Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 31, 2019 | Oct. 07, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ARTS WAY MANUFACTURING CO INC | |
Entity Central Index Key | 0000007623 | |
Trading Symbol | artw | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 4,298,212 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Current assets: | ||
Cash | $ 5,045 | $ 3,512 |
Accounts receivable-customers, net of allowance for doubtful accounts of $24,654 and $25,100 in 2019 and 2018, respectively | 2,502,390 | 1,537,113 |
Inventories, net | 9,762,914 | 10,257,102 |
Cost and profit in excess of billings | 80,727 | 99,287 |
Net investment in sales-type leases, current | 152,524 | 123,055 |
Other current assets | 234,510 | 125,089 |
Total current assets | 12,738,110 | 12,145,158 |
Property, plant, and equipment, net | 5,465,620 | 5,647,485 |
Assets held for lease, net | 759,640 | 1,870,125 |
Deferred income taxes | 1,795,256 | 1,432,422 |
Net investment in sales-type leases, long-term | 36,853 | 153,787 |
Other assets | 72,517 | 76,497 |
Total assets | 20,867,996 | 21,325,474 |
Current liabilities: | ||
Accounts payable | 1,035,257 | 802,062 |
Customer deposits | 260,000 | 145,632 |
Billings in excess of cost and profit | 1,315,877 | 185,014 |
Income taxes payable | 6,400 | 6,400 |
Accrued expenses | 955,897 | 893,284 |
Line of credit | 2,909,530 | 3,505,530 |
Current portion of long-term debt | 84,319 | 227,459 |
Total current liabilities | 6,567,280 | 5,765,381 |
Long-term liabilities | ||
Long-term debt, excluding current portion | 2,372,184 | 2,523,018 |
Total liabilities | 8,939,464 | 8,288,399 |
Commitments and Contingencies (Notes 9 and 10) | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2019 and 2018; issued 0 shares in 2019 and 2018. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2019 and 2018; issued 4,316,087 in 2019 and 4,225,050 in 2018 | 43,161 | 42,250 |
Additional paid-in capital | 3,214,766 | 3,055,632 |
Retained earnings | 8,715,738 | 9,966,928 |
Treasury stock, at cost (17,875 in 2019 and 9,286 in 2018 shares) | (45,133) | (27,735) |
Total stockholders’ equity | 11,928,532 | 13,037,075 |
Total liabilities and stockholders’ equity | $ 20,867,996 | $ 21,325,474 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Allowance for doubtful accounts | $ 24,654 | $ 25,100 |
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) | 4,316,087 | 4,225,050 |
Treasury stock (in shares) | 17,875 | 9,286 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Sales | $ 5,503,622 | $ 5,280,269 | $ 15,375,104 | $ 15,940,268 |
Cost of goods sold | 4,498,800 | 4,105,012 | 12,806,444 | 12,504,621 |
Gross profit | 1,004,822 | 1,175,257 | 2,568,660 | 3,435,647 |
Expenses: | ||||
Engineering | 116,153 | 201,845 | 380,139 | 458,447 |
Selling | 378,811 | 475,604 | 1,119,428 | 1,448,124 |
General and administrative | 814,702 | 857,740 | 2,466,073 | 2,655,844 |
Impairment of asset held for lease | 199,175 | 199,175 | ||
Total expenses | 1,309,666 | 1,734,364 | 3,965,640 | 4,761,590 |
Income (Loss) from operations | (304,844) | (559,107) | (1,396,980) | (1,325,943) |
Other income (expense): | ||||
Interest expense | (89,208) | (82,058) | (274,649) | (220,445) |
Other | 24,082 | (307,735) | 61,997 | (487,850) |
Total other income (expense) | (65,126) | (389,793) | (212,652) | (708,295) |
Income (Loss) from continuing operations before income taxes | (369,970) | (948,900) | (1,609,632) | (2,034,238) |
Income tax expense (benefit) | (80,754) | (182,184) | (358,442) | (86,145) |
Income (Loss) from continuing operations | (289,216) | (766,716) | (1,251,190) | (1,948,093) |
Discontinued Operations | ||||
Income (loss) from operations of discontinued segment | (67,177) | |||
Income tax expense (benefit) | 16,324 | |||
Income (Loss) on discontinued operations | 50,853 | |||
Net Income (Loss) | $ (289,216) | $ (766,716) | $ (1,251,190) | $ (1,998,946) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Net Income (Loss) | $ (289,216) | $ (766,716) | $ (1,251,190) | $ (1,998,946) |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustments | 3,830 | |||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | |||
Total Other Comprehensive Income (Loss) | 257,010 | |||
Comprehensive (Loss) | $ (289,216) | $ (766,716) | $ (1,251,190) | $ (1,741,936) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Nov. 30, 2017 | 4,158,752 | 1,954 | ||||
Balance at Nov. 30, 2017 | $ 41,587 | $ 2,859,052 | $ 13,353,830 | $ (257,010) | $ (6,425) | $ 15,991,034 |
Stock based compensation (in shares) | 57,678 | 7,332 | ||||
Stock based compensation | $ 577 | 157,513 | $ (21,310) | 136,780 | ||
Foreign Currency Translation Adjustment | 3,830 | 3,830 | ||||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | 253,180 | 253,180 | ||||
Net Income (Loss) | (1,998,946) | (1,998,946) | ||||
Balance (in shares) at Aug. 31, 2018 | 4,216,430 | 9,286 | ||||
Balance at Aug. 31, 2018 | $ 42,164 | 3,016,565 | 11,354,884 | $ (27,735) | 14,385,878 | |
Balance (in shares) at Nov. 30, 2018 | 4,225,050 | 9,286 | ||||
Balance at Nov. 30, 2018 | $ 42,250 | 3,055,632 | 9,966,928 | $ (27,735) | 13,037,075 | |
Stock based compensation (in shares) | 91,037 | 8,589 | ||||
Stock based compensation | $ 911 | 159,134 | $ (17,398) | 142,647 | ||
Release of cumulative translation adjustment due to substantial liquidation of a foreign entity | ||||||
Net Income (Loss) | (1,251,190) | (1,251,190) | ||||
Balance (in shares) at Aug. 31, 2019 | 4,316,087 | 17,875 | ||||
Balance at Aug. 31, 2019 | $ 43,161 | $ 3,214,766 | $ 8,715,738 | $ (45,133) | $ 11,928,532 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Cash flows from operations: | ||
Net (loss) from continuing operations | $ (1,251,190) | $ (1,948,093) |
Net (loss) from discontinued operations | (50,853) | |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | ||
Stock based compensation | 160,045 | 158,090 |
Loss on release of cumulative translation adjustment | 253,180 | |
Realized foreign currency loss | 3,830 | |
Impairment of asset held for lease | (199,175) | |
(Gain)/Loss on disposal of property, plant, and equipment | (10,000) | (12,084) |
Depreciation and amortization expense | 774,068 | 681,939 |
Bad debt expense (recovery) | (1,402) | (8,090) |
Deferred income taxes | (362,834) | (103,854) |
