Nobility Homes (NOBH) 10-Q 14 Sep 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Aug. 01, 2020	Sep. 14, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 1, 2020
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	0000072205
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	NOBH
Current Fiscal Year End Date	--11-03
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,631,196
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 ($)	Aug. 01, 2020	Nov. 02, 2019
Current assets:
Cash and cash equivalents	$ 20,911,248	$ 22,533,965
Certificates of Deposit	8,192,314	10,153,575
Short-term investments	355,315	521,283
Accounts receivable-trade	713,358	1,351,838
Note receivable	49,089	83,231
Mortgage notes receivable	19,742	17,896
Inventories	10,637,620	10,616,778
Pre-owned homes, net	253,060	331,103
Prepaid expenses and other current assets	1,062,244	1,217,762
Total current assets	42,193,990	46,827,431
Property, plant and equipment, net	5,156,732	5,005,644
Pre-owned homes, net	1,271,768	808,128
Note receivable, less current portion	11,693	43,769
Mortgage notes receivable, less current portion	228,706	232,148
Other investments	1,710,398	1,649,273
Deferred income taxes	27,267	80,405
Operating lease right of use assets	727,180
Cash surrender value of life insurance	3,761,974	3,617,974
Other assets	156,287	156,287
Total assets	55,245,995	58,421,059
Current liabilities:
Accounts payable	653,332	1,111,216
Accrued compensation	451,891	748,626
Accrued expenses and other current liabilities	1,172,806	2,055,952
Income taxes payable		2,016,132
Operating lease obligation	21,381
Customer deposits	3,091,885	3,022,818
Total current liabilities	5,391,295	8,954,744
Operating lease obligation, less current portion	787,745
Total liabilities	6,179,040	8,954,744
Commitments and contingencies
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; 3,631,196 and 3,664,070 outstanding, respectively	536,491	536,491
Additional paid in capital	10,693,648	10,687,662
Retained earnings	56,102,636	55,298,750
Accumulated other comprehensive income		389,164
Less treasury stock at cost, 1,733,711 shares in 2020 and 1,700,837 shares in 2019	(18,265,820)	(17,445,752)
Total stockholders' equity	49,066,955	49,466,315
Total liabilities and stockholders' equity	$ 55,245,995	$ 58,421,059

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 01, 2020	Nov. 02, 2019
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	3,631,196	3,664,070
Treasury stock, shares	1,733,711	1,700,837

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Income Statement [Abstract]
Net sales	$ 8,800,410	$ 11,785,366	$ 28,446,764	$ 35,567,828
Cost of sales	(6,361,500)	(8,139,910)	(19,980,510)	(25,506,957)
Gross profit	2,438,910	3,645,456	8,466,254	10,060,871
Selling, general and administrative expenses	(1,107,850)	(1,352,315)	(3,586,622)	(3,860,173)
Operating income	1,331,060	2,293,141	4,879,632	6,200,698
Other income (loss):
Interest income	53,209	134,526	239,365	431,995
Undistributed earnings in joint venture - Majestic 21	20,855	19,800	61,125	60,555
Proceeds received under escrow arrangement	64,053	76,734	336,447	289,341
Market value of equity investment	21,475		(159,051)
Gain on sale of assets	32,041	864,887	32,041	880,129
Miscellaneous	12,910	10,834	32,504	33,714
Total other income	204,543	1,106,781	542,431	1,695,734
Income before provision for income taxes	1,535,603	3,399,922	5,422,063	7,896,432
Income tax expense	(375,465)	(856,818)	(1,311,780)	(1,997,797)
Net income	1,160,138	2,543,104	4,110,283	5,898,635
Other comprehensive income (loss)
Unrealized investment income net of tax effect		(96,120)		(40,408)
Comprehensive income	$ 1,160,138	$ 2,446,984	$ 4,110,283	$ 5,858,227
Weighted average number of shares outstanding:
Basic	3,631,089	3,807,357	3,641,048	3,848,936
Diluted	3,632,420	3,808,617	3,642,397	3,850,169
Net income per share:
Basic	$ 0.32	$ 0.67	$ 1.13	$ 1.53
Diluted	$ 0.32	$ 0.67	$ 1.13	$ 1.53

