Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2020 | Feb. 04, 2021 | May 31, 2020 | |
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 Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,523,407 | ||
Entity Public Float | $ 3,719,120 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock $.01 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Current assets: | ||
Cash | $ 2,684 | $ 3,145 |
Accounts receivable-customers, net of allowance for doubtful accounts of $51,175 and $22,925 in 2020 and 2019, respectively | 2,390,604 | 1,679,975 |
Inventories, net | 7,762,400 | 8,778,507 |
Cost and profit in excess of billings | 56,026 | 726,667 |
Net investment in sales-type leases, current | 28,352 | 148,005 |
Other current assets | 61,284 | 70,931 |
Total current assets | 10,301,350 | 11,407,230 |
Property, plant, and equipment, net | 5,218,662 | 5,362,907 |
Assets held for lease, net | 521,555 | 713,782 |
Deferred income taxes | 2,667,686 | 1,786,048 |
Net investment in sales-type leases, long-term | 5,782 | |
Other assets | 93,760 | 71,189 |
Total assets | 18,803,013 | 19,346,938 |
Current liabilities: | ||
Accounts payable | 1,955,404 | 1,205,313 |
Customer deposits | 198,225 | 105,363 |
Billings in excess of cost and profit | 276,226 | 88,931 |
Income taxes payable | 1,100 | 6,400 |
Accrued expenses | 1,279,312 | 1,132,826 |
Line of credit | 2,359,530 | 2,578,530 |
Current portion of long-term debt | 94,979 | 85,401 |
Total current liabilities | 6,164,776 | 5,202,764 |
Long-term liabilities | ||
Long-term portion of operating lease liabilities | 18,342 | |
Long-term debt, excluding current portion | 2,713,150 | 2,350,592 |
Total liabilities | 8,896,268 | 7,553,356 |
Commitments and Contingencies (Notes 8, 9 and 15) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2020 and 2019; issued and outstanding 0 shares in 2020 and 2019. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2020 and 2019; issued 4,470,004 in 2020 and 4,321,087 in 2019 | 44,700 | 43,211 |
Additional paid-in capital | 3,496,243 | 3,250,087 |
Retained earnings | 6,443,856 | 8,547,342 |
Treasury stock, at cost (35,097 in 2020 and 18,842 in 2019 shares) | (78,054) | (47,058) |
Total stockholders’ equity | 9,906,745 | 11,793,582 |
Total liabilities and stockholders’ equity | $ 18,803,013 | $ 19,346,938 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Allowance for doubtful accounts | $ 51,175 | $ 22,925 |
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) | 4,470,004 | 4,321,087 |
Treasury stock (in shares) | 35,097 | 18,842 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Sales | $ 22,409,123 | $ 22,889,173 |
Cost of goods sold | 20,009,523 | 18,961,260 |
Gross profit | 2,399,600 | 3,927,913 |
Expenses: | ||
Engineering | 476,721 | 479,345 |
Selling | 1,623,960 | 1,602,006 |
General and administrative | 4,208,553 | 3,343,443 |
Total expenses | 6,309,234 | 5,424,794 |
(Loss) from operations | (3,909,634) | (1,496,881) |
Other income (expense): | ||
Interest expense | (304,611) | (358,174) |
Other | 1,254,289 | 86,235 |
Total other income (expense) | 949,678 | (271,939) |
Income (loss) before income taxes | (2,959,956) | (1,768,820) |
Income tax (benefit) | (856,470) | (349,234) |
Net Income (Loss) | $ (2,103,486) | $ (1,419,586) |
Net Income (Loss) per share | ||
Basic Net Income (Loss) per share (in dollars per share) | $ (0.48) | $ (0.33) |
Diluted Net Income (Loss) per share (in dollars per share) | $ (0.48) | $ (0.33) |
Weighted average outstanding shares used to compute basic net loss per share (in shares) | 4,393,887 | 4,277,375 |
Weighted average outstanding shares used to compute diluted net loss per share (in shares) | 4,393,887 | 4,277,375 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
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 | |
Net income (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 |
Stock based compensation (in shares) | 148,917 | 16,255 | |||
Stock based compensation | $ 1,489 | 246,156 | $ (30,996) | 216,649 | |
Net income (loss) | (2,103,486) | (2,103,486) | |||
Balance (in shares) at Nov. 30, 2020 | 4,470,004 | 35,097 | |||
Balance at Nov. 30, 2020 | $ 44,700 | $ 3,496,243 | $ 6,443,856 | $ (78,054) | $ 9,906,745 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Cash flows from operations: | ||
Net (loss) | $ (2,103,486) | $ (1,419,586) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 247,645 | 195,416 |
Increase in obsolete inventory reserves | 556,303 | 79,265 |
(Gain) Loss on disposal of property, plant, and equipment | 25,195 | (9,999) |
Depreciation and amortization expense | 818,234 | 1,003,541 |
Accrued interest on deferred debt payments | 7,536 | |
Change in allowance for doubtful accounts | 28,250 | (2,175) |
Debt forgiveness from Paycheck Protection Program loan | (1,242,900) | |
Deferred expense (benefit) | (881,638) | (353,626) |
Changes in assets and liabilities: | ||
Accounts receivable | (738,879) | (140,687) |
Inventories | 459,804 | 1,399,330 |
Net investment in sales-type leases | 125,435 | 123,055 |
Other assets | 9,649 | 54,158 |
Accounts payable | 750,091 | 403,251 |
Contracts in progress, net | 857,936 | (723,463) |
Customer deposits | 92,862 | (40,269) |
Income taxes payable | (5,300) | |
Accrued expenses | 136,949 | 239,542 |
Net cash provided by (used in) operating activities | (856,314) | 807,753 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (693,414) | (447,025) |
Net proceeds from sale of assets | 191,764 | 899,713 |
Net cash provided by (used in) investing activities | (501,650) | 452,688 |
Cash flows from financing activities: | ||
Net change in line of credit | 219,000 | 927,000 |
Proceeds from term debt | 1,692,900 | |
Repayment of term debt | (85,401) | (314,485) |
Repurchases of common stock | (30,996) | (19,323) |
Net cash provided by (used in) financing activities | 1,357,503 | (1,260,808) |
Net (decrease) in cash | (461) | (367) |
Cash at beginning of period | 3,145 | 3,512 |
Cash at end of period | 2,684 | 3,145 |
Supplemental disclosures of cash flow information: | ||
Interest | 263,598 | 329,356 |
Income taxes | $ 28,514 | $ 3,855 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2020 | |
