Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 02, 2019 | Jan. 31, 2020 | May 03, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 2, 2019 | ||
Entity Registrant Name | NOBILITY HOMES INC | ||
Entity Central Index Key | 0000072205 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NOBH | ||
Current Fiscal Year End Date | --11-02 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 3,649,670 | ||
Entity Public Float | $ 15.6 | ||
Entity File Number | 000-06506 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 3741 S.W. 7th Street | ||
Entity Address, City or Town | Ocala | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 34474 | ||
City Area Code | 352 | ||
Local Phone Number | 732-5157 | ||
Title of 12(b) Security | Common Stock | ||
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 22,533,965 | $ 28,364,861 |
Certificates of deposit | 10,153,575 | 6,034,093 |
Short-term investments | 521,283 | 537,767 |
Accounts receivable—trade | 1,351,838 | 1,783,073 |
Note receivable | 83,231 | 46,444 |
Mortgage notes receivable | 17,896 | 15,664 |
Inventories | 10,616,778 | 7,270,550 |
Pre-owned homes, net | 331,103 | 933,640 |
Prepaid expenses and other current assets | 1,217,762 | 1,090,152 |
Total current assets | 46,827,431 | 46,076,244 |
Property, plant and equipment, net | 5,005,644 | 4,763,566 |
Pre-owned homes, net | 808,128 | 473,191 |
Note receivable, less current portion | 43,769 | 46,265 |
Mortgage notes receivable, less current portion | 232,148 | 236,402 |
Other investments | 1,649,273 | 1,571,166 |
Property held for sale | 213,437 | |
Deferred income taxes | 80,405 | 40,156 |
Cash surrender value of life insurance | 3,617,974 | 3,437,974 |
Other assets | 156,287 | 156,287 |
Total assets | 58,421,059 | 57,014,688 |
Current liabilities: | ||
Accounts payable | 1,111,216 | 1,085,095 |
Accrued compensation | 748,626 | 869,657 |
Accrued expenses and other current liabilities | 2,055,952 | 1,349,381 |
Income taxes payable | 2,016,132 | 579,786 |
Customer deposits | 3,022,818 | 4,064,268 |
Total current liabilities | 8,954,744 | 7,948,187 |
Total liabilities | 8,954,744 | 7,948,187 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 500,000 shares authorized; none issued and outstanding | ||
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued 3,664,070 and 3,873,731 outstanding, respectively | 536,491 | 536,491 |
Additional paid in capital | 10,687,662 | 10,670,848 |
Retained earnings | 55,298,750 | 50,352,546 |
Accumulated other comprehensive income | 389,164 | 390,407 |
Less treasury stock at cost, 1,700,837 shares in 2019 and 1,491,176 shares in 2018 | (17,445,752) | (12,883,791) |
Total stockholders' equity | 49,466,315 | 49,066,501 |
Total liabilities and stockholders' equity | $ 58,421,059 | $ 57,014,688 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 02, 2019 | Nov. 03, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,364,907 | 5,364,907 |
Common Stock, shares outstanding | 3,664,070 | 3,873,731 |
Treasury stock, shares | 1,700,837 | 1,491,176 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 46,347,931 | $ 41,878,186 |
Cost of goods sold | (32,694,931) | (31,198,159) |
Gross profit | 13,653,000 | 10,680,027 |
Selling, general and administrative expenses | (5,352,319) | (4,957,201) |
Operating income | 8,300,681 | 5,722,826 |
Other income: | ||
Interest income | 556,142 | 362,121 |
Undistributed earnings in joint venture—Majestic 21 | 78,107 | 100,137 |
Proceeds received under escrow arrangement | 379,104 | 172,911 |
Gain on sale of investment in retirement community | 1,510,000 | |
Gain on sale of assets | 880,129 | 203,512 |
Miscellaneous | 75,366 | 43,955 |
Total other income | 3,478,848 | 882,636 |
Income before provision for income taxes | 11,779,529 | 6,605,462 |
Income tax expense | (2,969,109) | (1,641,830) |
Net income | 8,810,420 | 4,963,632 |
Other comprehensive loss | ||
Unrealized investment loss,net of tax effect | (1,243) | (21,826) |
Comprehensive income | $ 8,809,177 | $ 4,941,806 |
Weighted average number of shares outstanding: | ||
Basic | 3,803,400 | 3,912,188 |
Diluted | 3,804,673 | 3,914,312 |
Net income per share: | ||
Basic | $ 2.32 | $ 1.27 |
Diluted | $ 2.32 | $ 1.27 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Balance at Nov. 04, 2017 | $ 47,414,297 | $ 536,491 | $ 10,669,231 | $ 46,167,528 | $ 412,233 | $ (10,371,186) |
Balance, shares at Nov. 04, 2017 | 3,997,569 | |||||
Cash dividend | (778,614) | (778,614) | ||||
Purchase of treasury stock | $ (2,512,605) | (2,512,605) | ||||
Purchase of treasury stock, shares | (123,838) | (123,838) | ||||
Stock-based compensation | $ 1,617 | 1,617 | ||||
Unrealized investment loss, net of tax effect | $ (21,826) | (21,826) | ||||
Exercise of employee stock options, shares | 0 | |||||
Net income | $ 4,963,632 | 4,963,632 | ||||
Balance at Nov. 03, 2018 | 49,066,501 | $ 536,491 | 10,670,848 | 50,352,546 | 390,407 | (12,883,791) |
Balance, shares at Nov. 03, 2018 | 3,873,731 | |||||
Cash dividend | (3,864,216) | (3,864,216) | ||||
Purchase of treasury stock | $ (4,585,861) | (4,585,861) | ||||
Purchase of treasury stock, shares | (212,396) | (212,396) | ||||
Stock-based compensation | $ 21,004 | 16,814 | 4,190 | |||
Stock-based compensation, shares | 485 | |||||
Unrealized investment loss, net of tax effect | (1,243) | (1,243) | ||||
Exercise of employee stock options | $ 19,710 | 19,710 | ||||
Exercise of employee stock options, shares | 2,250 | 2,250 | ||||
Net income | $ 8,810,420 | 8,810,420 | ||||
Balance at Nov. 02, 2019 | $ 49,466,315 | $ 536,491 | $ 10,687,662 | $ 55,298,750 | $ 389,164 | $ (17,445,752) |
Balance, shares at Nov. 02, 2019 | 3,664,070 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 8,810,420 | $ 4,963,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 163,077 | 148,204 |
Deferred income taxes | (25,008) | (437,540) |
Undistributed earnings in joint venture—Majestic 21 | (78,107) | (100,137) |
Gain on sale of investment in retirement community | (1,510,000) | |
Gain on property held for sale | (880,129) | (203,512) |
Gain on disposal of property, plant and equipment | (15,242) | |
Inventory impairment | 105,000 | |
Stock-based compensation | 21,004 | 1,617 |
Decrease (increase) in: | ||
Accounts receivable - trade | 431,235 | 1,151,227 |
Inventories | (3,346,228) | 235,131 |
Pre-owned homes | 267,600 | 445,390 |
Prepaid expenses and other current assets | (127,610) | (269,928) |
Interest receivable | (73,517) | (34,093) |
(Decrease) increase in: | ||
Accounts payable | 26,121 | 235,313 |
