Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2019 | Jan. 30, 2020 | May 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | ARTS WAY MANUFACTURING CO INC | ||
Entity Central Index Key | 0000007623 | ||
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) | 4,349,642 | ||
Entity Public Float | $ 4,145,522 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock $.01 par value | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Current assets: | ||
Cash | $ 3,145 | $ 3,512 |
Accounts receivable-customers, net of allowance for doubtful accounts of $22,925 and $25,100 in 2019 and 2018, respectively | 1,679,975 | 1,537,113 |
Inventories, net | 8,778,507 | 10,257,102 |
Cost and profit in excess of billings | 726,667 | 99,287 |
Net investment in sales-type leases, current | 148,005 | 123,055 |
Other current assets | 70,931 | 125,089 |
Total current assets | 11,407,230 | 12,145,158 |
Property, plant, and equipment, net | 5,362,907 | 5,647,485 |
Assets held for lease, net | 713,782 | 1,870,125 |
Deferred income taxes | 1,786,048 | 1,432,422 |
Net investment in sales-type leases, long-term | 5,782 | 153,787 |
Other assets | 71,189 | 76,497 |
Total assets | 19,346,938 | 21,325,474 |
Current liabilities: | ||
Accounts payable | 1,205,313 | 802,062 |
Customer deposits | 105,363 | 145,632 |
Billings in excess of cost and profit | 88,931 | 185,014 |
Income taxes payable | 6,400 | 6,400 |
Accrued expenses | 1,132,826 | 893,284 |
Line of credit | 2,578,530 | 3,505,530 |
Current portion of long-term debt | 85,401 | 227,459 |
Total current liabilities | 5,202,764 | 5,765,381 |
Long-term liabilities | ||
Long-term debt, excluding current portion | 2,350,592 | 2,523,018 |
Total liabilities | 7,553,356 | 8,288,399 |
Commitments and Contingencies (Notes 9, 10 and 17) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2019 and 2018; issued and outstanding 0 shares in 2019 and 2018. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2019 and 2018; issued 4,321,087 in 2019 and 4,225,050 in 2018 | 43,211 | 42,250 |
Additional paid-in capital | 3,250,087 | 3,055,632 |
Retained earnings | 8,547,342 | 9,966,928 |
Treasury stock, at cost (18,842 in 2019 and 9,286 in 2018 shares) | (47,058) | (27,735) |
Total stockholders’ equity | 11,793,582 | 13,037,075 |
Total liabilities and stockholders’ equity | $ 19,346,938 | $ 21,325,474 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Allowance for doubtful accounts | $ 22,925 | $ 25,100 |
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) | 4,321,087 | 4,225,050 |
Treasury stock (in shares) | 18,842 | 9,286 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Sales | $ 22,889,173 | $ 19,726,793 |
Cost of goods sold | 18,961,260 | 16,215,237 |
Gross profit | 3,927,913 | 3,511,556 |
Expenses: | ||
Engineering | 479,345 | 640,430 |
Selling | 1,602,006 | 1,936,147 |
General and administrative | 3,343,443 | 3,438,981 |
Impairment of Assets | 591,268 | |
Total expenses | 5,424,794 | 6,606,826 |
(Loss) from operations | (1,496,881) | (3,095,270) |
Other income (expense): | ||
Interest expense | (358,174) | (304,566) |
Other | 86,235 | (446,629) |
Total other income (expense) | (271,939) | (751,195) |
Income (Loss) | (1,768,820) | (3,846,465) |
Income tax (benefit) | (349,234) | (510,416) |
(Loss) from continuing operations | (1,419,586) | (3,336,049) |
Discontinued Operations | ||
Loss from operations of discontinued segment | (67,177) | |
Income tax benefit | (16,324) | |
Loss on discontinued operations | (50,853) | |
Net (Loss) | $ (1,419,586) | $ (3,386,902) |
Net Income (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.33) | $ (0.80) |
Discontinued Operations (in dollars per share) | (0.01) | |
Net Income (Loss) per share (in dollars per share) | (0.33) | (0.81) |
Net Income (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.33) | (0.80) |
Discontinued Operations (in dollars per share) | (0.01) | |
Net Income (Loss) per share (in dollars per share) | $ (0.33) | $ (0.81) |
Weighted average outstanding shares used to compute basic net loss per share (in shares) | 4,277,375 | 4,202,836 |
Weighted average outstanding shares used to compute diluted net loss per share (in shares) | 4,277,375 | 4,202,836 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Net (Loss) | $ (1,419,586) | $ (3,386,902) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustsments | 3,830 | |
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | |
Total Other Comprehensive Income (Loss) | 257,010 | |
Comprehensive (Loss) | $ (1,419,586) | $ (3,129,892) |
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, 2017 | 4,158,752 | 1,954 | ||||
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 | ||||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | 253,180 | ||||
Net (Loss) | (3,386,902) | (3,386,902) | ||||
Balance (in shares) at Nov. 30, 2018 | 4,225,050 | 9,286 | ||||
Balance at Nov. 30, 2018 | $ 42,250 | 3,055,632 | 9,966,928 | $ (27,735) | 13,037,075 | |
Stock based compensation (in shares) | 96,037 | 9,556 | ||||
Stock based compensation | $ 961 | 194,455 | $ (19,323) | 176,093 | ||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | ||||||
Net (Loss) | (1,419,586) | (1,419,586) | ||||
Balance (in shares) at Nov. 30, 2019 | 4,321,087 | 18,842 | ||||
Balance at Nov. 30, 2019 | $ 43,211 | $ 3,250,087 | $ 8,547,342 | $ (47,058) | $ 11,793,582 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Cash flows from operations: | ||
Net (loss) from continuing operations | $ (1,419,586) | $ (3,336,049) |
Net (loss) from discontinued operations | (50,853) | |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 195,416 | 197,243 |
Loss on release of cumulative translation adjustment | 253,180 | |
Realized foreign currency loss | 3,830 | |
Impairment of Assets | 591,268 | |
Gain on disposal of property, plant, and equipment | (9,999) | (4,837) |
Depreciation and amortization expense | 1,003,541 | 960,606 |
Change in allowance for doubtful accounts | (2,175) | (7,198) |
Deferred income taxes | (353,626) | (531,026) |
Changes in assets and liabilities: | ||
Accounts receivable | (140,687) | 380,379 |
Inventories | 1,478,595 | 900,854 |
Net investment in sales-type leases | 123,055 | (276,842) |
Other assets | 54,158 | 150,666 |
Accounts payable | 403,251 | 128,409 |
Contracts in progress, net | (723,463) | 102,662 |
Customer deposits | (40,269) | (454,693) |
Income taxes payable | 3,300 | |
Accrued expenses | 239,542 | (88,274) |
Net cash provided by (used in) operating activities - continuing operations | 807,753 | (1,026,522) |
Net cash (used in) operating activities - discontinued operations | (92,090) | |
Net cash provided by (used in) operating activities | 807,753 | (1,118,612) |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (447,025) | (434,505) |
Additions to assets held for lease | (329,815) | |
Net proceeds from sale of assets | 899,713 | 52,606 |
Net cash provided by (used in) investing activities - continuing operations | 452,688 | (711,714) |
Net cash provided by investing activities - discontinued operations | 1,418,761 | |
Net cash provided by investing activities | 452,688 | 707,047 |
Cash flows from financing activities: | ||
Net change in line of credit | 927,000 | (1,043,000) |
Repayment of term debt | (314,485) | (219,429) |
Repurchases of common stock | (19,323) | (21,310) |