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 and moldboard plows. 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), CBN (cubic boron nitride) inserts and OEM specialty tools through the Company's wholly-owned subsidiary, Ohio Metal Working Company/Art's Way, Inc. (b) Impact of COVID- 19 While the COVID- 19 first 2020, 2020 may March 23, 2020 May 18, 2020 three 17% May 2020, 19 November 2020, 75% February 2021 19. (c) Principles of Consolidation The consolidated financial statements include the accounts of Art's-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2020 ( d ) Change in Accounting Estimate During the fiscal year 2020, 19, fourth 2020. $1.3 $2.8 250 10 $1 first 2021 In the fourth 2020, not $681,000 November 2020. 2021. $681,000. 250 10 ( e ) Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no November 30, 2019, $79,265. not ( f ) Cash Concentration The Company maintains several different accounts at one ( g ) Customer Concentration During the 2020 2019 one 18% 21%, 6% 10% 2020 2019 (h) 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% (i) 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 (j) 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 40 ( k ) S ales-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 The components related to sales-type leases at November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Minimum lease receivable, current $ 29,002 $ 162,425 Unearned interest income, current (650 ) (14,420 ) Net investment in sales-type leases, current $ 28,352 $ 148,005 Minimum lease receivable, long-term $ - $ 5,851 Unearned interest income, long-term - (69 ) Net investment in sales-type leases, long-term $ - $ 5,782 There was no November 30, 2020 November 30,2019. Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2021 29,002 Total $ 29,002 (l) Operating Leases The Company determines if an arrangement is a lease at inception of a contract. The nature of the Company's operating leases at this time is office equipment, mainly copiers, with terms of 12 60 ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value payments over the lease term. As most of the Company's leases do not may The Company has copier lease agreements with lease and non-lease components and has elected the practical expedient not not The components of operating leases on the Consolidated Balance Sheets at November 30, 2020 November 30, 2020 Operating lease right-of-use assets $ 27,879 Current portion of operating lease liabilities $ 9,537 Long-term portion of operating lease liabilities 18,342 Total operating lease liabilities $ 27,879 The Company included $27,879 $9,537 $18,342 $23,121 November 30, 2020, 35 5.50% Future maturities of operating lease liabilities are as follows: Year Ending November 30, 2021 10,847 2022 10,847 2023 6,911 2024 1,630 Total lease payments 30,236 Less imputed interest (2,356 ) Total operating lease liabilities 27,879 (m) 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 On December 28, 2020 2021 no 8.8% 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, 2017. (n) 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 customer upon shipment of the goods. The Tools segment has an OEM agreement with one not 30 In certain circumstances, upon the customer's written request, the Company may not not no 2020 2019 $0 $16,000, 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, 8 ( o ) 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, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 10,149,000 $ - $ - $ 10,149,000 Farm equipment service parts 2,519,000 - - 2,519,000 Steel cutting tools and inserts - - 2,308,000 2,308,000 Modular buildings - 6,517,000 - 6,517,000 Modular building lease income - 318,000 - 318,000 Other 417,000 158,000 23,000 598,000 $ 13,085,000 $ 6,993,000 $ 2,331,000 $ 22,409,000 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 ( p ) 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, 2020 November 30, 2019 Receivables $ 2,391,000 $ 1,680,000 Assets 56,000 727,000 Liabilities 276,000 89,000 The amount of revenue recognized in fiscal year 2020 November 30, 2019 $89,000 $185,000 2019. three November 30, 2019 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2020, November 30, 2019, no one (q) Research and Development Research and development costs are expensed when incurred. Such costs approximated $199,000 $149,000 2020 2019 ( r ) Advertising Advertising costs are expensed when incurred. Such costs approximated $175,000 $198,000 2020 2019 not (s) 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, 2020 2019: For the Twelve Months Ended November 30, 2020 November 30, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (2,103,486 ) $ (1,419,586 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) (t) 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. (u) 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. (v) Recently Issued Accounting Pronouncements A dopted Accounting Pronouncements Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not first 2020, $34,316 $34,316 may 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 Accounting Pronouncements Not Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, 2016 13 2016 13 December 15, 2022, December 15, 2018, 2016 13 2024. not |
Note 2 - Allowance for Doubtful
Note 2 - Allowance for Doubtful Accounts | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 2 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, 2020 November 30, 2019 Balance, beginning $ 22,925 $ 25,100 Provision charged to expense 44,222 (1,602 ) Less amounts charged-off (15,972 ) (573 ) Balance, ending $ 51,175 $ 22,925 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 Inventories Major classes of inventory are: November 30, 2020 November 30, 2019 Raw materials $ 7,086,367 $ 7,156,001 Work in process 304,009 492,125 Finished goods 3,777,136 3,905,373 Total Gross Inventory $ 11,167,512 $ 11,553,499 Less: Reserves (3,405,112 ) (2,774,992 ) Net Inventory $ 7,762,400 $ 8,778,507 |
Note 4 - Contracts in Progress
Note 4 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Long-term Contracts or Programs Disclosure [Text Block] | ( 4 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, 2020 Costs $ 511,152 $ 9,697,061 Estimated earnings 98,084 579,747 609,236 10,276,808 Less: amounts billed (553,210 ) (10,553,034 ) $ 56,026 $ (276,226 ) 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 ) The amounts billed on these long-term contracts are due 30 12 $36,488 $0 November 30, 2020 2019, |
Note 5 - Property, Plant, and E
Note 5 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 5 Property, Plant, and Equipment Major classes of property, plant, and equipment are: November 30, 2020 November 30, 2019 Land $ 220,503 $ 220,503 Buildings and improvements 7,255,955 7,035,144 Construction in Progress 31,571 82,366 Manufacturing machinery and equipment 11,123,104 11,036,192 Trucks and automobiles 510,955 507,575 Furniture and fixtures 119,907 120,833 19,261,995 19,002,613 Less accumulated depreciation (14,043,333 ) (13,639,706 ) Property, plant and equipment $ 5,218,662 $ 5,362,907 Depreciation and amortization expense totaled $818,234 $1,003,541 2020 2019 |
Note 6 - Assets Held for Lease
