<SEC-DOCUMENT>0000096536-15-000008.txt : 20150414
<SEC-HEADER>0000096536-15-000008.hdr.sgml : 20150414
<ACCEPTANCE-DATETIME>20150414091710
ACCESSION NUMBER:		0000096536-15-000008
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20150228
FILED AS OF DATE:		20150414
DATE AS OF CHANGE:		20150414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAYLOR DEVICES INC
		CENTRAL INDEX KEY:			0000096536
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
		IRS NUMBER:				160797789
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03498
		FILM NUMBER:		15768204

	BUSINESS ADDRESS:	
		STREET 1:		90 TAYLOR DR
		STREET 2:		P O BOX 748
		CITY:			NORTH TONAWANDA
		STATE:			NY
		ZIP:			14120
		BUSINESS PHONE:		7166940800

	MAIL ADDRESS:	
		STREET 1:		90 TAYLOR DR
		CITY:			N TONAWANDA
		STATE:			NY
		ZIP:			14120-0748
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>tayd2015q310q.htm
<DESCRIPTION>10-Q
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>FORM
10-Q</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(Mark One)</P>

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<TR>
    <TD STYLE="width: 3%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 97%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Wingdings">&#254;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE&nbsp;&nbsp;&nbsp;&nbsp;ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">For the quarterly
period ended February 28, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OR</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 97%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font: 12pt Wingdings">o</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Commission File Number <U>0-3498</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>TAYLOR
DEVICES, INC.</B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NEW YORK </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16-0797789</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of incorporation or organization) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90 Taylor Drive, North Tonawanda, New York </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14120-0748</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">716-694-0800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Former name, former address and former fiscal year, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant (1)&nbsp;has filed
all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing
requirements for the past 90&nbsp;days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&#9;&#9; Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;
No <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer </FONT><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt"> </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer </FONT><FONT STYLE="font: 10pt Wingdings">o </FONT><FONT STYLE="font-size: 10pt">(Do not check if a smaller reporting company)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company </FONT><FONT STYLE="font: 10pt Wingdings">&#254;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule&nbsp;12b-2 of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of April 14, 2015, there were outstanding 3,356,254 shares of
the registrant&rsquo;s common stock, par value $.025 per share.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TAYLOR DEVICES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: navy"><B>Index to Form 10-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="border: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART I </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FINANCIAL INFORMATION</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PAGE NO.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 1.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Statements</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Balance Sheets as of &nbsp;February 28, 2015 and May 31, 2014</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Statements of Income for the three and nine months ended February 28, 2015 and 2014</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Statements of Cash Flows for the nine months ended February 28, 2015 and 2014</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes to Condensed Consolidated Financial Statements</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 2.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Management&rsquo;s Discussion and Analysis of Financial Condition
        and Results of Operations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 3.</FONT></TD>
    <TD STYLE="width: 64%; border-bottom: white 1pt solid; border-right: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; border-right: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">14</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 4.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Controls and Procedures</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PART II </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OTHER INFORMATION</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 1.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Proceedings</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 1A.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 2.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 3.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Defaults Upon Senior Securities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 4.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mine Safety Disclosures</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 5.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Information</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 6.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SIGNATURES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <TD NOWRAP STYLE="width: 60%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TAYLOR DEVICES, INC. AND SUBSIDIARY</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Condensed Consolidated Balance Sheets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(Unaudited)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>February 28,</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May 31,</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Assets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Current assets:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>$ &nbsp;&nbsp;&nbsp;&nbsp;2,372,115</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,793,642</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>3,890,872</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,894,344</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>9,271,452</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,978,302</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and estimated earnings in excess of billings</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>4,100,878</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,373,791</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>1,551,512</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,521,832</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>21,186,829</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,561,911</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maintenance and other inventory, net</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>645,322</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">836,569</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property and equipment, net</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>7,764,789</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,867,728</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other assets</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>168,693</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">164,568</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>$&nbsp;&nbsp;&nbsp;29,765,633</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;27,430,776</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Liabilities and Stockholders' Equity</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Current liabilities:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,079,165</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,166,162</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued commissions</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>448,433</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">429,839</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>1,614,195</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">850,531</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>596,160</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,343,788</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>4,737,953</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,790,320</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long-term liabilities</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>579,685</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">558,485</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Stockholders' Equity:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock and additional paid-in capital</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>7,856,645</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,778,994</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>19,090,333</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,801,960</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>26,946,978</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,580,954</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock -&nbsp;&nbsp;at cost</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(2,498,983</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,498,983</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&rsquo; equity</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>24,447,995</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,081,971</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>$&nbsp;&nbsp;&nbsp;29,765,633</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;27,430,776</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to condensed consolidated financial statements.</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 43%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TAYLOR DEVICES, INC. AND SUBSIDIARY</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Condensed Consolidated Statements of Income</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(Unaudited)</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the three months ended February 28,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the nine months ended February 28,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales, net</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;$ 6,566,338 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ 4,810,355 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;$ 19,822,815 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$ 14,707,473</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of goods sold</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;4,832,139 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;3,495,159 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,415,296 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;10,805,131 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,734,199 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;1,315,196 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,407,519 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,902,342</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling, general and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,270,818</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973,542 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,574,472</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,882,406</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;463,381</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341,654 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,833,047</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,019,936</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other income, &nbsp;net</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,373</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,582 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,326 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,986 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;466,754 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350,236 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,847,373 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,038,922 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for income taxes</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,000 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,000 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559,000 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;391,754 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;222,236 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;$&nbsp;&nbsp;&nbsp;1,288,373 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729,922</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic and diluted earnings per common share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 12.6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 12.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 12.6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 12.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See notes to condensed consolidated financial statements.</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 12.6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <TD NOWRAP STYLE="width: 69%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TAYLOR DEVICES, INC. AND SUBSIDIARY</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Condensed Consolidated Statements of Cash Flows</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: navy"><B>(Unaudited)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">February 28,</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the nine months ended</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 15.55pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 10.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Operating activities:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income </FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,288,373 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;&nbsp;729,922 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjustments to reconcile net income to net cash flows from operating activities:</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>556,884 </B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">528,576 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>3,000</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Stock options issued for services</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>37,112</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43,301</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Changes in other assets and liabilities:</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(996,528</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(652,724</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(101,903</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">152,408</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs and estimated earnings in excess of billings</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(1,727,087</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(481,419 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(11,480</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">64,766</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>913,003</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(152,338</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued commissions</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>18,594</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57,445</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billings in excess of costs and estimated earnings</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>763,664</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">563,704</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(747,628 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(555,909</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating activities</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(3,996</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182,842</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Investing activities:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Acquisition of property and equipment</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;(453,945</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,299,784</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Other investing activities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;(4,125</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(4,197</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investing activities</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;(458,070</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(1,303,981</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>Financing activities:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>40,539 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">168,560 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>(421,527</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(952,579</FONT></TD>
    <TD NOWRAP STYLE="padding-right: -0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents - beginning</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>2,793,642 </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,997,874 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: -0.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents - ending</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: navy"><B>&nbsp;$&nbsp;&nbsp;2,372,115&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;1,045,295 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: -0.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to condensed consolidated financial statements.</I></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TAYLOR DEVICES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0"><B>Notes to Condensed Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 of 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 Company, 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 February 28, 2015 and May 31, 2014, the results
of operations for the three and nine months ended February 28, 2015 and 2014, and cash flows for the nine months ended February
28, 2015 and 2014. These financial statements should be read in conjunction with the audited financial statements and notes thereto
contained in the Company's Annual Report to Shareholders for the year ended May 31, 2014. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company has evaluated events and transactions for potential recognition
or disclosure in the financial statements through the date the financial statements were issued.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For the nine month periods ended February 28, 2015 and February 28,
2014, the net income was divided by 3,344,778 and 3,333,964 respectively, which is net of the Treasury shares, to calculate the
net income per share. For the three month periods ended February 28, 2015 and February 28, 2014, the net income was divided by
3,344,059 and 3,330,105 respectively, which is net of the Treasury shares, to calculate the net income per share.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The results of operations for the three and nine month periods ended
February 28, 2015 are not necessarily indicative of the results to be expected for the full year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In May 2014, the Financial Accounting Standards Board (FASB) issued
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue
recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an
amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires
additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts,
including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016
(fiscal year 2018 for the Company) and early adoption is not permitted. Companies may use either a full retrospective or a modified
retrospective approach to adopt ASU 2014-09. The Company has not yet determined the potential effects of the adoption of ASU 2014-09
on its Consolidated Financial Statements. Other recently issued Accounting Standards Codification (ASC) guidance has either been
implemented or are not significant to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: navy"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: navy"><B>Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Cautionary Statement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Private Securities Litigation Reform Act
of 1995 provides a &quot;safe harbor&quot; for forward-looking statements. Information in this Item 2, &quot;Management's Discussion
and Analysis of Financial Condition and Results of Operations,&quot; and elsewhere in this 10-Q that does not consist of historical
facts, are &quot;forward-looking statements.&quot; Statements accompanied or qualified by, or containing, words such as &quot;may,&quot;
&quot;will,&quot; &quot;should,&quot; &quot;believes,&quot; &quot;expects,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;projects,&quot;
&quot;estimates,&quot; &quot;predicts,&quot; &quot;potential,&quot; &quot;outlook,&quot; &quot;forecast,&quot; &quot;anticipates,&quot;
&quot;presume,&quot; and &quot;assume&quot; constitute forward-looking statements and, as such, are not a guarantee of future performance.
The statements involve factors, risks and uncertainties, the impact or occurrence of which can cause actual results to differ materially
from the expected results described in such statements. Risks and uncertainties can include, among others, reductions in capital
budgets by our customers and potential customers; changing product demand and industry capacity; increased competition and pricing
pressures; advances in technology that can reduce the demand for the Company's products; the kind, frequency and intensity of natural
disasters that affect demand for the Company&rsquo;s products; and other factors, many or all of which are beyond the Company's
control. Consequently, investors should not place undue reliance on forward-looking statements as predictive of future results.
The Company disclaims any obligation to release publicly any updates or revisions to the forward-looking statements herein to reflect
any change in the Company's expectations with regard thereto, or any changes in events, conditions or circumstances on which any
such statement is based.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the period to period changes in
the principal items included in the condensed consolidated statements of income is shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Summary comparison of the nine months ended February 28, 2015 and 2014</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase /</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Decrease)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales, net</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;5,115,000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of goods sold</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;3,610,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling, general and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income before provision for income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for income taxes</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sales under certain fixed-price contracts,
requiring substantial performance over several periods prior to commencement of deliveries, are accounted for under the percentage-of-completion
method of accounting whereby revenues are recognized based on estimates of completion prepared on a ratio of cost to total estimated
cost basis. Costs include all material and direct and indirect charges related to specific contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjustments to cost estimates are made periodically
and any losses expected to be incurred on contracts in progress are charged to operations in the period such losses are determined.
