Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2021 | Feb. 02, 2022 | May 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000007623 | ||
Entity Registrant Name | ARTS WAY MANUFACTURING CO INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --11-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-5131 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 42-0920725 | ||
Entity Address, Address Line One | P.O. Box 288 5556 Highway 9 | ||
Entity Address, City or Town | Armstrong | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 50514 | ||
City Area Code | 712 | ||
Local Phone Number | 864-3131 | ||
Title of 12(b) Security | Common stock $.01 par value | ||
Trading Symbol | ARTW | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,747,691 | ||
Entity Common Stock, Shares Outstanding | 4,628,806 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Current assets: | ||
Cash | $ 2,658 | $ 2,684 |
Accounts receivable-customers, net of allowance for doubtful accounts of $38,188 and $51,175 in 2021 and 2020, respectively | 2,663,030 | 2,390,604 |
Inventories, net | 9,210,103 | 7,762,400 |
Cost and profit in excess of billings | 177,284 | 56,026 |
Net investment in sales-type leases, current | 0 | 28,352 |
Other current assets | 121,170 | 61,284 |
Total current assets | 12,174,245 | 10,301,350 |
Property, plant, and equipment, net | 5,237,328 | 5,218,662 |
Assets held for lease, net | 521,555 | 521,555 |
Deferred income taxes | 2,621,886 | 2,667,686 |
Other assets | 299,034 | 93,760 |
Total assets | 20,854,048 | 18,803,013 |
Current liabilities: | ||
Accounts payable | 1,737,091 | 1,955,404 |
Customer deposits | 278,509 | 198,225 |
Billings in excess of cost and profit | 280,761 | 276,226 |
Income taxes payable | 5,500 | 1,100 |
Accrued expenses | 1,210,964 | 1,279,312 |
Line of credit | 4,074,530 | 2,359,530 |
Current portion of long-term debt | 99,462 | 94,979 |
Total current liabilities | 7,686,817 | 6,164,776 |
Long-term portion of finance lease liabilities | 142,386 | 0 |
Long-term portion of operating lease liabilities | 34,931 | 18,342 |
Long-term debt, excluding current portion | 2,635,467 | 2,713,150 |
Total liabilities | 10,499,601 | 8,896,268 |
Commitments and Contingencies (Notes 8, 9 and 15) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2021 and 2020; issued and outstanding 0 shares in 2021 and 2020. | 0 | 0 |
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2021 and 2020; issued 4,583,504 in 2021 and 4,470,004 in 2020 | 45,835 | 44,700 |
Additional paid-in capital | 3,760,649 | 3,496,243 |
Retained earnings | 6,656,487 | 6,443,856 |
Treasury stock, at cost (44,532 in 2021 and 35,097 in 2020 shares) | (108,524) | (78,054) |
Total stockholders’ equity | 10,354,447 | 9,906,745 |
Total liabilities and stockholders’ equity | $ 20,854,048 | $ 18,803,013 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Allowance for doubtful accounts | $ 38,188 | $ 51,175 |
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) | 4,583,504 | 4,470,004 |
Treasury stock (in shares) | (44,532) | (35,097) |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Sales | $ 24,965,086 | $ 22,409,123 |
Cost of goods sold | 18,368,596 | 20,009,523 |
Gross profit | 6,596,490 | 2,399,600 |
Expenses: | ||
Engineering | 505,085 | 476,721 |
Selling | 2,014,149 | 1,623,960 |
General and administrative | 3,553,848 | 4,208,553 |
Total expenses | 6,073,082 | 6,309,234 |
Income (Loss) from operations | 523,408 | (3,909,634) |
Other income (expense): | ||
Interest expense | (313,485) | (304,611) |
Other | 56,967 | 1,254,289 |
Total other income (expense) | (256,518) | 949,678 |
Income (Loss) before income taxes | 266,890 | (2,959,956) |
Income tax expense (benefit) | 54,259 | (856,470) |
Net Income (Loss) | $ 212,631 | $ (2,103,486) |
Net Income (Loss) per share | ||
Basic Net Income (Loss) per share (in dollars per share) | $ 0.05 | $ (0.48) |
Diluted Net Income (Loss) per share (in dollars per share) | $ 0.05 | $ (0.48) |
Weighted average outstanding shares used to compute basic net loss per share (in shares) | 4,515,229 | 4,393,887 |
Weighted average outstanding shares used to compute diluted net loss per share (in shares) | 4,515,229 | 4,393,887 |
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, 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) | |||
Net Income | (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 |
Stock based compensation (in shares) | 113,500 | 9,435 | |||
Stock based compensation | $ 1,135 | 264,406 | $ (30,470) | 235,071 | |
Net income (loss) | 212,631 | 212,631 | |||
Net Income | 212,631 | 212,631 | |||
Balance (in shares) at Nov. 30, 2021 | 4,583,504 | 44,532 | |||
Balance at Nov. 30, 2021 | $ 45,835 | $ 3,760,649 | $ 6,656,487 | $ (108,524) | $ 10,354,447 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Cash flows from operations: | ||
Net income (loss) | $ 212,631 | $ (2,103,486) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Stock based compensation | 265,541 | 247,645 |
Increase (Decrease) in obsolete inventory reserves | (638,633) | 556,303 |
(Gain) Loss on disposal of property, plant, and equipment | (17,935) | 25,195 |
Depreciation and amortization expense | 613,409 | 818,234 |
Accrued interest on deferred debt payments | 16,982 | 7,536 |
Change in allowance for doubtful accounts | (12,987) | 28,250 |
Debt forgiveness from Paycheck Protection Program loan | 0 | (1,242,900) |
Deferred income taxes | 45,800 | (881,638) |
Changes in assets and liabilities: | ||
Accounts receivable | (259,439) | (738,879) |
Inventories | (809,070) | 459,804 |
Net investment in sales-type leases | 28,352 | 125,435 |
Other assets | (59,887) | 9,649 |
Accounts payable | (218,313) | 750,091 |
Contracts in progress, net | (116,723) | 857,936 |
Customer deposits | 80,284 | 92,862 |
Income taxes payable | 4,400 | (5,300) |
Accrued expenses | (120,266) | 136,949 |
Net cash used in operating activities | (985,854) | (856,314) |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (620,284) | (693,414) |
Net proceeds from sale of assets | 20,807 | 191,764 |
Net cash used in investing activities | (599,477) | (501,650) |
Cash flows from financing activities: | ||
Net change in line of credit | (1,715,000) | 219,000 |
Principal payments on finance lease obligations | (9,046) | 0 |
Proceeds from term debt | 0 | 1,692,900 |
Repayment of term debt | (90,179) | (85,401) |
Repurchases of common stock | (30,470) | (30,996) |
Net cash provided by financing activities | 1,585,305 | 1,357,503 |
Net decrease in cash | (26) | (461) |
Cash at beginning of period | 2,684 | 3,145 |
Cash at end of period | 2,658 | 2,684 |
Supplemental disclosures of cash flow information: | ||
Interest | 270,616 | 263,598 |
Income taxes | 1,675 | 28,514 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Right-of-use (ROU) assets acquired | $ 219,937 | $ 27,879 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2021 | |
