Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2018 | Jan. 24, 2019 | May 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | ARTS WAY MANUFACTURING CO INC | ||
Entity Central Index Key | 7,623 | ||
Trading Symbol | artw | ||
Current Fiscal Year End Date | --11-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,218,567 | ||
Entity Public Float | $ 11,572,641 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Current assets: | ||
Cash | $ 3,512 | $ 212,400 |
Accounts receivable-customers, net of allowance for doubtful accounts of $25,100 and $32,298 in 2018 and 2017, respectively | 1,537,113 | 1,910,294 |
Inventories, net | 10,257,102 | 11,966,722 |
Cost and profit in excess of billings | 99,287 | 65,146 |
Net investment in sales-type leases, current | 123,055 | |
Assets of discontinued operations | 2,454 | |
Other current assets | 125,089 | 275,755 |
Total current assets | 12,145,158 | 14,432,771 |
Property, plant, and equipment, net | 5,647,485 | 5,946,957 |
Assets held for lease, net | 1,870,125 | 1,217,164 |
Deferred income taxes | 1,432,422 | 901,396 |
Goodwill | 375,000 | |
Net investment in sales-type leases, long-term | 153,787 | |
Other assets of discontinued operations | 1,425,000 | |
Other assets | 76,497 | 81,545 |
Total assets | 21,325,474 | 24,379,833 |
Current liabilities: | ||
Accounts payable | 802,062 | 673,653 |
Customer deposits | 145,632 | 600,325 |
Billings in excess of cost and profit | 185,014 | 48,211 |
Income taxes payable | 6,400 | 3,100 |
Accrued expenses | 893,284 | 981,558 |
Liabilities of discontinued operations | 59,149 | |
Line of credit | 3,505,530 | 2,462,530 |
Current portion of long-term debt | 227,459 | 221,230 |
Total current liabilities | 5,765,381 | 5,049,756 |
Long-term liabilities | ||
Long-term liabilities of discontinued operations | 590,366 | |
Long-term debt, excluding current portion | 2,523,018 | 2,748,677 |
Total liabilities | 8,288,399 | 8,388,799 |
Commitments and Contingencies (Notes 9, 10 and 17) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2018 and 2017; issued and outstanding 0 shares in 2018 and 2017. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2018 and 2017; issued and outstanding 4,225,050 in 2018 and 4,158,752 in 2017 | 42,250 | 41,587 |
Additional paid-in capital | 3,055,632 | 2,859,052 |
Retained earnings | 9,966,928 | 13,353,830 |
Accumulated other comprehensive loss | (257,010) | |
Treasury stock, at cost (9,286 in 2018 and 1,954 in 2017 shares) | (27,735) | (6,425) |
Total stockholders’ equity | 13,037,075 | 15,991,034 |
Total liabilities and stockholders’ equity | $ 21,325,474 | $ 24,379,833 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Allowance for doubtful accounts | $ 25,100 | $ 32,298 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 500,000 | 500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 9,500,000 | 9,500,000 |
Common stock, issued (in shares) | 4,225,050 | 4,158,752 |
Common stock, outstanding (in shares) | 4,225,050 | 4,158,752 |
Treasury stock (in shares) | 9,286 | 1,954 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Sales | $ 19,726,793 | $ 20,715,080 |
Cost of goods sold | 16,215,237 | 16,632,979 |
Gross profit | 3,511,556 | 4,082,101 |
Expenses: | ||
Engineering | 640,430 | 501,182 |
Selling | 1,936,147 | 1,889,461 |
General and administrative | 3,438,981 | 3,343,500 |
Impairment of Assets | 591,268 | 70,000 |
Total expenses | 6,606,826 | 5,804,143 |
(Loss) from operations | (3,095,270) | (1,722,042) |
Other income (expense): | ||
Interest expense | (304,566) | (319,622) |
Other | (446,629) | 248,507 |
Total other income (expense) | (751,195) | (71,115) |
Income | (3,846,465) | (1,793,157) |
Income tax (benefit) | (510,416) | (423,798) |
(Loss) from continuing operations | (3,336,049) | (1,369,359) |
Discontinued Operations | ||
Loss from operations of discontinued segment | (67,177) | (400,739) |
Income tax benefit | (16,324) | (133,017) |
Loss on discontinued operations | (50,853) | (267,722) |
Net (Loss) | $ (3,386,902) | $ (1,637,081) |
(Loss) per share - basic: | ||
Continuing Operations (in dollars per share) | $ (0.80) | $ (0.33) |
Discontinued Operations (in dollars per share) | (0.01) | (0.06) |
Net Income (Loss) per share (in dollars per share) | (0.81) | (0.39) |
(Loss) per share - diluted: | ||
Continuing Operations (in dollars per share) | (0.80) | (0.33) |
Discontinued Operations (in dollars per share) | (0.01) | (0.06) |
Net Income (Loss) per share (in dollars per share) | $ (0.81) | $ (0.39) |
Weighted average outstanding shares used to compute basic net loss per share (in shares) | 4,202,836 | 4,151,406 |
Weighted average outstanding shares used to compute diluted net loss per share (in shares) | 4,202,836 | 4,151,406 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Net (Loss) | $ (3,386,902) | $ (1,637,081) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustsments | 3,830 | 45,222 |
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | |
Total Other Comprehensive Income (Loss) | 257,010 | 45,222 |
Comprehensive (Loss) | $ (3,129,892) | $ (1,591,859) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Nov. 30, 2016 | 4,109,052 | |||||
Balance at Nov. 30, 2016 | $ 41,091 | $ 2,746,509 | $ 14,990,911 | $ (302,232) | $ 17,476,279 | |
Stock based compensation (in shares) | 49,700 | 1,954 | ||||
Stock based compensation | $ 496 | 112,543 | $ (6,425) | 106,614 | ||
Foreign Currency Translation Adjustment | 45,222 | 45,222 | ||||
Net (Loss) | (1,637,081) | (1,637,081) | ||||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | ||||||
Balance (in shares) at Nov. 30, 2017 | 4,158,752 | 1,954 | 4,158,752 | |||
Balance at Nov. 30, 2017 | $ 41,587 | 2,859,052 | 13,353,830 | (257,010) | $ (6,425) | $ 15,991,034 |
Stock based compensation (in shares) | 66,298 | 7,332 | ||||
Stock based compensation | $ 663 | 196,580 | $ (21,310) | 175,933 | ||
Foreign Currency Translation Adjustment | 3,830 | 3,830 | ||||
Net (Loss) | (3,386,902) | (3,386,902) | ||||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | $ 253,180 | ||||
Balance (in shares) at Nov. 30, 2018 | 4,225,050 | 9,286 | 4,225,050 | |||
Balance at Nov. 30, 2018 | $ 42,250 | $ 3,055,632 | $ 9,966,928 | $ (27,735) | $ 13,037,075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Cash flows from operations: | ||
Net (loss) from continuing operations | $ (3,336,049) | $ (1,369,359) |
Net (loss) from discontinued operations | (50,853) | (267,722) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 197,243 | 113,039 |
Loss on release of cumulative translation adjustment | 253,180 | |
Realized foreign currency loss | 3,830 | 45,222 |
Impairment of Assets | 591,268 | 70,000 |
Gain on disposal of property, plant, and equipment | (4,837) | (3,673) |
Depreciation and amortization expense | 960,606 | 702,349 |
Bad debt expense (recovery) | (7,198) | 9,552 |
Deferred income taxes | (531,026) | (572,175) |
Changes in assets and liabilities: | ||
Accounts receivable | 380,379 | (499,795) |
Inventories | 900,854 | 1,562,630 |
Income taxes receivable | 265,924 | |
Net investment in sales-type leases | (276,842) | |
Other assets | 150,666 | (161,358) |
Accounts payable | 128,409 | 203,795 |
Contracts in progress, net | 102,662 | 87,117 |
Customer deposits | (454,693) | 311,130 |
Income taxes payable | 3,300 | 3,100 |
Accrued expenses | (88,274) | (37,498) |
Net cash provided by (used in) operating activities - continuing operations | (1,026,522) | 730,000 |
Net cash provided by (used in) operating activities - discontinued operations | (92,090) | 17,399 |
Net cash provided by (used in) operating activities | (1,118,612) | 747,399 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (434,505) | (513,614) |
Additions to assets held for lease | (329,815) | |
Net proceeds from sale of assets | 52,606 | 43,481 |
Net cash (used in) investing activities - continuing operations | (711,714) | (470,133) |
Net cash provided by investing activities - discontinued operations | 1,418,761 | 40,936 |
Net cash provided by (used in) investing activities | 707,047 | (429,197) |
Cash flows from financing activities: | ||
Net change in line of credit | (1,043,000) | 821,584 |
Proceeds from term debt | 2,600,000 | |
Repayment of term debt | (219,429) | (2,825,148) |
Repurchases of common stock | (21,310) | (6,425) |
Net cash provided by (used in) financing activities - continuing operations | 802,261 | (1,053,157) |
Net cash (used in) financing activities - discontinued operations | (599,584) | (116,361) |
Net cash provided by (used in) financing activities | 202,677 | (1,169,518) |
Net (decrease) in cash | (208,888) | (851,316) |
Cash at beginning of period | 212,400 | 1,063,716 |
Cash at end of period | 3,512 | 212,400 |
Supplemental disclosures of cash flow information: | ||
