Cost and expenses, total Income from operations Other income (loss): Interest and dividend income Unrealized loss on marketable securities, net Income before income taxes Provision for income taxes Consolidated net income Less: Net income attributable to noncontrolling interest Net income attributable to TSR, Inc. Net income per TSR, Inc. common share Weighted average number common shares outstanding Common stock Additional paid-in capital Retained earnings Treasury stock Balance Balance, shares Net income attributable to noncontrolling interest Distribution to noncontrolling interest Net income attributable to TSR, Inc. Balance Balance, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Consolidated net income Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities: Depreciation and amortization Unrealized loss on marketable securities, net Deferred income taxes Changes in operating assets and liabilities: Accounts receivable Other receivables Prepaid expenses Prepaid and recoverable income taxes Accounts and other payables and accrued expenses and other current liabilities Income taxes payable Advances from customers Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds from maturities of marketable securities Purchases of marketable securities Net cash provided by investing activities Cash flows from financing activities: Cash dividend paid Distribution to noncontrolling interest Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosures of cash flow data: Income taxes paid Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Presentation Earnings Per Share [Abstract] Net Income Per Common Share Cash and Cash Equivalents [Abstract] Cash and Cash Equivalents Revenue Recognition [Abstract] Revenue Recognition Investments, Debt and Equity Securities [Abstract] Certificates of Deposit and Marketable Securities Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Equity [Abstract] Equity Retirement Benefits [Abstract] Retirement Arrangement Commitments and Contingencies Disclosure [Abstract] Other Matters Recently Adopted Accounting Pronouncements [Abstract] Recently Adopted Accounting Pronouncements Accounting Changes and Error Corrections [Abstract] Recent Accounting Pronouncements Summary of cash and cash equivalents Summary of assets measured at fair value on recurring basis Summary of certificates of deposit and marketable securities Summary of cash and cash equivalents Cash in banks Money market funds Total Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair value measurement recurring [Member] Fair Value Hierarchy and NAV [Axis] Level 1 [Member] Level 2 [Member] Level 3 [Member] Summary of Assets Measured Fair Value on Recurring Basis [Abstract] Assets measured at fair value, Total Schedule of Available-for-sale Securities [Table] Debt Securities, Available-for-sale [Line Items] Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Recorded Value QAR Industries, Inc. [Member] Zeff Capital, L.P. [Member] Equity (Textual) Cash dividend per share Dividend Sale of common stock transaction, description Preferred stock rights, description Aggregate shares of common stock Beneficially shares of common stock Percentage of common stock issued and outstanding Sale of common stock shares Retirement Arrangement (Textual) One-time founder's bonus, description Retirement benefits, description Lease expires date Document and entity information [abstract] Increase (decrease) in prepaid and recoverable income taxes. Prepaid and recoverable income taxes. The entire disclosue for recently adopted accounting pronouncements. The entire disclosure for revenue recognition. Percentage of common stockissued and outstanding. Assets, Current Assets Liabilities, Current Stockholders' Equity before Treasury Stock Treasury Stock, Value Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Costs and Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Shares, Outstanding Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Deferred Income Tax Expense (Benefit) Increase (Decrease) in Accounts Receivable Increase (Decrease) in Other Receivables Increase (Decrease) in Prepaid Expense Increase (Decrease) In Prepaid and Recoverable Income Taxes Increase (Decrease) in Customer Advances Net Cash Provided by (Used in) Operating Activities Payments to Acquire Marketable Securities Net Cash Provided by (Used in) Investing Activities Payments of Dividends Payments of Ordinary Dividends, Noncontrolling Interest Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Revenue Recognition [Text Block] EX-101.PRE 11 tsri-20180228_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 3 Months Ended
Aug. 31, 2018
Sep. 30, 2018
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-Q  
Document Period End Date Aug. 31, 2018  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2019  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   1,962,062
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Aug. 31, 2018
May 31, 2018
Current Assets:    