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; dirt work equipment and manure spreaders. The Company sells its labeled products through independent farm equipment dealers throughout the United States. 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) Principles of Consolidation The consolidated financial statements include the accounts of Art’s-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2021 (c) Change in Accounting Estimate During the fiscal year 2020, 19, fourth 2020. 250 10 first second 2021 In the fourth 2020, not November 2020. 2021 2022. $681,000. 250 10 (d) Cash Concentration The Company maintains several different accounts at one (e) Customer Concentration During the 2021 2020 2020 2021 (f) 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 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 (g) 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 (h) 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 (i) Leases 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 months and are collateralized by a security interest in the related modular building. The lessee has a bargain purchase option available at the end of the lease term. A minimum lease receivable is recorded net of unearned interest income and profit on sale at the time the Company’s obligation to the lessee is complete. Profit related to the sale of the building is recorded upon fulfillment of the Company’s obligation to the lessee. There were no November 30, 2021. The components related to sales-type leases on November 30, 2020 November 30, 2020 Minimum lease receivable, current $ 29,002 Unearned interest income, current (650 ) Net investment in sales-type leases, current $ 28,352 There was no November 30, 2021 November 30, 2020. The Company determines if an arrangement is a lease at inception of a contract. The nature of the Company’s leases at this time is shop machinery and office equipment, mainly copiers, with terms of 12 to 60 months. Operating and finance leases are included in other assets as lease right-of-use (“ROU”) assets on the Consolidated Balance Sheets while current lease liabilities are included as accrued expenses. The long-term portions of lease liabilities are shown as long-term liabilities on the Consolidated Balance Sheets. 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. 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 twelve The components of operating leases on the Consolidated Balance Sheets at November 30, 2021 November 30, 2020 November 30, 2021 November 30, 2020 Operating lease right-of-use assets (in other assets) $ 47,794 27,879 Current portion of operating lease liabilities (in accrued expenses) $ 12,863 9,537 Long-term portion of operating lease liabilities 34,931 18,342 Total operating lease liabilities $ 47,794 27,879 The Company recorded $22,445 of operating lease expense in the year ended November 30, 2021 2020, Future maturities of operating lease liabilities as of November 30, 2021 2022 14,914 2023 12,344 2024 11,162 2025 9,532 2026 4,765 Total lease payments 52,717 Less imputed interest (4,924 ) Total operating lease liabilities 47,794 The components of finance leases on the Consolidated Balance Sheets on November 30, 2021 no November 30, 2020: November 30, 2021 Finance lease right-of-use assets (net of amortization in other assets) $ 190,667 $ 190,667 Current portion of finance lease liabilities (in accrued expenses) $ 48,591 Long-term portion of finance lease liabilities 142,386 Total finance lease liabilities $ 190,977 Future maturities of finance lease liabilities as of November 30, 2021 2022 $ 56,646 2023 56,646 2024 68,029 2025 14,203 2026 12,618 Total lease payments 208,142 Less imputed interest (17,165 ) Total finance lease liabilities $ 190,977 The weighted average lease term of the Company’s finance leases are 42 months while the weighted average rate of finance leases is 4.77%. The Company incurred $9,356 of amortization expense from ROU assets related to finance leases. (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not On December 28, 2020 2021 no November 30, 2020. 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, 2018. (k) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products and Tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The Agricultural Products and Tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the goods. Risk of ownership and title pass to the 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 2021 2020 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 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 (l) Disaggregation of Revenue The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Twelve Months Ended November 30, 2021 Agricultural Modular Buildings Tools Total Farm equipment $ 13,630,000 $ - $ - $ 13,630,000 Farm equipment service parts 2,799,000 - - 2,799,000 Steel cutting tools and inserts - - 2,440,000 2,440,000 Modular buildings - 5,382,000 - 5,382,000 Modular building lease income - - - - Other 397,000 296,000 21,000 714,000 $ 16,826,000 $ 5,678,000 $ 2,461,000 $ 24,965,000 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 (m) Contract Receivables, Contract Assets and Contract Liabilities The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Consolidated Balance Sheets. November 30, 2021 November 30, 2020 Receivables $ 2,663,000 $ 2,391,000 Assets 177,000 56,000 Liabilities 559,000 474,000 The amount of revenue recognized in fiscal year 2021 November 30, 2020 November 30, 2021 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2021, November 30, 2020, no one (n) Research and Development Research and development costs are expensed when incurred. Such costs approximated $152,000 and $199,000 for the 2021 2020 (o ) Advertising Advertising costs are expensed when incurred. Such costs approximated $163,000 and $175,000 for the 2021 2020 (p) Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share of common stock has been computed on the basis of the weighted average number of shares outstanding plus equivalent shares of common stock assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share of common stock. Basic and diluted (loss) per common share have been computed based on the following as of November 30, 2021 2020: For the Twelve Months Ended November 30, 2021 November 30, 2020 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ 212,631 $ (2,103,486 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ 0.05 $ (0.48 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ 0.05 $ (0.48 ) (q) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. (r) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. (s) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not first 2020, 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, 2021 | |
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, 2021 November 30, 2020 Balance, beginning $ 51,175 $ 22,925 Provision (recovery) charged to expense (4,160 ) 44,222 Less amounts charged-off (8,827 ) (15,972 ) Balance, ending $ 38,188 $ 51,175 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 3 Inventories Major classes of inventory are: November 30, 2021 November 30, 2020 Raw materials $ 8,289,386 $ 5,878,050 Work in process 357,721 304,009 Finished goods 3,088,739 3,283,715 Total Gross Inventory $ 11,735,846 $ 9,465,774 Less: Reserves (2,525,743 ) (1,703,374 ) Net Inventory $ 9,210,103 $ 7,762,400 |
Note 4 - Contracts in Progress
Note 4 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 Costs $ 362,958 $ 924,908 Estimated earnings 117,328 301,180 480,286 1,226,088 Less: amounts billed (303,002 ) (1,506,849 ) $ 177,284 $ (280,761 ) 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 ) The amounts billed on long-term contracts are due 30 12 November 30, 2021 2020, |
Note 5 - Property, Plant, and E