However, any profits expected on contracts in progress are recognized over the life of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial statement presentation purposes,
the Company nets progress billings against the total costs incurred on uncompleted contracts. The asset, &quot;costs and estimated
earnings in excess of billings,&quot; represents revenues recognized in excess of amounts billed. The liability, &quot;billings
in excess of costs and estimated earnings,&quot; represents billings in excess of revenues recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the nine months ended February 28, 2015 </B></FONT>(All figures discussed are for the nine months ended February 28, 2015 as compared
to the nine months ended February 28, 2014.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nine months ended February 28</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 38%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Revenue</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;19,822,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;14,707,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;5,115,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,415,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,805,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,610,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross profit</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,407,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,902,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;1,505,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&hellip; as a percentage of net revenues</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company's consolidated results of operations showed a 35% increase in net revenues and an increase in net income of 77%. Revenues
recorded in the current </FONT>period for long-term construction projects (&ldquo;Project(s)&rdquo;) were 94% more than the level
recorded in the prior year. We had 53 Projects in process during the current period compared with 36 during the same period last
year. Revenues recorded in the current period for other-than long-term construction projects (non-projects) were 19% less than
the level recorded in the prior year. Total sales within the U.S. increased 41% from the same period last year. Total sales to
Asia are up 21% from the same period of the prior year. Sales increases recorded over the same period last year to customers involved
in construction of buildings and bridges (48%) and aerospace / defense (32%), were slightly offset by a decrease in sales to industrial
customers (16%). Please refer to the charts, below, which show the breakdown of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sales of the Company&rsquo;s products are made
to three general groups of customers: industrial, construction and aerospace / defense. A breakdown of sales to the three general
groups of customers is as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nine months ended February 28</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industrial</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;7%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Construction</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aerospace / Defense</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41%</FONT></TD></TR>
<TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
</FONT>February 28, 2014, the Company had 110 open sales orders in our backlog with a total sales value of $18.5 million. At February
28, 2015, the Company has 36% more open sales orders in our backlog (150 orders) and the total sales value is $30.3 million or
64% more than the prior year value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's backlog, revenues, commission
expense, gross margins, gross profits, and net income fluctuate from period to period. The changes in the current period, compared
to the prior period, are not necessarily representative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
revenue by geographic region, as a percentage of total net revenue for the nine month periods ended February 28, 2015 and </FONT>February
28, 2014 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nine months ended February 28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="width: 29%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;5%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, General and Administrative Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nine months ended February 28</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;2015 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Amount </FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outside Commissions </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,105,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other SG&amp;A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,469,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,322,000</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;6%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total SG&amp;A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,574,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;2,882,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;692,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;24%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&hellip; as a percentage of net revenues</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general and administrative expenses
increased by 24% from the prior year. Outside commission expense increased by 97% from last year's level. This fluctuation was
primarily due to the significant increase in commissionable sales in the current year as well as an increased use of outside sales
representatives. Other selling, general and administrative expenses increased only slightly from last year to this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above factors resulted in operating income of $1,833,000 for the nine months ended </FONT>February 28, 2015, 80% more than the
$1,020,000 in the same period of the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Summary comparison of the three months ended February 28, 2015 and 2014</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase /</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Decrease)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales, net</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;1,756,000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of goods sold</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;1,337,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling, general and administrative expenses</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income before provision for income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision for income taxes</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
the three months ended February 28, 2015 </B></FONT>(All figures discussed are for the three months ended February 28, 2015 as
compared to the three months ended February 28, 2014.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three months ended February 28</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 38%; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount </FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Revenue</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,566,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,810,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;1,756,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,832,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,495,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,337,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross profit</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,734,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,315,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.9pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&hellip; as a percentage of net revenues</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's consolidated results of operations
showed a 37% increase in net revenues and an increase in net income of 76%. Revenues recorded in the current period for long-term
construction projects (&ldquo;Project(s)&rdquo;) were 148% more than the level recorded in the prior year. We had 39 Projects in
process during the current period compared with 20 during the same period last year. Revenues recorded in the current period for
other-than long-term construction projects (non-projects) were 35% less than the level recorded in the prior year. Total sales
within the U.S. increased 58% from the same period last year. Total sales to Asia are down 10% from the same period of the prior
year. Sales increases recorded over the same period last year to customers involved in construction of buildings and bridges (96%)
and aerospace / defense (2%), were slightly offset by a decrease in sales to industrial customers (22%). Please refer to the charts,
below, which show the breakdown of sales.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sales of the Company&rsquo;s products are made
to three general groups of customers: industrial, construction and aerospace / defense. A breakdown of sales to the three general
groups of customers is as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three months ended February 28</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industrial</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;5%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Construction</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aerospace / Defense</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38%</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">51%</FONT></TD></TR>
<TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
revenue by geographic region, as a percentage of total net revenue for the three month periods ended February 28, 2015 and </FONT>February
28, 2014 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three months ended February 28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="width: 29%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asia</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;6%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;2%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, General and Administrative Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three months ended February 28</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;2015 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Amount </FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percent </FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outside Commissions </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;133%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other SG&amp;A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793,000</FONT></TD>
    <TD NOWRAP STYLE="padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total SG&amp;A</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,271,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974,000 </FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297,000 </FONT></TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;30%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&hellip; as a percentage of net revenues</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general and administrative expenses
increased by 30% from the prior year. Outside commission expense increased by 133% from last year's level. This fluctuation was
primarily due to the significant increase in commissionable sales in the current year as well as an increased use of outside sales
representatives. Other selling, general and administrative expenses increased only slightly from last year to this.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
above factors resulted in operating income of $463,000 for the three months ended </FONT>February 28, 2015, up 36% from the $342,000
in the same period of the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stock Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a stock option plan which provides
for the granting of nonqualified or incentive stock options to officers, key employees and non-employee directors. Options granted
under the plan are exercisable over a ten year term. Options not exercised at the end of the term expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company expenses stock options using the fair value recognition provisions of the Financial Accounting Standards Board (FASB) Accounting
Standards Codification (ASC). The Company recognized $37,000 and $43,000 of compensation cost for the nine month periods ended
February 28, 2015 and </FONT>February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of each stock option grant has
been determined using the Black-Scholes model. The model considers assumptions related to exercise price, expected volatility,
risk-free interest rate, and the weighted average expected term of the stock option grants. Expected volatility assumptions used
in the model were based on volatility of the Company's stock price for the thirty month period ending on the date of grant. The
risk-free interest rate is derived from the U.S. treasury yield. The Company used a weighted average expected term.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used in the
Black-Scholes model to estimate the fair market value of the Company's stock option grants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February</FONT><BR>
<FONT STYLE="font-size: 10pt">&nbsp;2015</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February</FONT><BR>
<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.375%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.25%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expected life of the options:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3 years</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expected share price volatility:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31%</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expected dividends:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">zero</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">zero</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These assumptions resulted in estimated fair-market value per stock option:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.06</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.41</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ultimate value of the options will depend
on the future price of the Company's common stock, which cannot be forecast with reasonable accuracy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of changes in the stock options outstanding
during the nine month period ended February 28, 2015 is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercise Price</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options outstanding and exercisable at May 31, 2014:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219,500 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;7.31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options granted:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;8.52</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options exercised:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,500</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;6.13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options outstanding and exercisable at February 28, 2015:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;7.43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Closing value per share on NASDAQ at </FONT><FONT STYLE="font-size: 10pt">February 27, 2015:</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.73</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capital Resources, Line of Credit and Long-Term Debt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's primary liquidity is dependent
upon the working capital needs. These are mainly inventory, accounts receivable, costs and estimated earnings in excess of billings,
accounts payable, accrued commissions, and billings in excess of costs and estimated earnings. The Company's primary source of
liquidity has been operations and bank financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Capital expenditures for the nine months ended
February 28, 2015 were $454,000 compared to $1,300,000 in the same period of the prior year. As of February 28, 2015, the Company
has commitments for capital expenditures totaling $230,000 during the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes it is carrying adequate
insurance coverage on its facilities and their contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has available a $6,000,000 bank
demand line of credit, with interest payable at the Company's option of 30, 60, 90 or 180 day LIBOR rate plus 2.5%, or the bank's
prime rate less .25%. There is no balance outstanding as of February 28, 2015 or as of May 31, 2014. The line is secured by accounts
receivable, equipment, inventory, and general intangibles, and a negative pledge of the Company&rsquo;s real property. This line
of credit is subject to the usual terms and conditions applied by the bank, is subject to renewal annually, and is not subject
to an express requirement on the bank&rsquo;s part to lend. The outstanding balance on the line of credit fluctuates as the Company's
various long-term projects progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company is in compliance with restrictive covenants under the
line of credit. In these covenants, the Company agrees to maintain the following minimum levels of the stated item:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Covenant</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minimum per Covenant</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current Actual</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When Measured</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minimum level of working capital</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,000,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$16,449,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quarterly</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minimum debt service coverage ratio</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.5:1</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Year-end</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the $6,000,000 unused portion of our
line of credit is available without violating any of our debt covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Inventory and Maintenance Inventory</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 28, 2015</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;May 31, 2014 </FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase /(Decrease)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 37%; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Raw materials</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499,000 </FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571,000 </FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72,000 </FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;-13%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Work in process</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;8,328,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,149,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">179,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finished goods</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;186,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;72%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventory</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;9,271,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;93%</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,978,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;91%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">293,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maintenance and other inventory</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">645,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;7%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(192,000 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;- 23%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;9,916,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;9,815,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,000 </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.25pt double; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inventory turnover</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.9</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.5</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOTE: Inventory turnover is annualized for
the nine month period ended February 28, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory, at $9,271,000 as of February 28,
2015, is $293,000, or 3%, more than the prior year-end level of $8,978,000. Approximately 90% of the current inventory is work
in process, 5% is finished goods, and 5% is raw materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance and other inventory represent stock
that is estimated to have a product life cycle in excess of twelve months. This stock represents certain items the Company is required
to maintain for service of products sold and items that are generally subject to spontaneous ordering. This inventory is particularly
sensitive to technological obsolescence in the near term due to its use in industries characterized by the continuous introduction
of new product lines, rapid technological advances and product obsolescence. Management of the Company has recorded an allowance
for potential inventory obsolescence. The provision for potential inventory obsolescence was $135,000 for each of the nine month
periods ended February 28, 2015 and February 28, 2014. The Company continues to rework slow-moving inventory, where applicable,
to convert it to product to be used on customer orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Accounts Receivable, Costs and Estimated
Earnings in Excess of Billings (CIEB&quot;), and Billings in Excess of Costs and Estimated Earnings (&quot;BIEC&quot;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 28, 2015</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 8.25pt; text-align: center; text-indent: -8.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;May 31, 2014 </FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase /(Decrease)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts receivable</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;3,891,000 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;2,894,000 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.7pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;&nbsp;&nbsp;&nbsp;997,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;34%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CIEB</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,101,000 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,374,000 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.7pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,727,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;73%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: BIEC</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,614,000 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851,000 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 1.7pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;763,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;90%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;6,378,000 </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;4,417,000 </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.7pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$ 1,961,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;44%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of an average day&rsquo;s sales outstanding in accounts receivable</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company combines the totals of accounts
receivable, the current asset CIEB, and the current liability, BIEC, to determine how much cash the Company will eventually realize
from revenue recorded to date. As the accounts receivable figure rises in relation to the other two figures, the Company can anticipate
increased cash receipts within the ensuing 30-60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable of $3,891,000 as of February
28, 2015 includes approximately $158,000 of amounts retained by customers on Projects. It also includes $10,000 of an allowance
for doubtful accounts (&ldquo;Allowance&rdquo;). The accounts receivable balance as of May 31, 2014 of $2,894,000 included an Allowance
of $10,000. The number of an average day's sales outstanding in accounts receivable (&ldquo;DSO&rdquo;) increased from 49 days
at May 31, 2014 to 53 at February 28, 2015. It is expected that amounts retained by customers under contracts will be released
in the normal course of the business in accordance with the related contracts. The Company expects to collect the net accounts
receivable balance, including the retainage, during the next twelve months.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, CIEB represents revenues recognized
in excess of amounts billed. Whenever possible, the Company negotiates a provision in sales contracts to allow the Company to bill,
and collect from the customer, payments in advance of shipments. Unfortunately, provisions such as this are often not possible.
