Cover
Cover - USD ($) | 12 Months Ended | ||
Nov. 30, 2022 | Feb. 09, 2023 | May 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Nov. 30, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --11-30 | ||
Entity File Number | 000-5109 | ||
Entity Registrant Name | Micropac Industries, Inc. | ||
Entity Central Index Key | 0000065759 | ||
Entity Tax Identification Number | 75-1225149 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 905 E. Walnut Street | ||
Entity Address, City or Town | Garland | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75040 | ||
City Area Code | 972 | ||
Local Phone Number | 272-3571 | ||
Title of 12(b) Security | Common Stock, $0.10 par value per share | ||
Trading Symbol | MPAD | ||
Security Exchange Name | NONE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,137,070 | ||
Entity Common Stock, Shares Outstanding | 2,578,315 | ||
Documents Incorporated by Reference [Text Block] | The definitive proxy statement to be filed with the Securities and Exchange Commission relating to the registrant’s Annual Meeting of Shareholders, to be held March 9, 2023 is incorporated by reference in Part III to the extent described therein. | ||
Auditor Name | Whitley Penn LLP | ||
Auditor Firm ID | 726 | ||
Auditor Location | Plano, Texas |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Nov. 30, 2022 | Nov. 09, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 15,375 | $ 15,252 |
Receivables, net of allowance for doubtful accounts of $0 at November 30, 2022 and 2021 | 3,644 | 4,974 |
Other receivable | 920 | |
Contract assets | 408 | 603 |
Inventories: | ||
Raw materials and supplies | 6,715 | 5,738 |
Work in process | 3,573 | 2,946 |
Total inventories | 10,288 | 8,684 |
Prepaid expenses and other assets | 564 | 341 |
Total current assets | 31,199 | 29,854 |
PROPERTY, PLANT AND EQUIPMENT, at cost: | ||
Land | 1,518 | 1,518 |
Buildings | 498 | 498 |
Facility improvements | 1,126 | 1,126 |
Furniture and fixtures | 1,036 | 1,025 |
Construction in process equipment | 19,415 | 8,019 |
Machinery and equipment | 9,952 | 9,390 |
Total property, plant, and equipment | 33,545 | 21,576 |
Less accumulated depreciation | (11,082) | (10,739) |
Net property, plant, and equipment | 22,463 | 10,837 |
Operating lease right to use asset | 14 | 67 |
Deferred income taxes, net | 86 | |
Total assets | 53,762 | 40,758 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,173 | 1,963 |
Accrued compensation | 1,086 | 1,295 |
Deferred revenue | 1,192 | 1,258 |
Property taxes | 560 | 318 |
Income tax | 149 | 180 |
Short term debt | 224 | |
Other accrued liabilities | 47 | 78 |
Total current liabilities | 4,431 | 5,092 |
Operating lease liabilities less current portion | 14 | |
Long term debt, net of debt issuance costs | 14,535 | 3,369 |
Deferred income taxes, net | 16 | |
Total liabilities | 18,966 | 8,491 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $.10 par value, authorized 10,000,000 shares, 3,078,315 issued and 2,578,315 outstanding at November 30, 2022 and 2021 | 308 | 308 |
Additional paid-in-capital | 885 | 885 |
Treasury stock, 500,000 shares, at cost | (1,250) | (1,250) |
Retained earnings | 34,853 | 32,324 |
Total shareholders’ equity | 34,796 | 32,267 |
Total liabilities and shareholders’ equity | $ 53,762 | $ 40,758 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2022 | Nov. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,078,315 | 3,078,315 |
Common stock, shares outstanding | 2,578,315 | 2,578,315 |
Treasury stock, shares | 500,000 | 500,000 |
STATEMENTS OF INCOME
STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income Statement [Abstract] | ||
NET SALES | $ 27,785 | $ 27,292 |
COST AND EXPENSES: | ||
Cost of goods sold | 15,473 | 15,211 |
Research and development | 2,191 | 1,739 |
Selling, general and administrative expenses | 7,734 | 6,456 |
Total cost and expenses | 25,398 | 23,406 |
OPERATING INCOME | 2,387 | 3,886 |
Other income (expense), net | 972 | (171) |
Interest income, net | 140 | 19 |
INCOME BEFORE INCOME TAXES | 3,499 | 3,734 |
PROVISION FOR INCOME TAXES | ||
Current | 814 | 633 |
Deferred | (102) | 43 |
Total tax expense provision | 712 | 676 |
NET INCOME | $ 2,787 | $ 3,058 |
NET INCOME PER SHARE, BASIC AND DILUTED | $ 1.08 | $ 1.19 |
WEIGHTED AVERAGE OF SHARES, basic and diluted | 2,578,315 | 2,578,315 |
DIVIDENDS PER SHARE | $ 0.10 | $ 0.10 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Nov. 30, 2020 | $ 308 | $ 885 | $ (1,250) | $ 29,524 | $ 29,467 |
Dividend | (258) | (258) | |||
Net income | 3,058 | 3,058 | |||
Ending balance, value at Nov. 30, 2021 | 308 | 885 | (1,250) | 32,324 | 32,267 |
Dividend | (258) | (258) | |||
Net income | 2,787 | 2,787 | |||
Ending balance, value at Nov. 30, 2022 | $ 308 | $ 885 | $ (1,250) | $ 34,853 | $ 34,796 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,787 | $ 3,058 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 394 | 384 |
Deferred income tax (benefit) expense | (102) | 43 |
Loss on disposal of equipment | 245 | |
Change in right of use of asset | 53 | 50 |
Changes in certain current assets and liabilities: | ||
(Increase) decrease in accounts receivable | 1,330 | (2,334) |
Increase in employee retention credits receivable | (920) | |
(Increase) decrease in contract assets | 195 | (91) |
