Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
May 31, 2024 | Jul. 03, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-05131 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-0920725 | |
Entity Address, Address Line One | 5556 Highway 9 | |
Entity Address, City or Town | Armstrong | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 50514 | |
City Area Code | 712 | |
Local Phone Number | 208-8467 | |
Title of 12(b) Security | Common stock $0.01 par value | |
Trading Symbol | ARTW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,071,458 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited Current Period) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Current assets: | ||
Cash | $ 4,487 | $ 4,014 |
Accounts receivable, net | 2,646,960 | 3,432,216 |
Inventories, net | 10,496,821 | 11,031,362 |
Cost and profit in excess of billings | 34,797 | 289,282 |
Other current assets | 416,108 | 296,662 |
Current assets of discontinued operations | 22,837 | 31,958 |
Total current assets | 13,622,010 | 15,085,494 |
Property, plant, and equipment, net | 5,234,771 | 5,060,595 |
Assets held for lease, net | 142,096 | 145,494 |
Deferred income taxes, net | 2,638,123 | 2,503,213 |
Other assets | 525,162 | 583,752 |
Other assets of discontinued operations | 1,008,949 | 1,023,566 |
Total assets | 23,171,111 | 24,402,114 |
Current liabilities: | ||
Accounts payable | 1,019,151 | 2,256,502 |
Customer deposits | 169,419 | 416,044 |
Billings in excess of cost and profit | 1,992,459 | 351,289 |
Income taxes payable | 5,000 | 5,000 |
Accrued expenses | 1,024,040 | 1,399,232 |
Line of credit | 3,950,437 | 4,413,520 |
Current portion of finance lease liabilities | 255,677 | 257,454 |
Current portion of long-term debt | 113,545 | 109,193 |
Current liabilities of discontinued operations | 181,846 | 186,789 |
Total current liabilities | 8,711,574 | 9,395,023 |
Long-term portion of operating lease liabilities | 9,291 | 13,774 |
Long-term portion of finance lease liabilities | 646,179 | 722,200 |
Long-term debt, excluding current portion | 2,571,250 | 2,629,862 |
Total liabilities | 11,938,294 | 12,760,859 |
Commitments and Contingencies (Notes 9, 11, 12 and 15) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares on May 31, 2024 and November 30, 2023; issued and outstanding 0 shares on May 31, 2024 and November 30, 2023. | 0 | 0 |
Common stock – $0.01 par value. Authorized 9,500,000 shares on May 31, 2024 and November 30, 2023; 5,184,172 issued on May 31, 2024 and 5,106,922 on November 30, 2023 | 51,842 | 51,069 |
Additional paid-in capital | 4,965,248 | 4,838,425 |
Retained earnings | 6,522,873 | 7,021,253 |
Treasury stock, at cost (112,714 shares on May 31, 2024 and 94,256 shares on November 30, 2023) | (307,146) | (269,492) |
Total stockholders’ equity | 11,232,817 | 11,641,255 |
Total liabilities and stockholders’ equity | $ 23,171,111 | $ 24,402,114 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited Current Period) (Parentheticals) - $ / shares | May 31, 2024 | Nov. 30, 2023 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (in shares) | 500,000 | 500,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 9,500,000 | 9,500,000 |
Common Stock, Shares, Issued (in shares) | 5,184,172 | 5,106,922 |
Treasury stock, shares (in shares) | 112,714 | 94,256 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Sales | $ 6,730,268 | $ 8,224,395 | $ 12,453,663 | $ 15,311,259 |
Cost of goods sold | 4,823,516 | 6,040,799 | 9,073,386 | 10,940,788 |
Gross profit | 1,906,752 | 2,183,596 | 3,380,277 | 4,370,471 |
Expenses | ||||
Engineering | 107,072 | 140,497 | 267,425 | 268,793 |
Selling | 397,631 | 510,965 | 860,390 | 1,042,426 |
General and administrative | 1,233,281 | 1,099,132 | 2,463,775 | 2,082,804 |
Total expenses | 1,737,984 | 1,750,594 | 3,591,590 | 3,394,023 |
Income (loss) from operations | 168,768 | 433,002 | (211,313) | 976,448 |
Other income (expense): | ||||
Interest expense | (159,768) | (147,196) | (321,772) | (259,010) |
Other | (14,270) | 131,613 | (9,221) | 143,607 |
Total other expense | (174,038) | (15,583) | (330,993) | (115,403) |
Income (loss) from continuing operations before income taxes | (5,270) | 417,419 | (542,306) | 861,045 |
Income tax expense (benefit) | (613) | 87,658 | (113,391) | 180,989 |
Net income (loss) from continuing operations | (4,657) | 329,761 | (428,915) | 680,056 |
Discontinued Operations (Note 3) | ||||
Loss from discontinued operations before income taxes | (38,028) | (29,237) | (87,930) | (39,471) |
Income tax benefit | (9,345) | (6,140) | (18,465) | (8,289) |
Net income (loss) on discontinued operations | (28,683) | (23,097) | (69,465) | (31,182) |
Net income (loss) | $ (33,340) | $ 306,664 | $ (498,380) | $ 648,874 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
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) | 97,250 | 27,774 | |||
Stock based compensation | $ 972 | 136,666 | $ (63,995) | 73,643 | |
Net Income | $ 0 | 0 | 648,874 | $ 0 | 648,874 |
Balance (in shares) at May. 31, 2023 | 5,110,921 | 92,348 | |||
Balance at May. 31, 2023 | $ 51,109 | 4,683,838 | 7,403,158 | $ (264,951) | 11,873,154 |
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 |
Stock based compensation (in shares) | 77,250 | 18,458 | |||
Stock based compensation | $ 773 | 126,823 | $ (37,654) | 89,942 | |
Net Income | $ 0 | 0 | (498,380) | $ 0 | (498,380) |
Balance (in shares) at May. 31, 2024 | 5,184,172 | 112,714 | |||
Balance at May. 31, 2024 | $ 51,842 | $ 4,965,248 | $ 6,522,873 | $ (307,146) | $ 11,232,817 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Cash flows from operations: | ||
Net income (loss) from continuing operations | $ (428,915) | $ 680,056 |
Net income (loss) on discontinued operations | (69,465) | (31,182) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Stock based compensation | 127,596 | 137,638 |
Increase (Decrease) in obsolete inventory reserves | 231,220 | (44,321) |
Gain on disposal of property, plant, and equipment | 0 | (97,616) |
Depreciation and amortization expense | 434,300 | 408,066 |
Increase in allowance for expected credit losses - accounts receivable | 17,540 | 2,095 |
Deferred income taxes | (134,910) | 167,213 |
Changes in assets and liabilities: | ||
Accounts receivable | 767,716 | (1,186,102) |
Inventories | 303,321 | (1,057,145) |
Other assets | (218,547) | 122,264 |
Accounts payable | (1,237,351) | (311,062) |
Contracts in progress, net | 1,895,655 | 583,259 |
Customer deposits | (246,625) | (268,417) |
Income taxes payable | 0 | 1,500 |
Accrued expenses | (375,425) | (34,323) |
Net cash provided by (used in) operating activities - continuing operations | 1,196,484 | (896,895) |
Net cash provided by (used in) operating activities - discontinued operations | (48,862) | 273,423 |
Net cash provided by (used in) operating activities | 1,147,622 | (623,472) |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (512,547) | (623,778) |