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Previously reported [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Common Stock [Member]Previously reported [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Previously reported [Member]	Retained Earnings [Member]	Retained Earnings [Member]Previously reported [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Other Comprehensive Income [Member]Previously reported [Member]	Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock [Member]	Treasury Stock [Member]Previously reported [Member]
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
Stock-based compensation	750					750
Unrealized investment loss, net of tax effect	(16,540)										(16,540)
Net income	1,535,806							1,535,806
Balance at Feb. 02, 2019	50,586,516			$ 536,491		10,671,598		51,888,351			373,867			(12,883,791)
Balance, shares at Feb. 02, 2019				3,873,731
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
Unrealized investment loss, net of tax effect	(40,408)
Net income	5,898,635
Balance at Aug. 03, 2019	48,246,860			$ 536,491		10,686,657		52,386,965			349,999			(15,713,252)
Balance, shares at Aug. 03, 2019				3,746,570
Balance at Feb. 02, 2019	50,586,516			$ 536,491		10,671,598		51,888,351			373,867			(12,883,791)
Balance, shares at Feb. 02, 2019				3,873,731
Cash dividend	(3,864,216)							(3,864,216)
Purchase of treasury stock	(302,115)													(302,115)
Purchase of treasury stock, shares				(13,703)
Stock-based compensation	10,729					6,539								4,190
Stock-based compensation, shares				485
Unrealized investment loss, net of tax effect	72,252										72,252
Net income	1,819,725							1,819,725
Balance at May. 04, 2019	48,322,893			$ 536,491		10,678,137		49,843,861			446,119			(13,181,716)
Balance, shares at May. 04, 2019				3,860,513
Purchase of treasury stock	(2,551,246)													(2,551,246)
Purchase of treasury stock, shares				(116,193)
Stock-based compensation	1,005					1,005
Unrealized investment loss, net of tax effect	(96,120)										(96,120)
Exercise of employee stock options	27,225					7,515								19,710
Exercise of employee stock options, shares				2,250
Net income	2,543,104							2,543,103
Balance at Aug. 03, 2019	48,246,860			$ 536,491		10,686,657		52,386,965			$ 349,999			(15,713,252)
Balance, shares at Aug. 03, 2019				3,746,570
Balance at Nov. 01, 2019					$ 536,491
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Feb. 01, 2020										$ 389,164			$ (389,164)
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Feb. 01, 2020			$ (64,591)							(64,591)
Purchase of treasury stock	(345,600)													(345,600)
Purchase of treasury stock, shares				(14,400)
Balance at Feb. 01, 2020	50,457,171			$ 536,491		10,688,568		57,023,464						(17,791,352)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020	49,401,724					10,687,662		55,623,323						(17,445,752)
Balance, shares at Feb. 01, 2020				3,649,670
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020				3,664,070
Balance at Nov. 02, 2019	49,466,315	$ 49,466,315					$ 10,687,662		$ 55,298,750			$ 389,164			$ (17,445,752)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019				$ 536,491
Balance, shares at Nov. 02, 2019					3,664,070
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Feb. 01, 2020										389,164			$ (389,164)
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Feb. 01, 2020			$ (64,591)							$ (64,591)
Stock-based compensation	906					906
Net income	1,400,141							1,400,141
Balance at Feb. 01, 2020	50,457,171			$ 536,491		10,688,568		57,023,464						(17,791,352)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020	49,401,724					10,687,662		55,623,323						(17,445,752)
Balance, shares at Feb. 01, 2020				3,649,670
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020				3,664,070
Balance at Nov. 02, 2019	49,466,315	$ 49,466,315					$ 10,687,662		$ 55,298,750			$ 389,164			$ (17,445,752)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019				$ 536,491
Balance, shares at Nov. 02, 2019					3,664,070
Net income	4,110,283
Balance at Aug. 01, 2020	49,066,955			$ 536,491		10,693,648		56,102,636						(18,265,820)
Balance, shares at Aug. 01, 2020				3,631,196
Balance at Feb. 01, 2020	50,457,171			$ 536,491		10,688,568		57,023,464						(17,791,352)
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020	49,401,724					10,687,662		55,623,323						(17,445,752)
Balance, shares at Feb. 01, 2020				3,649,670
Cash dividend	(3,630,970)							(3,630,970)
Purchase of treasury stock	(476,850)													(476,850)
Purchase of treasury stock, shares				(18,700)
Stock-based compensation	906					906
Net income	1,550,004							1,550,004
Balance at May. 04, 2020	47,900,261			$ 536,491		10,689,474		54,942,498						(18,268,202)
Balance, shares at May. 04, 2020				3,630,970
Stock-based compensation	6,556					4,174								2,382
Stock-based compensation, shares				226
Net income	1,160,138							1,160,138
Balance at Aug. 01, 2020	$ 49,066,955			$ 536,491		$ 10,693,648		$ 56,102,636						$ (18,265,820)
Balance, shares at Aug. 01, 2020				3,631,196