Changes in assets and liabilities: | ||
Accounts receivable | (963,875) | (222,783) |
Inventories | 494,188 | 489,189 |
Net investment in sales-type leases | 87,465 | (329,021) |
Other assets | (109,422) | 100,020 |
Accounts payable | 233,195 | 172,943 |
Contracts in progress, net | 1,149,423 | 9,056 |
Customer deposits | 114,368 | (466,401) |
Income taxes payable | 400 | |
Accrued expenses | 62,613 | 252,748 |
Net cash provided by (used in) operating activities - continuing operations | 376,642 | (769,756) |
Net cash (used in) operating activities - discontinued operations | (89,697) | |
Net cash provided by (used in) operating activities | 376,642 | (859,453) |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (367,450) | (265,418) |
Net proceeds from sale of assets | 899,713 | 52,607 |
Net cash provided by (used in) investing activities - continuing operations | 532,263 | (212,811) |
Net cash provided by investing activities - discontinued operations | 1,418,761 | |
Net cash provided by investing activities | 532,263 | 1,205,950 |
Cash flows from financing activities: | ||
Net change in line of credit | 596,000 | (231,000) |
Repayment of term debt | (293,974) | (164,115) |
Repurchases of common stock | (17,398) | (21,310) |
Net cash provided by (used in) financing activities - continuing operations | (907,372) | 45,575 |
Net cash (used in) financing activities - discontinued operations | (599,584) | |
Net cash (used in) financing activities | (907,372) | (554,009) |
Net increase (decrease) in cash | 1,533 | (207,512) |
Cash at beginning of period | 3,512 | 212,400 |
Cash at end of period | 5,045 | 4,888 |
Supplemental disclosures of cash flow information: | ||
Interest | 253,140 | 225,249 |
Income taxes | 3,855 | 3,600 |
Supplemental disclosures of non-cash operating and investing activities: | ||
Transfer of inventory to assets held for lease | $ 808,766 |
Note 1 - Description of the Com
Note 1 - Description of the Company | 9 Months Ended |
Aug. 31, 2019 | |
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 During the third 2016, 4 17 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Account Policies | 9 Months Ended |
Aug. 31, 2019 | |
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) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 November 30, 2018. three nine August 31, 2019 not November 30, 2019. During the second 2018, no no not Lessor Accounting and Sales-Type Leases Modular buildings held for short term lease by the modular buildings segment are recorded at cost. Amortization of each modular building is calculated over the useful life of the building. Estimated useful life is three five The Company accounts for leases of modular buildings to certain customers as sales-type leases. These leases have terms of up to 36 Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three nine August 31, 2019. Revenue Recognition Effective December 1, 2018 606, 606” 606. 606 no 606, The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the agricultural products and tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The agricultural products and tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the good(s). The agricultural products and tools segments each typically require payment in full 30 The agricultural products segment offers variable consideration in the form of discounts depending on participation in yearly early order programs. This variable consideration is allocated to the transaction price of all products in a sales arrangement and is not not not not For information on product warranty as it applies to ASC 606, 9 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 Revenue Recognition The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended August 31, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 2,392,000 $ - $ - $ 2,392,000 Farm equipment service parts 666,000 - - 666,000 Steel cutting tools and inserts - - 499,000 499,000 Modular buildings - 1,607,000 - 1,607,000 Modular building lease income - 165,000 - 165,000 Other 136,000 30,000 9,000 175,000 $ 3,194,000 $ 1,802,000 $ 508,000 $ 5,504,000 Three Months Ended August 31, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 3,005,000 $ - $ - $ 3,005,000 Farm equipment service parts 768,000 - - 768,000 Steel cutting tools and inserts - - 586,000 586,000 Modular buildings - 568,000 - 568,000 Modular building lease income - 126,000 - 126,000 Other 140,000 79,000 8,000 227,000 $ 3,913,000 $ 773,000 $ 594,000 $ 5,280,000 Nine Months Ended August 31, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 7,274,000 $ - $ - $ 7,274,000 Farm equipment service parts 1,880,000 - - 1,880,000 Steel cutting tools and inserts - - 1,527,000 1,527,000 Modular buildings - 3,773,000 - 3,773,000 Modular building lease income - 512,000 - 512,000 Other 287,000 97,000 25,000 409,000 $ 9,441,000 $ 4,382,000 $ 1,552,000 $ 15,375,000 Nine Months Ended August 31, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 9,395,000 $ - $ - $ 9,395,000 Farm equipment service parts 2,036,000 - - 2,036,000 Steel cutting tools and inserts - - 1,789,000 1,789,000 Modular buildings - 1,981,200 - 1,981,200 Modular building lease income - 242,000 - 242,000 Other 347,000 122,800 27,000 496,800 $ 11,778,000 $ 2,346,000 $ 1,816,000 $ 15,940,000 The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Condensed Consolidated Balance Sheets. August 31, 2019 November 30, 2018 Receivables $ 1,074,000 $ 159,000 Assets 81,000 99,000 Liabilities 1,483,000 185,000 The amount of revenue recognized in the first nine 2019 November 30, 2018 $185,000 $516,217 2018. August 31, 2019. November 30, 2018 The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than one August 31, 2019, no one |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4 Discontinued Operations Effective October 31, 2016, March 29, 2018, $1,500,000. As the pressurized vessels segment was a unique business unit of the Company, its liquidation was a strategic shift. In accordance with ASC Topic 360, Income (loss) from discontinued operations, before tax in the accompanying Condensed Consolidated Statements of Operations is comprised of the following: Nine Months Ended August 31, 2018 Revenue from external customers $ - Gross Profit - Operating Expense 51,133 Income (loss) from operations (51,133 ) Income (loss) before tax (67,177 ) There were no August 31, 2019 November 30, 2018. |