Net proceeds from sale of assets | 0 | 286,815 |
Net cash used in investing activities - continuing operations | (512,547) | (336,963) |
Net cash used in investing activities - discontinued operations | 0 | (16,055) |
Net cash used in investing activities | (512,547) | (353,018) |
Cash flows from financing activities: | ||
Net change in line of credit | (463,083) | 779,559 |
Proceeds from finance lease obligations | 0 | 397,536 |
Principal payments on finance lease obligations | (77,798) | (75,448) |
Repayment of term debt | (54,260) | (48,188) |
Repurchases of common stock | (37,654) | (63,995) |
Net cash provided by (used in) financing activities - continuing operations | (632,795) | 989,464 |
Net cash used in financing activities - discontinued operations | (1,807) | (15,731) |
Net cash provided by (used in) financing activities | (634,602) | 973,733 |
Net increase (decrease) in cash | 473 | (2,757) |
Cash at beginning of period | 4,014 | 5,055 |
Cash at end of period | 4,487 | 2,298 |
Supplemental disclosures of cash flow information: | ||
Interest | 323,633 | 268,997 |
Income taxes | 90 | 2,841 |
Right-of-use (ROU) assets acquired (included in other assets) | 38,192 | 117,302 |
Amortization of operating lease ROU assets (included in other assets) | 4,275 | 5,820 |
Computer Software, Intangible Asset [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Amortization of cloud computing implementation costs | $ 60,909 | $ 0 |
Note 1 - Description of the Com
Note 1 - Description of the Company | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 Description of the Company Unless otherwise specified, as used in this Quarterly Report on Form 10 The Company began operations as a farm equipment manufacturer in 1956. The Company has organized its business into two operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. The Agricultural Products segment manufactures and sells farm equipment and related replacement parts under the Art’s-Way Manufacturing label and private labels. The Modular Buildings segment manufactures and installs modular buildings for animal containment and various laboratory uses. During the third 2023, third six May 31, 2023 3 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Summary of Significant Accounting Policies Statement Presentation The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 November 30, 2023 three six May 31, 2024 not November 30, 2024 Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three six May 31, 2024 Allowance for Credit Losses The Company uses aging categories to estimate expected credit losses on trade receivables. The Company considers in its analysis: historical loss experience, forward-looking macroeconomic factors, company credit risk including previous delinquencies, disputed amounts, and the intent and ability to pay. The Company's typical credit terms are Net 30, 180 30 not one 90 The Company carries contract assets related to its Modular Buildings segment in the form of costs and profit in excess of billings. These contract assets are typically converted to trade receivables in 30 90 30 |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3 Discontinued Operations On June 7, 2023, 3rd 2023. May 31, 2024 The cessation of operations and liquidation of the Tools segment represented a strategic shift as a unique business unit of the Company. In accordance with Accounting Standard Code Topic 360, The components of discontinued operations in the accompanying Condensed Consolidated Balance Sheets are as follows: May 31, 2024 November 30, 2023 Inventory $ 18,013 $ 18,013 Other current assets 4,824 13,945 Current assets of discontinued operations $ 22,837 $ 31,958 May 31, 2024 November 30, 2023 Property, plant, and equipment, net $ 1,008,949 $ 1,023,566 Other assets of discontinued operations $ 1,008,949 $ 1,023,566 May 31, 2024 November 30, 2023 Accounts payable $ 1,507 $ 3,539 Current portion of long-term debt 158,792 160,599 Other current liabilities 21,547 22,651 Current liabilities of discontinued operations $ 181,846 $ 186,789 Segment information as of May 31, 2024 May 31, 2023 Tools Three Months Ended May 31, 2024 May 31, 2023 Revenue from external customers $ - $ 783,000 Gross Profit (loss) (25,000 ) 147,000 Operating Expense (Income) (1,000 ) 161,000 Loss from operations (24,000 ) (14,000 ) Loss before tax (38,000 ) (29,000 ) Total Assets 1,032,000 2,295,000 Capital expenditures - - Depreciation & Amortization $ 7,000 $ 44,000 Tools Six Months Ended May 31, 2024 May 31, 2023 Revenue from external customers $ - $ 1,591,000 Gross Profit (loss) (52,000 ) 309,000 Operating Expense 9,000 318,000 Loss from operations (61,000 ) (9,000 ) Loss before tax (88,000 ) (39,000 ) Total Assets 1,032,000 2,295,000 Capital expenditures - 16,000 Depreciation & Amortization $ 14,000 $ 81,000 Recently Issued Accounting Pronouncements Recently Adopted Pronouncement Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, 2016 13 2016 13 December 15, 2022, December 15, 2018, 2016 13 not Accounting Pronouncements Not Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, 2023 07, 2023 07 2023 07 December 15, 2023, December 15, 2024. 2023 07 2025. not 2023 07 |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4 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. Three Months Ended May 31, 2024 Agricultural Modular Buildings Total Farm equipment $ 3,975,000 $ - $ 3,975,000 Farm equipment service parts 500,000 - 500,000 Modular buildings - 2,100,000 2,100,000 Modular building lease income - 56,000 56,000 Other 80,000 19,000 99,000 $ 4,555,000 $ 2,175,000 $ 6,730,000 Three Months Ended May 31, 2023 Agricultural Modular Buildings Total Farm equipment $ 5,491,000 $ - $ 5,491,000 Farm equipment service parts 779,000 - 779,000 Modular buildings - 1,802,000 1,802,000 Modular building lease income - 32,000 32,000 Other 98,000 22,000 120,000 $ 6,368,000 $ 1,856,000 $ 8,224,000 Six Months Ended May 31, 2024 Agricultural Modular Buildings Total Farm equipment $ 7,503,000 $ - $ 7,503,000 Farm equipment service parts 1,143,000 - 1,143,000 Modular buildings - 3,491,000 3,491,000 Modular building lease income - 92,000 92,000 Other 146,000 79,000 225,000 $ 8,792,000 $ 3,662,000 $ 12,454,000 Six Months Ended May 31, 2023 Agricultural Modular Buildings Total Farm equipment $ 10,223,000 $ - $ 10,223,000 Farm equipment service parts 1,409,000 - 1,409,000 Modular buildings - 3,402,000 3,402,000 Modular building lease income - 64,000 64,000 Other 181,000 32,000 213,000 $ 11,813,000 $ 3,498,000 $ 15,311,000 The Company offered floorplan terms in its Agricultural Products segment during its Fall of 2022 2023 2023 2024 180 On May 31, 2024 30 May 31, 2023 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 5 Accounts receivable Accounts receivable are shown net of allowances for expected credit losses. Expected losses are recorded in administrative expense at the time of receivable recognition. The activity related to expected credit losses for the six May 31, 2024 Six Months Ended (Continuing operations) May 31, 2024 Balance, beginning $ 32,137 Provision charged to expense 30,159 Less amounts charged-off (12,619 ) Balance, ending $ 49,677 The activity of allowance for doubtful accounts for activity for the six May 31, 2023 Six Months Ended (Continuing operations) May 31, 2023 Balance, beginning $ 33,288 Provision charged to expense 2,095 Less amounts charged-off - Balance, ending $ 35,383 |