Interest | 286,070 | 319,319 |
Income taxes | 5,237 | 5,627 |
Supplemental disclosures of non-cash operating and investing activities: | ||
Transfer of inventory to assets held for lease | $ 808,766 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 Summary of Significant Accounting Policies (a) Nature of Business Art’s-Way Manufacturing Co., Inc. (the “Company”) is primarily engaged in the fabrication and sale of specialized farm machinery in the agricultural sector of the United States. Primary product offerings include portable and stationary animal feed processing equipment; hay and forage equipment; sugar beet harvesting equipment; land maintenance equipment ; manure spreaders; moldboard plows; potato harvesters; and reels. The Company also manufactured commercial snow blowers under the Agro Trend label but sold the Agro Trend product line to Metco, Inc. on December 15, 2017. The Company’s Modular Buildings segment is primarily engaged in the construction of modular laboratories and animal housing facilities through the Company’s wholly-owned subsidiary, Art’s-Way Scientific, Inc. Buildings commonly produced range from basic swine buildings to complex containment research laboratories. This segment also provides services relating to the design, manufacturing, delivering, installation, and renting of the building units that it produces. The Company’s Tools segment is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools through the Company’s wholly-owned subsidiary, Ohio Metal Working Company/Art’s Way, Inc. The Company’s discontinued Pressurized Vessels segment was primarily engaged in the fabrication and sale of pressurized vessels and tanks through the Company’s wholly-owned subsidiary, Art’s-Way Vessels, Inc. On August 11, 2016, third 2016 October 31, 2016. March 29, 2018, $1,500,000. (b) Principles of Consolidation The consolidated financial statements include the accounts of Art’s-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2018 During the second 2018 no no not (c) Cash Concentration The Company maintains several different accounts at two (d) Customer Concentration During the 2018 2017 no one 6% 4% (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 180 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 1.5% (f) Inventories Inventories are stated at the lower of cost or net realizable value, and cost is determined using the standard costing method. Management monitors the carrying value of inventories using inventory control and review processes that include, but are not may not (g) Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is provided using the straight-line method, based on the estimated useful lives of the assets which range from three forty (h) Lessor Accounting and Sales-Type Leases Modular buildings held for short term lease by our Modular Buildings segment are recorded at cost. Amortization of the property is calculated over the useful life of the building. Estimated useful life is three five The Company leases modular buildings to certain customers and accounts for these transactions as sales-type leases. These leases have terms of up to 36 (i) Goodwill and Impairment Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in business combinations. The Company performs an annual test for impairment of goodwill during the fourth $375,000 2018 $0 2017 (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not The Company classifies interest and penalties to be paid on an underpayment of taxes as income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and various states and Canada. The Company is no November 30, 2014. On December 22, 2017, 2017 35% 21%. December 31, 2017. first 2018 $298,000 (k) Revenue Recognition Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the shipment of the product. All sales are made to authorized dealers whose application for dealer status has been approved and who have been informed of general sales policies. Any changes in Company terms are documented in the most recently published price lists. Pricing is fixed and determinable according to the Company’s published equipment and parts price lists. Title to all equipment and parts sold pass to the buyer upon delivery to the carrier and is not not not In certain circumstances, upon the customer’s written request, the Company may not not no 2018 2017 $202,000 $184,000, The Company’s Modular Buildings segment is in the construction industry, and as such accounts for contracts on the percentage of completion method. Revenue and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Contract costs consist of direct costs on contracts, including labor, materials, amounts payable to subcontractors and those indirect costs related to contract performance, such as equipment costs, insurance and employee benefits. Contract cost is recorded as incurred, and revisions in contract revenues and cost estimates are reflected in the accounting period when known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Contract losses are recognized when current estimates of total contract revenue and contract cost indicate a loss. Estimated contract costs include any and all costs appropriately allocable to the contract. The provision for these contract losses will be the excess of estimated contract costs over estimated contract revenues. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract change orders, penalty provisions and final contract settlements may Costs and profit in excess of amounts billed are classified as current assets and billings in excess of cost and profit are classified as current liabilities. The Company leases modular buildings to certain customers and accounts for these transactions as operating or sales-type leases. These leases have terms of up to 36 (l) Research and Development Research and development costs are expensed when incurred. Such costs approximated $178,000 $183,000 2018 2017 (m ) Advertising Advertising costs are expensed when incurred. Such costs approximated $312,000 $356,000 2018 2017 (n) Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share of common stock has been computed on the basis of the weighted average number of shares outstanding plus equivalent shares of common stock assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share of common stock. Basic and diluted (loss) per common share have been computed based on the following as of November 30, 2018 2017: For the Twelve Months Ended November 30, 2018 November 30, 2017 Numerator for basic and diluted (loss) per share of common stock: Net (loss) from continuing operations $ (3,336,049 ) $ (1,369,359 ) Net (loss) from discontinued operations (50,853 ) (267,722 ) Net (loss) $ (3,386,902 ) $ (1,637,081 ) Denominator: For basic net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Effect of dilutive stock options - - For diluted net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Net (loss) per share - basic: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) Net (loss) per share - diluted: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) (p) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. (q) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. (r) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Going Concern In August 2014, No. 2014 15, 205 40, Going Concern not one No. 2014 15 December 15, 2016. November 30, 2017, not 2017. Inventory In July 2015, 2015 11, 330 first No. 2015 11 December 15, 2016, November 30, 2017, not not Income Taxes In November 2015, 2015 17, 740 No. 2015 17 December 15, 2016 December 15, 2017. first 2017, 2015 17, not not no Accounting Pronouncements Not Revenue from Contracts with Customers In May 2014, No. 2014 09, 606 605 2014 09 2014 09 December 15, 2017, not 2014 09 2019 The Company has evaluated the new standard and applied the core principle to its contract revenue streams. To be consistent with this core principle, an entity is required to apply the following five 1. 2. 3. 4. 