Note 6 - Assets Held for Lease | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | ( 6 Assets Held for Lease Major components of assets held for lease are: November 30, 2020 November 30, 2019 Modular Buildings $ 521,555 $ 713,782 Total assets held for lease $ 521,555 $ 713,782 The Company's Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had seven November 30, 2020 eight November 30, 2019. 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 2020 $318,000 $674,000 2019 2019 $2,500. The Company has no November 30, 2020. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 Accrued Expenses Major components of accrued expenses are: November 30, 2020 November 30, 2019 Salaries, wages, and commissions $ 726,625 $ 555,201 Accrued warranty expense 291,454 203,185 Other 261,233 374,440 $ 1,279,312 $ 1,132,826 |
Note 8 - Product Warranty
Note 8 - Product Warranty | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 8 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 2020 2019 For the Twelve Months Ended November 30, 2020 November 30, 2019 Balance, beginning $ 203,185 $ 96,786 Settlements / adjustments (157,501 ) (279,992 ) Warranties issued 245,770 386,391 Balance, ending $ 291,454 $ 203,185 |
Note 9 - Loan and Credit Agreem
Note 9 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 Loan and Credit Agreements The Company maintains two one three Bank Midwest Revolving Lines of Credit and Term Loan The Company maintains a credit facility with Bank Midwest consisting of a $5,000,000 “2017 $2,600,000 October 1, 2037 ( November 30, 2020, 2017 $2,359,530 $2,640,470 may 2017 75% 50% 2017 November 30, 2020, 2017 not 2017 1.00% 4.25% 4.25% 2017 March 30, 2020. 2017 March 30, 2021 The Term Loan accrues interest at a rate of 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% 4.25% 2019 February 2, 2021. 2019 no one February 13, 2022. November 30, 2020, 2019 2021. On April 20, 2020, $1,242,900 1.00% November 4, 2020 Each of the 2017 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 2017 2019 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 $100,000 twelve November 30, 2020. November 30, 2020. November 30, 2021. On January 12, 2021 1.75, $5,100,000 $4,000,000 1.75. SBA Economic Injury Disaster Loans On June 18, 2020, June 24, 2020 19 June 18, 2020 $150,000 third June 24, 2020 $150,000. 3.75% June 18, 2021 twelve June 24, 2021 $731 30 June 18, 2020 June 24, 2020, A summary of the Company's term debt is as follows: November 30, 2020 November 30, 2019 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,350,593 $ 2,435,993 U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 152,543 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 24, 2021, due June 24, 2050 152,450 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 152,543 - Total term debt $ 2,808,129 $ 2,435,993 Less current portion of term debt 94,979 85,401 Term debt, excluding current portion $ 2,713,150 $ 2,350,592 A summary of the minimum maturities of term debt follows for the years ending November 30: Year Amount 2021 $ 94,979 2022 104,026 2023 109,297 2024 114,499 2025 120,644 2026 and thereafter 2,264,684 $ 2,808,129 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 10 Related Party Transactions During the 2020 2019 not no 20% 2020 $19,232 $26,506 2019 November 30, 2020, $1,464 $1,517 November 30, 2019. |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 11 Employee Benefit Plans The Company sponsors a defined contribution 401 may 25% 4% 1% January 1, 2021 50% 3% $32,464 $36,253 2020 2019 |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 12 Equity Incentive Plan The compensation cost charged against income was $247,645 $195,416 2020 2019 $176,435 $122,022 2020 2019 No On February 25, 2020, 2020 “2020 2020 April 30, 2020. 2020 2011 “2011 500,000 No 2011 2020 February 25, 2020 The 2020 1,000 1,000 November 30, 2020, 128,750 three 25,000 2019, 56,750 three 9,000 31,687 2020 74,685 4,833 16,255 2019 32,600 1,400 9,556 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 option 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. 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. No November 30, 2020 2019. November 30, 2020 $216,649 $176,093 2019. 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. 20 20 201 9 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, 2020 2019, 2020 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 (23,000 ) $ 5.56 Options O/S at end of Period 36,000 $ 6.40 2.57 - Options Exercisable At end of the Period 36,000 $ 6.40 2.57 - 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 - No 2020 2019 November 30, 2020 November 30, 2019, no November 30, 2020, no The Company received no 2020 2019 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes Total income tax expense (benefit) for the 2020 2019 November 30, 2020 November 30, 2019 Current expense (benefit) $ 25,168 $ 4,392 Deferred expense (benefit) (881,638 ) (353,626 ) Total income tax expense (benefit) $ (856,470 ) $ (349,234 ) The reconciliation of the statutory Federal income tax rate is as follows: November 30, 2020 November 30, 2019 Statutory federal income tax rate 21.0 % 21.0 % PPP Loan Forgiveness 8.8 - Permanent differences and other (0.9 ) (1.3 ) 28.9 % 19.7 % Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at November 30, 2020 2019 November 30 2020 2019 Current deferred tax assets (liabilities): Accrued expenses $ 161,000 $ 100,000 Inventory capitalization 71,000 21,000 NOL and tax credit carryforward 1,695,000 1,182,000 Asset reserves 796,000 621,000 Total current deferred tax assets $ 2,723,000 $ 1,924,000 Non-current deferred tax assets Property, plant, and equipment $ (55,000 ) $ (138,000 ) Total non-current deferred tax assets (liabilities) (55,000 ) (138,000 ) Net deferred taxes $ 2,668,000 $ 1,786,000 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not $7,479,000 $109,000 November 30, 2036, 2037, 2038, 2039 2040. |
Note 14 - Disclosures About the
Note 14 - Disclosures About the Fair Value of Financial Instruments | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 14 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, 2020 November 30, 2019, not not |
Note 15 - Litigation and Contin
Note 15 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 15 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 16 - Segment Information