Note 6 - Contract Receivables,
Note 6 - Contract Receivables, Contract Assets and Contract Liabilities | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Contract Receivable, Contract Assets, and Contract Liabilities [Text Block] | 6 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 Condensed Consolidated Balance Sheets. May 31, 2024 November 30, 2023 Receivables $ 2,647,000 $ 3,432,000 Assets 35,000 289,000 Liabilities 2,162,000 767,000 The amount of revenue recognized in the first six 2024 November 30, 2023 2023 December 1, 2022 $2,466,000; $1,153,000, |
Note 7 - Net Income (Loss) Per
Note 7 - Net Income (Loss) Per Share of Common Stock | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7 Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share of common stock has been computed on the basis of the weighted average number of common shares outstanding. Diluted net income (loss) per share has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share. Basic and diluted net income (loss) per share have been computed based on the following as of May 31, 2024 May 31, 2023 For the Three Months Ended May 31, 2024 May 31, 2023 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (4,657 ) $ 329,761 Net loss from discontinued operations (28,683 ) (23,097 ) Net income (loss) (33,340 ) 306,664 Denominator: For basic net income (loss) per share - weighted average common shares outstanding 5,067,742 5,014,050 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 5,067,742 5,014,050 Net Income (loss) per share - Basic: Continuing Operations $ (0.00 ) $ 0.07 Discontinued Operations (0.01 ) (0.01 ) Net income (loss) per share $ (0.01 ) $ 0.06 Net Income (loss) per share - Diluted: Continuing Operations $ (0.00 ) $ 0.07 Discontinued Operations (0.01 ) (0.01 ) Net income (loss) per share $ (0.01 ) $ 0.06 For the Six Months Ended May 31, 2024 May 31, 2023 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (428,915 ) $ 680,056 Net (loss) from discontinued operations (69,465 ) (31,182 ) Net income (loss) (498,380 ) 648,874 Denominator: For basic net income (loss) per share - weighted average common shares outstanding 5,045,334 4,995,708 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 5,045,334 4,995,708 Net Income (Loss) per share - Basic: Continuing Operations $ (0.09 ) $ 0.14 Discontinued Operations (0.01 ) (0.01 ) Net income per share $ (0.10 ) $ 0.13 Net Income (Loss) per share - Diluted: Continuing Operations $ (0.09 ) $ 0.14 Discontinued Operations (0.01 ) (0.01 ) Net income per share $ (0.10 ) $ 0.13 |
Note 8 - Inventory
Note 8 - Inventory | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8 Inventory Major classes of inventory are: May 31, 2024 November 30, 2023 Raw materials $ 8,621,631 $ 8,860,296 Work in process 368,456 281,760 Finished goods 3,661,728 3,472,354 Total Gross Inventory $ 12,651,815 $ 12,614,410 Less: Reserves (2,154,994 ) (1,583,048 ) Net Inventory $ 10,496,821 $ 11,031,362 |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9 Accrued Expenses Major components of accrued expenses are: May 31, 2024 November 30, 2023 Salaries, wages, and commissions $ 539,930 $ 805,908 Accrued warranty expense 196,668 295,113 Other 287,442 298,211 Total accrued expenses $ 1,024,040 $ 1,399,232 |
Note 10 - Assets Held for Lease
Note 10 - Assets Held for Lease | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | 10 Assets Held for Lease Major components of assets held for lease are: May 31, 2024 November 30, 2023 Modular Buildings $ 142,096 $ 145,494 Total assets held for lease $ 142,096 $ 145,494 There were approximately $56,000 and $92,000 of rents recognized from assets held for lease included in sales on the Condensed Consolidated Statements of Operations during the three six May 31, 2024 May 31, 2023 The future minimum lease receipts for the years ended November 30 Year Amount 2024 $ 91,677 2025 70,036 $ 161,713 |
Note 11 - Product Warranty
Note 11 - Product Warranty | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11 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 9 three six May 31, 2024 May 31, 2023 Three Months Ended (Continuing Operations) May 31, 2024 May 31, 2023 Balance, beginning $ 211,121 $ 193,464 Provision charged to expense 94,940 115,739 Less amounts charged-off (109,393 ) (56,759 ) Balance, ending $ 196,668 $ 252,444 Six Months Ended (Continuing Operations) May 31, 2024 May 31, 2023 Balance, beginning $ 295,113 $ 192,301 Provision charged to expense 178,676 231,335 Less amounts charged-off (277,121 ) (171,192 ) Balance, ending $ 196,668 $ 252,444 |
Note 12 - Loan and Credit Agree
Note 12 - Loan and Credit Agreements | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12 Loan and Credit Agreements Bank Midwest Revolving Lines of Credit and Term Loans The Company maintains a $5,500,000 revolving line of credit (the “Line of Credit”) with Bank Midwest. On May 31, 2024 may May 31, 2024 not March 4, 2024 March 30, 2025 The Company carries a $2,600,000 term loan with Bank Midwest due October 1, 2037 ( May 15, 2027. prime may five 20% September 28, 2017, The Company entered into the Roof Term Loan of $350,000 with Bank Midwest on May 17, 2022. 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 fifteen November 30, 2023 March 2024 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, The Company will be required to pay the balance of the EIDL loan associated with the Tools segment upon liquidation of real estate and dissolution of the business. The principal balance of this loan was $158,971 at May 31, 2024 May 31, 2024 A summary of the Company’s term debt is as follows: May 31, 2024 November 30, 2023 Bank Midwest loan payable in monthly installments of $ 19,648 7.00 October 1, 2037 2,035,810 2,080,718 Bank Midwest loan payable in monthly installments of $ 2,972 7.00 May 15, 2027 330,863 336,858 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 158,614 160,583 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 158,971 160,599 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 24, 2022 June 24, 2050 159,508 160,896 Total term debt $ 2,843,766 $ 2,899,654 Less term debt of discontinued operations $ (158,971 ) (160,599 ) Term debt, continuing operations 2,684,795 2,739,055 Less current portion of term debt (113,545 ) (109,193 ) Term debt, excluding current portion $ 2,571,250 $ 2,629,862 A summary of the minimum maturities of term debt follows for twelve May 31, Year Amount 2025 $ 113,545 2026 $ 121,427 2027 $ 130,074 2028 $ 413,638 2029 $ 132,431 2030 and thereafter $ 1,773,680 $ 2,684,795 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. The Company has net operating losses and tax credits that are expected to offset any 2024 not |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14 Related Party Transactions During the three six May 31, 2024 May 31, 2023 not three six May 31, 2024 three six May 31, 2023 May 31, 2024 May 31, 2023 |
