Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 31, 2015 | Oct. 13, 2015 | |
Entity Registrant Name | BAB, INC. | |
Entity Central Index Key | 1,123,596 | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 7,263,508 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Aug. 31, 2015 | Nov. 30, 2014 |
Series A Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred shares | ||
Cash | $ 694,314 | $ 709,555 |
Restricted cash | 359,716 | 420,834 |
Trade accounts and notes receivable (net of allowance for doubtful accounts of $40,972 in 2015 and $48,250 in 2014 ) | 139,986 | 182,975 |
Marketing fund contributions receivable from franchisees and stores | 29,398 | 23,708 |
Inventories | 24,538 | 25,519 |
Prepaid expenses and other current assets | 85,877 | 73,943 |
Total Current Assets | 1,333,829 | 1,436,534 |
Property, plant and equipment (net of accumulated depreciation of $149,472 in 2015 and $147,638 in 2014) | 4,087 | 5,921 |
Trademarks | 455,182 | 454,479 |
Goodwill | 1,493,771 | 1,493,771 |
Definite lived intangible assets (net of accumulated amortization of $92,558 in 2015 and $81,689 in 2014) | 26,818 | 35,187 |
Deferred tax asset | 248,000 | 248,000 |
Total Noncurrent Assets | 2,227,858 | 2,237,358 |
Total Assets | 3,561,687 | 3,673,892 |
Current portion of long-term debt | 31,898 | 31,898 |
Accounts payable | 21,026 | 10,845 |
Accrued expenses and other current liabilities | 308,276 | 308,315 |
Unexpended marketing fund contributions | 389,369 | 213,750 |
Deferred franchise fee revenue | 50,000 | 40,000 |
Deferred licensing revenue | 5,833 | 32,083 |
Total Current Liabilities | 806,402 | 636,891 |
Long-term debt (net of current portion) | 33,413 | 33,413 |
Total Liabilities | $ 839,815 | $ 670,304 |
Preferred shares | ||
Common stock -$.001 par value; 15,000,000 shares authorized; 8,466,953 shares issued and 7,263,508 shares outstanding as of August 31, 2015 and November 30, 2014 | $ 13,508,257 | $ 13,508,257 |
Additional paid-in capital | 987,034 | 987,034 |
Treasury stock | (222,781) | (222,781) |
Accumulated deficit | (11,550,638) | (11,268,922) |
Total Stockholders' Equity | 2,721,872 | 3,003,588 |
Total Liabilities and Stockholders' Equity | $ 3,561,687 | $ 3,673,892 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Aug. 31, 2015 | Nov. 30, 2014 |
Series A Preferred Stock [Member] | ||
Preferred shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred shares, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred shares, outstanding (in shares) | 0 | 0 |
Allowance for doubtful accounts | $ 40,972 | $ 48,250 |
Accumulated depreciation, property, plant and equipment | 149,472 | 147,638 |
Definite lived intangible assets, accumulated amortization | $ 92,558 | $ 81,689 |
Preferred shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred shares, authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred shares, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 8,466,953 | 7,263,508 |
Common stock, outstanding (in shares) | 8,466,953 | 7,263,508 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
REVENUES | ||||
Royalty fees from franchised stores | $ 440,960 | $ 458,656 | $ 1,278,715 | $ 1,311,369 |
Franchise fees | 50,000 | 37,500 | 80,000 | 272,500 |
Licensing fees and other income | 118,351 | 104,060 | 310,746 | 322,559 |
Total Revenues | 609,311 | 600,216 | 1,669,461 | 1,906,428 |
Selling, general and administrative expenses: | ||||
Payroll and payroll-related expenses | 267,100 | 262,741 | 829,291 | 809,981 |
Occupancy | 44,054 | 44,596 | 129,520 | 136,522 |
Advertising and promotion | 13,598 | 11,223 | 40,945 | 27,394 |
Professional service fees | 29,145 | 31,088 | 106,652 | 131,166 |
Travel | 12,292 | 12,522 | 33,643 | 36,126 |
Employee benefit expense | 39,715 | 24,816 | 114,038 | 77,817 |
Depreciation and amortization | $ 4,176 | $ 4,522 | 12,703 | $ 13,636 |
Legal Settlement | 243,046 | |||
Other | $ 71,986 | $ 47,032 | 158,450 | $ 192,271 |
Total Operating Expenses | 482,066 | 438,540 | 1,668,288 | 1,424,913 |
Income from operations | 127,245 | 161,676 | 1,173 | 481,515 |
Interest income | 306 | 87 | 1,478 | 353 |
Interest expense | (776) | (1,138) | (2,327) | (3,412) |
Income before provision for income taxes | 126,775 | 160,625 | 324 | 478,456 |
Provision for income taxes | ||||
Current tax benefit/(expense) | (8,500) | (7,583) | (8,500) | 7,417 |
Net Income | $ 135,275 | $ 168,208 | $ 8,824 | $ 471,039 |
Earnings per share - Basic and Diluted (in dollars per share) | $ 0.02 | $ 0.02 | $ 0 | $ 0.07 |