Net cash provided by (used in) financing activities - continuing operations | (1,260,808) | 802,261 |
Net cash (used in) financing activities - discontinued operations | (599,584) | |
Net cash provided by (used in) financing activities | (1,260,808) | 202,677 |
Net (decrease) in cash | (367) | (208,888) |
Cash at beginning of period | 3,512 | 212,400 |
Cash at end of period | 3,145 | 3,512 |
Supplemental disclosures of cash flow information: | ||
Interest | 329,356 | 286,070 |
Income taxes | 3,855 | 5,237 |
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, 2019 | |
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 sells its labeled products through independent farm equipment dealers throughout the United States. In addition, the Company manufactures and supplies hay blowers pursuant to OEM agreements. The Company also provides after-market service parts that are available to keep its branded and OEM-produced equipment operating to the satisfaction of the end user of the Company’s products. 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 2019 During the second 2018 no no not (c) Cash Concentration The Company maintains several different accounts at one (d) Customer Concentration During the 2018 no one 6% 2019 one 21% 10% (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 the 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 not 2019 $375,000 2018 no November 30, 2019 2018. (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 previously in Canada. The Company is no November 30, 2016. On December 22, 2017, 2017 35% 21%. first 2018 2018 $298,000 (k) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products and Tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The Agricultural Products and Tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the goods. Risk of ownership and title pass to the buyer upon shipment of the goods. 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 the Company’s 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 passes to the buyer upon delivery to the carrier and is not 30 In certain circumstances, upon the customer’s written request, the Company may not not no 2019 2018 $16,000 $202,000, The Modular Buildings segment is in the construction industry with its major source of revenue arising from modular building sales. Sales of modular buildings are generally recognized using input methods to measure progress towards the satisfaction of a performance obligation using 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 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 The Agricultural Products segment offers variable consideration in the form of discounts depending on participation in yearly early order programs. This variable consideration is allocated to the transaction price of all products in a sales arrangement and is not not not not The Company’s returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 (l) Disaggregation of Revenue The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Twelve Months Ended November 30, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 10,435,000 $ - $ - $ 10,435,000 Farm equipment service parts 2,638,000 - - 2,638,000 Steel cutting tools and inserts - - 2,086,000 2,086,000 Modular buildings - 6,460,000 - 6,460,000 Modular building lease income - 674,000 - 674,000 Other 435,000 126,000 35,000 596,000 $ 13,508,000 $ 7,260,000 $ 2,121,000 $ 22,889,000 Twelve Months Ended November 30, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 11,149,000 $ - $ - $ 11,149,000 Farm equipment service parts 2,735,000 - - 2,735,000 Steel cutting tools and inserts - - 2,239,000 2,239,000 Modular buildings - 2,271,000 - 2,271,000 Modular building lease income - 373,000 - 373,000 Revenue from sales-type leases - 427,000 - 427,000 Other 460,000 38,000 35,000 533,000 $ 14,344,000 $ 3,109,000 $ 2,274,000 $ 19,727,000 (m) Contract Receivables, Contract Assets and Contract Liabilities The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Consolidated Balance Sheets. November 30, 2019 November 30, 2018 Receivables $ 115,000 $ 159,000 Assets 727,000 99,000 Liabilities 89,000 185,000 The amount of revenue recognized in fiscal year 2019 November 30, 2018 $185,000. November 30, 2018 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2019, no one (n) Research and Development Research and development costs are expensed when incurred. Such costs approximated $149,000 $178,000 2019 2018 ( o ) Advertising Advertising costs are expensed when incurred. Such costs approximated $198,000 $312,000 2019 2018 not (p) 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, 2019 2018: Twelve Months Ended November 30, 2019 November 30, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (1,419,586 ) $ (3,336,049 ) Net income (loss) from discontinued operations - (50,853 ) Net income (loss) $ (1,419,586 ) $ (3,386,902 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Net Income (Loss) per share - Basic: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) (q) 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. (r) 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. (s) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Effective December 1, 2018 606, 606” 606 606 December 15, 2017, not 606 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 generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts, and cutting tools upon shipment of the goods. 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 Company’s implementation process for ASC 606 The Company uses discounts as a form of variable consideration for the Agricultural Products and Tools segments. The variable consideration is allocated to the transaction price at contract inception and is generally not not not The Company’s product warranty is included in the price of the product and provides assurance that the product will function in accordance with agreed-upon specifications. Product warranty is expensed at the time of sale for the Agricultural Products and Modular Buildings segments. A small reserve is kept on the balance sheet as consideration for the Tools segment warranty. This product warranty does not 606. The Company adopted ASC 606 606 not 605 not The Company, upon adoption of ASC 606, 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. Accounting Pronouncements Not In February 2016, 2016 02, 842 twelve December 15, 2018, 2020 not not not • Nature of its leases • Significant assumptions and judgements used • Information about leases that have not • Related-party lease transactions • Accounting policy election regarding short-term leases • Finance, operating, short-term and variable lease costs • Maturity analysis of operating lease payments, lease receivables and lease obligations • Tabular disclosure of lease-related income • Components of the net investment in a lease • Information on the management of risk associated with residual asset |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Nov. 30, 2019 | |
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 Revenue from external customers $ - Gross Profit - Asset Impairment - Total Operating Expense 51,133 Income (loss) from operations (51,133 ) Income (loss) before tax (67,177 ) There are no |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts | 12 Months Ended |
