Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2023 | Feb. 07, 2024 | 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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 2023 | ||
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 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,961,109 | ||
Entity Common Stock, Shares Outstanding | 5,063,208 | ||
Auditor Name | Eide Bailly LLP | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 286 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Current assets: | ||
Cash | $ 4,014 | $ 5,055 |
Accounts receivable-customers, net of allowance for doubtful accounts of $32,137 and $33,288 in 2023 and 2022, respectively | 3,432,216 | 2,466,790 |
Inventories, net | 11,031,362 | 9,606,708 |
Cost and profit in excess of billings | 289,282 | 450,906 |
Other current assets | 296,662 | 333,287 |
Current assets of discontinued operations | 31,958 | 1,270,683 |
Total current assets | 15,085,494 | 14,133,429 |
Property, plant, and equipment, net | 5,060,595 | 4,945,225 |
Assets held for lease, net | 145,494 | 400,325 |
Deferred income taxes, net | 2,503,213 | 2,605,395 |
Other assets | 583,752 | 474,714 |
Other assets of discontinued operations | 1,023,566 | 1,389,226 |
Total assets | 24,402,114 | 23,948,314 |
Current liabilities: | ||
Accounts payable | 2,256,502 | 2,510,463 |
Customer deposits | 416,044 | 825,413 |
Billings in excess of cost and profit | 351,289 | 328,041 |
Income taxes payable | 5,000 | 3,500 |
Accrued expenses | 1,399,232 | 1,161,761 |
Line of credit | 4,413,520 | 3,924,500 |
Current portion of finance lease liabilities | 257,454 | 142,893 |
Current portion of long-term debt | 109,193 | 94,808 |
Current liabilities of discontinued operations | 186,789 | 275,910 |
Total current liabilities | 9,395,023 | 9,267,289 |
Long-term liabilities | ||
Long-term portion of operating lease liabilities | 13,774 | 22,426 |
Long-term portion of finance lease liabilities | 722,200 | 475,411 |
Long-term debt, excluding current portion | 2,629,862 | 2,743,383 |
Long-term liabilities of discontinued operations | 0 | 289,168 |
Total liabilities | 12,760,859 | 12,797,677 |
Commitments and Contingencies (Notes 8, 9 and 10) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2023 and 2022; issued and outstanding 0 shares in 2023 and 2022. | 0 | 0 |
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2023 and 2022; issued 5,106,922 in 2023 and 5,013,671 in 2022 | 51,069 | 50,137 |
Additional paid-in capital | 4,838,425 | 4,547,172 |
Retained earnings | 7,021,253 | 6,754,284 |
Treasury stock, at cost (94,256 shares in 2023 and 64,574 shares in 2022) | (269,492) | (200,956) |
Total stockholders’ equity | 11,641,255 | 11,150,637 |
Total liabilities and stockholders’ equity | $ 24,402,114 | $ 23,948,314 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Allowance for doubtful accounts | $ 32,137 | $ 33,288 |
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) | 5,106,922 | 5,013,671 |
Treasury stock, shares (in shares) | 94,256 | 64,574 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Sales | $ 30,280,957 | $ 25,646,152 |
Cost of goods sold | 21,697,075 | 18,707,496 |
Gross profit | 8,583,882 | 6,938,656 |
Expenses: | ||
Engineering | 598,065 | 580,537 |
Selling | 2,132,101 | 1,904,573 |
General and administrative | 4,322,475 | 3,848,828 |
Total expenses | 7,052,641 | 6,333,938 |
Income from operations | 1,531,241 | 604,718 |
Other income (expense): | ||
Interest expense | (590,005) | (404,188) |
Other | 147,512 | 240,414 |
Total other income (expense) | (442,493) | (163,774) |
Income from continuing operations before income taxes | 1,088,748 | 440,944 |
Income tax expense | 325,959 | 66,823 |
Income from continuing operations | 762,789 | 374,121 |
Discontinued Operations | ||
Loss from discontinued operations before income taxes | (708,313) | (323,944) |
Income tax benefit | (212,493) | (47,620) |
(Loss) on discontinued operations | (495,820) | (276,324) |
Net Income | $ 266,969 | $ 97,797 |
Net income per share - Basic: | ||
Continuing Operations (in dollars per share) | $ 0.15 | $ 0.08 |
Discontinued Operations (in dollars per share) | (0.1) | (0.06) |
Net income per share (in dollars per share) | 0.05 | 0.02 |
Net income per share - Diluted: | ||
Continuing Operations (in dollars per share) | 0.15 | 0.08 |
Discontinued Operations (in dollars per share) | (0.1) | (0.06) |
Net income per share (in dollars per share) | $ 0.05 | $ 0.02 |
Weighted average outstanding shares used to compute basic net income per share (in shares) | 5,002,238 | 4,707,384 |
Weighted average outstanding shares used to compute diluted net income per share (in shares) | 5,002,238 | 4,707,384 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
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 |
Stock based compensation (in shares) | 110,167 | 20,042 | |||
Stock based compensation | $ 1,102 | 286,619 | 0 | $ (92,432) | 195,289 |
Shares (in shares) | 320,000 | 0 | |||
Common stock purchase agreement | $ 3,200 | 499,904 | 0 | $ 0 | 503,104 |
Net Income | $ 0 | 0 | 97,797 | $ 0 | 97,797 |
Balance (in shares) at Nov. 30, 2022 | 5,013,671 | 64,574 | |||
Balance at Nov. 30, 2022 | $ 50,137 | 4,547,172 | 6,754,284 | $ (200,956) | 11,150,637 |
Stock based compensation (in shares) | 93,251 | 29,682 | |||
Stock based compensation | $ 932 | 291,253 | 0 | $ (68,536) | 223,649 |
Net Income | $ 0 | 0 | 266,969 | $ 0 | 266,969 |
Balance (in shares) at Nov. 30, 2023 | 5,106,922 | 94,256 | |||
Balance at Nov. 30, 2023 | $ 51,069 | $ 4,838,425 | $ 7,021,253 | $ (269,492) | $ 11,641,255 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Cash flows from operations: | ||
Net income (loss) from continuing operations | $ 762,789 | $ 374,121 |
Net income (loss) on discontinued operations | (495,820) | (276,324) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Stock based compensation | 292,185 | 287,721 |
Decrease in obsolete inventory reserves | (126,707) | (204,997) |
Gain on disposal of property, plant, and equipment | (92,495) | (154,112) |
Depreciation and amortization expense | 804,820 | 661,018 |
Accrued interest on deferred debt payments | 0 | 16,917 |
Decrease in allowance for doubtful accounts | (1,151) | (3,489) |
Deferred income taxes | 102,182 | 16,491 |
Changes in assets and liabilities: | ||
Accounts receivable | (964,275) | (83,669) |
Inventories | (1,297,947) | (1,077,041) |
Other assets | 44,117 | 2,735 |
Accounts payable | (253,961) | 934,160 |
Contracts in progress, net | 184,872 | (226,342) |
Customer deposits | (409,369) | 551,857 |
Income taxes payable | 1,500 | (2,000) |
Accrued expenses | 237,471 | 133,251 |
Net cash provided by (used in) operating activities - continuing operations | (715,969) | 1,226,621 |
Net cash provided by (used in) operating activities - discontinued operations | 660,775 | (274,900) |
Net cash provided by (used in) operating activities | (55,194) | 951,721 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (841,784) | (1,669,481) |
Net proceeds from sale of assets | 286,815 | 403,504 |
Net cash used in investing activities - continuing operations | (554,969) | (1,265,977) |
Net cash provided by (used in) investing activities - discontinued operations | 101,457 | (77,870) |
Net cash used in investing activities | (453,512) | (1,343,847) |
Cash flows from financing activities: | ||
Net change in line of credit | (489,020) | 150,030 |
Proceeds from finance lease obligations | 397,536 | 0 |
Principal payments on finance lease obligations | (184,881) | (88,251) |
Proceeds from term debt | 0 | 350,000 |
Repayment of term debt | (99,136) | (94,365) |
Proceeds from common stock purchase agreement | 0 | 545,529 |
Cost of equity issuance | 0 | (42,425) |
Repurchases of common stock | (68,536) | (92,432) |
Net cash provided by financing activities - continuing operations | 534,003 | 428,026 |
Net cash used in financing activities - discontinued operations | (26,338) | (33,503) |
Net cash provided by financing activities | 507,665 | 394,523 |
Net increase (decrease) in cash | (1,041) | 2,397 |
Cash at beginning of period | 5,055 | 2,658 |
Cash at end of period | 4,014 | 5,055 |
Supplemental disclosures of cash flow information: | ||
Interest | 606,747 | 421,241 |
Income taxes | 3,646 | 2,365 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Right-of-use (ROU) assets acquired (included in other assets) | 134,544 | 698,153 |
Less: Cash proceeds received under Manufacturing 4.0 grant applied to ROU Assets | 0 | (224,513) |
Total (ROU) assets acquired (included in other assets) | 134,544 | 473,640 |
Amortization of operating lease ROU assets (included in other assets) | 12,375 | 12,862 |
Market value of commitment shares issued under purchase agreement | $ 0 | $ 160,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2023 | |
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. During the third 2023, third (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 2023 (c) Cash Concentration The Company maintains several different accounts at one (d) Customer Concentration During the 2023 2022 one (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 The Company began offering floorplan terms in its Agricultural Products segment during its Fall 2021 2022 2023 180 $1,920,000 November 30, 2023 $1,033,000 November 30, 2022 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 (f) Inventories Inventories are stated at the lower of cost or net realizable value, and cost is determined using the standard costing method which approximates costs determined on the first first not may not (g) Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is provided using the straight-line method, based on the estimated useful lives of the assets which range from three forty Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not For property, plant and equipment used in operations, including lease assets and assets held for lease, impairment losses are only recorded if the asset’s carrying amount is not (h) Leases Lessee. 12 60 ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. 