The $4,101,000 balance in this account at February 28, 2015 is 73% more than the prior year-end balance. This increase is the result
of normal flow of the projects through production with billings to the customers as permitted in the related contracts. The Company
expects to bill the entire amount during the next twelve months. 62% of the CIEB balance as of the end of the last fiscal quarter,
November 30, 2014, was billed to those customers in the current fiscal quarter ended February 28, 2015. The remainder will be billed
as the Projects progress, in accordance with the terms specified in the various contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balances in this account are comprised
of the following components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 28, 2015</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;May 31, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,539,000 </FONT></TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,055,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated Earnings</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,641,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Billings to customers</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,079,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,610,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CIEB</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,101,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,374,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Projects in progress</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, BIEC represents billings to
customers in excess of revenues recognized. The $1,614,000 balance in this account at February 28, 2015 is up significantly from
the $851,000 balance at the end of the prior year. This increase is the result of normal flow of the projects through production
with billings to the customers as permitted in the related contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balance in this account fluctuates in the
same manner and for the same reasons as the account &ldquo;costs and estimated earnings in excess of billings&rdquo;, discussed
above. Final delivery of product under these contracts is expected to occur during the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The balances in this account are comprised
of the following components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 28, 2015</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;May 31, 2014 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Billings to customers</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,163,000 </FONT></TD>
    <TD NOWRAP STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,236,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Costs</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,849,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,072,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Estimated Earnings</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BIEC</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,614,000 </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Projects in progress</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Summary of factors affecting the balances in CIEB and BIEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;February 28, 2015</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;May 31, 2014 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number of Projects in progress </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate percent complete </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average total sales value of Projects in progress </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$813,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$710,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage of total value invoiced to customer</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's backlog of sales orders at February
28, 2015 is $30.3 million, up 23% from the $24.6 million at the end of the prior year. $15.3 million of the current backlog is
on Projects already in progress.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Balance Sheet Items</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts payable, at $2,079,000 as of February
28, 2015, is 78% more than the prior year-end. Commission expense on applicable sales orders is recognized at the time revenue
is recognized. The commission is paid following receipt of payment from the customers. Accrued commissions as of February 28, 2015
are $448,000, up 4% from the $430,000 accrued at the prior year-end. The Company expects the current accrued amount to be paid
during the next twelve months. Other current liabilities decreased 56% from the prior year-end, to $596,000. This is primarily
due to a decrease in customer prepayments during the current quarter as well as a reduction in sales tax liability due to payments
made to tax authorities since the prior year end. Shipments to customers for prepaid products will take place as scheduled within
the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes the Company's cash flows
from operations and borrowing capacity under the bank line of credit are sufficient to fund ongoing operations, capital improvements
and share repurchases (if any) for the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3. Quantitative and
Qualitative Disclosures About Market Risk</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Smaller reporting companies are not required to provide the information
called for by this item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 4. Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) &#9;<I>Evaluation of
disclosure controls and procedures</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's principal executive officer and
principal financial officer have evaluated the Company's disclosure controls and procedures as of February 28, 2015 and have concluded
that as of the evaluation date, the disclosure controls and procedures were effective to ensure that information required to be
disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the Commission&rsquo;s rules and forms and that information required to be disclosed in the reports
we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer
and chief financial officer to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) &#9;<I>Changes in internal
control over financial reporting</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no changes in the Company's
internal controls over financial reporting that occurred during the fiscal quarter ended February 28, 2015 that have materially
affected, or are reasonably likely to materially affect, the Company's control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Part II - Other Information</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 1</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Proceedings</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There are no other legal proceedings except for routine litigation incidental to the business.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 1A</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting companies are not required to provide the information called for by this item.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 2</FONT></TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company sold no equity securities during the fiscal quarter ended February 28, 2015 that were not registered under the Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of proceeds following effectiveness of initial registration statement:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Repurchases of Equity Securities &ndash; Quarter Ended February 28, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Period</I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(a) Total Number of Shares Purchased</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(b) Average Price Paid Per Share</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>( c ) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs</I></FONT></TD></TR>
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<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 1, 2014 -</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December &nbsp;31, 2014</FONT></TD>
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    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 1, 2015 -</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 31, 2015</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
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<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 1, 2015 -</FONT></TD>
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<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 28, 2015</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1)</FONT></TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Total</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$419,815</FONT></TD></TR>
<TR>
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    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(1) On November 7, 2014, the Board of Directors of the Registrant
        voted unanimously to continue the share repurchase agreement, authorized by the Board in 2010, with Merrill Lynch, Pierce, Fenner
        &amp; Smith Incorporated (&quot;MLPF&amp;S&quot;) under which the Company repurchases shares of its common stock. The Company has
        designated $419,815 of cash on hand as available for open-market purchases. Since Board authorization in 2010, a total of 15,600
        shares have been purchased at an average price per share of $5.14. Repurchases are made by MLPF&amp;S for the benefit of the Registrant.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under the terms of the Company's credit arrangements with its primary lender, the Company is required to maintain net working capital of at least $3,000,000, as such term is defined in the credit documents.&nbsp;&nbsp;On </FONT><FONT STYLE="font-size: 10pt">February 28, 2015, under such definition, the Company's net working capital was significantly in excess of such limit.&nbsp;&nbsp;Additional information regarding the Company&rsquo;s line of credit and restrictive covenants appears under the caption &ldquo;Capital Resources, Line of Credit and Long-Term Debt&rdquo; in the Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 3</FONT></TD>
    <TD COLSPAN="8" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Defaults Upon Senior Securities</FONT></TD></TR>
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    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 4</FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mine Safety Disclosures</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not applicable</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 5</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Information</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information required to be disclosed in a Report on Form 8-K, but not reported</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Material changes to the procedures by which Security Holders may recommend nominees to the Registrant's Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 6</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3(ii)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By-Laws of Taylor Devices, Inc., as amended and restated through March 23, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News from Taylor Devices, Inc. Shareholder Letter, Spring 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31(i)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rule 13a-14(a) Certification of Chief Executive Officer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31(ii)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rule 13a-14(a) Certification of Chief Financial Officer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32(i)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1350 Certification of Chief Executive Officer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32(ii)</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1350 Certification of Chief Financial Officer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.INS</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Instance Document </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.SCH</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Schema Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.CAL</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.LAB</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Label Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.PRE</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Report of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors and Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Taylor Devices, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have reviewed the accompanying condensed
consolidated balance sheet of Taylor Devices, Inc. and Subsidiary as of February 28, 2015, the related condensed consolidated statements
of income for the three and nine months ended February 28, 2015 and 2014 and cash flows for the nine months ended February 28,
2015 and 2014. These interim financial statements are the responsibility of the Company's management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our reviews in accordance with
standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists
principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight
Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our reviews, we are not aware of any
material modifications that should be made to the accompanying interim condensed consolidated financial statements referred to
above for them to be in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have previously audited, in accordance with
standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet as of May 31, 2014,
and the related consolidated statements of income, changes in stockholders' equity, and cash flows for the year then ended (not
presented herein); and in our report dated August 21, 2014, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of May 31, 2014 is fairly
stated, in all material respects, in relation to the balance sheet from which it has been derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lumsden &amp; McCormick, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buffalo, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">April 14, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">TAYLOR DEVICES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 33%; padding-right: 6pt; padding-left: 6pt; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>TAYLOR DEVICES, INC.</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 14, 2015</FONT></TD>
    <TD STYLE="width: 4%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 36%; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/Douglas P. Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
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    <us-gaap:CondensedFinancialStatementsTextBlock contextRef="From2014-06-01to2015-02-28">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Notes to Condensed Consolidated Financial Statements&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The accompanying unaudited condensed consolidated financial statements&#13;have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial&#13;information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required&#13;by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of&#13;the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only&#13;normal recurring accruals) necessary to present fairly the financial position as of February 28, 2015 and May 31, 2014, the results&#13;of operations for the three and nine months ended February 28, 2015 and 2014, and cash flows for the nine months ended February&#13;28, 2015 and 2014. These financial statements should be read in conjunction with the audited financial statements and notes thereto&#13;contained in the Company's Annual Report to Shareholders for the year ended May 31, 2014. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The Company has evaluated events and transactions for potential recognition&#13;or disclosure in the financial statements through the date the financial statements were issued.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;There is no provision nor shall there be any provisions for profit&#13;sharing, dividends, or any other benefits of any nature at any time for this fiscal year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;For the nine month periods ended February 28, 2015 and February 28,&#13;2014, the net income was divided by 3,344,778 and 3,333,964 respectively, which is net of the Treasury shares, to calculate the&#13;net income per share. For the three month periods ended February 28, 2015 and February 28, 2014, the net income was divided by&#13;3,344,059 and 3,330,105 respectively, which is net of the Treasury shares, to calculate the net income per share.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The results of operations for the three and nine month periods ended&#13;February 28, 2015 are not necessarily indicative of the results to be expected for the full year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.25in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;In May 2014, the Financial Accounting Standards Board (FASB) issued&#13;Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue&#13;recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an&#13;amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires&#13;additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts,&#13;including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.&#13;ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016&#13;(fiscal year 2018 for the Company) and early adoption is not permitted. Companies may use either a full retrospective or a modified&#13;retrospective approach to adopt ASU 2014-09. 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<TYPE>EX-101.LAB