Nov. 30, 2019 | |
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: Twelve Months Ended November 30, 2019 November 30, 2018 Balance, beginning $ 25,100 $ 32,298 Provision charged to expense (1,602 ) 2,242 Less amounts charged-off (573 ) (9,440 ) Balance, ending $ 22,925 $ 25,100 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 Inventories Major classes of inventory are: November 30, 2019 November 30, 2018 Raw materials $ 7,156,001 $ 7,825,278 Work in process 492,125 272,302 Finished goods 3,905,373 5,051,330 Total Gross Inventory $ 11,553,499 $ 13,148,910 Less: Reserves (2,774,992 ) (2,891,808 ) Net Inventory $ 8,778,507 $ 10,257,102 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019 Costs $ 3,805,906 $ 629,501 Estimated earnings 1,044,612 155,790 4,850,518 785,291 Less: amounts billed (4,123,851 ) (874,222 ) $ 726,667 $ (88,931 ) 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 ) The amounts billed on these long-term contracts are due 30 12 $0 $8,405 November 30, 2019 2018, |
Note 6 - Property, Plant, and E
Note 6 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019 November 30, 2018 Land $ 220,503 $ 220,503 Buildings and improvements 7,035,144 6,985,273 Construction in Progress 82,366 35,669 Manufacturing machinery and equipment 11,036,192 11,062,856 Trucks and automobiles 507,575 491,822 Furniture and fixtures 120,833 121,646 19,002,613 18,917,769 Less accumulated depreciation (13,639,706 ) (13,270,284 ) Property, plant and equipment $ 5,362,907 $ 5,647,485 Depreciation and amortization expense for continuing operations totaled $1,003,541 $960,606 2019 2018 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease | 12 Months Ended |
Nov. 30, 2019 | |
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: Assets Held for Lease November 30, 2019 November 30, 2018 West Union Facility $ - $ 878,079 Modular Buildings 713,782 992,046 $ 713,782 $ 1,870,125 On December 14, 2018, $900,000. $216,000 2018 $235,000 $67,000 2018 The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had five November 30, 2019 seven November 30, 2018. Rents recognized in sales were related to the leasing of modular buildings as a part of the normal course of business operations of the Modular Buildings segment. Rents recognized from assets held for lease included in sales on the consolidated statements of operations during the 2019 $674,000 $373,000 2018 2019 $2,500 $44,000 2018 Future minimum lease receipts from assets held for lease are as follows: Year Ending November 30, Amount 2020 $ 283,989 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 8 Accrued Expenses Major components of accrued expenses are: November 30, 2019 November 30, 2018 Salaries, wages, and commissions $ 555,201 $ 448,737 Accrued warranty expense 203,185 96,786 Other 374,440 347,761 $ 1,132,826 $ 893,284 |
Note 9 - Product Warranty
Note 9 - Product Warranty | 12 Months Ended |
Nov. 30, 2019 | |
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 not 606. may no not Changes in the Company’s product warranty liability included in “accrued expenses” for the 2019 2018 Twelve Months Ended November 30, 2019 November 30, 2018 Balance, beginning $ 96,786 $ 68,451 Settlements / adjustments (279,992 ) (233,316 ) Warranties issued 386,391 261,651 Balance, ending $ 203,185 $ 96,786 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 Loan and Credit Agreements The Company maintains two second Bank Midwest Revolving Line of Credit and Term Loans On September 28, 2017, $5,000,000 “2017 $2,600,000 October 1, 2037, $600,000 October 1, 2019. 2017 March 29, 2018, $600,000 October 1, 2019 $596,563 $2,328 On November 30, 2019, 2017 $2,578,530 $2,421,470 may 2017 75% 50% 2017 November 30, 2019, 2017 not 2017 1.00% 4.25% 6.00% 2017 March 30, 2019. 2017 no March 30, 2020. 2017 The $2,600,000 5.00% first sixty 0.75% 4.15% may five $17,271 $62,400 0.5% 20% 20% 38% 2% On February 13, 2019, $4,000,000 “2019 2019 2019 1.00% 4.25% 5.75% 2019 no one February 13, 2020. November 30, 2019, 2019 2019 Each of the 2017 $2,600,000 March 30, 2019 September 28, 2017, 2019 February 13, 2019, In connection with the 2017 September 28, 2017, first 2017 September 28, 2017. 2019 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. To further secure the 2017 second December 14, 2018. 2019 $2,600,000 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 Compliance with Bank Midwest covenants is measured annually at November 30. 1.75, $5,100,000 1 1 40% 1.25, 0.10 $100,000 November 30, 2019 no November 30, 2020. First National Bank of West Union Term Loan On May 1, 2010, $1,300,000 May 1, 2010 On December 14, 2018, A summary of the Company’s term debt is as follows: November 30, 2019 November 30, 2018 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,435,993 $ 2,517,510 First National Bank of West Union loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 - 232,967 Total term debt $ 2,435,993 $ 2,750,477 Less current portion of term debt 85,401 227,459 Term debt, excluding current portion $ 2,350,592 $ 2,523,018 A summary of the minimum maturities of term debt follows for the years ending November 30: Year: Amount 2020 $ 85,401 2021 90,179 2022 94,858 2023 99,781 2024 104,665 2025 and thereafter 1,961,109 Total term debt $ 2,435,993 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 11 Related Party Transactions During the 2019 2018 not no 20% 2019 $26,506 $25,773 2018. November 30, 2019, $1,517 $1,568 November 30, 2018. |
Note 12 - Sales-type Leases
Note 12 - Sales-type Leases | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019 2018 November 30, 2019 November 30, 2018 Minimum lease receivable, current $ 162,425 $ 159,500 Unearned interest income, current (14,420 ) (36,445 ) Net investment in sales-type leases, current $ 148,005 $ 123,055 Minimum lease receivable, long-term $ 5,851 $ 168,277 Unearned interest income, long-term (69 ) (14,490 ) Net investment in sales-type leases, long-term $ 5,782 $ 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 2019 Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2020 162,425 2021 5,851 Total $ 168,276 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2019 | |
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% $36,253 $31,980 2019 2018 |
Note 14 - Equity Incentive Plan
