Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2016 | Jan. 30, 2017 | May 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | ARTS WAY MANUFACTURING CO INC | ||
Entity Central Index Key | 7,623 | ||
Trading Symbol | artw | ||
Current Fiscal Year End Date | --11-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,109,052 | ||
Entity Public Float | $ 7,019,055 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Current assets: | ||
Cash | $ 1,063,716 | $ 447,231 |
Accounts receivable-customers, net of allowance for doubtful accounts of $22,746 and $18,810 in 2016 and 2015, respectively | 1,420,051 | 1,882,528 |
Inventories, net | 13,529,352 | 15,184,436 |
Deferred taxes | 1,066,740 | 1,146,242 |
Cost and profit in excess of billings | 108,349 | 206,672 |
Income taxes receivable | 265,924 | 345,912 |
Assets of discontinued operations | 9,700 | 694,556 |
Other current assets | 158,087 | 54,742 |
Total current assets | 17,621,919 | 19,962,319 |
Property, plant, and equipment, net | 7,387,187 | 7,824,263 |
Assets held for sale, net | 70,000 | 1,245,432 |
Goodwill | 375,000 | 375,000 |
Other assets of discontinued operations | 1,745,528 | 1,870,649 |
Other assets | 42,956 | 53,945 |
Total assets | 27,242,590 | 31,331,608 |
Current liabilities: | ||
Line of credit | 3,284,114 | 3,959,656 |
Current portion of long-term debt | 1,807,937 | 1,195,839 |
Accounts payable | 469,481 | 495,867 |
Customer deposits | 289,195 | 162,797 |
Billings in Excess of Cost and Profit | 4,297 | 86,858 |
Accrued expenses | 1,019,056 | 1,191,364 |
Liabilites of discontinued operations | 182,426 | 245,733 |
Total current liabilities | 7,056,506 | 7,338,114 |
Long-term liabilities | ||
Deferred taxes | 737,519 | 846,960 |
Long-term liabilities of discontinued operations | 585,168 | 715,946 |
Long-term debt, excluding current portion | 1,387,118 | 3,910,722 |
Total liabilities | 9,766,311 | 12,811,742 |
Commitments and Contingencies (Notes 9, 10 and 16) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2016 and 2015; issued and outstanding 0 shares in 2016 and 2015. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2016 and 2015; issued and outstanding 4,109,052 in 2016 and 4,061,052 in 2015 | 41,091 | 40,611 |
Additional paid-in capital | 2,746,509 | 2,667,010 |
Retained earnings | 14,990,911 | 15,812,245 |
Accumulated other comprehensive loss | (302,232) | |
Total stockholders’ equity | 17,476,279 | 18,519,866 |
Total liabilities and stockholders’ equity | $ 27,242,590 | $ 31,331,608 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Allowance for doubtful accounts | $ 22,746 | $ 18,810 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 500,000 | 500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 9,500,000 | 9,500,000 |
Common stock, issued (in shares) | 4,109,052 | 4,061,052 |
Common stock, outstanding (in shares) | 4,109,052 | 4,061,052 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Sales | $ 21,557,649 | $ 26,326,150 |
Cost of goods sold | 16,237,766 | 19,414,382 |
Gross profit | 5,319,883 | 6,911,768 |
Expenses: | ||
Engineering | 429,910 | 433,290 |
Selling | 1,838,971 | 2,052,495 |
General and administrative | 3,437,591 | 3,884,066 |
Impairment of assets | 44,858 | 618,729 |
Total expenses | 5,751,330 | 6,988,580 |
(Loss) from operations | (431,447) | (76,812) |
Other income (expense): | ||
Interest expense | (248,580) | (302,281) |
Other | 157,244 | (131,407) |
Total other income (expense) | (91,336) | (433,688) |
Income | (522,783) | (510,500) |
Income tax (benefit) | (96,601) | (200,851) |
(Loss) from continuing operations | (426,182) | (309,649) |
Loss from operations of discontinued segment | (617,425) | (354,562) |
Income tax benefit | (222,273) | (106,369) |
Loss on discontinued operations | (395,152) | (248,193) |
Net (Loss) | $ (821,334) | $ (557,842) |
Earnings (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.10) | $ (0.08) |
Discontinued Operations (in dollars per share) | (0.10) | (0.06) |
Net Income (Loss) per share (in dollars per share) | (0.20) | (0.14) |
Earnings (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.10) | (0.08) |
Discontinued Operations (in dollars per share) | (0.10) | (0.06) |
Net Income (Loss) per share (in dollars per share) | $ (0.20) | $ (0.14) |
Weighted average outstanding shares used to compute basic net loss per share (in shares) | 4,097,748 | 4,058,382 |
Weighted average outstanding shares used to compute diluted net loss per share (in shares) | 4,097,748 | 4,058,382 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Net (Loss) | $ (821,334) | $ (557,842) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustsments | (302,232) | 0 |
Total Other Comprehensive Income (Loss) | (302,232) | 0 |
Comprehensive (Loss) | $ (1,123,566) | $ (557,842) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 30, 2014 | 4,048,552 | ||||
Balance at Nov. 30, 2014 | $ 40,486 | $ 2,638,651 | $ 16,572,519 | $ 0 | $ 19,251,656 |
Stock based compensation (in shares) | 12,500 | ||||
Stock based compensation | $ 125 | 28,359 | 28,484 | ||
Dividends paid, $0.05 per share | (202,432) | (202,432) | |||
Net (Loss) | (557,842) | $ (557,842) | |||
Balance (in shares) at Nov. 30, 2015 | 4,061,052 | 4,061,052 | |||
Balance at Nov. 30, 2015 | $ 40,611 | 2,667,010 | 15,812,245 | 0 | $ 18,519,866 |
Foreign currency translation adjustsments | 0 | ||||
Stock based compensation (in shares) | 48,000 | ||||
Stock based compensation | $ 480 | 79,499 | 79,979 | ||
Net (Loss) | (821,334) | $ (821,334) | |||
Balance (in shares) at Nov. 30, 2016 | 4,109,052 | 4,109,052 | |||
Balance at Nov. 30, 2016 | $ 41,091 | $ 2,746,509 | $ 14,990,911 | (302,232) | $ 17,476,279 |
Foreign currency translation adjustsments | $ (302,232) | $ (302,232) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended |
Nov. 30, 2015$ / shares | |
Retained Earnings [Member] | |
Dividends paid, per share (in dollars per share) | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Cash flows from operations: | ||
Net income (loss) from continuing operations | $ (426,182) | $ (309,649) |
Net (loss) from discontinued operations | (395,152) | (248,193) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 79,979 | 28,484 |
Unrealized foreign currency loss | (72,803) | |
Impairment of Asset Available for Sale | 44,858 | |
(Gain)/Loss on disposal of property, plant, and equipment | (17,395) | 123,405 |
Depreciation and amortization expense | 671,967 | 821,990 |
Impairment of goodwill | 0 | 618,729 |
Bad debt expense (recovery) | 3,935 | 2,138 |
Deferred income taxes | (29,939) | (180,919) |
Changes in assets and liabilities: | ||
Accounts receivable | 458,542 | 936,665 |
Inventories | 1,655,084 | (572,388) |
Income taxes receivable | 79,988 | (245,495) |
Other assets | (92,356) | 59,123 |
Accounts payable | (26,386) | (317,391) |
Contracts in progress, net | 15,762 | (198,653) |
Customer deposits | 126,398 | 67,385 |
Accrued expenses | (172,308) | (307,750) |
Net cash provided by operating activities - continuing operations | 2,299,144 | 525,674 |
Net cash provided by (used in) operating activities - discontinued operations | 82,632 | (240,743) |
Net cash provided by operating activities | 2,381,776 | 284,931 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (274,089) | (238,923) |
Net proceeds from sale of assets | 1,173,735 | 38,906 |
Net cash provided by (used in) investing activities - continuing operations | 899,646 | (200,017) |
Net cash provided by (used in) investing activities - discontinued operations | 16,900 | (53,620) |
Net cash provided by (used in) investing activities | 916,546 | (253,637) |
Cash flows from financing activities: | ||
Net change in line of credit | 675,542 | (1,390,550) |
Repayment of term debt | (1,911,506) | (1,160,776) |
Dividends paid to stockholders | (202,432) | |
Net cash provided by (used in) financing activities - continuing operations | (2,587,048) | 27,342 |
Net cash (used in) financing activities - discontinued operations | (94,789) | (123,121) |
Net cash (used in) financing activities | (2,681,837) | (95,779) |
Net increase (decrease) in cash | 616,485 | (64,485) |
Cash at beginning of period | 447,231 | 511,716 |
Cash at end of period | 1,063,716 | 447,231 |
Supplemental disclosures of cash flow information: | ||
Interest | 274,836 | 328,529 |
Income taxes | $ 4,872 | $ 282,614 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Account Policies | 12 Months Ended |
Nov. 30, 2016 | |