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, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Operating lease right-of-use assets (other assets) $ 22,427 $ 31,527 Current portion of operating lease liabilities (accrued expenses) $ 8,653 $ 9,101 Long-term portion of operating lease liabilities 13,774 22,426 Total operating lease liabilities $ 22,427 $ 31,527 The Company's continuing operations recorded $17,459 of operating lease expense in the year ended November 30, 2023 2022 Future maturities of operating lease liabilities as of November 30, 2023 Year Ending November 30, 2024 9,532 2025 9,532 2026 4,766 Total lease payments 23,829 Less imputed interest (1,402 ) Total operating lease liabilities 22,427 The components of finance leases on the Consolidated Balance Sheets on November 30, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Finance lease right-of-use assets (net of amortization in other assets) $ 511,367 $ 396,220 $ 511,367 $ 396,220 Current portion of finance lease liabilities $ 257,454 $ 142,893 Long-term portion of finance lease liabilities 722,200 475,411 Total finance lease liabilities $ 979,654 $ 618,304 The Company received grant funds from the Iowa Economic Development’s Manufacturing 4.0 Future maturities of finance lease liabilities as of November 30, 2023 Year Ending November 30, 2024 $ 302,714 2025 248,050 2026 246,466 2027 213,481 2028 82,147 Total lease payments 1,092,858 Less imputed interest (113,204 ) Total finance lease liabilities $ 979,654 The weighted average lease term of the Company’s finance leases are 45 months while the weighted average rate of finance leases is 5.19%. The Company's continuing operations incurred $129,891 of amortization expense from ROU assets related to finance leases in fiscal 2023 2022 Lessor. one 1 2 3 4 5 no none 1 not 2 not See note 7 (i) 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 basis and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not The Company classifies interest and penalties to be paid on an underpayment of taxes as income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and various states and previously in Canada. The Company is no November 30, 2020. (j) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products are farm equipment and service parts related to farm equipment. The Agricultural Products segment generally executes 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 and service parts upon shipment of the goods. Risk of ownership and title pass to the customer upon shipment of the goods. All sales are made to authorized dealers whose application for dealer status has been approved and who have been informed of general sales policies. Any changes in the Company’s terms are documented in the most recently published price lists. Pricing is fixed and determinable according to the Company’s published equipment and parts price lists. Title to all equipment and parts sold passes to the customer upon delivery to the carrier and is not 30 In certain circumstances, upon the customer’s written request, the Company may not not no 2023 2022 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 The Company’s returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 (k) 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, 2023 Agricultural Modular Buildings Total Farm equipment $ 19,188,000 $ - $ 19,188,000 Farm equipment service parts 2,886,000 - 2,886,000 Modular buildings - 7,590,000 7,590,000 Modular building lease income - 112,000 112,000 Other 393,000 112,000 505,000 $ 22,467,000 $ 7,814,000 $ 30,281,000 Twelve Months Ended November 30, 2022 Agricultural Modular Buildings Total Farm equipment $ 17,825,000 $ - $ 17,825,000 Farm equipment service parts 2,575,000 - 2,575,000 Modular buildings - 4,550,000 4,550,000 Modular building lease income - 62,000 62,000 Other 512,000 122,000 634,000 $ 20,912,000 $ 4,734,000 $ 25,646,000 The Company began offering floorplan terms in its Agricultural Products segment during its Fall 2021 2022 2023 180 2023 (l) 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, 2023 November 30, 2022 Receivables $ 3,432,000 $ 2,466,790 Assets 289,000 451,000 Liabilities 767,000 1,153,000 The amount of revenue recognized in fiscal year 2023 November 30, 2022 December 1, 2021 $2,380,000; three November 30, 2023 2022 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2023 November 30, 2022 no one (m) Software Development Costs The Company capitalizes costs related to software developed or obtained for internal use in accordance with the ASC 350 40, 350 40” 350 40: Preliminary project stage: (a) conceptual formulation of alternatives; (b) evaluation of alternatives; (c) determination of existence of needed technology; and (d) final selection of alternatives. Internal and external costs incurred during the preliminary project stage are expensed as incurred. Application development stage: (a) design of chosen path, including software configuration and software interfaces; (b) coding; installation to hardware; and (c) testing, including parallel processing phase. Internal and external costs incurred to develop internal-use computer software during the application development stage are capitalized. Data Conversion costs are expensed as incurred. Post-implementation-operation stage: (a) training; and (b) application maintenance. Internal and external costs incurred during the post-implementation-operation stage are expensed as incurred. Certain costs incurred are considered enhancements, modifications to existing internal-use software that result in additional functionality. Enhancements normally require new software specifications and may The Company moved to an updated cloud based version of its QAD ERP system in the third 2023. 350 40 May 31, 2025. twelve November 30, 2023 twelve November 30, 2022 twelve November 30, 2023 (m) Research and Development Research and development costs are expensed when incurred. Such costs approximated $204,000 and $193,000 for the 2023 2022 (n ) Advertising Advertising costs are expensed when incurred. Such costs approximated $229,000 and $190,000 for the 2023 2022 (o) Net Income Per Share of Common Stock Basic net income per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income 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 per share of common stock. Basic and diluted income per common share have been computed based on the following as of November 30, 2023 2022 For the Twelve Months Ended November 30, 2023 November 30, 2022 Numerator for basic and diluted net income per share: Net income from continuing operations $ 762,789 $ 374,121 Net loss from discontinued operations (495,820 ) (276,324 ) Net Income $ 266,969 $ 97,797 Denominator: For basic net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Effect of dilutive stock options - - For diluted net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Net income per share - Basic: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 Net income per share - Diluted: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 (p) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. (q) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. (r) Recently Issued Accounting Pronouncements 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 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ( 2 Discontinued Operations On June 7, 2023, 3rd 2023. two 360, The components of discontinued operations in the accompanying Consolidated Balance Sheets are as follows: November 30, 2023 November 30, 2022 Accounts receivables $ - $ 255,508 Inventory 18,013 1,004,844 Other current assets 13,945 10,331 Current assets of discontinued operations $ 31,958 $ 1,270,683 November 30, 2023 November 30, 2022 Property, plant, and equipment, net $ 1,023,566 $ 1,233,692 Other assets - 155,534 Other assets of discontinued operations $ 1,023,566 $ 1,389,226 November 30, 2023 November 30, 2022 Accounts payable $ 3,539 $ 120,503 Accrued salaries, wages, and commissions - 81,026 Current portion of long-term debt 160,599 2,870 Other current liabilities 22,651 71,511 Current liabilities of discontinued operations $ 186,789 $ 275,910 November 30, 2023 November 30, 2022 Long-term portion of operating lease liabilities $ - $ 1,590 Long-term portion of finance lease liabilities - 126,720 Long-term debt, excluding current portion - 160,858 Long-term liabilities of discontinued operations $ - $ 289,168 The components of discontinued operations in the accompanying Consolidated Statement of Operations are as follows: Tools Twelve Months Ended November 30, 2023 November 30, 2022 Sales $ 2,030,714 $ 2,753,485 Cost of goods sold 2,122,287 2,385,409 Gross profit (loss) (91,573 ) 368,076 Expenses: Engineering - - Selling 156,682 263,578 General and administrative 413,857 376,536 Total expenses 570,539 640,114 Income from operations (662,112 ) (272,038 ) Other income (expense): Interest expense (61,516 ) (49,684 ) Other 15,315 (2,222 ) Total other expense (46,201 ) (51,906 ) Income before income taxes (708,313 ) (323,944 ) Income tax benefit (212,493 ) (47,620 ) Net Income $ (495,820 ) $ (276,324 ) The reportable segment information of discontinued operations is as follows: Tools Twelve Months Ended November 30, 2023 November 30, 2022 Revenue from external customers $ 2,031,000 $ 2,754,000 Gross Profit $ (92,000 ) $ 368,000 Income (loss) from operations $ (662,000 ) $ (272,000 ) Income (loss) before tax $ (708,000 ) $ (324,000 ) Total Assets $ 1,056,000 $ 2,660,000 Capital expenditures (1) $ 16,000 $ 244,000 Depreciation & Amortization $ 135,000 $ 146,000 ( 1 2022 |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 3 Allowance for Doubtful Accounts A summary of the Company’s activity in the allowance for doubtful accounts is as follows: Twelve Months Ended November 30, 2023 November 30, 2022 Balance, beginning 33,288 32,147 Provision (recovery) charged to expense (1,151 ) (3,092 ) (Less amounts charged-off)/Recovery - 4,233 Balance, ending $ 32,137 $ 33,288 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 Inventories Major classes of inventory are: November 30, 2023 November 30, 2022 Raw materials $ 8,860,296 $ 8,174,519 Work in process 281,760 371,125 Finished goods 3,472,354 2,622,142 Total Gross Inventory $ 12,614,410 $ 11,167,786 Less: Reserves (1,583,048 ) (1,561,078 ) Net Inventory $ 11,031,362 $ 9,606,708 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Contracts or Programs Disclosure [Text Block] | ( 5 Contracts in Progress Amounts included in the consolidated financial statements related to uncompleted contracts are as follows: Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2023 Costs $ 839,161 $ 3,228,941 Estimated earnings 299,230 1,421,112 1,138,391 4,650,053 Less: amounts billed (849,109 ) (5,001,342 ) $ 289,282 $ (351,289 ) November 30, 2022 Costs $ 848,516 $ 731,490 Estimated earnings 293,094 138,568 1,141,610 870,058 Less: amounts billed (690,704 ) (1,198,099 ) $ 450,906 $ (328,041 ) The amounts billed on long-term contracts are due 30 12 November 30, 2023 2022 |