Cash and cash equivalents $ 4,951,686 $ 5,323,437
Certificates of deposit and marketable securities 530,744 537,160
Accounts receivable, net of allowance for doubtful accounts of $185,000 7,785,878 7,227,823
Other receivables 2,983 2,094
Prepaid expenses 131,597 98,344
Prepaid and recoverable income taxes 15,819 28,214
Total Current Assets 13,418,707 13,217,072
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $267,632 and $263,742 23,836 27,726
Other assets 49,653 49,653
Deferred income taxes 79,000 78,000
Total Assets 13,571,196 13,372,451
Current Liabilities:    
Accounts and other payables 613,418 559,428
Accrued expenses and other current liabilities 3,470,409 3,333,013
Advances from customers 1,206,255 1,211,232
Total Liabilities 5,290,082 5,103,673
Commitments and contingencies
Equity: TSR, Inc.:    
Preferred stock, $1 par value, authorized 500,000 shares; none issued
Common stock, $.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 16,642,014 16,604,219
Shareholder's equity before treasury stock 21,776,024 21,738,229
Less: Treasury stock, 1,152,101 shares, at cost 13,514,003 13,514,003
Total TSR, Inc. Equity 8,262,021 8,224,226
Noncontrolling Interest 19,093 44,552
Total Equity 8,281,114 8,268,778
Total Liabilities and Equity 13,571,196 13,372,451
Class A Preferred Stock    
Equity: TSR, Inc.:    
Preferred stock, $1 par value, authorized 500,000 shares; none issued
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Aug. 31, 2018
May 31, 2018
Allowance for doubtful accounts related to accounts receivable $ 185,000 $ 185,000
Accumulated depreciation and amortization $ 267,632 $ 263,742
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
Class A Preferred Stock    
Preferred stock, shares authorized 30,000 0
Preferred stock, shares issued
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Income Statement [Abstract]    
Revenue, net $ 16,580,921 $ 17,037,108
Cost of sales 13,984,547 14,192,630
Selling, general and administrative expenses 2,520,549 2,567,989
Cost and expenses, total 16,505,096 16,760,619
Income from operations 75,825 276,489
Other income (loss):    
Interest and dividend income 4,627 2,702
Unrealized loss on marketable securities, net (5,416) (832)
Income before income taxes 75,036 278,359
Provision for income taxes 19,000 118,000
Consolidated net income 56,036 160,359
Less: Net income attributable to noncontrolling interest 18,241 19,270
Net income attributable to TSR, Inc. $ 37,795 $ 141,089
Net income per TSR, Inc. common share $ 0.02 $ 0.07
Weighted average number common shares outstanding 1,962,062 1,962,062
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
TSR, Inc. equity
Non-controlling interest
Total
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 19,270 19,270
Distribution to noncontrolling interest (4,350) (4,350)
Net income attributable to TSR, Inc. 141,089 141,089 141,089
Balance at Aug. 31, 2017 $ 31,142 5,102,868 16,259,100 (13,514,003) 7,879,107 36,377 7,915,484
Balance, shares at Aug. 31, 2017 3,114,163            
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            
Net income attributable to noncontrolling interest 18,241 18,241
Distribution to noncontrolling interest (43,700) (43,700)
Net income attributable to TSR, Inc. 37,795 37,795 37,795
Balance at Aug. 31, 2018 $ 31,142 $ 5,102,868 $ 16,642,014 $ (13,514,003) $ 8,262,021 $ 19,093 $ 8,281,114
Balance, shares at Aug. 31, 2018 3,114,163            
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Cash flows from operating activities:    
Consolidated net income $ 56,036 $ 160,359
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,890 4,210
Unrealized loss on marketable securities, net 5,416 832
Deferred income taxes (1,000) (6,000)
Changes in operating assets and liabilities:    
Accounts receivable (558,055) (159,863)
Other receivables (889) 14,148
Prepaid expenses (33,253) 66,601
Prepaid and recoverable income taxes 12,395 94,833
Accounts and other payables and accrued expenses and other current liabilities 191,386 510,991
Income taxes payable 23,793
Advances from customers (4,977) (156,882)
Net cash provided by (used in) operating activities (329,051) 553,022
Cash flows from investing activities:    
Proceeds from maturities of marketable securities 248,000 248,000
Purchases of marketable securities (247,000)
Net cash provided by investing activities 1,000 248,000
Cash flows from financing activities:    
Cash dividend paid (1,962,062)
Distribution to noncontrolling interest (43,700) (4,350)
Net cash used in financing activities (43,700) (1,966,412)
Net decrease in cash and cash equivalents (371,751) (1,165,390)
Cash and cash equivalents at beginning of period 5,323,437 5,723,976
Cash and cash equivalents at end of period 4,951,686 4,558,586
Supplemental disclosures of cash flow data:    
Income taxes paid $ 8,000 $ 5,000
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation
 3 Months Ended
Aug. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1.Basis of Presentation