5. The Company’s revenues primarily result from contracts with customers. The Agricultural Products and Tools segments are generally short-term contracts and contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the sale of agriculture parts, equipment and tools upon shipment of the good. The Modular Buildings segment executes contracts with customers that can be short or long-term in nature. These contracts can have multiple performance obligations and revenue from these can be recognized over time or at a point in time depending on the nature of the contracts. Payment terms generally are short-term and vary by customer and segment. The implementation process will include modifications to the contracts of the modular buildings segment. The Company intends to adopt ASU 2014 09 606 not 605 not The Company, upon adoption of ASU 2014 09, not • Disaggregation of revenue that depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors; • The opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers, if not • Revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period; • Information about performance obligations in contracts with customers; and • Judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers, including the timing satisfaction of performance obligation, and the transaction price and the amounts allocated to performance obligations. Leases In February 2016, 2016 02, 842 twelve December 15, 2018, 2020 |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ( 2 Discontinued Operations Effective October 31, 2016, In January 2018, $1,500,000, $289,000 2017 $1,425,000, March 29, 2018, $1,500,000. As the Pressurized Vessels segment was a unique business unit of the Company, its liquidation was a strategic shift. In accordance with ASC Topic 360, Income from discontinued operations, before income taxes, in the accompanying consolidated statements of operations is comprised of the following: Twelve Months Ended November 30, 2018 November 30, 2017 Revenue from external customers $ - $ - Gross profit - - Total operating expense 51,133 357,709 (Loss) from operations (51,133 ) (357,709 ) (Loss) before tax (67,177 ) (400,739 ) The components of discontinued operations in the accompanying consolidated balance sheets are as follows: November 30, 2018 November 30, 2017 Cash $ - $ 2,454 Property, plant, and equipment, net - 1,425,000 Assets of discontinued operations $ - $ 1,427,454 Accrued expenses $ - $ 49,931 Notes payable - 599,584 Liabilities of discontinued operations $ - $ 649,515 |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 3 Allowance for Doubtful Accounts A summary of the Company’s activity in the allowance for doubtful accounts is as follows: For the Twelve Months Ended November 30, 2018 November 30, 2017 Balance, beginning $ 32,298 $ 22,746 Provision charged to expense 2,242 11,187 Less amounts charged-off (9,440 ) (1,635 ) Balance, ending $ 25,100 $ 32,298 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 Inventories Major classes of inventory are: November 30, 2018 November 30, 2017 Raw materials $ 7,825,278 $ 8,731,985 Work in process 272,302 460,687 Finished goods 5,051,330 5,395,353 Total Gross Inventory $ 13,148,910 $ 14,588,025 Less: Reserves (2,891,808 ) (2,621,303 ) Net Inventory $ 10,257,102 $ 11,966,722 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Long-term Contracts or Programs Disclosure [Text Block] | ( 5 Contracts in Progress Amounts included in the consolidated financial statements related to uncompleted contracts are as follows: Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2018 Costs $ 190,861 $ 99,782 Estimated earnings 54,721 121,115 245,582 220,897 Less: amounts billed (146,295 ) (405,911 ) $ 99,287 $ (185,014 ) November 30, 2017 Costs $ 105,639 $ 612,370 Estimated earnings 34,611 173,764 140,250 786,134 Less: amounts billed (75,104 ) (834,345 ) $ 65,146 $ (48,211 ) The amounts billed on these long-term contracts are due 30 12 $8,405 $37,052 November 30, 2018 2017, |
Note 6 - Property, Plant, and E
Note 6 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 Property, Plant, and Equipment Major classes of property, plant, and equipment used in continuing operations are: November 30, 2018 November 30, 2017 Land $ 220,503 $ 220,503 Buildings and improvements 6,985,273 6,966,550 Construction in progress 35,669 14,798 Manufacturing machinery and equipment 11,062,856 10,932,085 Trucks and automobiles 491,822 428,774 Furniture and fixtures 121,646 113,956 18,917,769 18,676,666 Less accumulated depreciation (13,270,284 ) (12,729,709 ) Property, plant and equipment $ 5,647,485 $ 5,946,957 Depreciation and amortization expense for continuing operations totaled $960,606 $702,349 2018 2017 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | ( 7 Assets Held for Lease Major components of assets held for lease are: November 30, 2018 November 30, 2017 West Union Facility $ 878,079 $ 1,118,330 Modular Buildings 992,046 98,834 $ 1,870,125 $ 1,217,164 During the third 2018 $235,000 2018 $67,000 November 30, 2018 20,000 third December 14, 2018, $900,000. $216,000 2018 The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had seven November 30, 2018 one November 30, 2017. Rents recognized from assets held for lease included in sales on the consolidated statements of operations during the 2018 $374,000 $161,000 2017 2018 $44,000 $234,000 2017 Future minimum lease receipts from assets held for lease are as follows: Year Ending November 30, Amount 2019 443,294 2020 90,411 Total 533,705 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 8 Accrued Expenses Major components of accrued expenses are: November 30, 2018 November 30, 2017 Salaries, wages, and commissions $ 448,737 $ 584,768 Accrued warranty expense 96,786 68,451 Other 347,761 328,339 $ 893,284 $ 981,558 |
Note 9 - Product Warranty
Note 9 - Product Warranty | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 9 Product Warranty The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one no may no not Changes in the Company’s product warranty liability included in “accrued expenses” for the 2018 2017 For the Twelve Months Ended November 30, 2018 November 30, 2017 Balance, beginning $ 68,451 $ 134,373 Settlements / adjustments (233,316 ) (276,667 ) Warranties issued 261,651 210,745 Balance, ending $ 96,786 $ 68,451 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 Loan and Credit Agreements The Company maintains a revolving line of credit and a term loan with Bank Midwest as well as a term loan with The First National Bank of West Union, and previously maintained a second Bank Midwest Revolving Line of Credit and Term Loans On September 28, 2017, $5,000,000 $2,600,000 October 1, 2037, $600,000 October 1, 2019. $6,562,030, $6,528,223 $33,807 March 29, 2018, $600,000 October 1, 2019 $596,563 $2,328 On November 30, 2018, $3,505,530 $1,494,470 75% 50% November 30, 2018, not 1.00% 4.25% 6.50% March 30, 2018. no March 30, 2019. The $2,600,000 5.00% first sixty 0.75% 4.15% may five $17,271 $62,400 0.5% 20% 20% 38% 2% $600,000 5.00%, $3,249 Each of the line of credit and the $2,600,000 September 28, 2017, $600,000 September 28, 2017, In connection with the line of credit, the Company, Art’s-Way Scientific Inc. and Ohio Metal Working Products/Art’s-Way Inc. each entered into a Commercial Security Agreement with Bank Midwest, dated September 28, 2017, first September 28, 2017. To further secure the line of credit, the Company granted Bank Midwest a second December 2018. $2,600,000 $600,000 March 2018. September 28, 2017, September 28, 2017. If the Company or its subsidiaries (as guarantors pursuant to the Commercial Guaranties) commits an event of default with respect to the promissory notes and fails or is unable to cure that default, Bank Midwest may may may Bank Midwest Loan Covenants Compliance with Bank Midwest covenants is measured annually at November 30. 1.75, $5,100,000 1 1 40% 1.25, 0.10 November 30, 2018 no November 30, 2019. 120 Iowa Finance Authority Term Loan and Covenants On May 1, 2010, $1,300,000, 3.5% June 1, 2020. February 1, 2013, 2.75% This loan from the Iowa Finance Authority, which was assigned to The First National Bank of West Union (n/k/a Bank 1st May 28, 2010 February 1, 2013 May 1, 2010 February 1, 2013 ( 1.5 1.0, November 30 May 1, 2010 The Company was in compliance with all covenants except for the debt service coverage ratio covenant as measured on November 30, 2018. December 14, 2018 U.S. Bank Credit Facility The Company previously maintained a revolving line of credit and term loans with U.S. Bank. The material terms of the U.S. Bank credit facility were most recently disclosed in the Company’s Form 10 August 31, 2017, 8 8. September 28, 2017, A summary of the Company’s term debt is as follows: November 30, 2018 November 30, 2017 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,517,510 $ 2,595,007 Bank Midwest loan payable in monthly installments of $3,249 including interest at 5.00%, due October 1, 2019 - 599,584 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 232,967 374,900 Total term debt $ 2,750,477 $ 3,569,491 Less current portion of term debt 227,459 221,230 Term debt of discontinued operations - 599,584 Term debt, excluding current portion $ 2,523,018 $ 2,748,677 A summary of the minimum maturities of term debt follows for the years ending November 30: Year: Amount 2019 $ 227,459 2020 172,426 2021 90,179 2022 94,858 2023 99,781 2024 and thereafter 2,065,774 Total term debt $ 2,750,477 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 11 Related Party Transactions During the 2018 2017 not no 20% 2018 $25,773 $8,281 2017. November 30, 2018, $1,568 $1,621 November 30, 2017. |