Weighted average shares outstanding - Basic (in shares) | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Effect of dilutive common stock (in shares) | ||||
Weighted average shares outstanding - Diluted (in shares) | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Cash distributions declared per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Operating activities | ||
Net income | $ 8,824 | $ 471,039 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation and amortization | 12,703 | 13,636 |
Provision for uncollectible accounts, net of recoveries | $ (7,278) | 19,504 |
Loss on assets held for sale | 3,783 | |
Changes in: | ||
Trade accounts receivable and notes receivable | $ 50,267 | (108,257) |
Restricted cash | 61,118 | 176,444 |
Marketing fund contributions receivable | (5,690) | (18,454) |
Inventories | 981 | (1,315) |
Prepaid expenses and other | (11,934) | 3,133 |
Accounts payable | 10,181 | (12,830) |
Accrued liabilities | (39) | (5,856) |
Unexpended marketing fund contributions | 175,619 | (158,016) |
Deferred revenue | (16,250) | (65,000) |
Net Cash Provided by Operating Activities | 278,502 | 317,811 |
Investing activities | ||
Capitalization of trademark renewals | (3,203) | (7,644) |
Net Cash Used In Investing Activities | (3,203) | (7,644) |
Financing activities | ||
Cash distributions/dividends | (290,540) | (363,177) |
Net Cash Used In Financing Activities | (290,540) | (363,177) |
Net Decrease in Cash | (15,241) | (53,010) |
Cash, Beginning of Period | 709,555 | 683,891 |
Cash, End of Period | 694,314 | 630,881 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 0 | $ 0 |
Income taxes paid | $ 9,447 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. Nature of Operations BAB, Inc. (“the Company”) has three wholly owned subsidiaries: BAB Systems, Inc. (“Systems”), BAB Operations, Inc. (“Operations”) and BAB Investments, Inc (“Investments”). Systems was incorporated on December 2, 1992, and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. My Favorite Muffin (“MFM”) was acquired in 1997 and is included as a part of Systems. Brewster’s Coffee (“Brewster’s”), was established in 1996 and the coffee is sold in BAB and MFM locations as well as through license agreements. SweetDuet® (“SD”) frozen yogurt can be added as an additional brand in a BAB or MFM location. Operations was formed on August 30, 1995, primarily to operate Company-owned stores of which there are currently none. The assets of Jacobs Bros. Bagels® (“Jacobs Bros.”) were acquired on February 1, 1999, and any branded wholesale business uses this trademark. Investments was incorporated September 9, 2009 to be used for the purpose of acquisitions. To date, there have been no acquisitions. The Company was incorporated under the laws of the State of Delaware on July 12, 2000. The Company currently franchises and licenses bagel and muffin retail units under the BAB and MFM and SD trade names. At August 31, 2015, the Company had 81 franchise units and 5 licensed units in operation in 26 states. The Company additionally derives income from the sale of its trademark bagels, muffins and coffee through nontraditional channels of distribution including under licensing agreements with Kohr Bros. Frozen Custard, Kaleidoscoops and Green Beans Coffee. Also, included in licensing fees and other income is Operations Sign Shop results. For franchise consistency and convenience, the Sign Shop provides the majority of signage to franchisees, including but not limited to, menu panels, build charts, interior and exterior signage and point of purchase materials. The BAB franchised brand consists of units operating as “Big Apple Bagels®,” featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. Licensed BAB units serve the Company's frozen bagel and related products baked daily. BAB units are primarily concentrated in the Midwest and Western United States. The MFM brand consists of units operating as "My Favorite Muffin®," featuring a large variety of freshly baked muffins, coffees and related products, and units operating as "My Favorite Muffin and Bagel Cafe®," featuring these products as well as a variety of specialty bagel sandwiches and related products. The SweetDuet Frozen Yogurt & Gourmet Muffins® brand is a fusion concept, pairing self-serve frozen yogurt with MFM’s exclusive line of My Favorite Muffin gourmet muffins. SD frozen yogurt can be added as an additional brand in a BAB or MFM location. Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units. The Company is leveraging on the natural synergy of distributing muffin products in existing BAB units and, alternatively, bagel products and Brewster's Coffee in existing MFM units. The Company expects to continue to realize efficiencies in servicing the combined base of BAB and MFM franchisees. The accompanying condensed consolidated financial statements are unaudited. These financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended November 30, 2014 which was filed February 23, 2015 and amended on August 12, 2015. In the opinion of the Company's management, the condensed consolidated financial statements for the unaudited interim period presented include all adjustments, including normal recurring adjustments, necessary to fairly present the results of such interim period and the financial position as of the end of said period. The results of operations for the interim period are not necessarily indicative of the results for the full year. |
Note 2 - Units Open and Under D
Note 2 - Units Open and Under Development | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Units Open and Under Development [Text Block] | 2. Units Open and Under Development Units which are open or under development at August 31, 2015 are as follows: Stores open: Franchisee-owned stores 81 Licensed Units 5 86 Unopened stores with Franchise Agreements 6 Total operating units and units with Franchise Agreements 92 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: For the three months ended August 31, For the nine months ended August 31, 2015 2014 2015 2014 Numerator: Net income available to common shareholders $ 135,275 $ 168,208 $ 8,824 $ 471,039 Denominator: Weighted average outstanding shares Basic and diluted common stock 7,263,508 7,263,508 7,263,508 7,263,508 Earnings per Share - Basic $ 0.02 $ 0.02 0.00 0.06 The Company excluded 237,500 potential shares attributable to outstanding stock options from the calculation of diluted earnings per share, for the three and nine months ended August 31, 2015, because their inclusion would have been anti-dilutive. For the three and nine months ended August 31, 2014, the Company excluded 314,400 potential shares attributable to outstanding stock options from the calculation. |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 4. Long-Term Debt The Company’s outstanding debt consists of a note payable in the amount of $65,311 at August 31, 2015. On September 6, 2002, the Company signed a note payable requiring annual installments of $35,000, including interest at a rate of 4.75% per annum, for a term of 15 years, in the original amount, including principal and interest of $525,000. A payment of $35,000 is due October 1, 2015 and a final payment of $35,000 on October 1, 2016. |
Note 5 - Stock Options
Note 5 - Stock Options | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock Options In May 2001, the Company approved a Long-Term Incentive and Stock Option Plan (“Plan”). The Plan reserved and has issued 1,400,000 shares of common stock for grant. As of August 31, 2015, there were 1,162,500 stock options exercised or forfeited under the Plan. For the nine months ended August 31, 2015 2014 Options outstanding at beginning of year 314,400 368,373 Granted - - Forfeited or expired (76,900 ) (53,973 ) Exercised - - Outstanding at end of year 237,500 314,400 To value option grants and other awards for stock-based compensation, the Company uses the Black-Scholes option valuation model. When the measurement date is certain, the fair value of each option grant is estimated on the date of grant and is based on the assumptions used for the expected stock price volatility, expected term, risk-free interest rates and future dividend payments. The Company’s stock option terms expire in ten years and vary in vesting from immediate to a vesting period of five years. The following table summarizes the stock options outstanding and exercisable at August 31, 2015: Options Outstanding Options Exercisable Outstanding Wghtd. Avg. Wghtd. Avg. Aggregate Exercisable Wghtd. Avg. Aggregate at 8/31/15 Remaining Life Exercise Price Intrinsic Value at 8/31/15 Exercise Price Intrinsic Value 237,500 1.05 $ 1.28 $ - 237,500 $ 1.28 $ - There is no computation for the aggregate intrinsic value in the table above because the outstanding options weighted average exercise price was greater than the Company’s closing stock price of $0.55 as of the last business day of the period ended August 31, 2015. There were 76,900 unexercised