 

The accompanying condensed consolidated interim financial statements include the accounts of TSR, Inc. and its subsidiaries (the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The condensed balance sheet as of May 31, 2018, which has been derived from audited financial statements, and the unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applying to interim financial information and with the instructions to Form 10-Q of Regulation S-X of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures required by accounting principles generally accepted in the United States of America and normally included in the Company’s annual financial statements have been condensed or omitted. These condensed consolidated interim financial statements as of and for the three months ended August 31, 2018 are unaudited; however, in the opinion of management, such statements include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending May 31, 2019. These condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2018.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Net Income Per Common Share
 3 Months Ended
Aug. 31, 2018
Earnings Per Share [Abstract]  
Net Income Per Common Share
2.Net Income Per Common Share

 

Basic net income per common share is computed by dividing net 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 any of the periods presented.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Cash and Cash Equivalents
 3 Months Ended
Aug. 31, 2018
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents
3.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 August 31, 2018 and May 31, 2018:

 

     August 31,
2018		   May 31,
2018		 
           
  Cash in banks   $4,346,317   $4,723,700 
  Money market funds    605,369    599,737 
     $4,951,686   $5,323,437 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue Recognition
 3 Months Ended
Aug. 31, 2018
Revenue Recognition [Abstract]  
Revenue Recognition
4. Revenue Recognition

 

Effective June 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective method. This update outlined a comprehensive new revenue recognition model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also requires additional quantitative and qualitative disclosures. The adoption allows companies to apply the new revenue standard to reporting periods beginning in the year the standard is first implemented, while prior periods continue to be reported in accordance with previous accounting guidance. Since the adoption of Accounting Standards Codification (“ASC”) 606 did not have a significant impact on the recognition of revenue, the Company did not have an opening retained earnings adjustment.

 

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 as part of the adoption of ASC 606.

 

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 collectibility; 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 as part of the adoption of ASC 606.

 

Revenues are recognized as control of the promised service is transferred to customers, in an amount that reflects the consideration expected in exchange for the services. Revenue from contract assignments are recognized over time, based on hours worked by the Company’s contract professionals. The performance of the requested service over time is the single performance obligation for assignment revenues. Certain customers may receive discounts (e.g., volume discounts, rebates, prompt-pay discounts) and adjustments to the amounts billed. These discounts, rebates and adjustments are considered variable consideration. Volume discounts are the largest component of variable consideration and are estimated using the most likely amount method prescribed by ASC 606, contracts terms and estimates of revenue. Revenues are recognized net of variable consideration to the extent that it is probable that a significant reversal of revenues will not occur in subsequent periods. Payment terms vary and the time between invoicing and when payment is due is not significant. There are no financing components to the Company’s arrangements. There are no incremental costs to obtain contracts and costs to fulfill contracts are expensed as incurred. The Company’s operations are primarily located in the United States.