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<DESCRIPTION>XBRL LABEL FILE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InventoryPartsAndComponentsNetOfReserves" xlink:label="us-gaap_InventoryPartsAndComponentsNetOfReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPartsAndComponentsNetOfReserves" xlink:to="us-gaap_InventoryPartsAndComponentsNetOfReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryPartsAndComponentsNetOfReserves_lbl" xml:lang="en-US">Inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms" xlink:label="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms" xlink:to="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms_lbl" xml:lang="en-US">Costs and estimated earnings in excess of billings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherInventoryNoncurrent" xlink:label="us-gaap_OtherInventoryNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventoryNoncurrent" xlink:to="us-gaap_OtherInventoryNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventoryNoncurrent_lbl" xml:lang="en-US">Maintenance and other inventory, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:label="us-gaap_OtherAssetsMiscellaneousNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:to="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsMiscellaneousNoncurrent_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedSalesCommissionCurrent" xlink:label="us-gaap_AccruedSalesCommissionCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedSalesCommissionCurrent" xlink:to="us-gaap_AccruedSalesCommissionCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedSalesCommissionCurrent_lbl" xml:lang="en-US">Accrued commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BillingsInExcessOfCostCurrent" xlink:label="us-gaap_BillingsInExcessOfCostCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BillingsInExcessOfCostCurrent" xlink:to="us-gaap_BillingsInExcessOfCostCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BillingsInExcessOfCostCurrent_lbl" xml:lang="en-US">Billings in excess of costs and estimated earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="us-gaap_OtherLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="us-gaap_OtherLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesCurrent_lbl" xml:lang="en-US">Other current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US">Long-term liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xml:lang="en-US">Common stock and additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock - at cost</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders'equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="us-gaap_SalesRevenueGoodsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueGoodsNet" xlink:to="us-gaap_SalesRevenueGoodsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueGoodsNet_lbl" xml:lang="en-US">Sales, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfGoodsSold" xlink:label="us-gaap_CostOfGoodsSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSold" xlink:to="us-gaap_CostOfGoodsSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSold_lbl" xml:lang="en-US">Cost of goods sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNonoperatingIncome" xlink:label="us-gaap_OtherNonoperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="us-gaap_OtherNonoperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US">Other income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Income before provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Basic and diluted earnings per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_lbl" xml:lang="en-US">Operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash flows from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockOptionPlanExpense" xlink:label="us-gaap_StockOptionPlanExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockOptionPlanExpense" xlink:to="us-gaap_StockOptionPlanExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockOptionPlanExpense_lbl" xml:lang="en-US">Stock options issued for services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in other assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInUnbilledReceivables" xlink:to="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInUnbilledReceivables_lbl" xml:lang="en-US">Costs and estimated earnings in excess of billings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xml:lang="en-US">Accrued commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings" xlink:label="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings" xlink:to="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings_lbl" xml:lang="en-US">Billings in excess of costs and estimated earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities_lbl" xml:lang="en-US">Other current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract" xlink:label="us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract" xlink:to="us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract_lbl" xml:lang="en-US">Investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Acquisition of property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US">Other investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract" xlink:label="us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract" xlink:to="us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Proceeds from issuance of common stock, net</link:label>
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<FILENAME>restatedbylawsmarch2015.htm
<DESCRIPTION>BY-LAWS OF TAYLOR DEVICES INC
<TEXT>
<HTML>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BY-LAWS</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TAYLOR DEVICES, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Page</U></B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
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    <TD STYLE="width: 90%; text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE I&nbsp;&nbsp;&nbsp;MEETINGS OF SHAREHOLDERS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Annual Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Special Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Notice of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp;&nbsp;&nbsp;Waiver of Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp;&nbsp;&nbsp;Qualification of Voters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp;&nbsp;&nbsp;Quorum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp;&nbsp;&nbsp;Inspectors of Election</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp;&nbsp;&nbsp;Proxies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 9.&nbsp;&nbsp;&nbsp;Voting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 10.&nbsp;&nbsp;&nbsp;Consents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 11.&nbsp;&nbsp;&nbsp;Notice of Business</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 12.&nbsp;&nbsp;&nbsp;Shareholder Nominations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 13.&nbsp;&nbsp;&nbsp;Conduct of Shareholder Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 14&nbsp;&nbsp;&nbsp;Undisclosed Beneficial Ownership</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE II&nbsp;&nbsp;&nbsp;BOARD OF DIRECTORS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Power of Board and Qualification of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp; Number of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Election and Term of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp;&nbsp;&nbsp;Resignations</TD>
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<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 5.&nbsp;&nbsp;&nbsp;Removal of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 6.&nbsp;&nbsp;&nbsp;Newly Created Directorships and Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 7.&nbsp;&nbsp;&nbsp;Executive and Other Committees of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 8.&nbsp;&nbsp;&nbsp;Compensation of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE III&nbsp;&nbsp;&nbsp;MEETINGS OF THE BOARD</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Regular Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Special Meetings; Notice and Waiver of Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Quorum; Action by the Board and Adjournment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp;&nbsp;&nbsp;Action without a Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE IV&nbsp;&nbsp;&nbsp;OFFICERS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Officers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Term of Office and Removal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Powers and Duties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp;&nbsp;&nbsp;Compensation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE V&nbsp;&nbsp;&nbsp;INDEMNITY</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Indemnification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Agreement to Indemnify</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE VI&nbsp;&nbsp;&nbsp;SHARE CERTIFICATES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Form of Share Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Registration of Transfers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Dividends</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 4.&nbsp;&nbsp;&nbsp;Fixing Record Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE VII&nbsp;&nbsp;&nbsp;MISCELLANEOUS PROVISIONS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Corporate Seal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 2.&nbsp;&nbsp;&nbsp;Fiscal Year</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 3.&nbsp;&nbsp;&nbsp;Checks and Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section&nbsp;4&nbsp;&nbsp;&nbsp;Exclusive Forum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in">ARTICLE VIII&nbsp;&nbsp;&nbsp;AMENDMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt">Section 1.&nbsp;&nbsp;&nbsp;Power to Amend</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
</TABLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MEETINGS OF SHAREHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Annual Meeting</U>. A meeting of the shareholders shall be held annually for the election of directors and the transaction
of such other business as may properly come before the meeting which may be held within or without the State of New York, at any
time within six (6) months after the end of fiscal year as shall be fixed by the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Special Meetings</U>. Special meetings of the shareholders may be called by the Board of Directors or the President,
and shall be called by the President at the written request of the holders of record of a majority of the outstanding shares of
the Corporation entitled to vote at such meetings. Special meetings shall be held at such time as may be fixed in the call and
stated in the notice of meeting or waiver thereof. At any such special meeting only such business may be transacted as is related
to the purposes set forth in the notice of the meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Meetings</U>. Written notice of each meeting of shareholders shall be given, personally or by mail, not less
than ten (10) nor more than sixty (60) days before the date of meeting, to each shareholder entitled to vote at such meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Notice of any meeting
of shareholders shall state the place, date and hour of such meeting and in the case of special meetings (i) the purpose or purposes
for which the meeting is called and (ii) at whose direction the notice is being issued. If mailed, such notice is given when deposited
in the United States mail directed to the shareholder at his address as it appears on the record of shareholders, or, if he shall
have filed with the Secretary of the Corporation a written request that notices to him be mailed to some other address, then directed
to him at such other address.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Notice</U>. Notice of any meeting need not be given to any shareholder who submits a signed waiver of notice,
in person or by proxy, whether before or after the meeting. The attendance of any shareholder at a meeting, in person or by proxy,
without protesting prior to the conclusion of the meeting the lack of notice of such meeting, shall constitute a waiver of notice
by him.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Qualification of Voters</U>. Except as may be otherwise provided in the Certificate of Incorporation, every shareholder
of record shall be entitled at every meeting of shareholders to one vote for every share standing in his name on the record of
shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Shares of the Corporation
standing in the name of another domestic or foreign corporation of any type or kind may be voted by such officer, agent or proxy
as the By-Laws of the Corporation may provide, or in the absence of such provision, as the Board of Directors of the Corporation
may determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Corporation
shall be protected in treating the persons in whose names shares stand on the record of shareholders as the owners thereof for
all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quorum</U>. The presence of a majority of the holders of shares entitled to vote, whether such presence is in person
or by proxy, shall constitute a quorum at a meeting of shareholders for the transaction of any business, unless the New York Business
Corporation Law provides otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">When a quorum is
once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The shareholders
present may adjourn the meeting despite the absence of a quorum.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Inspectors of Election</U>. In advance of any shareholders&rsquo; meeting, the Board of Directors may appoint one or
more inspectors of election to act at the meeting or any adjournment thereof. If inspectors are not so appointed, the person presiding
at the shareholders&rsquo; meeting may, and on the request of any shareholder entitled to vote thereat shall, appoint such inspectors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">In case any person
appointed fails to appear or act, the vacancy may be filled by appointment made by the Board of Directors in advance of the meeting
or at the meeting by the person presiding thereat.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each inspector,
before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at
such meeting with strict impartiality and according to the best of his ability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxies</U>. Every shareholder entitled to vote at a meeting of shareholders or to express consent or dissent without
a meeting may authorize another person or persons to act for him by proxy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Every proxy must
be signed by the shareholder or his attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the
date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the shareholder executing
it, except as otherwise provided therein and as permitted by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting</U>. Directors shall be elected by a plurality of the votes cast at a meeting of shareholders by the holders of
shares entitled to vote in the election.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Whenever any corporate
action, other than the election of Directors, is to be taken by vote of the shareholders, it shall, except as otherwise provided
by law, be authorized by a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents</U>. Whenever shareholders are required or permitted to take any action by vote, such action may be taken without
a meeting on written consent, setting forth the action so taken signed by the holders of all outstanding shares entitled to vote
thereon.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Business</U>. At any meeting of shareholders, only such business shall be conducted as shall have been brought
before the meeting (i) by or at the direction of the Board of Directors, or (ii) by any shareholder of the Corporation who is a
shareholder of record at the time of the giving of notice provided in this Section, and entitled to vote at such meeting, and who
complies with all notice procedures set forth in this Section. For business to be properly brought before a meeting of shareholders
by a shareholder, the shareholder shall have given timely notice thereof in writing to the Secretary. &ldquo;Timely,&rdquo; for
purposes of this Section, shall mean that the notice shall be delivered to, or mailed by first class United States mail, postage
prepaid and received at, the principal executive office of the Corporation not less than 30 days prior to the meeting; provided
however, that should less than 40 days&rsquo; notice or prior public disclosure of the date of the meeting be given or made to
shareholders, such written notice from the shareholder must be delivered or mailed, and presented, not later than the close of
business on the tenth day following the day on which the Notice of Meeting was mailed, or such public disclosure was made, whichever
first occurs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each notice referred
to in the preceding paragraph shall set forth, as to each matter the shareholder proposes to bring before the meeting, (1) a brief
description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and,
in the event that such business includes a proposal to amend either the Certificate of Incorporation or the By-Laws, the specific
text of the proposed amendment; (2) the name and the business and residence address of the shareholder or shareholders proposing
such business; (3) the class and number of shares of capital stock of the Corporation which are beneficially owned by such shareholder
or shareholders; and (4) a brief description of the material interest, if any, of such shareholder in such business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Notwithstanding
anything in these By-Laws to the contrary, any reference in any Notice of Meeting of the Shareholders, referring to the transaction
of &ldquo;other business,&rdquo; shall be limited to procedural matters only, and no item of business shall be conducted at a shareholders&rsquo;
meeting, except in accordance with this Section. The Chairman of the meeting shall, if the facts warrant, determine and declare
to the meeting that the item of business was not properly brought before the meeting or in accordance with this Section, and, if
the Chairman should so determine, shall declare that such item of business shall not be transacted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Nominations</U>. Nominations for the election of directors may be made by a shareholder entitled to vote
for the election of directors only in accordance with these By-Laws. Such nominations must be made by notice in writing, delivered
or mailed by first class United States mail, postage prepaid, to the Secretary at the principal executive office of the Corporation
not less than 30 days prior to any meeting of the shareholders called for the election of directors; <I>provided, however</I>,
that should less than 40 day&rsquo; notice or prior public disclosure of the date of the meeting be given or made to shareholders,
such written nomination by a shareholder must be delivered or mailed, and presented, not later than the close of business on the
tenth day following the day on which the Notice of Meeting was mailed or such public disclosure was made, whichever first occurs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each notice referred
to in the preceding paragraph shall set forth, (1) as to each nominee proposed in such notice, such person&rsquo;s name, age, business
address and, if known, residence address, together with all information regarding such person as would be required to be disclosed
in a proxy statement soliciting proxies for election of directors filed pursuant to Regulation 14A of the Securities and Exchange
Commission under the Securities Exchange Act of 1934, (2) the name, business and residence addresses and number of shares of the
Corporation&rsquo;s capital stock beneficially owned by each person making the nomination or nominations, and (3) a description
of all arrangements or understandings between each such shareholder and any nominee or any other person or persons (naming such
person or persons) in connection with or relating to the making of the nomination or nominations to serve on the Board of Directors,
if elected.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Chairman of
the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with
the procedures set forth in this Section and, if the Chairman should so determine, shall declare the nomination defective and to
be disregarded.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Shareholder Meetings</U>. The Board of Directors may, from time to time, adopt rules of conduct and proxy
review guidelines for shareholder meetings. If any provision of such rules of conduct and proxy review guidelines shall conflict
with the Certificate of Incorporation of the Corporation or with these By-Laws, the Certificate of Incorporation or these By-Laws,
as the case may be, shall control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undisclosed Beneficial Ownership</U>. If a person is required to report beneficial ownership of shares of the Corporation
under Section 13(d) or 13(g) of the Securities Exchange Act of 1934 and the Rules of the U.S. Securities and Exchange Commission
thereunder, as such Act and Rules are in effect from time to time, but such person has not done so, then such shares shall not
be voted until 10 calendar days after such person shall have reported such beneficial ownership in accordance with such Act and
Rules.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE II</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BOARD OF DIRECTORS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Power of Board and Qualification of Directors</U>. The business of the Corporation shall be managed by the Board of Directors,
each of whom shall be at least eighteen (18) years of age.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Number of Directors</U>. The number of Directors constituting the entire Board of Directors shall be not less than three
(3) nor more than ten (10).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Election and Term of Directors</U>. The Board of Directors shall be comprised of three Classes, each such Class to be
as nearly equal in number as possible. At each annual meeting of shareholders, each Director shall be elected to hold office until