Note 16 - Segment Information | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 16 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. Twelve Months Ended November 30, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 13,085,000 $ 6,993,000 $ 2,331,000 $ 22,409,000 Income (loss) from operations $ (2,318,000 ) $ (1,295,000 ) $ (297,000 ) $ (3,910,000 ) Income (loss) before tax $ (1,723,000 ) $ (1,058,000 ) $ (179,000 ) $ (2,960,000 ) Total Assets $ 12,785,000 $ 3,310,000 $ 2,708,000 $ 18,803,000 Capital expenditures $ 499,000 $ 146,000 $ 48,000 $ 693,000 Depreciation & Amortization $ 481,000 $ 205,000 $ 132,000 $ 818,000 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 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 Subsequent Events Management evaluated all other activity of the Company and concluded that no 2019 9 8. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2020 | |
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 and moldboard plows. 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), CBN (cubic boron nitride) inserts and OEM specialty tools through the Company's wholly-owned subsidiary, Ohio Metal Working Company/Art's Way, Inc. |
Effect of COVID-19 Pandemic [Policy Text Block] | (b) Impact of COVID- 19 While the COVID- 19 first 2020, 2020 may March 23, 2020 May 18, 2020 three 17% May 2020, 19 November 2020, 75% February 2021 19. |
Consolidation, Policy [Policy Text Block] | (c) Principles of Consolidation The consolidated financial statements include the accounts of Art's-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2020 |
Change In Accounting Estimate [Policy Text Block] | ( d ) Change in Accounting Estimate During the fiscal year 2020, 19, fourth 2020. $1.3 $2.8 250 10 $1 first 2021 In the fourth 2020, not $681,000 November 2020. 2021. $681,000. 250 10 |
Reclassification, Comparability Adjustment [Policy Text Block] | ( e ) Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no November 30, 2019, $79,265. not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ( f ) Cash Concentration The Company maintains several different accounts at one ( g ) Customer Concentration During the 2020 2019 one 18% 21%, 6% 10% 2020 2019 |
Receivable [Policy Text Block] | (h) 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] | (i) 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] | (j) 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 40 |
Short-term Leases [Policy Text Block] | ( k ) S ales-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 The components related to sales-type leases at November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Minimum lease receivable, current $ 29,002 $ 162,425 Unearned interest income, current (650 ) (14,420 ) Net investment in sales-type leases, current $ 28,352 $ 148,005 Minimum lease receivable, long-term $ - $ 5,851 Unearned interest income, long-term - (69 ) Net investment in sales-type leases, long-term $ - $ 5,782 There was no November 30, 2020 November 30,2019. Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2021 29,002 Total $ 29,002 |
Lessee, Leases [Policy Text Block] | (l) Operating Leases The Company determines if an arrangement is a lease at inception of a contract. The nature of the Company's operating leases at this time is office equipment, mainly copiers, with terms of 12 60 ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value payments over the lease term. As most of the Company's leases do not may The Company has copier lease agreements with lease and non-lease components and has elected the practical expedient not not The components of operating leases on the Consolidated Balance Sheets at November 30, 2020 November 30, 2020 Operating lease right-of-use assets $ 27,879 Current portion of operating lease liabilities $ 9,537 Long-term portion of operating lease liabilities 18,342 Total operating lease liabilities $ 27,879 The Company included $27,879 $9,537 $18,342 $23,121 November 30, 2020, 35 5.50% Future maturities of operating lease liabilities are as follows: Year Ending November 30, 2021 10,847 2022 10,847 2023 6,911 2024 1,630 Total lease payments 30,236 Less imputed interest (2,356 ) Total operating lease liabilities 27,879 |
Income Tax, Policy [Policy Text Block] | (m) 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 On December 28, 2020 2021 no 8.8% 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, 2017. |
Revenue from Contract with Customer [Policy Text Block] | (n) 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 customer upon shipment of the goods. The Tools segment has an OEM agreement with one not 30 In certain circumstances, upon the customer's written request, the Company may not not no 2020 2019 $0 $16,000, 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, 8 |
Research and Development Expense, Policy [Policy Text Block] | (q) Research and Development Research and development costs are expensed when incurred. Such costs approximated $199,000 $149,000 2020 2019 |
Advertising Cost [Policy Text Block] | ( r ) Advertising Advertising costs are expensed when incurred. Such costs approximated $175,000 $198,000 2020 2019 not |
Earnings Per Share, Policy [Policy Text Block] | (s) 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, 2020 2019: For the Twelve Months Ended November 30, 2020 November 30, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (2,103,486 ) $ (1,419,586 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) |
Share-based Payment Arrangement [Policy Text Block] | (t) 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] | (u) 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] | (v) Recently Issued Accounting Pronouncements A dopted Accounting Pronouncements Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not first 2020, $34,316 $34,316 may 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 Accounting Pronouncements Not Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, 2016 13 2016 13 December 15, 2022, December 15, 2018, 2016 13 2024. not |
Disaggregation of Revenue, Policy [Policy Text Block] | ( o ) 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, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 10,149,000 $ - $ - $ 10,149,000 Farm equipment service parts 2,519,000 - - 2,519,000 Steel cutting tools and inserts - - 2,308,000 2,308,000 Modular buildings - 6,517,000 - 6,517,000 Modular building lease income - 318,000 - 318,000 Other 417,000 158,000 23,000 598,000 $ 13,085,000 $ 6,993,000 $ 2,331,000 $ 22,409,000 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 ( p ) 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, 2020 November 30, 2019 Receivables $ 2,391,000 $ 1,680,000 Assets 56,000 727,000 Liabilities 276,000 89,000 The amount of revenue recognized in fiscal year 2020 November 30, 2019 $89,000 $185,000 2019. three November 30, 2019 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2020, November 30, 2019, no one |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | November 30, 2020 November 30, 2019 Minimum lease receivable, current $ 29,002 $ 162,425 Unearned interest income, current (650 ) (14,420 ) Net investment in sales-type leases, current $ 28,352 $ 148,005 Minimum lease receivable, long-term $ - $ 5,851 Unearned interest income, long-term - (69 ) Net investment in sales-type leases, long-term $ - $ 5,782 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Year Ending November 30, Amount 2021 29,002 Total $ 29,002 |