 

The Company recognizes most of its revenue on a gross basis when it acts as a principal in its transactions. The Company has direct contractual relationships with its customers, bears the risks and rewards of its arrangements, has the discretion to select the contract professionals and establish the price for the services to be provided. Additionally, the Company retains control over its contract professionals based on its contractual arrangements. The Company primarily provides services through its employees and to a lesser extent, through subcontractors; the related costs are included in cost of sales. The Company includes billable expenses (out-of-pocket reimbursable expenses) in revenue and the associated expenses are included in cost of sales.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Certificates of Deposit and Marketable Securities
 3 Months Ended
Aug. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Certificates of Deposit and Marketable Securities
5.Certificates of Deposit and Marketable Securities

 

The Company has characterized its investments in certificates of deposit and 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 condensed 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 August 31, 2018 and May 31, 2018 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):

 

  August 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit  $-   $492,000   $-   $492,000 
  Equity Securities   38,744    -                 -    38,744 
     $38,744   $492,000   $-   $530,744 

 

  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 

 

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which maturities range up to twelve 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 August 31, 2018 and May 31, 2018 are summarized as follows:

 

  August 31, 2018   Amortized
Cost		     Gross
Unrealized
Holding
Gains		     Gross
Unrealized
Holding
Losses		     Recorded
Value		  
  Current                        
  Certificates of Deposit   $ 492,000     $ -     $ -     $ 492,000  
  Equity Securities     16,866       21,878                -       38,744  
      $ 508,866     $ 21,878     $ -     $ 530,744  

 

  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  

 

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.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments
 3 Months Ended
Aug. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
6.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 condensed consolidated financial statements approximate fair value because of the short-term maturities of these instruments.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity
 3 Months Ended
Aug. 31, 2018
Equity [Abstract]  
Equity
7.Equity

 

Cash Dividend

 

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.

 

Common Stock Transactions

 

On July 24, 2018 the Company became aware that Joseph F. Hughes and Winifred Hughes filed Amendments to Statements on Schedule 13D (the “Schedules 13D”) with the United States Securities and Exchange Commission (the “SEC”) on that date, in which Joseph F. Hughes and Winifred Hughes disclosed that they had collectively sold 819,491 shares of the Company’s Common Stock jointly held by them in a privately-negotiated transaction to Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC. The Schedules 13D stated that the sale closed on July 23, 2018. Joseph F. Hughes is the former Chairman and Chief Executive Officer of the Company. Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC acquired, in the aggregate, 41.8% of the Company’s shares of issued and outstanding Common Stock from Joseph F. Hughes and Winifred Hughes in this transaction. Amendments to Statements on Schedule 13D previously filed by Joseph F. Hughes and Winifred Hughes on July 17, 2018 attached an exhibit wherein it was stated that prior to the transaction described above, Zeff Capital, L.P. owned 77,615 shares or approximately 4% of the Company’s issued and outstanding Common Stock.

 

The Company became aware on August 23, 2018 that Zeff Capital, L.P., Zeff Holding Company, LLC and Daniel Zeff filed an Amendment to Statement on Schedule 13D with the SEC disclosing the additional purchase by Zeff Capital, L.P. of an aggregate of 55,680 shares of Common Stock. As a result of these additional purchases of Common Stock, Zeff Capital, L.P., Zeff Holding Company, LLC and Daniel Zeff beneficially own a total of 437,774 shares of Common Stock, which represents approximately 22.3% of the Company’s issued and outstanding Common Stock.

 

The Company became aware on August 28, 2018 that QAR Industries, Inc. and Robert Fitzgerald filed an Amendment to Statement on Schedule 13D with the SEC disclosing the additional purchase by QAR Industries, Inc. of an aggregate of 4,070 shares of Common Stock. As a result of these additional purchases of Common Stock, QAR Industries, Inc. and Robert Fitzgerald beneficially own a total of 143,900 shares of Common Stock, which represents approximately 7.3% of the Company’s issued and outstanding Common Stock.