Note 6 - Property, Plant, and E
Note 6 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 Property, Plant, and Equipment Major classes of property, plant, and equipment are: November 30, 2023 November 30, 2022 Land $ 70,503 $ 70,503 Buildings and improvements 7,332,416 7,079,047 Construction in Progress - 354,494 Manufacturing machinery and equipment 10,386,044 10,668,224 Trucks and automobiles 576,704 546,815 Furniture and fixtures 115,059 115,059 18,480,726 18,834,142 Less accumulated depreciation (13,420,131 ) (13,888,917 ) Property, plant and equipment $ 5,060,595 $ 4,945,225 Depreciation and amortization expense for continuing operations totaled $804,820 and $661,018 for the 2023 2022 1 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | ( 7 Assets Held for Lease Major components of assets held for lease are: November 30, 2023 November 30, 2022 Modular Buildings $ 145,494 $ 400,325 Total assets held for lease $ 145,494 $ 400,325 The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had four November 30, 2023 five November 30, 2022 One modular building held for lease was sold in fiscal 2023 two 2022 2023 2022 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 $111,669 of rents recognized from assets held for lease included in sales on the Consolidated Statements of Operations during the 2023 2022 The future minimum lease receipts from assets held for lease on November 30, 2023 Year Ending November 30, Amount 2024 $ 159,010 2025 59,500 Total $ 218,510 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 8 Accrued Expenses Major components of accrued expenses are: November 30, 2023 November 30, 2022 Accrued salaries, wages, and commissions $ 805,908 $ 674,682 Accrued warranty expense 295,113 192,301 Other 298,211 294,778 $ 1,399,232 $ 1,161,761 |
Note 9 - Product Warranty
Note 9 - Product Warranty | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 9 Product Warranty The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one no not 606. may no not Changes in the Company’s product warranty liability included in accrued expenses for the 2023 2022 For the Twelve Months Ended November 30, 2023 November 30, 2022 Balance, beginning $ 192,301 $ 201,850 Settlements / adjustments (330,951 ) (349,889 ) Warranties issued 433,763 340,340 Balance, ending $ 295,113 $ 192,301 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 10 Loan and Credit Agreements Bank Midwest Revolving Lines of Credit and Term Loans The Company maintains a $5,000,000 revolving line of credit (the “Line of Credit”) and a $500,000 revolving line of credit (the “Reserve Line of Credit”) with Bank Midwest. The Reserve Line of Credit expires on March 30, 2024 November 30, 2023 may November 30, 2023 not March 29, 2023. March 30, 2024 March 29, 2023, August 30, 2023, November 30, 2023 March 30, 2024 November 30, 2023. The Company carries a $2,600,000 term loan with Bank Midwest due October 1, 2037 ( may five 20% September 28, 2017, The Company also carries a Roof Term Loan (the “Roof Term Loan”) of $350,000 with Bank Midwest entered into on May 17, 2022 May 15, 2027. May 15, 2027. May 17, 2022, March 30, 2023, In connection with the Line of Credit, the Company, Art’s-Way Scientific, Inc. and Ohio Metal Working Products/Art’s-Way Inc. each entered into a Commercial Security Agreement with Bank Midwest, dated September 28, 2017, first September 28, 2017. To further secure the Line of Credit, the Company granted Bank Midwest a mortgage on its Canton, Ohio property held by Ohio Metal Working Products/Art’s-Way Inc. The Term Loan is secured by a mortgage on the Company’s Armstrong, Iowa and Monona, Iowa properties. Each mortgage is governed by the terms of a separate Mortgage, dated 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 twelve November 30, 2023 ten November 30, 2023 November 30, 2024 SBA Economic Injury Disaster Loans In June 2020, 19 June 18, 2020 third June 24, 2020 $150,000. December 18, 2022 thirty December 24, 2022 June 18, 2020 June 24, 2020, A summary of the Company’s term debt is as follows: November 30, 2023 November 30, 2022 Bank Midwest loan payable in monthly installments of $ 19,648 7.00 October 1, 2037 2,080,718 2,165,554 Bank Midwest loan payable in monthly installments of $ 2,972 7.00 May 15, 2027 336,858 344,932 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 160,583 163,793 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 160,599 163,728 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 24, 2022 June 24, 2050 160,896 163,912 Total term debt $ 2,899,654 $ 3,001,919 Less term debt of discontinued operations $ 160,599 163,728 Term debt, continuing operations 2,739,055 2,838,191 Less current portion of term debt 109,193 94,808 Term debt, excluding current portion $ 2,629,862 $ 2,743,383 A summary of the minimum maturities of term debt follows for the years ending November 30: Year Amount 2024 $ 109,529 2025 117,360 2026 125,714 2027 417,424 2028 127,799 2029 and thereafter 1,841,229 $ 2,739,055 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 11 Related Party Transactions During the 2023 2022 not 2023 2022 November 30, 2023 November 30, 2022 |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 12 Employee Benefit Plans The Company sponsors a defined contribution 401 may 2023 2022 |
Note 13 - Equity Incentive Plan
Note 13 - Equity Incentive Plan and Stock Based Compensation | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 13 Equity Incentive Plan On February 25, 2020, 2020 “2020 2020 April 30, 2020. 2020 2011 “2011 2011 2020 February 25, 2020 The 2020 Shares issued under the 2020 November 30, 2023 2022 For the Twelve Months Ended November 30, 2023 November 30, 2022 Shares issued to directors (immediate vesting) 25,000 25,000 Shares issued to directors, employees, and consultants (three-year vesting) 82,250 94,500 Unvested shares forfeit upon termination (13,999 ) (9,333 ) Total shares issued 93,251 110,167 Book and tax stock-based compensation expense for the years ended November 30, 2023 2022 For the Twelve Months Ended November 30, 2023 November 30, 2022 Stock-based compensation expense 292,185 287,721 Treasury share repurchase expense (68,536 ) (92,432 ) Stock-based compensation expense net of treasury repurchases 223,649 195,289 For the Twelve Months Ended November 30, 2023 November 30, 2022 Tax deductions from stock-based compensation expense 232,723 314,306 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 stock options were granted during the years ended November 30, 2023 2022 The following is a summary of activity under the plans as of November 30, 2023 2022 2023 Weighted Average Weighted Average Remaining Aggregate Options Shares Exercise Price Contractual Term Intrinsic Value Options O/S at beginning of period 12,000 $ 5.75 Granted - $ - Exercised - $ - - Options Expired or Forfeited (4,000 ) $ 6.40 Options O/S at end of Period 8,000 $ 5.43 0.90 - Options Exer. At end of the Period 8,000 $ 5.43 0.90 - 2022 Weighted Average Weighted Average Remaining Aggregate Options Shares Exercise Price Contractual Term Intrinsic Value Options O/S at beginning of period 22,000 $ 5.93 Granted - $ - Exercised - $ - - Options Expired or Forfeited (10,000 ) $ 6.15 Options O/S at end of Period 12,000 $ 5.75 1.40 - Options Exer. At end of the Period 12,000 $ 5.75 1.40 - |
Note 14 - Common Stock Purchase
Note 14 - Common Stock Purchase Agreement | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | ( 14 Common Stock Purchase Agreement On March 29, 2022, one June 30, 2023. Among other limitations, unless otherwise agreed upon by Alumni Capital, each sale of shares was to be limited to 50,000 shares and further limited to no five In exchange for Alumni Capital entering into the Purchase Agreement, the Company issued 20,000 shares of Common Stock to Alumni Capital upon execution of the Purchase Agreement (the “Initial Commitment Shares”) and issued another 20,000 shares in connection with the first 501 1933, 4 2 506 may not The Purchase Agreement provided that the Company file a registration statement under the Securities Act covering the resale of the shares issued to Alumni Capital. Alumni Capital’s obligation to purchase shares of Common Stock under the Purchase Agreement is conditioned upon, among other things, the registration statement being declared effective by the Securities and Exchange Commission. The Company filed a registration statement on Form S- 3 April 27, 2022 August 9, 2022 The Company incurred approximately $203,000 of expense related to equity issuance in the twelve November 30, 2022 Below is a summary of shares purchased by Alumni Capital under this agreement which has since expired: Date Shares Share price net of discount Proceeds 7/25/2022 50,000 $ 2.07 $ 103,305 8/3/2022 50,000 $ 1.98 $ 98,940 8/15/2022 50,000 $ 2.00 $ 99,910 8/23/2022 65,000 $ 1.99 $ 129,253 9/23/2022 65,000 $ 1.76 $ 114,120 Total 280,000 $ 545,528 38 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 15 Income Taxes Total income tax expense for the 2023 2022 November 30, 2023 November 30, 2022 Current expense $ 11,284 $ 2,712 Deferred expense 102,182 16,491 Total income tax expense 113,466 19,203 Income tax benefit - discontinued operations (212,493 ) (47,620 ) Income tax expense - continuing operations $ 325,959 $ 66,823 November 30, 2023 November 30, 2022 Statutory federal income tax rate 21.0 % 21.0 % State taxes (net of federal) 4.9 - Permanent Differences and Other 3.9 (4.6 ) 29.8 % 16.4 % The primary driver for the increase in effective tax rate was due to add backs related to differences in restricted stock values at grant and vest date and non-deductible meals expense. Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) on November 30, 2023 2022 November 30 2023 2022 Deferred tax assets Accrued expenses $ 106,356 $ 93,022 Inventory capitalization 155,705 167,671 NOL and tax credit carryforward 1,773,588 1,920,818 Asset reserves 539,848 521,114 Total deferred tax assets $ 2,575,497 $ 2,702,625 Deferred tax liabilities Property, plant, and equipment $ (72,284 ) $ (97,230 ) Total deferred tax liabilities $ (72,284 ) $ (97,230 ) Net deferred tax assets (liabilities) $ 2,503,213 $ 2,605,395 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 16 - Disclosures About the
