Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 31, 2020 | Oct. 06, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 4,431,691 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock $.01 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Current assets: | ||
Cash | $ 4,200 | $ 3,145 |
Accounts receivable-customers, net of allowance for doubtful accounts of $42,542 and $22,925 in 2020 and 2019, respectively | 1,723,492 | 1,679,975 |
Inventories, net | 9,022,598 | 8,778,507 |
Cost and profit in excess of billings | 122,289 | 726,667 |
Net investment in sales-type leases, current | 47,854 | 148,005 |
Other current assets | 167,799 | 70,931 |
Total current assets | 11,088,232 | 11,407,230 |
Property, plant, and equipment, net | 5,389,801 | 5,362,907 |
Assets held for lease, net | 521,516 | 713,782 |
Deferred income taxes | 2,222,740 | 1,786,048 |
Net investment in sales-type leases, long-term | 5,782 | |
Other assets | 97,389 | 71,189 |
Total assets | 19,319,678 | 19,346,938 |
Current liabilities: | ||
Accounts payable | 1,428,993 | 1,205,313 |
Customer deposits | 122,335 | 105,363 |
Billings in excess of cost and profit | 404,725 | 88,931 |
Income taxes payable | 6,400 | 6,400 |
Accrued expenses | 1,200,321 | 1,132,826 |
Line of credit | 1,767,530 | 2,578,530 |
Current portion of long-term debt | 91,632 | 85,401 |
Total current liabilities | 5,021,936 | 5,202,764 |
Long-term liabilities | ||
Long-term portion of operating lease liabilities | 20,776 | |
Long-term debt, excluding current portion | 3,976,781 | 2,350,592 |
Total liabilities | 9,019,493 | 7,553,356 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2020 and 2019; issued 0 shares in 2020 and 2019. | ||
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2020 and 2019; issued 4,465,004 in 2020 and 4,321,087 in 2019 | 44,650 | 43,211 |
Additional paid-in capital | 3,444,310 | 3,250,087 |
Retained earnings | 6,884,819 | 8,547,342 |
Treasury stock, at cost (33,313 in 2020 and 18,842 in 2019 shares) | (73,594) | (47,058) |
Total stockholders’ equity | 10,300,185 | 11,793,582 |
Total liabilities and stockholders’ equity | $ 19,319,678 | $ 19,346,938 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Allowance for doubtful accounts | $ 42,542 | $ 22,925 |
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) | 4,465,004 | 4,321,087 |
Treasury stock (in shares) | 33,313 | 18,842 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Sales | $ 6,464,854 | $ 5,503,622 | $ 16,936,510 | $ 15,375,104 |
Cost of goods sold | 5,539,974 | 4,498,800 | 14,039,752 | 12,806,444 |
Gross profit | 924,880 | 1,004,822 | 2,896,758 | 2,568,660 |
Expenses: | ||||
Engineering | 128,813 | 116,153 | 361,258 | 380,139 |
Selling | 370,236 | 378,811 | 1,227,144 | 1,119,428 |
General and administrative | 939,125 | 814,702 | 3,215,963 | 2,466,073 |
Total expenses | 1,438,174 | 1,309,666 | 4,804,365 | 3,965,640 |
Income (Loss) from operations | (513,294) | (304,844) | (1,907,607) | (1,396,980) |
Other income (expense): | ||||
Interest expense | (73,422) | (89,208) | (233,942) | (274,649) |
Other | 58,847 | 24,082 | 72,744 | 61,997 |
Total other income (expense) | (14,575) | (65,126) | (161,198) | (212,652) |
Income (Loss) before income taxes | (527,869) | (369,970) | (2,068,805) | (1,609,632) |
Income tax expense (benefit) | (104,258) | (80,754) | (406,282) | (358,442) |
Net Income (Loss) | $ (423,611) | $ (289,216) | $ (1,662,523) | $ (1,251,190) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
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 | |
Net (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 |
Balance (in shares) at Nov. 30, 2019 | 4,321,087 | 18,842 | |||
Balance at Nov. 30, 2019 | $ 43,211 | 3,250,087 | 8,547,342 | $ (47,058) | 11,793,582 |
Stock based compensation (in shares) | 143,917 | 14,471 | |||
Stock based compensation | $ 1,439 | 194,223 | $ (26,536) | 169,126 | |
Net (loss) | (1,662,523) | (1,662,523) | |||
Balance (in shares) at Aug. 31, 2020 | 4,465,004 | 33,313 | |||
Balance at Aug. 31, 2020 | $ 44,650 | $ 3,444,310 | $ 6,884,819 | $ (73,594) | $ 10,300,185 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Cash flows from operations: | ||
Net (loss) from continuing operations | $ (1,662,523) | $ (1,251,190) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Stock based compensation | 195,662 | 160,045 |
(Gain) Loss on disposal of property, plant, and equipment | (47,169) | (10,000) |
Depreciation and amortization expense | 648,084 | 774,068 |
Bad debt expense (recovery) | 20,009 | (1,402) |
Deferred income taxes | (436,692) | (362,834) |