Note 5 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 November 30, 2020 Land $ 220,503 $ 220,503 Buildings and improvements 7,460,698 7,255,955 Construction in Progress 160,353 31,571 Manufacturing machinery and equipment 11,286,411 11,123,104 Trucks and automobiles 510,986 510,955 Furniture and fixtures 115,059 119,907 19,754,010 19,261,995 Less accumulated depreciation (14,516,682 ) (14,043,333 ) Property, plant and equipment $ 5,237,328 $ 5,218,662 Depreciation and amortization expense totaled $613,409 and $818,234 for the 2021 2020 |
Note 6 - Assets Held for Lease
Note 6 - Assets Held for Lease | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 November 30, 2020 Modular Buildings $ 521,555 $ 521,555 Total assets held for lease $ 521,555 $ 521,555 The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had seven buildings in assets held for lease for the years ending November 30, 2021 2020. 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. There were no 2021 2020 The Company has no November 30, 2021. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 Accrued Expenses Major components of accrued expenses are: November 30, 2021 November 30, 2020 Salaries, wages, and commissions $ 654,757 $ 726,625 Accrued warranty expense 202,850 291,454 Other 353,357 261,233 $ 1,210,964 $ 1,279,312 |
Note 8 - Product Warranty
Note 8 - Product Warranty | 12 Months Ended |
Nov. 30, 2021 | |
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 2021 2020 For the Twelve Months Ended November 30, 2021 November 30, 2020 Balance, beginning $ 291,454 $ 203,185 Settlements / adjustments (238,808 ) (157,501 ) Warranties issued 150,204 245,770 Balance, ending $ 202,850 $ 291,454 |
Note 9 - Loan and Credit Agreem
Note 9 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 9 Loan and Credit Agreements The Company maintains one 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 revolving line of credit (the “2017 October 1, 2037 ( November 30, 2021, 2017 may 2017 2017 November 30, 2021, 2017 2017 2017 February 11, 2021. 2017 March 30, 2022 The Term Loan accrues interest at a rate of 5.00% for the first sixty may five 20% May 31, 2021, no On February 13, 2019, “2019 2019 December 2021 On April 20, 2020, 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 on November 30. 1 $100,000 twelve November 30, 2021. November 30, 2021. November 30, 2022 SBA Economic Injury Disaster Loans On June 18, 2020, June 24, 2020 19 June 18, 2020 third June 24, 2020 $150,000. June 18, 2022 ( twenty-four June 24, 2022 June 18, 2020 June 24, 2020, On March 11, 2021, 2021 first 2020 12 24 $150,000 $500,000 A summary of the Company’s term debt is as follows: November 30, 2021 November 30, 2020 Bank Midwest loan payable in monthly installments of $ 17,271 5.00 $ 2,260,412 $ 2,350,593 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,168 152,543 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,181 152,450 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,168 152,543 Total term debt $ 2,734,929 $ 2,808,129 Less current portion of term debt 99,462 94,979 Term debt, excluding current portion $ 2,635,467 $ 2,713,150 A summary of the minimum maturities of term debt follows for the years ending November 30: Year Amount 2022 99,462 2023 108,284 2024 113,444 2025 119,552 2026 125,630 2027 and thereafter 2,168,557 $ 2,734,929 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 10 Related Party Transactions During the 2021 2020 not no 2021 2020 November 30, 2021, November 30, 2020. |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 11 Employee Benefit Plans The Company sponsors a defined contribution 401 may 2021 2021 2020 |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 12 Equity Incentive Plan On February 25, 2020, 2020 “2020 2020 April 30, 2020. 2020 2011 “2011 No 2011 2020 February 25, 2020 The 2020 Shares issued under the 2020 November 30, 2021 2020 For the Twelve Months Ended November 30, 2021 November 30, 2020 Shares issued to directors, employees, and consultants (immediate vesting) 25,000 45,000 Shares issued to directors, employees, and consultants (three-year vesting) 88,500 108,750 Shares forfeit - (4,833 ) Total shares issued 113,500 148,917 Book and tax stock-based compensation expense for the years ended November 30, 2021 2020 For the Twelve Months Ended November 30, 2021 November 30, 2020 Stock-based compensation expense 265,541 247,645 Treasury share repurchase expense (30,470 ) (30,996 ) Stock-based compensation expense net of treasury repurchases 235,071 216,649 For the Twelve Months Ended November 30, 2021 November 30, 2020 Tax deductions from stock-based compensation expense 246,862 176,435 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, 2021 2020. 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. 2021 2020 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, 2021 2020, 2021 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 36,000 $ 6.40 Granted - $ - Exercised - $ - - Options Expired or Forfeited (14,000 ) $ 7.14 Options O/S at end of Period 22,000 $ 5.93 2.04 - Options Exer. At end of the Period 22,000 $ 5.93 2.04 - 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 Exer. At end of the Period 36,000 $ 6.40 2.57 - No options were granted or vested during the 2021 2020 November 30, 2021 November 30, 2020, November 30, 2021, The Company received no cash from the exercise of options during the 2021 2020 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes Total income tax expense (benefit) for the 2021 2020 November 30, 2021 November 30, 2020 Current expense (benefit) $ 8,459 $ 25,168 Deferred expense (benefit) 45,800 (881,638 ) Total income tax expense (benefit) $ 54,259 $ (856,470 ) The reconciliation of the statutory Federal income tax rate is as follows: November 30, 2021 November 30, 2020 Statutory federal income tax rate 21.0 % 21.0 % PPP Loan Forgiveness - 8.8 Permanent Differences and Other (0.7 ) (0.9 ) 20.3 % 28.9 % Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) on November 30, 2021 2020 November 30 2021 2020 Current deferred tax assets (liabilities): Accrued expenses $ 82,000 $ 161,000 Inventory capitalization 122,000 71,000 NOL and tax credit carryforward 1,846,000 1,695,000 Asset reserves 613,000 796,000 Total current deferred tax assets $ 2,663,000 $ 2,723,000 Non-current deferred tax assets Property, plant, and equipment $ (41,000 ) $ (55,000 ) Total non-current deferred tax assets (liabilities) $ (41,000 ) $ (55,000 ) Net deferred taxes $ 2,622,000 $ 2,668,000 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not 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, 2021 | |
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. On November 30, 2021 November 30, 2020, not not |
Note 15 - Litigation and Contin
Note 15 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 15 Litigation and Contingencies Various legal actions and claims can arise in the normal course of business that may |
Note 16 - Segment Information
Note 16 - Segment Information | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 16,826,000 $ 5,678,000 $ 2,461,000 $ 24,965,000 Income (loss) from operations $ 599,000 $ 74,000 $ (150,000 ) $ 523,000 Income (loss) before tax $ 413,000 $ 45,000 $ (191,000 ) $ 267,000 Total Assets $ 14,950,000 $ 3,429,000 $ 2,475,000 $ 20,854,000 Capital expenditures $ 726,000 $ 94,000 $ - $ 820,000 Depreciation & Amortization $ 366,000 $ 111,000 $ 136,000 $ 613,000 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 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Nov. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 Subsequent Events Management evaluated all other activity of the Company and concluded that no 2019 December 9 8. 1. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2021 | |
