Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 28, 2018 | Mar. 30, 2018 | |
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) | 4,200,466 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Current assets: | ||
Cash | $ 92,814 | $ 212,400 |
Accounts receivable-customers, net of allowance for doubtful accounts of $16,165 and $32,298 in 2018 and 2017, respectively | 1,827,102 | 1,910,294 |
Inventories, net | 11,068,505 | 11,966,722 |
Cost and profit in excess of billings | 2,778 | 65,146 |
Net investment in sales-type leases, current | 119,512 | |
Assets of discontinued operations | 4,855 | 2,454 |
Other current assets | 425,263 | 275,755 |
Total current assets | 13,540,829 | 14,432,771 |
Property, plant, and equipment, net | 5,818,795 | 5,946,957 |
Assets held for lease, net | 1,201,515 | 1,217,164 |
Deferred income taxes | 693,751 | 901,396 |
Goodwill | 375,000 | 375,000 |
Net investment in sales-type leases, long-term | 255,943 | |
Other assets of discontinued operations | 1,425,000 | 1,425,000 |
Other assets | 80,478 | 81,545 |
Total assets | 23,391,311 | 24,379,833 |
Current liabilities: | ||
Line of credit | 1,960,530 | 2,462,530 |
Current portion of long-term debt | 222,475 | 221,230 |
Accounts payable | 929,474 | 673,653 |
Customer deposits | 622,597 | 600,325 |
Billings in Excess of Cost and Profit | 11,908 | 48,211 |
Accrued expenses | 864,289 | 981,558 |
Liabilites of discontinued operations | 49,211 | 59,149 |
Income taxes payable | 3,100 | 3,100 |
Total current liabilities | 4,663,584 | 5,049,756 |
Long-term liabilities | ||
Long-term liabilities of discontinued operations | 587,989 | 590,366 |
Long-term debt, excluding current portion | 2,693,606 | 2,748,677 |
Total liabilities | 7,945,179 | 8,388,799 |
Commitments and Contingencies (Notes 8 and 9) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2018 and 2017; issued 0 shares in 2018 and 2017. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2018 and 2017; issued 4,209,752 in 2018 and 4,158,752 in 2017 | 42,097 | 41,587 |
Additional paid-in capital | 2,908,100 | 2,859,052 |
Retained earnings | 12,787,378 | 13,353,830 |
Accumulated other comprehensive expense | (263,708) | (257,010) |
Treasury stock, at cost (9,286 in 2018 and 1,954 in 2017 shares) | (27,735) | (6,425) |
Total stockholders’ equity | 15,446,132 | 15,991,034 |
Total liabilities and stockholders’ equity | $ 23,391,311 | $ 24,379,833 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Allowance for doubtful accounts | $ 16,165 | $ 32,298 |
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 |
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) | 4,209,752 | 4,158,752 |
Treasury stock (in shares) | 9,286 | 1,954 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Sales | $ 5,365,536 | $ 4,421,168 |
Cost of goods sold | 4,245,729 | 3,307,345 |
Gross profit | 1,119,807 | 1,113,823 |
Expenses: | ||
Engineering | 129,064 | 132,640 |
Selling | 450,961 | 485,380 |
General and administrative | 848,503 | 848,236 |
Total expenses | 1,428,528 | 1,466,256 |
Income (Loss) from operations | (308,721) | (352,433) |
Other income (expense): | ||
Interest expense | (69,676) | (63,794) |
Other | 72,572 | 51,674 |
Total other income (expense) | 2,896 | (12,120) |
Income (Loss) from continuing operations before income taxes | (305,825) | (364,553) |
Income tax expense (benefit) | 221,573 | (110,911) |
Income (Loss) from continuing operations | (527,398) | (253,642) |
Discontinued Operations | ||
Income (loss) from operations of discontinued segment | (51,590) | 4,877 |
Income tax expense (benefit) | (12,536) | 1,264 |
Income (Loss) on discontinued operations | (39,054) | 3,613 |
Net Income (Loss) | $ (566,452) | $ (250,029) |
Earnings (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.13) | $ (0.06) |
Discontinued Operations (in dollars per share) | (0.01) | 0 |
Net Income (Loss) per share (in dollars per share) | (0.14) | (0.06) |
Earnings (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.13) | (0.06) |
Discontinued Operations (in dollars per share) | (0.01) | 0 |
Net Income (Loss) per share (in dollars per share) | $ (0.14) | $ (0.06) |
Weighted average outstanding shares used to compute basic net income per share (in shares) | 4,170,818 | 4,126,012 |
Weighted average outstanding shares used to compute diluted net income per share (in shares) | 4,170,818 | 4,126,012 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Net Income (Loss) | $ (566,452) | $ (250,029) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustsments | (6,698) | 11,022 |
Total Other Comprehensive Income (Loss) | (6,698) | 11,022 |
Comprehensive (Loss) | $ (573,150) | $ (239,007) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Cash flows from operations: | ||
Net (loss) from continuing operations | $ (527,398) | $ (253,642) |
Net income (loss) from discontinued operations | (39,054) | 3,613 |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 49,558 | 26,557 |