Note 12 - Sales-type Leases
Note 12 - Sales-type Leases | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessor Disclosure [Text Block] | ( 12 Sales-Type Leases The components related to sales-type leases at November 30, 2018 November 30, 2018 Minimum lease receivable, current $ 159,500 Unearned interest income, current (36,445 ) Net investment in sales-type leases, current $ 123,055 Minimum lease receivable, long-term $ 168,277 Unearned interest income, long-term (14,490 ) Net investment in sales-type leases, long-term $ 153,787 Gross revenue recognized in sales from continuing operations on the consolidated statements of operations from commencement of sales-type leases for the 2018 $426,542. no 2017 Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2019 $ 159,500 2020 162,425 2021 5,852 Total $ 327,777 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 13 Employee Benefit Plans The Company sponsors a defined contribution 401 may 25% 4% 1% $31,980 $34,523 2018 2017 |
Note 14 - Equity Incentive Plan
Note 14 - Equity Incentive Plan | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 14 Equity Incentive Plan On November 30, 2018, one 2011 $197,243 $113,039 2018 2017 2011 $157,529 $68,886 2018 2017 No On January 27, 2011, 2011 “2011 January 27, 2012. 2011 April 28, 2011. no 2011 The 2011 1,000 1,000 2018 51,200 three 37,098 2018 22,000 Stock options granted prior to January 27, 2011 The fair value of each option award is estimated on the date of grant using the Black Scholes option-pricing model. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date. 201 8 201 7 Expected Volatility - - Expected Dividend Yield - - Expected Term (in years) - - Risk-Free Rate - - The following is a summary of activity under the plans as of November 30, 2018 2017, 2018 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at the Beginning of the Period 96,000 $ 7.77 Granted - - Exercised - - - Options Expired or Forfeited (37,000 ) 10.37 Options Outstanding at the End of the Period 59,000 6.07 3.86 - Options Exercisable at the End of the Period 59,000 6.07 3.86 - 2017 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at the Beginning of the Period 143,500 $ 8.78 Granted - - Exercised - - - Options Expired or Forfeited (47,500 ) 10.84 Options Outstanding at the End of the Period 96,000 7.77 3.55 - Options Exercisable at the End of the Period 96,000 7.77 3.55 - No 2018 2017 November 30, 2018 November 30, 2017, no November 30, 2018, no No 2018 2017 The Company received no 2018 2017 During the 2018 88,298 26,150 22,000 2017 53,700 22,550 4,000 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 Income Taxes Total income tax expense (benefit) for the 2018 2017 November 30, 2018 November 30, 2017 Current Expense (benefit) $ 127,673 $ 15,360 Deferred expense (benefit) (654,413 ) (572,175 ) $ (526,740 ) $ (556,815 ) The reconciliation of the statutory Federal income tax rate is as follows: November 30, 2018 November 30, 2017 Statutory federal income tax rate 21.0 % 34.0 % Valuation allowance on foreign net operating loss (1.4 ) (7.8 ) Revaluation of deferred tax asset (7.6 ) - Permanent Differences and Other 1.5 (0.7 ) 13.5 % 25.5 % Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at November 30, 2018 2017 November 30 2018 2017 Current deferred tax assets (liabilities): Accrued expenses $ 59,000 $ 95,000 Inventory capitalization 73,000 33,000 Net operating loss and tax credit carryforward 826,000 586,000 Asset reserves 609,000 746,000 Total current deferred tax assets $ 1,567,000 $ 1,460,000 Non-current deferred tax assets Property, plant, and equipment $ (135,000 ) $ (559,000 ) Total non-current deferred tax assets (liabilities) $ (135,000 ) $ (559,000 ) Net deferred taxes $ 1,432,000 $ 901,000 Based on the Company’s adoption of ASU 2015 17, 2018 2017 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not $3,300,000 $124,000 November 30, 2036, 2037 2038. On December 22, 2017, 2017 35% 21%. first 2018 November 30, 2017, $298,000, first 2018 |
Note 16 - Disclosures About the
Note 16 - Disclosures About the Fair Value of Financial Instruments | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 16 Disclosures About the Fair Value of Financial Instruments The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. At November 30, 2018, November 30, 2017, not not |
Note 17 - Litigation and Contin
Note 17 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 17 Various legal actions and claims that arise in the normal course of business are pending against the Company. In the opinion of management adequate provisions have been made in the accompanying financial statements for all pending legal actions and other claims. |
Note 18 - Segment Information
Note 18 - Segment Information | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 18 Segment Information There are three The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes. Approximate financial information with respect to the reportable segments is as follows. The tables below exclude income and balance sheet data from discontinued operations. See Note 2 Twelve Months Ended November 30, 2018 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 14,344,000 $ 3,109,000 $ 2,274,000 $ 19,727,000 (Loss) from operations (2,462,000 ) (566,000 ) (67,000 ) (3,095,000 ) (Loss) before tax (3,206,000 ) (530,000 ) (110,000 ) (3,846,000 ) Total assets 15,458,000 3,401,000 2,466,000 21,325,000 Capital expenditures 321,000 439,000 4,000 764,000 Depreciation & amortization 516,000 317,000 128,000 961,000 Twelve Months Ended November 30, 2017 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 15,407,000 $ 2,700,000 $ 2,608,000 $ 20,715,000 (Loss) from operations (1,381,000 ) (313,000 ) (28,000 ) (1,722,000 ) (Loss) before tax (1,371,000 ) (349,000 ) (73,000 ) (1,793,000 ) Total assets 17,237,000 3,108,000 2,607,000 22,952,000 Capital expenditures 303,000 121,000 90,000 514,000 Depreciation & amortization 506,000 69,000 127,000 702,000 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 Subsequent Events Management evaluated all other activity of the Company and concluded that no 7 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Nature of Business Art’s-Way Manufacturing Co., Inc. (the “Company”) is primarily engaged in the fabrication and sale of specialized farm machinery in the agricultural sector of the United States. Primary product offerings include portable and stationary animal feed processing equipment; hay and forage equipment; sugar beet harvesting equipment; land maintenance equipment ; manure spreaders; moldboard plows; potato harvesters; and reels. The Company also manufactured commercial snow blowers under the Agro Trend label but sold the Agro Trend product line to Metco, Inc. on December 15, 2017. The Company’s Modular Buildings segment is primarily engaged in the construction of modular laboratories and animal housing facilities through the Company’s wholly-owned subsidiary, Art’s-Way Scientific, Inc. Buildings commonly produced range from basic swine buildings to complex containment research laboratories. This segment also provides services relating to the design, manufacturing, delivering, installation, and renting of the building units that it produces. The Company’s Tools segment is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools through the Company’s wholly-owned subsidiary, Ohio Metal Working Company/Art’s Way, Inc. The Company’s discontinued Pressurized Vessels segment was primarily engaged in the fabrication and sale of pressurized vessels and tanks through the Company’s wholly-owned subsidiary, Art’s-Way Vessels, Inc. On August 11, 2016, third 2016 October 31, 2016. March 29, 2018, $1,500,000. |
Consolidation, Policy [Policy Text Block] | (b) Principles of Consolidation The consolidated financial statements include the accounts of Art’s-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2018 During the second 2018 no no not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (c) Cash Concentration The Company maintains several different accounts at two (d) Customer Concentration During the 2018 2017 no one 6% 4% |
Receivables, Policy [Policy Text Block] | (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 180 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 1.5% |
Inventory, Policy [Policy Text Block] | (f) Inventories Inventories are stated at the lower of cost or net realizable value, and cost is determined using the standard costing method. Management monitors the carrying value of inventories using inventory control and review processes that include, but are not may not |
Property, Plant and Equipment, Policy [Policy Text Block] | (g) Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is provided using the straight-line method, based on the estimated useful lives of the assets which range from three forty |