Lessee, Operating Leases, Assets and Liabilities [Table Text Block] | November 30, 2020 Operating lease right-of-use assets $ 27,879 Current portion of operating lease liabilities $ 9,537 Long-term portion of operating lease liabilities 18,342 Total operating lease liabilities $ 27,879 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending November 30, 2021 10,847 2022 10,847 2023 6,911 2024 1,630 Total lease payments 30,236 Less imputed interest (2,356 ) Total operating lease liabilities 27,879 |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended November 30, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 10,149,000 $ - $ - $ 10,149,000 Farm equipment service parts 2,519,000 - - 2,519,000 Steel cutting tools and inserts - - 2,308,000 2,308,000 Modular buildings - 6,517,000 - 6,517,000 Modular building lease income - 318,000 - 318,000 Other 417,000 158,000 23,000 598,000 $ 13,085,000 $ 6,993,000 $ 2,331,000 $ 22,409,000 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 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | November 30, 2020 November 30, 2019 Receivables $ 2,391,000 $ 1,680,000 Assets 56,000 727,000 Liabilities 276,000 89,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Twelve Months Ended November 30, 2020 November 30, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (2,103,486 ) $ (1,419,586 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,393,887 4,277,375 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.48 ) $ (0.33 ) |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Twelve Months Ended November 30, 2020 November 30, 2019 Balance, beginning $ 22,925 $ 25,100 Provision charged to expense 44,222 (1,602 ) Less amounts charged-off (15,972 ) (573 ) Balance, ending $ 51,175 $ 22,925 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2020 November 30, 2019 Raw materials $ 7,086,367 $ 7,156,001 Work in process 304,009 492,125 Finished goods 3,777,136 3,905,373 Total Gross Inventory $ 11,167,512 $ 11,553,499 Less: Reserves (3,405,112 ) (2,774,992 ) Net Inventory $ 7,762,400 $ 8,778,507 |
Note 4 - Contracts in Progress
Note 4 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Long-Term Contract or Program Disclosure [Table Text Block] | Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2020 Costs $ 511,152 $ 9,697,061 Estimated earnings 98,084 579,747 609,236 10,276,808 Less: amounts billed (553,210 ) (10,553,034 ) $ 56,026 $ (276,226 ) 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 ) |
Note 5 - Property, Plant, and_2
Note 5 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2020 November 30, 2019 Land $ 220,503 $ 220,503 Buildings and improvements 7,255,955 7,035,144 Construction in Progress 31,571 82,366 Manufacturing machinery and equipment 11,123,104 11,036,192 Trucks and automobiles 510,955 507,575 Furniture and fixtures 119,907 120,833 19,261,995 19,002,613 Less accumulated depreciation (14,043,333 ) (13,639,706 ) Property, plant and equipment $ 5,218,662 $ 5,362,907 |
Note 6 - Assets Held for Lease
Note 6 - Assets Held for Lease (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | November 30, 2020 November 30, 2019 Modular Buildings $ 521,555 $ 713,782 Total assets held for lease $ 521,555 $ 713,782 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2020 November 30, 2019 Salaries, wages, and commissions $ 726,625 $ 555,201 Accrued warranty expense 291,454 203,185 Other 261,233 374,440 $ 1,279,312 $ 1,132,826 |
Note 8 - Product Warranty (Tabl
Note 8 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Twelve Months Ended November 30, 2020 November 30, 2019 Balance, beginning $ 203,185 $ 96,786 Settlements / adjustments (157,501 ) (279,992 ) Warranties issued 245,770 386,391 Balance, ending $ 291,454 $ 203,185 |
Note 9 - Loan and Credit Agre_2
Note 9 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2020 November 30, 2019 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,350,593 $ 2,435,993 U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 152,543 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 24, 2021, due June 24, 2050 152,450 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 152,543 - Total term debt $ 2,808,129 $ 2,435,993 Less current portion of term debt 94,979 85,401 Term debt, excluding current portion $ 2,713,150 $ 2,350,592 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2021 $ 94,979 2022 104,026 2023 109,297 2024 114,499 2025 120,644 2026 and thereafter 2,264,684 $ 2,808,129 |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 20 20 201 9 Expected Volatility - - Expected Dividend Yield - - Expected Term (in years) - - Risk-Free Rate - - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 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 (23,000 ) $ 5.56 Options O/S at end of Period 36,000 $ 6.40 2.57 - Options Exercisable At end of the Period 36,000 $ 6.40 2.57 - 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 - |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2020 November 30, 2019 Current expense (benefit) $ 25,168 $ 4,392 Deferred expense (benefit) (881,638 ) (353,626 ) Total income tax expense (benefit) $ (856,470 ) $ (349,234 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2020 November 30, 2019 Statutory federal income tax rate 21.0 % 21.0 % PPP Loan Forgiveness 8.8 - Permanent differences and other (0.9 ) (1.3 ) 28.9 % 19.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2020 2019 Current deferred tax assets (liabilities): Accrued expenses $ 161,000 $ 100,000 Inventory capitalization 71,000 21,000 NOL and tax credit carryforward 1,695,000 1,182,000 Asset reserves 796,000 621,000 Total current deferred tax assets $ 2,723,000 $ 1,924,000 Non-current deferred tax assets Property, plant, and equipment $ (55,000 ) $ (138,000 ) Total non-current deferred tax assets (liabilities) (55,000 ) (138,000 ) Net deferred taxes $ 2,668,000 $ 1,786,000 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 13,085,000 $ 6,993,000 $ 2,331,000 $ 22,409,000 Income (loss) from operations $ (2,318,000 ) $ (1,295,000 ) $ (297,000 ) $ (3,910,000 ) Income (loss) before tax $ (1,723,000 ) $ (1,058,000 ) $ (179,000 ) $ (2,960,000 ) Total Assets $ 12,785,000 $ 3,310,000 $ 2,708,000 $ 18,803,000 Capital expenditures $ 499,000 $ 146,000 $ 48,000 $ 693,000 Depreciation & Amortization $ 481,000 $ 205,000 $ 132,000 $ 818,000 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 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 18, 2020 | Feb. 28, 2021 | Nov. 30, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Number of Operating Segments | 3 | 3 | ||||
