0001213900-23-028694.txt : 20230411 0001213900-23-028694.hdr.sgml : 20230411 20230411070044 ACCESSION NUMBER: 0001213900-23-028694 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230411 DATE AS OF CHANGE: 20230411 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: 001-38838 FILM NUMBER: 23812350 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 f10q0223_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 February 28, 2023

☐ 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: 001-38838

	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, Suite 150, Hauppauge, NY 11788

(Address of principal executive offices)

631-231-0333

(Registrant’s telephone number)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		TSRI		NASDAQ Capital Market

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 every Interactive Data File required to be submitted 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 such files). ☒ Yes ☐ No

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

Large Accelerated Filer ☐		Accelerated Filer ☐
Non-Accelerated Filer ☒		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 April 11, 2023, there were 2,119,734 shares of common stock, par value $0.01 per share, issued and outstanding.

TSR, INC. AND SUBSIDIARIES

INDEX

			Page
			Number

Part I.	Financial Information:		1

	Item 1.	Financial Statements:	1

		Condensed Consolidated Balance Sheets – February 28, 2023 and May 31, 2022	1

		Condensed Consolidated Statements of Operations – For the three months and nine months ended February 28, 2023 and 2022	2

		Condensed Consolidated Statements of Equity – For the three months and nine months ended February 28, 2023 and 2022	3

		Condensed Consolidated Statements of Cash Flows – For the nine months ended February 28, 2023 and 2022	5

		Notes to Condensed Consolidated Financial Statements	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18

	Item 4.	Controls and Procedures	18

Part II.	Other Information		19

	Item 1.	Legal Proceedings	19

	Item 1A.	Risk Factors	19

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20

	Item 3.	Defaults upon Senior Securities	20

	Item 4.	Mine Safety Disclosures	20

	Item 5.	Other Information	20

	Item 6.	Exhibits	21

Signatures			22

Part I. Financial Information

Item 1. Financial Statements

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

February 28, 2023 and May 31, 2022

	February 28,		May 31,
	2023		2022
	(Unaudited)		(see Note 1)
ASSETS
Current Assets:
Cash and cash equivalents	$	7,569,557	$	6,490,158
Certificates of deposit and marketable securities		1,009,944		35,536
Accounts receivable, net of allowance for doubtful accounts of $181,000		11,578,563		13,427,562
Other receivables		38,912		39,753
Prepaid expenses		320,635		216,776
Prepaid and recoverable income taxes		17,058		31,795
Total Current Assets		20,534,669		20,241,580
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $252,319 and $195,094, respectively		87,886		138,794
Other assets		48,772		63,270
Right-of-use assets		503,638		652,020
Intangible assets, net		1,375,000		1,500,750
Goodwill		785,883		785,883
Deferred income taxes		479,000		972,000
Total Assets	$	23,814,848	$	24,354,297
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and other payables	$	2,269,111	$	1,425,021
Accrued expenses and other current liabilities		4,048,458		5,818,903
Advances from customers		1,197,370		1,210,992
Credit facility		-		61,882
Operating lease liabilities - current		171,503		214,941
Legal settlement payable - current		-		597,566
Total Current Liabilities		7,686,442		9,329,305

Operating lease liabilities, net of current portion		366,195		492,427
Total Liabilities		8,052,637		9,821,732

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 3,322,527 and 3,298,549 shares, 2,147,592 and 2,146,448 outstanding, respectively		33,226		32,986
Additional paid-in capital		7,666,711		7,473,866
Retained earnings		21,718,261		20,470,042
		29,418,198		27,976,894

Less: Treasury stock, 1,174,935 and 1,152,101 shares, at cost, respectively		13,694,472		13,514,003
Total TSR, Inc. Equity		15,723,726		14,462,891

Noncontrolling interest		38,485		69,674
Total Equity		15,762,211		14,532,565

Total Liabilities and Equity	$	23,814,848	$	24,354,297

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

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months and Nine Months Ended February 28, 2023 and 2022

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2023			2022			2023			2022
Revenue, net	$	24,257,167		$	24,383,217		$	76,487,411		$	71,112,784

Cost of sales		20,267,337			20,590,154			63,433,855			59,461,322
Selling, general and administrative expenses		3,768,902			3,829,819			11,071,679			11,628,284
		24,036,239			24,419,973			74,505,534			71,089,606
Income (loss) from operations		220,928			(36,756	)		1,981,877			23,178

Other income (expense):
Interest expense, net		(9,069	)		(19,526	)		(44,907	)		(81,510	)
Gain on PPP Loan and interest forgiveness		-			-			-			6,735,246
Unrealized loss on marketable securities, net		(4,112	)		(1,200	)		(15,592	)		(7,536	)

Income (loss) before income taxes		207,747			(57,482	)		1,921,378			6,669,378
Provision for (benefit from) income taxes		110,000			(14,000	)		629,000			(1,000	)

Consolidated net income (loss)		97,747			(43,482	)		1,292,378			6,670,378
Less: Net income attributable to noncontrolling interest		18,107			3,129			44,159			72,410

Net income (loss) attributable to TSR, Inc.	$	79,640		$	(46,611	)	$	1,248,219		$	6,597,968
Basic net income (loss) per TSR, Inc. common share	$	0.04		$	(0.02	)	$	0.58		$	3.33
Diluted net income (loss) per TSR, Inc. common share	$	0.04		$	(0.02	)	$	0.56		$	3.19
Basic weighted average number of common shares outstanding		2,134,660			2,027,494			2,140,344			1,983,146
Diluted weighted average number of common shares outstanding		2,234,600			2,027,494			2,235,173			2,066,976

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

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months and Nine Months Ended February 28, 2022

(UNAUDITED)

	Shares of				Additional												Non-
	common		Common		paid-in			Retained			Treasury			TSR, Inc.			controlling			Total
	stock		stock		capital			earnings			stock			equity			interest			Equity
Balance at May 31, 2021		3,114,163	$	31,142	$	5,339,200		$	13,540,822		$	(13,514,003	)	$	5,397,161		$	23,891		$	5,421,052
Net income attributable to noncontrolling interest		-		-		-			-			-			-			57,492			57,492
Distribution to noncontrolling interest		-		-		-			-			-			-			(1,750	)		(1,750	)
Non-cash stock compensation		-		-		177,249			-			-			177,249			-			177,249
Net income attributable to TSR, Inc.		-		-		-			6,401,543						6,401,543			-			6,401,543
Balance at August 31, 2021		3,114,163		31,142		5,516,449			19,942,365			(13,514,003	)		11,975,953			79,633			12,055,586
Net income attributable to noncontrolling interest		-		-		-			-			-			-			11,789			11,789
Distribution to noncontrolling interest		-		-		-			-			-			-			(25,640	)		(25,640	)
Non-cash stock compensation		-		-		177,249			-			-			177,249			-			177,249
Net income attributable to TSR, Inc.		-		-		-			243,036						243,036			-			243,036
Balance at November 30, 2021		3,114,163		31,142		5,693,698			20,185,401			(13,514,003	)		12,396,238			65,782			12,462,020
Net income attributable to noncontrolling interest		-		-		-			-			-			-			3,129			3,129
Proceeds of sales of stock through ATM		142,500		1,425		1,819,665			-			-			1,821,090			-			1,821,090
Non-cash stock compensation		-		-		141,238			-			-			141,238			-			141,238
Vested stock awards and taxes paid		41,886		419		(92,323	)		-			-			(91,904	)		-			(91,904	)
Net loss attributable to TSR, Inc.		-		-		-			(46,611	)					(46,611	)		-			(46,611	)
Balance at February 28, 2022		3,298,549	$	32,986	$	7,562,278		$	20,138,790		$	(13,514,003	)	$	14,220,051		$	68,911			14,288,962

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

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months and Nine Months Ended February 28, 2023

(UNAUDITED)

	Shares of				Additional											Non-
	common		Common		paid-in			Retained		Treasury			TSR, Inc.			controlling			Total
	stock		stock		capital			earnings		stock			equity			interest			equity
Balance at May 31, 2022		3,298,549	$	32,986	$	7,473,866		$	20,470,042	$	(13,514,003	)	$	14,462,891		$	69,674		$	14,532,565
Net income attributable to noncontrolling interest		-		-		-			-		-			-			12,997			12,997
Non-cash stock compensation		-		-		69,216			-		-			69,216			-			69,216
Net income attributable to TSR, Inc.		-		-		-			494,746		-			494,746			-			494,746
Balance at August 31, 2022		3,298,549		32,986		7,543,082			20,964,788		(13,514,003	)		15,026,853			82,671			15,109,524
Net income attributable to noncontrolling interest		-		-		-			-		-			-			13,055			13,055
Non-cash stock compensation		-		-		69,216			-		-			69,216			-			69,216
Purchases of treasury stock		-		-		-			-		(116,426	)		(116,426	)		-			(116,426	)
Net income attributable to TSR, Inc.		-		-		-			673,833		-			673,833			-			673,833
Balance at November 30, 2022		3,298,549		32,986		7,612,298			21,638,621		(13,630,429	)		15,653,476			95,726			15,749,202
Net income attributable to noncontrolling interest		-		-		-			-		-			-			18,107			18,107
Distribution to noncontrolling interest		-		-		-			-		-			-			(75,348	)		(75,348	)
Non-cash stock compensation		-		-		54,653			-		-			54,653			-			54,653
Purchases of treasury stock		-		-		-			-		(64,043	)		(64,043	)		-			(64,043	)
Vested stock awards		23,978		240		(240	)		-		-			-			-			-
Net income attributable to TSR, Inc.		-		-		-			79,640		-			79,640			-			79,640
Balance at February 28, 2023		3,322,527	$	33,226	$	7,666,711		$	21,718,261	$	(13,694,472	)	$	15,723,726		$	38,485		$	15,762,211

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

TSR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For The Nine Months Ended February 28, 2023 and 2022

(UNAUDITED)

	Nine Months Ended
	February 28,
	2023			2022
Cash flows from operating activities:
Consolidated net income	$	1,292,378		$	6,670,378
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Depreciation and amortization		182,975			170,259
Unrealized loss on marketable securities, net		15,592			7,536
Deferred income taxes		493,000			1,000
Non-cash lease recovery		(21,288	)		(47,554	)
Forgiveness of principal and accrued interest on SBA PPP Loan		-			(6,735,246	)
Non-cash stock-based compensation expense		193,085			495,736

Changes in operating assets and liabilities:
Accounts receivable		1,848,999			(2,758,279	)
Other receivables		841			(5,482	)
Prepaid expenses		(103,859	)		(43,731	)
Prepaid and recoverable income taxes		14,737			(41,723	)
Other assets		14,498			1,404
Accounts payable, other payables, accrued expenses and other current liabilities		(926,355	)		72,145
Advances from customers		(13,622	)		17,902
Legal settlement payable		(597,566	)		(276,843	)
Net cash provided by (used in) operating activities		2,393,415			(2,472,498	)

Cash flows from investing activities:
Purchases of certificates of deposit and marketable securities		(990,000	)		-
Purchases of equipment and leasehold improvements		(6,317	)		(81,011	)
Net cash used in investing activities		(996,317	)		(81,011	)

Cash flows from financing activities:
Net repayments on credit facility		(61,882	)		(32,728	)
Purchases of treasury stock		(180,469	)		-
Net proceeds of ATM stock sales		-			1,821,090
Tax withholding from vested stock awards		-			(91,904	)
Distribution to noncontrolling interest		(75,348	)		(27,390	)

Net cash (used in) provided by financing activities		(317,699	)		1,669,068

Net increase (decrease) in cash and cash equivalents		1,079,399			(884,441	)
Cash and cash equivalents at beginning of period		6,490,158			7,370,646

Cash and cash equivalents at end of period	$	7,569,557		$	6,486,205

Supplemental disclosures of cash flow data:
Income taxes paid	$	121,000		$	41,000
Interest paid	$	61,000		$	59,000

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

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

1.	Basis of Presentation

The accompanying condensed consolidated interim financial statements include the accounts of TSR, Inc. and its subsidiaries. Unless otherwise stated or the context otherwise requires, the terms “we,” “us,” “our,” “TSR,” and the “Company” refer to TSR, Inc. and its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of May 31, 2022, 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 (the “SEC”). 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 and nine months ended February 28, 2023 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, 2023. 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, 2022.