Note 16 - Disclosures About the Fair Value of Financial Instruments | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 16 Disclosures About the Fair Value of Financial Instruments The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. On November 30, 2023 November 30, 2022 not |
Note 17 - Litigation and Contin
Note 17 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | ( 17 Litigation and Contingencies Various legal actions and claims can arise in the normal course of business that may |
Note 18 - Segment Information
Note 18 - Segment Information | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 18 Segment Information There are two reportable segments: Agricultural Products and Modular Buildings. The Agricultural Products segment fabricates and sells farming products as well as replacement parts for these products in the United States and worldwide. The Modular Buildings segment produces modular buildings for animal containment and various laboratory uses. 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, 2023 Agricultural Products Modular Buildings Consolidated Revenue from external customers $ 22,467,000 $ 7,814,000 $ 30,281,000 Gross profit $ 6,584,000 $ 2,000,000 $ 8,584,000 Income (loss) from operations $ 664,000 $ 867,000 $ 1,531,000 Income (loss) before tax $ 140,000 $ 949,000 $ 1,089,000 Total Assets $ 20,754,000 $ 2,593,000 $ 23,347,000 Capital expenditures (1) $ 682,000 $ 195,000 $ 877,000 Depreciation & Amortization $ 521,000 $ 284,000 $ 805,000 Twelve Months Ended November 30, 2022 Agricultural Products Modular Buildings Consolidated Revenue from external customers $ 20,912,000 $ 4,734,000 $ 25,646,000 Gross profit $ 6,444,000 $ 495,000 $ 6,939,000 Income (loss) from operations $ 1,205,000 $ (600,000 ) $ 605,000 Income (loss) before tax $ 923,000 $ (482,000 ) $ 441,000 Total Assets $ 18,459,000 $ 2,829,000 $ 21,288,000 Capital expenditures (2) $ 1,969,000 $ 232,000 $ 2,201,000 Depreciation & Amortization $ 468,000 $ 193,000 $ 661,000 ( 1 FY 2023 capital expenditures include finance leased assets of $118,000 in the Agricultural Products segment and $17,000 in the Modular Buildings segment. ( 2 FY 2022 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Nov. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 19 Subsequent Events Management evaluated all other activity of the Company and concluded that no |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Nov. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2023 | |
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. During the third 2023, third |
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 2023 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (c) Cash Concentration The Company maintains several different accounts at one (d) Customer Concentration During the 2023 2022 one |
Accounts Receivable [Policy Text Block] | (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 The Company began offering floorplan terms in its Agricultural Products segment during its Fall 2021 2022 2023 180 $1,920,000 November 30, 2023 $1,033,000 November 30, 2022 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 |
Inventory, Policy [Policy Text Block] | (f) Inventories Inventories are stated at the lower of cost or net realizable value, and cost is determined using the standard costing method which approximates costs determined on the first first not may not |
Property, Plant and Equipment, Policy [Policy Text Block] | (g) Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is provided using the straight-line method, based on the estimated useful lives of the assets which range from three forty Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not may not For property, plant and equipment used in operations, including lease assets and assets held for lease, impairment losses are only recorded if the asset’s carrying amount is not |
Lessee, Leases [Policy Text Block] | (h) Leases Lessee. 12 60 ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. 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, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Operating lease right-of-use assets (other assets) $ 22,427 $ 31,527 Current portion of operating lease liabilities (accrued expenses) $ 8,653 $ 9,101 Long-term portion of operating lease liabilities 13,774 22,426 Total operating lease liabilities $ 22,427 $ 31,527 The Company's continuing operations recorded $17,459 of operating lease expense in the year ended November 30, 2023 2022 Future maturities of operating lease liabilities as of November 30, 2023 Year Ending November 30, 2024 9,532 2025 9,532 2026 4,766 Total lease payments 23,829 Less imputed interest (1,402 ) Total operating lease liabilities 22,427 The components of finance leases on the Consolidated Balance Sheets on November 30, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Finance lease right-of-use assets (net of amortization in other assets) $ 511,367 $ 396,220 $ 511,367 $ 396,220 Current portion of finance lease liabilities $ 257,454 $ 142,893 Long-term portion of finance lease liabilities 722,200 475,411 Total finance lease liabilities $ 979,654 $ 618,304 The Company received grant funds from the Iowa Economic Development’s Manufacturing 4.0 Future maturities of finance lease liabilities as of November 30, 2023 Year Ending November 30, 2024 $ 302,714 2025 248,050 2026 246,466 2027 213,481 2028 82,147 Total lease payments 1,092,858 Less imputed interest (113,204 ) Total finance lease liabilities $ 979,654 The weighted average lease term of the Company’s finance leases are 45 months while the weighted average rate of finance leases is 5.19%. The Company's continuing operations incurred $129,891 of amortization expense from ROU assets related to finance leases in fiscal 2023 2022 |
Lessor, Leases [Policy Text Block] | Lessor. one 1 2 3 4 5 no none 1 not 2 not See note 7 |
Income Tax, Policy [Policy Text Block] | (i) 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 basis and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not The Company classifies interest and penalties to be paid on an underpayment of taxes as income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and various states and previously in Canada. The Company is no November 30, 2020. |
Revenue from Contract with Customer [Policy Text Block] | (j) Revenue Recognition The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the Agricultural Products are farm equipment and service parts related to farm equipment. The Agricultural Products segment generally executes 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 and service parts upon shipment of the goods. Risk of ownership and title pass to the customer upon shipment of the goods. All sales are made to authorized dealers whose application for dealer status has been approved and who have been informed of general sales policies. Any changes in the Company’s terms are documented in the most recently published price lists. Pricing is fixed and determinable according to the Company’s published equipment and parts price lists. Title to all equipment and parts sold passes to the customer upon delivery to the carrier and is not 30 In certain circumstances, upon the customer’s written request, the Company may not not no 2023 2022 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 The Company’s returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 |
Disaggregation of Revenue, Policy [Policy Text Block] | (k) 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, 2023 Agricultural Modular Buildings Total Farm equipment $ 19,188,000 $ - $ 19,188,000 Farm equipment service parts 2,886,000 - 2,886,000 Modular buildings - 7,590,000 7,590,000 Modular building lease income - 112,000 112,000 Other 393,000 112,000 505,000 $ 22,467,000 $ 7,814,000 $ 30,281,000 Twelve Months Ended November 30, 2022 Agricultural Modular Buildings Total Farm equipment $ 17,825,000 $ - $ 17,825,000 Farm equipment service parts 2,575,000 - 2,575,000 Modular buildings - 4,550,000 4,550,000 Modular building lease income - 62,000 62,000 Other 512,000 122,000 634,000 $ 20,912,000 $ 4,734,000 $ 25,646,000 The Company began offering floorplan terms in its Agricultural Products segment during its Fall 2021 2022 2023 180 2023 (l) 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, 2023 November 30, 2022 Receivables $ 3,432,000 $ 2,466,790 Assets 289,000 451,000 Liabilities 767,000 1,153,000 The amount of revenue recognized in fiscal year 2023 November 30, 2022 December 1, 2021 $2,380,000; three November 30, 2023 2022 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one November 30, 2023 November 30, 2022 no one |
Research and Development Expense, Policy [Policy Text Block] | (m) Software Development Costs The Company capitalizes costs related to software developed or obtained for internal use in accordance with the ASC 350 40, 350 40” 350 40: Preliminary project stage: (a) conceptual formulation of alternatives; (b) evaluation of alternatives; (c) determination of existence of needed technology; and (d) final selection of alternatives. Internal and external costs incurred during the preliminary project stage are expensed as incurred. Application development stage: (a) design of chosen path, including software configuration and software interfaces; (b) coding; installation to hardware; and (c) testing, including parallel processing phase. Internal and external costs incurred to develop internal-use computer software during the application development stage are capitalized. Data Conversion costs are expensed as incurred. Post-implementation-operation stage: (a) training; and (b) application maintenance. Internal and external costs incurred during the post-implementation-operation stage are expensed as incurred. Certain costs incurred are considered enhancements, modifications to existing internal-use software that result in additional functionality. Enhancements normally require new software specifications and may The Company moved to an updated cloud based version of its QAD ERP system in the third 2023. 350 40 May 31, 2025. twelve November 30, 2023 twelve November 30, 2022 twelve November 30, 2023 (m) Research and Development Research and development costs are expensed when incurred. Such costs approximated $204,000 and $193,000 for the 2023 2022 |
Advertising Cost [Policy Text Block] | (n ) Advertising Advertising costs are expensed when incurred. Such costs approximated $229,000 and $190,000 for the 2023 2022 |