Note 14 - Equity Incentive Plan | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 14 Equity Incentive Plan On November 30, 2019, one 2011 $195,416 $197,243 2019 2018 2011 $122,022 $157,529 2019 2018 No On January 27, 2011, 2011 “2011 January 27, 2012. 2011 April 28, 2011. no 2011 The 2011 1,000 1,000 2019 56,750 three 9,000 31,687 2019 32,600 1,400 9,556 2018 88,298 33,150 22,000 7,332 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 9 201 8 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, 2019 2018, 2019 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 59,000 $ 6.07 Granted - $ - Exercised - $ - - Options Expired or Forfeited - $ - Options O/S at end of period 59,000 $ 6.07 2.86 - Options Exercisable at end of the period 59,000 $ 6.07 2.86 - 2018 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 96,000 $ 7.77 Granted - $ - Exercised - $ - - Options Expired or Forfeited (37,000 ) $ 10.37 Options O/S at end of period 59,000 $ 6.07 3.86 - Options Exercisable at end of the period 59,000 $ 6.07 3.86 - No 2019 2018 November 30, 2019 November 30, 2018, no November 30, 2019, no No 2019 2018 The Company received no 2019 2018 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 Income Taxes Total income tax expense (benefit) for the 2019 2018 November 30, 2019 November 30, 2018 Current Expense (benefit) $ 4,392 $ 127,673 Deferred expense (benefit) (353,626 ) (654,413 ) $ (349,234 ) $ (526,740 ) The reconciliation of the statutory Federal income tax rate is as follows: November 30, 2019 November 30, 2018 Statutory federal income tax rate 21.0 % 21.0 % Valuation allowance on foreign net operating loss - (1.4 ) Revaluation of deferred tax asset - (7.6 ) Permanent Differences and Other (1.3 ) 1.5 19.7 % 13.5 % Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at November 30, 2019 2018 November 30 2018 2018 Current deferred tax assets (liabilities): Accrued expenses $ 100,000 $ 59,000 Inventory capitalization 21,000 73,000 NOL and tax credit carryforward 1,182,000 826,000 Asset reserves 621,000 609,000 Total current deferred tax assets $ 1,924,000 $ 1,567,000 Non-current deferred tax assets Property, plant, and equipment $ (138,000 ) $ (135,000 ) Total non-current deferred tax assets (liabilities) $ (138,000 ) $ (135,000 ) Net deferred taxes $ 1,786,000 $ 1,432,000 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not $5,033,000 $109,000 November 30, 2036, 2037, 2038 2039. On December 22, 2017, 2017 35% 21%. first 2018 $298,000 |
Note 16 - Disclosures About the
Note 16 - Disclosures About the Fair Value of Financial Instruments | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019, November 30, 2018, not not |
Note 17 - Litigation and Contin
Note 17 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 17 Litigation and Contingencies 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, 2019 | |
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, 2019 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 13,508,000 $ 7,260,000 $ 2,121,000 $ 22,889,000 Income (loss) from operations $ (1,599,000 ) $ 208,000 $ (106,000 ) $ (1,497,000 ) Income (loss) before tax $ (1,843,000 ) $ 220,000 $ (146,000 ) $ (1,769,000 ) Total Assets $ 13,169,000 $ 3,584,000 $ 2,594,000 $ 19,347,000 Capital expenditures $ 257,000 $ 147,000 $ 43,000 $ 447,000 Depreciation & Amortization $ 503,000 $ 372,000 $ 129,000 $ 1,004,000 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 Income (loss) from operations $ (2,462,000 ) $ (566,000 ) $ (67,000 ) $ (3,095,000 ) Income (loss) before tax $ (3,206,000 ) $ (530,000 ) $ (111,000 ) $ (3,847,000 ) Total Assets $ 15,458,000 $ 3,401,000 $ 2,466,000 $ 21,325,000 Capital expenditures $ 321,000 $ 4,000 $ 110,000 $ 435,000 Depreciation & Amortization $ 516,000 $ 317,000 $ 128,000 $ 961,000 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Nov. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 Subsequent Events Management evaluated all other activity of the Company and concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2019 | |
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 sells its labeled products through independent farm equipment dealers throughout the United States. In addition, the Company manufactures and supplies hay blowers pursuant to OEM agreements. The Company also provides after-market service parts that are available to keep its branded and OEM-produced equipment operating to the satisfaction of the end user of the Company’s products. 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 2019 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 one (d) Customer Concentration During the 2018 no one 6% 2019 one 21% 10% |
Receivable [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 the 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 not 2019 $375,000 2018 no November 30, 2019 2018. |
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 previously in Canada. The Company is no November 30, 2016. On December 22, 2017, 2017 35% 21%. first 2018 2018 $298,000 |
Revenue from Contract with Customer [Policy Text Block] | (k) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products and Tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The Agricultural Products and Tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the goods. Risk of ownership and title pass to the buyer upon shipment of the goods. 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 the Company’s 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 passes to the buyer upon delivery to the carrier and is not 30 In certain circumstances, upon the customer’s written request, the Company may not not no 2019 2018 $16,000 $202,000, The Modular Buildings segment is in the construction industry with its major source of revenue arising from modular building sales. Sales of modular buildings are generally recognized using input methods to measure progress towards the satisfaction of a performance obligation using 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 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 The Agricultural Products segment offers variable consideration in the form of discounts depending on participation in yearly early order programs. This variable consideration is allocated to the transaction price of all products in a sales arrangement and is not not not not The Company’s returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 |
Disaggregation of Revenue, Policy [Policy Text Block] | (l) Disaggregation of Revenue The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Twelve Months Ended November 30, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 10,435,000 $ - $ - $ 10,435,000 Farm equipment service parts 2,638,000 - - 2,638,000 Steel cutting tools and inserts - - 2,086,000 2,086,000 Modular buildings - 6,460,000 - 6,460,000 Modular building lease income - 674,000 - 674,000 Other 435,000 126,000 35,000 596,000 $ 13,508,000 $ 7,260,000 $ 2,121,000 $ 22,889,000 Twelve Months Ended November 30, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 11,149,000 $ - $ - $ 11,149,000 Farm equipment service parts 2,735,000 - - 2,735,000 Steel cutting tools and inserts - - 2,239,000 2,239,000 Modular buildings - 2,271,000 - 2,271,000 Modular building lease income - 373,000 - 373,000 Gross profit on sales-type leases - 427,000 - 427,000 Other 460,000 38,000 35,000 533,000 $ 14,344,000 $ 3,109,000 $ 2,274,000 $ 19,727,000 |
Contract Receivables, Contract Assets and Contract Liabilities, Policy [Policy Text Block] | (m) Contract Receivables, Contract Assets and Contract Liabilities The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Consolidated Balance Sheets. November 30, 2019 November 30, 2018 Receivables $ 115,000 $ 159,000 Assets 727,000 99,000 Liabilities 89,000 185,000 The amount of revenue recognized in fiscal year 2019 November 30, 2018 $185,000. November 30, 2018 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2019, no one |
Research and Development Expense, Policy [Policy Text Block] | (n) Research and Development Research and development costs are expensed when incurred. Such costs approximated $149,000 $178,000 2019 2018 |
Advertising Cost [Policy Text Block] | ( o ) Advertising Advertising costs are expensed when incurred. Such costs approximated $198,000 $312,000 2019 2018 not |