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. is primarily engaged in the fabrication and sale of specialized farm machinery in the agricultural sector of the United States. Primary product offerings include: portable and stationary animal feed processing equipment; hay and forage equipment; sugar beet harvesting equipment; land maintenance equipment; a line of portable grain augers; a line of manure spreaders; moldboard plows; potato harvesters; commercial snow blowers and a line of reels. The Company sells its labeled products through independent farm equipment dealers throughout the United States. In addition, the Company manufactures and supplies hay blowers to OEMs. 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. Our Pressurized Vessels segment was primarily engaged in the fabrication and sale of pressurized vessels and tanks through the Company’s wholly-owned subsidiary, Art’s-Way Vessels, Inc. On August 11, 2016, 2017 Our 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. Our Tools segment is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools through the Company’s wholly-owned subsidiary, Ohio Metal Working Company/Art’s Way, Inc. (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 2016 third 2016, October 31, 2016. The financial books of International are kept in the functional currency of Canadian dollars and the financial statements are converted to U.S. Dollars for consolidation. When consolidating the financial results of the Company into U.S. Dollars for reporting purposes, the Company uses the All-Current translation method. The All-Current method requires the balance sheet assets and liabilities be translated to U.S. Dollars at the exchange rate as of year end. Owner’s equity is translated at historical exchange rates and retained earnings are translated at an average exchange rate for the period. Additionally, revenue and expenses are translated at average exchange rates for the periods presented. The Company the resulting cumulative translation adjustment is recorded in stockholder’s equity in fiscal 2016. 2015. (c) Cash Concentration The Company maintains several different accounts at four (d) Customer Concentration During the years ended November 30, 2016, November 30, 2015 one 8% 6% (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 180 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 1.5% (f) Inventories Inventories are stated at the lower of cost or market, and cost is determined using the standard costing method. Management monitors the carrying value of inventories using inventory control and review processes that include, but are not limited to, sales forecast review, inventory status reports, and inventory reduction programs. The Company records inventory write downs to market based on expected usage information for raw materials and historical selling trends for finished goods. Additional write downs may (g) Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Depreciation of plant and equipment is provided using the straight-line method, based on the estimated useful lives of the assets which range from three forty (h) Lessor Accounting Modular buildings held for short term lease by our Modular Buildings segment are recorded at cost. Amortization of the property is calculated over the useful life of the building. Estimated useful life is five (i) Goodwill and Impairment Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in business combinations. Art’s-Way performs an annual test for impairment of goodwill during the fourth third 2015, $618,729 2015. no November 30, 2016. (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates as 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 that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is entirely dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company shall classify 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 Canada. The Company is no longer subject to Canadian, U.S. federal or state income tax examinations by tax authorities for years ended before November 30, 2012. (k) Revenue Recognition Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the shipment of the product. 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 Company 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 shall pass to the Buyer upon delivery to the carrier and is not subject to a customer acceptance provision. Proof of the passing of title is documented by the signing of the delivery receipt by a representative of the carrier. Post shipment obligations are limited to any claim with respect to the condition of the equipment or parts. Applicable sales taxes imposed on our revenues are presented on a net basis on the consolidated statements of operations and therefore do not impact net revenues or cost of goods sold. A provision for warranty expenses, based on sales volume, is included in the financial statements. The Company’s return 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 returnable. Shipping costs charged to customers are included in net sales. Freight costs incurred are included in cost of goods sold. In certain circumstances, upon the customer’s written request, we may in 2016 2015 $424,000 $634,000, Our Modular Buildings segment is in the construction industry, and as such accounts for contracts on 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 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. Costs and profit in excess of amounts billed are classified as current assets and billings in excess of cost and profit are classified as current liabilities. (l) Research and Development Research and development costs are expensed when incurred. Such costs approximated $140,000 $162,000 November 30, 2016 2015, (m ) Advertising Advertising costs are expensed when incurred. Such costs approximated $420,000 $488,000 November 30, 2016 2015, (n ) Reclassification Certain amounts in the consolidated financial statements of the Company related to the discontinuation of operations at our Vessels division have been reclassified to conform to classifications used in the current year. The reclassifications had no effect on previously reported results of operations or retained earnings. (o) Income (Loss) Per Share Basic net income (loss) per common share 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. Basic and diluted earnings per common share have been computed based on the following as of November 30, 2016 2015: For the twelve months ended November 30, 2016 November 30, 2015 Numerator for basic and diluted (loss) earnings per common share: Net (loss) income from continuing operations $ (426,182 ) $ (309,649 ) Net (loss) income from discontinued operations (395,152 ) (248,193 ) Net (loss) income $ (821,334 ) $ (557,842 ) Denominator: For basic (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Effect of dilutive stock options - - For diluted (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Earnings (Loss) per share - Basic: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) Earnings (Loss) per share - Diluted: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) (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. We estimate 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 of the Company 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 Revenue from Contracts with Customers In May 2014, 2014 09, 605)” 2014 09 December 15, 2017, Going Concern In August 2014, 2014 15, 205 40, Going Concern one 2015 15 December 15, 2016. November 30, 2017, Inventory In July 2015, 2015 11, 330),” first 2015 11 December 15, 2016, November 30, 2017 Income Taxes In November 2015, 2015 17, 740)”, 2015 17 December 15, 2017 December 15, 2018. November 30, 2019, November 30, 2020. Leases In February 2016, 2016 02, 842)”, twelve December 15, 2018, November 30, 2020 |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (2) Discontinued Operations On August 11, 2016, 2017 As Vessels was a unique business unit of the Company, its liquidation will be a strategic shift. In accordance with Accounting Standard Code Topic 360, Income from discontinued operations, before income taxes in the accompanying Consolidated Statements of Operations, is comprised of the following: Twelve Months Ended November 30, 2016 November 30, 2015 Revenue from external customers $ 1,598,330 $ 1,609,638 Gross Profit (198,567 ) 71,908 Operating Expense 399,503 398,759 Income (loss) from operations (598,070 ) (326,850 ) Income (loss) before tax (617,425 ) (354,562 ) The components of discontinued operations in the accompanying consolidated balance sheets are as follows: November 30, 2016 November 30, 2015 Cash $ - $ 103 Accounts Receivable – Net 9,700 175,211 Inventories, net - 514,647 Property, plant, and equipment, net 1,745,528 1,870,649 Other Assets - 4,595 Assets of discontinued operations $ 1,755,228 $ 2,565,205 Accounts payable $ 1,588 $ 26,531 Accrued compensation - 33,431 Accrued expenses 50,061 58,948 Notes Payable 715,945 842,769 Liabilities of discontinued operations $ 767,594 $ 961,679 |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts | 12 Months Ended |