Earnings Per Share, Policy [Policy Text Block] | (o) Net Income Per Share of Common Stock Basic net income per share has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income 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 per share of common stock. Basic and diluted income per common share have been computed based on the following as of November 30, 2023 2022 For the Twelve Months Ended November 30, 2023 November 30, 2022 Numerator for basic and diluted net income per share: Net income from continuing operations $ 762,789 $ 374,121 Net loss from discontinued operations (495,820 ) (276,324 ) Net Income $ 266,969 $ 97,797 Denominator: For basic net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Effect of dilutive stock options - - For diluted net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Net income per share - Basic: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 Net income per share - Diluted: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 |
Share-Based Payment Arrangement [Policy Text Block] | (p) Stock Based Compensation Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate and dividend yield. Restricted stock is valued at market value at the day of grant. |
Use of Estimates, Policy [Policy Text Block] | (q) Use of Estimates Management has made a number of estimates and assumptions related to the reported amount of assets and liabilities, reported amount of revenues and expenses, and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | (r) Recently Issued Accounting Pronouncements 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, 2023 | |
Notes Tables | |
Lessee, Operating Leases, Assets and Liabilities [Table Text Block] | November 30, 2023 November 30, 2022 Operating lease right-of-use assets (other assets) $ 22,427 $ 31,527 Current portion of operating lease liabilities (accrued expenses) $ 8,653 $ 9,101 Long-term portion of operating lease liabilities 13,774 22,426 Total operating lease liabilities $ 22,427 $ 31,527 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending November 30, 2024 9,532 2025 9,532 2026 4,766 Total lease payments 23,829 Less imputed interest (1,402 ) Total operating lease liabilities 22,427 |
Lessee, Finance Leases, Assets and Liabilities [Table Text Block] | November 30, 2023 November 30, 2022 Finance lease right-of-use assets (net of amortization in other assets) $ 511,367 $ 396,220 $ 511,367 $ 396,220 Current portion of finance lease liabilities $ 257,454 $ 142,893 Long-term portion of finance lease liabilities 722,200 475,411 Total finance lease liabilities $ 979,654 $ 618,304 |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending November 30, 2024 $ 302,714 2025 248,050 2026 246,466 2027 213,481 2028 82,147 Total lease payments 1,092,858 Less imputed interest (113,204 ) Total finance lease liabilities $ 979,654 |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended November 30, 2023 Agricultural Modular Buildings Total Farm equipment $ 19,188,000 $ - $ 19,188,000 Farm equipment service parts 2,886,000 - 2,886,000 Modular buildings - 7,590,000 7,590,000 Modular building lease income - 112,000 112,000 Other 393,000 112,000 505,000 $ 22,467,000 $ 7,814,000 $ 30,281,000 Twelve Months Ended November 30, 2022 Agricultural Modular Buildings Total Farm equipment $ 17,825,000 $ - $ 17,825,000 Farm equipment service parts 2,575,000 - 2,575,000 Modular buildings - 4,550,000 4,550,000 Modular building lease income - 62,000 62,000 Other 512,000 122,000 634,000 $ 20,912,000 $ 4,734,000 $ 25,646,000 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | November 30, 2023 November 30, 2022 Receivables $ 3,432,000 $ 2,466,790 Assets 289,000 451,000 Liabilities 767,000 1,153,000 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Twelve Months Ended November 30, 2023 November 30, 2022 Numerator for basic and diluted net income per share: Net income from continuing operations $ 762,789 $ 374,121 Net loss from discontinued operations (495,820 ) (276,324 ) Net Income $ 266,969 $ 97,797 Denominator: For basic net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Effect of dilutive stock options - - For diluted net income per share - weighted average common shares outstanding 5,002,238 4,707,384 Net income per share - Basic: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 Net income per share - Diluted: Continuing Operations $ 0.15 $ 0.08 Discontinued Operations (0.10 ) (0.06 ) Net income per share $ 0.05 $ 0.02 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | November 30, 2023 November 30, 2022 Accounts receivables $ - $ 255,508 Inventory 18,013 1,004,844 Other current assets 13,945 10,331 Current assets of discontinued operations $ 31,958 $ 1,270,683 November 30, 2023 November 30, 2022 Property, plant, and equipment, net $ 1,023,566 $ 1,233,692 Other assets - 155,534 Other assets of discontinued operations $ 1,023,566 $ 1,389,226 November 30, 2023 November 30, 2022 Accounts payable $ 3,539 $ 120,503 Accrued salaries, wages, and commissions - 81,026 Current portion of long-term debt 160,599 2,870 Other current liabilities 22,651 71,511 Current liabilities of discontinued operations $ 186,789 $ 275,910 November 30, 2023 November 30, 2022 Long-term portion of operating lease liabilities $ - $ 1,590 Long-term portion of finance lease liabilities - 126,720 Long-term debt, excluding current portion - 160,858 Long-term liabilities of discontinued operations $ - $ 289,168 Tools Twelve Months Ended November 30, 2023 November 30, 2022 Sales $ 2,030,714 $ 2,753,485 Cost of goods sold 2,122,287 2,385,409 Gross profit (loss) (91,573 ) 368,076 Expenses: Engineering - - Selling 156,682 263,578 General and administrative 413,857 376,536 Total expenses 570,539 640,114 Income from operations (662,112 ) (272,038 ) Other income (expense): Interest expense (61,516 ) (49,684 ) Other 15,315 (2,222 ) Total other expense (46,201 ) (51,906 ) Income before income taxes (708,313 ) (323,944 ) Income tax benefit (212,493 ) (47,620 ) Net Income $ (495,820 ) $ (276,324 ) Tools Twelve Months Ended November 30, 2023 November 30, 2022 Revenue from external customers $ 2,031,000 $ 2,754,000 Gross Profit $ (92,000 ) $ 368,000 Income (loss) from operations $ (662,000 ) $ (272,000 ) Income (loss) before tax $ (708,000 ) $ (324,000 ) Total Assets $ 1,056,000 $ 2,660,000 Capital expenditures (1) $ 16,000 $ 244,000 Depreciation & Amortization $ 135,000 $ 146,000 |
Note 3 - Allowance for Doubtf_2
Note 3 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Twelve Months Ended November 30, 2023 November 30, 2022 Balance, beginning 33,288 32,147 Provision (recovery) charged to expense (1,151 ) (3,092 ) (Less amounts charged-off)/Recovery - 4,233 Balance, ending $ 32,137 $ 33,288 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2023 November 30, 2022 Raw materials $ 8,860,296 $ 8,174,519 Work in process 281,760 371,125 Finished goods 3,472,354 2,622,142 Total Gross Inventory $ 12,614,410 $ 11,167,786 Less: Reserves (1,583,048 ) (1,561,078 ) Net Inventory $ 11,031,362 $ 9,606,708 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
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, 2023 Costs $ 839,161 $ 3,228,941 Estimated earnings 299,230 1,421,112 1,138,391 4,650,053 Less: amounts billed (849,109 ) (5,001,342 ) $ 289,282 $ (351,289 ) November 30, 2022 Costs $ 848,516 $ 731,490 Estimated earnings 293,094 138,568 1,141,610 870,058 Less: amounts billed (690,704 ) (1,198,099 ) $ 450,906 $ (328,041 ) |
Note 6 - Property, Plant, and_2
Note 6 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2023 November 30, 2022 Land $ 70,503 $ 70,503 Buildings and improvements 7,332,416 7,079,047 Construction in Progress - 354,494 Manufacturing machinery and equipment 10,386,044 10,668,224 Trucks and automobiles 576,704 546,815 Furniture and fixtures 115,059 115,059 18,480,726 18,834,142 Less accumulated depreciation (13,420,131 ) (13,888,917 ) Property, plant and equipment $ 5,060,595 $ 4,945,225 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | November 30, 2023 November 30, 2022 Modular Buildings $ 145,494 $ 400,325 Total assets held for lease $ 145,494 $ 400,325 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Ending November 30, Amount 2024 $ 159,010 2025 59,500 Total $ 218,510 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2023 November 30, 2022 Accrued salaries, wages, and commissions $ 805,908 $ 674,682 Accrued warranty expense 295,113 192,301 Other 298,211 294,778 $ 1,399,232 $ 1,161,761 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Twelve Months Ended November 30, 2023 November 30, 2022 Balance, beginning $ 192,301 $ 201,850 Settlements / adjustments (330,951 ) (349,889 ) Warranties issued 433,763 340,340 Balance, ending $ 295,113 $ 192,301 |
Note 10 - Loan and Credit Agr_2
Note 10 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2023 November 30, 2022 Bank Midwest loan payable in monthly installments of $ 19,648 7.00 October 1, 2037 2,080,718 2,165,554 Bank Midwest loan payable in monthly installments of $ 2,972 7.00 May 15, 2027 336,858 344,932 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 160,583 163,793 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 160,599 163,728 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 24, 2022 June 24, 2050 160,896 163,912 Total term debt $ 2,899,654 $ 3,001,919 Less term debt of discontinued operations $ 160,599 163,728 Term debt, continuing operations 2,739,055 2,838,191 Less current portion of term debt 109,193 94,808 Term debt, excluding current portion $ 2,629,862 $ 2,743,383 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount 2024 $ 109,529 2025 117,360 2026 125,714 2027 417,424 2028 127,799 2029 and thereafter 1,841,229 $ 2,739,055 |
Note 13 - Equity Incentive Pl_2
Note 13 - Equity Incentive Plan and Stock Based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | For the Twelve Months Ended November 30, 2023 November 30, 2022 Shares issued to directors (immediate vesting) 25,000 25,000 Shares issued to directors, employees, and consultants (three-year vesting) 82,250 94,500 Unvested shares forfeit upon termination (13,999 ) (9,333 ) Total shares issued 93,251 110,167 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Twelve Months Ended November 30, 2023 November 30, 2022 Stock-based compensation expense 292,185 287,721 Treasury share repurchase expense (68,536 ) (92,432 ) Stock-based compensation expense net of treasury repurchases 223,649 195,289 For the Twelve Months Ended November 30, 2023 November 30, 2022 Tax deductions from stock-based compensation expense 232,723 314,306 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Aggregate Options Shares Exercise Price Contractual Term Intrinsic Value Options O/S at beginning of period 12,000 $ 5.75 Granted - $ - Exercised - $ - - Options Expired or Forfeited (4,000 ) $ 6.40 Options O/S at end of Period 8,000 $ 5.43 0.90 - Options Exer. At end of the Period 8,000 $ 5.43 0.90 - Weighted Average Weighted Average Remaining Aggregate Options Shares Exercise Price Contractual Term Intrinsic Value Options O/S at beginning of period 22,000 $ 5.93 Granted - $ - Exercised - $ - - Options Expired or Forfeited (10,000 ) $ 6.15 Options O/S at end of Period 12,000 $ 5.75 1.40 - Options Exer. At end of the Period 12,000 $ 5.75 1.40 - |