Accrued interest on deferred debt payments | 3,330 | |
Changes in assets and liabilities: | ||
Accounts receivable | (63,526) | (963,875) |
Inventories | (244,091) | 494,188 |
Net investment in sales-type leases | 105,933 | 87,465 |
Other assets | (96,868) | (109,422) |
Accounts payable | 223,680 | 233,195 |
Contracts in progress, net | 920,172 | 1,149,423 |
Customer deposits | 16,972 | 114,368 |
Income taxes payable | ||
Accrued expenses | 58,088 | 62,613 |
Net cash (used in) operating activities | (358,939) | 376,642 |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | (614,443) | (367,450) |
Net proceeds from sale of assets | 182,881 | 899,713 |
Net cash provided by (used in) investing activities | (431,562) | 532,263 |
Cash flows from financing activities: | ||
Net change in line of credit | 811,000 | 596,000 |
Proceeds from term debt | 1,692,900 | |
Repayment of term debt | (63,808) | (293,974) |
Repurchases of common stock | (26,536) | (17,398) |
Net cash provided by (used in) financing activities | 791,556 | (907,372) |
Net increase (decrease) in cash | 1,055 | 1,533 |
Cash at beginning of period | 3,145 | 3,512 |
Cash at end of period | 4,200 | 5,045 |
Supplemental disclosures of cash flow information: | ||
Interest | 205,409 | 253,140 |
Income taxes | $ 30,394 | $ 3,855 |
Note 1 - Description of the Com
Note 1 - Description of the Company | 9 Months Ended |
Aug. 31, 2020 | |
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 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Summary of Significant Account ing 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, 2019. three nine August 31, 2020 not November 30, 2020. Impact of COVID- 19 While the COVID- 19 first 2020, second third 2020 may March 23, 2020 May 18, 2020 three 17% May 2020, 19 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, 2020. Revenue Recognition In accordance with ASC 606, not 30 In certain circumstances, upon the customer's written request, the Company may not not no The Modular Buildings segment is in the construction industry with its major source of revenue arising from modular building sales. Sales of modular buildings are generally recognized using input methods to measure progress towards the satisfaction of a performance obligation using the percentage of completion method. Revenue and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Contract costs consist of direct costs on contracts, including labor, materials, amounts payable to subcontractors and those indirect costs related to contract performance, such as equipment costs, insurance and employee benefits. Contract cost is recorded as incurred, and revisions in contract revenues and cost estimates are reflected in the accounting period when known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Contract losses are recognized when current estimates of total contract revenue and contract cost indicate a loss. Estimated contract costs include any and all costs appropriately allocable to the contract. The provision for these contract losses will be the excess of estimated contract costs over estimated contract revenues. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract change orders, penalty provisions and final contract settlements may The Company leases modular buildings to certain customers and accounts for these transactions as operating or sales-type leases. These leases have terms of up to 36 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 The Company's returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 Recently Issued Accounting Pronouncements Recently Adopted Accounting Guidance Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not $34,316 $34,316 may 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 3 - Disaggregation of Reve
Note 3 - Disaggregation of Revenue | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 Disaggregation of Revenue The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended August 31, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 2,908,000 $ - $ - $ 2,908,000 Farm equipment service parts 645,000 - - 645,000 Steel cutting tools and inserts - - 470,000 470,000 Modular buildings - 2,266,000 - 2,266,000 Modular building lease income - - - - Other 118,000 53,000 5,000 176,000 $ 3,671,000 $ 2,319,000 $ 475,000 $ 6,465,000 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 Nine Months Ended August 31, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 7,556,000 $ - $ - $ 7,556,000 Farm equipment service parts 1,844,000 - - 1,844,000 Steel cutting tools and inserts - - 1,648,000 1,648,000 Modular buildings - 5,155,000 - 5,155,000 Modular building lease income - 318,000 - 318,000 Other 295,000 102,000 19,000 416,000 $ 9,695,000 $ 5,575,000 $ 1,667,000 $ 16,937,000 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 |