Accrued compensation | (121,031) | 244,668 |
Accrued expenses and other current liabilities | 706,572 | 221,984 |
Income taxes payable | 1,436,346 | 319,370 |
Customer deposits | (1,041,450) | 1,267,441 |
Net cash provided by operating activities | 4,659,295 | 8,293,767 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (447,413) | (606,999) |
Purchase of certificates of deposit | (4,080,058) | (6,000,000) |
Proceeds from property held for resale | 1,078,324 | 589,530 |
Proceeds from sale of investment in retirement community | 1,510,000 | |
Collections on note receivable | 1,530,000 | |
Collections on interest receivable | 34,093 | 101,301 |
Collections on mortgage notes receivable | 2,022 | 1,726 |
Collections on equipment and other notes receivable | 62,977 | 36,828 |
Issuance of equipment and other notes receivable | (39,768) | (25,451) |
Increase in cash surrender value of life insurance | (180,001) | (175,126) |
Net cash used in investing activities | (2,059,824) | (4,548,191) |
Cash flows from financing activities: | ||
Payment of cash dividend | (3,864,216) | (778,614) |
Proceeds from exercise of employee stock options | 19,710 | |
Purchase of treasury stock | (4,585,861) | (2,512,605) |
Net cash used in financing activities | (8,430,367) | (3,291,219) |
(Decrease) increase in cash and cash equivalents | (5,830,896) | 454,357 |
Cash and cash equivalents at beginning of year | 28,364,861 | 27,910,504 |
Cash and cash equivalents at end of year | 22,533,965 | 28,364,861 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | $ 1,550,000 | $ 1,760,000 |
Reporting Entity and Significan
Reporting Entity and Significant Accounting Policies | 12 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reporting Entity and Significant Accounting Policies | NOTE 1 Reporting Entity and Significant Accounting Policies Description of Business and Principles of Consolidation – All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Use of Estimates – pre-owned Fiscal Year – fifty-two Reclassification - Revenue Recognition – • Its receipt of a down payment, • Construction of the home is complete, • Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer, • Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and • Completion of any other significant obligations. The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at November 2, 2019 or November 3, 2018. Sales of homes to affiliated entities that are subject to contingent payment terms are considered inventory consignment arrangements. Revenue from such arrangements is recognized when the homes are sold to the end users and payment is collected by the affiliated entity. See Note 4 “Related Party Transactions”. Revenues by Products and Services pre-owned 2019 2018 Manufactured housing $ 45,583,022 $ 40,708,950 Pre-owned 492,543 895,489 Insurance agent commissions 272,366 273,747 Total net sales $ 46,347,931 $ 41,878,186 Cash and Cash Equivalents – Certificates of Deposit Accounts Receivable – Accounts receivable fluctuate due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. Investments – “available-for-sale” available-for-sale The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. Consigned inventory was $1,540,949 and $1,140,982 as of November 2, 2019 and November 3, 2018, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out See Note 6 “Inventories”. Property, Plant and Equipment – Investment in Majestic 21 – st st The Company entered into an arrangement in 2002 with 21 st pre-owned st See Note 15 “Commitments and Contingent Liabilities”. Other Investments - to certain related parties and existing owners, including the Company’s Executive Vice President, who purchased the majority of the 31.3% interest. The transaction value was based on a 3rd party appraisal, and the Company received $1,510,000 in cash. The Company’s investment historically was accounted for under the equity method, which was suspended when the carrying amount was reduced to $nil due to continued losses. See Note 4 “Related Party Transactions”. Impairment of Long-Lived Assets – Customer Deposits – Company Owned Life Insurance Warranty Costs – 2019 2018 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (413,734 ) (392,479 ) Plus: additions to accrual 413,734 392,479 Ending accrued warranty expense $ 125,000 $ 125,000 The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. Accrued warranty costs are included in accrued expenses in the accompanying consolidated balance sheets. Accrued Home Setup Costs hook-ups, Stock-Based Compensation – Rebate Program – Advertising – Income Taxes – Net Income per Share – Shipping and Handling Costs – Comprehensive Income – available-for-sale Segments – Major Customers – 51 48 Concentration of Credit Risk – Concentration of Retail Financing Sources – Recently Issued or Adopted Accounting Pronouncements – No. 2015-17 2015-17). 2015-17 2015-17 In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use 2016-02 right-of-use In January 2016, the FASB issued ASU No. 2016-01, In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, 2014-09), The core principal of ASU 2014-09 1. Identify the contract(s) with a customer; 2. Identify each performance obligation in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to each performance obligation; and 5. Recognize revenue when or as each performance obligation is satisfied. The Company’s revenue comes substantially from the sale of manufactured housing, modular housing and park models, along with freight billed to customers, parts sold and aftermarket services. The impact of Company's initial 2014-09 did not have a material impact on its consolidated fina nc ial statements and . |
Investments
Investments | 12 Months Ended |
Nov. 02, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 2 Investments The following is a summary of short-term investments (available for sale): November 2, 2019 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283 November 3, 2018 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 369,837 $ — $ 537,767 The fair values were estimated based on unadjusted quoted prices at each respective period end. |
Fair Values of Financial Invest