Note 14 - Common Stock Purcha_2
Note 14 - Common Stock Purchase Agreement (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Date Shares Share price net of discount Proceeds 7/25/2022 50,000 $ 2.07 $ 103,305 8/3/2022 50,000 $ 1.98 $ 98,940 8/15/2022 50,000 $ 2.00 $ 99,910 8/23/2022 65,000 $ 1.99 $ 129,253 9/23/2022 65,000 $ 1.76 $ 114,120 Total 280,000 $ 545,528 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2023 November 30, 2022 Current expense $ 11,284 $ 2,712 Deferred expense 102,182 16,491 Total income tax expense 113,466 19,203 Income tax benefit - discontinued operations (212,493 ) (47,620 ) Income tax expense - continuing operations $ 325,959 $ 66,823 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2023 November 30, 2022 Statutory federal income tax rate 21.0 % 21.0 % State taxes (net of federal) 4.9 - Permanent Differences and Other 3.9 (4.6 ) 29.8 % 16.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2023 2022 Deferred tax assets Accrued expenses $ 106,356 $ 93,022 Inventory capitalization 155,705 167,671 NOL and tax credit carryforward 1,773,588 1,920,818 Asset reserves 539,848 521,114 Total deferred tax assets $ 2,575,497 $ 2,702,625 Deferred tax liabilities Property, plant, and equipment $ (72,284 ) $ (97,230 ) Total deferred tax liabilities $ (72,284 ) $ (97,230 ) Net deferred tax assets (liabilities) $ 2,503,213 $ 2,605,395 |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2023 Agricultural Products Modular Buildings Consolidated Revenue from external customers $ 22,467,000 $ 7,814,000 $ 30,281,000 Gross profit $ 6,584,000 $ 2,000,000 $ 8,584,000 Income (loss) from operations $ 664,000 $ 867,000 $ 1,531,000 Income (loss) before tax $ 140,000 $ 949,000 $ 1,089,000 Total Assets $ 20,754,000 $ 2,593,000 $ 23,347,000 Capital expenditures (1) $ 682,000 $ 195,000 $ 877,000 Depreciation & Amortization $ 521,000 $ 284,000 $ 805,000 Twelve Months Ended November 30, 2022 Agricultural Products Modular Buildings Consolidated Revenue from external customers $ 20,912,000 $ 4,734,000 $ 25,646,000 Gross profit $ 6,444,000 $ 495,000 $ 6,939,000 Income (loss) from operations $ 1,205,000 $ (600,000 ) $ 605,000 Income (loss) before tax $ 923,000 $ (482,000 ) $ 441,000 Total Assets $ 18,459,000 $ 2,829,000 $ 21,288,000 Capital expenditures (2) $ 1,969,000 $ 232,000 $ 2,201,000 Depreciation & Amortization $ 468,000 $ 193,000 $ 661,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | Dec. 01, 2021 USD ($) | |
Number of Operating Segments | 3 | ||
Accounts Receivable, Threshold Period On International Sales (Year) | 180 years | ||
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | ||
Lease, Cost | $ 17,459 | $ 17,366 | |
Operating Lease, Weighted Average Remaining Lease Term (Month) | 30 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.75% | ||
Lessee, Finance Lease, Term of Contract (Month) | 45 months | ||
Lessee, Finance Lease, Discount Rate | 5.19% | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 129,891 | 110,426 | |
Contract with Customer, Liability, Revenue Recognized | 1,153,000 | 558,000 | |
Construction Contractor, Receivable, Excluding Contract Retainage | 3,432,000 | 2,466,790 | $ 2,380,000 |
Contract with Customer, Asset, after Allowance for Credit Loss | 289,000 | 451,000 | 177,000 |
Contract with Customer, Liability | 767,000 | 1,153,000 | $ 558,000 |
Research and Development Expense | 204,000 | 193,000 | |
Advertising Expense | 229,000 | 190,000 | |
Internal Use Software [Member] | Operating Expense [Member] | Implementation Costs [Member] | |||
Amortization of Intangible Assets | 30,000 | ||
Internal Use Software [Member] | Operating Expense [Member] | Noncapitalized Implementation Costs [Member] | |||
Research and Development Expense, Software (Excluding Acquired in Process Cost) | 58,000 | 26,000 | |
Other Current Assets [Member] | Internal Use Software [Member] | |||
Finite-Lived Intangible Assets, Net | 183,000 | ||
Product [Member] | |||
Contract with Customer, Liability, Revenue Recognized | $ 3,110,000 | $ 1,010,000 | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 1 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 12% | 11% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Components of Operating Leases (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Long-term portion of operating lease liabilities | $ 13,774 | $ 22,426 |
Total operating lease liabilities | 22,427 | 31,527 |
Other Assets [Member] | ||
Operating lease right-of-use assets (other assets) | 22,427 | 31,527 |
Accrued Expenses [Member] | ||
Current portion of operating lease liabilities (accrued expenses) | $ 8,653 | $ 9,101 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Maturities of Operating Lease Liabilities (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
2024 | $ 9,532 | |
2025 | 9,532 | |
2026 | 4,766 | |
Total lease payments operating lease | 23,829 | |
Less imputed interest operating lease | (1,402) | |
Total operating lease liabilities | $ 22,427 | $ 31,527 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Components of Finance Leases (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Current portion of finance lease liabilities | $ 257,454 | $ 142,893 |
Long-term portion of finance lease liabilities | 722,200 | 475,411 |
Total finance lease liabilities | 979,654 | 618,304 |
Other Assets [Member] | ||
Finance lease right-of-use assets (net of amortization in other assets) | 511,367 | 396,220 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 511,367 | 396,220 |
Accrued Expenses [Member] | ||
Current portion of finance lease liabilities | $ 257,454 | $ 142,893 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Maturities of Finance Lease Liabilities (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
2024 finance lease | $ 302,714 | |
2025 finance lease | 248,050 | |
2026 finance lease | 246,466 | |
2027 finance lease | 213,481 | |
2028 finance lease | 82,147 | |
Total lease payments finance lease | 1,092,858 | |
Less imputed interest finance lease | (113,204) | |
Total finance lease liabilities | $ 979,654 | $ 618,304 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Disaggregated Revenue From External Customer (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Agricultural Products [Member] | ||
Revenue | $ 22,467,000 | $ 20,912,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||
Revenue | 19,188,000 | 17,825,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 2,886,000 | 2,575,000 |
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 | 393,000 | 512,000 |
Modular Buildings [Member] | ||
Revenue | 7,814,000 | 4,734,000 |
Modular Buildings [Member] | Farm Equipment [Member] | ||
Revenue | 0 | 0 |
Modular Buildings [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 0 | 0 |
Modular Buildings [Member] | Modular Buildings [Member] | ||
Revenue | 7,590,000 | 4,550,000 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 112,000 | 62,000 |
Modular Buildings [Member] | Product and Service, Other [Member] | ||
Revenue | 112,000 | 122,000 |
Tools [Member] | ||
Revenue | 30,281,000 | 25,646,000 |
Tools [Member] | Farm Equipment [Member] | ||
Revenue | 19,188,000 | 17,825,000 |
Tools [Member] | Farm Equipment Service Parts [Member] | ||
Revenue | 2,886,000 | 2,575,000 |
Tools [Member] | Modular Buildings [Member] | ||
Revenue | 7,590,000 | 4,550,000 |
Tools [Member] | Modular Buildings Lease Income [Member] | ||
Revenue | 112,000 | 62,000 |
Tools [Member] | Product and Service, Other [Member] | ||
Revenue | $ 505,000 | $ 634,000 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Contract With Customers (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 | Dec. 01, 2021 |
Receivables | $ 3,432,000 | $ 2,466,790 | $ 2,380,000 |
Assets | 289,000 | 451,000 | 177,000 |
Liabilities | $ 767,000 | $ 1,153,000 | $ 558,000 |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Numerator for basic and diluted net income per share: | ||
Net income from continuing operations | $ 762,789 | $ 374,121 |
Net loss from discontinued operations | (495,820) | (276,324) |
Net Income | $ 266,969 | $ 97,797 |
Denominator: | ||
For basic net income per share - weighted average common shares outstanding (in shares) | 5,002,238 | 4,707,384 |
Effect of dilutive stock options (in shares) | 0 | 0 |
For diluted net income per share - weighted average common shares outstanding (in shares) | 5,002,238 | 4,707,384 |
Net income per share - Basic: | ||
Continuing Operations (in dollars per share) | $ 0.15 | $ 0.08 |
Discontinued Operations (in dollars per share) | (0.1) | (0.06) |
Net income per share (in dollars per share) | 0.05 | 0.02 |
Net income per share - Diluted: | ||
Continuing Operations (in dollars per share) | 0.15 | 0.08 |
Discontinued Operations (in dollars per share) | (0.1) | (0.06) |
Net income per share (in dollars per share) | $ 0.05 | $ 0.02 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) | 12 Months Ended |
Nov. 30, 2022 USD ($) | |
Discontinued Operations [Member] | Tools [Member] | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 166,000 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | ||
Current assets of discontinued operations | $ 31,958 | $ 1,270,683 | |
Other assets of discontinued operations | 1,023,566 | 1,389,226 | |
Current liabilities of discontinued operations | 186,789 | 275,910 | |
Long-term liabilities of discontinued operations | 0 | 289,168 | |
Sales | 30,280,957 | 25,646,152 | |
Cost of goods sold | 21,697,075 | 18,707,496 | |
Gross profit (loss) | 8,583,882 | 6,938,656 | |
Engineering | 598,065 | 580,537 | |
Selling | 2,132,101 | 1,904,573 | |
General and administrative | 4,322,475 | 3,848,828 | |
Total expenses | 7,052,641 | 6,333,938 | |
Income from operations | 1,531,241 | 604,718 | |