2.	Net Income Per Common Share

Basic net income per common share is computed by dividing net income available to common stockholders of TSR by the weighted average number of common shares outstanding during the reporting period, excluding the effects of any potentially dilutive securities. During the quarter ended February 28, 2021, the Company granted time and performance vesting restricted stock awards under its 2020 Equity Incentive Plan (see Note 16 for further information). Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the reporting period. The common stock equivalents associated with these restricted stock awards of 99,940, 0, 94,829, and 83,830 have been included for dilutive shares outstanding for the three and nine months ended February 28, 2023 and 2022, respectively. There were no dilutive shares in the quarter ended February 28, 2022 due to a net loss for the quarter.

3.	Cash and Cash Equivalents

The Company considers short-term highly liquid investments with original 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 February 28, 2023 and May 31, 2022:

	February 28, 2023		May 31, 2022
Cash in banks	$	5,728,624	$	6,436,012
Certificates of deposit		495,000		-
Money market funds		1,345,933		54,146
	$	7,569,577	$	6,490,158

4.	Fair Value of Financial Instruments

Accounting Standards Codification (“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.

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

5.	Certificates of Deposit and Marketable Securities

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

Investments recorded in the accompanying 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 February 28, 2023 and May 31, 2022 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):

February 28, 2023	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		19,944		-		-		19,944
	$	1,009,944	$	-	$	-	$	1,009,944

May 31, 2022		Level 1				Level 2				Level 3				Total
Equity Securities		$	35,536			$	-			$	-			$	35,536

Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which range up to 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s marketable securities at February 28, 2023 and May 31, 2022 are summarized as follows:

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

February 28, 2023	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Recorded Value
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		16,866		3,078		-		19,944
	$	1,006,866	$	3,078	$	-	$	1,109,944

May 31, 2022		Amortized Cost				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Recorded Value
Equity Securities		$	16,866			$	18,670			$	-			$	35,536

The Company’s investments in marketable securities consist primarily of investments in 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.	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 except for the litigation disclosed elsewhere in this report, including in Notes 9, 10 and 13 to the condensed consolidated financial statements and in the section titled “Item 1, Legal Proceedings” in Part II of this report.

Leases

The Company leases the space for its offices in Hauppauge and New Jersey. The lease for the New York City office expired on August 31, 2022 and was not replaced. Under ASC 842, at contract inception we determine whether the contract is or contains a lease and whether the lease should be classified as an operating or finance lease. Operating leases are in right-of-use assets and operating lease liabilities are in our condensed consolidated balance sheets.

The Company’s leases for its offices are classified as operating leases.

The lease agreements for Hauppauge and New Jersey expire on December 31, 2023 and May 31, 2027, respectively, and do not include any renewal options. During the fiscal year ended May 31, 2021, the Company extended its lease in Hauppauge, entered into a lease in a new location for its New Jersey office expiring May 31, 2027 and entered into an agreement to sublease the space in New York City, which expired August 31, 2022 at the end of the underlying office lease.

In addition to the monthly base amounts in the lease agreements, the Company is required to pay real estate taxes and operating expenses during the lease terms.

For the three months ended February 28, 2023 and 2022, the Company’s operating lease expense for these leases was $65,000 and $85,000, respectively. For the nine months ended February 28, 2023 and 2022, the Company’s operating lease expense for these leases was $214,000 and $240,000, respectively.

As there are no explicit rates provided in our leases, the Company’s incremental borrowing rate was used based on the information available as of the commencement date in determining the present value of the future lease payments. Future minimum lease payments under non-cancellable operating leases as of February 28, 2023 are as follows:

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

Twelve Months Ending February 28,
2024	$	203,248
2025		123,085
2026		126,162
2027		129,316
2028		32,527
Thereafter		-
Total undiscounted operating lease payments		614,338
Less imputed interest		76,640
Present value of operating lease payments	$	537,698

The following table sets forth the right-of-use assets and operating lease liabilities as of February 28, 2023:

Assets
Right-of-use assets, net	$	503,638
Liabilities
Current operating lease liabilities	$	171,503
Long-term operating lease liabilities		366,195
Total operating lease liabilities	$	537,698

The weighted average remaining lease term for the Company’s operating leases is 1.9 years.

8.	Credit Facility

On November 27, 2019, TSR closed on a revolving credit facility (the “Credit Facility”) pursuant to a Loan and Security Agreement with Access Capital, Inc. (the “Lender”) which provides funding to TSR and its direct and indirect subsidiaries, TSR Consulting Services, Inc., Logixtech Solutions, LLC and Eurologix, S.A.R.L., each of which, together with TSR, is a borrower under the Credit Facility. Each of the borrowers has provided a security interest to the Lender in all of their respective assets to secure amounts borrowed under the Credit Facility.

TSR expects to utilize the Credit Facility for working capital and general corporate purposes. The maximum amount that may be advanced under the Credit Facility at any time shall not exceed $2,000,000.

Advances under the Credit Facility accrue interest at a rate per annum equal to (x) the “base rate” or “prime rate” announced by Citibank, N.A. from time to time, which shall be increased or decreased, as the case may be, in an amount equal to each increase or decrease in such “base rate” or “prime rate,” plus (y) 1.75%. The prime rate as of February 28, 2023 was 7.75%, indicating an interest rate of 9.50% on the line of credit. The initial term of the Credit Facility is five years, which shall automatically renew for successive five-year periods unless either TSR or the Lender gives written notice to the other of termination at least 60 days prior to the expiration date of the then-current term.

TSR is obliged to satisfy certain financial covenants and minimum borrowing requirements under the Credit Facility, and to pay certain fees, including prepayment fees, and provide certain financial information to the Lender. The Company was in compliance with all covenants at February 28, 2023.

As of February 28, 2023, the net payments exceeded borrowings outstanding against this Credit Facility resulting in a receivable from the Lender of $23,954 which is included in “Other receivables” on the condensed consolidated balance sheet. The amount the Company has borrowed fluctuates and, at times, it has utilized the maximum amount of $2,000,000 available under the facility to fund its payroll and other obligations.

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

9.	Termination of Former CEO

The Company terminated Christopher Hughes, the former Chief Executive Officer of the Company (“Hughes”), effective February 29, 2020. Hughes filed a complaint against the Company in the Supreme Court of the State of New York in March 2020 alleging two causes of action: (1) breach of his employment contract; and (2) breach of the duty of good faith and fair dealing. Hughes alleged that he was terminated without cause or in the alternative that he resigned for good reason and therefore, pursuant to the Amended and Restated Employment Agreement, dated August 9, 2018, between the Company and Hughes, Hughes sought severance pay in the amount of $1,000,000 and reasonable costs and attorney’s fees. The Company denied Hughes’ allegations and filed various counterclaims against Hughes.

In October 2021, the Company and Hughes agreed through mediation to settle this matter. In order to avoid lengthy and costly litigation and discovery expenses, the Company has paid Hughes $705,000 to settle all claims. After adjusting for insurance reimbursement, the Company accrued a charge of $580,000 to selling, general and administrative expenses in the quarter ended August 31, 2021.

10.	Legal Settlement with Investor

On April 1, 2020, the Company entered into a binding term sheet (“Term Sheet”) with Zeff Capital, L.P. (“Zeff”) pursuant to which it agreed, among other things, to pay Zeff an amount of $900,000 over a period of three years in cash or cash and stock in settlement of expenses incurred by Zeff during its solicitations in 2018 and 2019 in connection with the annual meetings of the Company, the costs incurred in connection with the litigation initiated by and against the Company as well as negotiation, execution and enforcement of the Settlement and Release Agreement, dated as of August 30, 2019, by and between the Company, Zeff and certain other parties. In exchange for certain releases, the Term Sheet called for a cash payment of $300,000 on June 30, 2021, a second cash payment of $300,000 on June 30, 2022 and a third payment of $300,000 also on June 30, 2022, payable in cash or common stock at the Company’s option. There was no interest due on these payments. The Company accrued $818,000, the estimated present value of these payments using an effective interest rate of 5%, in the quarter ended February 29, 2020, as the events relating to the expense occurred prior to such date. The $300,000 payment due June 30, 2021 was paid during the quarter ended August 31, 2021. The two cash payments of $300,000 each were made by June 30, 2022 in full satisfaction of the settlement.

11.	Paycheck Protection Program Loan

On April 15, 2020, the Company received loan proceeds of $6,659,220 under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (“PPP”) was established under the recent congressionally-approved Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). The PPP Loan to the Company was made through JPMorgan Chase Bank, N.A., a national banking association (“PPP Lender”).

In March 2021, the Company submitted a PPP Loan Forgiveness application to the SBA through the PPP Lender. On July 7, 2021, the Company received notification from the PPP Lender that the SBA approved the Company’s application for forgiveness of the entire principal amount of the PPP Loan plus accrued interest. The PPP Lender has applied the forgiveness amount to satisfy the PPP Loan. The Company has no further obligations with respect to the PPP Loan. The Company recognized “Other Income” of $6,735,246 in the quarter ended August 31, 2021 related to the forgiveness of the loan principal and accrued interest. It should be noted that the SBA has a six-year period to review the forgiveness calculation.

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

12.	Intangible Assets

The Company amortizes its intangible assets over their estimated useful lives and will review these assets for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If intangible assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair market value.

Intangible assets are as follows:

	May 31,				February 28,
	2022		Amortization		2023

Database (estimated life 5 years)	$	149,500	$	34,500	$	115,000
Non-compete agreement (estimated life 2 years)		1,250		1,250		-
Trademark (estimated life 3 years)		25,000		15,000		10,000
Customer relationships (estimated life 15 years)		1,325,000		75,000		1,250,000
Total	$	1,500,750	$	125,750	$	1,375,000

No instances of triggering events or impairment indicators were identified as of February 28, 2023.