Fair Values of Financial Investments | 12 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Investments | NOTE 3 Fair Values of Financial Investments The carrying amount of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820, “Fair Value Measurements” (ASC 820). ASC 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC 820 fair value hierarchy is defined as follows: • Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The following table represents the Company’s financial assets and liabilities which are carried at fair value at November 2 2019 3 2018 November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ — November 3, 2018 Level 1 Level 2 Level 3 Equity securities in a public company $ 537,767 $ — $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Nov. 02, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 Related Party Transactions Affiliated Entities TLT, Inc. – Walden Woods South Repurchase of Common Stock |
Other Investments
Other Investments | 12 Months Ended |
Nov. 02, 2019 | |
Text Block [Abstract] | |
Other Investments | NOTE 5 Other Investments Investment in Joint Venture – Majestic 21 – While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and the Company’s maximum exposure is limited to its investment in Majestic 21, management has concluded that the Company would not absorb a majority of Majestic 21’s expected losses nor receive a majority of Majestic 21’s expected residual returns; therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with ASC 810. See Note 15 “Commitments and Contingent Liabilities”. We received no distributions from the joint venture in fiscal year 2019 or 2018. With regard to our investment in Majestic 21, there are no differences between our investment balance and the amount of underlying equity in net assets owned by Majestic 21. Investment in Retirement Community Limited Partnerships – to certain related parties and existing owners, including the Company’s Executive Vice President, who purchased the majority of the 31.3% interest. The transaction value was based on a 3rd party appraisal, and the Company received $1,510,000 in cash. The Company’s investment historically was accounted for under the equity method, which was suspended when the carrying amount was reduced to $nil due to continued losses. |
Inventories
Inventories | 12 Months Ended |
Nov. 02, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6 Inventories The Company acquired a significant amount of repossessed pre-owned pre-owned Pre-owned trade-ins (Trade-Ins). A breakdown of the elements of inventory at November 2, 2019 and November 3, 2018 is as follows: November 2, 2019 November 3, 2018 Raw materials $ 941,206 $ 904,399 Work-in-process 125,371 113,220 Inventory consigned to affiliated entities 1,540,949 1,140,982 Finished homes 7,888,879 4,998,004 Model home furniture 120,372 113,946 Inventories $ 10,616,778 $ 7,270,550 Pre-owned $ 1,311,626 $ 1,956,265 Inventory impairment reserve ** (172,395 ) (549,434 ) 1,139,231 1,406,831 Less homes expected to sell in 12 months (331,103 ) (933,640 ) Pre-owned $ 808,128 $ 473,191 * The following table summarizes a breakdown of pre-owned Buy Back Repossessions Trade-Ins Total Balance at November 4, 2017 1,412,902 1,263,927 60,117 2,736,946 Additions — 498,831 95,428 594,259 Sales (697,154 ) (607,115 ) (70,671 ) (1,374,940 ) Balance at November 3, 2018 715,748 1,155,643 84,874 1,956,265 Additions — 253,600 18,860 272,460 Sales (573,353 ) (316,496 ) (27,250 ) (917,099 ) Balance at November 2, 2019 $ 142,395 $ 1,092,747 $ 76,484 $ 1,311,626 ** An analysis of the pre-owned November 2, 2019 November 3, 2018 Balance at beginning of year $ 549,434 $ 779,725 Less: Reductions for homes sold (207,180 ) (253,314 ) Inventory holding costs (36,232 ) (81,977 ) Additions (reduction) to impairment reserve (133,627 ) 105,000 Balance at end of year $ 172,395 $ 549,434 |
Property Held for Sale
Property Held for Sale | 12 Months Ended |
Nov. 02, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Held for Sale | NOTE 7 Property Held for Sale On June 28, 2019 the Company sold its former Pace retail sales center property located in Pace, Florida for total net proceeds of $1,078,325 and was included on the balance sheet in property held for sale (non-current In April 2018, Nobility sold its Belleview facility that had been vacant since June 2015 for $635,000. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Nov. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 8 Property, Plant and Equipment Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows: Range of Lives in Years November 2, 2019 November 3, 2018 Land — $ 3,092,463 $ 3,092,463 Land improvements 10-20 908,439 743,956 Buildings and improvements 15-40 2,461,040 2,449,095 Machinery and equipment 3-10 932,040 904,312 Furniture and fixtures 3-10 294,113 277,386 Construc t in progress — 181,765 — 7,869,860 7,479,947 Less accumulated depreciation (2,864,216 ) (2,716,381 ) $ 5,005,644 $ 4,763,566 Depreciation expense during the years ended November 2, 2019 and November 3, 2018 totaled $163,097 and $148,204, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Nov. 02, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | NOTE 9 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following: November 2, 2019 November 3, 2018 Accrued warranty expense $ 125,000 $ 125,000 Accrued property and sales taxes 398,877 450,742 Other accrued expenses 1,532,090 773,639 Total accrued expenses and other current liabilities $ 2,055,967 $ 1,349,381 |
Proceeds Received Under Escrow
Proceeds Received Under Escrow Arrangement | 12 Months Ended |
Nov. 02, 2019 | |
Text Block [Abstract] | |
Proceeds Received Under Escrow Arrangement | NOTE 10 Proceeds Received Under Escrow Arrangement The Company received $379,104 in fiscal year 2019 and $172,911 in fiscal year 2018 under an escrow arrangement related to a Finance Revenue Sharing Agreement between 21 st st |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 Income Taxes The Company computes income tax expense using the liability method. Under this method, deferred income taxes are provided, to the extent considered realizable by management, for basis differences of assets and liabilities for financial reporting and income tax purposes. The Company follows guidance issued by the FASB with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” “more-likely-than-not” The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Florida. The Company’s income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not reflect any amounts for interest and penalties in its 2019 or 2018 statements of operations, nor are any amounts accrued for interest and penalties at November 2, 2019 and November 3, 2018. The provision for income taxes for the years ended consists of the following: November 2, 2019 November 3, 2018 Current tax expense: Federal $ 2,338,619 $ 1,681,641 State 655,498 403,874 2,085,515 Deferred tax (benefit) (25,007 ) (443,685 ) Provision for income taxes $ 2,969,109 $ 1,641,830 The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended: November 2, 2019 November 3, 2018 Provision—federal statutory tax rate $ 2,473,701 $ 1,541,697 Increase (decrease) resulting from: State taxes, net of federal tax benefit 511,821 278,507 Permanent differences: Stock option expirations 160 (178 ) Decrease in federal tax rate — (171,248 ) Other comprehensive income (3,462 ) 86,882 Other (13,112 ) (93,830 ) Income tax expense $ 2,969,109 $ 1,641,830 The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows: November 2, 2019 November 3, 2018 Deferred tax assets: Allowance for doubtful accounts $ 58,773 $ 58,773 Inventories 48,360 158,598 Accrued expenses 158,171 144,814 Other Assets 55,903 — Stock-based compensation 2,072 1,312 Total deferred tax assets 323,279 363,497 Deferred tax liabilities: Depreciation (78,553 ) (39,490 ) Carrying value of investments (90,168 ) (221,600 ) Amortization (39,611 ) (39,611 ) Prepaid expenses (34,542 ) (22,640 ) Net deferred tax assets (liabilities) $ 80,405 $ 40,156 These amounts are included in the accompanying consolidated balance sheets under the following captions: November 2, 2019 November 3, 2018 Current assets (liabilities): Deferred tax assets $ — $ — Deferred tax liabilities — — Net current deferred tax assets — — Non-current Deferred tax assets 323,279 363,498 Deferred tax liabilities (242,874 ) (323,342 ) Net non-current 80,405 40,156 Net deferred tax assets (liabilities) $ 80,405 $ 40,156 In assessing the ability to realize a portion of the 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. For fiscal years 2019 and 2018, the Company determined that a valuation reserve for the Company’s deferred tax assets was not considered necessary as the deferred tax assets were fully realizable. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (H.R. 1) (the “Act”). The Act includes a number of changes in existing tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 34% to 21%. The rate reduction took effect on January 1, 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Nov. 02, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 Stockholders’ Equity Authorized preferred stock may be issued in series with rights and preferences designated by the Board of Directors at the time it authorizes the issuance of such stock. The Company has never issued any preferred stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the accompanying consolidated financial statements. The Company repurchased 212,396 and 123,838 shares of its common stock during fiscal years 2019 and 2018, respectively. |
Stock Option Plan
Stock Option Plan | 12 Months Ended |
Nov. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan | NOTE 13 Stock Option Plan In June 2011, the Company’s Board of Directors adopted and the Company’s shareholders later approved, the Nobility Homes, Inc. 2011 Stock Incentive Plan (the “Plan”), providing for the issuance of options to purchase shares of common stock, stock appreciation rights and other stock-based awards to employees and non-employee The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. During fiscal years 2019 and 2018, the Company recognized compensation cost related to the vesting of stock options of approximately $21,000 and $1,600 respectively. A summary of information with respect to options granted is as follows: Number of Stock Option Price Weighted Aggregate Outstanding at November 4, 2017 5,000 $ 12.10 $ 12.10 Granted — — — Exercised — — — Canceled — — — Outstanding at November 3, 2018 5,000 $ 12.10 $ 12.10 Granted — — — Exercised 2,250 12.10 12.10 Canceled — — — Outstanding at November 2, 2019 2,750 $ 12.10 $ 12.10 $ 34,788 The aggregate intrinsic value in the table above represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of fiscal year 2019 and the exercise price times the number of shares, that would have been received by the option holder had the option holder exercised their options on November 2, 2019. The following table summarizes information about the outstanding stock options at November 2, 2019: Options Outstanding Options Exercisable Exercise Price Shares Weighted Weighted Number Weighted Average $12.10 2,750 2 $ 12.10 2,750 $ 12.10 2,750 2 $ 12.10 2,750 $ 12.10 The fair value of each option is determined using the Black-Scholes option-pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, expected dividend payments, and the risk-free interest rate over the expected life of the option. The dividend yield was calculated by dividing the current annualized dividend by the option exercise price for each grant. The expected volatility was determined considering the Company’s historical stock prices for the fiscal year the grant occurred and prior fiscal years for a period equal to the expected life of the option. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term equal to the expected life of the option. The expected life of the option was estimated based on the exercise history from previous grants. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Nov. 02, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | NOTE 14 Employee Benefit Plan The Company has a defined contribution retirement plan (the “Plan”) qualifying under Section 401(k) of the Internal Revenue Code. The Plan covers employees who have met certain service requirements. The Company makes a discretionary matching contribution, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations amounted to approximately $170,000 and $88,000 in fiscal years 2019 and 2018, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Nov. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 15 Commitments and Contingent Liabilities Operating Leases – 9 8 Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable 2020 49,944 2021 3,000 Total minimum payments required $ 52,944 Majestic 21 Other Contingent Liabilities – The Company does not maintain casualty insurance on some of its property, including the inventory at our retail centers, our plant machinery and plant equipment and is at risk for those types of losses. |
Reporting Entity and Signific_2
Reporting Entity and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Principles of Consolidation | Description of Business and Principles of Consolidation – All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). |
Use of Estimates | Use of Estimates – pre-owned |
Fiscal Year | Fiscal Year – fifty-two |
Reclassification | Reclassification - |