Decrease (increase) in inventories | (1,604) | 452 |
Decrease (increase) in prepaid expenses and other assets | (223) | 174 |
Decrease in prepaid income taxes | 223 | |
Increase (decrease) in deferred revenue | (66) | 1,146 |
Increase (decrease) in accounts payable | 403 | (101) |
Increase (decrease) in accrued compensation | (209) | 314 |
Increase (decrease) in income taxes payable | (30) | 156 |
Decrease in lease liabilities | (53) | (50) |
Increase in all other accrued liabilities | 249 | 162 |
Net cash provided by operating activities | 2,204 | 3,831 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (13,213) | (6,309) |
Net cash used in investing activities | (13,213) | (6,309) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash dividend | (258) | (258) |
Proceeds from long term debt | 11,390 | 3,548 |
Payment of debt issuance costs | (179) | |
Net cash provided by financing activities | 11,132 | 3,111 |
Net increase in cash and cash equivalents | 123 | 633 |
Cash and cash equivalents at beginning of period | 15,252 | 14,619 |
Cash and cash equivalents at end of period | 15,375 | 15,252 |
Supplemental Cash Flow Disclosure: | ||
Cash paid for income taxes | 845 | 472 |
Supplemental Non-Cash Flow Disclosure: | ||
Accrued additions to property, plant and equipment | $ 44 | $ 1,221 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
BUSINESS DESCRIPTION | 1. BUSINESS DESCRIPTION : Micropac Industries, Inc. (the “Company”), a Delaware corporation, designs, manufactures and distributes various types of microelectronic circuits including solid state relays and power controllers, optoelectronic components, and sensor and display components and assemblies. The Company’s products are used as components and assemblies in a broad range of military, space, medical and commercial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200 o |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition The core principle of revenue recognition under accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company's revenue on the majority of its customer contracts are recognized at a point in time, generally upon shipment of products. To achieve that core principle, the Company applies the following steps: 1. Identify the contract(s) with a customer. The Company designs, manufactures and distributes various types of microelectronic circuits, optoelectronics, and sensors and displays. The Company’s products are used as components and assemblies in a broad range of military, space, medical and industrial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200 o The Company’s revenues are from purchase orders and/or contracts with customers associated with manufacture of products. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 2. Identify the performance obligations in the contract. The majority of the Company’s purchase orders or contracts with customers contain a single performance obligation, the shipment of products. 3. Determine the transaction price. The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer at a fixed price per unit shipped based on the terms of the contract or purchase order with the customer. To the extent our actual costs vary from the fixed price that was negotiated, we will generate more or less profit or could incur a loss. 4. Allocate the transaction price to the performance obligations in the contract. The Company’s transaction price is the fixed price per unit per each delivery upon shipment. 5. Recognize revenue when (or as) the Company satisfies a performance obligation. This performance obligation is satisfied when control of the product is transferred to the customer, which occurs upon shipment or delivery. The Company receives purchase orders for products to be delivered over multiple dates that may extend across reporting periods. The Company accounting policy treats shipping and handling activities as a fulfillment cost. The Company invoices for each delivery upon shipment and recognizes revenues at the fixed price for each distinct product delivered when transfer of control has occurred, which is generally upon shipment. For certain contracts under which the Company produces products with no alternative use and for which the Company has an enforceable right to payment during the production cycle, the Company recognizes revenue for the cost incurred of work in process plus a margin at the end of each period and records a contract asset (unbilled receivable). The majority of these products are shipped weekly and monthly to the customers and the contracts require us to manage and limit the level of work in process to meet the scheduled delivery dates. In addition, the Company may have a contract or purchase order to provide a non-recurring engineering service to a customer. These contracts are reviewed, and performance obligations are determined and we recognize revenue at the point in time in which each performance obligation is fully satisfied. Disaggregation of Revenue The following table summarizes the Company’s net sales by product line. Schedule of net sales by product line Nov. 30, 2022 Nov. 30, 2021 Microelectronics $ 7,998 $ 7,803 Optoelectronics 7,913 7,124 Sensors and Displays 11,874 12,365 $ 27,785 $ 27,292 Timing of revenue recognition Recognized