expiration of the term of that Director&rsquo;s Class, which shall in each instance be three years, or until such Director&rsquo;s
successor is elected and qualified; <I>provided however</I>, that the terms of office of Directors initially classified and elected
shall be as follows: the term of the first Class shall expire at the next annual meeting of shareholders following approval of
classification; the term of the second Class at the second succeeding annual meeting following approval of classification; and
the term of the Third Class at the third succeeding annual meeting following approval of classification.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignations</U>. Any Director of the Corporation may resign at any time by giving written notice to the Board of Directors
or to the President or to the Secretary of the Corporation. Such resignation shall take effect at the time specified therein; and
unless otherwise specified therein the acceptance of such resignation shall not be necessary to make it effective.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Removal of Directors</U>. Any or all of the Directors may be removed with cause by vote of the shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Newly Created Directorships and Vacancies</U>. Newly created Directorships resulting from an increase in the number of
Directors and vacancies occurring in the Board of Directors for any reason whatsoever shall be filled by a vote of a majority of
the Directors then in office, although less than quorum exists. A Director elected to fill a vacancy or a newly created Directorship
shall not be classified, but shall be elected and hold office until the next annual meeting of shareholders, or until such time
as may be otherwise provided for in Sections 4 and 5 herein. Any newly created Directorships, or any decrease in Directorships,
shall be so apportioned among the Classes as to make all Classes as nearly equal as possible.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Executive and Other Committees of Directors</U>. The Board of Directors, by resolution adopted by a majority of the entire
Board, may designate from among its members an executive committee and other committees, each consisting of three or more Directors,
and each of which, to the extent provided in the resolution and permitted by law, shall have all the authority of the Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Board of Directors
may designate one or more Directors as alternate members of any such committee, who may replace any absent member or members at
any meeting of such committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Each such committee
shall serve at the pleasure of the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation of Directors</U>. The Board of Directors shall have authority to fix the compensation of Directors for services
in any capacity, or to allow a fixed amount plus expenses, if any, for attendance at meetings of the Board or of committees of
Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE III</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MEETINGS OF THE BOARD</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regular Meetings</U>. Regular meetings of the Board of Directors shall be held, without notice, immediately following
the annual meetings of shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Special Meetings; Notice and Waiver of Notice</U>. Special meetings of the Board of Directors may be held upon the call
of the President by oral, telegraphic or written notice, duly given to or sent or mailed to each Director not less than one day
prior to said meeting. Special meetings shall be called by the President on the written request of any two (2) Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Notice of a special
meeting need not be given to any Director who submits a signed waiver of notice whether before or after a meeting, or who attends
the meeting without protesting, prior thereto or at its commencement, the lack of notice to him.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">A notice, or waiver
of notice, need not specify the purpose of any special meeting of the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quorum; Action by the Board and Adjournment</U>. A majority of the entire Board shall constitute a quorum for the transaction
of business unless otherwise provided herein and except that when the number of Directors constituting the whole Board shall be
an even number, one-half of that number shall constitute a quorum.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The vote of a majority
of the Directors present at the time of the vote, if a quorum is present at such time, shall be the act of the Board, except as
may be otherwise provided herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">A majority of the
Directors present, whether or not a quorum is present, may adjourn any meeting to another time and place.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Any one or more
members of the Board or any committee thereof may participate in a meeting of such Board or committee by means of a conference
telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same
time. Participation by such means shall constitute presence in person at a meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Action without a Meeting</U>. Any action required or permitted to be taken by the Board or any committee thereof may
be taken without a meeting if all members of the Board or the committee consent in writing to the adoption of a resolution authorizing
the action, and such resolution and the written consent thereto by the members of the Board or the committee shall be filed with
the minutes of the proceedings of the Board or committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE IV</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>OFFICERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers</U>. At the regular meeting of the Board of Directors, the Board shall elect a President, Vice-President, Secretary
and Treasurer of the Corporation and from time to time may elect or appoint an Assistant-Secretary, Assistant-Treasurer, General
Manager and such other officers as the Board shall determine. Any two or more offices may be held by the same person, except the
office of President and Secretary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Term of Office and Removal</U>. Each officer shall hold office for one year and until his successor has been elected
or appointed and qualified, or until the next annual election of Directors or until such earlier removal, with or without cause.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Any officer may
be removed by the Board with or without cause. The removal of an officer without cause shall be without prejudice to his contract
rights, if any. The election or appointment of an officer shall not of itself create contract rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Powers and Duties</U>. The officers of the Corporation shall each have such powers and authority and perform such duties
in the management of the property and affairs of the Corporation as from time to time may be prescribed by the Board of Directors
and, to the extent not so prescribed, they shall each have such powers and authority and perform such duties in the management
of the affairs and property of the Corporation, subject to the control of the Board, as generally pertain to their respective offices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">Securities of other
corporations held by the Corporation may be voted by any officer designated by the Board and, in the absence of any such designation,
by the President, Vice-President, Secretary or Treasurer of the Corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The Board may require
any officer to give security for the faithful performance of his duties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation</U>. The compensation of all officers of the Corporation shall be fixed by the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE V</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEMNITY</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. To the full extent authorized by law, the Corporation shall indemnify any person made, or threatened
to be made, a party to an action or proceeding, whether criminal or civil, by reason of the fact that he, his testator or intestate
is or was a Director or officer of the Corporation or serves or served any other corporation in any capacity at the request of
the Corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agreement to Indemnify</U>. The Corporation shall have authority to enter into agreements, from time to time and as amended,
with any Director or officer (each such person hereinafter referred to as an &ldquo;Indemnitee&rdquo;) to indemnify and advance
the expenses of any Indemnitee to the full extent permitted by the New York Business Corporation Law, as the same now exists or
as may hereafter be amended (&ldquo;Indemnity Agreement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">The indemnification
and advancement of expenses granted to an Indemnitee pursuant to this Article shall not be exclusive of or limiting as to any other
rights to which such Indemnitee may be entitled, when authorized by (a) a resolution of shareholders or (b) a resolution of directors,
or (c) an Indemnity Agreement. No amendment, modification, or rescission of these By-Laws shall be effective to limit any person&rsquo;s
right to indemnification with respect to any cause of action that accrues, or other incident or matter that occurs, prior to the
date on which such modification, amendment or rescission is adopted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE VI</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARE CERTIFICATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Share Certificates</U>. The shares of the Corporation shall be represented by certificates, in such form as the
Board of Directors may from time to time prescribe, signed by the President or Vice-President and the Secretary or an Assistant-Secretary
or the Treasurer or an Assistant-Treasurer, and shall be sealed with the seal of the Corporation or facsimile thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Transfers</U>. Shares of the Corporation shall be transferable only upon the books of the Corporation,
by the persons specified by the certificate representing such shares or by special endorsement to be entitled to such shares, or
by the duly authorized attorney or legal representative of such person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends</U>. The Board of Directors may declare and pay dividends on its outstanding shares except when currently the
Corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would be contrary
to any restriction contained in the Certificate of Incorporation. Such dividends shall be made out of surplus only.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing Record Date</U>. For the purpose of determining the shareholders entitled to notice of or to vote at any meeting
of shareholders or any adjournment thereof, or to express consent to or dissent from any proposal without a meeting, or for the
purpose of determining shareholders entitled to receive payment of any dividend or the allotment of any rights, or for the purpose
of any other action, the Board may fix, in advance, a date as the record date for any such determination of shareholders. Such
date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days
prior to any other action.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE VII</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MISCELLANEOUS PROVISIONS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Seal</U>. The corporate seal shall have inscribed thereon the name of the Corporation and shall be in such
form as the Board of Directors may from time to time determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fiscal Year</U>. The fiscal year of the Corporation shall be the twelve months ending May 31 or such other period as
may be prescribed by the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Checks and Notes</U>. All checks or demands for money and notes or other instruments evidencing indebtedness or obligations
of the Corporation shall be signed by such officer or officers or other person or persons as shall be thereunto authorized from
time to time by the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusive Forum</U>. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and
exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim
of breach of a fiduciary duty owed by any director or officer or other employee of the Corporation to the Corporation or the Corporation&rsquo;s
shareholders, (iii) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation
arising pursuant to any provision of the New York Business Corporation Law or the Corporation&rsquo;s Certificate of Incorporation
or By-laws (as either may be amended from time to time), or (iv) any action asserting a claim against the Corporation or any director
or officer or other employee of the Corporation governed by the internal affairs doctrine, shall be a federal or state court located
within the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE VIII</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMENDMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Power to Amend</U>. By-Laws of the Corporation may be adopted, amended or repealed by the shareholders. By-Laws may also
be adopted, amended or repealed by the Board of Directors subject to being amended or repealed by the shareholders entitled to
vote thereon.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;Adopted:
January 28, 1998</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&#9;TAYLOR
DEVICES, INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;____________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;PROXY
REVIEW GUIDELINES</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<U>TABLE
OF CONTENTS</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><U>ARTICLE</U>&#9;<U>TITLE</U>&#9;<U>PAGE</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">I&#9;General
Rules&#9;A-1</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">II&#9;Guardians
and Minors&#9;A-3</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">III&#9;Joint
Owners&#9;A-3</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">IV&#9;Fiduciaries&#9;A-4</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">V&#9;Banks
and Trust Companies&#9;A-4</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">VI&#9;Conservators
or Committees&#9;A-5</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">VII&#9;Receivers&#9;A-5</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">VIII&#9;Pledgees
and Pledgors&#9;A-5</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">IX&#9;Corporations,
Associations, Etc.&#9;A-5</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">X&#9;Partnerships&#9;A-6</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">XI&#9;Nominee
Proxies&#9;A-6</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">XII&#9;Broker&rsquo;s
Proxies&#9;A-7</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">XIII&#9;Dates
and Postmarks&#9;A-8</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">XIV&#9;Conflict
of Law&#9;A-9</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;<U>PROXY
REVIEW GUIDELINES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">These
guidelines are adopted to favor an interpretation giving validity to proxies and avoiding disenfranchisement of shareholders. The
intent of a shareholder, when discernible, shall prevail. In applying these guidelines, the inspectors of election shall act accordingly.
Any matter not covered herein shall be so determined as to further, where possible, the validity of shareholders&rsquo; proxies.
&ldquo;Proxy&rsquo;&rsquo; shall be deemed to include &ldquo;Power of Attorney&rsquo;&rsquo; as well as &ldquo;Proxy&rsquo;&rsquo;.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;I.&#9;<U>GENERAL
RULES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.01&#9;Any
proxy bearing a handwritten or hand printed signature or signed by stamped, typewritten, or facsimile signature is presumptively
valid.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.02&#9;Any
copy, facsimile, telecommunication or other reliable reproduction of the writing or transmission in lieu of the original writing
or transmission shall be presumptively valid provided that such copy, facsimile, telecommunication or other reliable reproduction
(1) is a complete reproduction of the entire original writing or transmission; and (2) either sets forth or is submitted with information
from which it can be reasonably determined by the inspectors of election that it was authorized by the shareholders.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.03&#9;Proxies
may be signed in pencil.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.04&#9;Changes
or variations in spelling as between the registered name of the shareholder and his indicated signature will not void the proxy,
if the name as signed is phonetically similar to the name as registered.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.05&#9;The
addition of an address different from that appearing in the stock register will not void the proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.06&#9;Titles
such as Mr., Mrs., Miss, or Doctor or equivalent may be added or omitted and, even if included in the registered name, need not
be included in the indicated signature.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.07&#9;Initials
may be used for first and/or middle names, and an initial may be added or omitted and names may be used for the first and/or middle
initial. The proxy will not be voided merely because a middle initial differs from a middle initial appearing on the stock records.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.08&#9;The
addition or omission of Jr. or Sr. or Roman or Arabic numerals after the signature will not render the proxy void.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.09&#9;Where
the shareholder&rsquo;s name is signed by someone other than the shareholder, the proxy is presumptively valid if the signer has
designated his capacity as attorney, power of attorney, attorney in fact, relative (such as parents, brother, or uncle), agent,
per, by, or any abbreviation of any of the foregoing.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.10&#9;All
shareholders shall be presumed to have voted all the shares registered in their respective names (although appearing in more than
one account and different addresses in the same community on the record of shareholders) which they are entitled to vote, in the
absence of any indication to the contrary. A broker or nominee proxy which does not specify or otherwise limit the proxy to a designated
number of shares shall be valid for the total number of shares registered in the name of such broker or nominee and held for its
account by any depositary which has submitted an omnibus proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.11&#9;A
power of attorney or proxy will be sufficient to confer authority to execute another power of attorney or proxy even though it
contains no power of substitution.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.12&#9;Where
shares are registered in the name of a fiduciary, even absent a fiduciary designation as part of the signature, the proxy will
be valid.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.13&#9;The
designation of the capacity of any signatory is acceptable in any language.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.14&#9;Where
shares are held in the name of a shareholder, both in his individual capacity and in some fiduciary or other representative capacity,
any single proxy shall be deemed as voting the shares in all capacities, unless otherwise indicated.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.15&#9;Unless
otherwise indicated in the proxy, any proxy shall be deemed to vote <U>all</U> shares of stock which the person executing the proxy
is entitled to vote as record holder or otherwise.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;1.16&#9;Where
a woman signs her married name to a proxy, and the stock is registered in her maiden name, or vice versa, the proxy will be valid.
