The "as of date" on an account transcript means that the information on that transcript was what was in the IRS database on that date,
Another way to put it - the "as of date" was the last time your transcript was updated in the IRS database.
(It's May 14, not May 31 and, based on many posts in this forum, it is taking 10 - 12 weeks for the IRS to process refunds).