at a point in time $ 23,678 $ 23,555 Recognized over time 4,107 3,737 Total Revenue $ 27,785 $ 27,292 The following table summarizes the Company’s net sales by major market. Schedule of net sales by major market 2022 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,669 $ 1,148 $ 3,213 $ 1,403 $ 16,433 Domestic Distribution 7,993 1,508 - 829 10,330 International 233 351 - 438 1,022 $ 18,895 $ 3,007 $ 3,213 $ 2,670 $ 27,785 2021 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,157 $ 2,364 $ 3,621 $ 498 $ 16,640 Domestic Distribution 7,945 861 - 644 9,450 International 222 751 - 229 1,202 $ 18,324 $ 3,976 $ 3,621 $ 1,371 $ 27,292 Receivables, net, Contract Assets and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. Receivables, net, contract assets and contract liabilities were as follows: Schedule of Receivables, net, contract assets and contract liabilities November 30, 2022 November 30, 2021 December 1, 2020 Receivables, net $ 3,644 $ 4,974 $ 2,639 Contract assets $ 408 $ 603 $ 512 Deferred Revenue $ 1,192 $ 1,258 $ 111 Revenue recognized in 2022 that was included in the deferred revenue liability balance at the beginning of the year was $ 103,000 Contract costs The Company does not have material incremental costs to obtain a contract in the form of sales commissions or bonuses. The Company incurs other immaterial costs to obtain and fulfill a contract; however, the Company has elected the practical expedient under ASC 340-40-24-4 to recognize all incremental costs to obtain a contract as an expense when incurred if the amortization period is one year or less. Inventories Inventories are stated at lower of cost or net realizable value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company determines the need to write inventory down to the lower of cost or net realizable value via an analysis based on the usage of inventory over a three year period and projected usage based on current backlog. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date. The Company records a liability for an unrecognized tax benefit for a tax position that is not “more-likely-than-not” to be sustained. The Company did not record any liability for uncertain tax positions as of November 30, 2022 or November 30, 2021. Property, Plant, and Equipment Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets: Schedule of Property Plant and Equipment Useful Lives Buildings 15 40 Facility improvements 8 15 Machinery and equipment 5 10 Furniture and fixtures 5 8 The Company assesses long-lived assets for impairment in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement Construction in progress relates to multiple capital projects ongoing during the years ended November 30, 2022 and 2021, including the construction of the new manufacturing facility. Construction in progress also includes interest and fees on debt that are directly related to the financing of the Company’s capital projects. Repairs and maintenance are expensed as incurred. Improvements which extend the useful lives of property, plant, and equipment are capitalized. Research and Development Costs Costs for the design and development of new products are expensed as incurred. Basic and Diluted Earnings Per Share Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares. During 2022 and 2021, the Company had no Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
NEW ACCOUNTING PRONOUNCEMENTS_
NEW ACCOUNTING PRONOUNCEMENTS: | 12 Months Ended |
Nov. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS: | 3. NEW ACCOUNTING PRONOUNCEMENTS: In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses Measurement of Credit Losses on Financial Instruments |
FAIR VALUE MEASUREMENT_
FAIR VALUE MEASUREMENT: | 12 Months Ended |
Nov. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT: | 4. FAIR VALUE MEASUREMENT: The Company had no The Company measures its long-term debt at fair value which approximates book value as the long-term debt bears market rates of interest. There were no |
NOTES PAYABLE TO BANKS_
NOTES PAYABLE TO BANKS: | 12 Months Ended |
Nov. 30, 2022 | |
Payables and Accruals [Abstract] | |
NOTES PAYABLE TO BANKS: | 5. NOTES PAYABLE TO BANKS: The Company obtained a commercial real estate construction loan for the construction of a new 76,000 square foot manufacturing center on the 9.2 acres of land in Garland, Texas that the Company has purchased. On March 26, 2021, the Company (acting as borrower) entered into a Construction Loan Agreement (the “loan agreement”) with Frost Bank (“Frost”) (acting as lender). The Construction Loan Agreement provides for a construction loan, in amounts not to exceed a total principal balance of $ 16,160,000 3.40 On March 26, 2021, the Company renewed the Revolving Loan Agreement with Frost through the “Sixth Amendment to Loan Agreement.” (See Exhibit 10.13). The Revolving Loan Agreement provides for revolving credit loans, in amounts not to exceed a total principal balance of $ 6,000,000 3.25 Construction Loans 16,160,000 Principal and interest shall be due and payable monthly in an amounts determined by Lender required to fully amortize the outstanding principal balance of this Note over a period of twenty-five (25) years, payable on the twenty-sixth (26th) day of each and every calendar month, beginning April 