Short-term Leases [Policy Text Block] | (h) Lessor Accounting and Sales-Type Leases Modular buildings held for short term lease by our Modular Buildings segment are recorded at cost. Amortization of the property is calculated over the useful life of the building. Estimated useful life is three five The Company leases modular buildings to certain customers and accounts for these transactions as sales-type leases. These leases have terms of up to 36 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (i) Goodwill and Impairment Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in business combinations. The Company performs an annual test for impairment of goodwill during the fourth $375,000 2018 $0 2017 |
Income Tax, Policy [Policy Text Block] | (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not The Company classifies interest and penalties to be paid on an underpayment of taxes as income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and various states and Canada. The Company is no November 30, 2014. On December 22, 2017, 2017 35% 21%. December 31, 2017. first 2018 $298,000 |
Revenue Recognition, Policy [Policy Text Block] | (k) Revenue Recognition Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the shipment of the product. All sales are made to authorized dealers whose application for dealer status has been approved and who have been informed of general sales policies. Any changes in Company terms are documented in the most recently published price lists. Pricing is fixed and determinable according to the Company’s published equipment and parts price lists. Title to all equipment and parts sold pass to the buyer upon delivery to the carrier and is not not not In certain circumstances, upon the customer’s written request, the Company may not not no 2018 2017 $202,000 $184,000, The Company’s Modular Buildings segment is in the construction industry, and as such accounts for contracts on the percentage of completion method. Revenue and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Contract costs consist of direct costs on contracts, including labor, materials, amounts payable to subcontractors and those indirect costs related to contract performance, such as equipment costs, insurance and employee benefits. Contract cost is recorded as incurred, and revisions in contract revenues and cost estimates are reflected in the accounting period when known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Contract losses are recognized when current estimates of total contract revenue and contract cost indicate a loss. Estimated contract costs include any and all costs appropriately allocable to the contract. The provision for these contract losses will be the excess of estimated contract costs over estimated contract revenues. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract change orders, penalty provisions and final contract settlements may Costs and profit in excess of amounts billed are classified as current assets and billings in excess of cost and profit are classified as current liabilities. The Company leases modular buildings to certain customers and accounts for these transactions as operating or sales-type leases. These leases have terms of up to 36 |
Research and Development Expense, Policy [Policy Text Block] | (l) Research and Development Research and development costs are expensed when incurred. Such costs approximated $178,000 $183,000 2018 2017 |
Advertising Costs, Policy [Policy Text Block] | (m ) Advertising Advertising costs are expensed when incurred. Such costs approximated $312,000 $356,000 2018 2017 |
Earnings Per Share, Policy [Policy Text Block] | (n) Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share of common stock has been computed on the basis of the weighted average number of shares outstanding plus equivalent shares of common stock assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share of common stock. Basic and diluted (loss) per common share have been computed based on the following as of November 30, 2018 2017: For the Twelve Months Ended November 30, 2018 November 30, 2017 Numerator for basic and diluted (loss) per share of common stock: Net (loss) from continuing operations $ (3,336,049 ) $ (1,369,359 ) Net (loss) from discontinued operations (50,853 ) (267,722 ) Net (loss) $ (3,386,902 ) $ (1,637,081 ) Denominator: For basic net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Effect of dilutive stock options - - For diluted net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Net (loss) per share - basic: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) Net (loss) per share - diluted: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (p) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. |
Use of Estimates, Policy [Policy Text Block] | (q) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | (r) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Going Concern In August 2014, No. 2014 15, 205 40, Going Concern not one No. 2014 15 December 15, 2016. November 30, 2017, not 2017. Inventory In July 2015, 2015 11, 330 first No. 2015 11 December 15, 2016, November 30, 2017, not not Income Taxes In November 2015, 2015 17, 740 No. 2015 17 December 15, 2016 December 15, 2017. first 2017, 2015 17, not not no Accounting Pronouncements Not Revenue from Contracts with Customers In May 2014, No. 2014 09, 606 605 2014 09 2014 09 December 15, 2017, not 2014 09 2019 The Company has evaluated the new standard and applied the core principle to its contract revenue streams. To be consistent with this core principle, an entity is required to apply the following five 1. 2. 3. 4. 5. The Company’s revenues primarily result from contracts with customers. The Agricultural Products and Tools segments are generally short-term contracts and contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the sale of agriculture parts, equipment and tools upon shipment of the good. The Modular Buildings segment executes contracts with customers that can be short or long-term in nature. These contracts can have multiple performance obligations and revenue from these can be recognized over time or at a point in time depending on the nature of the contracts. Payment terms generally are short-term and vary by customer and segment. The implementation process will include modifications to the contracts of the modular buildings segment. The Company intends to adopt ASU 2014 09 606 not 605 not The Company, upon adoption of ASU 2014 09, not • Disaggregation of revenue that depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors; • The opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers, if not • Revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period; • Information about performance obligations in contracts with customers; and • Judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers, including the timing satisfaction of performance obligation, and the transaction price and the amounts allocated to performance obligations. Leases In February 2016, 2016 02, 842 twelve December 15, 2018, 2020 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Twelve Months Ended November 30, 2018 November 30, 2017 Numerator for basic and diluted (loss) per share of common stock: Net (loss) from continuing operations $ (3,336,049 ) $ (1,369,359 ) Net (loss) from discontinued operations (50,853 ) (267,722 ) Net (loss) $ (3,386,902 ) $ (1,637,081 ) Denominator: For basic net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Effect of dilutive stock options - - For diluted net (loss) per share - weighted average shares of common stock outstanding 4,202,836 4,151,406 Net (loss) per share - basic: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) Net (loss) per share - diluted: Continuing operations $ (0.80 ) $ (0.33 ) Discontinued operations $ (0.01 ) $ (0.06 ) Net (loss) per share $ (0.81 ) $ (0.39 ) |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Twelve Months Ended November 30, 2018 November 30, 2017 Revenue from external customers $ - $ - Gross profit - - Total operating expense 51,133 357,709 (Loss) from operations (51,133 ) (357,709 ) (Loss) before tax (67,177 ) (400,739 ) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | November 30, 2018 November 30, 2017 Cash $ - $ 2,454 Property, plant, and equipment, net - 1,425,000 Assets of discontinued operations $ - $ 1,427,454 Accrued expenses $ - $ 49,931 Notes payable - 599,584 Liabilities of discontinued operations $ - $ 649,515 |
Note 3 - Allowance for Doubtf_2