Unrealized foreign currency gain (loss) | (6,698) | 11,022 |
(Gain)/Loss on disposal of property, plant, and equipment | (8,896) | 2,463 |
Depreciation and amortization expense | 189,654 | 170,789 |
Bad debt expense | (16,002) | 5,601 |
Deferred income taxes | 207,645 | (107,034) |
Changes in assets and liabilities: | ||
Accounts receivable | 99,194 | (44,089) |
Inventories | 898,217 | 295,975 |
Income taxes receivable | (5,537) | |
Net investment in sales-type leases | (375,455) | |
Other assets | (150,301) | (255,629) |
Accounts payable | 255,821 | 80,634 |
Contracts in progress, net | 26,065 | 59,422 |
Customer deposits | 22,272 | 503,702 |
Accrued expenses | (117,269) | (166,649) |
Net cash provided by operating activities - continuing operations | 546,407 | 323,585 |
Net cash (used in) operating activities - discontinued operations | (51,509) | (22,039) |
Net cash provided by operating activities | 494,898 | 301,546 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (64,401) | (195,020) |
Net proceeds from sale of assets | 29,316 | 12,190 |
Net cash (used in) investing activities - continuing operations | (35,085) | (182,830) |
Net cash provided by investing activities - discontinued operations | 38,736 | |
Net cash (used in) investing activities | (35,085) | (144,094) |
Cash flows from financing activities: | ||
Net change in line of credit | 502,000 | 250,000 |
Repayment of term debt | (53,827) | (182,119) |
Repurchases of common stock | (21,310) | (5,989) |
Net cash (used in) financing activities - continuing operations | (577,137) | (438,108) |
Net cash (used in) financing activities - discontinued operations | (2,262) | (32,281) |
Net cash (used in) financing activities | (579,399) | (470,389) |
Net increase (decrease) in cash | (119,586) | (312,937) |
Cash at beginning of period | 212,400 | 1,063,716 |
Cash at end of period | 92,814 | 750,779 |
Supplemental disclosures of cash flow information: | ||
Interest | 48,506 | 71,338 |
Income taxes | $ 838 | $ 3,125 |
Note 1 - Description of the Com
Note 1 - Description of the Company | 3 Months Ended |
Feb. 28, 2018 | |
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 three third 2016, 3 16 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Account Policies | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Summary of Significant Account Policies Statement Presentation The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the 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, 2017 . The results of operations for the three February 28, 2018 not November 30, 2018 . The financial books of the Company’s Canadian operation 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 to be translated to U.S. Dollars at the exchange rate as of quarter end. Stockholders’ 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 resulting cumulative translation adjustment is carried on the balance sheet and is recorded in stockholders’ equity for 2018. no not Sales-Type Leases The Company leases modular buildings to certain customers and accounts for these transactions as sales-type leases. These leases have terms of up to 36 The lessee has a bargain purchase option available at the end of the lease term. A minimum lease receivable is recorded net of unearned interest income and profit on sale at the time the building is available for occupancy. Profit related to the sale of the building is recorded upon occupancy. 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 disclo sure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three February 28, 2018. |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3 Discontinued Operations Effective October 31 , 2016, . In January 2018, $1,500,000, $289,000 November 30, 2017, $1,425,000, 29, 2018 $1,500,000. As Vessels was a unique business unit of the Company, its liquidation was a strategic shift. In accordance with Accounting Standard Code Topic 360, Income from discontinued operations, before income taxes in the accompanying Condensed Consolidated Statements of Operations is comprised of the following: Three Months Ended February 28, 2018 February 28, 2017 Revenue from external customers $ - $ - Gross Profit - - Operating Expense 43,458 32 Income (loss) from operations (43,458 ) (32 ) Income (loss) before tax (51,590 ) 4,877 The components of discontinued operations in the accompanying Condensed Consolidated Balance Sheets are as follows: February 28, 2018 November 30, 2017 Cash $ 4,855 $ 2,454 Property, plant, and equipment, net 1,425,000 1,425,000 Assets of discontinued operations $ 1,429,855 $ 1,427,454 Accounts payable $ 655 $ - Accrued expenses 39,222 49,931 Notes Payable 597,323 599,584 Liabilities of discontinued operations $ 637,200 $ 649,515 |
Note 4 - Net Income (Loss) Per