Revenue Recognition | Revenue Recognition – • Its receipt of a down payment, • Construction of the home is complete, • Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer, • Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and • Completion of any other significant obligations. The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at November 2, 2019 or November 3, 2018. Sales of homes to affiliated entities that are subject to contingent payment terms are considered inventory consignment arrangements. Revenue from such arrangements is recognized when the homes are sold to the end users and payment is collected by the affiliated entity. See Note 4 “Related Party Transactions”. |
Revenues by Products and Services | Revenues by Products and Services pre-owned 2019 2018 Manufactured housing $ 45,583,022 $ 40,708,950 Pre-owned 492,543 895,489 Insurance agent commissions 272,366 273,747 Total net sales $ 46,347,931 $ 41,878,186 |
Cash and Cash Equivalents | Cash and Cash Equivalents – |
Certificates of Deposit | Certificates of Deposit |
Accounts Receivable | Accounts Receivable – Accounts receivable fluctuate due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. |
Investments | Investments – “available-for-sale” available-for-sale The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. |
Inventories | Inventories – The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. Consigned inventory was $1,540,949 and $1,140,982 as of November 2, 2019 and November 3, 2018, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out See Note 6 “Inventories”. |
Property, Plant and Equipment | Property, Plant and Equipment – |
Investment in Majestic 21 | Investment in Majestic 21 – st st The Company entered into an arrangement in 2002 with 21 st pre-owned st See Note 15 “Commitments and Contingent Liabilities”. |
Other Investments | Other Investments - to certain related parties and existing owners, including the Company’s Executive Vice President, who purchased the majority of the 31.3% interest. The transaction value was based on a 3rd party appraisal, and the Company received $1,510,000 in cash. The Company’s investment historically was accounted for under the equity method, which was suspended when the carrying amount was reduced to $nil due to continued losses. See Note 4 “Related Party Transactions”. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets – |
Customer Deposits | Customer Deposits – |
Company Owned Life Insurance | Company Owned Life Insurance |
Warranty Costs | Warranty Costs – 2019 2018 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (413,734 ) (392,479 ) Plus: additions to accrual 413,734 392,479 Ending accrued warranty expense $ 125,000 $ 125,000 The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. Accrued warranty costs are included in accrued expenses in the accompanying consolidated balance sheets. |
Accrued Home Setup Costs | Accrued Home Setup Costs hook-ups, |
Stock-Based Compensation | Stock-Based Compensation – |
Rebate Program | Rebate Program – |
Advertising | Advertising – |
Income Taxes | Income Taxes – |
Net Income per Share | Net Income per Share – |
Shipping and Handling Costs | Shipping and Handling Costs – |
Comprehensive Income | Comprehensive Income – available-for-sale |
Segments | Segments – |
Major Customers | Major Customers – 51 48 |
Concentration of Credit Risk | Concentration of Credit Risk – |
Concentration of Retail Financing Sources | Concentration of Retail Financing Sources – |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements – No. 2015-17 2015-17). 2015-17 2015-17 In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use 2016-02 right-of-use In January 2016, the FASB issued ASU No. 2016-01, In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, 2014-09), The core principal of ASU 2014-09 1. Identify the contract(s) with a customer; 2. Identify each performance obligation in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to each performance obligation; and 5. Recognize revenue when or as each performance obligation is satisfied. The Company’s revenue comes substantially from the sale of manufactured housing, modular housing and park models, along with freight billed to customers, parts sold and aftermarket services. The impact of Company's initial 2014-09 did not have a material impact on its consolidated fina nc ial statements and . |
Reporting Entity and Signific_3
Reporting Entity and Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues by Products and Services | Revenues by Products and Services pre-owned 2019 2018 Manufactured housing $ 45,583,022 $ 40,708,950 Pre-owned 492,543 895,489 Insurance agent commissions 272,366 273,747 Total net sales $ 46,347,931 $ 41,878,186 |
Summary of Amounts Related to Limited Warranty | Amounts related to these warranties for fiscal years 2019 and 2018 are as follows: 2019 2018 Beginning accrued warranty expense $ 125,000 $ 125,000 Less: reduction for payments (413,734 ) (392,479 ) Plus: additions to accrual 413,734 392,479 Ending accrued warranty expense $ 125,000 $ 125,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments | The following is a summary of short-term investments (available for sale): November 2, 2019 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283 November 3, 2018 Amortized Cost Gross Gross Estimated Fair Equity securities in a public company $ 167,930 $ 369,837 $ — $ 537,767 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | The following table represents the Company’s financial assets and liabilities which are carried at fair value at November 2 2019 3 2018 November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ — November 3, 2018 Level 1 Level 2 Level 3 Equity securities in a public company $ 537,767 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | A breakdown of the elements of inventory at November 2, 2019 and November 3, 2018 is as follows: November 2, 2019 November 3, 2018 Raw materials $ 941,206 $ 904,399 Work-in-process 125,371 113,220 Inventory consigned to affiliated entities 1,540,949 1,140,982 Finished homes 7,888,879 4,998,004 Model home furniture 120,372 113,946 Inventories $ 10,616,778 $ 7,270,550 Pre-owned $ 1,311,626 $ 1,956,265 Inventory impairment reserve ** (172,395 ) (549,434 ) 1,139,231 1,406,831 Less homes expected to sell in 12 months (331,103 ) (933,640 ) Pre-owned $ 808,128 $ 473,191 * The following table summarizes a breakdown of pre-owned Buy Back Repossessions Trade-Ins Total Balance at November 4, 2017 1,412,902 1,263,927 60,117 2,736,946 Additions — 498,831 95,428 594,259 Sales (697,154 ) (607,115 ) (70,671 ) (1,374,940 ) Balance at November 3, 2018 715,748 1,155,643 84,874 1,956,265 Additions — 253,600 18,860 272,460 Sales (573,353 ) (316,496 ) (27,250 ) (917,099 ) Balance at November 2, 2019 $ 142,395 $ 1,092,747 $ 76,484 $ 1,311,626 ** An analysis of the pre-owned November 2, 2019 November 3, 2018 Balance at beginning of year $ 549,434 $ 779,725 Less: Reductions for homes sold (207,180 ) (253,314 ) Inventory holding costs (36,232 ) (81,977 ) Additions (reduction) to impairment reserve (133,627 ) 105,000 Balance at end of year $ 172,395 $ 549,434 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation | Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows: Range of Lives in Years November 2, 2019 November 3, 2018 Land — $ 3,092,463 $ 3,092,463 Land improvements 10-20 908,439 743,956 Buildings and improvements 15-40 2,461,040 2,449,095 Machinery and equipment 3-10 932,040 904,312 Furniture and fixtures 3-10 294,113 277,386 Construc t in progress — 181,765 — 7,869,860 7,479,947 Less accumulated depreciation (2,864,216 ) (2,716,381 ) $ 5,005,644 $ 4,763,566 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are comprised of the following: November 2, 2019 November 3, 2018 Accrued warranty expense $ 125,000 $ 125,000 Accrued property and sales taxes 398,877 450,742 Other accrued expenses 1,532,090 773,639 Total accrued expenses and other current liabilities $ 2,055,967 $ 1,349,381 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes | The provision for income taxes for the years ended consists of the following: November 2, 2019 November 3, 2018 Current tax expense: Federal $ 2,338,619 $ 1,681,641 State 655,498 403,874 2,085,515 Deferred tax (benefit) (25,007 ) (443,685 ) Provision for income taxes $ 2,969,109 $ 1,641,830 |
Reconciliation Between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes | The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended: November 2, 2019 November 3, 2018 Provision—federal statutory tax rate $ 2,473,701 $ 1,541,697 Increase (decrease) resulting from: State taxes, net of federal tax benefit 511,821 278,507 Permanent differences: Stock option expirations 160 (178 ) Decrease in federal tax rate — (171,248 ) Other comprehensive income (3,462 ) 86,882 Other (13,112 ) (93,830 ) Income tax expense $ 2,969,109 $ 1,641,830 |
Deferred Tax Assets and Deferred Tax Liabilities | The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows: November 2, 2019 November 3, 2018 Deferred tax assets: Allowance for doubtful accounts $ 58,773 $ 58,773 Inventories 48,360 158,598 Accrued expenses 158,171 144,814 Other Assets 55,903 — Stock-based compensation 2,072 1,312 Total deferred tax assets 323,279 363,497 Deferred tax liabilities: Depreciation (78,553 ) (39,490 ) Carrying value of investments (90,168 ) (221,600 ) Amortization (39,611 ) (39,611 ) Prepaid expenses (34,542 ) (22,640 ) Net deferred tax assets (liabilities) $ 80,405 $ 40,156 |
Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet | These amounts are included in the accompanying consolidated balance sheets under the following captions: November 2, 2019 November 3, 2018 Current assets (liabilities): Deferred tax assets $ — $ — Deferred tax liabilities — — Net current deferred tax assets — — Non-current Deferred tax assets 323,279 363,498 Deferred tax liabilities (242,874 ) (323,342 ) Net non-current 80,405 40,156 Net deferred tax assets (liabilities) $ 80,405 $ 40,156 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Options Granted | A summary of information with respect to options granted is as follows: Number of Stock Option Price Weighted Aggregate Outstanding at November 4, 2017 5,000 $ 12.10 $ 12.10 Granted — — — Exercised — — — Canceled — — — Outstanding at November 3, 2018 5,000 $ 12.10 $ 12.10 Granted — — — Exercised 2,250 12.10 12.10 Canceled — — — Outstanding at November 2, 2019 2,750 $ 12.10 $ 12.10 $ 34,788 |
Outstanding Stock Options | The following table summarizes information about the outstanding stock options at November 2, 2019: Options Outstanding Options Exercisable Exercise Price Shares Weighted Weighted Number Weighted Average $12.10 2,750 2 $ 12.10 2,750 $ 12.10 2,750 2 $ 12.10 2,750 $ 12.10 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Nov. 02, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments by Year | Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable 2020 49,944 2021 3,000 Total minimum payments required $ 52,944 |
Reporting Entity and Signific_4
Reporting Entity and Significant Accounting Policies - Additional Information (Detail) | Oct. 30, 2019USD ($) | Nov. 02, 2019USD ($)RetailerPlantSegment | Nov. 03, 2018USD ($) |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Number of retail centers | Retailer | 10 | ||
Down payment by retail customers | $ 500 | ||
Percentage of retail contract price | 35.00% | ||
Percentage of retail contract price withhold by company | 20.00% | ||
Warranty period of homes | 12 months | ||
Rebate liability | $ 0 | $ 0 | |
Advertising expense | $ 140,520 | 169,000 | |
Number of Segment | Segment | 1 | ||
Sales from major customers | $ 46,347,931 | 41,878,186 | |
Inventory consigned to affiliated entities | $ 1,540,949 | $ 1,140,982 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of sales from major customers | 51.00% | 48.00% | |
Accounts receivable due from customers | $ 685,671 | $ 864,410 | |
Other Real Estate Investment Trust [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Sales from major customers | $ 2,629,605 | $ 4,026,060 | |
Percentage of sales from major customers | 6.00% | 10.00% | |
Real Estate Investment Trust [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Sales from major customers | $ 1,308,500 | $ 2,097,200 | |
Percentage of sales from major customers | 2.00% | 5.00% | |
Majestic 21 [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Variable Interest Entity | 50.00% | ||
Impairment charges related to Investment in Majestic 21 | $ 0 | $ 0 | |
Percentage of ownership interest | 50.00% | ||
Walden Woods South LLC [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 31.30% | ||
Proceeds from sale of equity investments | $ 1,510,000 | ||
Equity Method Investments | $ 0 | ||
Ocala Fl [Member] | |||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Number of manufacturing plants | Plant | 1 |
Reporting Entity and Signific_5
Reporting Entity and Significant Accounting Policies - Revenues by Products and Services (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Sales Information [Line Items] | ||