Nov. 30, 2016 | |
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: For the 12 months ended November 30, 2016 November 30, 2015 Balance, beginning $ 18,810 $ 28,400 Provision charged to expense 4,925 2,188 Less amounts charged-off (989 ) (11,778 ) Balance, ending $ 22,746 $ 18,810 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (4) Inventories Major classes of inventory are: November 30, 2016 November 30, 2015 Raw materials $ 8,568,624 $ 9,699,156 Work in process 509,198 246,823 Finished goods 7,054,736 8,169,267 $ 16,132,558 $ 18,115,246 Less: Reserves (2,603,206 ) (2,930,810 ) $ 13,529,352 $ 15,184,436 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress | 12 Months Ended |
Nov. 30, 2016 | |
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: The amounts billed on these long term contracts are due 30 12 $0 $27,951 November 30, 2016 2015, Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2016 Costs $ 121,118 $ 159,717 Estimated earnings 27,231 65,471 148,349 225,188 Less: amounts billed (40,000 ) (229,485 ) $ 108,349 $ (4,297 ) November 30, 2015 Costs $ 233,544 $ 695,915 Estimated earnings 75,822 227,442 309,366 923,357 Less: amounts billed (102,694 ) (1,010,215 ) $ 206,672 $ (86,858 ) |
Note 6 - Property, Plant, and E
Note 6 - Property, Plant, and Equipment | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (6) Property, Plant, and Equipment Major classes of property, plant, and equipment used in continuing operations are: November 30, 2016 November 30, 2015 Land $ 536,103 $ 536,103 Buildings and improvements 7,859,477 7,832,061 Construction in Progress 10,353 10,353 Manufacturing machinery and equipment 10,772,933 11,742,106 Trucks and automobiles 450,171 432,806 Furniture and fixtures 113,956 114,252 19,742,993 20,667,681 Less accumulated depreciation (12,355,806 ) (12,843,418 ) Property, plant and equipment $ 7,387,187 $ 7,824,263 Depreciation expense for continuing operations totaled $671,967 $821,990 November 30, 2016 2015, |
Note 7 - Assets Available for S
Note 7 - Assets Available for Sale | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | (7) Assets Available for Sale Major components of assets available for sale (excluding assets of discontinued operations as discussed in Note 2 November 30, 2016 November 30, 2015 Ames, Iowa production facility $ - $ 1,093,632 Monona, Iowa storage building - 36,942 Ames, Iowa powder coat paint system 70,000 114,858.00 $ 70,000 $ 1,245,432 Due to reduced demand for our reels produced by the Universal Harvester by Art’s Way subsidiary, we have been able to absorb the production of the reels in our Armstrong, Iowa facility. The Ames, Iowa facility was sold for $1,192,000 February 2016. $36,000. $1,130,000. The storage facility in Monona, Iowa is adjacent to our production facilities and was sold in December 2015. $8,046 December 2015 We continue to hold our powder coat system previously used in our Ames, Iowa location as available for sale. During fiscal 2016, $44,858 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (8) Accrued Expenses Major components of accrued expenses are: November 30, 2016 November 30, 2015 Salaries, wages, and commissions $ 542,449 $ 530,667 Accrued warranty expense 134,373 176,531 Other 342,234 484,166 $ 1,019,056 $ 1,191,364 |
Note 9 - Product Warranty
Note 9 - Product Warranty | 12 Months Ended |
Nov. 30, 2016 | |
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 may Changes in the Company’s product warranty liability included in “accrued expenses” for the years ended November 30, 2016 2015 For the twelve months ended November 30, 2016 November 30, 2015 Balance, beginning $ 176,531 $ 230,766 Settlements / adjustments (246,235 ) (319,691 ) Warranties issued 204,077 265,456 Balance, ending $ 134,373 $ 176,531 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (10) Loan and Credit Agreements The Company maintains a revolving line of credit and term loans with U.S. Bank as well as a term loan with The First National Bank of West Union. Pursuant to a Second Loan Modification Agreement dated July 12, 2016 July 11, 2016 $200,000 U.S. Bank Revolving Line of Credit The Company has a $5,000,000 May 1, 2013, November 30, 2016, $3,284,114 $1,559,208 May 1, 2017 75% 20% 50% $3,750,000 2015 May 1, 2013, May 1, 2013, July 12, 2016, The Line of Credit is subject to: (i) a minimum interest rate of 5.0% 0.25% November 30, 2016, 5.0%. U.S. Bank Term Loans On May 10, 2012, $880,000 May 10, 2017, $283,500 May 10, 2017. $337,147 November 30, 2016 3.15% May 10, 2012, May 1, 2013 May 1, 2013. May 1, 2013, 2013 Three of the Company’s outstanding term loans were obtained from U.S. Bank on May 1, 2013. $2,156,168 November 30, 2016, 2.98% “2013 fourth May 1, 2013, February 10, 2016. $1,078,196 $51,350 2013 three $1,363,000 May 1, 2018. The Company obtained a term loan from U.S. Bank on May 29, 2014 $1,000,000 “2014 2014 $904,751 November 30, 2016 2.98%. 2014 2014 May 25, 2017, $890,000 May 25, 2017. May 29, 2014, U.S. Bank Covenants The U.S. Bank UHC Loan is not subject to financial covenants. However, under the U.S. Bank UHC Loan, the Company must provide to U.S. Bank information concerning its business affairs and financial condition as the bank may 120 As amended by the Loan Modification, the Line of Credit, the 2013 2014 1.15 1.0 August 31, 2016, November 30, 2016 February 28, 2017), February 28, 2017 1.0 1.0, $360,000 August 31, 2016, $390,000 September 30, 2016, $395,000 October 31, 2016, $400,000 November 30, 2016, August 31, 2016 $750,000 2013 2014 13 The 2013 2014 first May 1, 2013 May 29, 2014 If the Company or its subsidiaries (as guarantors pursuant to continuing guaranties) commits an event of default with respect to the U.S. Bank UHC Loan, 2013 2014 5.0% may may The Company was in compliance with all covenants under the Line of Credit, the 2013 2014 November 30, 2016. Iowa Finance Authority Term Loan and Covenants On May 1, 2010, $1,300,000, 3.5% June 1, 2020. February 1, 2013, 2.75% This loan from the Iowa Finance Authority, which has been assigned to The First National Bank of West Union (n/k/a Bank 1st), May 28, 2010 February 1, 2013 May 1, 2010 February 1, 2013 1.5 1.0, November 30 May 1, 2010 If the Company commits an event of default under the IFA Loan Agreement or the West Union Mortgage and does not cure the event of default within the time specified by the IFA Loan Agreement, the lender may The Company was in compliance with all covenants under the IFA Loan Agreement except the debt service coverage ratio as measured on November 30, 2016. November 30, 2017. A summary of the Company’s term debt is as follows: November 30, 2016 November 30, 2015 U.S. Bank loan payable in monthly installments of $42,500 including interest at 2.98%, paid February 10, 2016 $ - $ 1,196,088 U.S. Bank loan payable in monthly installments of $11,000 including interest at 2.98%, due May 1, 2018 632,126 743,149 U.S. Bank loan payable in monthly installments of $12,550 including interest at 2.98%, due May 1, 2018 715,946 842,769 U.S. Bank loan payable in monthly installments of $27,800 including interest at 2.98%, due May 1, 2018 808,096 1,112,205 U.S. Bank loan payable in monthly installments of $11,700 including interest at 3.15%, due May 10, 2017 337,147 464,605 U.S. Bank loan payable in monthly installments of $5,556 including interest at 2.98%, due May 25, 2017 904,751 943,381 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 512,935 647,132 Total term debt $ 3,911,001 $ 5,949,329 Less current portion of term debt 1,807,937 1,195,839 Term debt of discontinued operations 715,946 842,768 Term debt, excluding current portion $ 1,387,118 $ 3,910,722 A summary of the minimum maturities of term debt follows for the years ending November 30: Year: Amount 2017 $ 1,938,714 2018 1,727,351 2019 145,597 2020 99,339 2021 and thereafter - $ 3,911,001 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (11) Related Party Transactions During fiscal years 2016 2015, $0 $32,000, November 30, 2016, $0 $9,600 November 30, 2015. |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | (12) Employee Benefit Plans The Company sponsors a defined contribution 401(k) may 25% 4% 1% $37,606 $47,466 November 30, 2016 2015, |