 

As a result of the transactions described above, Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC are the beneficial owners of an aggregate of 957,774 shares Common Stock, which represents approximately 48.8% of the Company’s issued and outstanding Common Stock. Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC have not filed Statements on Schedule 13D stating that they are acting as a group.

  

Rights Plan / Preferred Stock

 

On August 29, 2018, the Board of Directors of the Company declared a dividend of one preferred share purchase right (a “Right”) for each share of Common Stock, par value $0.01 per share (“Common Stock”), of the Company outstanding on August 29, 2018 (the “Record Date”) to the stockholders of record on that date. In connection with the distribution of the Rights, the Company entered into a Rights Agreement (the “Rights Agreement”), dated as of August 29, 2018, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Class A Preferred Stock, Series One, par value $0.01 per share (“Preferred Stock”), of the Company at a price of $24.78 per one one-hundredth of a share of Preferred Stock represented by a Right (the “Purchase Price”), subject to adjustment.

 

Distribution Date; Exercisability; Expiration

 

Initially, the Rights will be attached to all certificates for shares of Common Stock and no separate certificates evidencing the Rights (“Rights Certificates”) will be issued. Until the Distribution Date (as defined below), the Rights will be transferred with and only with shares of Common Stock. As long as the Rights are attached to the shares of Common Stock, the Company will issue one Right with each new share of Common Stock so that all such shares of Common Stock will have Rights attached.

 

The Rights will separate and begin trading separately from the Common Stock, and Rights Certificates will be caused to evidence the Rights, on the earlier to occur of (a) the Close of Business (as such term is defined in the Rights Agreement) on the tenth day following a public announcement, or the public disclosure of facts indicating, that a Person (as such term is defined in the Rights Agreement), group of affiliated or associated Persons or any other Person with whom such Person is Acting in Concert (as defined below) has acquired Beneficial Ownership (as defined below) of 5% or more of the outstanding Common Stock (an “Acquiring Person”) (or, in the event an exchange is effected in accordance with Section 27 of the Rights Agreement and the Board of Directors determines that a later date is advisable, then such later date) or (b) the Close of Business on the tenth Business Day (as such term is defined in the Rights Agreement) (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer the consummation of which would result in the Beneficial Ownership by a Person or group of 5% or more of the outstanding Common Stock (the earlier of such dates, the “Distribution Date”). As soon as practicable after the Distribution Date, unless the Rights are recorded in book-entry or other uncertificated form, the Company will prepare and cause the Right Certificates to be sent to each record holder of Common Stock as of the Close of Business on the Distribution Date.

 

An “Acquiring Person” will not include (i) the Company, (ii) any Subsidiary (as such term is defined in the Rights Agreement) of the Company, (iii) any employee benefit plan or employee stock plan of the Company or any Subsidiary of the Company, or any trust or other entity organized, appointed, established or holding Common Stock for or pursuant to the terms of any such plan, or (iv) any Person who or which, at the time of the first public announcement of the Rights Agreement, is a Beneficial Owner of 5% or more of the Common Shares then outstanding (a “Grandfathered Stockholder”). However, if a Grandfathered Stockholder becomes, after such time, the Beneficial Owner of any additional shares of Common Stock (regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the percentage of shares of Common Stock then outstanding beneficially owned by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon such acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more of the Common Stock then outstanding. In addition, upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership below 5%, such Grandfathered Stockholder will cease to be a Grandfathered Stockholder. In the event that after the time of the first public announcement of the Rights Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Common Stock expires, terminates or no longer confers any benefit to or imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different shares of Common Stock that confers Beneficial Ownership of Common Stock shall be considered the acquisition of Beneficial Ownership of additional shares of Common Stock by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement unless, upon such acquisition of Beneficial Ownership of additional shares of Common Stock, such Person is not the Beneficial Owner of 5% or more of the Common Stock then outstanding.

 

The Rights are not exercisable until the Distribution Date. The Rights will expire on the Close of Business on August 29, 2021 (the “Expiration Date”).