Note 4 - Contract Receivables,
Note 4 - Contract Receivables, Contract Assets and Contract Liabilities | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Contract Receivable, Contract Assets, and Contract Liabilities [Text Block] | 4 Contract Receivables, Contract Assets and Contract Liabilities The following table provides information about gross contract receivables, contract assets, and contract liabilities from contracts with customers included on the Condensed Consolidated Balance Sheets. August 31, 2020 November 30, 2019 Receivables $ 1,766,000 $ 1,703,000 Assets $ 122,000 $ 727,000 Liabilities $ 454,000 $ 89,000 The amount of revenue recognized in the first nine 2020 November 30, 2019 $89,000 $185,000 2019. November 30, 2019 nine August 31, 2020 November 30, 2019. The Company utilizes the practical expedient exception for reporting performance obligations and will report only on performance obligations greater than one August 31, 2020, no one |
Note 5 - Net Income (Loss) Per
Note 5 - Net Income (Loss) Per Share of Common Stock | 9 Months Ended |
Aug. 31, 2020 | |
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 of common stock has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming the 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, 2020 August 31, 2019: For the Three Months Ended August 31, 2020 August 31, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (423,611 ) $ (289,216 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,426,850 4,309,587 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,426,850 4,309,587 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.10 ) $ (0.07 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.10 ) $ (0.07 ) For the Nine Months Ended August 31, 2020 August 31, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (1,662,523 ) $ (1,251,190 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,381,686 4,285,335 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,381,686 4,285,335 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.38 ) $ (0.29 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.38 ) $ (0.29 ) |
Note 6 - Inventory
Note 6 - Inventory | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 I nventory Major classes of inventory are: August 31, 2020 November 30, 2019 Raw materials $ 7,162,508 $ 7,156,001 Work in process 347,705 492,125 Finished goods 4,147,072 3,905,373 Gross inventory $ 11,657,285 $ 11,553,499 Less: Reserves (2,634,687 ) (2,774,992 ) Net Inventory $ 9,022,598 $ 8,778,507 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7 Accrued Expenses Major components of accrued expenses are: August 31, 2020 November 30, 2019 Salaries, wages, and commissions $ 716,340 $ 555,201 Accrued warranty expense 278,518 203,185 Other 205,463 374,440 $ 1,200,321 $ 1,132,826 |
Note 8 - Assets Held for Lease
Note 8 - Assets Held for Lease | 9 Months Ended |
Aug. 31, 2020 | |
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, 2020 November 30, 2019 Modular Buildings $ 521,516 $ 713,782 Net assets held for lease $ 521,516 $ 713,782 Rents recognized from assets held for lease included in sales on the Consolidated Statements of Operations during the three nine August 31, 2020 $0 $318,227, $164,508 $512,017 three nine August 31, 2019, The Company has no August 31, 2020. |
Note 9 - Product Warranty
Note 9 - Product Warranty | 9 Months Ended |
Aug. 31, 2020 | |
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, 2020 August 31, 2019 For the Three Months Ended August 31, 2020 August 31, 2019 Balance, beginning $ 268,233 $ 89,637 Settlements / adjustments (47,591 ) (42,691 ) Warranties issued 57,876 93,889 Balance, ending $ 278,518 $ 140,835 For the Nine Months Ended August 31, 2020 August 31, 2019 Balance, beginning $ 203,185 $ 96,786 Settlements / adjustments (113,313 ) (237,629 ) Warranties issued 188,646 281,678 Balance, ending $ 278,518 $ 140,835 |
Note 10 - Loan and Credit Agree