If the registered surname and the surname in the signature differ, the inspectors of election may assume the variation is the result
of change in marital status.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;II.&#9;<U>GUARDIANS
AND MINORS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;2.01&#9;Shares
registered in the name of a guardian or custodian may be voted by such guardian or custodian, or by the beneficial owner.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;2.02&#9;Shares
registered in the name of a shareholder under the guardianship or custodianship of a designated person may be voted either by such
guardian or custodian, or by such shareholder.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;III.&#9;<U>JOINT
OWNERS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;3.01&#9;Shares
held by two or more persons, whether as joint tenants, tenants in common, tenants by the entirety, members of a partnership, owners
of community property, or otherwise, may be voted in person or by proxy by any of such persons. If more than one of such persons
shall vote such shares, the vote of the majority shall be binding, or if evenly divided, then the vote shall be divided among them
in proportion to the number of such persons voting in person or by proxy, even though the name of one of the signers does not appear
as a record holder.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;3.02&#9;Where
the surnames are identical, they need not be repeated in the signature -- for example, a proxy in the names of ``John Jones and
Mary Jones&rsquo;&rsquo; will be valid if signed ``John and Mary Jones&rsquo;&rsquo; or ``Mr. and Mrs. John Jones&rsquo;&rsquo;.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;IV.&#9;<U>FIDUCIARIES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;4.01&#9;Shares
held by an administrator, executor, guardian, committee, curator, trustee, agent, attorney, personal representative, or other fiduciary,
or by two or more persons having the same fiduciary relationship respecting the same shares, may be voted by him or them, either
in person or by proxy as provided in this Section IV without transfer of such shares into his or their name, <U>provided</U> <U>that</U>
evidence of such representative capacity is produced.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;4.02&#9;Assuming
compliance with 4.01 above, a proxy signed by any such person which does not indicate the name of the person for whom he is acting,
even though the name of the signer does not appear on the shareholder list on the record date, will be valid.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;4.03&#9;Where
shares are held by more than one of the persons referred to in this Section IV, the shares shall be voted as determined by a majority
of such persons, except that (1) if they be equally divided as to a vote, the vote of the shares shall be divided equally, and
(2) if only one such person shall vote, either in person or by proxy, such vote shall be sufficient to vote all the shares.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;V.&#9;<U>BANKS
AND TRUST COMPANIES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;5.01&#9;Where
a proxy is executed by a bank or trust company, it need only be signed in such name as registered, and when so executed, shall
be deemed properly executed without supporting evidence of corporate authority or identity of the person signing. No corporate
seal, attestation, copy of by-laws, resolution conferring authority or proof of identity is necessary. Where the name of the bank
or trust company appears on the face of the proxy, failure to repeat such name as part of the signature or to indicate the capacity
of the signatory will not invalidate the proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;VI.&#9;<U>CONSERVATORS
OR COMMITTEES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;6.01&#9;Shares
standing in the name of a conservator or committee may be voted by such conservator or committee or by the beneficial owner, either
in person or by proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;6.02&#9;Shares
registered in the name of a shareholder under the conservatorship of a designated person may be voted by such conservator or by
such shareholder.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;6.03&#9;Shares
registered in the name of a shareholder, in care of a person designated as conservator, may be voted by such conservator or by
such shareholder.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;VII.&#9;<U>RECEIVERS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;7.01&#9;Shares
registered in the name of a receiver may be voted by such receiver whether or not he designates himself as such.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;VIII.&#9;<U>PLEDGEES
AND PLEDGORS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;8.01&#9;The
vote of any person whose stock is pledged shall be valid unless in the transfer by the pledgor on the books of the Corporation
such person has expressly empowered the pledgee to vote thereon, in which case only the vote of the pledgee or his proxy shall
be valid.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;IX.&#9;<U>CORPORATIONS,
ASSOCIATIONS, ETC.</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;9.01&#9;A
proxy representing shares registered in the name of a corporation, association, church, religious, education, charitable, fraternal
or social organization, foundation, society, pension, retirement, profit sharing or other similar plan, or group, or governmental
unit, or political group is valid if it bears the handwritten, hand printed, typed, facsimile or stamped signature of the registered
holder even though the name of the person signing on behalf of the registered holder does not appear. Proxies apparently executed
in the name of any of the foregoing entities shall be valid. If the name of the shareholder is not handwritten, hand printed, typed,
in facsimile or stamped, but such proxy is so signed by an officer or other person purporting to act in behalf of such shareholder,
the proxy shall be valid. No corporate seal, attestation, or copy of by-laws or resolution conferring authority is necessary. Where
the shareholder&rsquo;s name appears on the face of the proxy, failure to repeat such name as part of the signature will not invalidate
the proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;X.&#9;<U>PARTNERSHIPS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;10.01&#9;Where
shares are registered in the name of a partnership, proxies bearing handwritten, hand printed, typed, facsimile, or stamped signatures
in the partnership name only, or signed in the partnership name will be valid. Where the shareholder&rsquo;s name appears on the
face of the proxy, failure to repeat such name as part of the signature will not invalidate the proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;10.02&#9;A
proxy representing shares in the name of an investment club and signed either by an individual, in his own name (without designation
or any title or authority), or signed with solely the name of the investment club, is valid.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;XI.&#9;<U>NOMINEE
PROXIES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;11.01&#9;A
nominee proxy may be signed in the name of the nominee as registered, whether an individual, partnership or corporation, without
requiring the signature of an individual as a partner or as an officer. A nominee proxy may also be signed by an individual without
repeating the nominee name or without indicating his capacity or source of authority.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;11.02&#9;A
proxy signed by a nominee bearing one account number or other identifying number or symbol will not revoke any other proxy signed
by the same nominee bearing a different account number or other identifying number or symbol.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;11.03&#9;Where
(1) the total number of shares represented by proxy submitted by a single nominee exceeds the total of shares registered in the
name of that nominee, or (2) where in the opinion of the inspectors of election any other inconsistency or ambiguity exists with
respect to the number of, or manner in which, shares are voted by a nominee, the inspectors may, if they deem it advisable, procure
such information from such nominee or otherwise as the inspectors may deem sufficient to determine the manner in which it was intended
that the shares be voted by such nominee.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;XII.&#9;<U>BROKER&rsquo;S
PROXIES</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;12.01&#9;All
proxies received from a broker, which specify a designated number of shares, will be counted regardless of date, provided the total
number of shares represented by such proxies do not exceed the total number of shares registered in the name of such broker or
its nominees. No proxy or proxies received from a broker shall be deemed to revoke any prior proxy or proxies unless there is specific
language to that effect in addition to the printed language of the proxy form. Any such proxy which shall, by such specific language
in addition to the printed language of the proxy form, revoke any prior proxy or proxies, shall be deemed effective only with respect
to the shares voted by such proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;12.02&#9;Where
(1) the total number of shares represented by proxies submitted by a single broker exceeds the total number of shares registered
in the name of such broker or its nominees, or (2) where in the opinion of the inspectors of election any other inconsistency or
ambiguity exists with respect to the number of, or manner in which, shares are voted by a broker, the inspectors may, if they deem
it advisable, procure such information from such broker or otherwise, as the inspectors may deem sufficient to determine the manner
in which it was intended that the shares be voted by such broker.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;XIII.&#9;<U>DATES
AND POSTMARKS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.01&#9;No
printed proxy shall be deemed valid unless the printed form requests (by format or direction) that the shareholder to sign and
date the proxy, and a space is specifically left for the date.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.02&#9;An
undated proxy accompanied by an envelope bearing a postmark shall be deemed to be dated as of the date of the postmark.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.03&#9;An
undated proxy, <U>not</U> accompanied by an envelope bearing a postmark, shall not be valid, unless a majority of the inspectors
of election agree otherwise.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.04&#9;A
dated proxy, or an undated proxy accompanied by an envelope bearing a postmark, shall be deemed later than an undated proxy not
accompanied by an envelope bearing a postmark, (if, in the latter case, such proxy is validated).</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.05&#9;Where
the vote of any shareholder is in doubt because a dated proxy with an envelope has been submitted as well as an undated proxy with
an envelope, both proxies shall be deemed to be dated as of the date of the respective envelope postmark.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.06&#9;Where
proxies from the same shareholder bear the same date or are construed under this Section XIII to bear the same date, and the vote
of such shareholder is in doubt, the proxy bearing the latest postmark date and hour on the accompanying envelope shall be deemed
the later; if in such case the postmark hours are also identical they shall be acceptable only for purposes of a quorum.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;13.07&#9;If
the signature on the proxy and the date on the proxy are in different colors of ink or in ink and pencil, the proxy shall be valid
only if accompanied by its postmarked envelope and the date of the postmark shall be the date of the proxy.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">13.08
Assuming validity, an undated proxy received by telecommunication, facsimile or other reliable transmission shall be dated the
date of facsimile or transmission.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;XIV.&#9;<U>CONFLICT
OF LAW</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;14.01&#9;In
case of any conflict of law with respect to the validity of proxies, as between the law of the state in which the proxy is executed
and the law of the State of New York, the law of the State of New York shall govern, irrespective of conflict of laws.</FONT></P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-20
<SEQUENCE>8
<FILENAME>spring2015shareholderletter.htm
<DESCRIPTION>SHAREHOLDER LETTER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt STOMP_Squealer; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9;</B></FONT><B><FONT STYLE="font: 18pt Calibri, Helvetica, Sans-Serif">NEWS
FROM TAYLOR DEVICES, INC.</FONT></B></P>

<P STYLE="font: 18pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&#9;SHAREHOLDER LETTER, SPRING 2015</B></P>

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>THIS NEWSLETTER IS DIRECTED TO ALL
SHAREHOLDERS OF TAYLOR DEVICES. WE HOPE THAT IT WILL GENERATE INTEREST IN THE COMPANY, PLUS PROVIDE CURRENT FINANCIAL AND PROJECT
INFORMATION.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>COPIES OF THIS NEWSLETTER WILL ALSO BE
CIRCULATED TO SHAREHOLDERS WHO HAVE SHARES IN BROKERAGE ACCOUNTS.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>ITEM:&#9;FINANCIAL RESULTS</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Taylor Devices completed the third quarter
of its fiscal year on February 28, 2015. Comparative, un-audited, financial results for the third quarter and nine month periods
are as follows:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B><U>THIRD QUARTER</U></B></P></TD>
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B><U>F/Y 14-15</U></B></P></TD>
    <TD STYLE="width: 13%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B><U>F/Y 13-14</U></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>SALES</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$6,566,338</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$4,810,355</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>NET INCOME</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$391,754</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$222,236</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>EARNINGS PER SHARE</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>12</B></FONT><B><FONT STYLE="font-family: WP TypographicSymbols">4</FONT></B></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>7</B></FONT><B><FONT STYLE="font-family: WP TypographicSymbols">4</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.9pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.9pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.9pt; text-align: right"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B><U>NINE MONTHS</U>&#9;</B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B><U>F/Y 14-15</U></B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B><U>F/Y 13-14</U></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>SALES</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$19,822,815</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$14,707,473</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>NET INCOME</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$1,288,373</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>$729,922</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>EARNINGS PER SHARE</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>39</B></FONT><B><FONT STYLE="font-family: WP TypographicSymbols">4</FONT></B></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>22</B></FONT><B><FONT STYLE="font-family: WP TypographicSymbols">4</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 9pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt/1.4pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1.4pt; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="font: 9pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 1.4pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>SHARES OUTSTANDING</B></FONT></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>3,344,778</B></FONT></TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt STOMP_Squealer; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>3,333,964</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is performing well, with shipments
through the year to date at record levels.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">New order bookings for seismic and aerospace/defense
sales are still improving. The Company&rsquo;s firm order backlog has increased to $30.3 million compared to $27.1 million at the
end of the second quarter, and $18.5 million at the end of the third quarter last year.<BR CLEAR="ALL">
<B><U>ITEM:&#9;NEW ORDERS &ndash; SEISMIC AND WIND</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt STOMP_Squealer; margin: 0 0 4pt 20.15pt; text-align: justify; text-indent: -20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&#9;<B><I>Deryunn
Jing Ding Residences &ndash; Taiwan, ROC</I>&#9; </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Xinchuang Project &ndash; Taiwan,
ROC</I></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Sanshia Project &ndash; Taiwan,
ROC</I></B> </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Maid of the Mist Project &ndash;
Niagara Falls, NY</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -20.15pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 19.8pt; text-align: justify; text-indent: -19.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.95pt"><B><U>ITEM:</U></B></TD><TD STYLE="text-align: justify"><B><U>NEW ORDERS &ndash; AEROSPACE AND DEFENSE</U></B></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.95pt; text-align: justify; text-indent: -49.95pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Seasparrow Missile </I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have received an order for 6 systems of
an upgraded isolation system to accommodate a new heavier weight missile for this shipboard point defense system.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Vibration Isolation Mounts</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has received a substantial group
of U.S. Navy re-orders for the 3 axis vibration isolation system installed outside a submarine&rsquo;s pressure hull to support
the sub&rsquo;s sonar arrays.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>European Aircraft Program</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has received a 2015 follow-on
production order for cargo and passenger door actuators for this new aircraft program.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -20.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Naval Navigation System Isolators</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">A follow-on order has been received for 4
shipsets of isolators for ring laser-gyro navigators for naval surface ship use.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Navy P-8 Aircraft</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">An order has been received for 2015 production