13.	Related Party Transactions

On January 5, 2021, the members of the Board of Directors of the Company other than Robert Fitzgerald approved providing a waiver to QAR Industries, Inc. for its contemplated acquisition of shares owned by Fintech Consulting LLC under the Company’s then existing rights agreement (which covered a now non-existent class of Class A preferred stock) so that a distribution date would not occur under such agreement as a result of the acquisition. QAR Industries, Inc. and Fintech Consulting LLC were both principal stockholders of the Company, each owning more than 5% of the Company’s outstanding common stock prior to the consummation of the acquisition. Robert Fitzgerald is the President and majority shareholder of QAR Industries, Inc. The other directors of the Company are not affiliated with QAR Industries, Inc.

On February 3, 2021, the transaction was completed and QAR Industries, Inc. purchased 348,414 shares of TSR’s common stock from Fintech Consulting LLC at a price of $7.25 per share. At the same time, Bradley M. Tirpak, Chairman of TSR, purchased 27,586 shares of TSR’s common stock from Fintech Consulting LLC at a price of $7.25 per share. The foregoing transaction was the subject of litigation due to a complaint filed by Fintech Consulting LLC on December 1, 2021 in the United States District Court for the District of New Jersey under docket Fintech Consulting LLC v. TSR, Inc. et als, Docket No. 2:21-cv-20181-KSH-AME (the “New Jersey Action”). The New Jersey Action was dismissed on December 7, 2022 on jurisdictional grounds on the motion of TSR. Following that dismissal, Fintech Consulting LLC re-filed the lawsuit regarding the foregoing transaction in the Delaware Court of Chancery on January 12, 2023 under docket number Fintech Consulting LLC DBA APTASK v. TSR, Inc., et al., civil action no. 2023-0030-MTZ (the “Delaware Chancery Action”). On January 23, 2023, the Delaware Chancery Action was dismissed without prejudice. On January 22, 2023, Fintech Consulting LLC filed an action in the United States District Court for the District of Delaware under docket Fintech Consulting, LLC v. TSR, Inc., et al, Case Number: 1:23-cv-00074-MN (U.S. Dist. Ct. Dist. of Delaware) (the “Delaware Federal Action”). The Delaware Federal Action remains pending. To avoid the time and expense of litigation, the parties are in negotiations to settle this matter. As a result, the Company has accrued $75,000 in the quarter ended February 28, 2023 as an estimate of the possible settlement amount. Please refer to “Item 1, Legal Proceedings” in Part II of this report for more information on these matters.

The Company has provided placement services for an entity in which a Board of Director of the Company is the CEO. Revenues for such services in fiscal 2022 were approximately $59,000. Revenues for the quarter and nine months ending February 28, 2023 were $35,000 and $71,000, respectively. There were no amounts outstanding as accounts receivable from this entity as of May 31, 2022 or February 28, 2023. There was no activity with this client in the quarter and nine months ended February 28, 2022.

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

14.	Common Stock

Our certificate of incorporation, as amended, authorizes the issuance of up to 12,500,000 shares of common stock, $0.01 par value per share.

On October 8, 2021, the Company filed an automatic shelf registration statement on Form S-3 (File No. 333-260152) (the “2021 TSRI Shelf”) which contains (i) a base prospectus, which covers the offering, issuance and sale by the Company of up to $5,000,000 in the aggregate of shares of common stock from time to time in one or more offerings; and (ii) a sales agreement prospectus, which covers the offering, issuance and sale by the Company of up to $4,167,000 in the aggregate of shares of common stock that may be issued and sold from time to time under an at-the-market sales agreement (the “2021 ATM”) by and between the Company and A.G.P./Alliance Global Partners, as sales agent (the “2021 Agent”). The $4,167,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $5,000,000 of shares of common stock that may be offered, issued and sold by the Company under the base prospectus. Upon termination of the sales agreement, any portion of the $4,167,000 included in the sales agreement prospectus that is not sold pursuant to the sales agreement will be available for sale in other offerings pursuant to the base prospectus and if no shares are sold under the agreement, the full $4,167,000 of securities may be sold in other offerings pursuant to the base prospectus. Under the 2021 ATM, we pay the 2021 Agent a commission rate equal to 3.0% of the gross sales price per share of all shares sold through the 2021 Agent under the sales agreement.

During the quarter ended February 28, 2022, we sold an aggregate of 142,500 shares of common stock pursuant to the 2021 ATM for total gross proceeds of $1,965,623 at an average selling price of $13.79 per share, resulting in net proceeds of $1,821,090 after deducting $144,533 in commissions and other transactions costs. There were no shares sold during the quarter or nine months ended February 28, 2023.

The 2021 TSRI Shelf is currently our only active shelf-registration statement. We may offer TSR common stock registered under the 2021 TSRI Shelf from time to time in response to market conditions or other circumstances if we believe such a plan of financing is in the best interests of our stockholders. We believe that the 2021 TSRI Shelf provides us with the flexibility to raise additional capital to finance our operations as needed. However, there is no assurance we will be successful in doing so.

15.	Stock-based Compensation Expense

On January 28, 2021, the Company granted 108,333 shares in time vesting restricted stock awards and 69,167 shares in time and performance vesting restricted stock awards to officers, directors and key employees under the TSR, Inc. 2020 Equity Incentive Plan (the “Plan”). The time vesting shares vest in tranches at the one-, two- and three-year anniversaries of the grants (“service condition”). These shares had a grant date fair value of $826,000 based on the closing price of TSR’s common stock on the day prior to the grants. The associated compensation expense is recognized on a straight-line basis over the time between grant date and the date the shares vest (the “service period”).

The time and performance vesting shares also vest in tranches at or after the two- and three-year anniversaries of the grants. The performance condition is defined in the grant agreements and relates to the market price of the Company’s common stock over a stated period of time (“market condition”). These shares had a grant date value of $262,000 based on the closing price of TSR common shares on the day prior to the grants discounted by an estimated forfeiture rate of 40-60%. The Company took into account the historical volatility of its common stock to assess the probability of satisfying the market condition. The associated compensation expense is recognized on a straight-line basis between the time the achievement of the performance criteria is deemed probable and the time the shares may vest. During the three months and nine months ended February 28, 2023 and 2022, $55,000, $141,000, $193,000 and $496,000, respectively, have been recorded as stock-based compensation expense and included in selling, general and administrative expenses. As of February 28, 2023, there is approximately $94,000 of unearned compensation expense that will be expensed through January 2024; 142,666 stock awards expected to vest; 82,499 awards vested to date, of which 16,635 were forfeited to pay taxes applicable to the stock awards.

TSR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2023

(Unaudited)

16.	Stock Repurchase Program

The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by the Board of Directors at its discretion and will depend on a number of factors, including the market price of Company’s stock, general market and economic conditions, and applicable legal and contractual requirements. The Company has no obligation or commitment to repurchase all or any portion of the shares covered by this authorization.

During the three months and nine months ended February 28, 2023, 8,017 and 22,834 shares of the Company’s common stock were repurchased at an aggregate cost of $64,043 and $180,469, respectively. No shares were repurchased in the three months and nine months ended February 28, 2022.

TSR, INC. AND SUBSIDIARIES

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 statements concerning the success of the Company’s plan for growth, both internally and through the previously announced pursuit of suitable acquisition candidates; the successful integration of announced and completed acquisitions and any anticipated benefits therefrom; 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 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; the risks, uncertainties and expense of the legal proceedings to which the Company is a party; 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 February 28, 2023 compared with three months ended February 28, 2022:

	(Dollar amounts in thousands) Three Months Ended
	February 28, 2023						February 28, 2022
	Amount			% of Revenue			Amount			% of Revenue
Revenue, net	$	24,257			100.0	%	$	24,383			100.0	%
Cost of sales		20,267			83.6	%		20,590			84.4	%
Gross profit		3,990			16.4	%		3,793			15.6	%
Selling, general and administrative expenses		3,769			15.5	%		3,830			15.7	%
Income (loss) from operations		221			0.9	%		(37	)		(0.1	)%
Other expense, net		(13	)		(0.0	)%		(21	)		(0.1	)%
Income (loss) before income taxes		208			0.9	%		(58	)		(0.2	)%
Provision for (benefit from) income taxes		110			0.5	%		(14	)		0.0	%
Consolidated net income (loss)		98			0.4	%		(44	)		(0.2	)%
Less: Net income attributable to noncontrolling interest		18			0.1	%		3			0.0	%
Net income (loss) attributable to TSR, Inc.	$	80			0.3	%	$	(47	)		(0.2	)%

TSR, INC. AND SUBSIDIARIES

Revenue

Revenue consists primarily of revenue from computer programming consulting services. Revenue for the quarter ended February 28, 2023 decreased approximately $126,000 or 0.5% from the quarter ended February 28, 2022, primarily due to decreased activity with clients for clerical and administrative contractors. The average number of consultants on billing with customers decreased from 721 for the quarter ended February 28, 2022 to 640 for the quarter ended February 28, 2023. However, IT contractors increased from 443 to 467 IT contractors at February 28, 2023; while clerical and administrative contractors decreased from 278 to 173 at February 28, 2023. The change in the business mix toward the higher revenue IT contractors mitigated much of the decrease in revenue.

Cost of Sales

Cost of sales for the quarter ended February 28, 2023 decreased approximately $323,000 or 1.6% to $20,267,000 from $20,590,000 in the prior year period. The decrease in cost of sales resulted primarily from a decrease in consultants placed with customers, primarily clerical and administrative contractors. Cost of sales as a percentage of revenue decreased from 84.4% in the quarter ended February 28, 2022 to 83.6% in the quarter ended February 28, 2023. Revenue decreased at a lower rate than cost of sales when comparing the quarter ended February 28, 2023 to the prior year quarter, causing an increase in gross margins. The IT contractors added have a higher gross margin than the clerical and administrative staff that decreased.

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 $61,000 or 1.6% from $3,830,000 in the quarter ended February 28, 2022 to $3,769,000 in the quarter ended February 28, 2023. The decrease in these expenses primarily resulted from non-cash compensation expenses of $55,000 in the quarter ended February 28, 2023 compared with $141,000 in the quarter ended February 28, 2022 related to the Plan and from a decrease in legal fees of $55,000, offset by an accrual for a legal settlement of $75,000 in the current quarter. Selling, general and administrative expenses, as a percentage of revenue decreased from 15.7% in the quarter ended February 28, 2022 to 15.5% in the quarter ended February 28, 2023.

Other Expense

Other expense for the quarter ended February 28, 2023 resulted primarily from net interest expense of $9,000 and a mark-to-market loss of approximately $4,000 on the Company’s marketable equity securities. Other income for the quarter ended February 28, 2022 resulted primarily from net interest expense of approximately $20,000 and a mark-to-market loss of approximately $1,000 on the Company’s marketable equity securities.

Income Tax Provision

The income tax provision (benefit) included in the Company’s results of operations for the quarters ended February 28, 2023 and 2022 reflect the Company’s estimated effective tax rate for the fiscal years ending May 31, 2023 and 2022, respectively. These rates resulted in a provision of 52.9% for the quarter ended February 28, 2023 and a benefit of 24.1% for the quarter ended February 28, 2022.

Net Income Attributable to TSR

Net income attributable to TSR was approximately $80,000 in the quarter ended February 28, 2023 compared to a net loss of $47,000 in the quarter ended February 28, 2022. The increase in net income over the prior year quarter was primarily attributable to the increase in gross margin and a decrease in selling, general and administrative expenses.