 

Redemption

 

At any time prior to the Close of Business on the earlier of (a) the tenth day following the Stock Acquisition Date or (b) the Expiration Date, the Board of Directors may redeem the Rights in whole, but not in part, at a price of $0.01 per Right (the “Redemption Price”). The “Stock Acquisition Date” is the first date on which there is a public announcement by the Company or an Acquiring Person that an Acquiring Person has become such, or such earlier date as a majority of the Board of Directors becomes aware of the existence of an Acquiring Person. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish. Immediately upon the action of the Board of Directors ordering the redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

Preferred Stock Rights

 

The Preferred Stock will not be redeemable. Each share of Preferred Stock will be entitled to receive, when, as and if declared by the Board of Directors, (a) cash dividends in an amount per share (rounded to the nearest cent) equal to 100 times the aggregate per share amount of all cash dividends declared or paid on the Common Stock and (b) a preferential quarterly cash dividend (the “Preferential Dividends”) in an amount equal to $50.00 per share of Preferred Stock less the per share amount of all cash dividends declared on the Preferred Stock pursuant to clause (a) of this sentence. Each share of Preferred Stock will entitle the holder thereof to 100 votes per share, voting together with the holders of the Common Stock as a single class, except as otherwise provided in the Certificate of Designations of Class A Preferred Stock Series One filed by the Company with the Delaware Secretary of State or the Company’s Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated By-laws. In the event of any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each outstanding share of Preferred Stock shall at the same time be similarly exchanged for or changed into the aggregate amount of stock, securities, cash and/or other property (payable in like kind), as the case may be, for which or into which each share of Common Stock is changed or exchanged, multiplied by 100. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, (a) no distribution shall be made to the holders of shares of stock ranking junior to the Preferred Stock unless the holders of the Preferred Stock shall have received the greater of (i) $100 per share of Preferred Stock plus an amount equal to accrued and unpaid dividends and distributions thereon or (ii) an amount equal to 100 times the aggregate amount to be distributed per share to holders of the Common Stock, and (b) no distribution shall be made to the holders of stock ranking on a parity upon liquidation, dissolution or winding up with the Preferred Stock unless simultaneously therewith distributions are made ratably on the holders of the Preferred Stock and all other shares of such parity stock in proportion to the total amounts to which the holders of shares of Preferred Stock are entitled under clause (a)(i) of this sentence and to which the holders of such parity shares are entitled, in each case upon such liquidation, dissolution or winding up.

 

The foregoing rights are protected by customary anti-dilution provisions.

 

The foregoing description of the rights of the Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designations of Class A Preferred Stock Series One.

 

Rights of Holders

 

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Retirement Arrangement
 3 Months Ended
Aug. 31, 2018
Retirement Benefits [Abstract]  
Retirement Arrangement
8.Retirement Arrangement

 

Joseph F. Hughes, retired as Chairman of the Board, Chief Executive Officer, President and Treasurer on July 5, 2017. The Board of Directors of the Company has 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 under 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 first quarter of fiscal 2018, resulting in charges amounting to approximately $180,000 which were included in selling, general and administrative expenses for the quarter.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Matters
 3 Months Ended
Aug. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Other Matters
9.Other Matters

 

From time to time, the Company is party to various lawsuits, some involving material amounts. Management is not aware of any lawsuits that would have a material adverse impact on the consolidated financial position of the Company.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Recently Adopted Accounting Pronouncements
 3 Months Ended
Aug. 31, 2018
Recently Adopted Accounting Pronouncements [Abstract]  
Recently Adopted Accounting Pronouncements
10.Recently Adopted Accounting Pronouncements

 

Effective June 1, 2018, the Company adopted ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10), which requires 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. The adoption of this standard did not have significant impact on the Company's consolidated financial statements.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Recent Accounting Pronouncements
 3 Months Ended
Aug. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
11.Recent Accounting Pronouncements

 