Note 5 - Net Income (Loss) Per
Note 5 - Net Income (Loss) Per Share of Common Stock | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5 Net Income (Loss) Per Share of Common Stock Basic net income (loss) per share of common stock has been computed on the basis of the weighted average number of common shares outstanding. Diluted net income (loss) per share has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income (loss) per share. Basic and diluted net income (loss) per share have been computed based on the following as of August 31, 2019 August 31, 2018: For the Three Months Ended August 31, 2019 August 31, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (289,216 ) $ (766,716 ) Net income (loss) from discontinued operations - - Net income (loss) $ (289,216 ) $ (766,716 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,309,587 4,209,445 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,309,587 4,209,445 Net Income (Loss) per share - Basic: Continuing Operations $ (0.07 ) $ (0.18 ) Discontinued Operations $ - $ - Net Income (Loss) per share $ (0.07 ) $ (0.18 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.07 ) $ (0.18 ) Discontinued Operations $ - $ - Net Income (Loss) per share $ (0.07 ) $ (0.18 ) For the Nine Months Ended August 31, 2019 August 31, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (1,251,190 ) $ (1,948,093 ) Net income (loss) from discontinued operations - (50,853 ) Net income (loss) $ (1,251,190 ) $ (1,998,946 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,285,535 4,198,250 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,285,535 4,198,250 Net Income (Loss) per share - Basic: Continuing Operations $ (0.29 ) $ (0.46 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.29 ) $ (0.47 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.29 ) $ (0.46 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.29 ) $ (0.47 ) |
Note 6 - Inventory
Note 6 - Inventory | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 Inventory Major classes of inventory are: August 31, 2019 November 30, 2018 Raw materials $ 7,341,067 $ 7,825,278 Work in process 451,970 272,302 Finished goods 4,648,778 5,051,330 Gross inventory $ 12,441,815 $ 13,148,910 Less: Reserves (2,678,901 ) (2,891,808 ) Net Inventory $ 9,762,914 $ 10,257,102 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7 Accrued Expenses Major components of accrued expenses are: August 31, 2019 November 30, 2018 Salaries, wages, and commissions $ 529,072 $ 448,737 Accrued warranty expense 140,835 96,786 Other 285,990 347,761 $ 955,897 $ 893,284 |
Note 8 - Assets Held for Lease
Note 8 - Assets Held for Lease | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] | 8 Assets Held for Lease Major components of assets held for lease are: August 31, 2019 November 30, 2018 West Union Facility $ - $ 878,079 Modular Buildings 759,640 992,046 Net assets held for lease $ 759,640 $ 1,870,125 Rents recognized from assets held for lease included in sales on the Consolidated Statements of Operations during the three nine August 31, 2019 $164,508 $512,017, $126,248 $241,766 2018. three nine August 31, 2019 $0 $2,500, $0 $38,180 2018. December 14, 2018 $900,000. Future minimum lease receipts from assets held for lease are as follows: Future Minimum Leased Assets Year Ending November 30, Amount 2019 $ 163,008 2020 283,989 Total $ 446,997 |
Note 9 - Product Warranty
Note 9 - Product Warranty | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 9 Product Warranty The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one no not 606. may no not 7 three nine August 31, 2019 August 31, 2018 For the Three Months Ended August 31, 2019 August 31, 2018 Balance, beginning $ 89,637 $ 71,216 Settlements / adjustments (42,691 ) (73,108 ) Warranties issued 93,889 73,155 Balance, ending $ 140,835 $ 71,263 For the Nine Months Ended August 31, 2019 August 31, 2018 Balance, beginning $ 96,786 $ 68,452 Settlements / adjustments (237,629 ) (214,674 ) Warranties issued 281,678 217,485 Balance, ending $ 140,835 $ 71,263 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 Loan and Credit Agreements The Company maintains two Bank Midwest Revolving Line s of Credit and Term Loans On September 28, 2017, $5,000,000 “2017 $2,600,000 October 1, 2037, $600,000 October 1, 2019. 2017 March 29, 2018, $600,000 October 1, 2019 $596,563 $2,328 On August 31, 2019, 2017 $2,909,530 $2,090,470 may 2017 75% 50% 2017 August 31, 2019, 2017 not 2017 1.00% 4.25% 6.00% 2017 March 30, 2019. 2017 no March 30, 2020. The $2,600,000 5.00% first sixty 0.75% 4.15% may five $17,271 $62,400 0.5% 20% 20% 38% 2% On February 13, 2019, $4,000,000 “2019 2019 2019 1.00% 4.25% 6.00% 2019 no one February 13, 2020. August 31, 2019, 2019 Each of the 2017 $2,600,000 September 28, 2017, 2019 February 13, 2019, In connection with the 2017 September 28, 2017, first 2017 September 28, 2017. 2019 To further secure the 2017 second December 14, 2018. 2019 $2,600,000 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 may Compliance with Bank Midwest covenants is measured annually at November 30. 1.75, $5,100,000 1 1 40% 1.25, 0.10 November 30, 2018 no November 30, 2019. First National Bank of West Union Term Loan On May 1, 2010, $1,300,000 May 1, 2010 On December 14, 2018, A summary of the Company’s term debt is as follows: August 31, 2019 November 30, 2018 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,456,503 $ 2,517,510 First National Bank of West Union loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 - 232,967 Total term debt $ 2,456,503 $ 2,750,477 Less current portion of term debt 84,319 227,459 Term debt, excluding current portion $ 2,372,184 $ 2,523,018 A summary of the minimum maturities of term debt follows for the years ending November 30: Year Amount 2019 20,511 2020 85,401 2021 90,179 2022 94,858 2023 99,781 2024 and thereafter 2,065,773 Total Term Debt $ 2,456,503 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 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%. first 2018. nine August 31, 2018 $298,000 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12 Related Party Transactions From time to time, the Company purchases various supplies from related parties, which are companies owned by J. Ward McConnell, Jr., the Company’s Vice Chairman of the Board of Directors. Also, J. Ward McConnell, Jr. as a shareholder owning more than 20% three nine August 31, 2019, $6,624 $21,273, $5,957 $17,986 2018. August 31, 2019 $1,581 $1,633 2018. |