Impact of Inflation and Changing Prices

For the quarters ended February 28, 2023 and 2022, inflation and changing prices did not have a material effect on the Company’s revenue or income from continuing operations.

TSR, INC. AND SUBSIDIARIES

Nine months ended February 28, 2023 compared with nine months ended February 28, 2022:

	(Dollar amounts in thousands) Nine Months Ended
	February 28, 2023						February 28, 2022
	Amount			% of Revenue			Amount			% of Revenue
Revenue, net	$	76,487			100.0	%	$	71,113			100.0	%
Cost of sales		63,434			82.9	%		59,462			83.6	%
Gross profit		13,053			17.1	%		11,651			16.4	%
Selling, general and administrative expenses		11,072			14.5	%		11,628			16.3	%
Income from operations		1,981			2.6	%		23			0.1	%
Other income (expense), net		(60	)		(0.1	)%		6,646			9.3	%
Income before income taxes		1,921			2.5	%		6,669			9.4	%
Provision for (benefit from) income taxes		629			0.8	%		(1	)		0.0	%
Consolidated net income		1,292			1.7	%		6,670			9.4	%
Less: Net income attributable to noncontrolling interest		44			0.1	%		72			0.1	%
Net income attributable to TSR, Inc.	$	1,248			1.6	%	$	6,598			9.3	%

Revenue

Revenue consists primarily of revenue from computer programming consulting services. Revenue for the nine months ended February 28, 2023 increased approximately $5,374,000 or 7.6% from the nine months ended February 28, 2022, primarily due to growth in higher priced IT contractors offsetting decreases in clerical and administrative contractors. The average number of consultants on billing with customers decreased from 698 for the nine months ended February 28, 2022 to 671 for the nine months ended February 28, 2023. However, the average number of IT consultants increased from 424 to 467 for the nine months ended February 28, 2023, while the average number of clerical and administrative contractors decreased from 274 to 203 for the nine months ended February 28, 2023. The change in the business mix toward the higher revenue IT contractors yielded the net increase in revenue.

Cost of Sales

Cost of sales for the nine months ended February 28, 2023 increased approximately $3,972,000 or 6.7% to $63,434,000 from $59,462,000 in the prior year period. The increase in cost of sales resulted primarily from an increase in higher cost IT consultants placed with customers, primarily from organic growth. Cost of sales as a percentage of revenue decreased from 83.6% in the nine months ended February 28, 2022 to 82.9% in the nine months ended February 28, 2023. Revenue grew at a higher rate than cost of sales when comparing the nine months ended February 28, 2023 to the prior year period, causing an increase in gross margins. The IT contractors added have a higher gross margin than the clerical and administrative staff that decreased.

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 $556,000 or 4.8% from $11,628,000 in the nine months ended February 22, 2022 to $11,072,000 in the nine months ended February 28, 2023. The decrease in these expenses primarily resulted from a charge of $580,000 for the legal settlement with the former Chief Executive Officer in the prior year period. Additionally, the Company incurred non-cash compensation expenses of $193,000 in the nine months ended February 28, 2023 and $496,000 in the nine months ended February 28, 2022 related to the Plan. These reductions were offset by an increase in recruiting costs of approximately $251,000. Selling, general and administrative expenses, as a percentage of revenue, decreased from 16.3% in the nine months ended February 28, 2022 to 14.4% in the nine months ended February 28, 2023.

TSR, INC. AND SUBSIDIARIES

Other Income (Expense)

Other expense for the nine months ended February 28, 2023 resulted primarily from net interest expense of $45,000 and a mark-to-market loss of approximately $15,000 on the Company’s marketable equity securities. Other income for the nine months ended February 28, 2022 resulted primarily from income of $6,735,000 from the forgiveness of principal and interest on the PPP Loan offset by net interest expense of approximately $81,000 and a mark-to-market loss of approximately $2,000 on the Company’s marketable equity securities.

Income Tax Provision

The income tax provision (benefit) included in the Company’s results of operations for the nine months ended February 28, 2023 and 2022 reflect the Company’s estimated effective tax rate for the fiscal years ending May 31, 2023 and 2022, respectively. These rates resulted in a provision of 32.7% for the nine months ended February 28, 2023 and a benefit of less than 1% for the nine months ended February 28, 2022. The effective rate for the nine months ended February 28, 2022 is low because of the non-taxable gain on the forgiveness of the PPP Loan principal and interest, combined with low taxable income.

Net Income Attributable to TSR

Net income attributable to TSR was approximately $1,248,000 in the nine months ended February 28, 2023 compared to $6,598,000 in the nine months ended February 28, 2022. The net income in the prior year period was primarily attributable to the forgiveness of principal and interest on the PPP Loan.

Impact of Inflation and Changing Prices

For the nine months ended February 28, 2023 and 2022, inflation and changing prices did not have a material effect on the Company’s revenue or income from continuing operations.

Liquidity and Capital Resources

The Company’s cash was sufficient to enable it to meet its liquidity requirements during the quarter ended February 28, 2023. The Company expects that its cash and cash equivalents and the Company’s Credit Facility pursuant to a Loan and Security Agreement with the Lender will be sufficient to provide the Company with adequate resources to meet its liquidity requirements for the 12-month period following the issuance of these condensed consolidated financial statements. Utilizing its accounts receivable as collateral, the Company has secured this Credit Facility to increase its liquidity as necessary. As of February 28, 2023, the Company had no net borrowings outstanding against this Credit Facility. The amount the Company has borrowed fluctuates and, at times, it has utilized the maximum amount of $2,000,000 available under this facility to fund its payroll and other obligations. The Company was in compliance with all covenants under the Credit Facility as of February 28, 2023 and through the date of this filing. Additionally, in April 2020, the Company secured a PPP Loan in the amount of $6,659,000 to meet its obligations in the face of potential disruptions in its business operations and the potential inability of its customers to pay their accounts when due. As of August 31, 2020, the Company had used 100% of the PPP Loan funds to fund its payroll and for other allowable expenses under the PPP Loan. The use of these funds allowed the Company to avoid certain salary reductions, furloughs and layoffs of employees during the period. The Company applied for PPP Loan forgiveness and its application for forgiveness was accepted and approved; the PPP Loan and accrued interest were fully forgiven in July 2021.

At February 28, 2023, the Company had working capital (total current assets in excess of total current liabilities) of approximately $12,848,000, including cash and cash equivalents and marketable securities of $8,580,000 as compared to working capital of $10,912,000, including cash and cash equivalents and marketable securities of $6,526,000 at May 31, 2022.

Net cash flow of approximately $2,393,000 was provided by operations during the nine months ended February 28, 2023 as compared to $2,472,000 of net cash used in operations in the prior year period. The cash provided by operations for the nine months ended February 28, 2023 primarily resulted from consolidated net income of $1,292,000, a decrease in accounts receivable of $1,848,000 offset by a decrease in accounts payable and accrued expenses of $926,000, a decrease in legal settlement payable of $598,000 and a decrease in deferred income taxes of $493,000. The cash used in operations for the nine months ended February 28, 2022 primarily resulted from consolidated net income of $6,670,000, offset by the forgiveness of the PPP Loan principal and accrued interest of $6,735,000, an increase in accounts receivable of $2,758,000 and a decrease in legal settlement payable of $277,000.

TSR, INC. AND SUBSIDIARIES

Net cash used in investing activities of approximately $996,000 for the nine months ended February 28, 2023 primarily resulted from purchases of certificates of deposit of $990,000 and purchases of fixed assets of $6,000. Net cash used in investing activities of $81,000 for the nine months ended February 28, 2022 primarily resulted from purchases of fixed assets.

Net cash used in financing activities during the nine months ended February 28, 2023 of $318,000 primarily resulted from purchases of treasury stock of $180,000, distributions of the minority interest of $75,000 and from net repayments under the Company’s Credit Facility of $62,000. Net cash provided by financing activities of approximately $1,669,000 during the nine months ended February 28, 2022 resulted from net proceeds from sales of the Company’s common stock in our ATM program of $1,821,000 offset by payments made for taxes related to vested stock awards of $92,000, net payments on the Company’s Credit Facility of $33,000 and distributions of the minority interest of $27,000.

The Company’s capital resource commitments at February 28, 2023 consisted of lease obligations on its branch and corporate facilities. The net present value of its future lease payments was approximately $538,000 as of February 28, 2023. The Company intends to finance these commitments primarily from the Company’s available cash and Credit Facility.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Critical Accounting Estimates

The Securities Act regulations define “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant. These estimates 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, 2022 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 and are thus considered critical accounting estimates under the Securities Act. There have been no changes in the Company’s significant accounting policies as of February 28, 2023.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a smaller reporting company, we are not required to provide the information called for by this Item.

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 Exchange Act of 1934). 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 were 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 completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

TSR, INC. AND SUBSIDIARIES

Part II. Other Information

Item 1. Legal Proceedings

Fintech Consulting LLC v. TSR, Inc., et al., case number 2:21-cv-20181(KSH)(AME) (U.S. Dist. Ct., Dist. of New Jersey); Fintech Consulting LLC DBA APTASK v. TSR, Inc., et al., civil action no. 2023-0030-MTZ (Del. Ch.); and Fintech Consulting, LLC v. TSR, Inc., et al, Case Number: 1:23-cv-00074-MN (U.S. Dist. Ct. Dist. of Delaware).

On December 1, 2021, Fintech Consulting LLC filed a complaint against the Company in the United States District Court for the District of New Jersey (“the New Jersey Action”). The named Defendants in the complaint are the Company, QAR Industries, Inc., a shareholder of TSR (“QAR”), Robert E. Fitzgerald, a director and shareholder of TSR and the President, director and a shareholder of QAR (“Fitzgerald”), and Bradley Tirpak, a shareholder and the chairman of the board of directors of TSR (“Tirpak”). The complaint purported to assert claims against the Defendants under state law and Section 10(b) of the Exchange Act in connection with a Share Purchase Agreement, dated January 31, 2021, by and between the Plaintiff, as the seller of shares of TSR’s common stock, and QAR and Tirpak, as the purchasers of such shares (the “SPA”). The Plaintiff sought (i) judgment declaring the transactions represented by the SPA null and void and for the return of the shares; (ii) judgment cancelling the SPA and returning the shares in exchange for return of the purchase price; (iii) judgment unwinding the transaction; (iv) compensatory damages; (v) punitive damages; (vi) pre-judgment interest; (vii) costs of lawsuit including attorneys’ fees; and (viii) such other relief as the Court may find appropriate. Fintech filed its first amended complaint on March 2, 2022 which Defendants moved to dismiss on April 19, 2022. On December 7, 2022, the court granted Defendants’ motion and dismissed the New Jersey Action on jurisdictional grounds.