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.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Cash and Cash Equivalents (Tables)
 3 Months Ended
Aug. 31, 2018
Cash and Cash Equivalents [Abstract]  
Summary of cash and cash equivalents
     August 31,
2018		   May 31,
2018		 
           
  Cash in banks   $4,346,317   $4,723,700 
  Money market funds    605,369    599,737 
     $4,951,686   $5,323,437 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Certificates of Deposit and Marketable Securities (Tables)
 3 Months Ended
Aug. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Summary of assets measured at fair value on recurring basis
August 31, 2018  Level 1   Level 2   Level 3   Total 
                   
  Certificates of Deposit  $-   $492,000   $-   $492,000 
  Equity Securities   38,744    -                 -    38,744 
     $38,744   $492,000   $-   $530,744 

 

  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
Summary of certificates of deposit and marketable securities

  August 31, 2018   Amortized 
Cost		     Gross 
Unrealized 
Holding 
Gains		     Gross 
Unrealized 
Holding 
Losses		     Recorded 
Value		  
  Current                        
  Certificates of Deposit   $ 492,000     $ -     $ -     $ 492,000  
  Equity Securities     16,866       21,878                -       38,744  
      $ 508,866     $ 21,878     $ -     $ 530,744  

 

  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  
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Cash and Cash Equivalents (Details) - USD ($)
Aug. 31, 2018
May 31, 2018
Aug. 31, 2017
May 31, 2017
Summary of cash and cash equivalents        
Cash in banks $ 4,346,317 $ 4,723,700    
Money market funds 605,369 599,737    
Total $ 4,951,686 $ 5,323,437 $ 4,558,586 $ 5,723,976
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Certificates of Deposit and Marketable Securities (Details) - USD ($)
Aug. 31, 2018
May 31, 2018
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total $ 530,744 $ 537,160
Fair value measurement recurring [Member] | Level 1 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 38,744 44,160
Fair value measurement recurring [Member] | Level 2 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 492,000 493,000
Fair value measurement recurring [Member] | Level 3 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total
Fair value measurement recurring [Member] | Certificates of Deposit [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 492,000 493,000
Fair value measurement recurring [Member] | Certificates of Deposit [Member] | Level 1 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total
Fair value measurement recurring [Member] | Certificates of Deposit [Member] | Level 2 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 492,000 493,000
Fair value measurement recurring [Member] | Certificates of Deposit [Member] | Level 3 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total
Fair value measurement recurring [Member] | Equity Securities [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 38,744 44,160
Fair value measurement recurring [Member] | Equity Securities [Member] | Level 1 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total 38,744 44,160
Fair value measurement recurring [Member] | Equity Securities [Member] | Level 2 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total
Fair value measurement recurring [Member] | Equity Securities [Member] | Level 3 [Member]    
Summary of Assets Measured Fair Value on Recurring Basis [Abstract]    
Assets measured at fair value, Total
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Certificates of Deposit and Marketable Securities (Details 1) - USD ($)
 3 Months Ended
Aug. 31, 2018
May 31, 2018
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 508,866 $ 509,866
Gross Unrealized Holding Gains 21,878 27,294
Gross Unrealized Holding Losses
Recorded Value 530,744 537,160
Certificates of Deposit [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 492,000 493,000
Gross Unrealized Holding Gains
Gross Unrealized Holding Losses
Recorded Value 492,000 493,000
Equity Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,866 16,866
Gross Unrealized Holding Gains 21,878 27,294
Gross Unrealized Holding Losses
Recorded Value $ 38,744 $ 44,160
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity (Details) - USD ($)
 1 Months Ended 3 Months Ended
Aug. 29, 2018
Aug. 28, 2018
Aug. 23, 2018
Jul. 24, 2018
May 25, 2017
Aug. 31, 2018
Equity (Textual)            
Cash dividend per share         $ 1.00  
Dividend         $ 1,962,062  