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; dirt work equipment and manure spreaders. The Company sells its labeled products through independent farm equipment dealers throughout the United States. 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. |
Consolidation, Policy [Policy Text Block] | (b) Principles of Consolidation The consolidated financial statements include the accounts of Art’s-Way Manufacturing Co., Inc. and its wholly-owned subsidiaries for the 2021 |
Change In Accounting Estimate [Policy Text Block] | (c) Change in Accounting Estimate During the fiscal year 2020, 19, fourth 2020. 250 10 first second 2021 In the fourth 2020, not November 2020. 2021 2022. $681,000. 250 10 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (d) Cash Concentration The Company maintains several different accounts at one (e) Customer Concentration During the 2021 2020 2020 2021 |
Accounts Receivable [Policy Text Block] | (f) 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 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 |
Inventory, Policy [Policy Text Block] | (g) 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] | (h) 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 |
Lessee, Leases [Policy Text Block] | (i) Leases 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 months and are collateralized by a security interest in the related modular building. The lessee has a bargain purchase option available at the end of the lease term. A minimum lease receivable is recorded net of unearned interest income and profit on sale at the time the Company’s obligation to the lessee is complete. Profit related to the sale of the building is recorded upon fulfillment of the Company’s obligation to the lessee. There were no November 30, 2021. The components related to sales-type leases on November 30, 2020 November 30, 2020 Minimum lease receivable, current $ 29,002 Unearned interest income, current (650 ) Net investment in sales-type leases, current $ 28,352 There was no November 30, 2021 November 30, 2020. The Company determines if an arrangement is a lease at inception of a contract. The nature of the Company’s leases at this time is shop machinery and office equipment, mainly copiers, with terms of 12 to 60 months. Operating and finance leases are included in other assets as lease right-of-use (“ROU”) assets on the Consolidated Balance Sheets while current lease liabilities are included as accrued expenses. The long-term portions of lease liabilities are shown as long-term liabilities on the Consolidated Balance Sheets. 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. 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 twelve The components of operating leases on the Consolidated Balance Sheets at November 30, 2021 November 30, 2020 November 30, 2021 November 30, 2020 Operating lease right-of-use assets (in other assets) $ 47,794 27,879 Current portion of operating lease liabilities (in accrued expenses) $ 12,863 9,537 Long-term portion of operating lease liabilities 34,931 18,342 Total operating lease liabilities $ 47,794 27,879 The Company recorded $22,445 of operating lease expense in the year ended November 30, 2021 2020, Future maturities of operating lease liabilities as of November 30, 2021 2022 14,914 2023 12,344 2024 11,162 2025 9,532 2026 4,765 Total lease payments 52,717 Less imputed interest (4,924 ) Total operating lease liabilities 47,794 The components of finance leases on the Consolidated Balance Sheets on November 30, 2021 no November 30, 2020: November 30, 2021 Finance lease right-of-use assets (net of amortization in other assets) $ 190,667 $ 190,667 Current portion of finance lease liabilities (in accrued expenses) $ 48,591 Long-term portion of finance lease liabilities 142,386 Total finance lease liabilities $ 190,977 Future maturities of finance lease liabilities as of November 30, 2021 2022 $ 56,646 2023 56,646 2024 68,029 2025 14,203 2026 12,618 Total lease payments 208,142 Less imputed interest (17,165 ) Total finance lease liabilities $ 190,977 The weighted average lease term of the Company’s finance leases are 42 months while the weighted average rate of finance leases is 4.77%. The Company incurred $9,356 of amortization expense from ROU assets related to finance leases. |
Income Tax, Policy [Policy Text Block] | (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not On December 28, 2020 2021 no November 30, 2020. 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, 2018. |
Revenue from Contract with Customer [Policy Text Block] | (k) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products and Tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The Agricultural Products and Tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the goods. Risk of ownership and title pass to the 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 2021 2020 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 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 |
Disaggregation of Revenue, Policy [Policy Text Block] | (l) Disaggregation of Revenue The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Twelve Months Ended November 30, 2021 Agricultural Modular Buildings Tools Total Farm equipment $ 13,630,000 $ - $ - $ 13,630,000 Farm equipment service parts 2,799,000 - - 2,799,000 Steel cutting tools and inserts - - 2,440,000 2,440,000 Modular buildings - 5,382,000 - 5,382,000 Modular building lease income - - - - Other 397,000 296,000 21,000 714,000 $ 16,826,000 $ 5,678,000 $ 2,461,000 $ 24,965,000 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 (m) Contract Receivables, Contract Assets and Contract Liabilities The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Consolidated Balance Sheets. November 30, 2021 November 30, 2020 Receivables $ 2,663,000 $ 2,391,000 Assets 177,000 56,000 Liabilities 559,000 474,000 The amount of revenue recognized in fiscal year 2021 November 30, 2020 November 30, 2021 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2021, November 30, 2020, no one |
Research and Development Expense, Policy [Policy Text Block] | (n) Research and Development Research and development costs are expensed when incurred. Such costs approximated $152,000 and $199,000 for the 2021 2020 |
Advertising Cost [Policy Text Block] | (o ) Advertising Advertising costs are expensed when incurred. Such costs approximated $163,000 and $175,000 for the 2021 2020 |
Earnings Per Share, Policy [Policy Text Block] | (p) Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share of common stock has been computed on the basis of the weighted average number of shares outstanding plus equivalent shares of common stock assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share of common stock. Basic and diluted (loss) per common share have been computed based on the following as of November 30, 2021 2020: For the Twelve Months Ended November 30, 2021 November 30, 2020 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ 212,631 $ (2,103,486 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ 0.05 $ (0.48 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ 0.05 $ (0.48 ) |
Share-based Payment Arrangement [Policy Text Block] | (q) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. |