Total net sales | $ 46,347,931 | $ 41,878,186 |
Manufactured Housing [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 45,583,022 | 40,708,950 |
Pre-Owned Homes [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 492,543 | 895,489 |
Insurance Agent Commissions [Member] | ||
Sales Information [Line Items] | ||
Total net sales | $ 272,366 | $ 273,747 |
Reporting Entity and Signific_6
Reporting Entity and Significant Accounting Policies - Summary of Amounts Related to Limited Warranty (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Accounting Policies [Abstract] | ||
Beginning accrued warranty expense | $ 125,000 | $ 125,000 |
Less: reduction for payments | (413,734) | (392,479) |
Plus: additions to accrual | 413,734 | 392,479 |
Ending accrued warranty expense | $ 125,000 | $ 125,000 |
Investments - Summary of Short-
Investments - Summary of Short-term Investments (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 353,353 | 369,837 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 521,283 | $ 537,767 |
Fair Values of Financial Inve_2
Fair Values of Financial Investments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 521,283 | $ 537,767 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 521,283 | $ 537,767 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Nov. 02, 2019 | Nov. 03, 2018 | Oct. 30, 2019 | Oct. 29, 2019 | |
Related Party Transaction [Line Items] | |||||
Repurchased shares of common stock | 212,396 | 123,838 | |||
TLT Incorporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 50.00% | ||||
Walden Woods South LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 31.30% | ||||
President [Member] | |||||
Related Party Transaction [Line Items] | |||||
Repurchased shares of common stock | 100,000 | ||||
Purchase price of common stock | $ 21.95 | ||||
President [Member] | TLT Incorporation [Member] | Minimum Range [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 24.75% | ||||
President [Member] | TLT Incorporation [Member] | Maximum Range [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 49.50% | ||||
President [Member] | Walden Woods South LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 59.43% | 59.43% | |||
Executive Vice President [Member] | TLT Incorporation [Member] | Minimum Range [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 49.50% | ||||
Executive Vice President [Member] | TLT Incorporation [Member] | Maximum Range [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 57.75% | ||||
Executive Vice President [Member] | Walden Woods South LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 23.04% |
Other Investments - Additional
Other Investments - Additional Information (Detail) - USD ($) | Oct. 30, 2019 | Nov. 02, 2019 | Nov. 03, 2018 |
Distributions from joint venture - Majestic 21 | $ 0 | $ 0 | |
Amount invested in joint venture - Majestic 21 | $ 250,000 | ||
Majestic 21 [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||
Profit and loss basis point | 50/50 basis | ||
Walden Woods South LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 31.30% | ||
Proceeds from sale of equity investments | $ 1,510,000 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 | Nov. 04, 2017 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 941,206 | $ 904,399 | |
Work-in-process | 125,371 | 113,220 | |
Inventory consigned to affiliated entities | 1,540,949 | 1,140,982 | |
Finished homes | 7,888,879 | 4,998,004 | |
Model home furniture | 120,372 | 113,946 | |
Inventories | 10,616,778 | 7,270,550 | |
Pre-owned homes | 1,311,626 | 1,956,265 | $ 2,736,946 |
Inventory impairment reserve | (172,395) | (549,434) | $ (779,725) |
Pre-owned homes, net | 1,139,231 | 1,406,831 | |
Less homes expected to sell in 12 months | (331,103) | (933,640) | |
Pre-owned homes, long-term | $ 808,128 | $ 473,191 |
Inventories - Summary of Brea_2
Inventories - Summary of Breakdown of Elements of Inventory (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Inventory [Line Items] | ||
Beginning Balance | $ 1,956,265 | $ 2,736,946 |
Additions | 272,460 | 594,259 |
Sales | (917,099) | (1,374,940) |
Ending Balance | 1,311,626 | 1,956,265 |
Beginning inventory impairment reserve | 549,434 | 779,725 |
Less: Reductions for homes sold | (207,180) | (253,314) |
Inventory holding costs | (36,232) | (81,977) |
Additions to impairment reserve | (133,627) | 105,000 |
Ending inventory impairment reserve | 172,395 | 549,434 |
Buy Back [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 715,748 | 1,412,902 |
Sales | (573,353) | (697,154) |
Ending Balance | 142,395 | 715,748 |
Repossessions [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 1,155,643 | 1,263,927 |
Additions | 253,600 | 498,831 |
Sales | (316,496) | (607,115) |
Ending Balance | 1,092,747 | 1,155,643 |
Trade-Ins [Member] | ||
Inventory [Line Items] | ||
Beginning Balance | 84,874 | 60,117 |
Additions | 18,860 | 95,428 |
Sales | (27,250) | (70,671) |
Ending Balance | $ 76,484 | $ 84,874 |
Property Held for Sale - Additi
Property Held for Sale - Additional Information (Detail) - USD ($) | Jun. 28, 2019 | Apr. 30, 2018 | Nov. 02, 2019 | Nov. 03, 2018 |
Property, Plant and Equipment [Line Items] | ||||
Property held for sale | $ 213,437 | |||
Proceeds from sale of property held-for-sale | $ 1,078,325 | $ 1,078,324 | $ 589,530 | |
Pace, Florida [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property held for sale | $ 213,437 | |||
Belleview, Florida [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of property held-for-sale | $ 635,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 7,869,860 | $ 7,479,947 |
Less accumulated depreciation | (2,864,216) | (2,716,381) |
Property plant and equipment, net | 5,005,644 | 4,763,566 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 3,092,463 | 3,092,463 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 908,439 | 743,956 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 2,461,040 | 2,449,095 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 932,040 | 904,312 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 294,113 | 277,386 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 181,765 | |
Minimum Range [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | ||
Minimum Range [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Minimum Range [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 15 years | |
Minimum Range [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 3 years | |
Minimum Range [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 3 years | |