Note 15 - Leases
Note 15 - Leases | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Leases [Text Block] | 15 Leases The components of operating leases on the Condensed Consolidated Balance Sheets on May 31, 2024 November 30, 2023 May 31, 2024 November 30, 2023 Operating lease right-of-use assets (in other assets) $ 18,151 $ 22,427 Current portion of operating lease liabilities (in accrued expenses) $ 8,860 $ 8,653 Long-term portion of operating lease liabilities 9,291 13,774 Total operating lease liabilities $ 18,151 $ 22,427 The components of finance leases on the Condensed Consolidated Balance Sheets on May 31, 2024 November 30, 2023 May 31, 2024 November 30, 2023 Finance lease right-of-use assets (net of amortization in other assets) $ 459,708 $ 511,367 Current portion of finance lease liabilities $ 255,677 $ 257,454 Long-term portion of finance lease liabilities 646,179 722,200 Total finance lease liabilities $ 901,856 $ 979,654 |
Note 16 - Equity Incentive Plan
Note 16 - Equity Incentive Plan and Stock Based Compensation | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 16 Equity Incentive Plan and Stock Based Compensation On February 25, 2020, 2020 “2020 2020 April 30, 2020. 2020 2011 “2011 2020 2011 2020 February 25, 2020 The 2020 Shares issued under the 2020 three six May 31, 2024 2023 For the Three Months Ended May 31, 2024 May 31, 2023 Shares issued to directors (immediate vesting) 10,000 10,000 Shares issued to directors, employees, and consultants (three year vesting) - - Total shares issued 10,000 10,000 For the Six Months Ended May 31, 2024 May 31, 2023 Shares issued to directors (immediate vesting) 15,000 15,000 Shares issued to directors, employees, and consultants (three year vesting) 69,000 82,250 Unvested shares forfeited upon termination (6,750 ) - Total shares issued 77,250 97,250 |
Note 17 - Disclosures About the
Note 17 - Disclosures About the Fair Value of Financial Instruments | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 17 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 May 31, 2024 November 30, 2023 not not |
Note 18 - Segment Information
Note 18 - Segment Information | 6 Months Ended |
May 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18 Segment Information As of May 31, 2024 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, exclusive of nonrecurring gains and losses. Approximate financial information with respect to the reportable segments is as follows. Three Months Ended May 31, 2024 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 4,555,000 $ 2,175,000 $ 6,730,000 Gross profit 1,323,000 584,000 1,907,000 Operating Expense 1,481,000 257,000 1,738,000 Income (loss) from operations (158,000 ) 327,000 169,000 Income (loss) before tax (323,000 ) 318,000 (5,000 ) Total Assets 19,528,000 2,611,000 22,139,000 Capital expenditures 205,000 27,000 232,000 Depreciation & Amortization $ 161,000 $ 71,000 $ 232,000 Three Months Ended May 31, 2023 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 6,368,000 $ 1,856,000 $ 8,224,000 Gross profit 1,799,000 385,000 2,184,000 Operating Expense 1,483,000 268,000 1,751,000 Income from operations 316,000 117,000 433,000 Income before tax 197,000 220,000 417,000 Total Assets 19,776,000 3,399,000 23,175,000 Capital expenditures 249,000 78,000 327,000 Depreciation & Amortization $ 125,000 $ 81,000 $ 206,000 Six Months Ended May 31, 2024 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 8,792,000 $ 3,662,000 $ 12,454,000 Gross profit 2,464,000 916,000 3,380,000 Operating Expense 3,049,000 543,000 3,592,000 Income (loss) from operations (584,000 ) 373,000 (211,000 ) Income (loss) before tax (897,000 ) 355,000 (542,000 ) Total Assets 19,528,000 2,611,000 22,139,000 Capital expenditures 389,000 124,000 513,000 Depreciation & Amortization $ 308,000 $ 126,000 $ 434,000 Six Months Ended May 31, 2023 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 11,813,000 $ 3,498,000 $ 15,311,000 Gross profit 3,662,000 708,000 4,370,000 Operating Expense 2,845,000 549,000 3,394,000 Income from operations 818,000 159,000 977,000 Income before tax 604,000 257,000 861,000 Total Assets 19,776,000 3,399,000 23,175,000 Capital expenditures 501,000 123,000 624,000 Depreciation & Amortization $ 250,000 $ 158,000 $ 408,000 *The consolidated total in the tables is a sum of segment figures and may not |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 6 Months Ended |
May 31, 2024 | |
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 | 3 Months Ended | 6 Months Ended |
May 31, 2024 | May 31, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. 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) | 6 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Statement Presentation The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 November 30, 2023 three six May 31, 2024 not November 30, 2024 |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three six May 31, 2024 |
Allowance for Credit Losses, Policy [Policy Text Block] | Allowance for Credit Losses The Company uses aging categories to estimate expected credit losses on trade receivables. The Company considers in its analysis: historical loss experience, forward-looking macroeconomic factors, company credit risk including previous delinquencies, disputed amounts, and the intent and ability to pay. The Company's typical credit terms are Net 30, 180 30 not one 90 The Company carries contract assets related to its Modular Buildings segment in the form of costs and profit in excess of billings. These contract assets are typically converted to trade receivables in 30 90 30 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | May 31, 2024 November 30, 2023 Inventory $ 18,013 $ 18,013 Other current assets 4,824 13,945 Current assets of discontinued operations $ 22,837 $ 31,958 May 31, 2024 November 30, 2023 Property, plant, and equipment, net $ 1,008,949 $ 1,023,566 Other assets of discontinued operations $ 1,008,949 $ 1,023,566 May 31, 2024 November 30, 2023 Accounts payable $ 1,507 $ 3,539 Current portion of long-term debt 158,792 160,599 Other current liabilities 21,547 22,651 Current liabilities of discontinued operations $ 181,846 $ 186,789 Tools Three Months Ended May 31, 2024 