Earnings Per Share, Policy [Policy Text Block] | (p) 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, 2019 2018: Twelve Months Ended November 30, 2019 November 30, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (1,419,586 ) $ (3,336,049 ) Net income (loss) from discontinued operations - (50,853 ) Net income (loss) $ (1,419,586 ) $ (3,386,902 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Net Income (Loss) per share - Basic: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) |
Share-based Payment Arrangement [Policy Text Block] | (q) 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] | (r) 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] | (s) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Effective December 1, 2018 606, 606” 606 606 December 15, 2017, not 606 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 generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts, and cutting tools upon shipment of the goods. 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 Company’s implementation process for ASC 606 The Company uses discounts as a form of variable consideration for the Agricultural Products and Tools segments. The variable consideration is allocated to the transaction price at contract inception and is generally not not not The Company’s product warranty is included in the price of the product and provides assurance that the product will function in accordance with agreed-upon specifications. Product warranty is expensed at the time of sale for the Agricultural Products and Modular Buildings segments. A small reserve is kept on the balance sheet as consideration for the Tools segment warranty. This product warranty does not 606. The Company adopted ASC 606 606 not 605 not The Company, upon adoption of ASC 606, 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. Accounting Pronouncements Not In February 2016, 2016 02, 842 twelve December 15, 2018, 2020 not not not • Nature of its leases • Significant assumptions and judgements used • Information about leases that have not • Related-party lease transactions • Accounting policy election regarding short-term leases • Finance, operating, short-term and variable lease costs • Maturity analysis of operating lease payments, lease receivables and lease obligations • Tabular disclosure of lease-related income • Components of the net investment in a lease • Information on the management of risk associated with residual asset |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended November 30, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 10,435,000 $ - $ - $ 10,435,000 Farm equipment service parts 2,638,000 - - 2,638,000 Steel cutting tools and inserts - - 2,086,000 2,086,000 Modular buildings - 6,460,000 - 6,460,000 Modular building lease income - 674,000 - 674,000 Other 435,000 126,000 35,000 596,000 $ 13,508,000 $ 7,260,000 $ 2,121,000 $ 22,889,000 Twelve Months Ended November 30, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 11,149,000 $ - $ - $ 11,149,000 Farm equipment service parts 2,735,000 - - 2,735,000 Steel cutting tools and inserts - - 2,239,000 2,239,000 Modular buildings - 2,271,000 - 2,271,000 Modular building lease income - 373,000 - 373,000 Revenue from sales-type leases - 427,000 - 427,000 Other 460,000 38,000 35,000 533,000 $ 14,344,000 $ 3,109,000 $ 2,274,000 $ 19,727,000 |
Contract with Customer, Asset and Liability [Table Text Block] | November 30, 2019 November 30, 2018 Receivables $ 115,000 $ 159,000 Assets 727,000 99,000 Liabilities 89,000 185,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Twelve Months Ended November 30, 2019 November 30, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (1,419,586 ) $ (3,336,049 ) Net income (loss) from discontinued operations - (50,853 ) Net income (loss) $ (1,419,586 ) $ (3,386,902 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,277,375 4,202,836 Net Income (Loss) per share - Basic: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.33 ) $ (0.80 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.33 ) $ (0.81 ) |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Twelve Months Ended November 30, 2018 Revenue from external customers $ - Gross Profit - Asset Impairment - Total Operating Expense 51,133 Income (loss) from operations (51,133 ) Income (loss) before tax (67,177 ) |
Note 3 - Allowance for Doubtf_2
Note 3 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Twelve Months Ended November 30, 2019 November 30, 2018 Balance, beginning $ 25,100 $ 32,298 Provision charged to expense (1,602 ) 2,242 Less amounts charged-off (573 ) (9,440 ) Balance, ending $ 22,925 $ 25,100 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2019 November 30, 2018 Raw materials $ 7,156,001 $ 7,825,278 Work in process 492,125 272,302 Finished goods 3,905,373 5,051,330 Total Gross Inventory $ 11,553,499 $ 13,148,910 Less: Reserves (2,774,992 ) (2,891,808 ) Net Inventory $ 8,778,507 $ 10,257,102 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019 Costs $ 3,805,906 $ 629,501 Estimated earnings 1,044,612 155,790 4,850,518 785,291 Less: amounts billed (4,123,851 ) (874,222 ) $ 726,667 $ (88,931 ) 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 ) |
Note 6 - Property, Plant, and_2
Note 6 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2019 November 30, 2018 Land $ 220,503 $ 220,503 Buildings and improvements 7,035,144 6,985,273 Construction in Progress 82,366 35,669 Manufacturing machinery and equipment 11,036,192 11,062,856 Trucks and automobiles 507,575 491,822 Furniture and fixtures 120,833 121,646 19,002,613 18,917,769 Less accumulated depreciation (13,639,706 ) (13,270,284 ) Property, plant and equipment $ 5,362,907 $ 5,647,485 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | Assets Held for Lease November 30, 2019 November 30, 2018 West Union Facility $ - $ 878,079 Modular Buildings 713,782 992,046 $ 713,782 $ 1,870,125 |
Schedule of Future Minimum Payments Receivable for Operating Leases [Table Text Block] | Year Ending November 30, Amount 2020 $ 283,989 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2019 November 30, 2018 Salaries, wages, and commissions $ 555,201 $ 448,737 Accrued warranty expense 203,185 96,786 Other 374,440 347,761 $ 1,132,826 $ 893,284 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Twelve Months Ended November 30, 2019 November 30, 2018 Balance, beginning $ 96,786 $ 68,451 Settlements / adjustments (279,992 ) (233,316 ) Warranties issued 386,391 261,651 Balance, ending $ 203,185 $ 96,786 |
Note 10 - Loan and Credit Agr_2
Note 10 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2019 November 30, 2018 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,435,993 $ 2,517,510 First National Bank of West Union loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 - 232,967 Total term debt $ 2,435,993 $ 2,750,477 Less current portion of term debt 85,401 227,459 Term debt, excluding current portion $ 2,350,592 $ 2,523,018 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year: Amount 2020 $ 85,401 2021 90,179 2022 94,858 2023 99,781 2024 104,665 2025 and thereafter 1,961,109 Total term debt $ 2,435,993 |
Note 12 - Sales-type Leases (Ta