Note 4 - Net Income (Loss) Per Share of Common Stock | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 Net Income (Loss) Per Share of Common Stock 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. 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 earnings (loss) per common share . Basic and diluted earnings (loss) per common share have been computed based on the following as of February 28, 2018 February 28, 2017: For the three months ended February 28, 2018 February 28, 2017 Numerator for basic and diluted (loss) earnings per common share: Net (loss) income from continuing operations $ (527,398 ) $ (253,642 ) Net (loss) income from discontinued operations (39,054 ) 3,613 Net (loss) income $ (566,452 ) $ (250,029 ) Denominator: For basic (loss) earnings per share - weighted average common shares outstanding 4,170,818 4,126,012 Effect of dilutive stock options - - For diluted (loss) earnings per share - weighted average common shares outstanding 4,170,818 4,126,012 Earnings (Loss) per share - Basic: Continuing Operations $ (0.13 ) $ (0.06 ) Discontinued Operations $ (0.01 ) $ 0.00 Net Income (Loss) per share $ (0.14 ) $ (0.06 ) Earnings (Loss) per share - Diluted: Continuing Operations $ (0.13 ) $ (0.06 ) Discontinued Operations $ (0.01 ) $ 0.00 Net Income (Loss) per share $ (0.14 ) $ (0.06 ) |
Note 5 - Inventory
Note 5 - Inventory | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 Inventory Major classes of inventory are: February 28, 2018 November 30, 2017 Raw materials $ 8,275,782 $ 8,731,985 Work in process 742,276 460,687 Finished goods 4,618,064 5,395,353 Gross inventory $ 13,636,122 $ 14,588,025 Less: Reserves (2,567,617 ) (2,621,303 ) Net Inventory $ 11,068,505 $ 11,966,722 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6 Accrued Expenses Major components of accrued expenses are: February 28, 2018 November 30, 2017 Salaries, wages, and commissions $ 485,592 $ 584,768 Accrued warranty expense 54,135 68,451 Other 324,562 328,339 $ 864,289 $ 981,558 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | 7 Assets Held for Lease Major components of assets held for lease are: February 28, 2018 November 30, 2017 West Union Facility $ 1,111,946 $ 1,118,330 Modular Buildings 89,569 98,834 Net assets held for lease $ 1,201,515 $ 1,217,164 |
Note 8 - Product Warranty
Note 8 - Product Warranty | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 8 Product Warranty The Company offers warranties of various lengths to its customers depending on the specific product and terms of th e customer purchase agreement. The average length of the warranty period is one no may no not 6 three February 28, 2018 February 28, 2017 For the three months ended February 28, 2018 February 28, 2017 Balance, beginning $ 68,451 $ 134,373 Settlements / adjustments (82,673 ) (72,949 ) Warranties issued 68,357 64,248 Balance, ending $ 54,135 $ 125,672 |
Note 9 - Loan and Credit Agreem
Note 9 - Loan and Credit Agreements | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 Loan and Credit Agreements The Company maintains a revolving line of credit and term loans with Bank Midwest as well as a term loan with The First National Bank of West Union. Bank Midwest Revolving Line o f Credit, Term Loans , and Covenants On September 28, 2017, ’s previous credit facility with U.S. Bank. The Bank Midwest credit facility consists of a $5,000,000 $2,600,000 October 1, 2037, $600,000 October 1, 2019. $6,562,030, $6,528,223 $33,807 . On February 28, 2018, $1,960,530 $3,039,470 75% 50% 1.000% 4.250% 5.250% March 30, 2018. no March 30, 2019. The $2,600,000 5.000% first sixty 0.750% 4.150% may five $17,271 is also guaranteed by the United States Department of Agriculture (“USDA”), which requires an upfront guarantee fee of $62,400 0.5% 20% 38% 2% $600,000 5.000%, $3,249 Each of the revolving line of credit and the term loans are governed by the terms of a separate Promissory Note, dated September 28, 2017, In connection with the revolving 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 has granted Bank Midwest a second ’s-Way Inc. has granted Bank Midwest a mortgage on its property located in Canton, Ohio. The $2,600,000 $600,000 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 ’s obligations under the promissory notes. Bank Midwest shall also have all other rights and remedies for default provided by the Uniform Commercial Code, as well as any other applicable law and the various loan agreements. In addition, in an event of default, Bank Midwest may Compliance with Bank Midwest convenants is measured annually at November 30. Bank Midwest loan agreements require the Company to maintain a minimum working capital ratio of 1.75, $5,100,000 1 1 40% 1.25, 0.10 November 30, 2017 no November 30, 2018. The Company is also required to provide audited financial statements within 120 Iowa Finance Authority Term Loan and Covenants On May 1, 2010, ’s-Way brand. The funds for this loan were made available by the Iowa Finance Authority by the issuance of tax exempt bonds. This loan had an original principal amount of $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 ’s West Union Facility, pursuant to a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement dated May 1, 2010 If the Company commits an event of default under the IFA Loan Agreement or the West Union Mortgage and does not may ’s performance. The Company was in compliance with all covenants except for the debt service coverage ratio covenant as measured on November 30, 2017. November 30, 2018. A summary of the Company ’s term debt is as follows: February 28, 2018 November 30, 2017 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,576,273 $ 2,595,007 Bank Midwest loan payable in monthly installments of $3,249 including interest at 5.00%, due October 1, 2019 597,323 599,584 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 339,808 374,900 Total term debt $ 3,513,404 $ 3,569,491 Less current portion of term debt 222,475 221,230 Term debt of discontinued operations 597,323 599,584 Term debt, excluding current portion $ 2,693,606 $ 2,748,677 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 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. On December 22, 2017, 2017 35% 21%. December 31, 2017. first 2018. Tax expense from continuing operations includes an adjustment of approximately $300,000 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11 Related Party Transactions During the first 201 8, $5,001 $0 first 2017 . The accrued expenses balance as of February 28, 2018 $1,663 $0 2017 . |
Note 12 - Sales-type Leases
Note 12 - Sales-type Leases | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessor Disclosure [Text Block] | 12 Sales-type leases The components related to sales-type leases at February 28, 2018 November 30, 2017 February 28, 2018 November 30, 2017 Minimum lease receivable, current $ 176,925 $ - Unearned interest income, current (57,413 ) - Net investment in sales-type leases, current 119,512 - Minimum lease receivable, long-term 298,777 - Unearned interest income, long-term (42,834 ) - Net investment in sales-type leases, long-term $ 255,943 $ - The profit recognized in continuing operations on the condensed consolidated statements of operations from commencement of sales-type leases in the three February 28, 2018 $129,104 $0 2017. Future minimum lease receipts are as follows: Year Ending November 30, Amount 2018 $ 133,425 2019 174,000 2020 162,425 2021 5,852 2022 - Thereafter - Total $ 475,702 |
Note 13 - Recently Issued Accou
Note 13 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 13 Recently Issued Accounting Pronouncements Accounting Pronouncements Not Revenue from Contracts with Customers In May 2014, he FASB issued ASU No. 2014 09, 605 2014 09 December 15, 2017, not Leases In February 2016, B issued ASU 2016 02, 842 twelve December 15, 2018, November 30, 2020 |
Note 14 - Equity Incentive Plan
Note 14 - Equity Incentive Plan and Stock Based Compensation | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14 Equity Incentive Plan and Stock Based Compensation On January 27, 2011, ’s-Way Manufacturing Co., Inc. 2011 “2011 2011 April 28, 2011. no 2011 The 2011 ), directors, and consultants. The Board of Directors has approved a director compensation policy pursuant to which non-employee directors are automatically granted restricted stock awards of 1,000 1,000 first three 2018, 45,000 three 6,000 Stock options granted prior to January 27, 2011 Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized ov er the relevant vesting period. The Company estimates the fair value of each stock-based option award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate, and dividend yield. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date. No three February 28, 2018 2017. $49,558 three February 28, 2018, $26,557 2017 . |
Note 15 - Disclosures About the
Note 15 - Disclosures About the Fair Value of Financial Instruments | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15 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 e xchanged in a current transaction between willing parties. At February 28, 2018, November 30, 2017, The rates implicit in the lease do not The fair value of the Company’s installment term loans payable also approximate recorded value because the interest rates charged under the loan terms are not |
Note 16 - Segment Information
Note 16 - Segment Information | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16 Segment Information There are three , modular buildings and tools. The agricultural products segment fabricates and sells farming products as well as related equipment and replacement parts for these products in the United States and worldwide. The modular buildings segment manufactures and installs modular buildings for animal containment and various laboratory uses. The tools segment manufactures steel cutting tools and inserts. The accounting policies applied to determine the segment information are the same as those described in the summary of si gnificant 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 rep ortable segments is as follows. The tables below exclude income and balance sheet data from