Revenues, Total | $ 22,409,123 | $ 22,889,173 | ||||
Inventory Write-down | $ 556,303 | 79,265 | ||||
Accounts Receivable, Threshold Period On International Sales (Day) | 180 days | |||||
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | |||||
Operating Lease, Right-of-Use Asset | $ 27,879 | $ 27,879 | ||||
Operating Lease, Liability, Noncurrent | $ 18,342 | 18,342 | ||||
Lease, Cost, Total | $ 23,121 | |||||
Operating Lease, Weighted Average Remaining Lease Term (Month) | 2 years 330 days | 2 years 330 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.50% | ||||
Effective Income Tax Rate Reconciliation, Debt Forgiveness, Paycheck Protection Program Under CARES Act | 8.80% | |||||
Contract with Customer, Liability, Revenue Recognized | $ 89,000 | $ 185,000 | ||||
Research and Development Expense, Total | 199,000 | 149,000 | ||||
Advertising Expense | 175,000 | 198,000 | ||||
Operating Lease, Liability, Total | $ 27,879 | 27,879 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 34,316 | |||||
Operating Lease, Liability, Total | $ 34,316 | |||||
Product [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | 0 | $ 16,000 | ||||
Other Assets [Member] | ||||||
Operating Lease, Right-of-Use Asset | 27,879 | 27,879 | ||||
Accrued Expenses [Member] | ||||||
Operating Lease, Liability, Current | $ 9,537 | $ 9,537 | ||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||
Lessor, Capital Lease, Term of Contract (Month) | 3 years | |||||
Lessee, Operating Lease, Term of Contract (Month) | 5 years | 5 years | ||||
Maximum [Member] | Assets Leased to Others [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Lessee, Operating Lease, Term of Contract (Month) | 1 year | 1 year | ||||
Minimum [Member] | Assets Leased to Others [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Number Of Major Customers | 1 | 1 | ||||
Concentration Risk, Percentage | 18.00% | 21.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Major Customer [Member] | Maximum [Member] | ||||||
Concentration Risk, Percentage | 6.00% | 10.00% | ||||
Estimated Costs To Complete Material Contract [Member] | ||||||
Revenues, Total | $ 1,300,000 | |||||
Estimated Costs On Uncompleted Contracts | $ 2,800,000 | $ 2,800,000 | ||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | Forecast [Member] | ||||||
Revenues, Total | $ 1,000,000 | |||||
Inventory Valuation and Obsolescence [Member] | ||||||
Inventory Write-down | $ 681,000 | |||||
COVID 19 [Member] | ||||||
Percentage of Workforce in Self-quarantine | 17.00% | |||||
Percentage of Workforce Working Remote | 75.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Components Related to Sales-type Leases (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Minimum lease receivable, current | $ 29,002 | $ 162,425 |
Unearned interest income, current | (650) | (14,420) |
Net investment in sales-type leases, current | 28,352 | 148,005 |
Minimum lease receivable, long-term | 5,851 | |
Unearned interest income, long-term | (69) | |
Net investment in sales-type leases, long-term | $ 5,782 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Future Minimum Lease Receipts (Details) | Nov. 30, 2020USD ($) |
2021 | $ 29,002 |
Total | $ 29,002 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Components of Operating Leases (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Operating lease right-of-use assets | $ 27,879 | |
Long-term portion of operating lease liabilities | 18,342 | |
Total operating lease liabilities | 27,879 | |
Accrued Expenses [Member] | ||
Current portion of operating lease liabilities | $ 9,537 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Maturities of Operating Lease Liabilities (Details) | Nov. 30, 2020USD ($) |
2021 | $ 10,847 |
2022 | 10,847 |
2023 | 6,911 |
2024 | 1,630 |
Total lease payments | 30,236 |
Less imputed interest | (2,356) |
Total operating lease liabilities | $ 27,879 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Revenue | $ 22,409,000 | $ 22,889,000 |
Farm Equipment [Member] | ||
Revenue | 10,149,000 | 10,435,000 |
Farm Equipment Service Parts [Member] | ||
Revenue | 2,519,000 | 2,638,000 |
Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,308,000 | 2,086,000 |
Modular Buildings [Member] | ||
Revenue | 6,517,000 | 6,460,000 |
Modular Buildings Lease Income [Member] | ||
Revenue | 318,000 | 674,000 |
Product and Service, Other [Member] | ||
Revenue | 598,000 | 596,000 |
Agricultural Products [Member] | ||
Revenue | 13,085,000 | 13,508,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||
Revenue | 10,149,000 | 10,435,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 2,519,000 | 2,638,000 |
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 | 417,000 | 435,000 |
Modular Buildings [Member] | ||
Revenue | 6,993,000 | 7,260,000 |
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 | 6,517,000 | 6,460,000 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 318,000 | 674,000 |
Modular Buildings [Member] | Product and Service, Other [Member] | ||
Revenue | 158,000 | 126,000 |
Tools [Member] | ||
Revenue | 2,331,000 | 2,121,000 |
Tools [Member] | Farm Equipment [Member] | ||
Revenue | ||
Tools [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | ||
Tools [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,308,000 | 2,086,000 |
Tools [Member] | Modular Buildings [Member] | ||
Revenue | ||
Tools [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | ||
Tools [Member] | Product and Service, Other [Member] | ||
Revenue | $ 23,000 | $ 35,000 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Contract With Customers (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Receivables | $ 2,391,000 | $ 1,680,000 |
Assets | 56,000 | 727,000 |
Liabilities | $ 276,000 | $ 89,000 |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Numerator for basic and diluted net income (loss) per share: | ||
Net income (loss) | $ (2,103,486) | $ (1,419,586) |
Denominator: | ||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 4,393,887 | 4,277,375 |
Effect of dilutive stock options (in shares) | ||
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 4,393,887 | 4,277,375 |
Net Income (Loss) per share - Basic: | ||
Net Income (Loss) per share (in dollars per share) | $ (0.48) | $ (0.33) |
Net Income (Loss) per share - Diluted: | ||
Net Income (Loss) per share (in dollars per share) | $ (0.48) | $ (0.33) |