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Cash flows from operating activities:
Net income	$ 4,110,283	$ 5,898,635
Adjustments to reconcile net income to net cash provide by operating activities:
Depreciation	118,179	109,016
Undistributed earnings in joint venture—Majestic 21	(61,125)	(60,555)
Gain on property held for sale	(32,041)	(880,129)
Gain on disposal of property, plant and equipment	(32,041)	(15,242)
Decrease in fair market value of equity investments	159,051
Stock-based compensation	8,368	19,999
Amortization of operating lease right of use assets	26,862
Decrease (Increase) in:
Accounts receivable	638,480	(209,985)
Inventories	(20,842)	(1,799,958)
Pre-owned homes	(385,597)	113,697
Prepaid expenses and other current assets	155,518	(148,304)
Deferred income taxes	60,055	167,576
Interest receivable	(130,097)	(84,740)
(Decrease) increase in:
Accounts payable	(457,884)	(151,508)
Accrued compensation	(296,735)	(100,832)
Accrued expenses and other current liabilities	(883,146)	594,271
Income taxes payable	(2,016,132)	272,450
Customer deposits	69,067	(956,413)
Net cash provide by operating activities	1,062,264	2,783,220
Cash flows from investing activities:
Purchase of property, plant and equipment	(270,365)	(288,424)
Purchase of certificates of deposit	(20,000)	(4,000,000)
Proceeds from certicates of deposit	2,024,000
Proceeds from property held for sale		1,078,325
Proceeds from disposal of property, plant and equipment	33,139
Collections on interest receivable	87,358
Collections on mortgage notes receivable	1,596	1,502
Collections on equipment and other notes receivable	66,218	40,263
Increase in cash surrender value of life insurance	(144,000)	(135,000)
Net cash provided by (used in) investing activities	1,777,946	(3,303,334)
Cash flows from financing activities:
Payment of cash dividend	(3,630,970)	(3,864,216)
Proceeds from excerise of employee stock options		19,710
Purchase of treasury stock	(822,450)	(2,853,361)
Reduction of operating lease obligation	(9,507)
Net cash used in financing activities	(4,462,927)	(6,697,867)
Decrease in cash and cash equivalents	(1,622,717)	(7,217,981)
Cash and cash equivalents at beginning of year	22,533,965	28,364,861
Cash and cash equivalents at end of quarter	20,911,248	21,146,880
Supplemental disclosure of cash flows information:
Income taxes paid	$ 3,368,000	$ 1,550,000

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Aug. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies	Note 1 Basis of Presentation and Accounting Policies The accompanying unaudited condensed financial statements for the three and nine months ended August 1, 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the three and nine months ended August 1, 2020 are not necessarily indicative of the results of the full fiscal year. The condensed consolidated financial statements included in this report should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 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, 2016-01

Inventories

Inventories	9 Months Ended
	Aug. 01, 2020
Inventory Disclosure [Abstract]
Inventories	Note 2 Inventories New home inventory is carried at the lower of cost or net realizable value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net realizable value. 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 condensed consolidated balance sheets. Consigned inventory was $1,784,688 and $1,540,949 as of August 1, 2020 and November 2, 2019, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out August 1, November 2, 2020 2019 Raw materials $ 947,610 $ 941,206 Work-in-process 98,265 125,371 Inventory consigned to affiliated entities 1,784,688 1,540,949 Finished homes 7,632,876 7,888,879 Model home furniture 174,181 120,372 Inventories $ 10,637,620 $ 10,616,777 Pre-owned $ 1,694,645 $ 1,311,626 Inventory impairment reserve (169,817 ) (172,395 ) 1,524,828 1,139,231 Less homes expected to sell in 12 months (253,060 ) (331,103 ) Pre-owned $ 1,271,768 $ 808,128

Short-term Investments

Short-term Investments	9 Months Ended
	Aug. 01, 2020
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Note 3 Short-term Investments The following is a summary of short-term investments (available for sale): August 1, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 187,386 $ — $ 355,316 November 2, 2019 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283 The fair values were estimated based on quoted market prices in active markets at each respective period end.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Aug. 01, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4 Fair Value of Financial Instruments 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 Accounting Standards Codification (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 tables represent the Company’s financial assets and liabilities which are carried at fair value. August 1, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 355,316 $ — $ — November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ —

Net Income per Share

Net Income per Share	9 Months Ended
	Aug. 01, 2020
Earnings Per Share [Abstract]
Net Income per Share	Note 5 Net Income per Share These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares.