discontinued operations. See Note 3 Three Months Ended February 28, 2018 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,929,000 $ 739,000 $ 697,000 $ 5,365,000 Income (loss) from operations (275,000 ) (60,000 ) 26,000 $ (309,000 ) Income (loss) before tax (270,000 ) (52,000 ) 16,000 $ (306,000 ) Total Assets 16,246,000 3,154,000 2,561,000 $ 21,961,000 Capital expenditures 29,000 35,000 - $ 64,000 Depreciation & Amortization 133,000 25,000 32,000 $ 190,000 Three Months Ended February 28, 2017 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,368,000 $ 388,000 $ 665,000 $ 4,421,000 Income (loss) from operations (220,000 ) (154,000 ) 21,000 $ (353,000 ) Income (loss) before tax (217,000 ) (158,000 ) 11,000 $ (364,000 ) Total Assets 19,063,000 2,849,000 2,657,000 $ 24,569,000 Capital expenditures 129,000 - 66,000 $ 195,000 Depreciation & Amortization 125,000 15,000 31,000 $ 171,000 * The consolidated total in the table is a sum of segment figures and may not |
Note 17 - Subsequent Event
Note 17 - Subsequent Event | 3 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17 Subsequent Event Management evaluated all other activity of the Company and concluded that no 3 9 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2018 | |
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) which are, in the opinion of management, necessary for a fair presentation of the 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, 2017 . The results of operations for the three February 28, 2018 not November 30, 2018 . The financial books of the Company’s Canadian operation 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 to be translated to U.S. Dollars at the exchange rate as of quarter end. Stockholders’ 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 resulting cumulative translation adjustment is carried on the balance sheet and is recorded in stockholders’ equity for 2018. no not |
Lessor, Leases [Policy Text Block] | Sales-Type Leases The Company leases modular buildings to certain customers and accounts for these transactions as sales-type leases. These leases have terms of up to 36 The lessee has a bargain purchase option available at the end of the lease term. A minimum lease receivable is recorded net of unearned interest income and profit on sale at the time the building is available for occupancy. Profit related to the sale of the building is recorded upon occupancy. |
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 disclo sure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three February 28, 2018. |
Note 3 - Discontinued Operati25
Note 3 - Discontinued Operations (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Three Months Ended February 28, 2018 February 28, 2017 Revenue from external customers $ - $ - Gross Profit - - Operating Expense 43,458 32 Income (loss) from operations (43,458 ) (32 ) Income (loss) before tax (51,590 ) 4,877 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | February 28, 2018 November 30, 2017 Cash $ 4,855 $ 2,454 Property, plant, and equipment, net 1,425,000 1,425,000 Assets of discontinued operations $ 1,429,855 $ 1,427,454 Accounts payable $ 655 $ - Accrued expenses 39,222 49,931 Notes Payable 597,323 599,584 Liabilities of discontinued operations $ 637,200 $ 649,515 |
Note 4 - Net Income (Loss) Pe26
Note 4 - Net Income (Loss) Per Share of Common Stock (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended February 28, 2018 February 28, 2017 Numerator for basic and diluted (loss) earnings per common share: Net (loss) income from continuing operations $ (527,398 ) $ (253,642 ) Net (loss) income from discontinued operations (39,054 ) 3,613 Net (loss) income $ (566,452 ) $ (250,029 ) Denominator: For basic (loss) earnings per share - weighted average common shares outstanding 4,170,818 4,126,012 Effect of dilutive stock options - - For diluted (loss) earnings per share - weighted average common shares outstanding 4,170,818 4,126,012 Earnings (Loss) per share - Basic: Continuing Operations $ (0.13 ) $ (0.06 ) Discontinued Operations $ (0.01 ) $ 0.00 Net Income (Loss) per share $ (0.14 ) $ (0.06 ) Earnings (Loss) per share - Diluted: Continuing Operations $ (0.13 ) $ (0.06 ) Discontinued Operations $ (0.01 ) $ 0.00 Net Income (Loss) per share $ (0.14 ) $ (0.06 ) |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 28, 2018 November 30, 2017 Raw materials $ 8,275,782 $ 8,731,985 Work in process 742,276 460,687 Finished goods 4,618,064 5,395,353 Gross inventory $ 13,636,122 $ 14,588,025 Less: Reserves (2,567,617 ) (2,621,303 ) Net Inventory $ 11,068,505 $ 11,966,722 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | February 28, 2018 November 30, 2017 Salaries, wages, and commissions $ 485,592 $ 584,768 Accrued warranty expense 54,135 68,451 Other 324,562 328,339 $ 864,289 $ 981,558 |
Note 7 - Assets Held for Lease