Note 13 - Sales-type Leases
Note 13 - Sales-type Leases | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessor Disclosure [Text Block] | 13 Sales-Type Leases The components related to sales-type leases at August 31, 2019 November 30, 2018 August 31, 2019 November 30, 2018 Minimum lease receivable, current $ 174,000 $ 159,500 Unearned interest income, current (21,476 ) $ (36,445 ) Net investment in sales-type leases, current 152,524 123,055 Minimum lease receivable, long-term 37,777 $ 168,277 Unearned interest income, long-term (924 ) $ (14,490 ) Net investment in sales-type leases, long-term $ 36,853 $ 153,787 Gross revenue recognized in sales from continuing operations on the Consolidated Statements of Operations from commencement of sales-type leases for the three nine August 31, 2019 $ 0 $0 $426,542 2018. Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2019 $ 43,500 2020 162,426 2021 5,851 Total $ 211,777 |
Note 14 - Recently Issued Accou
Note 14 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 14 Recently Issued Accounting Pronouncements Accounting Pronouncements Not Leases In February 2016, 2016 02, 842 twelve December 15, 2018, 2020 not not ● Nature of its leases ● Significant assumptions and judgements used ● Information about leases that have not ● Related-party lease transactions ● Accounting policy election regarding short-term leases ● Finance, operating, short-term and variable lease costs ● Maturity analysis of operating lease payments, lease receivables and lease obligations ● Tabular disclosure of lease-related income ● Components of the net investment in a lease ● Information on the management of risk associated with residual asset |
Note 15 - Equity Incentive Plan
Note 15 - Equity Incentive Plan and Stock Based Compensation | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15 Equity Incentive Plan and Stock Based Compensation On January 27, 2011, 2011 “2011 2011 April 28, 2011. no 2011 January 27, 2011 The 2011 1,000 1,000 first nine 2019, 72,437 three 21,000 first nine 2019, 2,400 Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based option award on the measurement date using the Black-Scholes option valuation model which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate, and dividend yield. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date. No nine August 31, 2019 2018. $40,601 $160,045 three nine August 31, 2019, $46,654 $158,090 2018. 8,589 7,332 nine August 31, 2019 August 31, 2018, nine August 31, 2019 $142,647 $136,780, 2018. |
Note 16 - Disclosures About the
Note 16 - Disclosures About the Fair Value of Financial Instruments | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16 Disclosures About the Fair Value of Financial Instruments The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. At August 31, 2019 November 30, 2018, not not |
Note 17 - Segment Information
Note 17 - Segment Information | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17 Segment Information The Company has 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, exclusive of nonrecurring gains and losses. 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 4 Three Months Ended August 31, 2019 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 3,194,000 $ 1,802,000 $ 508,000 $ 5,504,000 Income (loss) from operations (435,000 ) 146,000 (16,000 ) (305,000 ) Income (loss) before tax (496,000 ) 151,000 (25,000 ) (370,000 ) Total Assets 14,383,000 3,917,000 2,568,000 20,868,000 Capital expenditures 92,000 75,000 15,000 182,000 Depreciation & Amortization 126,000 66,000 32,000 224,000 Three Months Ended August 31, 2018 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 3,913,000 $ 773,000 $ 594,000 $ 5,280,000 Income (loss) from operations (450,000 ) (141,000 ) 32,000 (559,000 ) Income (loss) before tax (835,000 ) (136,000 ) 22,000 (949,000 ) Total Assets 15,999,000 3,692,000 2,484,000 22,175,000 Capital expenditures 92,000 13,000 - 105,000 Depreciation & Amortization 126,000 116,000 31,000 273,000 Nine Months Ended August 31, 2019 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 9,441,000 $ 4,382,000 $ 1,552,000 $ 15,375,000 Income (loss) from operations (1,334,000 ) (14,000 ) (49,000 ) (1,397,000 ) Income (loss) before tax (1,527,000 ) (4,000 ) (79,000 ) (1,610,000 ) Total Assets 14,383,000 3,917,000 2,568,000 20,868,000 Capital expenditures 201,000 123,000 43,000 367,000 Depreciation & Amortization 375,000 303,000 96,000 774,000 Nine Months Ended August 31, 2018 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 11,778,000 $ 2,346,000 $ 1,816,000 $ 15,940,000 Income (loss) from operations (988,000 ) (347,000 ) 9,000 (1,326,000 ) Income (loss) before tax (1,680,000 ) (330,000 ) (24,000 ) (2,034,000 ) Total Assets 15,999,000 3,692,000 2,484,000 22,175,000 Capital expenditures 163,000 99,000 4,000 266,000 Depreciation & Amortization 391,000 196,000 95,000 682,000 *The consolidated total in the tables is a sum of segment figures and may not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
Aug. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18 Subsequent Events Management evaluated all other activity of the Company and concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Aug. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Statement Presentation The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 November 30, 2018. three nine August 31, 2019 not November 30, 2019. During the second 2018, no no not |