Note 2 - Allowance for Doubtf_3
Note 2 - Allowance for Doubtful Accounts - Activity in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Balance, beginning | $ 22,925 | $ 25,100 |
Provision charged to expense | 44,222 | (1,602) |
Less amounts charged-off | (15,972) | (573) |
Balance, ending | $ 51,175 | $ 22,925 |
Note 3 - Inventories - Major Cl
Note 3 - Inventories - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Raw materials | $ 7,086,367 | $ 7,156,001 |
Work in process | 304,009 | 492,125 |
Finished goods | 3,777,136 | 3,905,373 |
Total Gross Inventory | 11,167,512 | 11,553,499 |
Less: Reserves | (3,405,112) | (2,774,992) |
Net Inventory | $ 7,762,400 | $ 8,778,507 |
Note 4 - Contracts in Progres_2
Note 4 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Construction Contractor, Receivable, Retainage, Total | $ 36,488 | $ 0 |
Note 4 - Contracts in Progres_3
Note 4 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Costs in Excess of Billings, Cost | $ 511,152 | $ 3,805,906 |
Billings in Excess of Costs, Costs | 9,697,061 | 629,501 |
Costs in Excess of Billings, Estimated Earnings | 98,084 | 1,044,612 |
Billings in Excess of Costs, Estimated Earnings | 579,747 | 155,790 |
Costs in Excess of Billings, Costs and Estimated Earnings | 609,236 | 4,850,518 |
Billings in Excess of Costs, Costs and Estimated Earnings | 10,276,808 | 785,291 |
Costs in Excess of Billings, Amounts Billed | (553,210) | (4,123,851) |
Billings in Excess of Costs, Amounts Billed | (10,553,034) | (874,222) |
Cost and Profit in Excess of Billings | 56,026 | 726,667 |
Billings in Excess of Cost | $ (276,226) | $ (88,931) |
Note 5 - Property, Plant, and_3
Note 5 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 818,234 | $ 1,003,541 |
Note 5 - Property, Plant, and_4
Note 5 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Property, plant and equipment, gross | $ 19,261,995 | $ 19,002,613 |
Less accumulated depreciation | (14,043,333) | (13,639,706) |
Property, plant and equipment | 5,218,662 | 5,362,907 |
Land [Member] | ||
Property, plant and equipment, gross | 220,503 | 220,503 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,255,955 | 7,035,144 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 31,571 | 82,366 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 11,123,104 | 11,036,192 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 510,955 | 507,575 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 119,907 | $ 120,833 |
Note 6 - Assets Held for Leas_2
Note 6 - Assets Held for Lease (Details Textual) | 12 Months Ended | |
Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | |
Lessor, Operating Lease, Payments to be Received, Total | $ 0 | |
Sales [Member] | ||
Operating Lease, Lease Income, Total | $ 318,000 | $ 674,000 |
Other Nonoperating Income (Expense) [Member] | ||
Operating Leases, Income Statement, Lease Revenue, Total | $ 2,500 | |
Modular Buildings [Member] | Leased Buildings [Member] | ||
Property Subject to or Available for Operating Lease, Number of Units | 7 | 8 |
Note 6 - Assets Held for Leas_3
Note 6 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Modular Buildings | $ 5,218,662 | $ 5,362,907 |
Modular Buildings [Member] | ||
Modular Buildings | 713,782 | |
Modular Buildings [Member] | ||
Modular Buildings | 521,555 | |
Assets Leased to Others [Member] | ||
Modular Buildings | $ 521,555 | $ 713,782 |
Note 7 - Accrued Expenses - Maj
Note 7 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Salaries, wages, and commissions | $ 726,625 | $ 555,201 |
Accrued warranty expense | 291,454 | 203,185 |
Other | 261,233 | 374,440 |
Total accrued liabilities, current | $ 1,279,312 | $ 1,132,826 |
Note 8 - Product Warranty (Deta
Note 8 - Product Warranty (Details Textual) | 12 Months Ended |
Nov. 30, 2019 | |
Standard Product Warrant Term (Year) | 1 year |
Note 8 - Product Warranty - Cha
Note 8 - Product Warranty - Changes in Product Warranty Liability (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Balance, beginning | $ 203,185 | $ 96,786 |
Settlements / adjustments | (157,501) | (279,992) |
Warranties issued | 245,770 | 386,391 |
Balance, ending | $ 291,454 | $ 203,185 |
Note 9 - Loan and Credit Agre_3
Note 9 - Loan and Credit Agreements (Details Textual) | Jan. 12, 2021USD ($) | Jun. 24, 2020USD ($) | Jun. 18, 2020USD ($) | Apr. 20, 2020USD ($) | Feb. 13, 2019USD ($) | Sep. 28, 2017USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) |
Long-term Debt, Total | $ 2,808,129 | $ 2,435,993 | ||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,242,900 | 1,692,900 | ||||||
Term Loan Due October 2037 [Member] | ||||||||
Long-term Debt, Total | $ 2,350,593 | $ 2,435,993 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 | ||||||
EIDL Assistance Program, Loan One [Member] | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
EIDL Assistance Program, Loan Two [Member] | ||||||||
Debt Instrument, Periodic Payment, Total | $ 731 | |||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
EIDL Assistance Program, Loan Three [Member] | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
Debt Instrument, Date of First Required Payment | Jun. 24, 2021 | |||||||
Economic Injury Distaster Loan Assistance Program [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||||
Debt Instrument, Term (Year) | 30 years | |||||||
EIDL Assistance Program, Loans One and Two [Member] | ||||||||
Debt Instrument, Date of First Required Payment | Jun. 18, 2021 | |||||||
Bank Midwest [Member] | ||||||||
Long-term Line of Credit, Total | 2,359,530 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,640,470 | |||||||
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] | 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 | 4.25% | |||||||
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% | |||||||
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% | |||||||
Bank Midwest, New Amended Covenant [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument, Covenant, Minimum Working Capital Ratio | 1.75 | |||||||
Debt Instrument, Covenant, Minimum Working Capital | $ 4,000,000 |
Note 9 - Loan and Credit Agre_4
Note 9 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Long-term Debt, Total | $ 2,808,129 | $ 2,435,993 |
Less current portion of term debt | 94,979 | 85,401 |
Term debt, excluding current portion | 2,713,150 | 2,350,592 |
Term Loan Due October 2037 [Member] | ||
Long-term Debt, Total | 2,350,593 | 2,435,993 |
SBA Loan One [Member] | ||
Long-term Debt, Total | 152,543 | |
SBA Loan Two [Member] | ||
Long-term Debt, Total | 152,450 | |
SBA Loan Three [Member] | ||
Long-term Debt, Total | $ 152,543 |
Note 9 - Loan and Credit Agre_5