Note 12 - Sales-type Leases (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | November 30, 2019 November 30, 2018 Minimum lease receivable, current $ 162,425 $ 159,500 Unearned interest income, current (14,420 ) (36,445 ) Net investment in sales-type leases, current $ 148,005 $ 123,055 Minimum lease receivable, long-term $ 5,851 $ 168,277 Unearned interest income, long-term (69 ) (14,490 ) Net investment in sales-type leases, long-term $ 5,782 $ 153,787 |
Sales-type Leases, Lease Receivable Maturity [Table Text Block] | Year Ending November 30, Amount 2020 162,425 2021 5,851 Total $ 168,276 |
Note 14 - Equity Incentive Pl_2
Note 14 - Equity Incentive Plan (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 9 201 8 Expected Volatility - - Expected Dividend Yield - - Expected Term (in years) - - Risk-Free Rate - - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2019 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 59,000 $ 6.07 Granted - $ - Exercised - $ - - Options Expired or Forfeited - $ - Options O/S at end of period 59,000 $ 6.07 2.86 - Options Exercisable at end of the period 59,000 $ 6.07 2.86 - 2018 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 96,000 $ 7.77 Granted - $ - Exercised - $ - - Options Expired or Forfeited (37,000 ) $ 10.37 Options O/S at end of period 59,000 $ 6.07 3.86 - Options Exercisable at end of the period 59,000 $ 6.07 3.86 - |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2019 November 30, 2018 Current Expense (benefit) $ 4,392 $ 127,673 Deferred expense (benefit) (353,626 ) (654,413 ) $ (349,234 ) $ (526,740 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2019 November 30, 2018 Statutory federal income tax rate 21.0 % 21.0 % Valuation allowance on foreign net operating loss - (1.4 ) Revaluation of deferred tax asset - (7.6 ) Permanent Differences and Other (1.3 ) 1.5 19.7 % 13.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2018 2018 Current deferred tax assets (liabilities): Accrued expenses $ 100,000 $ 59,000 Inventory capitalization 21,000 73,000 NOL and tax credit carryforward 1,182,000 826,000 Asset reserves 621,000 609,000 Total current deferred tax assets $ 1,924,000 $ 1,567,000 Non-current deferred tax assets Property, plant, and equipment $ (138,000 ) $ (135,000 ) Total non-current deferred tax assets (liabilities) $ (138,000 ) $ (135,000 ) Net deferred taxes $ 1,786,000 $ 1,432,000 |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2019 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 13,508,000 $ 7,260,000 $ 2,121,000 $ 22,889,000 Income (loss) from operations $ (1,599,000 ) $ 208,000 $ (106,000 ) $ (1,497,000 ) Income (loss) before tax $ (1,843,000 ) $ 220,000 $ (146,000 ) $ (1,769,000 ) Total Assets $ 13,169,000 $ 3,584,000 $ 2,594,000 $ 19,347,000 Capital expenditures $ 257,000 $ 147,000 $ 43,000 $ 447,000 Depreciation & Amortization $ 503,000 $ 372,000 $ 129,000 $ 1,004,000 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 Income (loss) from operations $ (2,462,000 ) $ (566,000 ) $ (67,000 ) $ (3,095,000 ) Income (loss) before tax $ (3,206,000 ) $ (530,000 ) $ (111,000 ) $ (3,847,000 ) Total Assets $ 15,458,000 $ 3,401,000 $ 2,466,000 $ 21,325,000 Capital expenditures $ 321,000 $ 4,000 $ 110,000 $ 435,000 Depreciation & Amortization $ 516,000 $ 317,000 $ 128,000 $ 961,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Mar. 29, 2018USD ($) | Dec. 31, 2017 | Aug. 31, 2018USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2018 | Nov. 30, 2018USD ($) |
Proceeds from Sale of Real Estate, Total | $ 1,500,000 | |||||
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | |||||
Goodwill, Impairment Loss | $ 375,000 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 21.00% | 21.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 298,000 | $ 298,000 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 185,000 | |||||
Research and Development Expense, Total | 149,000 | 178,000 | ||||
Advertising Expense | 198,000 | 312,000 | ||||
Product [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 16,000 | $ 202,000 | ||||
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] | Revenue Benchmark [Member] | ||||||
Number Of Major Customers | 1 | 0 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Maximum [Member] | ||||||
Concentration Risk, Percentage | 21.00% | 6.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Revenue | $ 22,889,000 | $ 19,727,000 |
Farm Equipment [Member] | ||
Revenue | 10,435,000 | 11,149,000 |
Farm Equipment Service Parts [Member] | ||
Revenue | 2,638,000 | 2,735,000 |
Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,086,000 | 2,239,000 |
Modular Buildings [Member] | ||
Revenue | 6,460,000 | 2,271,000 |
Modular Buildings Lease Income [Member] | ||
Revenue | 674,000 | 373,000 |
Product and Service, Other [Member] | ||
Revenue | 596,000 | 533,000 |
Sales-type Leases [Member] | ||
Revenue | 427,000 | |
Agricultural Products [Member] | ||
Revenue | 13,508,000 | 14,344,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||
Revenue | 10,435,000 | 11,149,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 2,638,000 | 2,735,000 |
Agricultural Products [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | ||
Agricultural Products [Member] | Modular Buildings [Member] | ||
Revenue | ||
Agricultural Products [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | ||
Agricultural Products [Member] | Product and Service, Other [Member] | ||
Revenue | 435,000 | 460,000 |
Agricultural Products [Member] | Sales-type Leases [Member] | ||
Revenue | ||
Modular Buildings [Member] | ||
Revenue | 7,260,000 | 3,109,000 |
Modular Buildings [Member] | Farm Equipment [Member] | ||
Revenue | ||
Modular Buildings [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | ||
Modular Buildings [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | ||
Modular Buildings [Member] | Modular Buildings [Member] | ||
Revenue | 6,460,000 | 2,271,000 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 674,000 | 373,000 |
Modular Buildings [Member] | Product and Service, Other [Member] | ||
Revenue | 126,000 | 38,000 |
Modular Buildings [Member] | Sales-type Leases [Member] | ||
Revenue | 427,000 | |
Tools [Member] | ||
Revenue | 2,121,000 | 2,274,000 |
Tools [Member] | Farm Equipment [Member] | ||
Revenue | ||
Tools [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | ||
Tools [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,086,000 | 2,239,000 |
Tools [Member] | Modular Buildings [Member] | ||
Revenue | ||
Tools [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | ||
Tools [Member] | Product and Service, Other [Member] | ||
Revenue | $ 35,000 | 35,000 |
Tools [Member] | Sales-type Leases [Member] | ||
Revenue |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Contract With Customers (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Receivables | $ 115,000 | $ 159,000 |
Assets | 727,000 | 99,000 |
Liabilities | $ 89,000 | $ 185,000 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Numerator for basic and diluted net income (loss) per share: | ||
Net (loss) from continuing operations | $ (1,419,586) | $ (3,336,049) |
Net (loss) from discontinued operations | (50,853) | |
Net income (loss) | $ (1,419,586) | $ (3,386,902) |
Denominator: | ||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 4,277,375 | 4,202,836 |
Effect of dilutive stock options (in shares) | ||
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 4,277,375 | 4,202,836 |