Use of Estimates, Policy [Policy Text Block] | (r) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | (s) Recently Issued Accounting Pronouncements Adopted Accounting Pronouncements Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not first 2020, 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 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | November 30, 2020 Minimum lease receivable, current $ 29,002 Unearned interest income, current (650 ) Net investment in sales-type leases, current $ 28,352 |
Lessee, Operating Leases, Assets and Liabilities [Table Text Block] | November 30, 2021 November 30, 2020 Operating lease right-of-use assets (in other assets) $ 47,794 27,879 Current portion of operating lease liabilities (in accrued expenses) $ 12,863 9,537 Long-term portion of operating lease liabilities 34,931 18,342 Total operating lease liabilities $ 47,794 27,879 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 14,914 2023 12,344 2024 11,162 2025 9,532 2026 4,765 Total lease payments 52,717 Less imputed interest (4,924 ) Total operating lease liabilities 47,794 |
Lessee, Finance Leases, Assets and Liabilities [Table Text Block] | November 30, 2021 Finance lease right-of-use assets (net of amortization in other assets) $ 190,667 $ 190,667 Current portion of finance lease liabilities (in accrued expenses) $ 48,591 Long-term portion of finance lease liabilities 142,386 Total finance lease liabilities $ 190,977 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | 2022 $ 56,646 2023 56,646 2024 68,029 2025 14,203 2026 12,618 Total lease payments 208,142 Less imputed interest (17,165 ) Total finance lease liabilities $ 190,977 |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended November 30, 2021 Agricultural Modular Buildings Tools Total Farm equipment $ 13,630,000 $ - $ - $ 13,630,000 Farm equipment service parts 2,799,000 - - 2,799,000 Steel cutting tools and inserts - - 2,440,000 2,440,000 Modular buildings - 5,382,000 - 5,382,000 Modular building lease income - - - - Other 397,000 296,000 21,000 714,000 $ 16,826,000 $ 5,678,000 $ 2,461,000 $ 24,965,000 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 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | November 30, 2021 November 30, 2020 Receivables $ 2,663,000 $ 2,391,000 Assets 177,000 56,000 Liabilities 559,000 474,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Twelve Months Ended November 30, 2021 November 30, 2020 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ 212,631 $ (2,103,486 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,515,229 4,393,887 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ 0.05 $ (0.48 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ 0.05 $ (0.48 ) |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Twelve Months Ended November 30, 2021 November 30, 2020 Balance, beginning $ 51,175 $ 22,925 Provision (recovery) charged to expense (4,160 ) 44,222 Less amounts charged-off (8,827 ) (15,972 ) Balance, ending $ 38,188 $ 51,175 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2021 November 30, 2020 Raw materials $ 8,289,386 $ 5,878,050 Work in process 357,721 304,009 Finished goods 3,088,739 3,283,715 Total Gross Inventory $ 11,735,846 $ 9,465,774 Less: Reserves (2,525,743 ) (1,703,374 ) Net Inventory $ 9,210,103 $ 7,762,400 |
Note 4 - Contracts in Progress
Note 4 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 Costs $ 362,958 $ 924,908 Estimated earnings 117,328 301,180 480,286 1,226,088 Less: amounts billed (303,002 ) (1,506,849 ) $ 177,284 $ (280,761 ) 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 ) |
Note 5 - Property, Plant, and_2
Note 5 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2021 November 30, 2020 Land $ 220,503 $ 220,503 Buildings and improvements 7,460,698 7,255,955 Construction in Progress 160,353 31,571 Manufacturing machinery and equipment 11,286,411 11,123,104 Trucks and automobiles 510,986 510,955 Furniture and fixtures 115,059 119,907 19,754,010 19,261,995 Less accumulated depreciation (14,516,682 ) (14,043,333 ) Property, plant and equipment $ 5,237,328 $ 5,218,662 |
Note 6 - Assets Held for Lease
Note 6 - Assets Held for Lease (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | November 30, 2021 November 30, 2020 Modular Buildings $ 521,555 $ 521,555 Total assets held for lease $ 521,555 $ 521,555 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2021 November 30, 2020 Salaries, wages, and commissions $ 654,757 $ 726,625 Accrued warranty expense 202,850 291,454 Other 353,357 261,233 $ 1,210,964 $ 1,279,312 |
Note 8 - Product Warranty (Tabl
Note 8 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Twelve Months Ended November 30, 2021 November 30, 2020 Balance, beginning $ 291,454 $ 203,185 Settlements / adjustments (238,808 ) (157,501 ) Warranties issued 150,204 245,770 Balance, ending $ 202,850 $ 291,454 |
Note 9 - Loan and Credit Agre_2
Note 9 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2021 November 30, 2020 Bank Midwest loan payable in monthly installments of $ 17,271 5.00 $ 2,260,412 $ 2,350,593 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,168 152,543 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,181 152,450 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 158,168 152,543 Total term debt $ 2,734,929 $ 2,808,129 Less current portion of term debt 99,462 94,979 Term debt, excluding current portion $ 2,635,467 $ 2,713,150 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2022 99,462 2023 108,284 2024 113,444 2025 119,552 2026 125,630 2027 and thereafter 2,168,557 $ 2,734,929 |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | For the Twelve Months Ended November 30, 2021 November 30, 2020 Shares issued to directors, employees, and consultants (immediate vesting) 25,000 45,000 Shares issued to directors, employees, and consultants (three-year vesting) 88,500 108,750 Shares forfeit - (4,833 ) Total shares issued 113,500 148,917 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Twelve Months Ended November 30, 2021 November 30, 2020 Stock-based compensation expense 265,541 247,645 Treasury share repurchase expense (30,470 ) (30,996 ) Stock-based compensation expense net of treasury repurchases 235,071 216,649 For the Twelve Months Ended November 30, 2021 November 30, 2020 Tax deductions from stock-based compensation expense 246,862 176,435 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Expected Volatility - - Expected Dividend Yield - - Expected Term (in years) - - Risk-Free Rate - - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options O/S at beginning of period 36,000 $ 6.40 Granted - $ - Exercised - $ - - Options Expired or Forfeited (14,000 ) $ 7.14 Options O/S at end of Period 22,000 $ 5.93 2.04 - Options Exer. At end of the Period 22,000 $ 5.93 2.04 - 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 Exer. At end of the Period 36,000 $ 6.40 2.57 - |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2021 November 30, 2020 Current expense (benefit) $ 8,459 $ 25,168 Deferred expense (benefit) 45,800 (881,638 ) Total income tax expense (benefit) $ 54,259 $ (856,470 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2021 November 30, 2020 Statutory federal income tax rate 21.0 % 21.0 % PPP Loan Forgiveness - 8.8 Permanent Differences and Other (0.7 ) (0.9 ) 20.3 % 28.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2021 2020 Current deferred tax assets (liabilities): Accrued expenses $ 82,000 $ 161,000 Inventory capitalization 122,000 71,000 NOL and tax credit carryforward 1,846,000 1,695,000 Asset reserves 613,000 796,000 Total current deferred tax assets $ 2,663,000 $ 2,723,000 Non-current deferred tax assets Property, plant, and equipment $ (41,000 ) $ (55,000 ) Total non-current deferred tax assets (liabilities) $ (41,000 ) $ (55,000 ) Net deferred taxes $ 2,622,000 $ 2,668,000 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2021 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 16,826,000 $ 5,678,000 $ 2,461,000 $ 24,965,000 Income (loss) from operations $ 599,000 $ 74,000 $ (150,000 ) $ 523,000 Income (loss) before tax $ 413,000 $ 45,000 $ (191,000 ) $ 267,000 Total Assets $ 14,950,000 $ 3,429,000 $ 2,475,000 $ 20,854,000 Capital expenditures $ 726,000 $ 94,000 $ - $ 820,000 Depreciation & Amortization $ 366,000 $ 111,000 $ 136,000 $ 613,000 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 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |||