Following the dismissal of the original lawsuit, the Plaintiff filed another complaint relating to the SPA against the Defendants on January 12, 2023 in the Court of Chancery of the State of Delaware (the “Delaware Chancery Action”), asserting claims and seeking relief substantially similar to that which was asserted and sought in the preceding lawsuit. Plaintiff filed in the Delaware Chancery Court pursuant to the forum selection clause in the SPA, whereby the parties thereto irrevocably and unconditionally consented to the exclusive general jurisdiction of the Delaware Chancery Court over any action, suit or proceeding arising out of or relating to the SPA. Also on January 12, 2023, the Plaintiff filed a motion to dismiss its own complaint for lack of subject matter jurisdiction, requesting that the court dismiss the suit so that Plaintiff could re-file in federal court, along with a motion to expedite. On January 18, 2023, the court issued a letter decision denying Plaintiff’s motion to expedite and stating that the court would address Plaintiff’s motion to dismiss in the ordinary course. On January 23, 2023, the Delaware Chancery Action was dismissed without prejudice.

On January 22, 2023, Fintech Consulting LLC filed a complaint against the Company in the United States District Court for the District of Delaware (the “Delaware Federal Action’). The Delaware Federal Action, in sum and substance, asserts claims and seeks relief substantially similar to that contained in both the New Jersey Action and the Delaware Chancery Action. The Delaware Federal Action remains pending.

The Company believes the Delaware Chancery Action described above to be without merit and intends to zealously defend its interests. However, the Company may incur significant additional legal expenses as it pursues a defense against this action. Therefore, to avoid the time and expense of litigation, the Company has commenced negotiations with Fintech to settle this matter. An amount of $75,000 has been accrued to selling, general and administrative expenses in the quarter ending February 28, 2023 as an estimate of a possible settlement payment. Further, while the Company believes the action to be without merit, no assurances can be given as to: (i) the outcome of this or other legal proceedings and (ii) the related impact of an unanticipated adverse outcome of these proceedings on the Company’s financial condition, results of operations or near-term liquidity.

See Note 6 to the condensed consolidated financial statements elsewhere in this report and the Company’s Current Report on Form 8-K filed with the SEC on December 21, 2021 for more information.

Item 1A. Risk Factors

We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors in Part I, “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2022, as filed with the Securities and Exchange Commission. We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K.

TSR, INC. AND SUBSIDIARIES

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The table below sets forth the information required by Item 703(b) of Regulation S-K with respect to any purchases made by or on behalf of the Company or any “affiliated purchaser,” as defined in § 240 10b-18(a)(3) of the Exchange Act, of shares of our common stock.

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
Sept. 1-30, 2022		4,388	$	8.04		4,388	$	464,702
Oct. 1-31, 2022		4,949	$	7.65		4,949	$	426,846
Nov. 1-30, 2022		5,480	$	7.89		5,480	$	383,754
Dec. 1-31, 2022		4,128	$	7.46		4,128	$	352,791
Jan. 1-31, 2023		2,858	$	8.56		2,858	$	328,309
Feb. 1-28, 2023		1,031	$	8.51		1,031	$	319,531
Total		22,834	$	7.90		22,834	$	319,531

(1)

On September 12, 2022, the Board of Directors authorized a stock repurchase program of up to $500,000 of the Company’s outstanding common stock, par value $0.01 per share. The stock repurchase program was announced on Form 8-K by the Company on September 13, 2022. The program commenced on September 15, 2022 and is authorized for the following 12 months until September 13, 2023. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by the Board of Directors at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal and contractual requirements. The Company has no obligation or commitment to repurchase all or any portion of the shares authorized by the program.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

TSR, INC. AND SUBSIDIARIES

Item 6. Exhibits

Exhibit		Document
Exhibit 31.1		Rule 13a-14(a)/15d-14(a) Certification by Thomas Salerno as principal executive officer
Exhibit 31.2		Rule 13a-14(a)/15d-14(a) Certification by John G. Sharkey as principal financial officer
Exhibit 32.1		Section 1350 Certification by Thomas Salerno as principal executive officer
Exhibit 32.2		Section 1350 Certification by John G. Sharkey as principal financial officer
Exhibit 101		Interactive Data File containing the following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended February 28, 2023, formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (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.
Exhibit 104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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: April 11, 2023	/s/ Thomas Salerno
	Thomas Salerno, Chief Executive Officer, President, Treasurer and Principal Executive Officer

Date: April 11, 2023	/s/ John G. Sharkey
	John G. Sharkey, Sr. Vice President, Chief Financial Officer, Secretary, Principal Financial Officer and Principal Accounting Officer

EX-31.1 2 f10q0223ex31-1_tsrinc.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas Salerno, Chief Executive Officer, President, Treasurer and Principal Executive Officer certify that:

I have reviewed this Quarterly Report on Form 10-Q of TSR, Inc.;

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;

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;

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:

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;

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;

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

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

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):

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

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: April 11, 2023

	/s/ Thomas Salerno
	Chief Executive Officer, President, Treasurer and Principal Executive Officer

EX-31.2 3 f10q0223ex31-2_tsrinc.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John G. Sharkey, Sr. Vice President, Chief Financial Officer and Principal Accounting Officer, certify that:

I have reviewed this Quarterly Report on Form 10-Q of TSR, Inc.;

	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

	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

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: April 11, 2023

	/s/ John G. Sharkey
	Sr. Vice President, Chief Financial Officer, Secretary, Principal Financial Officer and Principal Accounting Officer

EX-32.1 4 f10q0223ex32-1_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 February 28, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Salerno, 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:

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

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/ Thomas Salerno
	Chief Executive Officer, President, Treasurer and Principal Executive Officer

	April 11, 2023

EX-32.2 5 f10q0223ex32-2_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 February 28, 2023 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:

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

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
	Sr. Vice President, Chief Financial Officer, Secretary, Principal Financial Officer and Principal Accounting Officer

	April 11, 2023

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Feb. 28, 2023	Apr. 11, 2023
Document Information Line Items
Entity Registrant Name	TSR, Inc.
Trading Symbol	TSRI
Document Type	10-Q
Current Fiscal Year End Date	--05-31
Entity Common Stock, Shares Outstanding		2,119,734
Amendment Flag	false
Entity Central Index Key	0000098338
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Feb. 28, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38838
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2635899
Entity Address, Address Line One	400 Oser Avenue
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Hauppauge
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11788
Local Phone Number	231-0333
City Area Code	631
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

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Condensed Consolidated Balance Sheets - USD ($)	Feb. 28, 2023	May 31, 2022
Current Assets:
Cash and cash equivalents	$ 7,569,557	$ 6,490,158
Certificates of deposit and marketable securities	1,009,944	35,536
Accounts receivable, net of allowance for doubtful accounts of $181,000	11,578,563	13,427,562
Other receivables	38,912	39,753
Prepaid expenses	320,635	216,776
Prepaid and recoverable income taxes	17,058	31,795
Total Current Assets	20,534,669	20,241,580
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $252,319 and $195,094, respectively	87,886	138,794
Other assets	48,772	63,270
Right-of-use assets	503,638	652,020
Intangible assets, net	1,375,000	1,500,750
Goodwill	785,883	785,883
Deferred income taxes	479,000	972,000
Total Assets	23,814,848	24,354,297
Current Liabilities:
Accounts payable and other payables	2,269,111	1,425,021
Accrued expenses and other current liabilities	4,048,458	5,818,903
Advances from customers	1,197,370	1,210,992
Credit facility		61,882
Operating lease liabilities - current	171,503	214,941
Legal settlement payable - current		597,566
Total Current Liabilities	7,686,442	9,329,305
Operating lease liabilities, net of current portion	366,195	492,427
Total Liabilities	8,052,637	9,821,732
Commitments and contingencies
Equity:
Preferred stock, $1 par value, authorized 500,000 shares; none issued
Common stock, $.01 par value, authorized 12,500,000 shares; issued 3,322,527 and 3,298,549 shares, 2,147,592 and 2,146,448 outstanding, respectively	33,226	32,986
Additional paid-in capital	7,666,711	7,473,866
Retained earnings	21,718,261	20,470,042
Shareholder's equity before treasury stock	29,418,198	27,976,894
Less: Treasury stock, 1,174,935 and 1,152,101 shares, at cost, respectively	13,694,472	13,514,003
Total TSR, Inc. Equity	15,723,726	14,462,891
Noncontrolling interest	38,485	69,674
Total Equity	15,762,211	14,532,565
Total Liabilities and Equity	$ 23,814,848	$ 24,354,297

XML 13 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Feb. 28, 2023	May 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts net (in Dollars)	$ 181,000	$ 181,000
Net of accumulated depreciation and amortization (in Dollars)	$ 252,319	$ 195,094
Preferred stock par value (in Dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	12,500,000	12,500,000
Common stock, shares issued	3,322,527	3,298,549
Common stock, shares outstanding	2,147,592	2,146,448
Treasury stock, shares	1,174,935	1,152,101

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Income Statement [Abstract]
Revenue, net	$ 24,257,167	$ 24,383,217	$ 76,487,411	$ 71,112,784
Cost of sales	20,267,337	20,590,154	63,433,855	59,461,322
Selling, general and administrative expenses	3,768,902	3,829,819	11,071,679	11,628,284
Cost and expenses, total	24,036,239	24,419,973	74,505,534	71,089,606
Income (loss) from operations	220,928	(36,756)	1,981,877	23,178
Other income (expense):
Interest expense, net	(9,069)	(19,526)	(44,907)	(81,510)
Gain on PPP Loan and interest forgiveness				6,735,246
Unrealized loss on marketable securities, net	(4,112)	(1,200)	(15,592)	(7,536)
Income (loss) before income taxes	207,747	(57,482)	1,921,378	6,669,378
Provision for (benefit from) income taxes	110,000	(14,000)	629,000	(1,000)
Consolidated net income (loss)	97,747	(43,482)	1,292,378	6,670,378
Less: Net income attributable to noncontrolling interest	18,107	3,129	44,159	72,410
Net income (loss) attributable to TSR, Inc.	$ 79,640	$ (46,611)	$ 1,248,219	$ 6,597,968
Basic net income (loss) per TSR, Inc. common share (in Dollars per share)	$ 0.04	$ (0.02)	$ 0.58	$ 3.33
Diluted net income (loss) per TSR, Inc. common share (in Dollars per share)	$ 0.04	$ (0.02)	$ 0.56	$ 3.19
Basic weighted average number of common shares outstanding (in Shares)	2,134,660	2,027,494	2,140,344	1,983,146
Diluted weighted average number of common shares outstanding (in Shares)	2,234,600	2,027,494	2,235,173	2,066,976