Interest expense | (590,005) | (404,188) | |
Other | 147,512 | 240,414 | |
Total other expense | (442,493) | (163,774) | |
Income before income taxes | (708,313) | (323,944) | |
Income tax benefit | (212,493) | (47,620) | |
Discontinued Operations [Member] | |||
Accounts receivables | 0 | 255,508 | |
Inventory | 18,013 | 1,004,844 | |
Other current assets | 13,945 | 10,331 | |
Current assets of discontinued operations | 31,958 | 1,270,683 | |
Property, plant, and equipment, net | 1,023,566 | 1,233,692 | |
Other assets | 0 | 155,534 | |
Other assets of discontinued operations | 1,023,566 | 1,389,226 | |
Accounts payable | 3,539 | 120,503 | |
Accrued salaries, wages, and commissions | 0 | 81,026 | |
Current portion of long-term debt | 160,599 | 2,870 | |
Other current liabilities | 22,651 | 71,511 | |
Current liabilities of discontinued operations | 186,789 | 275,910 | |
Long-term portion of operating lease liabilities | 0 | 1,590 | |
Long-term portion of finance lease liabilities | 0 | 126,720 | |
Long-term debt, excluding current portion | 0 | 160,858 | |
Long-term liabilities of discontinued operations | 0 | 289,168 | |
Sales | 2,030,714 | 2,753,485 | |
Cost of goods sold | 2,122,287 | 2,385,409 | |
Gross profit (loss) | (91,573) | 368,076 | |
Engineering | 0 | 0 | |
Selling | 156,682 | 263,578 | |
General and administrative | 413,857 | 376,536 | |
Total expenses | 570,539 | 640,114 | |
Income from operations | (662,112) | (272,038) | |
Interest expense | (61,516) | (49,684) | |
Other | 15,315 | (2,222) | |
Total other expense | (46,201) | (51,906) | |
Income before income taxes | (708,313) | (323,944) | |
Income tax benefit | (212,493) | (47,620) | |
Net Income | (495,820) | (276,324) | |
Discontinued Operations [Member] | Tools [Member] | |||
Income before income taxes | (708,000) | (324,000) | |
Revenue from external customers | 2,031,000 | 2,754,000 | |
Gross Profit | (92,000) | 368,000 | |
Income (loss) from operations | (662,000) | (272,000) | |
Total Assets | 1,056,000 | 2,660,000 | |
Capital expenditures (1) | [1] | 16,000 | 244,000 |
Depreciation & Amortization | $ 135,000 | $ 146,000 | |
[1]FY 2022 capital expenditures include $166,000 of finance leased assets. |
Note 3 - Allowance for Doubtf_3
Note 3 - Allowance for Doubtful Accounts - Activity in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Balance, beginning | $ 33,288 | $ 32,147 |
Provision (recovery) charged to expense | (1,151) | (3,092) |
(Less amounts charged-off)/Recovery | 0 | 4,233 |
Balance, ending | $ 32,137 | $ 33,288 |
Note 4 - Inventory - Major Clas
Note 4 - Inventory - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Raw materials | $ 8,860,296 | $ 8,174,519 |
Work in process | 281,760 | 371,125 |
Finished goods | 3,472,354 | 2,622,142 |
Total Gross Inventory | 12,614,410 | 11,167,786 |
Less: Reserves | (1,583,048) | (1,561,078) |
Net Inventory | $ 11,031,362 | $ 9,606,708 |
Note 5 - Contracts in Progres_2
Note 5 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Construction Contractor, Receivable, Retainage | $ 28,082 | $ 4,087 |
Note 5 - Contracts in Progres_3
Note 5 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Costs in Excess of Billings, Cost | $ 839,161 | $ 848,516 |
Billings in Excess of Costs, Costs | 3,228,941 | 731,490 |
Costs in Excess of Billings, Estimated Earnings | 299,230 | 293,094 |
Billings in Excess of Costs, Estimated Earnings | 1,421,112 | 138,568 |
Costs in Excess of Billings, Costs and Estimated Earnings | 1,138,391 | 1,141,610 |
Billings in Excess of Costs, Costs and Estimated Earnings | 4,650,053 | 870,058 |
Costs in Excess of Billings, Amounts Billed | (849,109) | (690,704) |
Billings in Excess of Costs, Amounts Billed | (5,001,342) | (1,198,099) |
Costs in Excess of Billings | 289,282 | 450,906 |
Billings in Excess of Costs and Profit | $ (351,289) | $ (328,041) |
Note 6 - Property, Plant, and_3
Note 6 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Depreciation, Depletion and Amortization | $ 804,820 | $ 661,018 |
Note 6 - Property, Plant, and_4
Note 6 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Property, plant and equipment, gross | $ 18,480,726 | $ 18,834,142 |
Less accumulated depreciation | (13,420,131) | (13,888,917) |
Property, plant and equipment | 5,060,595 | 4,945,225 |
Land [Member] | ||
Property, plant and equipment, gross | 70,503 | 70,503 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,332,416 | 7,079,047 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 0 | 354,494 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,386,044 | 10,668,224 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 576,704 | 546,815 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 115,059 | $ 115,059 |
Note 7 - Assets Held for Leas_2
Note 7 - Assets Held for Lease (Details Textual) | 12 Months Ended | |
Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | |
Proceeds from Sale of Property, Plant, and Equipment | $ 286,815 | $ 403,504 |
Sales [Member] | ||
Operating Lease, Lease Income | 111,669 | 61,534 |
Modular Buildings [Member] | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 383,904 | |
Number of Buildings Sold | 2 | |
Modular Buildings [Member] | ||
Proceeds from Sale of Property, Plant, and Equipment | 278,915 | |
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases | $ 114,156 | $ 150,069 |
Leased Buildings [Member] | Modular Buildings [Member] | ||
Property Subject to or Available for Operating Lease, Number of Units | 4 | 5 |
Note 7 - Assets Held for Leas_3
Note 7 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Assets held for lease | $ 145,494 | $ 400,325 |
Modular Buildings [Member] | ||
Assets held for lease | $ 145,494 | $ 400,325 |
Note 7 - Assets Held for Leas_4
Note 7 - Assets Held for Lease - Future Minimum Lease Receipts (Details) | Nov. 30, 2023 USD ($) |
2024 | $ 159,010 |
2025 | 59,500 |
Total | $ 218,510 |
Note 8 - Accrued Expenses - Maj
Note 8 - Accrued Expenses - Major Components of Accrued Expenses (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Accrued salaries, wages, and commissions | $ 805,908 | $ 674,682 |
Accrued warranty expense | 295,113 | 192,301 |
Other | 298,211 | 294,778 |
Accrued Liabilities, Current | $ 1,399,232 | $ 1,161,761 |
Note 9 - Product Warranty (Deta
Note 9 - Product Warranty (Details Textual) | 12 Months Ended |
Nov. 30, 2023 | |
Standard Product Warrant Term (Year) | 1 year |
Note 9 - Product Warranty - Cha
Note 9 - Product Warranty - Changes in Product Warranty Liability (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Balance, beginning | $ 192,301 | $ 201,850 |
Settlements / adjustments | (330,951) | (349,889) |
Warranties issued | 433,763 | 340,340 |
Balance, ending | $ 295,113 | $ 192,301 |
Note 10 - Loan and Credit Agr_3
Note 10 - Loan and Credit Agreements (Details Textual) | 12 Months Ended | |||||
May 17, 2022 USD ($) | Jun. 24, 2020 USD ($) | Jun. 18, 2020 USD ($) | Sep. 28, 2017 USD ($) | Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | |
Long-Term Debt | $ 2,739,055 | $ 2,838,191 | ||||
Term Loan Due October 2037 [Member] | ||||||
Long-Term Debt | $ 2,080,718 | $ 2,165,554 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | ||||
Debt Instrument, Periodic Payment | $ 19,648 | $ 19,648 | ||||
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 | |||||
EIDL Assistance Program, Loan Two [Member] | ||||||
Debt Instrument, Periodic Payment | $ 731 | |||||
Bank Midwest [Member] | ||||||
Long-Term Line of Credit | 4,413,520 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,086,480 | |||||
Line of Credit, Borrowing Base, Accounts Receivable | 75% | |||||
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% | |||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.25 | |||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio, Tolerance | 0.1 | |||||
Debt Instrument, Covenant, Annual Purchases or Sales Price of Equipment Before Requiring Bank Approval | $ 100,000 | |||||
Debt Instrument, Debt to Worth Exceeding Percent | 10 | |||||
Bank Midwest [Member] | Minimum [Member] | ||||||
Debt Instrument, Covenant, Annual Purchases or Sales Price of Equipment Before Requiring Bank Approval | $ 100,000 | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||
Long-Term Debt | $ 2,600,000 | |||||
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% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | J. Ward McConnell Jr. [Member] | ||||||
Personally Guaranteed, Percentage of Loan | 38% | |||||
Personally Guaranteed, Fee, Percentage of Guaranteed Amount | 2% | |||||
Bank Midwest [Member] | Roof Term Loan [Member] | ||||||
Long-Term Debt | $ 350,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||||
Debt Instrument, Periodic Payment | $ 2,972 | |||||
Debt Instrument, Number of Periodic Payment | 59 | |||||
Debt Instrument, Estimated Balloon Payments | $ 269,517 | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||
Line of Credit, Borrowing Base, Inventory | 50% | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit Facility, Wall Street Journal Rate Floor | 4.25% | |||||
Line of Credit Facility, Interest Rate During Period | 9.75% | |||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Reserve Line of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit Facility, Interest Rate During Period | 9.75% | |||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||||
Debt Instrument, Periodic Payment | $ 19,648 |
Note 10 - Loan and Credit Agr_4
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Long-Term Debt | $ 2,739,055 | $ 2,838,191 |
Total term debt | 2,899,654 | 3,001,919 |
Less term debt of discontinued operations | 160,599 | 163,728 |
Less current portion of term debt | 109,193 | 94,808 |
Term debt, excluding current portion | 2,629,862 | 2,743,383 |
Term Loan Due October 2037 [Member] | ||
Long-Term Debt | 2,080,718 | 2,165,554 |
Bank Midwest Loan 2 [Member] | ||
Long-Term Debt | 336,858 | 344,932 |
SBA Loan One [Member] | ||
Long-Term Debt | 160,583 | 163,793 |
SBA Loan Two [Member] | ||
Long-Term Debt | 160,599 | 163,728 |
SBA Loan Three [Member] | ||
Long-Term Debt | $ 160,896 | $ 163,912 |
Note 10 - Loan and Credit Agr_5
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Term Loan Due October 2037 [Member] | ||
Debt Instrument, Periodic Payment | $ 19,648 | $ 19,648 |
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% |
Debt instrument, maturity date | Oct. 01, 2037 | Oct. 01, 2037 |
Debt instrument, periodic payment | $ 19,648 | $ 19,648 |
Debt instrument, interest rate, stated percentage | 7% | 7% |