Note 13 - Equity Incentive Plan
Note 13 - Equity Incentive Plan | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (13) Equity Incentive Plan On November 30, 2016, one 2011 $79,979 $28,484 2016 2015, 2011 $88,278 $20,462 2016 2015 No On January 27, 2011, 2011 “2011 January 27, 2012. 2011 April 28, 2011. 2011 2011 1,000 may 2011 Stock options granted prior to January 27, 2011 The fair value of each option award is estimated on the date of grant using the Black Scholes option-pricing model. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date. 2016 2015 Expected Volatility - 30.55 % Expected Dividend Yield - 1.574 % Expected Term (in years) - 2 Risk-Free Rate - 3.25 % Summary of activity under the plans as of November 30, 2016 2015, 201 6 Option Activity Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at beginning of period 174,000 $ 8.39 - - Granted - $ - - - Exercised - $ - - - Options Expired or Forfeited (30,500 ) $ 6.39 - - Options Outstanding at end of Period 143,500 $ 8.78 3.37 - Options Exercisable At end of the Period 143,500 $ 8.78 3.37 - 2015 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at beginning of period 160,000 $ 8.72 - - Granted 14,000 $ 4.70 - - Exercised - $ - - - Options Expired or Forfeited - $ - - - Options Outstanding at end of Period 174,000 $ 8.39 4.68 - Options Exercisable at end of Period 169,000 $ 8.47 4.57 - The weighted-average grant-date fair value of options granted during the fiscal year 2015 $1.14, no 2016. $3,881 $8,022 2016 2015, A summary of the status of the Company’s non-vested option shares as of November 30, 2016, November 30, 2016, Non-vested Option Shares Shares Weighted Average Grant Date Fair Value Non-vested at Beginning of Period 5,000 Granted - Vested (5,000 ) $ 1.14 Forfeited - Non-vested at End of Period - As of November 30, 2016, no November 30, 2016 2015 $1.14 $0 The Company received no 2016 2015. During the fiscal year 2016 48,000 12,550 2015 12,500 4,150 $76,098 $20,462 2016 2015, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (14) Income Taxes Total income tax expense (benefit) for the years ended November 30, 2016 2015 November 30, 2016 November 30, 2015 Current Expense (benefit) $ (288,935 ) $ (126,301 ) Deferred expense (benefit) (29,939 ) (180,919 ) $ (318,874 ) $ (307,220 ) The reconciliation of the statutory Federal income tax rate is as follows: November 30, 2016 November 30, 2015 Statutory federal income tax rate 34.0 % 34.0 % Permanent Differences and Other (6.00 ) 1.5 28.0 % 35.5 % Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at November 30, 2016 2015 November 30 2016 2015 Current deferred tax assets (liabilities): Accrued expenses $ 110,000 $ 126,000 NOL and tax credit carryforward 133,000 - Inventory capitalization 16,000 21,000 Inventory obsolescence and other asset reserves 808,000 999,000 Total current deferred tax assets $ 1,067,000 $ 1,146,000 Non-current deferred tax assets Property, plant, and equipment $ (737,000 ) $ (847,000 ) Total non-current deferred tax assets (liabilities) $ (737,000 ) $ (847,000 ) In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on these assessments, in fiscal 2016 $75,000 November 30, 2036. |
Note 15 - Disclosures About the
Note 15 - Disclosures About the Fair Value of Financial Instruments | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (15) Disclosures About the Fair Value of Financial Instruments At November 30, 2016 2015, |
Note 16 - Litigation and Contin
Note 16 - Litigation and Contingencies | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | (16) Litigation and Contingencies Various legal actions and claims that arise in the normal course of business are pending against the Company. In the opinion of management adequate provisions have been made in the accompanying financial statements for all pending legal actions and other claims. |
Note 17 - Segment Information
Note 17 - Segment Information | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (17) Segment Information There are three The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes. Approximate financial information with respect to the reportable segments is as follows. The tables below exclude income and balance sheet data from discontinued operations. See Note 2 Twelve Months Ended November 30, 2016 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 15,756,000 $ 3,674,000 $ 2,128,000 $ 21,558,000 Income (loss) from operations (378,000 ) 88,000 (141,000 ) $ (431,000 ) Income (loss) before tax (403,000 ) 70,000 (189,000 ) $ (522000 ) Total Assets 20,317,000 2,588,000 2,608,000 $ 25,513,000 Capital expenditures 212,000 - 62,000 $ 274,000 Depreciation & Amortization 487,000 61,000 124,000 $ 672,000 Twelve Months Ended November 30, 2015 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 20,756,000 $ 3,191,000 $ 2,379,000 $ 26,326,000 Income (loss) from operations (84,000 ) 150,000 (143,000 ) $ (77,000 ) Income (loss) before tax (438,000 ) 124,000 (197,000 ) $ (511,000 ) Total Assets 22,696,000 3,181,000 2,890,000 $ 28,767,000 Capital expenditures 219,000 9,000 11,000 $ 239,000 Depreciation & Amortization 585,000 125,000 119,000 $ 822,000 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | (18) Subsequent Events Management evaluated all other activity of the Company and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Nature of Business Art’s-Way Manufacturing Co., Inc. is primarily engaged in the fabrication and sale of specialized farm machinery in the agricultural sector of the United States. Primary product offerings include: portable and stationary animal feed processing equipment; hay and forage equipment; sugar beet harvesting equipment; land maintenance equipment; a line of portable grain augers; a line of manure spreaders; moldboard plows; potato harvesters; commercial snow blowers and a line of reels. The Company sells its labeled products through independent farm equipment dealers throughout the United States. In addition, the Company manufactures and supplies hay blowers to OEMs. 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. Our Pressurized Vessels segment was primarily engaged in the fabrication and sale of pressurized vessels and tanks through the Company’s wholly-owned subsidiary, Art’s-Way Vessels, Inc. On August 11, 2016, 2017 Our 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. Our Tools segment is a domestic manufacturer and distributor of standard single point brazed carbide tipped tools as well as PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools through the Company’s wholly-owned subsidiary, Ohio Metal Working Company/Art’s Way, Inc. |
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 2016 third 2016, October 31, 2016. The financial books of International are kept in the functional currency of Canadian dollars and the financial statements are converted to U.S. Dollars for consolidation. When consolidating the financial results of the Company into U.S. Dollars for reporting purposes, the Company uses the All-Current translation method. The All-Current method requires the balance sheet assets and liabilities be translated to U.S. Dollars at the exchange rate as of year end. Owner’s equity is translated at historical exchange rates and retained earnings are translated at an average exchange rate for the period. Additionally, revenue and expenses are translated at average exchange rates for the periods presented. The Company the resulting cumulative translation adjustment is recorded in stockholder’s equity in fiscal 2016. 2015. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (c) Cash Concentration The Company maintains several different accounts at four |
Major Customers, Policy [Policy Text Block] | (d) Customer Concentration During the years ended November 30, 2016, November 30, 2015 one 8% 6% |
Receivables, Policy [Policy Text Block] | (e) Accounts Receivable Accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Accounts receivable are written-off when deemed uncollectible. Recoveries of accounts receivable previously written-off are recorded when received. Accounts receivable are generally considered past due 60 180 Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms requiring payment within 30 1.5% |