Note 3 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the Twelve Months Ended November 30, 2018 November 30, 2017 Balance, beginning $ 32,298 $ 22,746 Provision charged to expense 2,242 11,187 Less amounts charged-off (9,440 ) (1,635 ) Balance, ending $ 25,100 $ 32,298 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2018 November 30, 2017 Raw materials $ 7,825,278 $ 8,731,985 Work in process 272,302 460,687 Finished goods 5,051,330 5,395,353 Total Gross Inventory $ 13,148,910 $ 14,588,025 Less: Reserves (2,891,808 ) (2,621,303 ) Net Inventory $ 10,257,102 $ 11,966,722 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2018 Costs $ 190,861 $ 99,782 Estimated earnings 54,721 121,115 245,582 220,897 Less: amounts billed (146,295 ) (405,911 ) $ 99,287 $ (185,014 ) November 30, 2017 Costs $ 105,639 $ 612,370 Estimated earnings 34,611 173,764 140,250 786,134 Less: amounts billed (75,104 ) (834,345 ) $ 65,146 $ (48,211 ) |
Note 6 - Property, Plant, and_2
Note 6 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2018 November 30, 2017 Land $ 220,503 $ 220,503 Buildings and improvements 6,985,273 6,966,550 Construction in progress 35,669 14,798 Manufacturing machinery and equipment 11,062,856 10,932,085 Trucks and automobiles 491,822 428,774 Furniture and fixtures 121,646 113,956 18,917,769 18,676,666 Less accumulated depreciation (13,270,284 ) (12,729,709 ) Property, plant and equipment $ 5,647,485 $ 5,946,957 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | November 30, 2018 November 30, 2017 West Union Facility $ 878,079 $ 1,118,330 Modular Buildings 992,046 98,834 $ 1,870,125 $ 1,217,164 |
Schedule of Future Minimum Payments Receivable for Operating Leases [Table Text Block] | Year Ending November 30, Amount 2019 443,294 2020 90,411 Total 533,705 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2018 November 30, 2017 Salaries, wages, and commissions $ 448,737 $ 584,768 Accrued warranty expense 96,786 68,451 Other 347,761 328,339 $ 893,284 $ 981,558 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Twelve Months Ended November 30, 2018 November 30, 2017 Balance, beginning $ 68,451 $ 134,373 Settlements / adjustments (233,316 ) (276,667 ) Warranties issued 261,651 210,745 Balance, ending $ 96,786 $ 68,451 |
Note 10 - Loan and Credit Agr_2
Note 10 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2018 November 30, 2017 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,517,510 $ 2,595,007 Bank Midwest loan payable in monthly installments of $3,249 including interest at 5.00%, due October 1, 2019 - 599,584 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 232,967 374,900 Total term debt $ 2,750,477 $ 3,569,491 Less current portion of term debt 227,459 221,230 Term debt of discontinued operations - 599,584 Term debt, excluding current portion $ 2,523,018 $ 2,748,677 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year: Amount 2019 $ 227,459 2020 172,426 2021 90,179 2022 94,858 2023 99,781 2024 and thereafter 2,065,774 Total term debt $ 2,750,477 |
Note 12 - Sales-type Leases (Ta
Note 12 - Sales-type Leases (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | November 30, 2018 Minimum lease receivable, current $ 159,500 Unearned interest income, current (36,445 ) Net investment in sales-type leases, current $ 123,055 Minimum lease receivable, long-term $ 168,277 Unearned interest income, long-term (14,490 ) Net investment in sales-type leases, long-term $ 153,787 |
Sales-type Leases, Lease Receivable Maturity [Table Text Block] | Year Ending November 30, Amount 2019 $ 159,500 2020 162,425 2021 5,852 Total $ 327,777 |
Note 14 - Equity Incentive Pl_2
Note 14 - Equity Incentive Plan (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 201 7 Expected Volatility - - Expected Dividend Yield - - Expected Term (in years) - - Risk-Free Rate - - |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at the Beginning of the Period 96,000 $ 7.77 Granted - - Exercised - - - Options Expired or Forfeited (37,000 ) 10.37 Options Outstanding at the End of the Period 59,000 6.07 3.86 - Options Exercisable at the End of the Period 59,000 6.07 3.86 - Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at the Beginning of the Period 143,500 $ 8.78 Granted - - Exercised - - - Options Expired or Forfeited (47,500 ) 10.84 Options Outstanding at the End of the Period 96,000 7.77 3.55 - Options Exercisable at the End of the Period 96,000 7.77 3.55 - |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2018 November 30, 2017 Current Expense (benefit) $ 127,673 $ 15,360 Deferred expense (benefit) (654,413 ) (572,175 ) $ (526,740 ) $ (556,815 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2018 November 30, 2017 Statutory federal income tax rate 21.0 % 34.0 % Valuation allowance on foreign net operating loss (1.4 ) (7.8 ) Revaluation of deferred tax asset (7.6 ) - Permanent Differences and Other 1.5 (0.7 ) 13.5 % 25.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2018 2017 Current deferred tax assets (liabilities): Accrued expenses $ 59,000 $ 95,000 Inventory capitalization 73,000 33,000 Net operating loss and tax credit carryforward 826,000 586,000 Asset reserves 609,000 746,000 Total current deferred tax assets $ 1,567,000 $ 1,460,000 Non-current deferred tax assets Property, plant, and equipment $ (135,000 ) $ (559,000 ) Total non-current deferred tax assets (liabilities) $ (135,000 ) $ (559,000 ) Net deferred taxes $ 1,432,000 $ 901,000 |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2018 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 14,344,000 $ 3,109,000 $ 2,274,000 $ 19,727,000 (Loss) from operations (2,462,000 ) (566,000 ) (67,000 ) (3,095,000 ) (Loss) before tax (3,206,000 ) (530,000 ) (110,000 ) (3,846,000 ) Total assets 15,458,000 3,401,000 2,466,000 21,325,000 Capital expenditures 321,000 439,000 4,000 764,000 Depreciation & amortization 516,000 317,000 128,000 961,000 Twelve Months Ended November 30, 2017 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 15,407,000 $ 2,700,000 $ 2,608,000 $ 20,715,000 (Loss) from operations (1,381,000 ) (313,000 ) (28,000 ) (1,722,000 ) (Loss) before tax (1,371,000 ) (349,000 ) (73,000 ) (1,793,000 ) Total assets 17,237,000 3,108,000 2,607,000 22,952,000 Capital expenditures 303,000 121,000 90,000 514,000 Depreciation & amortization 506,000 69,000 127,000 702,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Mar. 29, 2018USD ($) | Dec. 31, 2017 | Feb. 28, 2018USD ($) | Dec. 31, 2018 | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) |
Proceeds from Sale of Real Estate, Total | $ 1,500,000 | $ 1,500,000 | ||||
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | |||||
Goodwill, Impairment Loss | $ 375,000 | $ 0 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 34.00% | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 298,000 | $ 298,000 | ||||
Revenues, Total | 19,726,793 | $ 20,715,080 | ||||
Research and Development Expense, Total | 178,000 | 183,000 | ||||
Advertising Expense | 312,000 | 356,000 | ||||
Product [Member] | ||||||
Revenues, Total | $ 202,000 | $ 184,000 | ||||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||
Lessor, Capital Lease, Term of Contract | 3 years | |||||
Maximum [Member] | Assets Leased to Others [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Minimum [Member] | Assets Leased to Others [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Number Of Major Customers | 0 | 0 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum [Member] | ||||||
Concentration Risk, Percentage | 6.00% | 4.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Numerator for basic and diluted (loss) per share of common stock: | ||
Net (loss) from continuing operations | $ (3,336,049) | $ (1,369,359) |
Net (loss) from discontinued operations | (50,853) | (267,722) |
Net (loss) | $ (3,386,902) | $ (1,637,081) |
Denominator: | ||
For basic net (loss) per share - weighted average shares of common stock outstanding (in shares) | 4,202,836 | 4,151,406 |
Effect of dilutive stock options (in shares) | ||
For diluted net (loss) per share - weighted average shares of common stock outstanding (in shares) | 4,202,836 | 4,151,406 |
(Loss) per share - basic: | ||
Continuing operations (in dollars per share) | $ (0.80) | $ (0.33) |
Discontinued operations (in dollars per share) | (0.01) | (0.06) |
Net (loss) per share (in dollars per share) | (0.81) | (0.39) |
(Loss) per share - diluted: | ||
Continuing operations (in dollars per share) | (0.80) | (0.33) |
Discontinued operations (in dollars per share) | (0.01) | (0.06) |
Net (loss) per share (in dollars per share) | $ (0.81) | $ (0.39) |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) | Mar. 29, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Jan. 31, 2018 |
Real Estate Held for Sale, Sale Price Offer | $ 1,500,000 | |||
Impairment of Real Estate | $ 289,000 | |||
Real Estate Held for Sale, Expected Proceeds | $ 1,425,000 | |||