May 31, 2023 Revenue from external customers $ - $ 783,000 Gross Profit (loss) (25,000 ) 147,000 Operating Expense (Income) (1,000 ) 161,000 Loss from operations (24,000 ) (14,000 ) Loss before tax (38,000 ) (29,000 ) Total Assets 1,032,000 2,295,000 Capital expenditures - - Depreciation & Amortization $ 7,000 $ 44,000 Tools Six Months Ended May 31, 2024 May 31, 2023 Revenue from external customers $ - $ 1,591,000 Gross Profit (loss) (52,000 ) 309,000 Operating Expense 9,000 318,000 Loss from operations (61,000 ) (9,000 ) Loss before tax (88,000 ) (39,000 ) Total Assets 1,032,000 2,295,000 Capital expenditures - 16,000 Depreciation & Amortization $ 14,000 $ 81,000 |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended May 31, 2024 Agricultural Modular Buildings Total Farm equipment $ 3,975,000 $ - $ 3,975,000 Farm equipment service parts 500,000 - 500,000 Modular buildings - 2,100,000 2,100,000 Modular building lease income - 56,000 56,000 Other 80,000 19,000 99,000 $ 4,555,000 $ 2,175,000 $ 6,730,000 Three Months Ended May 31, 2023 Agricultural Modular Buildings Total Farm equipment $ 5,491,000 $ - $ 5,491,000 Farm equipment service parts 779,000 - 779,000 Modular buildings - 1,802,000 1,802,000 Modular building lease income - 32,000 32,000 Other 98,000 22,000 120,000 $ 6,368,000 $ 1,856,000 $ 8,224,000 Six Months Ended May 31, 2024 Agricultural Modular Buildings Total Farm equipment $ 7,503,000 $ - $ 7,503,000 Farm equipment service parts 1,143,000 - 1,143,000 Modular buildings - 3,491,000 3,491,000 Modular building lease income - 92,000 92,000 Other 146,000 79,000 225,000 $ 8,792,000 $ 3,662,000 $ 12,454,000 Six Months Ended May 31, 2023 Agricultural Modular Buildings Total Farm equipment $ 10,223,000 $ - $ 10,223,000 Farm equipment service parts 1,409,000 - 1,409,000 Modular buildings - 3,402,000 3,402,000 Modular building lease income - 64,000 64,000 Other 181,000 32,000 213,000 $ 11,813,000 $ 3,498,000 $ 15,311,000 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended (Continuing operations) May 31, 2024 Balance, beginning $ 32,137 Provision charged to expense 30,159 Less amounts charged-off (12,619 ) Balance, ending $ 49,677 Six Months Ended (Continuing operations) May 31, 2023 Balance, beginning $ 33,288 Provision charged to expense 2,095 Less amounts charged-off - Balance, ending $ 35,383 |
Note 6 - Contract Receivables_2
Note 6 - Contract Receivables, Contract Assets and Contract Liabilities (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | May 31, 2024 November 30, 2023 Receivables $ 2,647,000 $ 3,432,000 Assets 35,000 289,000 Liabilities 2,162,000 767,000 |
Note 7 - Net Income (Loss) Pe_2
Note 7 - Net Income (Loss) Per Share of Common Stock (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended May 31, 2024 May 31, 2023 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (4,657 ) $ 329,761 Net loss from discontinued operations (28,683 ) (23,097 ) Net income (loss) (33,340 ) 306,664 Denominator: For basic net income (loss) per share - weighted average common shares outstanding 5,067,742 5,014,050 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 5,067,742 5,014,050 Net Income (loss) per share - Basic: Continuing Operations $ (0.00 ) $ 0.07 Discontinued Operations (0.01 ) (0.01 ) Net income (loss) per share $ (0.01 ) $ 0.06 Net Income (loss) per share - Diluted: Continuing Operations $ (0.00 ) $ 0.07 Discontinued Operations (0.01 ) (0.01 ) Net income (loss) per share $ (0.01 ) $ 0.06 For the Six Months Ended May 31, 2024 May 31, 2023 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (428,915 ) $ 680,056 Net (loss) from discontinued operations (69,465 ) (31,182 ) Net income (loss) (498,380 ) 648,874 Denominator: For basic net income (loss) per share - weighted average common shares outstanding 5,045,334 4,995,708 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 5,045,334 4,995,708 Net Income (Loss) per share - Basic: Continuing Operations $ (0.09 ) $ 0.14 Discontinued Operations (0.01 ) (0.01 ) Net income per share $ (0.10 ) $ 0.13 Net Income (Loss) per share - Diluted: Continuing Operations $ (0.09 ) $ 0.14 Discontinued Operations (0.01 ) (0.01 ) Net income per share $ (0.10 ) $ 0.13 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | May 31, 2024 November 30, 2023 Raw materials $ 8,621,631 $ 8,860,296 Work in process 368,456 281,760 Finished goods 3,661,728 3,472,354 Total Gross Inventory $ 12,651,815 $ 12,614,410 Less: Reserves (2,154,994 ) (1,583,048 ) Net Inventory $ 10,496,821 $ 11,031,362 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | May 31, 2024 November 30, 2023 Salaries, wages, and commissions $ 539,930 $ 805,908 Accrued warranty expense 196,668 295,113 Other 287,442 298,211 Total accrued expenses $ 1,024,040 $ 1,399,232 |
Note 10 - Assets Held for Lea_2
Note 10 - Assets Held for Lease (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | May 31, 2024 November 30, 2023 Modular Buildings $ 142,096 $ 145,494 Total assets held for lease $ 142,096 $ 145,494 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Amount 2024 $ 91,677 2025 70,036 $ 161,713 |
Note 11 - Product Warranty (Tab
Note 11 - Product Warranty (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended (Continuing Operations) May 31, 2024 May 31, 2023 Balance, beginning $ 211,121 $ 193,464 Provision charged to expense 94,940 115,739 Less amounts charged-off (109,393 ) (56,759 ) Balance, ending $ 196,668 $ 252,444 Six Months Ended (Continuing Operations) May 31, 2024 May 31, 2023 Balance, beginning $ 295,113 $ 192,301 Provision charged to expense 178,676 231,335 Less amounts charged-off (277,121 ) (171,192 ) Balance, ending $ 196,668 $ 252,444 |
Note 12 - Loan and Credit Agr_2
Note 12 - Loan and Credit Agreements (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | May 31, 2024 November 30, 2023 Bank Midwest loan payable in monthly installments of $ 19,648 7.00 October 1, 2037 2,035,810 2,080,718 Bank Midwest loan payable in monthly installments of $ 2,972 7.00 May 15, 2027 330,863 336,858 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 158,614 160,583 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 18, 2022 June 18, 2050 158,971 160,599 U.S. Small Business Administration loan payable in monthly installments of $ 731 3.75 December 24, 2022 June 24, 2050 159,508 160,896 Total term debt $ 2,843,766 $ 2,899,654 Less term debt of discontinued operations $ (158,971 ) (160,599 ) Term debt, continuing operations 2,684,795 2,739,055 Less current portion of term debt (113,545 ) (109,193 ) Term debt, excluding current portion $ 2,571,250 $ 2,629,862 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount 2025 $ 113,545 2026 $ 121,427 2027 $ 130,074 2028 $ 413,638 2029 $ 132,431 2030 and thereafter $ 1,773,680 $ 2,684,795 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Lessee, Operating Leases, Assets and Liabilities [Table Text Block] | May 31, 2024 November 30, 2023 Operating lease right-of-use assets (in other assets) $ 18,151 $ 22,427 Current portion of operating lease liabilities (in accrued expenses) $ 8,860 $ 8,653 Long-term portion of operating lease liabilities 9,291 13,774 Total operating lease liabilities $ 18,151 $ 22,427 |