Preferred stock rights, description The Board of Directors of the Company declared a dividend of one preferred share purchase right (a “Right”) for each share of Common Stock, par value $0.01 per share (“Common Stock”), of the Company outstanding on August 29, 2018 (the “Record Date”) to the stockholders of record on that date. In connection with the distribution of the Rights, the Company entered into a Rights Agreement (the “Rights Agreement”), dated as of August 29, 2018, between the Company and Continental Stock Transfer & Trust Company, as Rights Agent. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Class A Preferred Stock, Series One, par value $0.01 per share (“Preferred Stock”), of the Company at a price of $24.78 per one one-hundredth of a share of Preferred Stock represented by a Right (the “Purchase Price”), subject to adjustment.         Each share of Preferred Stock will be entitled to receive, when, as and if declared by the Board of Directors, (a) cash dividends in an amount per share (rounded to the nearest cent) equal to 100 times the aggregate per share amount of all cash dividends declared or paid on the Common Stock and (b) a preferential quarterly cash dividend (the “Preferential Dividends”) in an amount equal to $50.00 per share of Preferred Stock less the per share amount of all cash dividends declared on the Preferred Stock pursuant to clause (a) of this sentence. Each share of Preferred Stock will entitle the holder thereof to 100 votes per share, voting together with the holders of the Common Stock as a single class, except as otherwise provided in the Certificate of Designations of Class A Preferred Stock Series One filed by the Company with the Delaware Secretary of State or the Company’s Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated By-laws. In the event of any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each outstanding share of Preferred Stock shall at the same time be similarly exchanged for or changed into the aggregate amount of stock, securities, cash and/or other property (payable in like kind), as the case may be, for which or into which each share of Common Stock is changed or exchanged, multiplied by 100. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, (a) no distribution shall be made to the holders of shares of stock ranking junior to the Preferred Stock unless the holders of the Preferred Stock shall have received the greater of (i) $100 per share of Preferred Stock plus an amount equal to accrued and unpaid dividends and distributions thereon or (ii) an amount equal to 100 times the aggregate amount to be distributed per share to holders of the Common Stock, and (b) no distribution shall be made to the holders of stock ranking on a parity upon liquidation, dissolution or winding up with the Preferred Stock unless simultaneously therewith distributions are made ratably on the holders of the Preferred Stock and all other shares of such parity stock in proportion to the total amounts to which the holders of shares of Preferred Stock are entitled under clause (a)(i) of this sentence and to which the holders of such parity shares are entitled, in each case upon such liquidation, dissolution or winding up.
Joseph F. Hughes and Winifred Hughes [Member]            
Equity (Textual)            
Sale of common stock shares       819,491    
QAR Industries, Inc. [Member] | Robert Fitzgerald [Member]            
Equity (Textual)            
Aggregate shares of common stock   4,070        
Beneficially shares of common stock   143,900        
Percentage of common stock issued and outstanding   7.30%        
Zeff Capital, L.P., Zeff Holding Company, LLC [Member] | Daniel Zeff [Member]            
Equity (Textual)            
Aggregate shares of common stock     55,680      
Beneficially shares of common stock     437,774      
Percentage of common stock issued and outstanding     22.30%      
Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC [Member]            
Equity (Textual)            
Aggregate shares of common stock           957,774
Percentage of common stock issued and outstanding           48.80%
Zeff Capital, L.P., QAR Industries, Inc. and Fintech Consulting LLC [Member] | Joseph F. Hughes and Winifred Hughes [Member]            
Equity (Textual)            
Percentage of common stock issued and outstanding       41.80%    
Zeff Capital, L.P. [Member]            
Equity (Textual)            
Aggregate shares of common stock       77,615    
Percentage of common stock issued and outstanding       4.00%    
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Retirement Arrangement (Details)
 3 Months Ended
Aug. 31, 2018
Retirement Arrangement (Textual)  
One-time founder's bonus, description 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 first quarter of fiscal 2018, resulting in charges amounting to approximately $180,000 which were included in selling, general and administrative expenses for the quarter.
Lease expires date May 31, 2018
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