XML 15 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock	TSR, Inc. equity	Non- controlling interest
Balance at May. 31, 2021	$ 5,421,052	$ 31,142	$ 5,339,200	$ 13,540,822	$ (13,514,003)	$ 5,397,161	$ 23,891
Balance (in Shares) at May. 31, 2021		3,114,163
Net income attributable to noncontrolling interest	57,492						57,492
Distribution to noncontrolling interest	(1,750)						(1,750)
Non-cash stock compensation	177,249		177,249			177,249
Net income (loss) attributable to TSR, Inc.	6,401,543			6,401,543		6,401,543
Balance at Aug. 31, 2021	12,055,586	$ 31,142	5,516,449	19,942,365	(13,514,003)	11,975,953	79,633
Balance (in Shares) at Aug. 31, 2021		3,114,163
Net income attributable to noncontrolling interest	11,789						11,789
Distribution to noncontrolling interest	(25,640)						(25,640)
Non-cash stock compensation	177,249		177,249			177,249
Net income (loss) attributable to TSR, Inc.	243,036			243,036		243,036
Balance at Nov. 30, 2021	12,462,020	$ 31,142	5,693,698	20,185,401	(13,514,003)	12,396,238	65,782
Balance (in Shares) at Nov. 30, 2021		3,114,163
Net income attributable to noncontrolling interest	3,129						3,129
Proceeds of sales of stock through ATM	1,821,090	$ 1,425	1,819,665			1,821,090
Proceeds of sales of stock through ATM (in Shares)		142,500
Non-cash stock compensation	141,238		141,238			141,238
Vested stock awards and taxes paid	(91,904)	$ 419	(92,323)			(91,904)
Vested stock awards and taxes paid (in Shares)		41,886
Net income (loss) attributable to TSR, Inc.	(46,611)			(46,611)		(46,611)
Balance at Feb. 28, 2022	14,288,962	$ 32,986	7,562,278	20,138,790	(13,514,003)	14,220,051	68,911
Balance (in Shares) at Feb. 28, 2022		3,298,549
Balance at May. 31, 2022	14,532,565	$ 32,986	7,473,866	20,470,042	(13,514,003)	14,462,891	69,674
Balance (in Shares) at May. 31, 2022		3,298,549
Net income attributable to noncontrolling interest	12,997						12,997
Non-cash stock compensation	69,216		69,216			69,216
Net income (loss) attributable to TSR, Inc.	494,746			494,746		494,746
Balance at Aug. 31, 2022	15,109,524	$ 32,986	7,543,082	20,964,788	(13,514,003)	15,026,853	82,671
Balance (in Shares) at Aug. 31, 2022		3,298,549
Net income attributable to noncontrolling interest	13,055						13,055
Non-cash stock compensation	69,216		69,216			69,216
Purchases of treasury stock	(116,426)				(116,426)	(116,426)
Net income (loss) attributable to TSR, Inc.	673,833			673,833		673,833
Balance at Nov. 30, 2022	15,749,202	$ 32,986	7,612,298	21,638,621	(13,630,429)	15,653,476	95,726
Balance (in Shares) at Nov. 30, 2022		3,298,549
Net income attributable to noncontrolling interest	18,107						18,107
Distribution to noncontrolling interest	(75,348)						(75,348)
Non-cash stock compensation	54,653		54,653			54,653
Purchases of treasury stock	(64,043)				(64,043)	(64,043)
Vested stock awards		$ 240	(240)
Vested stock awards (in Shares)		23,978
Net income (loss) attributable to TSR, Inc.	79,640			79,640		79,640
Balance at Feb. 28, 2023	$ 15,762,211	$ 33,226	$ 7,666,711	$ 21,718,261	$ (13,694,472)	$ 15,723,726	$ 38,485
Balance (in Shares) at Feb. 28, 2023		3,322,527

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Cash flows from operating activities:
Consolidated net income	$ 1,292,378	$ 6,670,378
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Depreciation and amortization	182,975	170,259
Unrealized loss on marketable securities, net	15,592	7,536
Deferred income taxes	493,000	1,000
Non-cash lease recovery	(21,288)	(47,554)
Forgiveness of principal and accrued interest on SBA PPP Loan		(6,735,246)
Non-cash stock-based compensation expense	193,085	495,736
Changes in operating assets and liabilities:
Accounts receivable	1,848,999	(2,758,279)
Other receivables	841	(5,482)
Prepaid expenses	(103,859)	(43,731)
Prepaid and recoverable income taxes	14,737	(41,723)
Other assets	14,498	1,404
Accounts payable, other payables, accrued expenses and other current liabilities	(926,355)	72,145
Advances from customers	(13,622)	17,902
Legal settlement payable	(597,566)	(276,843)
Net cash provided by (used in) operating activities	2,393,415	(2,472,498)
Cash flows from investing activities:
Purchases of certificates of deposit and marketable securities	(990,000)
Purchases of equipment and leasehold improvements	(6,317)	(81,011)
Net cash used in investing activities	(996,317)	(81,011)
Cash flows from financing activities:
Net repayments on credit facility	(61,882)	(32,728)
Purchases of treasury stock	(180,469)
Net proceeds of ATM stock sales		1,821,090
Tax withholding from vested stock awards		(91,904)
Distribution to noncontrolling interest	(75,348)	(27,390)
Net cash (used in) provided by financing activities	(317,699)	1,669,068
Net increase (decrease) in cash and cash equivalents	1,079,399	(884,441)
Cash and cash equivalents at beginning of period	6,490,158	7,370,646
Cash and cash equivalents at end of period	7,569,557	6,486,205
Supplemental disclosures of cash flow data:
Income taxes paid	121,000	41,000
Interest paid	$ 61,000	$ 59,000

XML 17 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation

9 Months Ended

Feb. 28, 2023

Basis of Presentation [Abstract]

Basis of Presentation

1.	Basis of Presentation

XML 18 R8.htm IDEA: XBRL DOCUMENT

Net Income Per Common Share

9 Months Ended

Feb. 28, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share

2.	Net Income Per Common Share

XML 19 R9.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents

9 Months Ended

Feb. 28, 2023

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

3.	Cash and Cash Equivalents

	February 28, 2023		May 31, 2022
Cash in banks	$	5,728,624	$	6,436,012
Certificates of deposit		495,000		-
Money market funds		1,345,933		54,146
	$	7,569,577	$	6,490,158

XML 20 R10.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

9 Months Ended

Feb. 28, 2023

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

4.	Fair Value of Financial Instruments

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

Certificates of Deposit and Marketable Securities

9 Months Ended

Feb. 28, 2023

Certificates of Deposit and Marketable Securities [Abstract]

Certificates of Deposit and Marketable Securities

5.	Certificates of Deposit and Marketable Securities

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.

February 28, 2023	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		19,944		-		-		19,944
	$	1,009,944	$	-	$	-	$	1,009,944

May 31, 2022		Level 1				Level 2				Level 3				Total
Equity Securities		$	35,536			$	-			$	-			$	35,536

February 28, 2023	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Recorded Value
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		16,866		3,078		-		19,944
	$	1,006,866	$	3,078	$	-	$	1,109,944

May 31, 2022		Amortized Cost				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Recorded Value
Equity Securities		$	16,866			$	18,670			$	-			$	35,536

XML 22 R12.htm IDEA: XBRL DOCUMENT

Other Matters

9 Months Ended

Feb. 28, 2023

Disclosure of Other Matters [Abstract]

Other Matters

6.	Other Matters

XML 23 R13.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Feb. 28, 2023

Leases [Abstract]

Leases

The Company’s leases for its offices are classified as operating leases.

In addition to the monthly base amounts in the lease agreements, the Company is required to pay real estate taxes and operating expenses during the lease terms.

Twelve Months Ending February 28,
2024	$	203,248
2025		123,085
2026		126,162
2027		129,316
2028		32,527
Thereafter		-
Total undiscounted operating lease payments		614,338
Less imputed interest		76,640
Present value of operating lease payments	$	537,698

The following table sets forth the right-of-use assets and operating lease liabilities as of February 28, 2023:

Assets
Right-of-use assets, net	$	503,638
Liabilities
Current operating lease liabilities	$	171,503
Long-term operating lease liabilities		366,195
Total operating lease liabilities	$	537,698

The weighted average remaining lease term for the Company’s operating leases is 1.9 years.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Credit Facility

9 Months Ended

Feb. 28, 2023

Credit Facility [Abstract]

Credit Facility

8.	Credit Facility

XML 25 R15.htm IDEA: XBRL DOCUMENT

Termination of Former CEO

9 Months Ended

Feb. 28, 2023

Termination of Former CEO [Abstract]

Termination of Former CEO

9.	Termination of Former CEO

XML 26 R16.htm IDEA: XBRL DOCUMENT

Legal Settlement with Investor

9 Months Ended

Feb. 28, 2023

Legal Settlement with Investor [Abstract]

Legal Settlement with Investor

10.	Legal Settlement with Investor

XML 27 R17.htm IDEA: XBRL DOCUMENT

Paycheck Protection Program Loan

9 Months Ended

Feb. 28, 2023

Paycheck Protection Program Loan [Abstract]

Paycheck Protection Program Loan

11.	Paycheck Protection Program Loan

XML 28 R18.htm IDEA: XBRL DOCUMENT

Intangible Assets

9 Months Ended

Feb. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

12.	Intangible Assets

Intangible assets are as follows:

	May 31,				February 28,
	2022		Amortization		2023

Database (estimated life 5 years)	$	149,500	$	34,500	$	115,000
Non-compete agreement (estimated life 2 years)		1,250		1,250		-
Trademark (estimated life 3 years)		25,000		15,000		10,000
Customer relationships (estimated life 15 years)		1,325,000		75,000		1,250,000
Total	$	1,500,750	$	125,750	$	1,375,000

No instances of triggering events or impairment indicators were identified as of February 28, 2023.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Feb. 28, 2023

Related Party Transactions

13.	Related Party Transactions

XML 30 R20.htm IDEA: XBRL DOCUMENT

Common Stock

9 Months Ended

Feb. 28, 2023

Common Stock [Abstract]

Common Stock

14.	Common Stock

Our certificate of incorporation, as amended, authorizes the issuance of up to 12,500,000 shares of common stock, $0.01 par value per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense

9 Months Ended

Feb. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense

15.	Stock-based Compensation Expense

XML 32 R22.htm IDEA: XBRL DOCUMENT

Stock Repurchase Program

9 Months Ended

Feb. 28, 2023

Stock Repurchase Program [Abstract]

Stock Repurchase Program

16.	Stock Repurchase Program

XML 33 R23.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents (Tables)

9 Months Ended

Feb. 28, 2023

Cash and Cash Equivalents [Abstract]

Schedule of considers short-term highly liquid investments

	February 28, 2023		May 31, 2022
Cash in banks	$	5,728,624	$	6,436,012
Certificates of deposit		495,000		-
Money market funds		1,345,933		54,146
	$	7,569,577	$	6,490,158

XML 34 R24.htm IDEA: XBRL DOCUMENT

Certificates of Deposit and Marketable Securities (Tables)

9 Months Ended

Feb. 28, 2023

Certificates of Deposit and Marketable Securities [Abstract]

Schedule of major categories of assets measured at fair value on a recurring basis

February 28, 2023	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		19,944		-		-		19,944
	$	1,009,944	$	-	$	-	$	1,009,944

May 31, 2022		Level 1				Level 2				Level 3				Total
Equity Securities		$	35,536			$	-			$	-			$	35,536

Schedule of marketable securities

February 28, 2023	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Recorded Value
Certificates of Deposit	$	990,000	$	-	$	-	$	990,000
Equity Securities		16,866		3,078		-		19,944
	$	1,006,866	$	3,078	$	-	$	1,109,944

May 31, 2022		Amortized Cost				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Recorded Value
Equity Securities		$	16,866			$	18,670			$	-			$	35,536

XML 35 R25.htm IDEA: XBRL DOCUMENT

Leases (Tables)