Lessee, Finance Leases, Assets and Liabilities [Table Text Block] | May 31, 2024 November 30, 2023 Finance lease right-of-use assets (net of amortization in other assets) $ 459,708 $ 511,367 Current portion of finance lease liabilities $ 255,677 $ 257,454 Long-term portion of finance lease liabilities 646,179 722,200 Total finance lease liabilities $ 901,856 $ 979,654 |
Note 16 - Equity Incentive Pl_2
Note 16 - Equity Incentive Plan and Stock Based Compensation (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | For the Three Months Ended May 31, 2024 May 31, 2023 Shares issued to directors (immediate vesting) 10,000 10,000 Shares issued to directors, employees, and consultants (three year vesting) - - Total shares issued 10,000 10,000 For the Six Months Ended May 31, 2024 May 31, 2023 Shares issued to directors (immediate vesting) 15,000 15,000 Shares issued to directors, employees, and consultants (three year vesting) 69,000 82,250 Unvested shares forfeited upon termination (6,750 ) - Total shares issued 77,250 97,250 |
Note 18 - Segment Information (
Note 18 - Segment Information (Tables) | 6 Months Ended |
May 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended May 31, 2024 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 4,555,000 $ 2,175,000 $ 6,730,000 Gross profit 1,323,000 584,000 1,907,000 Operating Expense 1,481,000 257,000 1,738,000 Income (loss) from operations (158,000 ) 327,000 169,000 Income (loss) before tax (323,000 ) 318,000 (5,000 ) Total Assets 19,528,000 2,611,000 22,139,000 Capital expenditures 205,000 27,000 232,000 Depreciation & Amortization $ 161,000 $ 71,000 $ 232,000 Three Months Ended May 31, 2023 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 6,368,000 $ 1,856,000 $ 8,224,000 Gross profit 1,799,000 385,000 2,184,000 Operating Expense 1,483,000 268,000 1,751,000 Income from operations 316,000 117,000 433,000 Income before tax 197,000 220,000 417,000 Total Assets 19,776,000 3,399,000 23,175,000 Capital expenditures 249,000 78,000 327,000 Depreciation & Amortization $ 125,000 $ 81,000 $ 206,000 Six Months Ended May 31, 2024 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 8,792,000 $ 3,662,000 $ 12,454,000 Gross profit 2,464,000 916,000 3,380,000 Operating Expense 3,049,000 543,000 3,592,000 Income (loss) from operations (584,000 ) 373,000 (211,000 ) Income (loss) before tax (897,000 ) 355,000 (542,000 ) Total Assets 19,528,000 2,611,000 22,139,000 Capital expenditures 389,000 124,000 513,000 Depreciation & Amortization $ 308,000 $ 126,000 $ 434,000 Six Months Ended May 31, 2023 Agricultural Products Modular Buildings Consolidated (Continuing Operations) Revenue from external customers $ 11,813,000 $ 3,498,000 $ 15,311,000 Gross profit 3,662,000 708,000 4,370,000 Operating Expense 2,845,000 549,000 3,394,000 Income from operations 818,000 159,000 977,000 Income before tax 604,000 257,000 861,000 Total Assets 19,776,000 3,399,000 23,175,000 Capital expenditures 501,000 123,000 624,000 Depreciation & Amortization $ 250,000 $ 158,000 $ 408,000 |
Note 1 - Description of the C_2
Note 1 - Description of the Company (Details Textual) | 6 Months Ended |
May 31, 2024 | |
Number of Operating Segments | 2 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | ||
Current assets of discontinued operations | $ 22,837 | $ 22,837 | $ 31,958 | |||
Other assets of discontinued operations | 1,008,949 | 1,008,949 | 1,023,566 | |||
Current liabilities of discontinued operations | 181,846 | 181,846 | 186,789 | |||
Loss before tax | (38,028) | $ (29,237) | (87,930) | $ (39,471) | ||
Discontinued Operations [Member] | ||||||
Inventory | 18,013 | 18,013 | 18,013 | |||
Other current assets | 4,824 | 4,824 | 13,945 | |||
Current assets of discontinued operations | 22,837 | 22,837 | 31,958 | |||
Property, plant, and equipment, net | 1,008,949 | 1,008,949 | 1,023,566 | |||
Other assets of discontinued operations | 1,008,949 | 1,008,949 | 1,023,566 | |||
Accounts payable | 1,507 | 1,507 | 3,539 | |||
Current portion of long-term debt | 158,792 | 158,792 | 160,599 | |||
Other current liabilities | 21,547 | 21,547 | 22,651 | |||
Current liabilities of discontinued operations | 181,846 | 181,846 | $ 186,789 | |||
Discontinued Operations [Member] | Tools [Member] | ||||||
Revenue from external customers | 0 | 783,000 | 0 | 1,591,000 | ||
Gross Profit (loss) | (25,000) | 147,000 | (52,000) | 309,000 | ||
Operating Expense (Income) | (1,000) | 161,000 | 9,000 | 318,000 | ||
Loss from operations | (24,000) | (14,000) | (61,000) | (9,000) | ||
Loss before tax | (38,000) | (29,000) | (88,000) | (39,000) | ||
Total Assets | 1,032,000 | 2,295,000 | 1,032,000 | 2,295,000 | ||
Capital expenditures | [1] | 0 | 0 | 0 | 16,000 | |
Depreciation & Amortization | $ 7,000 | $ 44,000 | $ 14,000 | $ 81,000 | ||
[1]FY 2022 capital expenditures include $166,000 of finance leased assets. |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue (Details Textual) - USD ($) | May 31, 2024 | May 31, 2023 |
Agricultural Products, Floorplan Program [Member] | ||
Contract with Customer, Receivable, after Allowance for Credit Loss, Current | $ 995,000 | $ 773,000 |
Note 4 - Disaggregation of Re_4
Note 4 - Disaggregation of Revenue - Disaggregated Revenue From External Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Revenue | $ 6,730,000 | $ 8,224,000 | $ 12,454,000 | $ 15,311,000 |
Agricultural Products [Member] | ||||
Revenue | 4,555,000 | 6,368,000 | 8,792,000 | 11,813,000 |
Modular Buildings [Member] | ||||
Revenue | 2,175,000 | 1,856,000 | 3,662,000 | 3,498,000 |
Farm Equipment [Member] | ||||
Revenue | 3,975,000 | 5,491,000 | 7,503,000 | 10,223,000 |
Farm Equipment [Member] | Agricultural Products [Member] | ||||
Revenue | 3,975,000 | 5,491,000 | 7,503,000 | 10,223,000 |
Farm Equipment [Member] | Modular Buildings [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Farm Equipment Service Parts [Member] | ||||
Revenue | 500,000 | 779,000 | 1,143,000 | 1,409,000 |
Farm Equipment Service Parts [Member] | Agricultural Products [Member] | ||||
Revenue | 500,000 | 779,000 | 1,143,000 | 1,409,000 |
Farm Equipment Service Parts [Member] | Modular Buildings [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Modular Buildings [Member] | ||||
Revenue | 2,100,000 | 1,802,000 | 3,491,000 | 3,402,000 |
Modular Buildings [Member] | Agricultural Products [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Modular Buildings [Member] | Modular Buildings [Member] | ||||
Revenue | 2,100,000 | 1,802,000 | 3,491,000 | 3,402,000 |
Modular Buildings Lease Income [Member] | ||||