Note 7 - Assets Held for Lease (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | February 28, 2018 November 30, 2017 West Union Facility $ 1,111,946 $ 1,118,330 Modular Buildings 89,569 98,834 Net assets held for lease $ 1,201,515 $ 1,217,164 |
Note 8 - Product Warranty (Tabl
Note 8 - Product Warranty (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the three months ended February 28, 2018 February 28, 2017 Balance, beginning $ 68,451 $ 134,373 Settlements / adjustments (82,673 ) (72,949 ) Warranties issued 68,357 64,248 Balance, ending $ 54,135 $ 125,672 |
Note 9 - Loan and Credit Agre31
Note 9 - Loan and Credit Agreements (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | February 28, 2018 November 30, 2017 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,576,273 $ 2,595,007 Bank Midwest loan payable in monthly installments of $3,249 including interest at 5.00%, due October 1, 2019 597,323 599,584 Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 339,808 374,900 Total term debt $ 3,513,404 $ 3,569,491 Less current portion of term debt 222,475 221,230 Term debt of discontinued operations 597,323 599,584 Term debt, excluding current portion $ 2,693,606 $ 2,748,677 |
Note 12 - Sales-type Leases (Ta
Note 12 - Sales-type Leases (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | February 28, 2018 November 30, 2017 Minimum lease receivable, current $ 176,925 $ - Unearned interest income, current (57,413 ) - Net investment in sales-type leases, current 119,512 - Minimum lease receivable, long-term 298,777 - Unearned interest income, long-term (42,834 ) - Net investment in sales-type leases, long-term $ 255,943 $ - |
Sales-type Leases, Lease Receivable Maturity [Table Text Block] | Year Ending November 30, Amount 2018 $ 133,425 2019 174,000 2020 162,425 2021 5,852 2022 - Thereafter - Total $ 475,702 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended February 28, 2018 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,929,000 $ 739,000 $ 697,000 $ 5,365,000 Income (loss) from operations (275,000 ) (60,000 ) 26,000 $ (309,000 ) Income (loss) before tax (270,000 ) (52,000 ) 16,000 $ (306,000 ) Total Assets 16,246,000 3,154,000 2,561,000 $ 21,961,000 Capital expenditures 29,000 35,000 - $ 64,000 Depreciation & Amortization 133,000 25,000 32,000 $ 190,000 Three Months Ended February 28, 2017 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,368,000 $ 388,000 $ 665,000 $ 4,421,000 Income (loss) from operations (220,000 ) (154,000 ) 21,000 $ (353,000 ) Income (loss) before tax (217,000 ) (158,000 ) 11,000 $ (364,000 ) Total Assets 19,063,000 2,849,000 2,657,000 $ 24,569,000 Capital expenditures 129,000 - 66,000 $ 195,000 Depreciation & Amortization 125,000 15,000 31,000 $ 171,000 |
Note 1 - Description of the C34
Note 1 - Description of the Company (Details Textual) | 3 Months Ended |
Feb. 28, 2018 | |
Number of Operating Segments | 3 |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Account Policies (Details Textual) | 3 Months Ended |
Feb. 28, 2018 | |
Maximum [Member] | |
Lessor, Capital Lease, Term of Contract | 3 years |
Note 3 - Discontinued Operati36
Note 3 - Discontinued Operations (Details Textual) | 1 Months Ended |
Jan. 31, 2018USD ($) | |
Real Estate Held for Sale, Sale Price Offer | $ 1,500,000 |
Impairment of Real Estate | 289,000 |
Real Estate Held for Sale, Expected Proceeds | $ 1,425,000 |
Note 3 - Discontinued Operati37
Note 3 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Income (loss) before tax | $ (51,590) | $ 4,877 |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Revenue from external customers | ||
Gross Profit | ||
Operating Expense | 43,458 | 32 |
Income (loss) from operations | (43,458) | (32) |
Income (loss) before tax | $ (51,590) | $ 4,877 |
Note 3 - Discontinued Operati38
Note 3 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Notes Payable | $ 597,323 | $ 599,584 |
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||
Cash | 4,855 | 2,454 |
Property, plant, and equipment, net | 1,425,000 | 1,425,000 |
Assets of discontinued operations | 1,429,855 | 1,427,454 |
Accounts payable | 655 | |
Accrued expenses | 39,222 | 49,931 |
Notes Payable | 597,323 | 599,584 |
Liabilities of discontinued operations | $ 637,200 | $ 649,515 |
Note 4 - Net Income (Loss) Pe39
Note 4 - Net Income (Loss) Per Share of Common Stock - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Numerator for basic and diluted (loss) earnings per common share: | ||
Net (loss) income from continuing operations | $ (527,398) | $ (253,642) |
Net (loss) income from discontinued operations | (39,054) | 3,613 |
Net (loss) income | $ (566,452) | $ (250,029) |
Denominator: | ||
For basic (loss) earnings per share - weighted average common shares outstanding (in shares) | 4,170,818 | 4,126,012 |
Effect of dilutive stock options (in shares) | ||
For diluted (loss) earnings per share - weighted average common shares outstanding (in shares) | 4,170,818 | 4,126,012 |
Earnings (Loss) per share - Basic: | ||
Continuing Operations (in dollars per share) | $ (0.13) | $ (0.06) |