May 31, 2021USD ($) | Feb. 28, 2021USD ($) | Nov. 30, 2021USD ($) | Nov. 30, 2020USD ($) | Feb. 29, 2020USD ($) | |
Revenues, Total | $ 24,965,086 | $ 22,409,123 | |||
Inventory Valuation Reserves, Ending Balance | 2,525,743 | 1,703,374 | |||
Inventory Write-down | $ (638,633) | 556,303 | |||
Accounts Receivable, Threshold Period On International Sales (Day) | 180 days | ||||
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | ||||
Sales-type Lease, Lease Income, Total | $ 0 | 0 | |||
Lease, Cost, Total | $ 22,445 | $ 23,121 | |||
Operating Lease, Weighted Average Remaining Lease Term (Month) | 48 months | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | ||||
Lessee, Finance Lease, Term of Contract (Month) | 42 months | ||||
Lessee, Finance Lease, Discount Rate | 4.77% | ||||
Finance Lease, Right-of-Use Asset, Amortization | $ 9,356 | ||||
Effective Income Tax Rate Reconciliation, Debt Forgiveness, Paycheck Protection Program Under CARES Act | 0.00% | 8.80% | |||
Contract with Customer, Liability, Revenue Recognized | $ 474,000 | $ 89,000 | |||
Number of Operating Segments | 3 | ||||
Research and Development Expense, Total | $ 152,000 | 199,000 | |||
Advertising Expense | 163,000 | 175,000 | |||
Operating Lease, Liability, Total | 47,794 | 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 | $ 1,621,832 | $ 0 | |||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Lessee, Operating Lease, Term of Contract (Month) | 12 months | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||
Lessor, Capital Lease, Term of Contract (Month) | 36 months | ||||
Lessee, Operating Lease, Term of Contract (Month) | 60 months | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number Of Major Customers | 1 | 1 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 8.00% | 18.00% | |||
Estimated Costs To Complete Material Contract [Member] | |||||
Revenues, Total | $ 1,300,000 | ||||
Estimated Costs On Uncompleted Contracts | 2,800,000 | ||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Revenues, Total | $ 1,200,000 | $ 1,200,000 | |||
Inventory Valuation and Obsolescence [Member] | |||||
Inventory Valuation Reserves, Ending Balance | $ 681,000 | ||||
Inventory Write-down | $ 543,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Components Related to Sales-type Leases (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Minimum lease receivable, current | $ 29,002 | |
Unearned interest income, current | (650) | |
Net investment in sales-type leases, current | $ 0 | $ 28,352 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Components of Operating Leases (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Long-term portion of operating lease liabilities | $ 34,931 | $ 18,342 |
Total operating lease liabilities | 47,794 | 27,879 |
Other Assets [Member] | ||
Operating lease right-of-use assets (in other assets) | 47,794 | 27,879 |
Accrued Expenses [Member] | ||
Current portion of operating lease liabilities (in accrued expenses) | $ 12,863 | $ 9,537 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Maturities of Operating Lease Liabilities (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
2022 operating lease | $ 14,914 | |
2023 operating lease | 12,344 | |
2024 operating lease | 11,162 | |
2025 operating lease | 9,532 | |
2026 operating lease | 4,765 | |
Total lease payments operating lease | 52,717 | |
Less imputed interest operating lease | (4,924) | |
Total operating lease liabilities | $ 47,794 | $ 27,879 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Components of Finance Leases (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Long-term portion of finance lease liabilities | $ 142,386 | $ 0 |
Total finance lease liabilities | 190,977 | |
Other Assets [Member] | ||
Finance lease right-of-use assets (net of amortization in other assets) | 190,667 | |
Accrued Expenses [Member] | ||
Current portion of finance lease liabilities (in accrued expenses) | $ 48,591 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Maturities of Finance Lease Liabilities (Details) | Nov. 30, 2021USD ($) |
2022 finance lease | $ 56,646 |
2023 finance lease | 56,646 |
2024 finance lease | 68,029 |
2025 finance lease | 14,203 |
2026 finance lease | 12,618 |
Total lease payments finance lease | 208,142 |
Less imputed interest finance lease | (17,165) |
Total finance lease liabilities | $ 190,977 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Revenue | $ 24,965,000 | $ 22,409,000 |
Farm Equipment [Member] | ||
Revenue | 13,630,000 | 10,149,000 |
Farm Equipment Service Parts [Member] | ||
Revenue | 2,799,000 | 2,519,000 |
Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,440,000 | 2,308,000 |
Modular Buildings [Member] | ||
Revenue | 5,382,000 | 6,517,000 |
Modular Buildings Lease Income [Member] | ||
Revenue | 0 | 318,000 |
Product and Service, Other [Member] | ||
Revenue | 714,000 | 598,000 |
Agricultural Products [Member] | ||
Revenue | 16,826,000 | 13,085,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||
Revenue | 13,630,000 | 10,149,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 2,799,000 | 2,519,000 |
Agricultural Products [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | 0 | 0 |
Agricultural Products [Member] | Modular Buildings [Member] | ||
Revenue | 0 | 0 |
Agricultural Products [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 0 | 0 |
Agricultural Products [Member] | Product and Service, Other [Member] | ||
Revenue | 397,000 | 417,000 |
Modular Buildings [Member] | ||
Revenue | 5,678,000 | 6,993,000 |
Modular Buildings [Member] | Farm Equipment [Member] | ||
Revenue | 0 | 0 |
Modular Buildings [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 0 | 0 |
Modular Buildings [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | 0 | 0 |
Modular Buildings [Member] | Modular Buildings [Member] | ||
Revenue | 5,382,000 | 6,517,000 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 0 | 318,000 |
Modular Buildings [Member] | Product and Service, Other [Member] | ||
Revenue | 296,000 | 158,000 |
Tools [Member] | ||
Revenue | 2,461,000 | 2,331,000 |
Tools [Member] | Farm Equipment [Member] | ||
Revenue | 0 | 0 |
Tools [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 0 | 0 |
Tools [Member] | Steel Cutting Tools and Inserts [Member] | ||
Revenue | 2,440,000 | 2,308,000 |
Tools [Member] | Modular Buildings [Member] | ||
Revenue | 0 | 0 |
Tools [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 0 | 0 |
Tools [Member] | Product and Service, Other [Member] | ||
Revenue | $ 21,000 | $ 23,000 |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies - Contract With Customers (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Receivables | $ 2,663,000 | $ 2,391,000 |