Revenue | 56,000 | 32,000 | 92,000 | 64,000 |
Modular Buildings Lease Income [Member] | Agricultural Products [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Modular Buildings Lease Income [Member] | Modular Buildings [Member] | ||||
Revenue | 56,000 | 32,000 | 92,000 | 64,000 |
Product and Service, Other [Member] | ||||
Revenue | 99,000 | 120,000 | 225,000 | 213,000 |
Product and Service, Other [Member] | Agricultural Products [Member] | ||||
Revenue | 80,000 | 98,000 | 146,000 | 181,000 |
Product and Service, Other [Member] | Modular Buildings [Member] | ||||
Revenue | $ 19,000 | $ 22,000 | $ 79,000 | $ 32,000 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Expected Credit Losses Activity (Details) - USD ($) | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Balance | $ 32,137 | $ 33,288 |
Provision charged to expense | 30,159 | 2,095 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (12,619) | 0 |
Balance | $ 49,677 | $ 35,383 |
Note 6 - Contract Receivables_3
Note 6 - Contract Receivables, Contract Assets and Contract Liabilities (Details Textual) - USD ($) | 6 Months Ended | |||
May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | Dec. 01, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 1,153,000 | |||
Construction Contractor, Receivable, Excluding Contract Retainage | $ 2,647,000 | $ 3,432,000 | $ 2,466,000 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 35,000 | 289,000 | 451,000 | |
Contract with Customer, Liability | 2,162,000 | $ 767,000 | $ 1,153,000 | |
Approximation [Member] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 655,000 |
Note 6 - Contract Receivables_4
Note 6 - Contract Receivables, Contract Assets and Contract Liabilities - Contract With Customers (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 | Dec. 01, 2022 |
Receivables | $ 2,647,000 | $ 3,432,000 | $ 2,466,000 |
Assets | 35,000 | 289,000 | 451,000 |
Liabilities | $ 2,162,000 | $ 767,000 | $ 1,153,000 |
Note 7 - Net Income (Loss) Pe_3
Note 7 - Net Income (Loss) Per Share of Common Stock - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Numerator for basic and diluted net income (loss) per share: | ||||
Net income (loss) from continuing operations | $ (4,657) | $ 329,761 | $ (428,915) | $ 680,056 |
Net income (loss) from discontinued operations | (28,683) | (23,097) | (69,465) | (31,182) |
Net income (loss) | $ (33,340) | $ 306,664 | $ (498,380) | $ 648,874 |
Denominator: | ||||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 5,067,742 | 5,014,050 | 5,045,334 | 4,995,708 |
Effect of dilutive stock options (in shares) | 0 | 0 | 0 | 0 |
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 5,067,742 | 5,014,050 | 5,045,334 | 4,995,708 |
Net Income (loss) per share - Basic: | ||||
Continuing Operations, basic (in dollars per share) | $ 0 | $ 0.07 | $ (0.09) | $ 0.14 |
Discontinued Operations, basic (in dollars per share) | (0.01) | (0.01) | (0.01) | (0.01) |
Net income (loss) per share, basic (in dollars per share) | (0.01) | 0.06 | (0.1) | 0.13 |
Net Income (loss) per share - Diluted: | ||||
Continuing Operations, diluted (in dollars per share) | 0 | 0.07 | (0.09) | 0.14 |
Discontinued Operations, diluted (in dollars per share) | (0.01) | (0.01) | (0.01) | (0.01) |
Net income (loss) per share, diluted (in dollars per share) | $ (0.01) | $ 0.06 | $ (0.1) | $ 0.13 |
Note 8 - Inventory - Major Clas
Note 8 - Inventory - Major Classes of Inventory (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Raw materials | $ 8,621,631 | $ 8,860,296 |
Work in process | 368,456 | 281,760 |
Finished goods | 3,661,728 | 3,472,354 |
Total Gross Inventory | 12,651,815 | 12,614,410 |
Less: Reserves | (2,154,994) | (1,583,048) |
Net Inventory | $ 10,496,821 | $ 11,031,362 |
Note 9 - Accrued Expenses - Maj
Note 9 - Accrued Expenses - Major Components of Accrued Expenses (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Salaries, wages, and commissions | $ 539,930 | $ 805,908 |
Accrued warranty expense | 196,668 | 295,113 |
Other | 287,442 | 298,211 |
Total accrued expenses | $ 1,024,040 | $ 1,399,232 |
Note 10 - Assets Held for Lea_3
Note 10 - Assets Held for Lease (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Operating Lease, Lease Income | $ 56,000 | $ 32,000 | $ 92,000 | $ 64,000 |
Note 10 - Assets Held for Lea_4
Note 10 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Assets held for lease | $ 142,096 | $ 145,494 |
Modular Buildings [Member] | ||
Assets held for lease | $ 142,096 | $ 145,494 |
Note 10 - Assets Held for Lea_5
Note 10 - Assets Held for Lease - Future Minimum Lease Receipts (Details) | May 31, 2024 USD ($) |
2024 | $ 91,677 |
2025 | 70,036 |
Lessor, Operating Lease, Payment to be Received | $ 161,713 |
Note 11 - Product Warranty (Det
Note 11 - Product Warranty (Details Textual) | 6 Months Ended |
May 31, 2024 | |
Standard Product Warrant Term (Year) | 1 year |
Note 11 - Product Warranty - Ch
Note 11 - Product Warranty - Changes in Product Warranty Liability (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Balance | $ 211,121 | $ 193,464 | $ 295,113 | $ 192,301 |
Provision charged to expense | 94,940 | 115,739 | 178,676 | 231,335 |
Less amounts charged-off | (109,393) | (56,759) | (277,121) | (171,192) |
Balance | $ 196,668 | $ 252,444 | $ 196,668 | $ 252,444 |
Note 12 - Loan and Credit Agr_3
Note 12 - Loan and Credit Agreements (Details Textual) | 6 Months Ended | 12 Months Ended | ||||||
Dec. 24, 2022 USD ($) | Dec. 18, 2022 USD ($) | May 17, 2022 USD ($) | Jun. 24, 2020 USD ($) | Jun. 18, 2020 USD ($) | May 31, 2024 USD ($) | Nov. 30, 2023 USD ($) | Mar. 04, 2024 | |
Long-Term Debt | $ 2,684,795 | $ 2,739,055 | ||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | |||||||
Term Loan Due October 2037 [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | ||||||
Debt Instrument, Periodic Payment | $ 19,648 | $ 19,648 | ||||||
Long-Term Debt | $ 2,035,810 | $ 2,080,718 | ||||||
Roof Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | ||||||
Debt Instrument, Periodic Payment | $ 2,972 | $ 2,972 | ||||||
Long-Term Debt | $ 330,863 | 336,858 | ||||||
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, Periodic Payment | $ 731 | $ 731 | ||||||
Debt Instrument, Term (Year) | 30 years | |||||||
Long-Term Debt | $ 158,971 | |||||||
EIDL Assistance Program, Loan Two [Member] | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||
Bank Midwest [Member] | ||||||||
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 | |||||||
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] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Debt Instrument, Face Amount | $ 2,600,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | |||||||
Debt Instrument, Periodic Payment | $ 19,648 | |||||||
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] | Term Loan Due October 2037 [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.15% | |||||||