Inventory, Policy [Policy Text Block] | (f) Inventories Inventories are stated at the lower of cost or market, and cost is determined using the standard costing method. Management monitors the carrying value of inventories using inventory control and review processes that include, but are not limited to, sales forecast review, inventory status reports, and inventory reduction programs. The Company records inventory write downs to market based on expected usage information for raw materials and historical selling trends for finished goods. Additional write downs may |
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 |
Lease, Policy [Policy Text Block] | (h) Lessor Accounting Modular buildings held for short term lease by our Modular Buildings segment are recorded at cost. Amortization of the property is calculated over the useful life of the building. Estimated useful life is five |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (i) Goodwill and Impairment Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in business combinations. Art’s-Way performs an annual test for impairment of goodwill during the fourth third 2015, $618,729 2015. no November 30, 2016. |
Income Tax, Policy [Policy Text Block] | (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates as 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 that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is entirely dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company shall classify 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 Canada. The Company is no longer subject to Canadian, U.S. federal or state income tax examinations by tax authorities for years ended before November 30, 2012. |
Revenue Recognition, Policy [Policy Text Block] | (k) Revenue Recognition Revenue is recognized when risk of ownership and title pass to the buyer, generally upon the shipment of the product. 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 Company 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 shall pass to the Buyer upon delivery to the carrier and is not subject to a customer acceptance provision. Proof of the passing of title is documented by the signing of the delivery receipt by a representative of the carrier. Post shipment obligations are limited to any claim with respect to the condition of the equipment or parts. Applicable sales taxes imposed on our revenues are presented on a net basis on the consolidated statements of operations and therefore do not impact net revenues or cost of goods sold. A provision for warranty expenses, based on sales volume, is included in the financial statements. The Company’s return 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 returnable. Shipping costs charged to customers are included in net sales. Freight costs incurred are included in cost of goods sold. In certain circumstances, upon the customer’s written request, we may in 2016 2015 $424,000 $634,000, Our Modular Buildings segment is in the construction industry, and as such accounts for contracts on 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 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. Costs and profit in excess of amounts billed are classified as current assets and billings in excess of cost and profit are classified as current liabilities. |
Research and Development Expense, Policy [Policy Text Block] | (l) Research and Development Research and development costs are expensed when incurred. Such costs approximated $140,000 $162,000 November 30, 2016 2015, |
Advertising Costs, Policy [Policy Text Block] | (m ) Advertising Advertising costs are expensed when incurred. Such costs approximated $420,000 $488,000 November 30, 2016 2015, |
Reclassification, Policy [Policy Text Block] | (n ) Reclassification Certain amounts in the consolidated financial statements of the Company related to the discontinuation of operations at our Vessels division have been reclassified to conform to classifications used in the current year. The reclassifications had no effect on previously reported results of operations or retained earnings. |
Earnings Per Share, Policy [Policy Text Block] | (o) Income (Loss) Per Share Basic net income (loss) per common share 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. Basic and diluted earnings per common share have been computed based on the following as of November 30, 2016 2015: For the twelve months ended November 30, 2016 November 30, 2015 Numerator for basic and diluted (loss) earnings per common share: Net (loss) income from continuing operations $ (426,182 ) $ (309,649 ) Net (loss) income from discontinued operations (395,152 ) (248,193 ) Net (loss) income $ (821,334 ) $ (557,842 ) Denominator: For basic (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Effect of dilutive stock options - - For diluted (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Earnings (Loss) per share - Basic: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) Earnings (Loss) per share - Diluted: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) |
Share-based Compensation, Option and Incentive Plans Policy [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. We estimate 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 of the Company 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 Revenue from Contracts with Customers In May 2014, 2014 09, 605)” 2014 09 December 15, 2017, Going Concern In August 2014, 2014 15, 205 40, Going Concern one 2015 15 December 15, 2016. November 30, 2017, Inventory In July 2015, 2015 11, 330),” first 2015 11 December 15, 2016, November 30, 2017 Income Taxes In November 2015, 2015 17, 740)”, 2015 17 December 15, 2017 December 15, 2018. November 30, 2019, November 30, 2020. Leases In February 2016, 2016 02, 842)”, twelve December 15, 2018, November 30, 2020 |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Account Policies (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the twelve months ended November 30, 2016 November 30, 2015 Numerator for basic and diluted (loss) earnings per common share: Net (loss) income from continuing operations $ (426,182 ) $ (309,649 ) Net (loss) income from discontinued operations (395,152 ) (248,193 ) Net (loss) income $ (821,334 ) $ (557,842 ) Denominator: For basic (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Effect of dilutive stock options - - For diluted (loss) earnings per share - weighted average common shares outstanding 4,097,748 4,058,382 Earnings (Loss) per share - Basic: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) Earnings (Loss) per share - Diluted: Continuing Operations $ (0.10 ) $ (0.08 ) Discontinued Operations $ (0.10 ) $ (0.06 ) Net Income (Loss) per share $ (0.20 ) $ (0.14 ) |
Note 2 - Discontinued Operati29
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Twelve Months Ended November 30, 2016 November 30, 2015 Revenue from external customers $ 1,598,330 $ 1,609,638 Gross Profit (198,567 ) 71,908 Operating Expense 399,503 398,759 Income (loss) from operations (598,070 ) (326,850 ) Income (loss) before tax (617,425 ) (354,562 ) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | November 30, 2016 November 30, 2015 Cash $ - $ 103 Accounts Receivable – Net 9,700 175,211 Inventories, net - 514,647 Property, plant, and equipment, net 1,745,528 1,870,649 Other Assets - 4,595 Assets of discontinued operations $ 1,755,228 $ 2,565,205 Accounts payable $ 1,588 $ 26,531 Accrued compensation - 33,431 Accrued expenses 50,061 58,948 Notes Payable 715,945 842,769 Liabilities of discontinued operations $ 767,594 $ 961,679 |
Note 3 - Allowance for Doubtf30
Note 3 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the 12 months ended November 30, 2016 November 30, 2015 Balance, beginning $ 18,810 $ 28,400 Provision charged to expense 4,925 2,188 Less amounts charged-off (989 ) (11,778 ) Balance, ending $ 22,746 $ 18,810 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 30, 2016 November 30, 2015 Raw materials $ 8,568,624 $ 9,699,156 Work in process 509,198 246,823 Finished goods 7,054,736 8,169,267 $ 16,132,558 $ 18,115,246 Less: Reserves (2,603,206 ) (2,930,810 ) $ 13,529,352 $ 15,184,436 |
Note 5 - Contracts in Progress