options that expired and no options exercised during the nine month period ended August 31, 2015. |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Other Intangible Assets Accounting Standard Codification (“ASC”) 350 “Goodwill and Other Intangible Assets” requires that assets with indefinite lives no longer be amortized, but instead be subject to annual impairment tests. The Company follows this guidance. The Company tests goodwill that is not subject to amortization for impairment annually or more frequently if events or circumstances indicate that impairment is possible. Goodwill was tested at the end of the first quarter, February 28, 2015 and it was found that the carrying value of goodwill and intangible assets were not impaired. The impairment test performed February 28, 2015 was based on a discounted cash flow model using management’s business plan projected for expected cash flows. Based on the computation it was determined that no impairment has occurred. There were no factors noted at August 31, 2015 that would require additional testing. |
Note 7 - Recent Accounting Pron
Note 7 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 7. Recent Accounting Pronouncements Revenue from Contracts with Customers, ASU 2014-09 establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. The standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies a performance obligation. Entities will generally be required to make more estimates and use more judgment than under current guidance, which will be highlighted for users through increased disclosure requirements. The ASU is effective for the Company, for annual periods beginning after December 15, 2017. The Company will adopt ASU 2014-09 for fiscal year ending November 30, 2019 and the Company is evaluating the impact that adoption of this guidance might have on the Company’s consolidated financial position, cash flows or results of operations. Management does not believe that there are any other recently issued and effective or not yet effective pronouncements as of August 31, 2015 that would have or are expected to have any significant effect on the Company’s financial position, cash flows or results of operations. |
Note 8 - Stockholder's Equity
Note 8 - Stockholder's Equity | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Stockholder’s Equity On September 2, 2015 the Board of Directors declared a $0.01 cash dividend/distribution to shareholders of record as of September 21, 2015, payable October 9, 2015. On June 4, 2015 the Board of Directors declared a $0.01 cash dividend/distribution to shareholders of record as of June 18, 2015, paid on July 8, 2015. On March 2, 2015 the Board of Directors declared a $0.01 cash distribution/dividend to shareholders of record as of March 20, 2015, paid on April 10, 2015. The Board of Directors declared a cash distribution/dividend on December 3, 2014 of $0.02 which consisted of a $0.01 quarterly and a $0.01 special cash distribution/dividend per share paid on January 6, 2015. |
Note 9 - Contingencies
Note 9 - Contingencies | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 9. Contingencies We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of such proceedings or claims cannot be predicted with certainty, management does not believe that the outcome of any of such proceedings or claims will have a material effect on our financial position. Except as stated below, we know of no pending or threatened proceeding or claim to which we are or will be a party. The Company had previously reported that on July 8, 2013, a judgment was entered in the Circuit Court of Cook County against BAB Operations, Inc. (“Operations”), a wholly owned subsidiary of BAB, Inc., and in favor of a former landlord of Operations, Alecta Real Estate USA, LLC. In September 2013 the Company filed an appeal. On March 23, 2015 the Appellate Court found in favor of the plaintiff and against Operations, affirming the trial court’s judgment. The legal settlement of $243,000 was recorded in the first quarter 2015 and payment was made in the second quarter 2015 and it includes the judgment, attorney’s fees and interest. |
Note 2 - Units Open and Under15
Note 2 - Units Open and Under Development (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Notes Tables | |