Lessor, Leases [Policy Text Block] | Lessor Accounting and Sales-Type Leases Modular buildings held for short term lease by the modular buildings segment are recorded at cost. Amortization of each modular building is calculated over the useful life of the building. Estimated useful life is three five The Company accounts for leases of modular buildings to certain customers as sales-type leases. These leases have terms of up to 36 |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three nine August 31, 2019. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Effective December 1, 2018 606, 606” 606. 606 no 606, The Company’s revenues primarily result from contracts with customers. The major sources of revenue for the agricultural products and tools segments are farm equipment, service parts related to farm equipment and steel cutting tools and inserts. The agricultural products and tools segments generally execute short-term contracts that contain a single performance obligation – the delivery of product to the common carrier. The Company recognizes revenue for the production and sale of farm equipment, service parts and cutting tools upon shipment of the good(s). The agricultural products and tools segments each typically require payment in full 30 The agricultural products segment offers variable consideration in the form of discounts depending on participation in yearly early order programs. This variable consideration is allocated to the transaction price of all products in a sales arrangement and is not not not not For information on product warranty as it applies to ASC 606, 9 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended August 31, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 2,392,000 $ - $ - $ 2,392,000 Farm equipment service parts 666,000 - - 666,000 Steel cutting tools and inserts - - 499,000 499,000 Modular buildings - 1,607,000 - 1,607,000 Modular building lease income - 165,000 - 165,000 Other 136,000 30,000 9,000 175,000 $ 3,194,000 $ 1,802,000 $ 508,000 $ 5,504,000 Three Months Ended August 31, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 3,005,000 $ - $ - $ 3,005,000 Farm equipment service parts 768,000 - - 768,000 Steel cutting tools and inserts - - 586,000 586,000 Modular buildings - 568,000 - 568,000 Modular building lease income - 126,000 - 126,000 Other 140,000 79,000 8,000 227,000 $ 3,913,000 $ 773,000 $ 594,000 $ 5,280,000 Nine Months Ended August 31, 2019 Agricultural Modular Buildings Tools Total Farm equipment $ 7,274,000 $ - $ - $ 7,274,000 Farm equipment service parts 1,880,000 - - 1,880,000 Steel cutting tools and inserts - - 1,527,000 1,527,000 Modular buildings - 3,773,000 - 3,773,000 Modular building lease income - 512,000 - 512,000 Other 287,000 97,000 25,000 409,000 $ 9,441,000 $ 4,382,000 $ 1,552,000 $ 15,375,000 Nine Months Ended August 31, 2018 Agricultural Modular Buildings Tools Total Farm equipment $ 9,395,000 $ - $ - $ 9,395,000 Farm equipment service parts 2,036,000 - - 2,036,000 Steel cutting tools and inserts - - 1,789,000 1,789,000 Modular buildings - 1,981,200 - 1,981,200 Modular building lease income - 242,000 - 242,000 Other 347,000 122,800 27,000 496,800 $ 11,778,000 $ 2,346,000 $ 1,816,000 $ 15,940,000 |
Contract with Customer, Asset and Liability [Table Text Block] | August 31, 2019 November 30, 2018 Receivables $ 1,074,000 $ 159,000 Assets 81,000 99,000 Liabilities 1,483,000 185,000 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Nine Months Ended August 31, 2018 Revenue from external customers $ - Gross Profit - Operating Expense 51,133 Income (loss) from operations (51,133 ) Income (loss) before tax (67,177 ) |
Note 5 - Net Income (Loss) Pe_2
Note 5 - Net Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended August 31, 2019 August 31, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (289,216 ) $ (766,716 ) Net income (loss) from discontinued operations - - Net income (loss) $ (289,216 ) $ (766,716 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,309,587 4,209,445 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,309,587 4,209,445 Net Income (Loss) per share - Basic: Continuing Operations $ (0.07 ) $ (0.18 ) Discontinued Operations $ - $ - Net Income (Loss) per share $ (0.07 ) $ (0.18 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.07 ) $ (0.18 ) Discontinued Operations $ - $ - Net Income (Loss) per share $ (0.07 ) $ (0.18 ) For the Nine Months Ended August 31, 2019 August 31, 2018 Numerator for basic and diluted net income (loss) per share: Net income (loss) from continuing operations $ (1,251,190 ) $ (1,948,093 ) Net income (loss) from discontinued operations - (50,853 ) Net income (loss) $ (1,251,190 ) $ (1,998,946 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,285,535 4,198,250 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,285,535 4,198,250 Net Income (Loss) per share - Basic: Continuing Operations $ (0.29 ) $ (0.46 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.29 ) $ (0.47 ) Net Income (Loss) per share - Diluted: Continuing Operations $ (0.29 ) $ (0.46 ) Discontinued Operations $ - $ (0.01 ) Net Income (Loss) per share $ (0.29 ) $ (0.47 ) |
Note 6 - Inventory (Tables)
Note 6 - Inventory (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 31, 2019 November 30, 2018 Raw materials $ 7,341,067 $ 7,825,278 Work in process 451,970 272,302 Finished goods 4,648,778 5,051,330 Gross inventory $ 12,441,815 $ 13,148,910 Less: Reserves (2,678,901 ) (2,891,808 ) Net Inventory $ 9,762,914 $ 10,257,102 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | August 31, 2019 November 30, 2018 Salaries, wages, and commissions $ 529,072 $ 448,737 Accrued warranty expense 140,835 96,786 Other 285,990 347,761 $ 955,897 $ 893,284 |
Note 8 - Assets Held for Lease
Note 8 - Assets Held for Lease (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | August 31, 2019 November 30, 2018 West Union Facility $ - $ 878,079 Modular Buildings 759,640 992,046 Net assets held for lease $ 759,640 $ 1,870,125 |
Schedule of Future Minimum Payments Receivable for Operating Leases [Table Text Block] | Future Minimum Leased Assets Year Ending November 30, Amount 2019 $ 163,008 2020 283,989 Total $ 446,997 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Three Months Ended August 31, 2019 August 31, 2018 Balance, beginning $ 89,637 $ 71,216 Settlements / adjustments (42,691 ) (73,108 ) Warranties issued 93,889 73,155 Balance, ending $ 140,835 $ 71,263 For the Nine Months Ended August 31, 2019 August 31, 2018 Balance, beginning $ 96,786 $ 68,452 Settlements / adjustments (237,629 ) (214,674 ) Warranties issued 281,678 217,485 Balance, ending $ 140,835 $ 71,263 |
Note 10 - Loan and Credit Agr_2