26, 2023, and continuing regularly thereafter until March 26, 2031, when the entire amount hereof, principal and accrued interest then remaining unpaid, shall be then due and payable; interest being calculated on the unpaid principal each day principal is outstanding and all payments made credited to any collection costs and late charges, to the discharge of the interest accrued and to the reduction of the principal, in such order as Lender shall determine. The interest rate of ( 3.40 The loan shall be secured by a “Deed of Trust, Security Agreement – Financing Statement” covering the 9.2 acre tract in Garland, Texas and the improvements made on it. Revolving Credit Loans 6,000,000 The interest on the outstanding and unpaid principal balance shall be computed at a per annum rate equal to the lesser of (a) a rate equal to the Prime Rate per annum; provided, however, in no event shall the resulting rate be less than three and one-quarter percent ( 3.25 The Company has borrowed $ 14,938,000 Schedule of Debt Debt November 30, 2022 Notes payable $ 14,938 Less unamortized debt issuance costs 179 Net Debt 14,759 Less—Current portion 224 Total long-term debt $ 14,535 Estimated maturities of our long-term debt over the next 5 years are as follows: Schedule of maturities of long-term debt 2023 2024 2025 2026 2027 Thereafter Total Frost Bank $ 224 $ 395 $ 407 $ 421 $ 436 $ 13,057 $ 14,938 |
PRODUCT WARRANTIES_
PRODUCT WARRANTIES: | 12 Months Ended |
Nov. 30, 2022 | |
Guarantees and Product Warranties [Abstract] | |
PRODUCT WARRANTIES: | 6. PRODUCT WARRANTIES: In general, the Company warrants that its products, when delivered, will be free from defects in material workmanship under normal use and service. The obligations are limited to replacing, repairing or giving credit for, at the option of the Company, any products that are returned within one year after the date of shipment. The Company does not provide extended warranties. The Company reserves for potential warranty costs based on historical warranty claims experience. While management considers the process to be adequate to effectively quantify its exposure to warranty claims based on historical performance, changes in warranty claims on a specific or cumulative basis may require management to adjust its reserve for potential warranty costs. Warranty expense was approximately $ 114,000 185,000 The following table summarizes product warranty activity recorded during the years ended November 30, 2022 and 2021 recorded in other accrued liabilities. Schedule of product warranty activity 2022 2021 Beginning balance $ 25 $ 60 Additions for current year provision 114 56 Payments for current year (114 ) (91 ) Ending balance $ 25 $ 25 |
LEASE COMMITMENTS_
LEASE COMMITMENTS: | 12 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEASE COMMITMENTS: | 7. LEASE COMMITMENTS: Rent expense for each of the years ended November 30, 2022 and 2021 was $ 55,000 52,000 Leases In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) In the first quarter of 2020, the Company entered into a three (3) year lease extension on the property that has been leased on a year to year basis. As a result, we recognized $ 165,000 55,000 3.25 The undiscounted future minimum lease payments consist of the following at November 30, 2022: Schedule of undiscounted future minimum lease payments 2023 $ 14 Total lease payments 14 Interest - Present value of lease liabilities $ 14 |
EMPLOYEE BENEFITS_
EMPLOYEE BENEFITS: | 12 Months Ended |
Nov. 30, 2022 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS: | 8. EMPLOYEE BENEFITS: The Company sponsors an Employees’ Profit Sharing Plan and Trust (the “Plan”). Pursuant to section 401(k) of the Internal Revenue Code, the Plan is available to substantially all employees of the Company. Employee contributions to the Plan are matched by the Company at amounts up to 6 476,000 421,000 20 |
INCOME TAXES_
INCOME TAXES: | 12 Months Ended |
Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES: | 9. INCOME TAXES: The income tax provision consisted of the following for the years ended November 30: Schedule of income tax provision 2022 2021 Current Provision: $ 744 $ 574 Federal 700 59 State 814 633 Deferred federal tax expense (benefit) (102 ) 43 Total $ 712 $ 676 The provision for income taxes differs from that computed at the federal statutory corporate tax rate as follows for the years ended November 30, Schedule of effective income tax rate reconciliation 2022 2021 Tax at statutory rate $ 734 $ 784 State income taxes, net of federal benefit 55 46 Research and Development Tax Credit (156 ) (197 ) Permanent differences and other 79 43 Income tax provision $ 712 $ 676 The components of deferred tax assets and liabilities were as follows at November 30, Schedule of components of deferred tax assets and liabilities 2022 2021 Deferred tax assets (liabilities) Inventory $ 265 $ 169 Deferred revenue, sales returns and warranty 5 5 Other accrued liabilities 83 52 Depreciation (267 ) (242 ) Net deferred tax assets (liabilities) $ 86 $ (16 ) In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax-planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences. |
SIGNIFICANT CUSTOMER INFORMATIO
SIGNIFICANT CUSTOMER INFORMATION | 12 Months Ended |
Nov. 30, 2022 | |