Discontinued Operations (in dollars per share) | (0.01) | 0 |
Net Income (Loss) per share (in dollars per share) | (0.14) | (0.06) |
Earnings (Loss) per share - Diluted: | ||
Continuing Operations (in dollars per share) | (0.13) | (0.06) |
Discontinued Operations (in dollars per share) | (0.01) | 0 |
Net Income (Loss) per share (in dollars per share) | $ (0.14) | $ (0.06) |
Note 5 - Inventory - Major Clas
Note 5 - Inventory - Major Classes of Inventory (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Raw materials | $ 8,275,782 | $ 8,731,985 |
Work in process | 742,276 | 460,687 |
Finished goods | 4,618,064 | 5,395,353 |
Gross inventory | 13,636,122 | 14,588,025 |
Less: Reserves | (2,567,617) | (2,621,303) |
Net Inventory | $ 11,068,505 | $ 11,966,722 |
Note 6 - Accrued Expenses - Maj
Note 6 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Salaries, wages, and commissions | $ 485,592 | $ 584,768 |
Accrued warranty expense | 54,135 | 68,451 |
Other | 324,562 | 328,339 |
Total accrued liabilities, current | $ 864,289 | $ 981,558 |
Note 7 - Assets Held for Leas42
Note 7 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Assets held for lease | $ 1,201,515 | $ 1,217,164 |
West Union Facility [Member] | ||
Assets held for lease | 1,111,946 | 1,118,330 |
Modular Buildings [Member] | ||
Assets held for lease | $ 89,569 | $ 98,834 |
Note 8 - Product Warranty (Deta
Note 8 - Product Warranty (Details Textual) | 3 Months Ended |
Feb. 28, 2018 | |
Standard Product Warrant Term | 1 year |
Note 8 - Product Warranty - Cha
Note 8 - Product Warranty - Changes In Product Warranty Liability (Details) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Balance, beginning | $ 68,451 | $ 134,373 |
Settlements / adjustments | (82,673) | (72,949) |
Warranties issued | 68,357 | 64,248 |
Balance, ending | $ 54,135 | $ 125,672 |
Note 9 - Loan and Credit Agre45
Note 9 - Loan and Credit Agreements (Details Textual) | Sep. 28, 2017USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Feb. 01, 2013 | May 01, 2010USD ($) |
Long-term Debt | $ 3,513,404 | $ 3,569,491 | |||
Term Loan Due October 2037 [Member] | |||||
Long-term Debt | 2,576,273 | 2,595,007 | |||
Term Loan Due October 2019 [Member] | |||||
Long-term Debt | $ 597,323 | $ 599,584 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Periodic Payment | $ 3,249 | ||||
Iowa Finance Authority Term Loan [Member] | |||||
Long-term Debt | $ 339,808 | $ 374,900 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||
Debt Instrument, Periodic Payment | $ 12,500 | $ 12,500 | |||
Bank Midwest [Member] | |||||
Long-term Line of Credit | 1,960,530 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,039,470 | ||||
Line of Credit, Borrowing Base, Accounts Receivable | 75.00% | ||||
Line of Credit, Borrowing Base, Inventory | 50.00% | ||||
Debt Instrument, Covenant, Minimum Working Capital Ratio | 1.75 | ||||
Debt Instrument, Covenant, Minimum Working Capital | $ 5,100,000 | ||||
Debt Instrument, Covenant, Maximum Debt to Worth Ratio | 1 | ||||
Debt Instrument, Covenant, Minimum Tangible Balance Sheet Equity, Percentage | 40.00% | ||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio | 1.25 | ||||
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio, Tolerance | 0.1 | ||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | |||||
Long-term Debt | $ 2,600,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Periodic Payment | $ 17,271 | ||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | United States Department of Agriculture [Member] | |||||
Upfront Guarantee Fee | $ 62,400 | ||||
Guarantee Fee, Annual Fee, Percentage | 0.50% | ||||
Guarantee Requirement, Personally Guarantee, Shareholders Ownership Percentage | 20.00% | ||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | J. Ward McConnell Jr. [Member] | |||||
Personally Guaranteed, Percentage of Loan | 38.00% | ||||
Personally Guaranteed, Fee, Percentage of Guaranteed Amount | 2.00% | ||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.15% | ||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Wall Street Journal Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Bank Midwest [Member] | Term Loan Due October 2019 [Member] | |||||
Long-term Debt | $ 600,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Periodic Payment | $ 3,249 | ||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||
Line of Credit Facility, Interest Rate During Period | 5.25% | ||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Interest Rate During Period | 4.25% | ||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Wall Street Journal Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
US Bank [Member] | |||||
Repayments of Lines of Credit | $ 6,562,030 | ||||
Repayments of Lines of Credit, Unpaid Principal | 6,528,223 | ||||
Repayments of Lines of Credit, Accrued and Unpaid Interest and Fees | $ 33,807 | ||||
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 9 - Loan and Credit Agre46