Net Income (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.33) | $ (0.80) |
Discontinued Operations (in dollars per share) | (0.01) | |
Net Income (Loss) per share (in dollars per share) | (0.33) | (0.81) |
Net Income (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.33) | (0.80) |
Discontinued Operations (in dollars per share) | (0.01) | |
Net Income (Loss) per share (in dollars per share) | $ (0.33) | $ (0.81) |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 30, 2017 | Mar. 29, 2018 | Jan. 31, 2018 | |
Real Estate Held for Sale, Sale Price Offer | $ 1,500,000 | $ 1,500,000 | |
Impairment of Real Estate | $ 289,000 | ||
Real Estate Held for Sale, Expected Proceeds | $ 1,425,000 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Income (loss) before tax | $ (67,177) | |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Revenue from external customers | ||
Gross Profit | ||
Asset Impairment | ||
Total Operating Expense | 51,133 | |
Income (loss) from operations | (51,133) | |
Income (loss) before tax | $ (67,177) |
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, 2019 | Nov. 30, 2018 | |
Balance, beginning | $ 25,100 | $ 32,298 |
Provision charged to expense | (1,602) | 2,242 |
Less amounts charged-off | (573) | (9,440) |
Balance, ending | $ 22,925 | $ 25,100 |
Note 4 - Inventories - Major Cl
Note 4 - Inventories - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Raw materials | $ 7,156,001 | $ 7,825,278 |
Work in process | 492,125 | 272,302 |
Finished goods | 3,905,373 | 5,051,330 |
Total Gross Inventory | 11,553,499 | 13,148,910 |
Less: Reserves | (2,774,992) | (2,891,808) |
Net Inventory | $ 8,778,507 | $ 10,257,102 |
Note 5 - Contracts in Progres_2
Note 5 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Contract Receivable Retainage, Total | $ 0 | $ 8,405 |
Note 5 - Contracts in Progres_3
Note 5 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Costs in Excess of Billings, Cost | $ 3,805,906 | $ 190,861 |
Billings in Excess of Costs, Costs | 629,501 | 99,782 |
Costs in Excess of Billings, Estimated Earnings | 1,044,612 | 54,721 |
Billings in Excess of Costs, Estimated Earnings | 155,790 | 121,115 |
Costs in Excess of Billings, Costs and Estimated Earnings | 4,850,518 | 245,582 |
Billings in Excess of Costs, Costs and Estimated Earnings | 785,291 | 220,897 |
Costs in Excess of Billings, Amounts Billed | (4,123,851) | (146,295) |
Billings in Excess of Costs, Amounts Billed | (874,222) | (405,911) |
Cost and Profit in Excess of Billings | 726,667 | 99,287 |
Billings in Excess of Cost | $ (88,931) | $ (185,014) |
Note 6 - Property, Plant, and_3
Note 6 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Depreciation, Total | $ 1,003,541 | $ 960,606 |
Note 6 - Property, Plant, and_4
Note 6 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Property, plant and equipment, gross | $ 19,002,613 | $ 18,917,769 |
Less accumulated depreciation | (13,639,706) | (13,270,284) |
Property, plant and equipment | 5,362,907 | 5,647,485 |
Land [Member] | ||
Property, plant and equipment, gross | 220,503 | 220,503 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,035,144 | 6,985,273 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 82,366 | 35,669 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 11,036,192 | 11,062,856 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 507,575 | 491,822 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 120,833 | $ 121,646 |
Note 7 - Assets Held for Leas_2
Note 7 - Assets Held for Lease (Details Textual) | Dec. 14, 2018USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2018USD ($) |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 899,713 | $ 52,606 | |
Asset Impairment Charges, Total | 591,268 | ||
Sales [Member] | |||
Operating Leases, Income Statement, Lease Revenue, Total | 674,000 | 373,000 | |
Other Nonoperating Income (Expense) [Member] | |||
Operating Leases, Income Statement, Lease Revenue, Total | $ 2,500 | $ 44,000 | |
Modular Buildings [Member] | Leased Buildings [Member] | |||
Property Subject to or Available for Operating Lease, Number of Units | 5 | 7 | |
West Union Facility [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 900,000 | ||
Asset Impairment Charges, Total | $ 216,000 | ||
Remediation Cost | $ 235,000 | ||
Inventory Write-down | $ 67,000 |
Note 7 - Assets Held for Leas_3
Note 7 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Net assets held for lease | $ 713,782 | $ 1,870,125 |
West Union Facility [Member] | ||
Net assets held for lease | 878,079 | |
Modular Buildings [Member] | ||
Net assets held for lease | $ 713,782 | $ 992,046 |
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, 2019USD ($) |
2020 | $ 283,989 |
Note 8 - Accrued Expenses - Maj
Note 8 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Salaries, wages, and commissions | $ 555,201 | $ 448,737 |
Accrued warranty expense | 203,185 | 96,786 |
Other | 374,440 | 347,761 |
Total accrued liabilities, current | $ 1,132,826 | $ 893,284 |
Note 9 - Product Warranty (Deta
Note 9 - Product Warranty (Details Textual) | 12 Months Ended |
Nov. 30, 2019 | |
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, 2019 | Nov. 30, 2018 | |
Balance, beginning | $ 96,786 | $ 68,451 |
Settlements / adjustments | (279,992) | (233,316) |
Warranties issued | 386,391 | 261,651 |
Balance, ending | $ 203,185 | $ 96,786 |
Note 10 - Loan and Credit Agr_3
Note 10 - Loan and Credit Agreements (Details Textual) | Feb. 13, 2019USD ($) | Mar. 29, 2018USD ($) | Sep. 28, 2017USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2018USD ($) | May 01, 2010USD ($) |
Long-term Debt, Total | $ 2,435,993 | $ 2,750,477 | ||||
Repayments of Long-term Debt, Total | 314,485 | 219,429 | ||||
Term Loan Due October 2037 [Member] | ||||||
Long-term Debt, Total | $ 2,435,993 | $ 2,517,510 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 | ||||
Bank Midwest [Member] | ||||||
Long-term Line of Credit, Total | 2,578,530 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,421,470 | |||||
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 | |||||
Debt Instrument, Covenant, Annual Purchases or Sales Price of Equipment Before Requiring Bank Approval | $ 100,000 | |||||
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 | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Line of Credit Facility, Interest Rate During Period | 6.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Wall Street Journal Rate [Member] | ||||||
Long-term Line of Credit, Total | $ 4,000,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Line of Credit Facility, Interest Rate During Period | 4.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | |||||
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% | |||||
The First National Bank of West Union [Member] | Iowa Finance Authority Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 1,300,000 |
Note 10 - Loan and Credit Agr_4
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Term debt | $ 2,435,993 | $ 2,750,477 |
Less current portion of term debt | 85,401 | 227,459 |
Term debt, excluding current portion | 2,350,592 | 2,523,018 |
Term Loan Due October 2037 [Member] | ||
Term debt | 2,435,993 | 2,517,510 |
The First National Bank of West Union [Member] | ||
Term debt | $ 232,967 |
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, 2019 | Nov. 30, 2018 | |