Note 10 - Loan and Credit Agreements | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 Loan and Credit Agreements The Company maintains two two Bank Midwest Revolving Lines of Credit and Term Loans The Company maintains a credit facility with Bank Midwest consisting of a $5,000,000 “2017 $2,600,000 October 1, 2037 ( August 31, 2020, 2017 $1,767,530 $3,232,470 may 2017 75% 50% 2017 August 31, 2020, 2017 not 2017 1.00% 4.25% 4.25% 2017 March 30, 2020. 2017 March 30, 2021 The Term Loan accrues interest at a rate of 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% 4.25% 2019 February 13, 2020. 2019 no one February 13, 2021. August 31, 2020, 2019 On April 20, 2020, $1,242,900 may not 1.00%, April 20, 2022. may no Each of the 2017 September 28, 2017, 2019 February 13, 2019, April 20, 2020, In connection with the 2017 September 28, 2017, first 2017 September 28, 2017. 2019 To further secure the 2017 2019 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 $100,000 $100,000 nine August 31, 2020. November 30, 2019 no November 30, 2020. SBA Economic Injury Disaster Loans On June 18, 2020, June 24, 2020 19 June 18, 2020 $150,000 third June 24, 2020 $150,000 3.75% June 18, 2021 twelve June 24, 2021 $731 30 June 18, 2020 June 24, 2020, 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, 2020 November 30, 2019 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,372,183 $ 2,435,993 Bank Midwest loan payable in one principal payment including interest at 1.00%, due April 20, 2022 1,242,900 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 24, 2021, due June 24, 2050 151,048 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 151,141 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 151,141 - Total term debt $ 4,068,413 $ 2,435,993 Less current portion of term debt 91,632 85,401 Term debt, excluding current portion $ 3,976,781 $ 2,350,592 A summary of the minimum maturities of term debt follows for the years ending November 30: Year Amount 2020 $ 21,592 2021 94,090 2022 1,346,926 2023 109,297 2024 120,223 2025 and thereafter 2,376,285 $ 4,068,413 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Aug. 31, 2020 | |
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. |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12 Related Party Transactions During the three nine August 31, 2020 August 31, 2019, not no 20% three nine August 31, 2020, $4,865 $14,767, $6,624 $21,273 2019, August 31, 2020, $1,527 $1,581 August 31, 2019. |
Note 13 - Sales-type Leases
Note 13 - Sales-type Leases | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Lessor, Sales-type Leases [Text Block] | 13 Sales-Type Leases The Company accounts for leases of modular buildings to certain customers as sales-type leases. These leases have terms of up to 36 Modular buildings held for 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 components related to sales-type leases at August 31, 2020 November 30, 2019 August 31, 2020 November 30, 2019 Minimum lease receivable, current $ 49,352 $ 162,425 Unearned interest income, current (1,498 ) (14,420 ) Net investment in sales-type leases, current $ 47,854 $ 148,005 Minimum lease receivable, long-term $ - $ 5,851 Unearned interest income, long-term - (69 ) Net investment in sales-type leases, long-term $ - $ 5,782 There was no three nine August 31, 2020 August 31,2019. Future minimum lease receipts from sales-type leases are as follows: Year Ending November 30, Amount 2020 43,500 2021 5,852 Total $ 49,352 |
Note 14 - Operating Leases
Note 14 - Operating Leases | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14 Operating Leases The Company determines if an arrangement is a lease at inception of a contract. The nature of the Company's operating leases at this time is office equipment, mainly copiers, with terms of 12 60 ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value payments over the lease term. As most of the Company's leases do not may The Company has copier lease agreements with lease and non-lease components and has elected the practical expedient not not The components of operating leases on the Condensed Consolidated Balance Sheets at August 31, 2020 August 31, 2020 Operating lease right-of-use assets $ 30,182 Current portion of operating lease liabilities $ 9,406 Long-term portion of operating lease liabilities 20,776 Total operating lease liabilities $ 30,182 The Company included $30,182 $9,406 $20,776 $4,208 $17,840 three nine August 31, 2020, 37 5.50% Future maturities of operating lease liabilities are as follows: Year Ending November 30, 2020 2,712 2021 10,847 2022 10,847 2023 6,911 2024 1,631 Total lease payments 32,948 Less imputed interest (2,766 ) Total operating lease liabilities 30,182 |
Note 15 - Equity Incentive Plan
Note 15 - Equity Incentive Plan and Stock Based Compensation | 9 Months Ended |