Bank Midwest Loan 2 [Member] | ||
Debt Instrument, Periodic Payment | $ 2,972 | $ 2,972 |
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% |
Debt instrument, maturity date | May 15, 2027 | May 15, 2027 |
Debt instrument, periodic payment | $ 2,972 | $ 2,972 |
Debt instrument, interest rate, stated percentage | 7% | 7% |
SBA Loan One [Member] | ||
Debt Instrument, Periodic Payment | $ 731 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Debt instrument, periodic payment | $ 731 | $ 731 |
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% |
Debt instrument, maturity date range, start | Dec. 18, 2022 | Dec. 18, 2022 |
Debt instrument, maturity date range, end | Jun. 18, 2050 | Jun. 18, 2050 |
SBA Loan Two [Member] | ||
Debt Instrument, Periodic Payment | $ 731 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Debt instrument, periodic payment | $ 731 | $ 731 |
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% |
Debt instrument, maturity date range, start | Dec. 18, 2022 | Dec. 18, 2022 |
Debt instrument, maturity date range, end | Jun. 18, 2050 | Jun. 18, 2050 |
SBA Loan Three [Member] | ||
Debt Instrument, Periodic Payment | $ 731 | $ 731 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Debt instrument, periodic payment | $ 731 | $ 731 |
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% |
Debt instrument, maturity date range, start | Dec. 24, 2022 | Dec. 24, 2022 |
Debt instrument, maturity date range, end | Jun. 24, 2050 | Jun. 24, 2050 |
Note 10 - Loan and Credit Agr_6
Note 10 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
2024 | $ 109,529 | |
2025 | 117,360 | |
2026 | 125,714 | |
2027 | 417,424 | |
2028 | 127,799 | |
2029 and thereafter | 1,841,229 | |
Long-Term Debt | $ 2,739,055 | $ 2,838,191 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Accrued Liabilities, Current | $ 1,399,232 | $ 1,161,761 |
Related Party [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Accounts Receivable, after Allowance for Credit Loss | 0 | 0 |
Costs and Expenses | 16,102 | 23,880 |
Accrued Liabilities, Current | $ 1,339 | $ 1,348 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 3% | |
Defined Contribution Plan, Cost | $ 112,297 | $ 103,919 |
Note 13 - Equity Incentive Pl_3
Note 13 - Equity Incentive Plan and Stock Based Compensation (Details Textual) - shares | 12 Months Ended | ||
Feb. 25, 2020 | Nov. 30, 2023 | Nov. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 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 | ||
Non-qualified Stock Units to Non-employee Directors, Quarterly [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional 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 | ||
The 2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 |
Note 13 - Equity Incentive Pl_4
Note 13 - Equity Incentive Plan and Stock Based Compensation - Summary of Shares Issued (Details) - shares | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Shares issued (in shares) | 93,251 | 110,167 |
Unvested shares forfeit upon termination (in shares) | (13,999) | (9,333) |
Director [Member] | Vesting Immediately [Member] | ||
Shares issued (in shares) | 25,000 | 25,000 |
Employees, Directors, and Consultants [Member] | Awards with Three-year Vesting [Member] | ||
Shares issued (in shares) | 82,250 | 94,500 |
Note 13 - Equity Incentive Pl_5
Note 13 - Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Stock-based compensation expense | $ 292,185 | $ 287,721 |
Treasury share repurchase expense | (68,536) | (92,432) |
Stock-based compensation expense net of treasury repurchases | 223,649 | 195,289 |
Tax deductions from stock-based compensation expense | $ 232,723 | $ 314,306 |
Note 13 - Equity Incentive Pl_6
Note 13 - Equity Incentive Plan - Option Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Options O/S at beginning of period, Shares (in shares) | 12,000 | 22,000 |
Options O/S at beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 5.75 | $ 5.93 |
Granted, Shares (in shares) | 0 | |
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) | (4,000) | (10,000) |
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 6.4 | $ 6.15 |
Options O/S at end of Period, Shares (in shares) | 8,000 | 12,000 |
Options O/S at end of period, Weighted Average Exercise Price (in dollars per share) | $ 5.43 | $ 5.75 |
Options Outstanding at the End of the Period, Weighted Average Remaining Contractual Term (Year) | 10 months 24 days | 1 year 4 months 24 days |
Options Exer. At end of the Period, Shares (in shares) | 8,000 | 12,000 |
Options Exer. At end of the Period, Weighted Average Exercise Price (in dollars per share) | $ 5.43 | $ 5.75 |
Options Exer. At end of the Period, Weighted Average Remaining Contractual Term (Year) | 10 months 24 days | 1 year 4 months 24 days |
Note 14 - Common Stock Purcha_3
Note 14 - Common Stock Purchase Agreement (Details Textual) - USD ($) | 12 Months Ended | |||||||
Sep. 23, 2022 | Aug. 23, 2022 | Aug. 15, 2022 | Aug. 03, 2022 | Jul. 25, 2022 | Mar. 29, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Stock Issued During Period, Value, New Issues | $ 503,104 | |||||||
Alumni Capital [Member] | ||||||||
Common Stock Purchase Agreement, Maximum Gross Proceeds from Issuance or Sale of Equity | $ 3,000,000 | |||||||
Common Stock Purchase Agreement, Maximum Shares Authorized to be Issued (in shares) | 50,000 | |||||||
Common Stock Purchase Agreement, Percentage of Common Shares Outstanding | 9.99% | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 65,000 | 65,000 | 50,000 | 50,000 | 50,000 | 20,000 | 280,000 | 40,000 |
Common Stock Purchase Agreement, Shares to be Issued (in shares) | 20,000 | |||||||
Equity Issuance Cost, Total | $ 203,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 160,000 | |||||||
Alumni Capital [Member] | Minimum [Member] | ||||||||
Common Stock Purchase Agreement, Discount on Shares, Percent | 3% | |||||||
Alumni Capital [Member] | Maximum [Member] | ||||||||
Common Stock Purchase Agreement, Discount on Shares, Percent | 5% |
Note 14 - Common Stock Purcha_4
Note 14 - Common Stock Purchase Agreement - Summary of Shares Purchased by Alumni Capital (Details) - USD ($) | 12 Months Ended | |||||||
Sep. 23, 2022 | Aug. 23, 2022 | Aug. 15, 2022 | Aug. 03, 2022 | Jul. 25, 2022 | Mar. 29, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
Proceeds | $ 0 | $ 545,529 | ||||||
Alumni Capital [Member] | ||||||||
Shares (in shares) | 65,000 | 65,000 | 50,000 | 50,000 | 50,000 | 20,000 | 280,000 | 40,000 |
Share price net of discount (in dollars per share) | $ 1.76 | $ 1.99 | $ 2 | $ 1.98 | $ 2.07 | |||
Proceeds | $ 114,120 | $ 129,253 | $ 99,910 | $ 98,940 | $ 103,305 | $ 545,528 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) | Nov. 30, 2023 USD ($) |
Operating Loss Carryforwards, Total | $ 4,496,000 |
Tax Credit Carryforward, Amount | 109,000 |
Operating Loss Carryforwards Not Subject to Expiration | $ 4,995,000 |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Current expense | $ 11,284 | $ 2,712 |
Deferred expense | 102,182 | 16,491 |
Total income tax expense | 113,466 | 19,203 |
Income tax benefit | (212,493) | (47,620) |
Income tax expense - continuing operations | $ 325,959 | $ 66,823 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Statutory federal income tax rate | 21% | 21% |
State taxes (net of federal) | 4.90% | 0% |
Permanent Differences and Other | 3.90% | (4.60%) |
Effective Income Tax Rate Reconciliation, Percent | 29.80% | 16.40% |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2023 | Nov. 30, 2022 |
Accrued expenses | $ 106,356 | $ 93,022 |
Inventory capitalization | 155,705 | 167,671 |
NOL and tax credit carryforward | 1,773,588 | 1,920,818 |
Asset reserves | 539,848 | 521,114 |
Total deferred tax assets | 2,575,497 | 2,702,625 |
Property, plant, and equipment | (72,284) | (97,230) |
Total deferred tax liabilities | (72,284) | (97,230) |
Net deferred tax assets (liabilities) | $ 2,503,213 | $ 2,605,395 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 9 Months Ended | ||
Aug. 31, 2023 | Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | |
Number of Reportable Segments | 2 | ||
Property, Plant and Equipment [Member] | Operating Segments [Member] | Agricultural Products [Member] | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 118,000 | $ 532,000 | |
Property, Plant and Equipment [Member] | Operating Segments [Member] | Tools [Member] | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 17,000 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |||
Nov. 30, 2023 | Nov. 30, 2022 | |||
Revenue from external customers | $ 30,280,957 | $ 25,646,152 | ||
Gross profit | 8,583,882 | 6,938,656 | ||
Income (loss) from operations | 1,531,241 | 604,718 | ||
Total Assets | 24,402,114 | 23,948,314 | ||
Capital expenditures (1) | 841,784 | 1,669,481 | ||
Depreciation, Depletion and Amortization | 804,820 | 661,018 | ||
Operating Segments [Member] | ||||
Revenue from external customers | 30,281,000 | 25,646,000 | ||
Gross profit | 8,584,000 | 6,939,000 | ||
Income (loss) from operations | 1,531,000 | 605,000 | ||
Income (loss) before tax | 1,089,000 | 441,000 | ||
Total Assets | 23,347,000 | 21,288,000 | ||
Capital expenditures (1) | 877,000 | [1] | 2,201,000 | [2] |
Depreciation, Depletion and Amortization | 805,000 | 661,000 | ||
Operating Segments [Member] | Agricultural Products [Member] | ||||
Revenue from external customers | 22,467,000 | 20,912,000 | ||
Gross profit | 6,584,000 | 6,444,000 | ||
Income (loss) from operations | 664,000 | 1,205,000 | ||
Income (loss) before tax | 140,000 | 923,000 | ||
Total Assets | 20,754,000 | 18,459,000 | ||
Capital expenditures (1) | 682,000 | [1] | 1,969,000 | [2] |
Depreciation, Depletion and Amortization | 521,000 | 468,000 | ||
Operating Segments [Member] | Modular Buildings [Member] | ||||
Revenue from external customers | 7,814,000 | 4,734,000 | ||
Gross profit | 2,000,000 | 495,000 | ||
Income (loss) from operations | 867,000 | (600,000) | ||
Income (loss) before tax | 949,000 | (482,000) | ||
Total Assets | 2,593,000 | 2,829,000 | ||
Capital expenditures (1) | 195,000 | [1] | 232,000 | [2] |
Depreciation, Depletion and Amortization | $ 284,000 | $ 193,000 | ||
[1]FY 2023 capital expenditures include finance leased assets of $118,000 in the Agricultural Products segment and $17,000 in the Modular Buildings segment.[2]FY 2022 capital expenditures include finance leased assets of $532,000 in the Agricultural Products segment. |