Revenues by Products and Servic

Revenues by Products and Service	9 Months Ended
	Aug. 01, 2020
Segment Reporting [Abstract]
Revenues by Products and Service	Note 6 Revenues by Products and Service The Company operates in one business segment, which is manufactured housing and ancillary services. The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s distribution net product revenues below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective distribution channels experience difficulties. Revenues by net sales from manufactured housing, pre-owned Three Months Ended Nine Months Ended August 1, August 3, August 1, August 3, 2020 2019 2020 2019 Manufactured housing Homes sold through Company owned sales centers $ 6,252,906 $ 9,807,719 $ 20,874,755 $ 28,142,636 Homes sold to independent dealers 1,998,720 1,377,471 6,260,268 5,721,508 Homes sold through manufactured home parks 380,875 513,517 845,634 904,169 $ 8,632,501 $ 11,698,707 $ 27,980,657 $ 34,768,313 Pre-owned 95,011 14,187 253,689 590,182 Insurance agent commissions 72,898 72,472 212,418 209,333 Total net sales $ 8,800,410 $ 11,785,366 $ 28,446,764 $ 35,567,828

Operating Leases

Operating Leases	9 Months Ended
	Aug. 01, 2020
Leases [Abstract]
Operating Leases	Note 7 Operating Leases The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through December 2020. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. On November 3, 2019, the Company adopted ASC Topic 842 using the modified retrospective method applied to leases that were in place as of November 3, 2019. Results for reporting periods beginning after November 3, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allows for the historical lease classification to be carried forward, the Company’s assessments on whether a contract is or contains a lease, and the Company’s initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected the short-term lease recognition exemption for all leases that qualify. To determine the present value of minimum future lease payments for operating leases at November 3, 2019, the Company was required to estimate a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”). The Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing options and certain lease-specific circumstances. For the reference rate, the Company used mortgage interest rates for similar terms. Right of use assets are included as a non-current Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease. Individual components of the total lease cost incurred by the Company in the amount of $49,046 and $153,235 for the three and nine months ended August 1, 2020, respectively. The amount of future minimum lease payments under operating are as follows: Operating Lease Undiscounted future minimum lease payments: 2020 (3 Months Remaining) $ 14,892 2021 63,117 2022 68,401 2023 74,322 2024 80,955 Thereafter 543,361 Total 845,048 Amount representing imputed interest (35,922 ) Total operating lease liability 809,126 Current portion of operating lease liability (21,381 ) Operating lease liability, non-current $ 787,745

Paycheck Protection Program Loa

Paycheck Protection Program Loan	9 Months Ended
	Aug. 01, 2020
Debt Disclosure [Abstract]
Paycheck Protection Program Loan	Note 8 Paycheck Protection Program Loan During the second quarter of 2020, the Company applied for and received funding in the amount of approximately $1,750,000 under the CARES Act and the Paycheck Protection Program (the “PPP”). The Company promptly returned the funds, as management determined that the loan was not necessary to support its ongoing operations.

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Aug. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued or Adopted Accounting Pronouncements	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, 2016-01

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Aug. 01, 2020
Inventory Disclosure [Abstract]
Summary of Breakdown of Elements of Inventory	Other inventory costs are determined on a first-in, first-out August 1, November 2, 2020 2019 Raw materials $ 947,610 $ 941,206 Work-in-process 98,265 125,371 Inventory consigned to affiliated entities 1,784,688 1,540,949 Finished homes 7,632,876 7,888,879 Model home furniture 174,181 120,372 Inventories $ 10,637,620 $ 10,616,777 Pre-owned $ 1,694,645 $ 1,311,626 Inventory impairment reserve (169,817 ) (172,395 ) 1,524,828 1,139,231 Less homes expected to sell in 12 months (253,060 ) (331,103 ) Pre-owned $ 1,271,768 $ 808,128

Short-term Investments (Tables)

Short-term Investments (Tables)	9 Months Ended
	Aug. 01, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale): August 1, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 187,386 $ — $ 355,316 November 2, 2019 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 353,353 $ — $ 521,283

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Aug. 01, 2020
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following tables represent the Company’s financial assets and liabilities which are carried at fair value. August 1, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 355,316 $ — $ — November 2, 2019 Level 1 Level 2 Level 3 Equity securities in a public company $ 521,283 $ — $ —

