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0000096536 --05-31 false 2027 10-Q true 2026-08-31 false 0-3498 Taylor Devices, Inc. NY 16-0797789 90 Taylor Drive North Tonawanda NY 14120 716 694-0800 Common Stock, $.025 par value per share Preferred Stock Purchase Rights TAYD NASDAQ NASDAQ Yes Yes Non-accelerated Filer true false false 3229865

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<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">1.</kbd>The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the management of Taylor Devices, Inc. (referred to herein as the “Company,” “we” or “our”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of August 31, 2026 and May 31, 2026, the results of operations for the three months ended August 31, 2026 and 2025, and cash flows for the three months ended August 31, 2026 and 2025. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended May 31, 2026, filed with the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2026 (the “Form 10-K”).

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the management of Taylor Devices, Inc. (referred to herein as the “Company,” “we” or “our”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of August 31, 2026 and May 31, 2026, the results of operations for the three months ended August 31, 2026 and 2025, and cash flows for the three months ended August 31, 2026 and 2025. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended May 31, 2026, filed with the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2026 (the “Form 10-K”).

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">2.</kbd>The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued.

The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued.

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">3.</kbd>There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year.

There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year.

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">4.</kbd>For the three-month periods ended August 31, 2026 and 2025, the net income was divided by 3,227,434 and 3,146,140, respectively, which is net of treasury shares, to calculate the net income per share.

For the three-month periods ended August 31, 2026 and 2025, the net income was divided by 3,227,434 and 3,146,140, respectively, which is net of treasury shares, to calculate the net income per share.

3227434

3146140

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">5.</kbd>The results of operations for the three-month period ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year.

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">6.</kbd>In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2025-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to enhance disclosure of specified categories of expenses (purchases of inventory, employee compensation, depreciation, and intangible asset amortization) included in certain expense captions presented on the face of the income statement. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted on a prospective basis for financial statements issued for reporting periods after the forementioned effective date. The Company is currently evaluating the potential effect that the updated standard will have on the financial statements and related disclosures. Other recently issued FASB Accounting Standards Codification guidance has either been implemented or is not significant to the Company.

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2025-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” to enhance disclosure of specified categories of expenses (purchases of inventory, employee compensation, depreciation, and intangible asset amortization) included in certain expense captions presented on the face of the income statement. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted on a prospective basis for financial statements issued for reporting periods after the forementioned effective date. The Company is currently evaluating the potential effect that the updated standard will have on the financial statements and related disclosures.

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">7.</kbd>Short-term Investments: At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at August 31, 2026 and May 31, 2026 include money market funds, U.S. treasury securities and corporate bonds stated at fair value, which approximates cost. Unrealized holding gains and losses would be presented as a separate component of accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of investments are determined using the specific identification method. The short-term investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

At times, the Company invests excess funds in liquid interest earning instruments. Short-term investments at August 31, 2026 and May 31, 2026 include money market funds, U.S. treasury securities and corporate bonds stated at fair value, which approximates cost. Unrealized holding gains and losses would be presented as a separate component of accumulated other comprehensive income, net of deferred income taxes. Realized gains and losses on the sale of investments are determined using the specific identification method.