Schedule of Franchisor Disclosure [Table Text Block] | Stores open: Franchisee-owned stores 81 Licensed Units 5 86 Unopened stores with Franchise Agreements 6 Total operating units and units with Franchise Agreements 92 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended August 31, For the nine months ended August 31, 2015 2014 2015 2014 Numerator: Net income available to common shareholders $ 135,275 $ 168,208 $ 8,824 $ 471,039 Denominator: Weighted average outstanding shares Basic and diluted common stock 7,263,508 7,263,508 7,263,508 7,263,508 Earnings per Share - Basic $ 0.02 $ 0.02 0.00 0.06 |
Note 5 - Stock Options (Tables)
Note 5 - Stock Options (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | For the nine months ended August 31, 2015 2014 Options outstanding at beginning of year 314,400 368,373 Granted - - Forfeited or expired (76,900 ) (53,973 ) Exercised - - Outstanding at end of year 237,500 314,400 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Options Outstanding Options Exercisable Outstanding Wghtd. Avg. Wghtd. Avg. Aggregate Exercisable Wghtd. Avg. Aggregate at 8/31/15 Remaining Life Exercise Price Intrinsic Value at 8/31/15 Exercise Price Intrinsic Value 237,500 1.05 $ 1.28 $ - 237,500 $ 1.28 $ - |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Aug. 31, 2015 |
Franchised Units [Member] | |
Number of Stores | 81 |
Number of Wholly Owned Subsidiaries | 3 |
Number of Stores | 92 |
Note 2 - Units Open and Under19
Note 2 - Units Open and Under Development - Operating Units (Details) | Aug. 31, 2015 |
Franchised Units [Member] | |
Number of Stores | 81 |
Entity Operated Units [Member] | |
Number of Stores | 5 |
Total Franchised Owned and Licensed Units [Member] | |
Number of Stores | 86 |
Unopened Store [Member] | |
Number of Stores | 6 |
Number of Stores | 92 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 237,500 | 314,400 | 237,500 | 314,400 |
Note 3 - Earnings Per Share - C
Note 3 - Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Net income available to common shareholders | $ 135,275 | $ 168,208 | $ 8,824 | $ 471,039 |
Weighted average outstanding shares | ||||
Basic and diluted common stock (in shares) | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Earnings per Share - Basic (in dollars per share) | $ 0.02 | $ 0.02 | $ 0 | $ 0.06 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) | Sep. 06, 2002 | Aug. 31, 2015 |
Due October 1, 2015 [Member] | ||
Debt Instrument, Periodic Payment | $ 35,000 | |
Due October 1, 2016 [Member] | ||
Debt Instrument, Periodic Payment | 35,000 | |
Notes Payable, Noncurrent | $ 65,311 | |
Debt Instrument, Periodic Payment | $ 35,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debt Instrument, Term | 15 years | |
Debt Instrument, Principal and Interest Amount | $ 525,000 |
Note 5 - Stock Options (Details
Note 5 - Stock Options (Details Textual) - $ / shares | 1 Months Ended | 9 Months Ended |
May. 31, 2001 | Aug. 31, 2015 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises and Forfeitures in Period | 1,162,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share Price | $ 0.55 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 76,900 |
Note 5 - Stock Options - Stock
Note 5 - Stock Options - Stock Option Activity (Details) - shares | 9 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Options outstanding at beginning of year (in shares) | 314,400 | 368,373 |
Forfeited or expired (in shares) | (76,900) | (53,973) |
Outstanding at end of year (in shares) | 237,500 | 314,400 |
Note 5 - Stock Options - Aggreg
Note 5 - Stock Options - Aggregate Intrinsic Value (Details) | 9 Months Ended |
Aug. 31, 2015USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 237,500 |
Wghtd. Avg. Remaining Life | 1 year 18 days |
Wghtd. Avg. Exercise Price (in dollars per share) | $ 1.28 |
Aggregate Intrinsic Value | $ | $ 0 |
Exercisable (in shares) | shares | 237,500 |
Wghtd. Avg. Exercise Price, Exercisable (in dollars per share) | $ 1.28 |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Note 8 - Stockholder's Equity (
Note 8 - Stockholder's Equity (Details Textual) - $ / shares | Sep. 02, 2015 | Jun. 04, 2015 | Mar. 02, 2015 | Dec. 03, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 |
Subsequent Event [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.01 | |||||||
Quarterly Dividend [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.01 | |||||||
Special Cash Distribution [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | 0.01 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.05 |
Note 9 - Contingencies (Details
Note 9 - Contingencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Litigation Settlement, Expense | $ 243,000 | $ 243,046 |