FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 30, 2022 ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____ to ____ Commission File Number: 001-38838 TSR, Inc. | (Exact name of registrant as specified in its charter) | | | --- | --- | | Delaware | 13-2635899 | | (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2022 ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to _______ Commission File Number: 001-38838 TSR, Inc. | (Exact name of registrant as specified in its charter) | | | --- | --- | | Delaware | 13-2635899 | | (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Registrant's telephone number: 631-231-0333 Securities registered pursuant to Section 12(b) of the Exchange Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common Stock, par value $0.01 per share | TSRI | NASDAQ Capital Market | For the fiscal year ended May 31, 2022 Se ...

Revenue Growth - Revenue for the quarter ended February 28, 2022 increased by approximately $7,223,000 or 42.1% compared to the same quarter in 2021, driven by new business development and organic growth [86]. - For the nine months ended February 28, 2022, revenue increased by approximately $23,370,000 or 48.9% compared to the same period in 2021 [96]. Operational Capacity - The average number of consultants on billing increased from 486 in Q1 2021 to 721 in Q1 2022, indicating a significant rise in operational capacity [86]. Cost of Sales - Cost of sales for the quarter ended February 28, 2022 rose by approximately $6,175,000 or 42.8%, leading to a slight increase in cost of sales as a percentage of revenue from 84.0% to 84.4% [88]. - Cost of sales for the nine months ended February 28, 2022 increased by approximately $19,631,000 or 49.3%, with cost of sales as a percentage of revenue slightly increasing from 83.4% to 83.6% [99]. Expenses - Selling, general and administrative expenses increased by approximately $746,000 or 24.2%, with a decrease in these expenses as a percentage of revenue from 18.0% to 15.7% [89]. - Selling, general and administrative expenses for the nine months ended February 28, 2022 rose by approximately $3,214,000 or 38.2%, with a decrease in these expenses as a percentage of revenue from 17.6% to 16.3% [100]. Net Income/Loss - Net loss attributable to TSR was approximately $47,000 in Q1 2022, a significant improvement from a net loss of $305,000 in Q1 2021 [93]. - Net income attributable to TSR was approximately $6,598,000 for the nine months ended February 28, 2022, compared to a net loss of $555,000 for the same period in 2021 [103]. Tax Rate - The effective tax rate for the nine months ended February 28, 2022 was less than 1%, while it was 17.3% for the same period in 2021 [102]. Working Capital - The Company had working capital of approximately $10,642,000 as of February 28, 2022, compared to $8,898,000 at May 31, 2021 [108]. Cash Flow - Net cash flow used in operations was approximately $2,472,000 for the nine months ended February 28, 2022, compared to $510,000 of net cash provided by operations in the prior year [109]. - Net cash provided by financing activities was approximately $1,669,000 during the nine months ended February 28, 2022, primarily from the sales of common stock [111]. Loans and Borrowings - The Company secured a PPP Loan of $6,659,000, which was fully forgiven in July 2021 [106]. - As of February 28, 2022, the net borrowings against the Credit Facility were approximately $60,000, with a maximum available amount of $2,000,000 [105]. Acquisitions - The Company completed the acquisition of Geneva Consulting Group, Inc. on September 1, 2020, to diversify its business and expand services [131]. Off-Balance Sheet Arrangements - The Company had no off-balance sheet arrangements that could materially affect its financial condition [113]. Lease Payments - The net present value of future lease and settlement payments was approximately $1,377,000 as of February 28, 2022 [112]. Operational Challenges - The company experienced operational challenges and a decrease in demand for new assignments during fiscal 2021 due to the COVID-19 pandemic, impacting revenues and consultant placements [97].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 30, 2021 ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __ to __ Commission File Number: 001-38838 TSR, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2635899 (State or other jurisdiction of Incorporati ...

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __ to __ Commission File Number: 001-38838 TSR, Inc. (Exact name of registrant as specified in its charter) | Delaware | 13-2635899 | | --- | --- | | (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the fiscal year ended May 31, 2021 or | | | Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Exchange Act. ☐ Yes ☒ No | (Exact name of registrant as specified in its charter) | | | --- | --- | | Delaware | 13-2635899 | | (State or other jurisdiction of | (I.R.S. Employ ...