The short-term investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">8.</kbd>Inventory: <table style="border-collapse:collapse;margin-left:auto;margin-right:auto"> <tr> <td style="width:189.05pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-bottom:0.75pt solid #000000" valign="top">August 31, 2026 </td> <td style="width:4.15pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:77pt;border-bottom:0.75pt solid #000000" valign="top">May 31, 2026 </td> </tr> <tr> <td style="width:189.05pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top">Raw materials </td> <td style="width:89.8pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">831,376</kbd> </td> <td style="width:4.15pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">642,141</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top">Work-in-process </td> <td style="width:89.8pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">8,202,689</kbd> </td> <td style="width:4.15pt" valign="top"> </td> <td style="width:77pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">6,697,444</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Finished goods </td> <td style="width:89.8pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">356,708</kbd> </td> <td style="width:4.15pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">224,458</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top"> </td> <td style="width:89.8pt;border-top:0.5pt solid #000000" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">9,390,773</kbd> </td> <td style="width:4.15pt;border-top:0.5pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:0.5pt solid #000000" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">7,564,043</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Less allowance for obsolescence </td> <td style="width:89.8pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">35,000</kbd> </td> <td style="width:4.15pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">35,000</kbd> </td> </tr> <tr> <td style="width:189.05pt;border-bottom:0.5pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">9,355,773</kbd> </td> <td style="width:4.15pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">7,529,043</kbd> </td> </tr> </table>

<table style="border-collapse:collapse;margin-left:auto;margin-right:auto"> <tr> <td style="width:189.05pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-bottom:0.75pt solid #000000" valign="top">August 31, 2026 </td> <td style="width:4.15pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:77pt;border-bottom:0.75pt solid #000000" valign="top">May 31, 2026 </td> </tr> <tr> <td style="width:189.05pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top">Raw materials </td> <td style="width:89.8pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">831,376</kbd> </td> <td style="width:4.15pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">642,141</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top">Work-in-process </td> <td style="width:89.8pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">8,202,689</kbd> </td> <td style="width:4.15pt" valign="top"> </td> <td style="width:77pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">6,697,444</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Finished goods </td> <td style="width:89.8pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">356,708</kbd> </td> <td style="width:4.15pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">224,458</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top"> </td> <td style="width:89.8pt;border-top:0.5pt solid #000000" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">9,390,773</kbd> </td> <td style="width:4.15pt;border-top:0.5pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:0.5pt solid #000000" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">7,564,043</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Less allowance for obsolescence </td> <td style="width:89.8pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">35,000</kbd> </td> <td style="width:4.15pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:1pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">35,000</kbd> </td> </tr> <tr> <td style="width:189.05pt;border-bottom:0.5pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">9,355,773</kbd> </td> <td style="width:4.15pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">7,529,043</kbd> </td> </tr> </table>

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<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">9.</kbd>Revenue Recognition: Revenue is recognized (generally at fixed prices) when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time (generally less than one year) using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. Adjustments to cost estimates are made periodically, and losses expected to be incurred on contracts in progress are charged to operations in the period such losses are determined. Other sales to customers are recognized upon shipment to the customer based on contract prices and terms. In the three months ended August 31, 2026, 50% of revenue was recorded for contracts in which revenue was recognized over time, while 50% was recognized at a point in time. In the three months ended August 31, 2025, 55% of revenue was recorded for contracts in which revenue was recognized over time, while 45% was recognized at a point in time. Progress payments are typically negotiated for long-term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title). For financial statement presentation purposes, the Company nets progress billings against the total costs incurred and estimated earnings recognized on uncompleted contracts. The asset, “Costs and estimated earnings in excess of billings,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings,” represents billings in excess of revenues recognized. If applicable, the Company recognizes an asset for the incremental, material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. As of August 31, 2026 and May 31, 2026, the Company does not have material incremental costs on any open contracts with an original expected duration of greater than one year, and therefore such costs are expensed as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer.

Revenue is recognized (generally at fixed prices) when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time (generally less than one year) using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. Adjustments to cost estimates are made periodically, and losses expected to be incurred on contracts in progress are charged to operations in the period such losses are determined. Other sales to customers are recognized upon shipment to the customer based on contract prices and terms. In the three months ended August 31, 2026, 50% of revenue was recorded for contracts in which revenue was recognized over time, while 50% was recognized at a point in time. In the three months ended August 31, 2025, 55% of revenue was recorded for contracts in which revenue was recognized over time, while 45% was recognized at a point in time. Progress payments are typically negotiated for long-term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title). For financial statement presentation purposes, the Company nets progress billings against the total costs incurred and estimated earnings recognized on uncompleted contracts. The asset, “Costs and estimated earnings in excess of billings,” represents revenues recognized in excess of amounts billed. The liability, “Billings in excess of costs and estimated earnings,” represents billings in excess of revenues recognized. If applicable, the Company recognizes an asset for the incremental, material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. As of August 31, 2026 and May 31, 2026, the Company does not have material incremental costs on any open contracts with an original expected duration of greater than one year, and therefore such costs are expensed as incurred. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer.

recognizes revenue over time (generally less than one year)

using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations

Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer.