Note 9 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Term Loan Due October 2037 [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
SBA Loan One [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 731 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
SBA Loan Two [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 731 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
SBA Loan Three [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 731 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
Note 9 - Loan and Credit Agre_6
Note 9 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
2021 | $ 94,979 | |
2022 | 104,026 | |
2023 | 109,297 | |
2024 | 114,499 | |
2025 | 120,644 | |
2026 and thereafter | 2,264,684 | |
Long-term Debt, Total | $ 2,808,129 | $ 2,435,993 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Revenue from Related Parties | $ 0 | $ 0 |
Related Party Transaction, Expenses from Transactions with Related Party | 19,232 | 26,506 |
Due to Related Parties, Total | 1,464 | 1,517 |
Due from Related Parties, Total | $ 0 | $ 0 |
J. Ward McConnell Jr. [Member] | ||
Related Party, Ownership Percentage | 20.00% |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) | Jan. 01, 2021 | Nov. 30, 2020 | Nov. 30, 2019 |
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 | $ 32,464 | $ 36,253 | |
Subsequent Event [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) | Feb. 25, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Jan. 27, 2011 |
Share-based Payment Arrangement, Expense | $ 247,645 | $ 195,416 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 176,435 | 122,022 | ||
Share-based Payment Arrangement, Amount Capitalized | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 16,255 | 9,556 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||
Share-based Payment Arrangement, Expense, Net of Shares Repurchased | $ 216,649 | $ 176,093 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | |||
Proceeds from Stock Options Exercised | $ 0 | $ 0 | ||
Non-qualified Stock Units to Non-employee Directors Annually or Upon Election [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000 | 1,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 74,685 | 32,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 4,833 | 1,400 | ||
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 (in shares) | 128,750 | 56,750 | ||
Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,000 | 31,687 | ||
Restricted Stock [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,000 | |||
The 2020 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 |
Note 12 - Equity Incentive Pl_4
Note 12 - Equity Incentive Plan - Fair Value Assumptions (Details) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Expected Volatility | ||
Expected Dividend Yield | ||
Expected Term (Year) | ||
Risk-Free Rate |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Option Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Options O/S at beginning of period (in shares) | 59,000 | 59,000 |
Options O/S at beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 6.07 | $ 6.07 |
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) | (23,000) | |
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 5.56 | |
Options O/S at end of Period (in shares) | 36,000 | 59,000 |
Options O/S at end of period, Weighted Average Exercise Price (in dollars per share) | $ 6.40 | $ 6.07 |
Options Outstanding at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 2 years 208 days | 2 years 313 days |
Options Exercisable At end of the Period (in shares) | 36,000 | 59,000 |
Options Exercisable At end of the Period (in dollars per share) | $ 6.40 | $ 6.07 |
Options Exercisable At end of the Period (Year) | 2 years 208 days | 2 years 313 days |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | Nov. 30, 2020USD ($) |
Operating Loss Carryforwards, Total | $ 7,479,000 |
Tax Credit Carryforward, Amount | $ 109,000 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Current expense (benefit) | $ 25,168 | $ 4,392 |
Deferred expense (benefit) | (881,638) | (353,626) |
Total income tax expense (benefit) | $ (856,470) | $ (349,234) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Statutory federal income tax rate | 21.00% | 21.00% |
PPP Loan Forgiveness | 8.80% | |
Permanent differences and other | (0.90%) | (1.30%) |
Total | 28.90% | 19.70% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2020 | Nov. 30, 2019 |
Accrued expenses | $ 161,000 | $ 100,000 |
Inventory capitalization | 71,000 | 21,000 |
NOL and tax credit carryforward | 1,695,000 | 1,182,000 |
Asset reserves | 796,000 | 621,000 |
Total current deferred tax assets | 2,723,000 | 1,924,000 |
Property, plant, and equipment | (55,000) | (138,000) |
Total non-current deferred tax assets (liabilities) | (55,000) | (138,000) |
Net deferred taxes | $ 2,668,000 | $ 1,786,000 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 30, 2020 | |
Number of Reportable Segments | 3 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Revenues, Total | $ 22,409,123 | $ 22,889,173 |
Income (loss) from operations | (3,909,634) | (1,496,881) |
Total Assets | 18,803,013 | 19,346,938 |
Capital expenditures | 693,414 | 447,025 |
Depreciation, Depletion and Amortization, Total | 818,234 | 1,003,541 |
Operating Segments [Member] | ||
Revenues, Total | 22,409,000 | 22,889,000 |
Income (loss) from operations | (3,910,000) | (1,497,000) |
Income (loss) before tax | (2,960,000) | (1,769,000) |
Total Assets | 18,803,000 | 19,347,000 |
Capital expenditures | 693,000 | 447,000 |
Depreciation, Depletion and Amortization, Total | 818,000 | 1,004,000 |
Operating Segments [Member] | Agricultural Products [Member] | ||
Revenues, Total | 13,085,000 | 13,508,000 |
Income (loss) from operations | (2,318,000) | (1,599,000) |
Income (loss) before tax | (1,723,000) | (1,843,000) |
Total Assets | 12,785,000 | 13,169,000 |
Capital expenditures | 499,000 | 257,000 |
Depreciation, Depletion and Amortization, Total | 481,000 | 503,000 |
Operating Segments [Member] | Modular Buildings [Member] | ||
Revenues, Total | 6,993,000 | 7,260,000 |
Income (loss) from operations | (1,295,000) | 208,000 |
Income (loss) before tax | (1,058,000) | 220,000 |
Total Assets | 3,310,000 | 3,584,000 |
Capital expenditures | 146,000 | 147,000 |
Depreciation, Depletion and Amortization, Total | 205,000 | 372,000 |
Operating Segments [Member] | Tools [Member] | ||
Revenues, Total | 2,331,000 | 2,121,000 |
Income (loss) from operations | (297,000) | (106,000) |
Income (loss) before tax | (179,000) | (146,000) |
Total Assets | 2,708,000 | 2,594,000 |
Capital expenditures | 48,000 | 43,000 |
Depreciation, Depletion and Amortization, Total | $ 132,000 | $ 129,000 |