Revenues by Products and Serv_2

Revenues by Products and Service (Tables)	9 Months Ended
	Aug. 01, 2020
Segment Reporting [Abstract]
Revenues by Net Sales	Revenues by net sales from manufactured housing, pre-owned Three Months Ended Nine Months Ended August 1, August 3, August 1, August 3, 2020 2019 2020 2019 Manufactured housing Homes sold through Company owned sales centers $ 6,252,906 $ 9,807,719 $ 20,874,755 $ 28,142,636 Homes sold to independent dealers 1,998,720 1,377,471 6,260,268 5,721,508 Homes sold through manufactured home parks 380,875 513,517 845,634 904,169 $ 8,632,501 $ 11,698,707 $ 27,980,657 $ 34,768,313 Pre-owned 95,011 14,187 253,689 590,182 Insurance agent commissions 72,898 72,472 212,418 209,333 Total net sales $ 8,800,410 $ 11,785,366 $ 28,446,764 $ 35,567,828

Operating Leases (Table)

Operating Leases (Table)	9 Months Ended
	Aug. 01, 2020
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	The amount of future minimum lease payments under operating are as follows: Operating Lease Undiscounted future minimum lease payments: 2020 (3 Months Remaining) $ 14,892 2021 63,117 2022 68,401 2023 74,322 2024 80,955 Thereafter 543,361 Total 845,048 Amount representing imputed interest (35,922 ) Total operating lease liability 809,126 Current portion of operating lease liability (21,381 ) Operating lease liability, non-current $ 787,745

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	Aug. 01, 2020	Nov. 02, 2019
Inventory Disclosure [Abstract]
Inventory Consigned To Affiliated Entities	$ 1,784,688	$ 1,540,949

Inventories - Summary of Breakd

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	Aug. 01, 2020	Nov. 02, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 947,610	$ 941,206
Work-in-process	98,265	125,371
Inventory consigned to affiliated entities	1,784,688	1,540,949
Finished homes	7,632,876	7,888,879
Model home furniture	174,181	120,372
Inventories	10,637,620	10,616,778
Pre-owned homes	1,694,645	1,311,626
Inventory impairment reserve	(169,817)	(172,395)
Pre-owned homes, net	1,524,828	1,139,231
Less homes expected to sell in 12 months	(253,060)	(331,103)
Pre-owned homes, long-term	$ 1,271,768	$ 808,128

Short-term Investments - Summar

Short-term Investments - Summary of Short-term Investments (Detail) - USD ($)	Aug. 01, 2020	Nov. 02, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	187,386	353,353
Available-for-sale Securities, Gross Unrealized Losses
Available-for-sale Securities, Estimated Fair Value	$ 355,315	$ 521,283

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Aug. 01, 2020	Nov. 02, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 355,315	$ 521,283
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 355,316	$ 521,283

Revenues by Products and Serv_3

Revenues by Products and Service - Revenues by Net Sales - Additional Information (Detail)	9 Months Ended
	Aug. 01, 2020
Revenue Concentration Risks Recognation terms	The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues.

Revenues by Products and Serv_4

Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Sales Information [Line Items]
Total net sales	$ 8,800,410	$ 11,785,366	$ 28,446,764	$ 35,567,828
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	8,632,501	11,698,707	27,980,657	34,768,313
Manufactured Housing [Member] | Homes sold through Company owned sales centers
Sales Information [Line Items]
Total net sales	6,252,906	9,807,719	20,874,755	28,142,636
Manufactured Housing [Member] | Homes sold to independent dealers
Sales Information [Line Items]
Total net sales	1,998,720	1,377,471	6,260,268	5,721,508
Manufactured Housing [Member] | Homes sold through manufactured home parks
Sales Information [Line Items]
Total net sales	380,875	513,517	845,634	904,169
Pre-Owned Homes [Member]
Sales Information [Line Items]
Total net sales	95,011	14,187	253,689	590,182
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 72,898	$ 72,472	$ 212,418	$ 209,333

Operating Leases - Additional I

Operating Leases - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Aug. 01, 2020USD ($)	Aug. 01, 2020USD ($)
Leases [Abstract]
Operating lease right of use assets	$ 727,180	$ 727,180
Lease cost	$ 49,046	$ 153,235

Operating Leases - Summary of f

Operating Leases - Summary of future minimum lease payments (Detail)	Aug. 01, 2020USD ($)
Leases [Abstract]
2020 (3 months remaining)	$ 14,892
2021	63,117
2022	68,401
2023	74,322
2024	80,955
Thereafter	543,361
Total	845,048
Amount representing imputed interest	(35,922)
Total operating lease liability	809,126
Current portion of operating lease liability	(21,381)
Operating lease liability, non-current	$ 787,745

Paycheck Protection Program L_2

Paycheck Protection Program Loan - Additional Information (Detail)	3 Months Ended
	May 02, 2020USD ($)
Paycheck protection program loan [Member]
Proceeds from lines of credit	$ 1,750,000