of seat isolation systems for this Boeing anti-submarine aircraft.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -20.15pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>NASA &ndash; SLS Program</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has recently received multiple
contracts for development of launch tower dampers, spring-dampers, and actuators for this recent program to develop a long-range
spacecraft for interplanetary exploration.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt STOMP_Squealer; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-family: WP TypographicSymbols">#</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B><I>Machine Gun Mounts</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has recently received orders to
provide recoil shock absorbers for 600 vehicle mounted heavy machine guns used by the U.S. Army and Special Forces.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 20.15pt; text-align: justify; text-indent: -20.15pt"><B><I>&nbsp;</I></B></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><B><U>ITEM:</U></B></TD><TD STYLE="text-align: justify"><B><U>NEGATIVE STIFFNESS DEVICE GARNERS ASCE AWARD</U></B></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -20.15pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The American Society of Civil Engineers (ASCE)
established the Moisseiff Award in 1947, honoring Leon S. Moisseiff, M. ASCE. The award is given to significant research programs
that contribute to the art and science of structural design.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The 2015 Moisseiff award is being presented
to the research team that designed, developed, and tested the Negative Stiffness Device for buildings and bridges:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">D.T.R. Pasala, Ph.D.
Candidate, Rice University, Houston, TX</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">A.A. Sarlis, Ph.D. Candidate,
SUNY, Buffalo, NY</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">A.M. Reinhorn, Professor,
SUNY, Buffalo, NY</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">S. Nagarajaiah, Professor,
Rice University, Houston, TX</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">M.C. Constantinou, Professor,
SUNY, Buffalo, NY</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">D. Taylor, President,
Taylor Devices, N. Tonawanda, NY</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The published ASCE paper, which presented
the completed Negative Stiffness Device to the structural engineering community, formed the basis for the nomination and subsequent
award. Taylor Devices is now actively seeking out potential projects for this new patented technology, which uses both Modular
Machined Springs and Seismic Dampers as primary elements of the design.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>ITEM:&#9;TAYLOR DEVICES DAMPERS STARRING
IN A VIDEO BY DISCOVERY CHANNEL - CANADA</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt">A video is currently airing on the Daily Planet TV show
from Discovery Channel Canada, showing installation of Taylor Devices&rsquo; Seismic Dampers in the repurposing of an old theater
in California. The addition of Seismic Dampers allows the building to have large open areas, making it ideal for offices and/or
retail shops.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">A link to the original video segment is at the following
website until April 18:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">https://review.bellmedia.ca/view/453006370</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">After April 18, the entire show may be seen at: www.discovery.ca/dailyplanet</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">It is available in episode 31 &ndash; Feb 16, 2015, the third segment.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><U>ITEM:</U></B></TD><TD STYLE="text-align: justify"><B><U>NASA TECHNOLOGY TRANSFER PROGRAM FEATURES TAYLOR DEVICES SEISMIC</U> <U>DAMPERS</U></B></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The NASA publication &ldquo;Spinoff&rdquo;
discusses technology from the U.S. Space Programs that has transitioned to commercial use. In the 2015 edition, the development
of the fluid flow technology that is the basic element in our Seismic Dampers is discussed; with its origins on NASA&rsquo;s Apollo
Program and also on the Space Shuttle and International Space Station.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">To access the Spinoff Article&nbsp;go to: http://spinoff.nasa.gov/
Click on: &quot;Request a Spinoff&quot;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">On the page that comes up, click on the link for a free pdf of
the complete 2015 Spinoff book, which takes a while to load because it is a large file. The article begins on page 61 of the pdf.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>ITEM:&#9;TAYLOR DEVICES SEISMIC DAMPERS
INDUCTED INTO SPACE TECHNOLOGY HALL OF FAME</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has recently been notified of
our Seismic Damper technology being inducted into the Space Foundation&rsquo;s Technology Hall of Fame for 2015. This award was
established in 1988 to increase public awareness of the benefits that result from space exploration programs and to encourage further
innovation.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company will be recognized for this achievement
at the 31<SUP>st</SUP> Space Symposium, along with the NASA facilities that have been associated with the development and use of
the technology. These include the Kennedy Space Center, the Goddard Spaceflight Center, and the Marshall Space Flight Center.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 2in">By: <U>/s/Douglas P. Taylor</U></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 2.5in">Douglas P. Taylor</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 2.5in">President</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-31
<SEQUENCE>9
<FILENAME>ceo302certificationfeb2015.htm
<DESCRIPTION>CEO 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Exhibit 31(i)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CERTIFICATION</B></FONT><B>
OF CHIEF EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a - 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD STYLE="text-align: justify">I, Douglas P. Taylor, certify that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">1. I have reviewed this quarterly
report on Form 10-Q of Taylor Devices, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">2. Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">4. The registrant&rsquo;s other
certifying officer 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(c) Evaluated the effectiveness of the
registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">5. The registrant&rsquo;s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the equivalent
functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: April 14, 2015</FONT></TD>
    <TD STYLE="width: 42%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/ Douglas P. Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Douglas P. Taylor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<SEQUENCE>10
<FILENAME>cfo302certificationfeb2015.htm
<DESCRIPTION>CFO 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Exhibit 31(ii)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CERTIFICATION</B></FONT><B>
OF CHIEF FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a - 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt"></TD><TD STYLE="text-align: justify">I, Mark V. McDonough, certify that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">1. I have reviewed this quarterly
report on Form 10-Q of Taylor Devices, Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">2. Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">4. The registrant's other certifying
officer 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(d) Disclosed in this report any change
in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter
(the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">5. The registrant's other certifying
officer 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 registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: April 14, 2015</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Mark V. McDonough</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Mark V. McDonough</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>11
<FILENAME>ceo906cetificationfeb2015.htm
<DESCRIPTION>CEO 906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exhibit 32(i)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION
</B></FONT>OF CHIEF EXECUTIVE OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connect with the quarterly
report of Taylor Devices, Inc. (&quot;the Company&quot;) on Form 10-Q for the quarter ended February 28, 2015 to be filed with
Securities and Exchange Commission on or about the date hereof (the<BR>
&quot;Report&quot;), I, Douglas P. Taylor, Chief Executive Officer of the Company, certify, pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, 18&nbsp;U.S.C. Section 1350, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) The Report fully complies
with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of
the dates and for the periods covered by the Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is not intended that
this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: April 14, 2015&#9;</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 37%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/ Douglas P. Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Douglas P. Taylor,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>12
<FILENAME>cfo906cetificationfeb2015.htm
<DESCRIPTION>CFO 906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exhibit 32(ii)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION
</B></FONT>OF CHIEF FINANCIAL OFFICER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connect with the quarterly
report of Taylor Devices, Inc. (the &quot;Company&quot;) on Form 10-Q for the quarter ended February 28, 2015 to be filed with
Securities and Exchange Commission on or about the date hereof (the &quot;Report&quot;), I, Mark V. McDonough, Chief Financial
Officer of the Company, certify, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, 18&nbsp;U.S.C. Section 1350, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) The Report fully complies
with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of
the dates and for the periods covered by the Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is not intended that
this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: April 14, 2015</FONT></TD>
    <TD STYLE="width: 9%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 6pt; padding-bottom: 2.85pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/ Mark V. McDonough&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 2.85pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Mark V. McDonough,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>13
<FILENAME>Financial_Report.xlsx
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<html>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EP3AE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (Unaudited) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Feb. 28, 2015</div>
        </th>
        <th class="th">
          <div>May 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 2,372,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 2,793,642</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">3,890,872</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">2,894,344</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPartsAndComponentsNetOfReserves', window );">Inventory</a></td>
        <td class="nump"><a title="us-gaap_InventoryPartsAndComponentsNetOfReserves" onclick="toggleNextSibling(this);">9,271,452</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InventoryPartsAndComponentsNetOfReserves</span><span></span></td>
        <td class="nump"><a title="us-gaap_InventoryPartsAndComponentsNetOfReserves" onclick="toggleNextSibling(this);">8,978,302</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InventoryPartsAndComponentsNetOfReserves</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms', window );">Costs and estimated earnings in excess of billings</a></td>
        <td class="nump"><a title="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms" onclick="toggleNextSibling(this);">4,100,878</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms" onclick="toggleNextSibling(this);">2,373,791</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssetsCurrent" onclick="toggleNextSibling(this);">1,551,512</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssetsCurrent" onclick="toggleNextSibling(this);">1,521,832</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsCurrent</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump"><a title="us-gaap_AssetsCurrent" onclick="toggleNextSibling(this);">21,186,829</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsCurrent" onclick="toggleNextSibling(this);">18,561,911</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventoryNoncurrent', window );">Maintenance and other inventory, net</a></td>
        <td class="nump"><a title="us-gaap_OtherInventoryNoncurrent" onclick="toggleNextSibling(this);">645,322</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherInventoryNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherInventoryNoncurrent" onclick="toggleNextSibling(this);">836,569</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherInventoryNoncurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">7,764,789</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">7,867,728</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousNoncurrent', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssetsMiscellaneousNoncurrent" onclick="toggleNextSibling(this);">168,693</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsMiscellaneousNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssetsMiscellaneousNoncurrent" onclick="toggleNextSibling(this);">164,568</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsMiscellaneousNoncurrent</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">29,765,633</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">27,430,776</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableCurrent" onclick="toggleNextSibling(this);">2,079,165</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableCurrent" onclick="toggleNextSibling(this);">1,166,162</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedSalesCommissionCurrent', window );">Accrued commissions</a></td>
        <td class="nump"><a title="us-gaap_AccruedSalesCommissionCurrent" onclick="toggleNextSibling(this);">448,433</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedSalesCommissionCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccruedSalesCommissionCurrent" onclick="toggleNextSibling(this);">429,839</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedSalesCommissionCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BillingsInExcessOfCostCurrent', window );">Billings in excess of costs and estimated earnings</a></td>
        <td class="nump"><a title="us-gaap_BillingsInExcessOfCostCurrent" onclick="toggleNextSibling(this);">1,614,195</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_BillingsInExcessOfCostCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_BillingsInExcessOfCostCurrent" onclick="toggleNextSibling(this);">850,531</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_BillingsInExcessOfCostCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Other current liabilities</a></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent" onclick="toggleNextSibling(this);">596,160</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent" onclick="toggleNextSibling(this);">1,343,788</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent" onclick="toggleNextSibling(this);">4,737,953</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent" onclick="toggleNextSibling(this);">3,790,320</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Long-term liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesNoncurrent" onclick="toggleNextSibling(this);">579,685</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesNoncurrent" onclick="toggleNextSibling(this);">558,485</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesNoncurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Common stock and additional paid-in capital</a></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">7,856,645</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">7,778,994</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">19,090,333</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">17,801,960</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock - at cost</a></td>
        <td class="num"><a title="us-gaap_TreasuryStockValue" onclick="toggleNextSibling(this);">(2,498,983)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValue</span><span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValue" onclick="toggleNextSibling(this);">(2,498,983)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValue</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders'equity</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">24,447,995</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">23,081,971</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 29,765,633</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 27,430,776</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedSalesCommissionCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for sales commissions. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccruedSalesCommissionCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BillingsInExcessOfCostCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Liability attributable to (i) billings in excess of costs under the percentage of completion contract accounting method representing the difference between contractually invoiced amounts (billings) and revenue recognized based, for example, on costs incurred to estimated total costs at period end or (ii) contractually invoiced amounts (billings) in excess of costs incurred and accumulated under the completed contract accounting method that are expected to be realized within one year or one operating cycle, whichever is longer, from the reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 35<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671739&amp;loc=d3e57788-111642<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 35<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671739&amp;loc=d3e57807-111642<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 35<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671739&amp;loc=d3e57795-111642<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_BillingsInExcessOfCostCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of receivable reflecting the cost incurred on uncompleted contracts in excess of related billings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 35<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671739&amp;loc=d3e57807-111642<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 35<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671739&amp;loc=d3e57795-111642<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(c)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 912<br><br><br><br> -SubTopic 310<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51666815&amp;loc=d3e55302-109406<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph c(2), c(3), c(4)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostsInExcessOfBillingsOnUncompletedContractsOrPrograms</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPartsAndComponentsNetOfReserves">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date for elements of machinery or equipment held for the purpose of replacing similar parts in the course of repair or maintenance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 5.BB)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011343&amp;loc=d3e100047-122729<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InventoryPartsAndComponentsNetOfReserves</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22, 23, 24, 25, 26, 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneousNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of other miscellaneous assets expected to be realized or consumed after one year or normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneousNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventoryNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of inventories not expected to be converted to cash, sold or exchanged within the normal operating cycle (such as inventory related to long-term contracts or program rights).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherInventoryNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6904-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherLiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