Term Loan Due October 2037 [Member] | ||
Debt instrument, periodic payment | $ 17,271 | $ 17,271 |
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% |
The First National Bank of West Union [Member] | ||
Debt instrument, periodic payment | $ 12,500 | |
Debt instrument, interest rate, stated percentage | 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, 2019 | Nov. 30, 2018 |
2020 | $ 85,401 | |
2021 | 90,179 | |
2022 | 94,858 | |
2023 | 99,781 | |
2024 | 104,665 | |
2025 and thereafter | 1,961,109 | |
Total term debt | $ 2,435,993 | $ 2,750,477 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Revenue from Related Parties | $ 0 | $ 0 |
Due from Related Parties, Total | 0 | 0 |
Related Party Transaction, Expenses from Transactions with Related Party | 26,506 | 25,773 |
Due to Related Parties, Total | $ 1,517 | $ 1,568 |
J. Ward McConnell Jr. [Member] | ||
Related Party, Ownership Percentage | 20.00% |
Note 12 - Sales-type Leases (De
Note 12 - Sales-type Leases (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Capital Leases, Income Statement, Sales Type Lease Revenue | $ 0 | $ 426,542 |
Note 12 - Sales-type Leases - C
Note 12 - Sales-type Leases - Components Related to Sales-type Leases (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Minimum lease receivable, current | $ 162,425 | $ 159,500 |
Unearned interest income, current | (14,420) | (36,445) |
Net investment in sales-type leases, current | 148,005 | 123,055 |
Minimum lease receivable, long-term | 5,851 | 168,277 |
Unearned interest income, long-term | (69) | (14,490) |
Net investment in sales-type leases, long-term | $ 5,782 | $ 153,787 |
Note 12 - Sales-type Leases - F
Note 12 - Sales-type Leases - Future Minimum Lease Receipts (Details) | Nov. 30, 2018USD ($) |
2020 | $ 162,425 |
2021 | 5,851 |
Total | $ 168,276 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
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 | $ 36,253 | $ 31,980 |
Note 14 - Equity Incentive Pl_3
Note 14 - Equity Incentive Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 30, 2019 | Nov. 30, 2018 | Jan. 27, 2011 | |
Share-based Payment Arrangement, Expense | $ 195,416 | $ 197,243 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 122,022 | $ 157,529 | |
Share-based Payment Arrangement, Amount Capitalized | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 9,556 | 7,332 | |
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 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 0 | 0 | |
Proceeds from Stock Options Exercised | $ 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 | ||
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, Vested in Period | 32,600 | 33,150 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,400 | 22,000 | |
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 | 56,750 | ||
Restricted Stock [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,000 | ||
Restricted Stock [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 31,687 |
Note 14 - Equity Incentive Pl_4
Note 14 - Equity Incentive Plan - Fair Value Assumptions (Details) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
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, 2019 | Nov. 30, 2018 | Nov. 30, 2019 | Nov. 30, 2018 | |
Options O/S at beginning of period (in shares) | 59,000 | 96,000 | ||
Options O/S at beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 7.77 | ||
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) | |||
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 10.37 | |||
Options O/S at end of period (in shares) | 59,000 | 96,000 | 59,000 | 59,000 |
Options O/S at end of period, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 6.07 | ||
Options Outstanding at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 2 years 313 days | 3 years 313 days | ||
Options Exercisable at end of the period (in shares) | 59,000 | 59,000 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 6.07 | ||
Options Exercisable at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 2 years 313 days | 3 years 313 days |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2018 | Nov. 30, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Operating Loss Carryforwards, Total | $ 5,033,000 | ||||
Tax Credit Carryforward, Amount | $ 109,000 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 21.00% | 21.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 298,000 | $ 298,000 |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Current Expense (benefit) | $ 4,392 | $ 127,673 |
Deferred expense (benefit) | (353,626) | (654,413) |
Total | $ (349,234) | $ (526,740) |
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, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Statutory federal income tax rate | 35.00% | 21.00% | 21.00% | 21.00% |
Valuation allowance on foreign net operating loss | (1.40%) | |||
Revaluation of deferred tax asset | (7.60%) | |||
Permanent Differences and Other | (1.30%) | 1.50% | ||
Total | 19.70% | 13.50% |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Accrued expenses | $ 100,000 | $ 59,000 |
Inventory capitalization | 21,000 | 73,000 |
NOL and tax credit carryforward | 1,182,000 | 826,000 |
Asset reserves | 621,000 | 609,000 |
Total current deferred tax assets | 1,924,000 | 1,567,000 |
Property, plant, and equipment | (138,000) | (135,000) |
Total non-current deferred tax assets (liabilities) | (138,000) | (135,000) |
Net deferred taxes | $ 1,786,000 | $ 1,432,000 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 30, 2019 | |
Number of Reportable Segments | 3 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Revenue from external customers | $ 22,889,173 | $ 19,726,793 |
Income (loss) from operations | (1,496,881) | (3,095,270) |
Total Assets | 19,346,938 | 21,325,474 |
Capital expenditures | 447,025 | 434,505 |
Depreciation & Amortization | 1,003,541 | 960,606 |
Operating Segments [Member] | ||
Revenue from external customers | 22,889,000 | 19,727,000 |
Income (loss) from operations | (1,497,000) | (3,095,000) |
Income (loss) before tax | (1,769,000) | (3,847,000) |
Total Assets | 19,347,000 | 21,325,000 |
Capital expenditures | 447,000 | 435,000 |
Depreciation & Amortization | 1,004,000 | 961,000 |
Operating Segments [Member] | Agricultural Products [Member] | ||
Revenue from external customers | 13,508,000 | 14,344,000 |
Income (loss) from operations | (1,599,000) | (2,462,000) |
Income (loss) before tax | (1,843,000) | (3,206,000) |
Total Assets | 13,169,000 | 15,458,000 |
Capital expenditures | 257,000 | 321,000 |
Depreciation & Amortization | 503,000 | 516,000 |
Operating Segments [Member] | Modular Buildings [Member] | ||
Revenue from external customers | 7,260,000 | 3,109,000 |
Income (loss) from operations | 208,000 | (566,000) |
Income (loss) before tax | 220,000 | (530,000) |
Total Assets | 3,584,000 | 3,401,000 |
Capital expenditures | 147,000 | 4,000 |
Depreciation & Amortization | 372,000 | 317,000 |
Operating Segments [Member] | Tools [Member] | ||
Revenue from external customers | 2,121,000 | 2,274,000 |
Income (loss) from operations | (106,000) | (67,000) |
Income (loss) before tax | (146,000) | (111,000) |
Total Assets | 2,594,000 | 2,466,000 |
Capital expenditures | 43,000 | 110,000 |
Depreciation & Amortization | $ 129,000 | $ 128,000 |