Proceeds from Sale of Real Estate, Total | $ 1,500,000 | $ 1,500,000 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
(Loss) before tax | $ (67,177) | $ (400,739) |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Revenue from external customers | ||
Gross profit | ||
Total operating expense | 51,133 | 357,709 |
(Loss) from operations | (51,133) | (357,709) |
(Loss) before tax | $ (67,177) | $ (400,739) |
Note 2 - Discontinued Operati_5
Note 2 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Notes payable | $ 599,584 | |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Cash | 2,454 | |
Property, plant, and equipment, net | 1,425,000 | |
Assets of discontinued operations | 1,427,454 | |
Accrued expenses | 49,931 | |
Notes payable | 599,584 | |
Liabilities of discontinued operations | $ 649,515 |
Note 3 - Allowance for Doubtf_3
Note 3 - Allowance for Doubtful Accounts - Activity in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Balance, beginning | $ 32,298 | $ 22,746 |
Provision charged to expense | 2,242 | 11,187 |
Less amounts charged-off | (9,440) | (1,635) |
Balance, ending | $ 25,100 | $ 32,298 |
Note 4 - Inventories - Major Cl
Note 4 - Inventories - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Raw materials | $ 7,825,278 | $ 8,731,985 |
Work in process | 272,302 | 460,687 |
Finished goods | 5,051,330 | 5,395,353 |
Total Gross Inventory | 13,148,910 | 14,588,025 |
Less: Reserves | (2,891,808) | (2,621,303) |
Net Inventory | $ 10,257,102 | $ 11,966,722 |
Note 5 - Contracts in Progres_2
Note 5 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Contract Receivable Retainage, Total | $ 8,405 | $ 37,052 |
Note 5 - Contracts in Progres_3
Note 5 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Costs in Excess of Billings, Cost | $ 190,861 | $ 105,639 |
Billings in Excess of Costs, Costs | 99,782 | 612,370 |
Costs in Excess of Billings, Estimated Earnings | 54,721 | 34,611 |
Billings in Excess of Costs, Estimated Earnings | 121,115 | 173,764 |
Costs in Excess of Billings, Costs and Estimated Earnings | 245,582 | 140,250 |
Billings in Excess of Costs, Costs and Estimated Earnings | 220,897 | 786,134 |
Costs in Excess of Billings, Amounts Billed | (146,295) | (75,104) |
Billings in Excess of Costs, Amounts Billed | (405,911) | (834,345) |
Cost and Profit in Excess of Billings | 99,287 | 65,146 |
Billings in Excess of Cost | $ (185,014) | $ (48,211) |
Note 6 - Property, Plant, and_3
Note 6 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Depreciation, Total | $ 960,606 | $ 702,349 |
Note 6 - Property, Plant, and_4
Note 6 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Property, plant and equipment, gross | $ 18,917,769 | $ 18,676,666 |
Less accumulated depreciation | (13,270,284) | (12,729,709) |
Property, plant and equipment | 5,647,485 | 5,946,957 |
Land [Member] | ||
Property, plant and equipment, gross | 220,503 | 220,503 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 6,985,273 | 6,966,550 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 35,669 | 14,798 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 11,062,856 | 10,932,085 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 491,822 | 428,774 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 121,646 | $ 113,956 |
Note 7 - Assets Held for Leas_2
Note 7 - Assets Held for Lease (Details Textual) | Dec. 14, 2018USD ($) | Nov. 30, 2018USD ($)ft² | Nov. 30, 2017USD ($) |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 52,606 | $ 43,481 | |
Asset Impairment Charges, Total | 591,268 | 70,000 | |
Sales [Member] | |||
Operating Leases, Income Statement, Lease Revenue, Total | 374,000 | 161,000 | |
Other Nonoperating Income (Expense) [Member] | |||
Operating Leases, Income Statement, Lease Revenue, Total | 44,000 | $ 234,000 | |
West Union Facility [Member] | |||
Remediation Cost | 235,000 | ||
Inventory Write-down | $ 67,000 | ||
Area of Rental Space | ft² | 20,000 | ||
Asset Impairment Charges, Total | $ 216,000 | ||
West Union Facility [Member] | Subsequent Event [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 900,000 | ||
Modular Buildings [Member] | |||
Property Subject to or Available for Operating Lease, Number of Units | 7 | 1 |
Note 7 - Assets Held for Leas_3
Note 7 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Assets held for lease | $ 1,870,125 | $ 1,217,164 |
West Union Facility [Member] | ||
Assets held for lease | 878,079 | 1,118,330 |
Modular Buildings [Member] | ||
Assets held for lease | $ 992,046 | $ 98,834 |
Note 7 - Assets Held for Leas_4
Note 7 - Assets Held for Lease - Future Minimum Lease Receipts From Assets Held for Lease (Details) | Nov. 30, 2018USD ($) |
2,019 | $ 443,294 |
2,020 | 90,411 |
Total | $ 533,705 |
Note 8 - Accrued Expenses - Maj
Note 8 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Salaries, wages, and commissions | $ 448,737 | $ 584,768 |
Accrued warranty expense | 96,786 | 68,451 |
Other | 347,761 | 328,339 |
Total accrued liabilities, current | $ 893,284 | $ 981,558 |
Note 9 - Product Warranty (Deta
Note 9 - Product Warranty (Details Textual) | 12 Months Ended |
Nov. 30, 2018 | |
Standard Product Warrant Term | 1 year |
Note 9 - Product Warranty - Cha
Note 9 - Product Warranty - Changes in Product Warranty Liability (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Balance, beginning | $ 68,451 | $ 134,373 |
Settlements / adjustments | (233,316) | (276,667) |
Warranties issued | 261,651 | 210,745 |
Balance, ending | $ 96,786 | $ 68,451 |
Note 10 - Loan and Credit Agr_3
Note 10 - Loan and Credit Agreements (Details Textual) | Mar. 29, 2018USD ($) | Sep. 28, 2017USD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Feb. 01, 2013 | May 01, 2010USD ($) |
Long-term Debt, Total | $ 2,750,477 | $ 3,569,491 | ||||
Repayments of Long-term Debt, Total | 219,429 | 2,825,148 | ||||
Term Loan Due October 2037 [Member] | ||||||
Long-term Debt, Total | $ 2,517,510 | $ 2,595,007 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 | ||||
Term Loan Due October 2019 [Member] | ||||||
Long-term Debt, Total | $ 599,584 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||
Debt Instrument, Periodic Payment, Total | $ 3,249 | $ 3,249 | ||||
Iowa Finance Authority Term Loan [Member] | ||||||
Long-term Debt, Total | $ 232,967 | $ 374,900 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | ||||
Debt Instrument, Periodic Payment, Total | $ 12,500 | $ 12,500 | ||||
Bank Midwest [Member] | ||||||
Long-term Line of Credit, Total | 3,505,530 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,494,470 | |||||
Line of Credit, Borrowing Base, Accounts Receivable | 75.00% | |||||
Line of Credit, Borrowing Base, Inventory | 50.00% | |||||
Debt Instrument, Covenant, Minimum Working Capital Ratio | 1.75 | |||||
Debt Instrument, Covenant, Minimum Working Capital | $ 5,100,000 | |||||
Debt Instrument, Covenant, Maximum Debt to Worth Ratio | 1 | |||||
Debt Instrument, Covenant, Minimum Tangible Balance Sheet Equity, Percentage | 40.00% | |||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.25 | |||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio, Tolerance | 0.1 | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||
Long-term Debt, Total | $ 2,600,000 | |||||
Debt Instrument, Periodic Payment, Total | 17,271 | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | United States Department of Agriculture [Member] | ||||||
Upfront Guarantee Fee | $ 62,400 | |||||
Guarantee Fee, Annual Fee, Percentage | 0.50% | |||||
Guarantee Requirement, Personally Guarantee, Shareholders Ownership Percentage | 20.00% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | J. Ward McConnell Jr. [Member] | ||||||
Personally Guaranteed, Percentage of Loan | 38.00% | |||||
Personally Guaranteed, Fee, Percentage of Guaranteed Amount | 2.00% | |||||
Bank Midwest [Member] | Term Loan Due October 2019 [Member] | ||||||
Long-term Debt, Total | $ 600,000 | |||||
Repayments of Long-term Debt, Total | $ 600,000 | |||||
Repayments of Long-term Debt, Principal | 596,563 | |||||
Repayments of Long-term Debt, Interest | $ 2,328 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
Debt Instrument, Periodic Payment, Total | $ 3,249 | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||
Line of Credit Facility, Interest Rate During Period | 6.50% | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Wall Street Journal Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Line of Credit Facility, Interest Rate During Period | 4.25% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.15% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Wall Street Journal Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
US Bank [Member] | ||||||
Repayments of Lines of Credit | $ 6,562,030 | |||||
Repayments of Lines of Credit, Unpaid Principal | 6,528,223 | |||||