9 Months Ended

Feb. 28, 2023

Leases [Abstract]

Schedule of future minimum lease payments under non-cancellable operating leases

Twelve Months Ending February 28,
2024	$	203,248
2025		123,085
2026		126,162
2027		129,316
2028		32,527
Thereafter		-
Total undiscounted operating lease payments		614,338
Less imputed interest		76,640
Present value of operating lease payments	$	537,698

Schedule of right-of-use assets and operating lease liabilities

Assets
Right-of-use assets, net	$	503,638
Liabilities
Current operating lease liabilities	$	171,503
Long-term operating lease liabilities		366,195
Total operating lease liabilities	$	537,698

XML 36 R26.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

9 Months Ended

Feb. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

	May 31,				February 28,
	2022		Amortization		2023

Database (estimated life 5 years)	$	149,500	$	34,500	$	115,000
Non-compete agreement (estimated life 2 years)		1,250		1,250		-
Trademark (estimated life 3 years)		25,000		15,000		10,000
Customer relationships (estimated life 15 years)		1,325,000		75,000		1,250,000
Total	$	1,500,750	$	125,750	$	1,375,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Net Income Per Common Share (Details) - shares	3 Months Ended		9 Months Ended
Net Income Per Common Share (Details) - shares	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Earnings Per Share [Abstract]
Restricted stock awards	99,940	0	94,829	83,830

XML 38 R28.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents (Details) - Schedule of considers short-term highly liquid investments - USD ($)	Feb. 28, 2023	May 31, 2022
Schedule of Considers Short Term Highly Liquid Investments [Abstract]
Cash in banks	$ 5,728,624	$ 6,436,012
Certificates of deposit	495,000
Money market funds	1,345,933	54,146
Total	$ 7,569,577	$ 6,490,158

XML 39 R29.htm IDEA: XBRL DOCUMENT

Certificates of Deposit and Marketable Securities (Details) - Schedule of major categories of assets measured at fair value on a recurring basis - USD ($)	Feb. 28, 2023	May 31, 2022
Certificates of Deposit and Marketable Securities (Details) - Schedule of major categories of assets measured at fair value on a recurring basis [Line Items]
Certificates of Deposit	$ 990,000
Equity Securities	19,944	$ 35,536
Total	1,009,944
Level 1 [Member]
Certificates of Deposit and Marketable Securities (Details) - Schedule of major categories of assets measured at fair value on a recurring basis [Line Items]
Certificates of Deposit	990,000
Equity Securities	19,944	35,536
Total	1,009,944
Level 2 [Member]
Certificates of Deposit and Marketable Securities (Details) - Schedule of major categories of assets measured at fair value on a recurring basis [Line Items]
Certificates of Deposit
Equity Securities
Total
Level 3 [Member]
Certificates of Deposit and Marketable Securities (Details) - Schedule of major categories of assets measured at fair value on a recurring basis [Line Items]
Certificates of Deposit
Equity Securities
Total

XML 40 R30.htm IDEA: XBRL DOCUMENT

Certificates of Deposit and Marketable Securities (Details) - Schedule of marketable securities - USD ($)	9 Months Ended	12 Months Ended
	Feb. 28, 2023	May 31, 2022
Schedule of Marketable Securities [Abstract]
Certificates of Deposit, Amortized Cost	$ 990,000
Certificates of Deposit, Gross Unrealized Holding Gains
Certificates of Deposit, Gross Unrealized Holding Losses
Certificates of Deposit, Recorded Value	990,000
Equity Securities, Amortized Cost	16,866	$ 16,866
Equity Securities, Gross Unrealized Holding Gains	3,078	18,670
Equity Securities, Gross Unrealized Holding Losses
Equity Securities, Recorded Value	19,944	$ 35,536
Total, Amortized Cost	1,006,866
Total, Gross Unrealized Holding Gains	3,078
Total, Gross Unrealized Holding Losses
Total, Recorded Value	$ 1,109,944

XML 41 R31.htm IDEA: XBRL DOCUMENT

Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases (Details) - USD ($)	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Leases [Abstract]
Lease expiration, description			The lease agreements for Hauppauge and New Jersey expire on December 31, 2023 and May 31, 2027, respectively, and do not include any renewal options. During the fiscal year ended May 31, 2021, the Company extended its lease in Hauppauge, entered into a lease in a new location for its New Jersey office expiring May 31, 2027 and entered into an agreement to sublease the space in New York City, which expired August 31, 2022 at the end of the underlying office lease.
Operating lease expense	$ 65,000	$ 85,000	$ 214,000	$ 240,000
Operating lease, weighted average remaining lease term	1 year 10 months 24 days		1 year 10 months 24 days

XML 42 R32.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of future minimum lease payments under non-cancellable operating leases	Feb. 28, 2023 USD ($)
Schedule of Future Minimum Lease Payments Under Non Cancellable Operating Leases [Abstract]
2024	$ 203,248
2025	123,085
2026	126,162
2027	129,316
2028	32,527
Thereafter
Total undiscounted operating lease payments	614,338
Less imputed interest	76,640
Present value of operating lease payments	$ 537,698

XML 43 R33.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of right-of-use assets and operating lease liabilities	9 Months Ended
	Feb. 28, 2023 USD ($)
Assets
Right-of-use assets, net	$ 503,638
Liabilities
Current operating lease liabilities	171,503
Long-term operating lease liabilities	366,195
Total operating lease liabilities	$ 537,698

XML 44 R34.htm IDEA: XBRL DOCUMENT

Credit Facility (Details)	9 Months Ended
Credit Facility (Details)	Feb. 28, 2023 USD ($)
Credit Facility (Details) [Line Items]
Borrowed amount under credit facility	$ 2,000,000
Line of credit facility, description	the “base rate” or “prime rate” announced by Citibank, N.A. from time to time, which shall be increased or decreased, as the case may be, in an amount equal to each increase or decrease in such “base rate” or “prime rate,” plus (y) 1.75%. The prime rate as of February 28, 2023 was 7.75%, indicating an interest rate of 9.50% on the line of credit. The initial term of the Credit Facility is five years, which shall automatically renew for successive five-year periods unless either TSR or the Lender gives written notice to the other of termination at least 60 days prior to the expiration date of the then-current term.
Outstanding loan receivables	$ 23,954
Credit Facility [Member]
Credit Facility (Details) [Line Items]
Borrowed amount under credit facility	$ 2,000,000

XML 45 R35.htm IDEA: XBRL DOCUMENT

Termination of Former CEO (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Termination of Former CEO (Details) - USD ($)	Oct. 31, 2021	Aug. 31, 2021	Feb. 28, 2023
Termination of Former CEO [Abstract]
Enhanced severance amount, description			(1) breach of his employment contract; and (2) breach of the duty of good faith and fair dealing. Hughes alleged that he was terminated without cause or in the alternative that he resigned for good reason and therefore, pursuant to the Amended and Restated Employment Agreement, dated August 9, 2018, between the Company and Hughes, Hughes sought severance pay in the amount of $1,000,000 and reasonable costs and attorney’s fees.
Discovery expenses	$ 705,000
General and administrative expenses		$ 580,000

XML 46 R36.htm IDEA: XBRL DOCUMENT

Legal Settlement with Investor (Details) - USD ($)		1 Months Ended
Legal Settlement with Investor (Details) - USD ($)	Apr. 01, 2020	Jun. 30, 2022	Jun. 30, 2021	Feb. 29, 2020
Legal Settlement with Investor (Details) [Line Items]
Legal settlement amount payable	$ 900,000
Settlement period	3 years
Cash payment		$ 300,000
Estimated present value of payments				$ 818,000
Effective interest rate				5.00%
Due payment			$ 300,000
Two cash payments		$ 300,000
Second Cash Payment [Member]
Legal Settlement with Investor (Details) [Line Items]
Cash payment			300,000
Third Cash Payment [Member]
Legal Settlement with Investor (Details) [Line Items]
Cash payment			$ 300,000

XML 47 R37.htm IDEA: XBRL DOCUMENT

Paycheck Protection Program Loan (Details) - Paycheck Protection Program [Member] - USD ($)	1 Months Ended	3 Months Ended
	Apr. 15, 2020	Aug. 31, 2021
Paycheck Protection Program Loan (Details) [Line Items]
Proceeds from loan	$ 6,659,220
Other income		$ 6,735,246

XML 48 R38.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - Schedule of intangible assets	9 Months Ended
	Feb. 28, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible assets beginning	$ 1,500,750
Amortization	125,750
Intangible assets ending	1,375,000
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets beginning	149,500
Amortization	34,500
Intangible assets ending	115,000
Non-compete agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets beginning	1,250
Amortization	1,250
Intangible assets ending
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets beginning	25,000
Amortization	15,000
Intangible assets ending	10,000
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets beginning	1,325,000
Amortization	75,000
Intangible assets ending	$ 1,250,000

XML 49 R39.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - Schedule of intangible assets (Parentheticals)	9 Months Ended
	Feb. 28, 2023
Database [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets Estimated life beginning	5 years
Amortization Estimated life	5 years
Intangible assets Estimated life ending	5 years
Non-compete agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets Estimated life beginning	2 years
Amortization Estimated life	2 years
Intangible assets Estimated life ending	2 years
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets Estimated life beginning	3 years
Amortization Estimated life	3 years
Intangible assets Estimated life ending	3 years
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets Estimated life beginning	15 years
Amortization Estimated life	15 years
Intangible assets Estimated life ending	15 years

XML 50 R40.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Feb. 28, 2023	Feb. 28, 2023	Dec. 31, 2022	Feb. 03, 2021	Jan. 05, 2021
Related Party Transactions (Details) [Line Items]
Common stock outstanding percentage					5.00%
Accrued amount	$ 75,000	$ 75,000
Revenues for services			$ 59,000
Revenues	$ 35,000	$ 71,000
Chairman [Member]
Related Party Transactions (Details) [Line Items]
Share purchased (in Shares)				27,586
QAR Industries, Inc. [Member]
Related Party Transactions (Details) [Line Items]
Share purchased (in Shares)				348,414
Fintech Consulting LLC [Member]
Related Party Transactions (Details) [Line Items]
Common stock price per share (in Dollars per share)				$ 7.25
Fintech Consulting LLC [Member] \| Chairman [Member]
Related Party Transactions (Details) [Line Items]
Common stock price per share (in Dollars per share)				$ 7.25

XML 51 R41.htm IDEA: XBRL DOCUMENT

Common Stock (Details) - USD ($)		3 Months Ended
Common Stock (Details) - USD ($)	Oct. 08, 2021	Feb. 28, 2022	Feb. 28, 2023	Sep. 12, 2022	May 31, 2022
Common Stock (Details) [Line Items]
Common stock authorizes (in Shares)			12,500,000		12,500,000
Common stock par value per share (in Dollars per share)			$ 0.01	$ 0.01	$ 0.01
Common stock pursuant (in Shares)		142,500
Gross proceeds		$ 1,965,623
Selling price of per share (in Dollars per share)		$ 13.79
Net proceeds		$ 1,821,090
Commissions and other transactions costs		$ 144,533
Common stock [Member]
Common Stock (Details) [Line Items]
Common stock authorizes (in Shares)			12,500,000
Common stock par value per share (in Dollars per share)			$ 0.01
Common stock, description	the Company filed an automatic shelf registration statement on Form S-3 (File No. 333-260152) (the “2021 TSRI Shelf”) which contains (i) a base prospectus, which covers the offering, issuance and sale by the Company of up to $5,000,000 in the aggregate of shares of common stock from time to time in one or more offerings; and (ii) a sales agreement prospectus, which covers the offering, issuance and sale by the Company of up to $4,167,000 in the aggregate of shares of common stock that may be issued and sold from time to time under an at-the-market sales agreement (the “2021 ATM”) by and between the Company and A.G.P./Alliance Global Partners, as sales agent (the “2021 Agent”). The $4,167,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $5,000,000 of shares of common stock that may be offered, issued and sold by the Company under the base prospectus. Upon termination of the sales agreement, any portion of the $4,167,000 included in the sales agreement prospectus that is not sold pursuant to the sales agreement will be available for sale in other offerings pursuant to the base prospectus and if no shares are sold under the agreement, the full $4,167,000 of securities may be sold in other offerings pursuant to the base prospectus. Under the 2021 ATM, we pay the 2021 Agent a commission rate equal to 3.0% of the gross sales price per share of all shares sold through the 2021 Agent under the sales agreement.