Assets | 177,000 | 56,000 |
Liabilities | $ 559,000 | $ 474,000 |
Note 1 - Summary of Signific_11
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Numerator for basic and diluted net income (loss) per share: | ||
Net income (loss) | $ 212,631 | $ (2,103,486) |
Denominator: | ||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 4,515,229 | 4,393,887 |
Effect of dilutive stock options (in shares) | 0 | 0 |
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 4,515,229 | 4,393,887 |
Net Income (Loss) per share - Basic: | ||
Net Income (Loss) per share (in dollars per share) | $ 0.05 | $ (0.48) |
Net Income (Loss) per share - Diluted: | ||
Net Income (Loss) per share (in dollars per share) | $ 0.05 | $ (0.48) |
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, 2021 | Nov. 30, 2020 | |
Balance, beginning | $ 51,175 | $ 22,925 |
Provision (recovery) charged to expense | (4,160) | 44,222 |
Less amounts charged-off | (8,827) | (15,972) |
Balance, ending | $ 38,188 | $ 51,175 |
Note 3 - Inventory - Major Clas
Note 3 - Inventory - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Raw materials | $ 8,289,386 | $ 5,878,050 |
Work in process | 357,721 | 304,009 |
Finished goods | 3,088,739 | 3,283,715 |
Total Gross Inventory | 11,735,846 | 9,465,774 |
Less: Reserves | (2,525,743) | (1,703,374) |
Net Inventory | $ 9,210,103 | $ 7,762,400 |
Note 4 - Contracts in Progres_2
Note 4 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Construction Contractor, Receivable, Retainage, Total | $ 0 | $ 36,488 |
Note 4 - Contracts in Progres_3
Note 4 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Costs in Excess of Billings, Cost | $ 362,958 | $ 511,152 |
Billings in Excess of Costs, Costs | 924,908 | 9,697,061 |
Costs in Excess of Billings, Estimated Earnings | 117,328 | 98,084 |
Billings in Excess of Costs, Estimated Earnings | 301,180 | 579,747 |
Costs in Excess of Billings, Costs and Estimated Earnings | 480,286 | 609,236 |
Billings in Excess of Costs, Costs and Estimated Earnings | 1,226,088 | 10,276,808 |
Costs in Excess of Billings, Amounts Billed | (303,002) | (553,210) |
Billings in Excess of Costs, Amounts Billed | (1,506,849) | (10,553,034) |
Cost and Profit in Excess of Billings | 177,284 | 56,026 |
Billings in Excess of Cost | $ (280,761) | $ (276,226) |
Note 5 - Property, Plant, and_3
Note 5 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Depreciation, Depletion and Amortization, Total | $ 613,409 | $ 818,234 |
Note 5 - Property, Plant, and_4
Note 5 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Property, plant and equipment, gross | $ 19,754,010 | $ 19,261,995 |
Less accumulated depreciation | (14,516,682) | (14,043,333) |
Property, plant and equipment | 5,237,328 | 5,218,662 |
Land [Member] | ||
Property, plant and equipment, gross | 220,503 | 220,503 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,460,698 | 7,255,955 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 160,353 | 31,571 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 11,286,411 | 11,123,104 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 510,986 | 510,955 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 115,059 | $ 119,907 |
Note 6 - Assets Held for Leas_2
Note 6 - Assets Held for Lease (Details Textual) | 12 Months Ended | |
Nov. 30, 2021USD ($) | Nov. 30, 2020USD ($) | |
Lessor, Operating Lease, Payments to be Received, Total | $ 0 | |
Sales [Member] | ||
Operating Lease, Lease Income, Total | $ 0 | $ 318,000 |
Modular Buildings [Member] | Leased Buildings [Member] | ||
Property Subject to or Available for Operating Lease, Number of Units | 7 | 7 |
Note 6 - Assets Held for Leas_3
Note 6 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Assets held for lease | $ 521,555 | $ 521,555 |
Modular Buildings [Member] | ||
Assets held for lease | $ 521,555 | $ 521,555 |
Note 7 - Accrued Expenses - Maj
Note 7 - Accrued Expenses - Major Components of Accrued Expenses (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Salaries, wages, and commissions | $ 654,757 | $ 726,625 |
Accrued warranty expense | 202,850 | 291,454 |
Other | 353,357 | 261,233 |
Total accrued liabilities, current | $ 1,210,964 | $ 1,279,312 |
Note 8 - Product Warranty (Deta
Note 8 - Product Warranty (Details Textual) | 12 Months Ended |
Nov. 30, 2021 | |
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, 2021 | Nov. 30, 2020 | |
Balance, beginning | $ 291,454 | $ 203,185 |
Settlements / adjustments | (238,808) | (157,501) |
Warranties issued | 150,204 | 245,770 |
Balance, ending | $ 202,850 | $ 291,454 |
Note 9 - Loan and Credit Agre_3
Note 9 - Loan and Credit Agreements (Details Textual) | Mar. 11, 2021USD ($) | Jun. 24, 2020USD ($) | Jun. 18, 2020USD ($) | Apr. 20, 2020USD ($) | Sep. 28, 2017USD ($) | Nov. 30, 2021USD ($) | Nov. 30, 2020USD ($) | Feb. 13, 2019USD ($) |
Long-term Debt, Total | $ 2,734,929 | $ 2,808,129 | ||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,242,900 | 0 | 1,692,900 | |||||
Term Loan Due October 2037 [Member] | ||||||||
Long-term Debt, Total | $ 2,260,412 | $ 2,350,593 | ||||||
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 Three [Member] | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
Economic Injury Distaster Loan Assistance Program [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||||
Debt Instrument, Term (Year) | 30 years | |||||||
Debt Instrument, Additional Funding Increase Requested Per Entity | $ 350,000 | |||||||
Debt Instrument, Additional Funding Increase Requested | $ 1,050,000 | |||||||
EIDL Assistance Program, Loan Two [Member] | ||||||||
Debt Instrument, Periodic Payment, Total | $ 731 | |||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
Bank Midwest [Member] | ||||||||
Long-term Line of Credit, Total | 4,074,530 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 925,470 | |||||||
Line of Credit, Borrowing Base, Accounts Receivable | 75.00% | |||||||
Line of Credit, Borrowing Base, Inventory | 50.00% | |||||||
Line of Credit, Borrowing Base, Exceeding Borrowing Amount | $ 2,257,904 | |||||||
Debt Instrument, Covenant, Minimum Working Capital | $ 4,000,000 | |||||||
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 | 0.10 | |||||||
Debt Instrument, Covenant, Annual Purchases or Sales Price of Equipment Before Requiring Bank Approval | $ 100,000 | |||||||
Debt Instrument, Debt to Worth Exceeding Percent | 1 | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||||
Long-term Debt, Total | $ 2,600,000 | |||||||
Debt Instrument, Periodic Payment, Total | 17,271 | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | United States Department of Agriculture [Member] | ||||||||
Upfront Guarantee Fee | $ 62,400 | |||||||
Guarantee Fee, Annual Fee, Percentage | 0.50% | |||||||
Guarantee Requirement, Personally Guarantee, Shareholders Ownership Percentage | 20.00% | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | J. Ward McConnell Jr. [Member] | ||||||||
Personally Guaranteed, Percentage of Loan | 38.00% | |||||||
Personally Guaranteed, Fee, Percentage of Guaranteed Amount | 2.00% | |||||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||
Line of Credit Facility, Wall Street Journal Rate Floor | 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 | 1.50% | |||||||
Line of Credit Facility, Interest Rate During Period | 4.75% | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.15% | |||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Wall Street Journal Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note 9 - Loan and Credit Agre_4