Other sales to customers are recognized upon shipment to the customer based on contract prices and terms.

Progress payments are typically negotiated for long-term projects. Payments are otherwise due once performance obligations are complete (generally at shipment and transfer of title).

<kbd style="position:absolute;font:10pt Times New Roman;margin-left:-27pt">10.</kbd>Accrued Expenses: <table style="border-collapse:collapse;margin-left:auto;margin-right:auto"> <tr> <td style="width:189.05pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-bottom:0.75pt solid #000000" valign="top"> August 31, 2026 </td> <td style="width:4.15pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:77pt;border-bottom:0.75pt solid #000000" valign="top">May 31, 2026 </td> </tr> <tr> <td style="width:189.05pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top">Customer deposits </td> <td style="width:89.8pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">33,618</kbd> </td> <td style="width:4.15pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">68,482</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top">Personnel costs </td> <td style="width:89.8pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">1,296,332</kbd> </td> <td style="width:4.15pt" valign="top"> </td> <td style="width:77pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">2,154,490</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Other </td> <td style="width:89.8pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">711,986</kbd> </td> <td style="width:4.15pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">723,522</kbd> </td> </tr> <tr> <td style="width:189.05pt;border-bottom:0.5pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">2,041,936</kbd> </td> <td style="width:4.15pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">2,946,494</kbd> </td> </tr> </table>

<table style="border-collapse:collapse;margin-left:auto;margin-right:auto"> <tr> <td style="width:189.05pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-bottom:0.75pt solid #000000" valign="top"> August 31, 2026 </td> <td style="width:4.15pt;border-bottom:0.75pt solid #000000" valign="top"> </td> <td style="width:77pt;border-bottom:0.75pt solid #000000" valign="top">May 31, 2026 </td> </tr> <tr> <td style="width:189.05pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top">Customer deposits </td> <td style="width:89.8pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">33,618</kbd> </td> <td style="width:4.15pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-top:0.75pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">68,482</kbd> </td> </tr> <tr> <td style="width:189.05pt" valign="top">Personnel costs </td> <td style="width:89.8pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">1,296,332</kbd> </td> <td style="width:4.15pt" valign="top"> </td> <td style="width:77pt" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">2,154,490</kbd> </td> </tr> <tr> <td style="width:189.05pt;background-color:#EBEBEB" valign="top">Other </td> <td style="width:89.8pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">711,986</kbd> </td> <td style="width:4.15pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"> </td> <td style="width:77pt;border-bottom:0.5pt solid #000000;background-color:#EBEBEB" valign="top"><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">723,522</kbd> </td> </tr> <tr> <td style="width:189.05pt;border-bottom:0.5pt solid #000000" valign="top"> </td> <td style="width:89.8pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:83pt">2,041,936</kbd> </td> <td style="width:4.15pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"> </td> <td style="width:77pt;border-top:1pt solid #000000;border-bottom:2.25pt solid #000000" valign="top"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:7pt">$</kbd><kbd style="position:absolute;text-align:right;font:10pt Times New Roman;width:70pt">2,946,494</kbd> </td> </tr> </table>

33618

68482

1296332

2154490

711986

723522

2041936

2946494

<a href="" id="Item5OtherInformation"></a>Item 5. Other Information Trading Plans During the three months ended August 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

During the three months ended August 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.