Note 10 - Loan and Credit Agreements (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | August 31, 2019 November 30, 2018 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,456,503 $ 2,517,510 First National Bank of West Union loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020 - 232,967 Total term debt $ 2,456,503 $ 2,750,477 Less current portion of term debt 84,319 227,459 Term debt, excluding current portion $ 2,372,184 $ 2,523,018 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2019 20,511 2020 85,401 2021 90,179 2022 94,858 2023 99,781 2024 and thereafter 2,065,773 Total Term Debt $ 2,456,503 |
Note 13 - Sales-type Leases (Ta
Note 13 - Sales-type Leases (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | August 31, 2019 November 30, 2018 Minimum lease receivable, current $ 174,000 $ 159,500 Unearned interest income, current (21,476 ) $ (36,445 ) Net investment in sales-type leases, current 152,524 123,055 Minimum lease receivable, long-term 37,777 $ 168,277 Unearned interest income, long-term (924 ) $ (14,490 ) Net investment in sales-type leases, long-term $ 36,853 $ 153,787 |
Sales-type Leases, Lease Receivable Maturity [Table Text Block] | Year Ending November 30, Amount 2019 $ 43,500 2020 162,426 2021 5,851 Total $ 211,777 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 9 Months Ended |
Aug. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended August 31, 2019 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 3,194,000 $ 1,802,000 $ 508,000 $ 5,504,000 Income (loss) from operations (435,000 ) 146,000 (16,000 ) (305,000 ) Income (loss) before tax (496,000 ) 151,000 (25,000 ) (370,000 ) Total Assets 14,383,000 3,917,000 2,568,000 20,868,000 Capital expenditures 92,000 75,000 15,000 182,000 Depreciation & Amortization 126,000 66,000 32,000 224,000 Three Months Ended August 31, 2018 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 3,913,000 $ 773,000 $ 594,000 $ 5,280,000 Income (loss) from operations (450,000 ) (141,000 ) 32,000 (559,000 ) Income (loss) before tax (835,000 ) (136,000 ) 22,000 (949,000 ) Total Assets 15,999,000 3,692,000 2,484,000 22,175,000 Capital expenditures 92,000 13,000 - 105,000 Depreciation & Amortization 126,000 116,000 31,000 273,000 Nine Months Ended August 31, 2019 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 9,441,000 $ 4,382,000 $ 1,552,000 $ 15,375,000 Income (loss) from operations (1,334,000 ) (14,000 ) (49,000 ) (1,397,000 ) Income (loss) before tax (1,527,000 ) (4,000 ) (79,000 ) (1,610,000 ) Total Assets 14,383,000 3,917,000 2,568,000 20,868,000 Capital expenditures 201,000 123,000 43,000 367,000 Depreciation & Amortization 375,000 303,000 96,000 774,000 Nine Months Ended August 31, 2018 Agricultural Products Modular Buildings Tools Consolidated* Revenue from external customers $ 11,778,000 $ 2,346,000 $ 1,816,000 $ 15,940,000 Income (loss) from operations (988,000 ) (347,000 ) 9,000 (1,326,000 ) Income (loss) before tax (1,680,000 ) (330,000 ) (24,000 ) (2,034,000 ) Total Assets 15,999,000 3,692,000 2,484,000 22,175,000 Capital expenditures 163,000 99,000 4,000 266,000 Depreciation & Amortization 391,000 196,000 95,000 682,000 |
Note 1 - Description of the C_2
Note 1 - Description of the Company (Details Textual) | 9 Months Ended |
Aug. 31, 2019 | |
Number of Operating Segments | 3 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Account Policies (Details Textual) - Assets Leased to Others [Member] | 9 Months Ended |
Aug. 31, 2019 | |
Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) | 9 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Contract with Customer, Liability, Revenue Recognized | $ 185,000 | $ 516,217 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Disaggregated Revenue From External Customer (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Revenue | $ 5,504,000 | $ 5,280,000 | $ 15,375,000 | $ 15,940,000 |
Farm Equipment [Member] | ||||
Revenue | 2,392,000 | 3,005,000 | 7,274,000 | 9,395,000 |
Farm Equipment Service Parts [Member] | ||||
Revenue | 666,000 | 768,000 | 1,880,000 | 2,036,000 |
Steel Cutting Tools and Inserts [Member] | ||||
Revenue | 499,000 | 586,000 | 1,527,000 | 1,789,000 |
Modular Buildings [Member] | ||||
Revenue | 1,607,000 | 568,000 | 3,773,000 | 1,981,200 |
Modular Buildings Lease Income [Member] | ||||
Revenue | 165,000 | 126,000 | 512,000 | 242,000 |
Product and Service, Other [Member] | ||||
Revenue | 175,000 | 227,000 | 409,000 | 496,800 |
Agricultural Products [Member] | ||||
Revenue | 3,194,000 | 3,913,000 | 9,441,000 | 11,778,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||||
Revenue | 2,392,000 | 3,005,000 | 7,274,000 | 9,395,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||||
Revenue | 666,000 | 768,000 | 1,880,000 | 2,036,000 |
Agricultural Products [Member] | Steel Cutting Tools and Inserts [Member] | ||||
Revenue | ||||
Agricultural Products [Member] | Modular Buildings [Member] | ||||
Revenue | ||||
Agricultural Products [Member] | Modular Buildings Lease Income [Member] | ||||
Revenue | ||||
Agricultural Products [Member] | Product and Service, Other [Member] | ||||
Revenue | 136,000 | 140,000 | 287,000 | 347,000 |
Modular Buildings [Member] | ||||
Revenue | 1,802,000 | 773,000 | 4,382,000 | 2,346,000 |
Modular Buildings [Member] | Farm Equipment [Member] | ||||
Revenue | ||||
Modular Buildings [Member] | Farm Equipment Service Parts [Member] | ||||
Revenue | ||||
Modular Buildings [Member] | Steel Cutting Tools and Inserts [Member] | ||||
Revenue | ||||
Modular Buildings [Member] | Modular Buildings [Member] | ||||
Revenue | 1,607,000 | 568,000 | 3,773,000 | 1,981,200 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||||
Revenue | 165,000 | 126,000 | 512,000 | 242,000 |
Modular Buildings [Member] | Product and Service, Other [Member] | ||||
Revenue | 30,000 | 79,000 | 97,000 | 122,800 |
Tools [Member] | ||||
Revenue | 508,000 | 594,000 | 1,552,000 | 1,816,000 |
Tools [Member] | Farm Equipment [Member] | ||||
Revenue | ||||
Tools [Member] | Farm Equipment Service Parts [Member] | ||||
Revenue | ||||
Tools [Member] | Steel Cutting Tools and Inserts [Member] | ||||
Revenue | 499,000 | 586,000 | 1,527,000 | 1,789,000 |
Tools [Member] | Modular Buildings [Member] | ||||
Revenue | ||||
Tools [Member] | Modular Buildings Lease Income [Member] | ||||
Revenue | ||||
Tools [Member] | Product and Service, Other [Member] | ||||
Revenue | $ 9,000 | $ 8,000 | $ 25,000 | $ 27,000 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Contract With Customers (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Receivables | $ 1,074,000 | $ 159,000 |