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                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
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                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
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                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueGoodsNet', window );">Sales, net</a></td>
        <td class="nump"><a title="us-gaap_SalesRevenueGoodsNet" onclick="toggleNextSibling(this);">$ 6,566,338</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueGoodsNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueGoodsNet" onclick="toggleNextSibling(this);">$ 4,810,355</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueGoodsNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueGoodsNet" onclick="toggleNextSibling(this);">$ 19,822,815</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueGoodsNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueGoodsNet" onclick="toggleNextSibling(this);">$ 14,707,473</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueGoodsNet</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSold', window );">Cost of goods sold</a></td>
        <td class="nump"><a title="us-gaap_CostOfGoodsSold" onclick="toggleNextSibling(this);">4,832,139</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfGoodsSold</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfGoodsSold" onclick="toggleNextSibling(this);">3,495,159</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfGoodsSold</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfGoodsSold" onclick="toggleNextSibling(this);">14,415,296</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfGoodsSold</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfGoodsSold" onclick="toggleNextSibling(this);">10,805,131</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfGoodsSold</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">1,734,199</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">1,315,196</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">5,407,519</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
        <td class="nump"><a title="us-gaap_GrossProfit" onclick="toggleNextSibling(this);">3,902,342</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GrossProfit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpense', window );">Selling, general and administrative expenses</a></td>
        <td class="nump"><a title="us-gaap_SellingGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">1,270,818</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_SellingGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">973,542</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_SellingGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">3,574,472</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_SellingGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">2,882,406</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingGeneralAndAdministrativeExpense</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">463,381</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">341,654</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">1,833,047</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">1,019,936</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncome', window );">Other income, net</a></td>
        <td class="nump"><a title="us-gaap_OtherNonoperatingIncome" onclick="toggleNextSibling(this);">3,373</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherNonoperatingIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherNonoperatingIncome" onclick="toggleNextSibling(this);">8,582</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherNonoperatingIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherNonoperatingIncome" onclick="toggleNextSibling(this);">14,326</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherNonoperatingIncome</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherNonoperatingIncome" onclick="toggleNextSibling(this);">18,986</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherNonoperatingIncome</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">466,754</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">350,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">1,847,373</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">1,038,922</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">75,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">128,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">559,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">309,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 391,754</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 222,236</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 1,288,373</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 729,922</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted earnings per common share</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ 0.12</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ 0.07</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ 0.39</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ 0.22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostOfGoodsSold</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GrossProfit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 940<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
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                <p>No definition available.</p>
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                <p>The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=51677171&amp;loc=d3e3636-108311<br><br><br><br></p>
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                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
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                    <td style="white-space:nowrap;">dei_AmendmentFlag</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_DocumentType</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityFilerCategory</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityPublicFloat</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityRegistrantName</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_TAYD_DocumentAndEntityInformationAbstract">
        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">TAYD_DocumentAndEntityInformationAbstract</td>
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                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EW5AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (Unaudited) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 28, 2015</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>Operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 1,288,373</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 729,922</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">556,884</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">528,576</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
        <td class="nump"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">3,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockOptionPlanExpense', window );">Stock options issued for services</a></td>
        <td class="nump"><a title="us-gaap_StockOptionPlanExpense" onclick="toggleNextSibling(this);">37,112</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockOptionPlanExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockOptionPlanExpense" onclick="toggleNextSibling(this);">43,301</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockOptionPlanExpense</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in other assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">(996,528)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">(652,724)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInInventories" onclick="toggleNextSibling(this);">(101,903)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInInventories</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInInventories" onclick="toggleNextSibling(this);">152,409</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInInventories</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInUnbilledReceivables', window );">Costs and estimated earnings in excess of billings</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInUnbilledReceivables" onclick="toggleNextSibling(this);">(1,727,087)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInUnbilledReceivables</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInUnbilledReceivables" onclick="toggleNextSibling(this);">(481,419)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInUnbilledReceivables</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets', window );">Other current assets</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherCurrentAssets" onclick="toggleNextSibling(this);">(11,480)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherCurrentAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherCurrentAssets" onclick="toggleNextSibling(this);">64,766</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherCurrentAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsPayableTrade" onclick="toggleNextSibling(this);">913,003</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableTrade" onclick="toggleNextSibling(this);">(152,338)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Accrued commissions</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" onclick="toggleNextSibling(this);">18,594</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" onclick="toggleNextSibling(this);">(57,445)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings', window );">Billings in excess of costs and estimated earnings</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings" onclick="toggleNextSibling(this);">763,664</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings" onclick="toggleNextSibling(this);">563,704</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherCurrentLiabilities', window );">Other current liabilities</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities" onclick="toggleNextSibling(this);">(747,628)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherCurrentLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherCurrentLiabilities" onclick="toggleNextSibling(this);">(555,910)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherCurrentLiabilities</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net operating activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">(3,996)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">182,842</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract', window );"><strong>Investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Acquisition of property and equipment</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(453,945)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(1,299,784)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities', window );">Other investing activities</a></td>
        <td class="num"><a title="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" onclick="toggleNextSibling(this);">(4,125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForProceedsFromOtherInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" onclick="toggleNextSibling(this);">(4,197)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForProceedsFromOtherInvestingActivities</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net investing activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(458,070)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(1,303,981)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract', window );"><strong>Financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock, net</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfCommonStock" onclick="toggleNextSibling(this);">40,539</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfCommonStock</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfCommonStock" onclick="toggleNextSibling(this);">168,560</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfCommonStock</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net financing activities</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">40,539</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">168,560</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(421,527)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(952,579)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - beginning</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">2,793,642</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">1,997,874</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - ending</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 2,372,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 1,045,295</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalCashFlowElementsFinancingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalCashFlowElementsInvestingActivitiesAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the liability reflecting cash payments received before the related costs have been incurred.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherCurrentAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other current operating liabilities not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherCurrentLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInUnbilledReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInUnbilledReceivables</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3095-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromOtherInvestingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
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                    <td><strong> Balance Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p>
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                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed financial statements note<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 28, 2015</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedFinancialStatementsTextBlock', window );">Condensed financial statements note</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<p style="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0"><b>Notes to Condensed Consolidated Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></td><td style="text-align: justify"><font style="font-size: 10pt">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 of 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 Company, 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 February 28, 2015 and May 31, 2014, the results
of operations for the three and nine months ended February 28, 2015 and 2014, and cash flows for the nine months ended February
28, 2015 and 2014. These financial statements should be read in conjunction with the audited financial statements and notes thereto
contained in the Company's Annual Report to Shareholders for the year ended May 31, 2014. </font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></td><td style="text-align: justify"><font style="font-size: 10pt">The Company has evaluated events and transactions for potential recognition
or disclosure in the financial statements through the date the financial statements were issued.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">3.</font></td><td style="text-align: justify"><font style="font-size: 10pt">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.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></td><td style="text-align: justify"><font style="font-size: 10pt">For the nine month periods ended February 28, 2015 and February 28,
2014, the net income was divided by 3,344,778 and 3,333,964 respectively, which is net of the Treasury shares, to calculate the
net income per share. For the three month periods ended February 28, 2015 and February 28, 2014, the net income was divided by
3,344,059 and 3,330,105 respectively, which is net of the Treasury shares, to calculate the net income per share.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></td><td style="text-align: justify"><font style="font-size: 10pt">The results of operations for the three and nine month periods ended
February 28, 2015 are not necessarily indicative of the results to be expected for the full year.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">6.</font></td><td style="text-align: justify"><font style="font-size: 10pt">In May 2014, the Financial Accounting Standards Board (FASB) issued
Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue
recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an
amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires
additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts,
including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016
(fiscal year 2018 for the Company) and early adoption is not permitted. Companies may use either a full retrospective or a modified
retrospective approach to adopt ASU 2014-09. The Company has not yet determined the potential effects of the adoption of ASU 2014-09
on its Consolidated Financial Statements. Other recently issued Accounting Standards Codification (ASC) guidance has either been
implemented or are not significant to the Company.</font></td></tr></table>



<p style="margin: 0pt"></p><span></span></td>
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