XML 52 R42.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Expense (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Stock-Based Compensation Expense (Details) - USD ($)	Jan. 28, 2021	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Stock-Based Compensation Expense (Details) [Line Items]
Shares granted (in Shares)	108,333
Stock option vested (in Shares)	69,167
Shares granted	$ 826,000
Option granted based on the closing price	$ 262,000
Stock-based compensation expenses		$ 55,000	$ 141,000	$ 193,000	$ 496,000
Compensation expense, description				As of February 28, 2023, there is approximately $94,000 of unearned compensation expense that will be expensed through January 2024; 142,666 stock awards expected to vest; 82,499 awards vested to date, of which 16,635 were forfeited to pay taxes applicable to the stock awards.
Minimum [Member]
Stock-Based Compensation Expense (Details) [Line Items]
Estimated forfeiture rates	40.00%
Maximum [Member]
Stock-Based Compensation Expense (Details) [Line Items]
Estimated forfeiture rates	60.00%

XML 53 R43.htm IDEA: XBRL DOCUMENT

Stock Repurchase Program (Details) - USD ($)		3 Months Ended	9 Months Ended
Stock Repurchase Program (Details) - USD ($)	Sep. 12, 2022	Feb. 28, 2023	Feb. 28, 2023	May 31, 2022
Stock Repurchase Program [Abstract]
Aggregate cost	$ 500,000	$ 64,043
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Shares repurchased (in Shares)		8,017	22,834
Aggregate cost			$ 180,469

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0.04

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0.58

3.33

0.04

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0.56

3.19

2134660

2027494

2140344

1983146

2234600

2027494

2235173

2066976

3114163

31142

5339200

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-81011

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1821090 -91904

75348

27390

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">February 28, <br/>2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">May 31, <br/>2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Cash in banks </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,728,624</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,436,012</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-left: 0pt">Certificates of deposit </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">495,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Money market funds </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,345,933</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">54,146</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,569,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,490,158</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

5728624

6436012

495000

1345933

54146

7569577

6490158

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in">5.</td><td><span style="text-decoration:underline">Certificates of Deposit and Marketable Securities</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has characterized its investments in marketable securities, based on the priority of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Investments recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to valuation techniques as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.75in"/><td style="width: 0.5in">●</td><td style="text-align: justify">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.</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.75in"/><td style="width: 0.5in">●</td><td style="text-align: justify">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.</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td style="text-align: justify"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0.75in"/><td style="width: 0.5in">●</td><td style="text-align: justify">Level 3 - These are investments where values are derived from techniques in which one or more significant inputs are unobservable.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following are the major categories of assets measured at fair value on a recurring basis as of February 28, 2023 and May 31, 2022 using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">February 28, 2023</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Certificates of Deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Equity Securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,009,944</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,009,944</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">May 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 4pt">Equity Securities</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">35,536</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-102"> -</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103"> -</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">35,536</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based upon the Company’s intent and ability to hold its certificates of deposit to maturity (which range up to 12 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s equity securities are classified as trading securities, which are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy. The related unrealized gains and losses are included in earnings. The Company’s marketable securities at February 28, 2023 and May 31, 2022 are summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0pt; text-indent: 0pt">February 28, 2023</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amortized <br/>Cost</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Gains</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Losses</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Recorded <br/>Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 52%; padding-left: 0pt">Certificates of Deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt">Equity Securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,866</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,078</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,006,866</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,078</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,109,944</td><td style="padding-bottom: 4pt; text-align: left"/></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0pt; text-indent: 0pt">May 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amortized <br/>Cost</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Gains</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Losses</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Recorded <br/>Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-bottom: 4pt; width: 52%; text-align: left; padding-left: 0pt">Equity Securities</td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">16,866</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">18,670</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108"> -</div></td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">35,536</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company’s investments in marketable securities consist primarily of investments in 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.</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">February 28, 2023</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Certificates of Deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Equity Securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,009,944</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,009,944</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1.5pt solid">May 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 4pt">Equity Securities</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">35,536</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-102"> -</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103"> -</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">35,536</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>

990000

19944 19944

1009944

35536 35536

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0pt; text-indent: 0pt">February 28, 2023</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amortized <br/>Cost</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Gains</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Losses</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Recorded <br/>Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 52%; padding-left: 0pt">Certificates of Deposit</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">990,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt">Equity Securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,866</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,078</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,944</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,006,866</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,078</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,109,944</td><td style="padding-bottom: 4pt; text-align: left"/></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; padding-left: 0pt; text-indent: 0pt">May 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amortized <br/>Cost</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Gains</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/>Unrealized <br/>Holding <br/>Losses</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Recorded <br/>Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-bottom: 4pt; width: 52%; text-align: left; padding-left: 0pt">Equity Securities</td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">16,866</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">18,670</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108"> -</div></td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">35,536</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>

990000

16866

3078

19944

1006866

3078 1109944

16866

18670

35536

65000

85000

214000

240000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">Twelve Months Ending February 28,</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-top: 0pt; width: 88%; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">2024</td><td style="padding-top: 0pt; width: 1%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">$</td><td style="padding-top: 0pt; width: 9%; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">203,248</td><td style="padding-top: 0pt; width: 1%; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">2025</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">123,085</td><td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">2026</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">126,162</td><td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">2027</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">129,316</td><td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">2028</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">32,527</td><td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0pt 0pt 1.5pt; text-align: justify; text-indent: 0pt">Thereafter </td><td style="padding: 0pt 0pt 1.5pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-109">-</div></td><td style="padding: 0pt 0pt 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt">Total undiscounted operating lease payments </td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">614,338</td><td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding: 0pt 0pt 1.5pt; text-align: justify; text-indent: 0pt">Less imputed interest </td><td style="padding: 0pt 0pt 1.5pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"> </td><td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">76,640</td><td style="padding: 0pt 0pt 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0pt 0pt 4pt; text-align: justify; text-indent: 0pt">Present value of operating lease payments </td><td style="padding: 0pt 0pt 4pt; text-indent: 0pt"> </td> <td style="border-bottom: Black 4pt double; padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">$</td><td style="border-bottom: Black 4pt double; padding-top: 0pt; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">537,698</td><td style="padding: 0pt 0pt 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"> </p>

203248

123085

126162

129316

32527

614338

76640

537698

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>Assets</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; width: 88%; text-align: left">Right-of-use assets, net </td><td style="padding-bottom: 4pt; width: 1%"> </td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">503,638</td><td style="padding-bottom: 4pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current operating lease liabilities </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">171,503</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Long-term operating lease liabilities </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">366,195</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-align: left">Total operating lease liabilities </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">537,698</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>

503638 171503

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the “base rate” or “prime rate” announced by Citibank, N.A. from time to time, which shall be increased or decreased, as the case may be, in an amount equal to each increase or decrease in such “base rate” or “prime rate,” plus (y) 1.75%. The prime rate as of February 28, 2023 was 7.75%, indicating an interest rate of 9.50% on the line of credit. The initial term of the Credit Facility is five years, which shall automatically renew for successive five-year periods unless either TSR or the Lender gives written notice to the other of termination at least 60 days prior to the expiration date of the then-current term.

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in">11.</td><td style="text-align: justify"><span style="text-decoration:underline">Paycheck Protection Program Loan</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 15, 2020, the Company received loan proceeds of $6,659,220 under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (“PPP”) was established under the recent congressionally-approved Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). The PPP Loan to the Company was made through JPMorgan Chase Bank, N.A., a national banking association (“PPP Lender”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 55.8pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In March 2021, the Company submitted a PPP Loan Forgiveness application to the SBA through the PPP Lender. On July 7, 2021, the Company received notification from the PPP Lender that the SBA approved the Company’s application for forgiveness of the entire principal amount of the PPP Loan plus accrued interest. The PPP Lender has applied the forgiveness amount to satisfy the PPP Loan. The Company has no further obligations with respect to the PPP Loan. The Company recognized “Other Income” of $6,735,246 in the quarter ended August 31, 2021 related to the forgiveness of the loan principal and accrued interest. It should be noted that the SBA has a six-year period to review the forgiveness calculation.</p> 6659220

6735246

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2" style="text-align: center">May 31,</td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center">February 28,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amortization</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"/><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Database (estimated life 5 years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">149,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">34,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">115,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-compete agreement (estimated life 2 years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Trademark (estimated life 3 years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Customer relationships (estimated life 15 years)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,325,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">75,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,500,750</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">125,750</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,375,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 2in"> </p>

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the Company filed an automatic shelf registration statement on Form S-3 (File No. 333-260152) (the “2021 TSRI Shelf”) which contains (i) a base prospectus, which covers the offering, issuance and sale by the Company of up to $5,000,000 in the aggregate of shares of common stock from time to time in one or more offerings; and (ii) a sales agreement prospectus, which covers the offering, issuance and sale by the Company of up to $4,167,000 in the aggregate of shares of common stock that may be issued and sold from time to time under an at-the-market sales agreement (the “2021 ATM”) by and between the Company and A.G.P./Alliance Global Partners, as sales agent (the “2021 Agent”). The $4,167,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $5,000,000 of shares of common stock that may be offered, issued and sold by the Company under the base prospectus. Upon termination of the sales agreement, any portion of the $4,167,000 included in the sales agreement prospectus that is not sold pursuant to the sales agreement will be available for sale in other offerings pursuant to the base prospectus and if no shares are sold under the agreement, the full $4,167,000 of securities may be sold in other offerings pursuant to the base prospectus. Under the 2021 ATM, we pay the 2021 Agent a commission rate equal to 3.0% of the gross sales price per share of all shares sold through the 2021 Agent under the sales agreement.

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As of February 28, 2023, there is approximately $94,000 of unearned compensation expense that will be expensed through January 2024; 142,666 stock awards expected to vest; 82,499 awards vested to date, of which 16,635 were forfeited to pay taxes applicable to the stock awards.

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