Bank Midwest [Member] | Roof Term Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 350,000 | $ 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 | |||||||
Long-Term Debt | 330,863 | |||||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,500,000 | |||||||
Long-Term Line of Credit | 3,950,437 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,549,563 | |||||||
Line of Credit, Borrowing Base, Accounts Receivable | 75% | |||||||
Line of Credit, Borrowing Base, Inventory | 50% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Line of Credit Facility, Wall Street Journal Rate Floor | 6% | |||||||
Line of Credit Facility, Interest Rate During Period | 9.25% | |||||||
Change in Floating Interest Rate | 0.50% |
Note 12 - Loan and Credit Agr_4
Note 12 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Long-Term Debt | $ 2,684,795 | $ 2,739,055 |
Total term debt | 2,843,766 | 2,899,654 |
Less term debt of discontinued operations | (158,971) | (160,599) |
Less current portion of term debt | (113,545) | (109,193) |
Term debt, excluding current portion | 2,571,250 | 2,629,862 |
Term Loan Due October 2037 [Member] | ||
Long-Term Debt | 2,035,810 | 2,080,718 |
Roof Term Loan [Member] | ||
Long-Term Debt | 330,863 | 336,858 |
SBA Loan One [Member] | ||
Long-Term Debt | 158,614 | 160,583 |
SBA Loan Two [Member] | ||
Long-Term Debt | 158,971 | 160,599 |
SBA Loan Three [Member] | ||
Long-Term Debt | $ 159,508 | $ 160,896 |
Note 12 - Loan and Credit Agr_5
Note 12 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended |
May 31, 2024 | Nov. 30, 2023 | |
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% |
Roof Term Loan [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 12 - Loan and Credit Agr_6
Note 12 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
2025 | $ 113,545 | |
2026 | 121,427 | |
2027 | 130,074 | |
2028 | 413,638 | |
2029 | 132,431 | |
2030 and thereafter | 1,773,680 | |
Long-Term Debt | $ 2,684,795 | $ 2,739,055 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 6,730,000 | $ 8,224,000 | $ 12,454,000 | $ 15,311,000 | |
Accrued Liabilities, Current | 1,024,040 | 1,024,040 | $ 1,399,232 | ||
Related Party [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Accounts Receivable, after Allowance for Credit Loss | 0 | 0 | 0 | 0 | |
Costs and Expenses | 3,749 | 3,893 | 7,680 | 8,063 | |
Accrued Liabilities, Current | $ 1,272 | $ 1,326 | $ 1,272 | $ 1,326 |
Note 15 - Leases - Components o
Note 15 - Leases - Components of Operating Leases (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Operating lease right-of-use assets (in other assets) | $ 18,151 | $ 22,427 |
Current portion of operating lease liabilities (in accrued expenses) | 8,860 | 8,653 |
Long-term portion of operating lease liabilities | 9,291 | 13,774 |
Total operating lease liabilities | $ 18,151 | $ 22,427 |
Note 15 - Leases - Components_2
Note 15 - Leases - Components of Finance Leases (Details) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
Finance lease right-of-use assets (net of amortization in other assets) | $ 459,708 | $ 511,367 |
Current portion of finance lease liabilities | 255,677 | 257,454 |
Long-term portion of finance lease liabilities | 646,179 | 722,200 |
Total finance lease liabilities | $ 901,856 | $ 979,654 |
Note 16 - Equity Incentive Pl_3
Note 16 - Equity Incentive Plan and Stock Based Compensation (Details Textual) | Feb. 25, 2020 shares |
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 16 - Equity Incentive Pl_4
Note 16 - Equity Incentive Plan and Stock Based Compensation - Summary of Shares Issued (Details) - shares | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
Shares issued (in shares) | 10,000 | 10,000 | 77,250 | 97,250 |
Unvested shares forfeited upon termination (in shares) | (6,750) | 0 | ||
Director [Member] | Vesting Immediately [Member] | ||||
Shares issued (in shares) | 10,000 | 10,000 | 15,000 | 15,000 |
Employees, Directors, and Consultants [Member] | Awards with Three-year Vesting [Member] | ||||
Shares issued (in shares) | 0 | 0 | 69,000 | 82,250 |
Note 18 - Segment Information_2
Note 18 - Segment Information (Details Textual) | 6 Months Ended |
May 31, 2024 | |
Number of Reportable Segments | 2 |
Note 18 - Segment Information -
Note 18 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | Nov. 30, 2023 | ||
Revenue from external customers | $ 6,730,268 | $ 8,224,395 | $ 12,453,663 | $ 15,311,259 | ||
Gross profit | 1,906,752 | 2,183,596 | 3,380,277 | 4,370,471 | ||
Operating Expense | 1,737,984 | 1,750,594 | 3,591,590 | 3,394,023 | ||
Income (loss) from operations | 168,768 | 433,002 | (211,313) | 976,448 | ||
Total Assets | 23,171,111 | 23,171,111 | $ 24,402,114 | |||
Capital expenditures | 512,547 | 623,778 | ||||
Depreciation & Amortization | 434,300 | 408,066 | ||||
Operating Segments [Member] | ||||||
Revenue from external customers | [1] | 6,730,000 | 8,224,000 | 12,454,000 | 15,311,000 | |
Gross profit | [1] | 1,907,000 | 2,184,000 | 3,380,000 | 4,370,000 | |
Operating Expense | [1] | 1,738,000 | 1,751,000 | 3,592,000 | 3,394,000 | |
Income (loss) from operations | [1] | 169,000 | 433,000 | (211,000) | 977,000 | |
Income (loss) before tax | [1] | (5,000) | 417,000 | (542,000) | 861,000 | |
Total Assets | [1] | 22,139,000 | 23,175,000 | 22,139,000 | 23,175,000 | |
Capital expenditures | [1] | 232,000 | 327,000 | 513,000 | 624,000 | |
Depreciation & Amortization | [1] | 232,000 | 206,000 | 434,000 | 408,000 | |
Operating Segments [Member] | Agricultural Products [Member] | ||||||
Revenue from external customers | 4,555,000 | 6,368,000 | 8,792,000 | 11,813,000 | ||
Gross profit | 1,323,000 | 1,799,000 | 2,464,000 | 3,662,000 | ||
Operating Expense | 1,481,000 | 1,483,000 | 3,049,000 | 2,845,000 | ||
Income (loss) from operations | (158,000) | 316,000 | (584,000) | 818,000 | ||
Income (loss) before tax | (323,000) | 197,000 | (897,000) | 604,000 | ||
Total Assets | 19,528,000 | 19,776,000 | 19,528,000 | 19,776,000 | ||
Capital expenditures | 205,000 | 249,000 | 389,000 | 501,000 | ||
Depreciation & Amortization | 161,000 | 125,000 | 308,000 | 250,000 | ||
Operating Segments [Member] | Modular Buildings [Member] | ||||||
Revenue from external customers | 2,175,000 | 1,856,000 | 3,662,000 | 3,498,000 | ||
Gross profit | 584,000 | 385,000 | 916,000 | 708,000 | ||
Operating Expense | 257,000 | 268,000 | 543,000 | 549,000 | ||
Income (loss) from operations | 327,000 | 117,000 | 373,000 | 159,000 | ||
Income (loss) before tax | 318,000 | 220,000 | 355,000 | 257,000 | ||
Total Assets | 2,611,000 | 3,399,000 | 2,611,000 | 3,399,000 | ||
Capital expenditures | 27,000 | 78,000 | 124,000 | 123,000 | ||
Depreciation & Amortization | $ 71,000 | $ 81,000 | $ 126,000 | $ 158,000 | ||
[1]The consolidated total in the tables is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding. |