Note 9 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Long-term Debt, Total | $ 2,734,929 | $ 2,808,129 |
Less current portion of term debt | 99,462 | 94,979 |
Term debt, excluding current portion | 2,635,467 | 2,713,150 |
Term Loan Due October 2037 [Member] | ||
Long-term Debt, Total | 2,260,412 | 2,350,593 |
SBA Loan One [Member] | ||
Long-term Debt, Total | 158,168 | 152,543 |
SBA Loan Two [Member] | ||
Long-term Debt, Total | 158,181 | 152,450 |
SBA Loan Three [Member] | ||
Long-term Debt, Total | $ 158,168 | $ 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, 2021 | Nov. 30, 2020 | |
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 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
SBA Loan Two [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 731 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
SBA Loan Three [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 731 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 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, 2021 | Nov. 30, 2020 |
2022 | $ 99,462 | |
2023 | 108,284 | |
2024 | 113,444 | |
2025 | 119,552 | |
2026 | 125,630 | |
2027 and thereafter | 2,168,557 | |
Long-term Debt, Total | $ 2,734,929 | $ 2,808,129 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Revenue from Related Parties | $ 0 | $ 0 |
Due from Related Parties, Total | 0 | 0 |
Related Party Transaction, Expenses from Transactions with Related Party | 26,368 | 19,232 |
Due to Related Parties, Total | $ 1,407 | $ 1,464 |
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 ($) | 11 Months Ended | 12 Months Ended | 13 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2021 | Nov. 30, 2020 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 25.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3.00% | 1.00% | ||
Defined Contribution Plan, Cost | $ 77,010 | $ 32,464 |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands | Feb. 25, 2020 | Nov. 30, 2021 | Nov. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 0 | 0 | |
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 | ||
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 - Summary of Shares Issued (Details) - shares | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Shares forfeit (in shares) | 0 | (4,833) |
Total shares issued (in shares) | 113,500 | 148,917 |
Employees, Directors, and Consultants [Member] | Vesting Immediately [Member] | ||
Shares issued (in shares) | 25,000 | 45,000 |
Employees, Directors, and Consultants [Member] | Awards with Three-year Vesting [Member] | ||
Shares issued (in shares) | 88,500 | 108,750 |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Stock-based compensation expense | $ 265,541 | $ 247,645 |
Treasury share repurchase expense | (30,470) | (30,996) |
Stock-based compensation expense net of treasury repurchases | 235,071 | 216,649 |
Tax deductions from stock-based compensation expense | $ 246,862 | $ 176,435 |
Note 12 - Equity Incentive Pl_6
Note 12 - Equity Incentive Plan - Fair Value Assumptions (Details) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Expected Volatility | 0.00% | 0.00% |
Expected Dividend Yield | 0.00% | 0.00% |
Risk-Free Rate | 0.00% | 0.00% |
Note 12 - Equity Incentive Pl_7
Note 12 - Equity Incentive Plan - Option Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Options O/S at beginning of period, Shares (in shares) | 36,000 | 59,000 |
Options O/S at beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 6.40 | $ 6.07 |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 |
Exercised, Shares (in shares) | 0 | 0 |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 |
Options Expired or Forfeited, Shares (in shares) | (14,000) | (23,000) |
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 7.14 | $ 5.56 |
Options O/S at end of Period, Shares (in shares) | 22,000 | 36,000 |
Options O/S at end of period, Weighted Average Exercise Price (in dollars per share) | $ 5.93 | $ 6.40 |
Options Outstanding at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 2 years 14 days | 2 years 6 months 25 days |
Options Exer. At end of the Period, Shares (in shares) | 22,000 | 36,000 |
Options Exer. At end of the Period, Weighted Average Exercise Price (in dollars per share) | $ 5.93 | $ 6.40 |
Options Exer. At end of the Period, Weighted Average Remaining Contractual Term (Year) | 2 years 14 days | 2 years 6 months 25 days |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) | Nov. 30, 2021USD ($) |
Operating Loss Carryforwards, Total | $ 4,496,000 |
Tax Credit Carryforward, Amount | 109,000 |
Operating Loss Carryforwards Not Subject to Expiration | $ 4,507,000 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Current expense (benefit) | $ 8,459 | $ 25,168 |
Deferred expense (benefit) | 45,800 | (881,638) |
Total income tax expense (benefit) | $ 54,259 | $ (856,470) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Statutory federal income tax rate | 21.00% | 21.00% |
PPP Loan Forgiveness | 0.00% | 8.80% |
Permanent Differences and Other | (0.70%) | (0.90%) |
Total | 20.30% | 28.90% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2021 | Nov. 30, 2020 |
Accrued expenses | $ 82,000 | $ 161,000 |
Inventory capitalization | 122,000 | 71,000 |
NOL and tax credit carryforward | 1,846,000 | 1,695,000 |
Asset reserves | 613,000 | 796,000 |
Total current deferred tax assets | 2,663,000 | 2,723,000 |
Property, plant, and equipment | (41,000) | (55,000) |
Total non-current deferred tax assets (liabilities) | (41,000) | (55,000) |
Net deferred taxes | $ 2,622,000 | $ 2,668,000 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 30, 2021 | |
Number of Reportable Segments | 3 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Revenues, Total | $ 24,965,086 | $ 22,409,123 |
Income (loss) from operations | 523,408 | (3,909,634) |
Total Assets | 20,854,048 | 18,803,013 |
Capital expenditures | 620,284 | 693,414 |
Depreciation, Depletion and Amortization, Total | 613,409 | 818,234 |
Operating Segments [Member] | ||
Revenues, Total | 24,965,000 | 22,409,000 |
Income (loss) from operations | 523,000 | (3,910,000) |
Income (loss) before tax | 267,000 | (2,960,000) |
Total Assets | 20,854,000 | 18,803,000 |
Capital expenditures | 820,000 | 693,000 |
Depreciation, Depletion and Amortization, Total | 613,000 | 818,000 |
Operating Segments [Member] | Agricultural Products [Member] | ||
Revenues, Total | 16,826,000 | 13,085,000 |
Income (loss) from operations | 599,000 | (2,318,000) |
Income (loss) before tax | 413,000 | (1,723,000) |
Total Assets | 14,950,000 | 12,785,000 |
Capital expenditures | 726,000 | 499,000 |
Depreciation, Depletion and Amortization, Total | 366,000 | 481,000 |
Operating Segments [Member] | Modular Buildings [Member] | ||
Revenues, Total | 5,678,000 | 6,993,000 |
Income (loss) from operations | 74,000 | (1,295,000) |
Income (loss) before tax | 45,000 | (1,058,000) |
Total Assets | 3,429,000 | 3,310,000 |
Capital expenditures | 94,000 | 146,000 |
Depreciation, Depletion and Amortization, Total | 111,000 | 205,000 |
Operating Segments [Member] | Tools [Member] | ||
Revenues, Total | 2,461,000 | 2,331,000 |
Income (loss) from operations | (150,000) | (297,000) |
Income (loss) before tax | (191,000) | (179,000) |
Total Assets | 2,475,000 | 2,708,000 |
Capital expenditures | 0 | 48,000 |
Depreciation, Depletion and Amortization, Total | $ 136,000 | $ 132,000 |