Assets | 81,000 | 99,000 |
Liabilities | $ 1,483,000 | $ 185,000 |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) | Mar. 29, 2018USD ($) |
Real Estate Held for Sale, Sale Price Offer | $ 1,500,000 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Income From Discontinued Operations Before Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Income (loss) before tax | $ (67,177) | |||
Discontinued Operations, Held-for-sale [Member] | Vessels Segment [Member] | ||||
Revenue from external customers | ||||
Gross Profit | ||||
Operating Expense | 51,133 | |||
Income (loss) from operations | (51,133) | |||
Income (loss) before tax | $ (67,177) |
Note 5 - Net Income (Loss) Pe_3
Note 5 - Net Income (Loss) Per Share of Common Stock - Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Numerator for basic and diluted net income (loss) per share: | ||||
Net (loss) from continuing operations | $ (289,216) | $ (766,716) | $ (1,251,190) | $ (1,948,093) |
Net (loss) from discontinued operations | (50,853) | |||
Net income (loss) | $ (289,216) | $ (766,716) | $ (1,251,190) | $ (1,998,946) |
Denominator: | ||||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 4,309,587 | 4,209,445 | 4,285,535 | 4,198,250 |
Effect of dilutive stock options (in shares) | ||||
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 4,309,587 | 4,209,445 | 4,285,535 | 4,198,250 |
Net Income (Loss) per share - Basic: | ||||
Continuing Operations (in dollars per share) | $ (0.07) | $ (0.18) | $ (0.29) | $ (0.46) |
Discontinued Operations (in dollars per share) | (0.01) | |||
Net Income (Loss) per share (in dollars per share) | (0.07) | (0.18) | (0.29) | (0.47) |
Net Income (Loss) per share - Diluted: | ||||
Continuing Operations (in dollars per share) | (0.07) | (0.18) | (0.29) | (0.46) |
Discontinued Operations (in dollars per share) | (0.01) | |||
Net Income (Loss) per share (in dollars per share) | $ (0.07) | $ (0.18) | $ (0.29) | $ (0.47) |
Note 6 - Inventories - Major Cl
Note 6 - Inventories - Major Classes of Inventory (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Raw materials | $ 7,341,067 | $ 7,825,278 |
Work in process | 451,970 | 272,302 |
Finished goods | 4,648,778 | 5,051,330 |
Gross inventory | 12,441,815 | 13,148,910 |
Less: Reserves | (2,678,901) | (2,891,808) |
Net Inventory | $ 9,762,914 | $ 10,257,102 |
Note 7 - Accrued Expenses - Maj
Note 7 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Salaries, wages, and commissions | $ 529,072 | $ 448,737 |
Accrued warranty expense | 140,835 | 96,786 |
Other | 285,990 | 347,761 |
Total accrued liabilities, current | $ 955,897 | $ 893,284 |
Note 8 - Assets Held for Leas_2
Note 8 - Assets Held for Lease (Details Textual) - USD ($) | Dec. 14, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 |
West Union Facility [Member] | |||||
Proceeds from Sale of Productive Assets, Total | $ 900,000 | ||||
Sales [Member] | |||||
Operating Leases, Income Statement, Lease Revenue, Total | $ 164,508 | $ 126,248 | $ 512,017 | $ 241,766 | |
Other Nonoperating Income (Expense) [Member] | |||||
Operating Leases, Income Statement, Lease Revenue, Total | $ 0 | $ 0 | $ 2,500 | $ 38,180 |
Note 8 - Assets Held for Leas_3
Note 8 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Net assets held for lease | $ 759,640 | $ 1,870,125 |
West Union Facility [Member] | ||
Net assets held for lease | 878,079 | |
Modular Buildings [Member] | ||
Net assets held for lease | $ 759,640 | $ 992,046 |
Note 8 - Assets Held for Leas_4
Note 8 - Assets Held for Lease - Future Minimum Lease Receipts From Assets Held for Lease (Details) | Nov. 30, 2018USD ($) |
2019 | $ 163,008 |
2020 | 283,989 |
Total | $ 446,997 |
Note 9 - Product Warranty (Deta
Note 9 - Product Warranty (Details Textual) | 9 Months Ended |
Aug. 31, 2019 | |
Standard Product Warrant Term | 1 year |
Note 9 - Product Warranty - Cha
Note 9 - Product Warranty - Changes in Product Warranty Liability (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Balance, beginning | $ 89,637 | $ 71,216 | $ 96,786 | $ 68,452 |
Settlements / adjustments | (42,691) | (73,108) | (237,629) | (214,674) |
Warranties issued | 93,889 | 73,155 | 281,678 | 217,485 |
Balance, ending | $ 140,835 | $ 71,263 | $ 140,835 | $ 71,263 |
Note 10 - Loan and Credit Agr_3
Note 10 - Loan and Credit Agreements (Details Textual) | Aug. 31, 2019USD ($) | Feb. 13, 2019USD ($) | Mar. 29, 2018USD ($) | Sep. 28, 2017USD ($) | Aug. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Nov. 30, 2018USD ($) | Feb. 28, 2019 | May 01, 2010USD ($) |
Long-term Debt, Total | $ 2,456,503 | $ 2,456,503 | $ 2,750,477 | ||||||
Repayments of Long-term Debt, Total | 293,974 | $ 164,115 | |||||||
Term Loan Due October 2037 [Member] | |||||||||
Long-term Debt, Total | $ 2,456,503 | $ 2,456,503 | $ 2,517,510 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | ||||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 | |||||||
Bank Midwest [Member] | |||||||||
Long-term Line of Credit, Total | $ 2,909,530 | 2,909,530 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,090,470 | $ 2,090,470 | |||||||
Line of Credit, Borrowing Base, Accounts Receivable | 75.00% | 75.00% | |||||||
Line of Credit, Borrowing Base, Inventory | 50.00% | 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, Total | $ 2,600,000 | ||||||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | ||||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | United States Department of Agriculture [Member] | |||||||||
Upfront Guarantee Fee | $ 62,400 | ||||||||
Guarantee Fee, Annual Fee, Percentage | 0.50% | ||||||||
Guarantee Requirement, Personally Guarantee, Shareholders Ownership Percentage | 20.00% | ||||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | J. Ward McConnell Jr. [Member] | |||||||||
Personally Guaranteed, Percentage of Loan | 38.00% | ||||||||
Personally Guaranteed, Fee, Percentage of Guaranteed Amount | 2.00% | ||||||||
Bank Midwest [Member] | Term Loan Due October 2019 [Member] | |||||||||
Long-term Debt, Total | 600,000 | ||||||||
Repayments of Long-term Debt, Total | $ 600,000 | ||||||||
Repayments of Long-term Debt, Principal | 596,563 | ||||||||