Significant Customer Information | |
SIGNIFICANT CUSTOMER INFORMATION | 10 SIGNIFICANT CUSTOMER INFORMATION : The Company’s major customers include contractors to the United States government. Sales to these customers for DOD and NASA contracts accounted for approximately 77 67 18 10 20 |
SHAREHOLDERS_ EQUITY_
SHAREHOLDERS’ EQUITY: | 12 Months Ended |
Nov. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY: | 11. SHAREHOLDERS’ EQUITY: On December 8, 2020 0.10 January 6, 2021 February 12, 2021 On December 7, 2021 0.10 January 11, 2022 February 10, 2022 |
EMPLOYEE RETENTION CREDIT UNDER
EMPLOYEE RETENTION CREDIT UNDER THE CARES ACT | 12 Months Ended |
Nov. 30, 2022 | |
Employee Retention Credit Under Cares Act | |
EMPLOYEE RETENTION CREDIT UNDER THE CARES ACT | 12. EMPLOYEE RETENTION CREDIT UNDER THE CARES ACT The CARES Act, passed by Congress on March 27, 2020, contained the employee retention credit (ERC), a refundable payroll tax credit to employers that have experienced hardship in their operations due to COVID-19. The CARES Act was amended and extended on December 27, 2020 by the Consolidated Appropriations Act, 2021 (the “CAA”) and in March 2021, the Internal Revenue Code was amended by the American Rescue Plan Act of 2021 to provide new employee retention credit provisions designed to promote employee retention and hiring. This ERC is a fully refundable tax credit for employers equal to 70 percent of qualified wages that eligible employers pay their employees. This ERC applies to qualified wages paid after December 2020 and before January 1, 2022. As a result, the Company has determined that it qualified for a approximately $ 920,000 |
SUBSEQUENT EVENTS_
SUBSEQUENT EVENTS: | 12 Months Ended |
Nov. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS: | 13. SUBSEQUENT EVENTS: On December 7, 2022 0.10 January 11, 2023 February 10, 2023 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition The core principle of revenue recognition under accounting principles generally accepted in the Unites States of America (GAAP) is that the Company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company's revenue on the majority of its customer contracts are recognized at a point in time, generally upon shipment of products. To achieve that core principle, the Company applies the following steps: 1. Identify the contract(s) with a customer. The Company designs, manufactures and distributes various types of microelectronic circuits, optoelectronics, and sensors and displays. The Company’s products are used as components and assemblies in a broad range of military, space, medical and industrial systems, including aircraft instrumentation and navigation systems, satellite systems, power supplies, electronic controls, computers, medical devices, and high-temperature (200 o The Company’s revenues are from purchase orders and/or contracts with customers associated with manufacture of products. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 2. Identify the performance obligations in the contract. The majority of the Company’s purchase orders or contracts with customers contain a single performance obligation, the shipment of products. 3. Determine the transaction price. The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer at a fixed price per unit shipped based on the terms of the contract or purchase order with the customer. To the extent our actual costs vary from the fixed price that was negotiated, we will generate more or less profit or could incur a loss. 4. Allocate the transaction price to the performance obligations in the contract. The Company’s transaction price is the fixed price per unit per each delivery upon shipment. 5. Recognize revenue when (or as) the Company satisfies a performance obligation. This performance obligation is satisfied when control of the product is transferred to the customer, which occurs upon shipment or delivery. The Company receives purchase orders for products to be delivered over multiple dates that may extend across reporting periods. The Company accounting policy treats shipping and handling activities as a fulfillment cost. The Company invoices for each delivery upon shipment and recognizes revenues at the fixed price for each distinct product delivered when transfer of control has occurred, which is generally upon shipment. For certain contracts under which the Company produces products with no alternative use and for which the Company has an enforceable right to payment during the production cycle, the Company recognizes revenue for the cost incurred of work in process plus a margin at the end of each period and records a contract asset (unbilled receivable). The majority of these products are shipped weekly and monthly to the customers and the contracts require us to manage and limit the level of work in process to meet the scheduled delivery dates. In addition, the Company may have a contract or purchase order to provide a non-recurring engineering service to a customer. These contracts are reviewed, and performance obligations are determined and we recognize revenue at the point in time in which each performance obligation is fully satisfied. |