Note 9 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Term debt | $ 3,513,404 | $ 3,569,491 |
Less current portion of term debt | 222,475 | 221,230 |
Term debt of discontinued operations | 597,323 | 599,584 |
Term debt, excluding current portion | 2,693,606 | 2,748,677 |
Term Loan Due October 2037 [Member] | ||
Term debt | 2,576,273 | 2,595,007 |
Term Loan Due October 2019 [Member] | ||
Term debt | 597,323 | 599,584 |
Iowa Finance Authority Term Loan [Member] | ||
Term debt | $ 339,808 | $ 374,900 |
Note 9 - Loan and Credit Agre47
Note 9 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended |
Feb. 28, 2018 | Nov. 30, 2017 | |
Term Loan Due October 2019 [Member] | ||
Debt instrument, periodic payment | $ 3,249 | |
Debt instrument, interest rate, stated percentage | 5.00% | |
Iowa Finance Authority Term Loan [Member] | ||
Debt instrument, periodic payment | $ 12,500 | $ 12,500 |
Debt instrument, interest rate, stated percentage | 2.75% | 2.75% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 11 Months Ended |
Dec. 31, 2017 | Feb. 28, 2018 | Nov. 30, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 300,000 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 11 - Related Party Trans49
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 5,001 | $ 0 |
Due to Related Parties | $ 1,663 | $ 0 |
Note 12 - Sales-type Leases (De
Note 12 - Sales-type Leases (Details Textual) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Capital Leases, Income Statement, Sales Type Lease Revenue | $ 129,104 | $ 0 |
Note 12 - Sales-type Leases - C
Note 12 - Sales-type Leases - Components Related to Sales-type Leases (Details) - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Minimum lease receivable, current | $ 176,925 | |
Unearned interest income, current | (57,413) | |
Net investment in sales-type leases, current | 119,512 | |
Minimum lease receivable, long-term | 298,777 | |
Unearned interest income, long-term | (42,834) | |
Net investment in sales-type leases, long-term | $ 255,943 |
Note 12 - Sales-type Leases - F
Note 12 - Sales-type Leases - Future Minimum Lease Receipts (Details) | Feb. 28, 2018USD ($) |
2,018 | $ 133,425 |
2,019 | 174,000 |
2,020 | 162,425 |
2,021 | 5,852 |
2,022 | |
Thereafter | |
Total | $ 475,702 |
Note 14 - Equity Incentive Pl53
Note 14 - Equity Incentive Plan and Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 15 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Jan. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Non-qualified Stock Units to Non-employee Directors Annually or Upon Election [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000 | 1,000 | 1,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Allocated Share-based Compensation Expense | $ 49,558 | $ 26,557 | ||
Restricted Stock [Member] | Employees, Directors, and Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 45,000 | |||
Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,000 |
Note 16 - Segment Information54
Note 16 - Segment Information (Details Textual) | 3 Months Ended |
Feb. 28, 2018 | |
Number of Reportable Segments | 3 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Nov. 30, 2017 | ||
Revenue from external customers | $ 5,365,536 | $ 4,421,168 | ||
Income (loss) from operations | (308,721) | (352,433) | ||
Total Assets | 23,391,311 | $ 24,379,833 | ||
Capital expenditures | 64,401 | 195,020 | ||
Depreciation & Amortization | 189,654 | 170,789 | ||
Operating Segments [Member] | ||||
Revenue from external customers | [1] | 5,365,000 | 4,421,000 | |
Income (loss) from operations | [1] | (309,000) | (353,000) | |
Income (loss) before tax | [1] | (306,000) | (364,000) | |
Total Assets | [1] | 21,961,000 | 24,569,000 | |
Capital expenditures | [1] | 64,000 | 195,000 | |
Depreciation & Amortization | [1] | 190,000 | 171,000 | |
Operating Segments [Member] | Agricultural Products [Member] | ||||
Revenue from external customers | 3,929,000 | 3,368,000 | ||
Income (loss) from operations | (275,000) | (220,000) | ||
Income (loss) before tax | (270,000) | (217,000) | ||
Total Assets | 16,246,000 | 19,063,000 | ||
Capital expenditures | 29,000 | 129,000 | ||
Depreciation & Amortization | 133,000 | 125,000 | ||
Operating Segments [Member] | Modular Buildings [Member] | ||||
Revenue from external customers | 739,000 | 388,000 | ||
Income (loss) from operations | (60,000) | (154,000) | ||
Income (loss) before tax | (52,000) | (158,000) | ||
Total Assets | 3,154,000 | 2,849,000 | ||
Capital expenditures | 35,000 | |||
Depreciation & Amortization | 25,000 | 15,000 | ||
Operating Segments [Member] | Tools [Member] | ||||
Revenue from external customers | 697,000 | 665,000 | ||
Income (loss) from operations | 26,000 | 21,000 | ||
Income (loss) before tax | 16,000 | 11,000 | ||
Total Assets | 2,561,000 | 2,657,000 | ||
Capital expenditures | 66,000 | |||
Depreciation & Amortization | $ 32,000 | $ 31,000 | ||
[1] | The consolidated total in the table is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding. |