Repayments of Long-term Debt, Interest | $ 2,328 | ||||||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Line of Credit Facility, Interest Rate During Period | 6.00% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | ||||||||
Bank Midwest [Member] | Revolving Credit Facility [Member] | Wall Street Journal Rate [Member] | |||||||||
Long-term Line of Credit, Total | $ 4,000,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Line of Credit Facility, Interest Rate During Period | 4.25% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | ||||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.15% | 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% | ||||||||
The First National Bank of West Union [Member] | Iowa Finance Authority Term Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 1,300,000 |
Note 10 - Loan and Credit Agr_4
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Term debt | $ 2,456,503 | $ 2,750,477 |
Less current portion of term debt | 84,319 | 227,459 |
Term debt, excluding current portion | 2,372,184 | 2,523,018 |
Term Loan Due October 2037 [Member] | ||
Term debt | 2,456,503 | 2,517,510 |
The First National Bank of West Union [Member] | ||
Term debt | $ 232,967 |
Note 10 - Loan and Credit Agr_5
Note 10 - Loan and Credit Agreements - Summary of Term Debt (Details) (Parentheticals) - USD ($) | 9 Months Ended | 12 Months Ended |
Aug. 31, 2019 | Nov. 30, 2018 | |
Term Loan Due October 2037 [Member] | ||
Debt instrument, periodic payment | $ 17,271 | $ 17,271 |
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% |
The First National Bank of West Union [Member] | ||
Debt instrument, periodic payment | $ 12,500 | |
Debt instrument, interest rate, stated percentage | 2.75% |
Note 10 - Loan and Credit Agr_6
Note 10 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
2019 | $ 20,511 | |
2020 | 85,401 | |
2021 | 90,179 | |
2022 | 94,858 | |
2023 | 99,781 | |
2024 and thereafter | 2,065,773 | |
Total Term Debt | $ 2,456,503 | $ 2,750,477 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | Nov. 30, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 298,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,624 | $ 5,957 | $ 21,273 | $ 17,986 |
Due from Related Parties, Total | $ 1,581 | $ 1,633 | $ 1,581 | $ 1,633 |
Note 13 - Sales-type Leases (De
Note 13 - Sales-type Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | |
Capital Leases, Income Statement, Sales Type Lease Revenue | $ 0 | $ 0 | $ 0 | $ 426,542 |
Note 13 - Sales-type Leases - C
Note 13 - Sales-type Leases - Components Related to Sales-type Leases (Details) - USD ($) | Aug. 31, 2019 | Nov. 30, 2018 |
Minimum lease receivable, current | $ 174,000 | $ 159,500 |
Unearned interest income, current | (21,476) | (36,445) |
Net investment in sales-type leases, current | 152,524 | 123,055 |
Minimum lease receivable, long-term | 37,777 | 168,277 |
Unearned interest income, long-term | (924) | (14,490) |
Net investment in sales-type leases, long-term | $ 36,853 | $ 153,787 |
Note 13 - Sales-type Leases - F
Note 13 - Sales-type Leases - Future Minimum Lease Receipts (Details) | Nov. 30, 2018USD ($) |
2019 | $ 43,500 |
2020 | 162,426 |
2021 | 5,851 |
Total | $ 211,777 |
Note 15 - Equity Incentive Pl_2
Note 15 - Equity Incentive Plan and Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Nov. 30, 2018 | Jan. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||||
Share-based Payment Arrangement, Expense | $ 40,601 | $ 46,654 | $ 160,045 | $ 158,090 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 8,589 | 7,332 | ||||
Share-based Payment Arrangement, Expense, Net of Shares Repurchased | $ 142,647 | $ 136,780 | ||||
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 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,400 | |||||
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 | 72,437 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 9 Months Ended |
Aug. 31, 2019 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Information -
Note 17 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2019 | Aug. 31, 2018 | Nov. 30, 2018 | |
Revenue from external customers | $ 5,503,622 | $ 5,280,269 | $ 15,375,104 | $ 15,940,268 | |
Income (loss) from operations | (304,844) | (559,107) | (1,396,980) | (1,325,943) | |
Total Assets | 20,867,996 | 20,867,996 | $ 21,325,474 | ||
Capital expenditures | 367,450 | 265,418 | |||
Depreciation & Amortization | 774,068 | 681,939 | |||
Operating Segments [Member] | |||||
Revenue from external customers | 5,504,000 | 5,280,000 | 15,375,000 | 15,940,000 | |
Income (loss) from operations | (305,000) | (559,000) | (1,397,000) | (1,326,000) | |
Income (loss) before tax | (370,000) | (949,000) | (1,610,000) | (2,034,000) | |
Total Assets | 20,868,000 | 22,175,000 | 20,868,000 | 22,175,000 | |
Capital expenditures | 182,000 | 105,000 | 367,000 | 266,000 | |
Depreciation & Amortization | 224,000 | 273,000 | 774,000 | 682,000 | |
Operating Segments [Member] | Agricultural Products [Member] | |||||
Revenue from external customers | 3,194,000 | 3,913,000 | 9,441,000 | 11,778,000 | |
Income (loss) from operations | (435,000) | (450,000) | (1,334,000) | (988,000) | |
Income (loss) before tax | (496,000) | (835,000) | (1,527,000) | (1,680,000) | |
Total Assets | 14,383,000 | 15,999,000 | 14,383,000 | 15,999,000 | |
Capital expenditures | 92,000 | 92,000 | 201,000 | 163,000 | |
Depreciation & Amortization | 126,000 | 126,000 | 375,000 | 391,000 | |
Operating Segments [Member] | Modular Buildings [Member] | |||||
Revenue from external customers | 1,802,000 | 773,000 | 4,382,000 | 2,346,000 | |
Income (loss) from operations | 146,000 | (141,000) | (14,000) | (347,000) | |
Income (loss) before tax | 151,000 | (136,000) | (4,000) | (330,000) | |
Total Assets | 3,917,000 | 3,692,000 | 3,917,000 | 3,692,000 | |
Capital expenditures | 75,000 | 13,000 | 123,000 | 99,000 | |
Depreciation & Amortization | 66,000 | 116,000 | 303,000 | 196,000 | |
Operating Segments [Member] | Tools [Member] | |||||
Revenue from external customers | 508,000 | 594,000 | 1,552,000 | 1,816,000 | |
Income (loss) from operations | (16,000) | 32,000 | (49,000) | 9,000 | |
Income (loss) before tax | (25,000) | 22,000 | (79,000) | (24,000) | |
Total Assets | 2,568,000 | 2,484,000 | 2,568,000 | 2,484,000 | |
Capital expenditures | 15,000 | 43,000 | 4,000 | ||
Depreciation & Amortization | $ 32,000 | $ 31,000 | $ 96,000 | $ 95,000 |