Disaggregation of Revenue | Disaggregation of Revenue The following table summarizes the Company’s net sales by product line. Schedule of net sales by product line Nov. 30, 2022 Nov. 30, 2021 Microelectronics $ 7,998 $ 7,803 Optoelectronics 7,913 7,124 Sensors and Displays 11,874 12,365 $ 27,785 $ 27,292 Timing of revenue recognition Recognized at a point in time $ 23,678 $ 23,555 Recognized over time 4,107 3,737 Total Revenue $ 27,785 $ 27,292 The following table summarizes the Company’s net sales by major market. Schedule of net sales by major market 2022 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,669 $ 1,148 $ 3,213 $ 1,403 $ 16,433 Domestic Distribution 7,993 1,508 - 829 10,330 International 233 351 - 438 1,022 $ 18,895 $ 3,007 $ 3,213 $ 2,670 $ 27,785 2021 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,157 $ 2,364 $ 3,621 $ 498 $ 16,640 Domestic Distribution 7,945 861 - 644 9,450 International 222 751 - 229 1,202 $ 18,324 $ 3,976 $ 3,621 $ 1,371 $ 27,292 |
Receivables, net, Contract Assets and Contract Liabilities | Receivables, net, Contract Assets and Contract Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. Receivables, net, contract assets and contract liabilities were as follows: Schedule of Receivables, net, contract assets and contract liabilities November 30, 2022 November 30, 2021 December 1, 2020 Receivables, net $ 3,644 $ 4,974 $ 2,639 Contract assets $ 408 $ 603 $ 512 Deferred Revenue $ 1,192 $ 1,258 $ 111 Revenue recognized in 2022 that was included in the deferred revenue liability balance at the beginning of the year was $ 103,000 |
Contract costs | Contract costs The Company does not have material incremental costs to obtain a contract in the form of sales commissions or bonuses. The Company incurs other immaterial costs to obtain and fulfill a contract; however, the Company has elected the practical expedient under ASC 340-40-24-4 to recognize all incremental costs to obtain a contract as an expense when incurred if the amortization period is one year or less. |
Inventories | Inventories Inventories are stated at lower of cost or net realizable value and include material, labor and manufacturing overhead. All inventories are valued using the FIFO (first-in, first-out) method of inventory valuation. The Company determines the need to write inventory down to the lower of cost or net realizable value via an analysis based on the usage of inventory over a three year period and projected usage based on current backlog. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method the Company records deferred income taxes for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The resulting deferred tax liabilities and assets are adjusted to reflect changes in tax law or rates in the period that includes the enactment date. The Company records a liability for an unrecognized tax benefit for a tax position that is not “more-likely-than-not” to be sustained. The Company did not record any liability for uncertain tax positions as of November 30, 2022 or November 30, 2021. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are carried at cost, and depreciation is provided using the straight-line method at rates based upon the following estimated useful lives (in years) of the assets: Schedule of Property Plant and Equipment Useful Lives Buildings 15 40 Facility improvements 8 15 Machinery and equipment 5 10 Furniture and fixtures 5 8 The Company assesses long-lived assets for impairment in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) ASC 360-10-35, Property, Plant and Equipment – Subsequent Measurement Construction in progress relates to multiple capital projects ongoing during the years ended November 30, 2022 and 2021, including the construction of the new manufacturing facility. Construction in progress also includes interest and fees on debt that are directly related to the financing of the Company’s capital projects. Repairs and maintenance are expensed as incurred. Improvements which extend the useful lives of property, plant, and equipment are capitalized. |
Research and Development Costs | Research and Development Costs Costs for the design and development of new products are expensed as incurred. |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Basic and diluted earnings per share are computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares. During 2022 and 2021, the Company had no |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of net sales by product line | Schedule of net sales by product line Nov. 30, 2022 Nov. 30, 2021 Microelectronics $ 7,998 $ 7,803 Optoelectronics 7,913 7,124 Sensors and Displays 11,874 12,365 $ 27,785 $ 27,292 Timing of revenue recognition Recognized at a point in time $ 23,678 $ 23,555 Recognized over time 4,107 3,737 Total Revenue $ 27,785 $ 27,292 |
Schedule of net sales by major market | Schedule of net sales by major market 2022 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,669 $ 1,148 $ 3,213 $ 1,403 $ 16,433 Domestic Distribution 7,993 1,508 - 829 10,330 International 233 351 - 438 1,022 $ 18,895 $ 3,007 $ 3,213 $ 2,670 $ 27,785 2021 Sales by Major Market Military Space Medical Commercial Total Domestic Direct $ 10,157 $ 2,364 $ 3,621 $ 498 $ 16,640 Domestic Distribution 7,945 861 - 644 9,450 International 222 751 - 229 1,202 $ 18,324 $ 3,976 $ 3,621 $ 1,371 $ 27,292 |