Note 5 - Contracts in Progress (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | Cost and Profit in Billings in Excess of Excess of Billings Costs and Profit November 30, 2016 Costs $ 121,118 $ 159,717 Estimated earnings 27,231 65,471 148,349 225,188 Less: amounts billed (40,000 ) (229,485 ) $ 108,349 $ (4,297 ) November 30, 2015 Costs $ 233,544 $ 695,915 Estimated earnings 75,822 227,442 309,366 923,357 Less: amounts billed (102,694 ) (1,010,215 ) $ 206,672 $ (86,858 ) |
Note 6 - Property, Plant, and33
Note 6 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | November 30, 2016 November 30, 2015 Land $ 536,103 $ 536,103 Buildings and improvements 7,859,477 7,832,061 Construction in Progress 10,353 10,353 Manufacturing machinery and equipment 10,772,933 11,742,106 Trucks and automobiles 450,171 432,806 Furniture and fixtures 113,956 114,252 19,742,993 20,667,681 Less accumulated depreciation (12,355,806 ) (12,843,418 ) Property, plant and equipment $ 7,387,187 $ 7,824,263 |
Note 7 - Assets Available for34
Note 7 - Assets Available for Sale (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | November 30, 2016 November 30, 2015 Ames, Iowa production facility $ - $ 1,093,632 Monona, Iowa storage building - 36,942 Ames, Iowa powder coat paint system 70,000 114,858.00 $ 70,000 $ 1,245,432 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | November 30, 2016 November 30, 2015 Salaries, wages, and commissions $ 542,449 $ 530,667 Accrued warranty expense 134,373 176,531 Other 342,234 484,166 $ 1,019,056 $ 1,191,364 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the twelve months ended November 30, 2016 November 30, 2015 Balance, beginning $ 176,531 $ 230,766 Settlements / adjustments (246,235 ) (319,691 ) Warranties issued 204,077 265,456 Balance, ending $ 134,373 $ 176,531 |
Note 10 - Loan and Credit Agr37
Note 10 - Loan and Credit Agreements (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | November 30, 2016 November 30, 2015 U.S. Bank loan payable in monthly installments of $42,500 including interest at 2.98%, paid February 10, 2016 $ - $ 1,196,088 U.S. Bank loan payable in monthly installments of $11,000 including interest at 2.98%, due May 1, 2018 632,126 743,149 U.S. Bank loan payable in monthly installments of $12,550 including interest at 2.98%, due May 1, 2018 715,946 842,769 U.S. Bank loan payable in monthly installments of $27,800 including interest at 2.98%, due May 1, 2018 808,096 1,112,205 U.S. Bank loan payable in monthly installments of $11,700 including interest at 3.15%, due May 10, 2017 337,147 464,605 U.S. Bank loan payable in monthly installments of $5,556 including interest at 2.98%, due May 25, 2017 904,751 943,381 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 512,935 647,132 Total term debt $ 3,911,001 $ 5,949,329 Less current portion of term debt 1,807,937 1,195,839 Term debt of discontinued operations 715,946 842,768 Term debt, excluding current portion $ 1,387,118 $ 3,910,722 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year: Amount 2017 $ 1,938,714 2018 1,727,351 2019 145,597 2020 99,339 2021 and thereafter - $ 3,911,001 |
Note 13 - Equity Incentive Pl38
Note 13 - Equity Incentive Plan (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Expected Volatility - 30.55 % Expected Dividend Yield - 1.574 % Expected Term (in years) - 2 Risk-Free Rate - 3.25 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at beginning of period 174,000 $ 8.39 - - Granted - $ - - - Exercised - $ - - - Options Expired or Forfeited (30,500 ) $ 6.39 - - Options Outstanding at end of Period 143,500 $ 8.78 3.37 - Options Exercisable At end of the Period 143,500 $ 8.78 3.37 - Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options Outstanding at beginning of period 160,000 $ 8.72 - - Granted 14,000 $ 4.70 - - Exercised - $ - - - Options Expired or Forfeited - $ - - - Options Outstanding at end of Period 174,000 $ 8.39 4.68 - Options Exercisable at end of Period 169,000 $ 8.47 4.57 - |
Schedule of Nonvested Share Activity [Table Text Block] | Non-vested Option Shares Shares Weighted Average Grant Date Fair Value Non-vested at Beginning of Period 5,000 Granted - Vested (5,000 ) $ 1.14 Forfeited - Non-vested at End of Period - |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | November 30, 2016 November 30, 2015 Current Expense (benefit) $ (288,935 ) $ (126,301 ) Deferred expense (benefit) (29,939 ) (180,919 ) $ (318,874 ) $ (307,220 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | November 30, 2016 November 30, 2015 Statutory federal income tax rate 34.0 % 34.0 % Permanent Differences and Other (6.00 ) 1.5 28.0 % 35.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | November 30 2016 2015 Current deferred tax assets (liabilities): Accrued expenses $ 110,000 $ 126,000 NOL and tax credit carryforward 133,000 - Inventory capitalization 16,000 21,000 Inventory obsolescence and other asset reserves 808,000 999,000 Total current deferred tax assets $ 1,067,000 $ 1,146,000 Non-current deferred tax assets Property, plant, and equipment $ (737,000 ) $ (847,000 ) Total non-current deferred tax assets (liabilities) $ (737,000 ) $ (847,000 ) |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve Months Ended November 30, 2016 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 15,756,000 $ 3,674,000 $ 2,128,000 $ 21,558,000 Income (loss) from operations (378,000 ) 88,000 (141,000 ) $ (431,000 ) Income (loss) before tax (403,000 ) 70,000 (189,000 ) $ (522000 ) Total Assets 20,317,000 2,588,000 2,608,000 $ 25,513,000 Capital expenditures 212,000 - 62,000 $ 274,000 Depreciation & Amortization 487,000 61,000 124,000 $ 672,000 Twelve Months Ended November 30, 2015 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 20,756,000 $ 3,191,000 $ 2,379,000 $ 26,326,000 Income (loss) from operations (84,000 ) 150,000 (143,000 ) $ (77,000 ) Income (loss) before tax (438,000 ) 124,000 (197,000 ) $ (511,000 ) Total Assets 22,696,000 3,181,000 2,890,000 $ 28,767,000 Capital expenditures 219,000 9,000 11,000 $ 239,000 Depreciation & Amortization 585,000 125,000 119,000 $ 822,000 |
Note 1 - Summary of Significa41
Note 1 - Summary of Significant Account Policies (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Overdue Trade Receivables Interest Rate Percent of Account Balances Per Month | 1.50% | |
Goodwill, Impairment Loss | $ 0 | $ 618,729 |
Sales Revenue, Goods, Gross | 424,000 | 634,000 |
Research and Development Expense | 140,000 | 162,000 |
Advertising Expense | $ 420,000 | $ 488,000 |
Assets Leased to Others [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Maximum [Member] | ||
Concentration Risk, Percentage | 8.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Minimum [Member] | ||
Concentration Risk, Percentage | 6.00% |
Note 1 - Summary of Significa42
Note 1 - Summary of Significant Account Policies - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Numerator for basic and diluted (loss) earnings per common share: | ||
Net (loss) income from continuing operations | $ (426,182) | $ (309,649) |
Net (loss) income from discontinued operations | (395,152) | (248,193) |
Net (loss) income | $ (821,334) | $ (557,842) |
Denominator: | ||
For basic (loss) earnings per share - weighted average common shares outstanding (in shares) | 4,097,748 | 4,058,382 |
Effect of dilutive stock options (in shares) | ||
For diluted (loss) earnings per share - weighted average common shares outstanding (in shares) | 4,097,748 | 4,058,382 |
Earnings (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.10) | $ (0.08) |
Discontinued Operations (in dollars per share) | (0.10) | (0.06) |
Net Income (Loss) per share (in dollars per share) | (0.20) | (0.14) |
Earnings (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.10) | (0.08) |
Discontinued Operations (in dollars per share) | (0.10) | (0.06) |
Net Income (Loss) per share (in dollars per share) | $ (0.20) | $ (0.14) |
Note 2 - Discontinued Operati43
Note 2 - Discontinued Operations - Income from Discontinued Operations before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Income (loss) before tax | $ (617,425) | $ (354,562) |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Revenue from external customers | 1,598,330 | 1,609,638 |
Gross Profit | (198,567) | 71,908 |
Operating Expense | 399,503 | 398,759 |
Income (loss) from operations | (598,070) | (326,850) |
Income (loss) before tax | $ (617,425) | $ (354,562) |
Note 2 - Discontinued Operati44
Note 2 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Notes Payable | $ 715,946 | $ 842,768 |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Cash | 103 | |