Repayments of Lines of Credit, Accrued and Unpaid Interest and Fees | $ 33,807 | |||||
The First National Bank of West Union [Member] | Iowa Finance Authority Term Loan [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 3.50% | ||||
Debt Instrument, Face Amount | $ 1,300,000 | |||||
Debt Instrument, Covenant Debt Service Coverage Ratio | 1.5 |
Note 10 - Loan and Credit Agr_4
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Term debt | $ 2,750,477 | $ 3,569,491 |
Less current portion of term debt | 227,459 | 221,230 |
Term debt of discontinued operations | 599,584 | |
Term debt, excluding current portion | 2,523,018 | 2,748,677 |
Term Loan Due October 2037 [Member] | ||
Term debt | 2,517,510 | 2,595,007 |
Term Loan Due October 2019 [Member] | ||
Term debt | 599,584 | |
Iowa Finance Authority Term Loan [Member] | ||
Term debt | $ 232,967 | $ 374,900 |
Note 10 - Loan and Credit Agr_5
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Term Loan Due October 2037 [Member] | ||
Debt instrument, periodic payment | $ 17,271 | $ 17,271 |
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% |
Term Loan Due October 2019 [Member] | ||
Debt instrument, periodic payment | $ 3,249 | $ 3,249 |
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% |
Iowa Finance Authority Term Loan [Member] | ||
Debt instrument, periodic payment | $ 12,500 | $ 12,500 |
Debt instrument, interest rate, stated percentage | 2.75% | 2.75% |
Note 10 - Loan and Credit Agr_6
Note 10 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
2,019 | $ 227,459 | |
2,020 | 172,426 | |
2,021 | 90,179 | |
2,022 | 94,858 | |
2,023 | 99,781 | |
2024 and thereafter | 2,065,774 | |
Total term debt | $ 2,750,477 | $ 3,569,491 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Revenue from Related Parties | $ 0 | $ 0 |
Due from Related Parties, Total | 0 | 0 |
Related Party Transaction, Expenses from Transactions with Related Party | 25,773 | 8,281 |
Due to Related Parties, Total | $ 1,568 | $ 1,621 |
J. Ward McConnell Jr. [Member] | ||
Related Party, Ownership Percentage | 20.00% |
Note 12 - Sales-type Leases (De
Note 12 - Sales-type Leases (Details Textual) | 12 Months Ended |
Nov. 30, 2018USD ($) | |
Capital Leases, Income Statement, Sales Type Lease Revenue | $ 426,542 |
Note 12 - Sales-type Leases - C
Note 12 - Sales-type Leases - Components Related to Sales-type Leases (Details) | Nov. 30, 2018USD ($) |
Minimum lease receivable, current | $ 159,500 |
Unearned interest income, current | (36,445) |
Net investment in sales-type leases, current | 123,055 |
Minimum lease receivable, long-term | 168,277 |
Unearned interest income, long-term | (14,490) |
Net investment in sales-type leases, long-term | $ 153,787 |
Note 12 - Sales-type Leases - F
Note 12 - Sales-type Leases - Future Minimum Lease Receipts (Details) | Nov. 30, 2018USD ($) |
2,019 | $ 159,500 |
2,020 | 162,425 |
2,021 | 5,852 |
Total | $ 327,777 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |
Defined Contribution Plan Minimum Threshold Percentage of Employee Contributions | 4.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |
Defined Contribution Plan, Cost | $ 31,980 | $ 34,523 |
Note 14 - Equity Incentive Pl_3
Note 14 - Equity Incentive Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Jan. 27, 2011 | |
Allocated Share-based Compensation Expense, Total | $ 197,243 | $ 113,039 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 157,529 | $ 68,886 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 0 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 0 | 0 | |
Proceeds from Stock Options Exercised | $ 0 | $ 0 | |
Non-qualified Stock Units to Non-employee Directors Annually or Upon Election [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000 | 1,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 88,298 | 53,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 22,000 | 4,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,150 | 22,550 | |
Restricted Stock [Member] | Employees, Directors, and Consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,200 | ||
Restricted Stock [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 37,098 |
Note 14 - Equity Incentive Pl_4
Note 14 - Equity Incentive Plan - Fair Value Assumptions (Details) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Expected Volatility | ||
Expected Dividend Yield | ||
Expected Term (Year) | ||
Risk-Free Rate |
Note 14 - Equity Incentive Pl_5
Note 14 - Equity Incentive Plan - Option Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Options Outstanding at Beginning of Period, Shares (in shares) | 96,000 | 143,500 |
Options Outstanding at Beginning of Period, Weighted Average Exercise Price (in dollars per share) | $ 7.77 | $ 8.78 |
Granted, Shares (in shares) | 0 | 0 |
Granted, Weighted Average Exercise Price (in dollars per share) | ||
Exercised, Shares (in shares) | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | ||
Options Expired or Forfeited, Shares (in shares) | (37,000) | (47,500) |
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 10.37 | $ 10.84 |
Options Outstanding at the End of the Period, Shares (in shares) | 59,000 | 96,000 |
Options Outstanding at the End of the Period, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 7.77 |
Options Outstanding at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 3 years 313 days | 3 years 200 days |
Options Exercisable at the End of the Period, Shares (in shares) | 59,000 | 96,000 |
Options Exercisable at the End of the Period, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 7.77 |
Options Exercisable at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 3 years 313 days | 3 years 200 days |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | |
Operating Loss Carryforwards, Total | $ 3,300,000 | ||||
Tax Credit Carryforward, Amount | $ 124,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 298,000 | $ 298,000 | |||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Current Expense (benefit) | $ 127,673 | $ 15,360 |
Deferred expense (benefit) | (654,413) | (572,175) |
Total | $ (526,740) | $ (556,815) |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | |
Statutory federal income tax rate | 35.00% | 21.00% | 34.00% |
Valuation allowance on foreign net operating loss | (1.40%) | (7.80%) | |
Revaluation of deferred tax asset | (7.60%) | ||
Permanent Differences and Other | 1.50% | (0.70%) | |
Total | 13.50% | 25.50% |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2018 | Nov. 30, 2017 |
Accrued expenses | $ 59,000 | $ 95,000 |
Inventory capitalization | 73,000 | 33,000 |
Net operating loss and tax credit carryforward | 826,000 | 586,000 |
Asset reserves | 609,000 | 746,000 |
Total current deferred tax assets | 1,567,000 | 1,460,000 |
Property, plant, and equipment | (135,000) | (559,000) |
Total non-current deferred tax assets (liabilities) | (135,000) | (559,000) |
Net deferred taxes | $ 1,432,000 | $ 901,000 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 30, 2018 | |
Number of Reportable Segments | 3 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | ||
Revenues, Total | $ 19,726,793 | $ 20,715,080 | |
(Loss) from operations | (3,095,270) | (1,722,042) | |
Total assets | 21,325,474 | 24,379,833 | |
Capital expenditures | 434,505 | 513,614 | |
Depreciation & Amortization | 960,606 | 702,349 | |
Operating Segments [Member] | |||
Revenues, Total | [1] | 19,727,000 | 20,715,000 |
(Loss) from operations | (3,095,000) | (1,722,000) | |
(Loss) before tax | (3,846,000) | (1,793,000) | |
Total assets | [1] | 21,325,000 | 22,952,000 |
Capital expenditures | [1] | 764,000 | 514,000 |
Depreciation & Amortization | [1] | 961,000 | 702,000 |
Operating Segments [Member] | Agricultural Products [Member] | |||
Revenues, Total | 14,344,000 | 15,407,000 | |
(Loss) from operations | (2,462,000) | (1,381,000) | |
(Loss) before tax | (3,206,000) | (1,371,000) | |
Total assets | 15,458,000 | 17,237,000 | |
Capital expenditures | 321,000 | 303,000 | |
Depreciation & Amortization | 516,000 | 506,000 | |
Operating Segments [Member] | Modular Buildings [Member] | |||
Revenues, Total | 3,109,000 | 2,700,000 | |
(Loss) from operations | (566,000) | (313,000) | |
(Loss) before tax | (530,000) | (349,000) | |
Total assets | 3,401,000 | 3,108,000 | |
Capital expenditures | 439,000 | 121,000 | |
Depreciation & Amortization | 317,000 | 69,000 | |
Operating Segments [Member] | Tools [Member] | |||
Revenues, Total | 2,274,000 | 2,608,000 | |
(Loss) from operations | (67,000) | (28,000) | |
(Loss) before tax | (110,000) | (73,000) | |
Total assets | 2,466,000 | 2,607,000 | |
Capital expenditures | 4,000 | 90,000 | |
Depreciation & Amortization | $ 128,000 | $ 127,000 | |
[1] | The consolidated total in the table is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding. |