Schedule of Receivables, net, contract assets and contract liabilities | Schedule of Receivables, net, contract assets and contract liabilities November 30, 2022 November 30, 2021 December 1, 2020 Receivables, net $ 3,644 $ 4,974 $ 2,639 Contract assets $ 408 $ 603 $ 512 Deferred Revenue $ 1,192 $ 1,258 $ 111 |
Schedule of Property Plant and Equipment Useful Lives | Schedule of Property Plant and Equipment Useful Lives Buildings 15 40 Facility improvements 8 15 Machinery and equipment 5 10 Furniture and fixtures 5 8 |
NOTES PAYABLE TO BANKS_ (Tables
NOTES PAYABLE TO BANKS: (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Debt | Schedule of Debt Debt November 30, 2022 Notes payable $ 14,938 Less unamortized debt issuance costs 179 Net Debt 14,759 Less—Current portion 224 Total long-term debt $ 14,535 |
Schedule of maturities of long-term debt | Schedule of maturities of long-term debt 2023 2024 2025 2026 2027 Thereafter Total Frost Bank $ 224 $ 395 $ 407 $ 421 $ 436 $ 13,057 $ 14,938 |
PRODUCT WARRANTIES_ (Tables)
PRODUCT WARRANTIES: (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of product warranty activity | Schedule of product warranty activity 2022 2021 Beginning balance $ 25 $ 60 Additions for current year provision 114 56 Payments for current year (114 ) (91 ) Ending balance $ 25 $ 25 |
LEASE COMMITMENTS_ (Tables)
LEASE COMMITMENTS: (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of undiscounted future minimum lease payments | Schedule of undiscounted future minimum lease payments 2023 $ 14 Total lease payments 14 Interest - Present value of lease liabilities $ 14 |
INCOME TAXES_ (Tables)
INCOME TAXES: (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision | Schedule of income tax provision 2022 2021 Current Provision: $ 744 $ 574 Federal 700 59 State 814 633 Deferred federal tax expense (benefit) (102 ) 43 Total $ 712 $ 676 |
Schedule of effective income tax rate reconciliation | Schedule of effective income tax rate reconciliation 2022 2021 Tax at statutory rate $ 734 $ 784 State income taxes, net of federal benefit 55 46 Research and Development Tax Credit (156 ) (197 ) Permanent differences and other 79 43 Income tax provision $ 712 $ 676 |
Schedule of components of deferred tax assets and liabilities | Schedule of components of deferred tax assets and liabilities 2022 2021 Deferred tax assets (liabilities) Inventory $ 265 $ 169 Deferred revenue, sales returns and warranty 5 5 Other accrued liabilities 83 52 Depreciation (267 ) (242 ) Net deferred tax assets (liabilities) $ 86 $ (16 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Product Information [Line Items] | ||
Total Revenue | $ 27,785 | $ 27,292 |
Transferred at Point in Time [Member] | ||
Product Information [Line Items] | ||
Total Revenue | 23,678 | 23,555 |
Transferred over Time [Member] | ||
Product Information [Line Items] | ||
Total Revenue | 4,107 | 3,737 |
Microelectronics [Member] | ||
Product Information [Line Items] | ||
Total Revenue | 7,998 | 7,803 |
Optoelectronics [Member] | ||
Product Information [Line Items] | ||
Total Revenue | 7,913 | 7,124 |
Sensorsand Displays [Member] | ||
Product Information [Line Items] | ||
Total Revenue | $ 11,874 | $ 12,365 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Domestic Direct | $ 16,433 | $ 16,640 |
Domestic Distribution | 10,330 | 9,450 |
International | 1,022 | 1,202 |
Revenue | 27,785 | 27,292 |
Military [Member] | ||
Domestic Direct | 10,669 | 10,157 |
Domestic Distribution | 7,993 | 7,945 |
International | 233 | 222 |
Revenue | 18,895 | 18,324 |
Space [Member] | ||
Domestic Direct | 1,148 | 2,364 |
Domestic Distribution | 1,508 | 861 |
International | 351 | 751 |
Revenue | 3,007 | 3,976 |
Medical [Member] | ||
Domestic Direct | 3,213 | 3,621 |
Domestic Distribution | ||
International | ||
Revenue | 3,213 | 3,621 |
Commercial [Member] | ||
Domestic Direct | 1,403 | 498 |
Domestic Distribution | 829 | 644 |
International | 438 | 229 |
Revenue | $ 2,670 | $ 1,371 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 09, 2021 | Dec. 01, 2019 |
Accounting Policies [Abstract] | ||||
Receivables, net | $ 3,644 | $ 4,974 | $ 4,974 | $ 2,639 |
Contract assets | 408 | 603 | 603 | 512 |
Deferred Revenue | $ 1,192 | $ 1,258 | $ 1,258 | $ 111 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 12 Months Ended |
Nov. 30, 2022 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 15 years |
Minimum [Member] | Facility Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 8 years |
Minimum [Member] | Machinery Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 5 years |
Minimum [Member] | Furniture Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 5 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 40 years |
Maximum [Member] | Facility Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 15 years |
Maximum [Member] | Machinery Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 10 years |
Maximum [Member] | Furniture Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Furniture and fixtures | 8 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Accounting Policies [Abstract] | ||
Deferred Revenue recognized | $ 103,000 | |
Dilutive Potential Coommon Stock Instruments | 0 | 0 |
FAIR VALUE MEASUREMENT_ (Detail