Minimum Range [Member] | Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | ||
Maximum Range [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | ||
Maximum Range [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 20 years | |
Maximum Range [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 40 years | |
Maximum Range [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Maximum Range [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Maximum Range [Member] | Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, estimated useful life |
Property Plant and Equipment -
Property Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 163,077 | $ 148,204 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Payables and Accruals [Abstract] | ||
Accrued warranty expense | $ 125,000 | $ 125,000 |
Accrued property and sales taxes | 398,877 | 450,742 |
Other accrued expenses | 1,532,090 | 773,639 |
Total accrued expenses and other current liabilities | $ 2,055,967 | $ 1,349,381 |
Proceeds Received Under Escro_2
Proceeds Received Under Escrow Arrangement - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Related Party Transaction [Line Items] | ||
Proceeds received under escrow arrangement | $ 379,104 | $ 172,911 |
Majestic 21 [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds received under escrow arrangement | $ 379,104 | $ 172,911 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 04, 2017 | |
Income Tax Disclosure [Abstract] | ||
Percentage of tax benefit | 50.00% | |
Tax benefit | $ 0 | |
Corporate income tax rate | 21.00% | 34.00% |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Current tax expense: | ||
Federal | $ 2,338,619 | $ 1,681,641 |
State | 655,498 | 403,874 |
Total current tax expense (benefit) | 2,085,515 | |
Deferred tax (benefit) | (25,007) | (443,685) |
Income tax expense | $ 2,969,109 | $ 1,641,830 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision - federal statutory tax rate | $ 2,473,701 | $ 1,541,697 |
Increase (decrease) resulting from: | ||
State taxes, net of federal tax benefit | 511,821 | 278,507 |
Permanent differences: | ||
Stock option expirations | 160 | (178) |
Decrease in federal tax rate | (171,248) | |
Other comprehensive income | (3,462) | 86,882 |
Other | (13,112) | (93,830) |
Income tax expense | $ 2,969,109 | $ 1,641,830 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 58,773 | $ 58,773 |
Inventories | 48,360 | 158,598 |
Accrued expenses | 158,171 | 144,814 |
Other Assets | 55,903 | |
Stock-based compensation | 2,072 | 1,312 |
Total deferred tax assets | 323,279 | 363,497 |
Deferred tax liabilities: | ||
Depreciation | (78,553) | (39,490) |
Carrying value of investments | (90,168) | (221,600) |
Amortization | (39,611) | (39,611) |
Prepaid expenses | (34,542) | (22,640) |
Deferred Tax Assets | $ 80,405 | $ 40,156 |
Income Taxes - Accompanying Def
Income Taxes - Accompanying Deferred Current and Non-current Tax Assets and Liabilities in Consolidated Balance Sheet (Detail) - USD ($) | Nov. 02, 2019 | Nov. 03, 2018 |
Current assets (liabilities): | ||
Deferred tax assets | ||
Deferred tax liabilities | ||
Net current deferred tax assets | ||
Non-current assets (liabilities): | ||
Deferred tax assets | 323,279 | $ 363,498 |
Deferred tax liabilities | (242,874) | (323,342) |
Net non-current deferred tax liabilities | 80,405 | 40,156 |
Deferred Tax Assets | $ 80,405 | $ 40,156 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Equity [Abstract] | ||
Repurchased shares of common stock | 212,396 | 123,838 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 04, 2017 | Jun. 30, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Shares reserved for issuance | 297,250 | 300,000 | ||
Options Outstanding, Shares Outstanding | 2,750 | 5,000 | 5,000 | |
Compensation cost related to the vesting of stock options | $ 21,000 | $ 1,600 |
Stock Option Plan - Option Gran
Stock Option Plan - Option Granted (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Beginning, Number of Shares | 5,000 | 5,000 |
Granted, Number of Shares | 0 | 0 |
Exercised, Number of Shares | 2,250 | 0 |
Canceled, Number of Shares | 0 | 0 |
Outstanding Ending, Number of Shares | 2,750 | 5,000 |
Outstanding Beginning, Stock Option Price Range | $ 12.10 | $ 12.10 |
Granted, Stock Option Price Range | 0 | 0 |
Exercised, Stock Option Price Range | 12.10 | 0 |
Canceled, Stock Option Price Range | 0 | 0 |
Outstanding Ending, Stock Option Price Range | 12.10 | 12.10 |
Outstanding Beginning, Weighted Average Exercise Price | 12.10 | 12.10 |
Granted, Weighted Average Exercise Price | 0 | 0 |
Exercised, Weighted Average Exercise Price | 12.10 | 0 |
Canceled, Weighted Average Exercise Price | 0 | 0 |
Outstanding Ending, Weighted Average Exercise Price | $ 12.10 | $ 12.10 |
Outstanding Ending, Aggregate Intrinsic Value | $ 34,788 |
Stock Option Plan - Outstanding
Stock Option Plan - Outstanding Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 04, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Shares Outstanding | 2,750 | 5,000 | 5,000 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 2 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 12.10 | ||
Options Exercisable, Number Exercisable | 2,750 | ||
Options Exercisable, Weighted Average Exercise Price | $ 12.10 | ||
Range One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Exercise Price | $ 12.10 | ||
Options Outstanding, Shares Outstanding | 2,750 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 2 years | ||
Options Outstanding, Weighted Average Exercise Price | $ 12.10 | ||
Options Exercisable, Number Exercisable | 2,750 | ||
Options Exercisable, Weighted Average Exercise Price | $ 12.10 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum employee compensation | 6.00% | |
Contribution expense charged to operations | $ 170,000 | $ 88,000 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | Feb. 01, 2019 | Nov. 02, 2019 | Nov. 03, 2018 |
Commitments And Contingencies [Line Items] | |||
Total rent expenses for operating leases | $ 162,929 | $ 161,105 | |
Percentage of joint venture loan guaranteed by company | 50.00% | ||
Guarantee obligations note payable principal amount | $ 5,000,000 | ||
Majestic 21 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Percentage of ownership interest | 50.00% | ||
Payment of guarantee obligations | $ 94,694 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Future Minimum Payments by Year (Detail) | Nov. 02, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 49,944 |
2021 | 3,000 |
Total minimum payments required | $ 52,944 |