Accounts Receivable – Net | 9,700 | 175,211 |
Inventories, net | 514,647 | |
Property, plant, and equipment, net | 1,745,528 | 1,870,649 |
Other Assets | 4,595 | |
Assets of discontinued operations | 1,755,228 | 2,565,205 |
Accounts payable | 1,588 | 26,531 |
Accrued compensation | 33,431 | |
Accrued expenses | 50,061 | 58,948 |
Notes Payable | 715,945 | 842,769 |
Liabilities of discontinued operations | $ 767,594 | $ 961,679 |
Note 3 - Allowance for Doubtf45
Note 3 - Allowance for Doubtful Accounts - Activity in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Balance, beginning | $ 18,810 | $ 28,400 |
Provision charged to expense | 4,925 | 2,188 |
Less amounts charged-off | (989) | (11,778) |
Balance, ending | $ 22,746 | $ 18,810 |
Note 4 - Inventories - Major Cl
Note 4 - Inventories - Major Classes of Inventory (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Raw materials | $ 8,568,624 | $ 9,699,156 |
Work in process | 509,198 | 246,823 |
Finished goods | 7,054,736 | 8,169,267 |
16,132,558 | 18,115,246 | |
Less: Reserves | (2,603,206) | (2,930,810) |
$ 13,529,352 | $ 15,184,436 |
Note 5 - Contracts in Progres47
Note 5 - Contracts in Progress (Details Textual) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Contract Receivable Retainage | $ 0 | $ 27,951 |
Note 5 - Contracts in Progres48
Note 5 - Contracts in Progress - Long-term Contracts (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Costs in Excess of Billings, Cost | $ 121,118 | $ 233,544 |
Billings in Excess of Costs, Costs | 159,717 | 695,915 |
Costs in Excess of Billings, Estimated Earnings | 27,231 | 75,822 |
Billings in Excess of Costs, Estimated Earnings | 65,471 | 227,442 |
Costs in Excess of Billings, Costs and Estimated Earnings | 148,349 | 309,366 |
Billings in Excess of Costs, Costs and Estimated Earnings | 225,188 | 923,357 |
Costs in Excess of Billings, Amounts Billed | (40,000) | (102,694) |
Billings in Excess of Costs, Amounts Billed | (229,485) | (1,010,215) |
Cost and Profit in Excess of Billings | 108,349 | 206,672 |
Billings in Excess of Cost | $ (4,297) | $ (86,858) |
Note 6 - Property, Plant, and49
Note 6 - Property, Plant, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Depreciation | $ 671,967 | $ 821,990 |
Note 6 - Property, Plant, and50
Note 6 - Property, Plant, and Equipment - Major Classes of Property, Plant, and Equipment (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Property, plant and equipment, gross | $ 19,742,993 | $ 20,667,681 |
Less accumulated depreciation | (12,355,806) | (12,843,418) |
Property, plant and equipment | 7,387,187 | 7,824,263 |
Land [Member] | ||
Property, plant and equipment, gross | 536,103 | 536,103 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,859,477 | 7,832,061 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 10,353 | 10,353 |
Manufacturing Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,772,933 | 11,742,106 |
Trucks and Automobiles [Member] | ||
Property, plant and equipment, gross | 450,171 | 432,806 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 113,956 | $ 114,252 |
Note 7 - Assets Available for51
Note 7 - Assets Available for Sale (Details Textual) - USD ($) | Feb. 10, 2016 | Dec. 31, 2015 | Nov. 30, 2016 | Nov. 30, 2015 |
Gain (Loss) on Disposition of Property Plant Equipment | $ 17,395 | $ (123,405) | ||
Proceeds from Sale of Property, Plant, and Equipment | 1,173,735 | 38,906 | ||
Asset Impairment Charges | 44,858 | $ 618,729 | ||
Ames, Iowa Production Facility [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Gross | $ 1,192,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 36,000 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,130,000 | |||
Monona, Iowa Storage Facility [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 8,046 | |||
Ames, Iowa Powder Coat Print System [Member] | ||||
Asset Impairment Charges | $ 44,858 |
Note 7 - Assets Available for52
Note 7 - Assets Available for Sale - Major Components Assets Available for Sale (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Assets available for sale | $ 70,000 | $ 1,245,432 |
Ames, Iowa Production Facility [Member] | ||
Assets available for sale | 1,093,632 | |
Monona, Iowa Storage Facility [Member] | ||
Assets available for sale | 36,942 | |
Ames, Iowa Powder Coat Print System [Member] | ||
Assets available for sale | $ 70,000 | $ 114,858 |
Note 8 - Accrued Expenses - Maj
Note 8 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Salaries, wages, and commissions | $ 542,449 | $ 530,667 |
Accrued warranty expense | 134,373 | 176,531 |
Other | 342,234 | 484,166 |
$ 1,019,056 | $ 1,191,364 |
Note 9 - Product Warranty - Cha
Note 9 - Product Warranty - Changes In Product Warranty Liability (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Balance, beginning | $ 176,531 | $ 230,766 |
Settlements / adjustments | (246,235) | (319,691) |
Warranties issued | 204,077 | 265,456 |
Balance, ending | $ 134,373 | $ 176,531 |
Note 10 - Loan and Credit Agr55
Note 10 - Loan and Credit Agreements (Details Textual) | Jul. 11, 2016USD ($) | Feb. 10, 2016USD ($) | Nov. 30, 2016USD ($) | Nov. 30, 2015USD ($) | Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | May 29, 2014USD ($) | May 01, 2013USD ($) | Feb. 01, 2013 | May 10, 2012USD ($) | May 01, 2010USD ($) |
Long-term Debt | $ 3,911,001 | $ 5,949,329 | |||||||||
Repayments of Long-term Debt | $ 1,911,506 | $ 1,160,776 | |||||||||
Iowa Finance Authority Term Loan [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||||||||
Long-term Debt | $ 512,935 | $ 647,132 | |||||||||
Debt Instrument, Periodic Payment | 12,500 | $ 12,500 | |||||||||
US Bank [Member] | |||||||||||
Line of Credit Facility, Capacity Available, Terminated | $ 200,000 | ||||||||||
US Bank [Member] | The Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||||||||
Long-term Line of Credit | 3,284,114 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,559,208 | ||||||||||
Line of Credit Facility Borrowing Capacity Borrowing Base Percentage of Accounts Receivable | 75.00% | ||||||||||
Line of Credit Facility Borrowing Capacity Borrowing Base Minimum Percentage of Aggregate Receivables | 20.00% | ||||||||||
Line of Credit Facility Borrowing Capacity Borrowing Base Percentage of Inventory | 50.00% | ||||||||||
Line of Credit Facility Borrowing Capacity Borrowing Base Maximum Inventory Amount | $ 3,750,000 | ||||||||||
US Bank [Member] | The Line of Credit [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
US Bank [Member] | US Bank UHC Loan [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||||||||
Debt Instrument, Face Amount | $ 880,000 | ||||||||||
Term Loan Final Payment | $ 283,500 | ||||||||||
Long-term Debt | $ 337,147 | ||||||||||
US Bank [Member] | The 2013 Term Notes [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.98% | ||||||||||
Long-term Debt | $ 2,156,168 | ||||||||||
Repayments of Long-term Debt | $ 1,078,196 | ||||||||||
Debt Instrument, Periodic Payment | 51,350 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,363,000 | ||||||||||
US Bank [Member] | The 2014 Term Note [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.98% | ||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||||
Long-term Debt | $ 904,751 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 890,000 | ||||||||||
US Bank [Member] | Line of Credit, 2013 Term Notes, and 2014 Term Notes [Member] | |||||||||||
Debt Instrument, Covenant Quarterly Fixed Charge Coverage Ratio | 1.15 | ||||||||||
Debt Instrument, Covenant Year-to-Date Fixed Charge Coverage Ratio | 1 | ||||||||||
Debt Instrument, Covenant EBITDA Amount, Period One | $ 360,000 | ||||||||||
Debt Instrument, Covenant EBITDA Amount, Period Two | $ 390,000 | ||||||||||
Debt Instrument, Covenant EBITDA Amount, Period Three | $ 395,000 | ||||||||||
Debt Instrument, Covenant EBITDA Amount, Period Four | $ 400,000 | ||||||||||
Debt Instrument, Covenant Monthly Minimum Liquidity Amount | $ 750,000 | ||||||||||
US Bank [Member] | US Bank UHC Loan, Line of Credit, 2013 Term Notes, and 2014 Term Notes [Member] | |||||||||||
Debt Instrument, Covenant Interest Rate Increase in Event of Default | 5.00% | ||||||||||
The First National Bank of West Union [Member] | Iowa Finance Authority Term Loan [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 3.50% | |||||||||
Debt Instrument, Face Amount | $ 1,300,000 | ||||||||||