Revenue Growth - Revenue for the quarter ended February 28, 2021 increased by approximately $3,015,000 or 21.3% compared to the same quarter in 2020, primarily due to new business development within the existing Geneva client base [113]. - Revenue for the nine months ended February 28, 2021 increased by approximately $3,418,000 or 7.7% compared to the same period in 2020, primarily due to new business development within the existing Geneva client base [122]. Consultant Metrics - The average number of consultants on billing increased from 361 in the quarter ended February 29, 2020 to 418 in the quarter ended February 28, 2021, with Geneva contributing 68 of the 418 [113]. Cost of Sales - Cost of sales for the quarter ended February 28, 2021 increased by approximately $2,290,000 or 18.9% to $14,415,000, while the percentage of cost of sales to revenue decreased from 85.7% to 84.0% [115]. - Cost of sales for the nine months ended February 28, 2021 increased by approximately $2,251,000 or 6.0% to $39,831,000, with the percentage of cost of sales to revenue decreasing from 84.8% to 83.4% [124]. Expenses - Selling, general and administrative expenses decreased by approximately $187,000 or 5.7% from $3,271,000 in the prior year to $3,084,000 in the current quarter, with expenses as a percentage of revenue decreasing from 23.1% to 18.0% [116]. - Selling, general and administrative expenses for the nine months ended February 28, 2021 decreased by approximately $432,000 or 4.9% to $8,414,000, with expenses as a percentage of revenue decreasing from 20.0% to 17.6% [125]. Net Loss - Net loss attributable to TSR, Inc. was approximately $305,000 in the quarter ended February 28, 2021, a decrease from a net loss of $945,000 in the same quarter of the previous year [119]. - Net loss attributable to TSR, Inc. for the nine months ended February 28, 2021 was approximately $555,000, compared to a loss of $1,547,000 in the same period of the previous year [130]. - The company reported a consolidated net loss of $555,000 for the nine months ended February 28, 2021 [133]. Cash Flow and Working Capital - Net cash flow from operations for the nine months ended February 28, 2021 was approximately $510,000, compared to a net cash flow used in operations of $1,614,000 in the prior year [133]. - As of February 28, 2021, the company had working capital of approximately $8,784,000, a decrease from $12,239,000 at May 31, 2020 [132]. PPP Loan and Financial Support - The company utilized 100% of the PPP Loan funds to support payroll and other allowable expenses, avoiding salary reductions, furloughs, and layoffs during the covered period [114]. - The company secured a PPP Loan of $6,659,000, fully utilized for payroll and allowable expenses, to avoid salary reductions and layoffs [131]. - The Company received loan proceeds of $6,659,220 under the Paycheck Protection Program (PPP) on April 15, 2020 [157]. - The application for forgiveness of the PPP loan was filed on March 29, 2021, with no guarantee of receiving forgiveness for any amount [160]. - The use of the loan proceeds is restricted to payroll costs, covered rent, and covered utility payments, with potential reductions in payroll costs affecting forgiveness eligibility [159]. - The U.S. Treasury and SBA will review all PPP loans equal to or exceeding $2.0 million, which may lead to audits and penalties if the Company is found non-compliant [160]. - Failure to obtain forgiveness of the PPP loan may adversely impact the Company's loan covenants and could necessitate amendments or waivers to debt agreements [161]. Acquisition - The company used approximately $3,133,000 in investing activities, primarily for the acquisition of Geneva Consulting Group, Inc. for $3,100,000 [135]. - The company completed the acquisition of Geneva Consulting Group, Inc. on September 1, 2020, aiming to diversify its business [156]. Legal Matters - The company is subject to ongoing litigation with its former CEO, which may result in significant monetary damages [150]. Financial Reporting Changes - The financial impact of adopting ASU No. 2016-02 increased total assets and total liabilities by approximately $690,000 [139]. Debt and Borrowings - The company had net borrowings of approximately $28,000 against its line of credit, with a maximum borrowing capacity of $2,000,000 [131].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 30, 2020 ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to _______ Commission File Number: 001-38838 (Exact name of registrant as specified in its charter) | Delaware | 13-2635899 | | --- | --- | | (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 31, 2020 ☐ Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 0-8656 TSR, Inc. (Exact name of registrant as specified in its charter) | Delaware | 13-2635899 | | --- | --- | | (State or other ju ...