FAIR VALUE MEASUREMENT: (Details Narrative) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value financial assets liabilities recurring basis | $ 0 | $ 0 |
Fair value non financial assets non recurring basis | $ 0 | $ 0 |
NOTES PAYABLE TO BANKS (Details
NOTES PAYABLE TO BANKS (Details) - USD ($) $ in Thousands | Nov. 30, 2022 | Nov. 09, 2021 |
Payables and Accruals [Abstract] | ||
Notes payable | $ 14,938 | |
Less unamortized debt issuance costs | 179 | |
Net Debt | 14,759 | |
Less—Current portion | 224 | |
Total long-term debt | $ 14,535 | $ 3,369 |
NOTES PAYABLE TO BANKS (Detai_2
NOTES PAYABLE TO BANKS (Details 1) $ in Thousands | Nov. 30, 2022 USD ($) |
Payables and Accruals [Abstract] | |
2023 | $ 224 |
2024 | 395 |
2025 | 407 |
2026 | 421 |
2027 | 436 |
Thereafter | 13,057 |
Total | $ 14,938 |
NOTES PAYABLE TO BANKS_ (Detail
NOTES PAYABLE TO BANKS: (Details Narrative) - USD ($) | Nov. 30, 2022 | Mar. 26, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Notes Payable | $ 14,938,000 | |
Revolving Loan [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 | |
Maximum Interest Rate | 3.25% | |
Construction Loan Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 16,160,000 | |
Maximum Interest Rate | 3.40% |
PRODUCT WARRANTIES (Details)
PRODUCT WARRANTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | ||
Beginning balance | $ 25 | $ 60 |
Additions for current year provision | 114 | 56 |
Payments for current year | (114) | (91) |
Ending balance | $ 25 | $ 25 |
PRODUCT WARRANTIES_ (Details Na
PRODUCT WARRANTIES: (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | ||
Product Warranty Expense | $ 114,000 | $ 185,000 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) | Nov. 30, 2022 | Feb. 27, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 14,000 | |
Total lease payments | 14,000 | |
Interest | ||
Present value of lease liabilities | $ 14,000 | $ 165,000 |
LEASE COMMITMENTS_ (Details Nar
LEASE COMMITMENTS: (Details Narrative) - USD ($) | 12 Months Ended | |||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 09, 2021 | Feb. 27, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 55,000 | $ 52,000 | ||
Operating Lease, Right-of-Use Asset | 14,000 | $ 67,000 | $ 165,000 | |
Operating lease liabilities | 14,000 | $ 165,000 | ||
Operating Lease, Expense | $ 55,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.25% |
EMPLOYEE BENEFITS_ (Details Nar
EMPLOYEE BENEFITS: (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Retirement Benefits [Abstract] | ||
Percentage Of Employee Contributions To The Plan Are Matched By The Company At The Amounts Of The Participants Salary | 6% | 6% |
Accrued Employee Benefits, Current | $ 476,000 | $ 421,000 |
Employees Become Vested In Company Contributions After Two Years | 20% | 20% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Current Provision: | $ 744 | $ 574 |
Federal | 700 | 59 |
State | 814 | 633 |
Deferred federal tax expense (benefit) | (102) | 43 |
Total | $ 712 | $ 676 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory rate | $ 734 | $ 784 |
State income taxes, net of federal benefit | 55 | 46 |
Research and Development Tax Credit | (156) | (197) |
Permanent differences and other | 79 | 43 |
Income tax provision | $ 712 | $ 676 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Nov. 30, 2022 | Nov. 30, 2021 |
Deferred tax assets (liabilities) | ||
Inventory | $ 265 | $ 169 |
Deferred revenue, sales returns and warranty | 5 | 5 |
Other accrued liabilities | 83 | 52 |
Depreciation | (267) | (242) |
Net deferred tax assets (liabilities) | $ 86 | $ (16) |
SIGNIFICANT CUSTOMER INFORMAT_2
SIGNIFICANT CUSTOMER INFORMATION (Details Narrative) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Product Information [Line Items] | ||
Sale To Government | 77% | 67% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | First Customer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 18% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 10% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20% |
SHAREHOLDERS_ EQUITY_ (Details
SHAREHOLDERS’ EQUITY: (Details Narrative) - $ / shares | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Equity [Abstract] | ||
Dividends Payable, Date Declared | Dec. 07, 2021 | Dec. 08, 2020 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 |
Dividends Payable, Date of Record | Jan. 11, 2022 | Jan. 06, 2021 |
Dividends Payable, Date to be Paid | Feb. 10, 2022 | Feb. 12, 2021 |
EMPLOYEE RETENTION CREDIT UND_2
EMPLOYEE RETENTION CREDIT UNDER THE CARES ACT (Details Narrative) | 3 Months Ended |
Feb. 28, 2021 USD ($) | |
Employee Retention Credit Under Cares Act | |
Employee retention credits | $ 920,000 |
SUBSEQUENT EVENTS_ (Details Nar
SUBSEQUENT EVENTS: (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 07, 2022 | Nov. 30, 2022 | Nov. 30, 2021 | |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Dec. 07, 2021 | Dec. 08, 2020 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | |
Dividends Payable, Date of Record | Jan. 11, 2022 | Jan. 06, 2021 | |
Dividends Payable, Date to be Paid | Feb. 10, 2022 | Feb. 12, 2021 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Dec. 07, 2022 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | ||
Dividends Payable, Date of Record | Jan. 11, 2023 | ||
Dividends Payable, Date to be Paid | Feb. 10, 2023 |