Debt Instrument, Covenant Debt Service Coverage Ratio | 1.5 |
Note 10 - Loan and Credit Agr56
Note 10 - Loan and Credit Agreements - Summary Of Term Debt (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Term debt | $ 3,911,001 | $ 5,949,329 |
Less current portion of term debt | 1,807,937 | 1,195,839 |
Notes Payable | 715,946 | 842,768 |
Term debt, excluding current portion | 1,387,118 | 3,910,722 |
US Bank Loan 1 [Member] | ||
Term debt | 1,196,088 | |
US Bank Loan 2 [Member] | ||
Term debt | 632,126 | 743,149 |
US Bank Loan 3 [Member] | ||
Term debt | 715,946 | 842,769 |
US Bank Loan 4 [Member] | ||
Term debt | 808,096 | 1,112,205 |
US Bank Loan 5 [Member] | ||
Term debt | 337,147 | 464,605 |
US Bank Loan 6 [Member] | ||
Term debt | 904,751 | 943,381 |
Iowa Finance Authority Term Loan [Member] | ||
Term debt | $ 512,935 | $ 647,132 |
Note 10 - Loan and Credit Agr57
Note 10 - Loan and Credit Agreements - Summary Of Term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
US Bank Loan 1 [Member] | ||
Installments | $ 42,500 | |
Interest rate | 2.98% | |
US Bank Loan 2 [Member] | ||
Installments | $ 11,000 | $ 11,000 |
Interest rate | 2.98% | 2.98% |
US Bank Loan 3 [Member] | ||
Installments | $ 12,550 | $ 12,550 |
Interest rate | 2.98% | 2.98% |
US Bank Loan 4 [Member] | ||
Installments | $ 27,800 | $ 27,800 |
Interest rate | 2.98% | 2.98% |
US Bank Loan 5 [Member] | ||
Installments | $ 11,700 | $ 11,700 |
Interest rate | 3.15% | 3.15% |
US Bank Loan 6 [Member] | ||
Installments | $ 5,556 | $ 5,556 |
Interest rate | 2.98% | 2.98% |
Iowa Finance Authority Term Loan [Member] | ||
Installments | $ 12,500 | $ 12,500 |
Interest rate | 2.75% | 2.75% |
Note 10 - Loan and Credit Agr58
Note 10 - Loan and Credit Agreements - Summary of the Minimum Maturities of Term Debt (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
2,017 | $ 1,938,714 | |
2,018 | 1,727,351 | |
2,019 | 145,597 | |
2,020 | 99,339 | |
2021 and thereafter | ||
Total | $ 3,911,001 | $ 5,949,329 |
Note 11 - Related Party Trans59
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Revenue from Related Parties | $ 0 | $ 32,000 |
Due from Related Parties | $ 0 | $ 9,600 |
Note 12 - Employee Benefit Pl60
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |
Defined Contribution Plan Minimum Threshold Percentage of Employee Contributions | 4.00% | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |
Defined Contribution Plan, Cost Recognized | $ 37,606 | $ 47,466 |
Note 13 - Equity Incentive Pl61
Note 13 - Equity Incentive Plan (Details Textual) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Allocated Share-based Compensation Expense | $ 79,979 | $ 28,484 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 88,278 | 20,462 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 14,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1.14 | $ 0 |
Proceeds from Stock Options Exercised | $ 0 | 0 |
Stock Units [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Authorized to Grant Annually | 1,000 | |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 3,881 | 8,022 |
Restricted Stock [Member] | ||
Allocated Share-based Compensation Expense | $ 76,098 | $ 20,462 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 48,000 | 12,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 12,550 | 4,150 |
Note 13 - Equity Incentive Pl62
Note 13 - Equity Incentive Plan - Fair Value Assumptions (Details) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Expected Volatility | 30.55% | |
Expected Dividend Yield | 1.574% | |
Expected Term (in years) (Year) | 2 years | |
Risk-Free Rate | 3.25% |
Note 13 - Equity Incentive Pl63
Note 13 - Equity Incentive Plan - Option Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Options Outstanding at Beginning of Period, Shares (in shares) | 174,000 | 160,000 |
Options Outstanding at Beginning of Period, Weighted Average Exercise Price (in dollars per share) | $ 8.39 | $ 8.72 |
Granted, Shares (in shares) | 0 | 14,000 |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 4.70 | |
Exercised, Shares (in shares) | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | ||
Options Expired or Forfeited, Shares (in shares) | (30,500) | |
Options Expired or Forfeited, Weighted Average Exercise Price (in dollars per share) | $ 6.39 | |
Options Outstanding at End of Period, Shares (in shares) | 143,500 | 174,000 |
Options Outstanding at end of Period, Weighted Average Exercise Price (in dollars per share) | $ 8.78 | $ 8.39 |
Options Outstanding at End of Period, Weighted Average Remaining Contractual Term (Year) | 3 years 135 days | 4 years 248 days |
Options Exercisable at End of the Period, Shares (in shares) | 143,500 | 169,000 |
Options Exercisable At end of the Period, Weighted Average Exercise Price (in dollars per share) | $ 8.78 | $ 8.47 |
Options Exercisable At end of the Period, Weighted Average Remaining Contractual Term (Year) | 3 years 135 days | 4 years 208 days |
Note 13 - Equity Incentive Pl64
Note 13 - Equity Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) | 12 Months Ended |
Nov. 30, 2016$ / sharesshares | |
Non-vested at Beginning of Period, Shares (in shares) | shares | 5,000 |
Non-vested at Beginning of Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Vested, Non-vested Shares (in shares) | shares | (5,000) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.14 |
Forfeited, Non-vested Shares (in shares) | shares | |
Forfeited, Non-vested Options, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Non-vested at End of Period, Shares (in shares) | shares | |
Non-vested at End of Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | Nov. 30, 2016USD ($) |
Deferred Tax Assets, Valuation Allowance | $ 75,000 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Current Expense (benefit) | $ (288,935) | $ (126,301) |
Deferred expense (benefit) | (29,939) | (180,919) |
Total | $ (318,874) | $ (307,220) |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Statutory federal income tax rate | 34.00% | 34.00% |
Permanent Differences and Other | (6.00%) | 1.50% |
Total | 28.00% | 35.50% |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Accrued expenses | $ 110,000 | $ 126,000 |
NOL and tax credit carryforward | 133,000 | |
Inventory capitalization | 16,000 | 21,000 |
Inventory obsolescence and other asset reserves | 808,000 | 999,000 |
Total current deferred tax assets | 1,066,740 | 1,146,242 |
Property, plant, and equipment | (737,000) | (847,000) |
Total non-current deferred tax assets (liabilities) | $ (737,519) | $ (846,960) |
Note 17 - Segment Information69
Note 17 - Segment Information (Details Textual) | 12 Months Ended |
Nov. 30, 2016 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Information -
Note 17 - Segment Information - Segment Reporting Information (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Revenue from external customers | $ 21,557,649 | $ 26,326,150 |
Income (loss) from operations | (431,447) | (76,812) |
Total Assets | 27,242,590 | 31,331,608 |
Capital expenditures | 274,089 | 238,923 |
Depreciation & Amortization | 671,967 | 821,990 |
Operating Segments [Member] | ||
Revenue from external customers | 21,558,000 | 26,326,000 |
Income (loss) from operations | (431,000) | (77,000) |
Income (loss) before tax | (522,000) | (511,000) |
Total Assets | 25,513,000 | 28,767,000 |
Capital expenditures | 274,000 | 239,000 |
Depreciation & Amortization | 672,000 | 822,000 |
Operating Segments [Member] | Agricultural Products [Member] | ||
Revenue from external customers | 15,756,000 | 20,756,000 |
Income (loss) from operations | (378,000) | (84,000) |
Income (loss) before tax | (403,000) | (438,000) |
Total Assets | 20,317,000 | 22,696,000 |
Capital expenditures | 212,000 | 219,000 |
Depreciation & Amortization | 487,000 | 585,000 |
Operating Segments [Member] | Modular Buildings [Member] | ||
Revenue from external customers | 3,674,000 | 3,191,000 |
Income (loss) from operations | 88,000 | 150,000 |
Income (loss) before tax | 70,000 | 124,000 |
Total Assets | 2,588,000 | 3,181,000 |
Capital expenditures | 9,000 | |
Depreciation & Amortization | 61,000 | 125,000 |
Operating Segments [Member] | Tools [Member] | ||
Revenue from external customers | 2,128,000 | 2,379,000 |
Income (loss) from operations | (141,000) | (143,000) |
Income (loss) before tax | (189,000) | (197,000) |
Total Assets | 2,608,000 | 2,890,000 |
Capital expenditures | 62,000 | 11,000 |
Depreciation & Amortization | $ 124,000 | $ 119,000 |