Aug. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15 Equity Incentive Plan and Stock Based Compensation On February 25, 2020, 2020 “2020 2020 April 30, 2020. 2020 2011 “2011 500,000 No 2011 2020 February 25, 2020 The 2020 1,000 1,000 nine August 31, 2020, 128,750 three 20,000 first nine 2019, 72,437 three 21,000 first nine 2020, 4,833 2,400 2019. 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, 2020 2019. $42,910 $195,662 three nine August 31, 2020, $40,601 $160,045 2019. 0 14,471 three nine August 31, 2020, 0 8,589 2019. nine August 31, 2020 $169,126 $142,647 2019. |
Note 16 - Disclosures About the
Note 16 - Disclosures About the Fair Value of Financial Instruments | 9 Months Ended |
Aug. 31, 2020 | |
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, 2020 November 30, 2019, not not |
Note 17 - Segment Information
Note 17 - Segment Information | 9 Months Ended |
Aug. 31, 2020 | |
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. Three Months Ended August 31, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,671,000 $ 2,319,000 $ 475,000 $ 6,465,000 Income (loss) from operations (210,000 ) (188,000 ) (115,000 ) (513,000 ) Income (loss) before tax (249,000 ) (152,000 ) (127,000 ) (528,000 ) Total Assets 13,387,000 3,272,000 2,661,000 19,320,000 Capital expenditures 149,000 13,000 40,000 202,000 Depreciation & Amortization 123,000 33,000 33,000 189,000 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 Nine Months Ended August 31, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 9,695,000 $ 5,575,000 $ 1,667,000 $ 16,937,000 Income (loss) from operations (1,367,000 ) (306,000 ) (235,000 ) $ (1,908,000 ) Income (loss) before tax (1,531,000 ) (272,000 ) (266,000 ) $ (2,069,000 ) Total Assets 13,387,000 3,272,000 2,661,000 $ 19,320,000 Capital expenditures 447,000 124,000 43,000 $ 614,000 Depreciation & Amortization 377,000 172,000 99,000 $ 648,000 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 *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, 2020 | |
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, 2020 | |
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, 2019. three nine August 31, 2020 not November 30, 2020. |
Effect of COVID-19 Pandemic [Policy Text Block] | Impact of COVID- 19 While the COVID- 19 first 2020, second third 2020 may March 23, 2020 May 18, 2020 three 17% May 2020, 19 |
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, 2020. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition In accordance with ASC 606, not 30 In certain circumstances, upon the customer's written request, the Company may not not no The Modular Buildings segment is in the construction industry with its major source of revenue arising from modular building sales. Sales of modular buildings are generally recognized using input methods to measure progress towards the satisfaction of a performance obligation using the percentage of completion method. Revenue and gross profit are recognized as work is performed based on the relationship between actual costs incurred and total estimated costs at completion. Contract costs consist of direct costs on contracts, including labor, materials, amounts payable to subcontractors and those indirect costs related to contract performance, such as equipment costs, insurance and employee benefits. Contract cost is recorded as incurred, and revisions in contract revenues and cost estimates are reflected in the accounting period when known. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Contract losses are recognized when current estimates of total contract revenue and contract cost indicate a loss. Estimated contract costs include any and all costs appropriately allocable to the contract. The provision for these contract losses will be the excess of estimated contract costs over estimated contract revenues. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract change orders, penalty provisions and final contract settlements may The Company leases modular buildings to certain customers and accounts for these transactions as operating or sales-type leases. These leases have terms of up to 36 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 The Company's returns policy allows for new and saleable parts to be returned, subject to inspection and a restocking charge, which is included in net sales. Whole goods are not For information on product warranty as it applies to ASC 606, 9 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements Recently Adopted Accounting Guidance Leases In February 2016, 2016 02, 842 12 December 15, 2018, 2020 not $34,316 $34,316 may 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 3 - Disaggregation of Re_2
Note 3 - Disaggregation of Revenue (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended August 31, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 2,908,000 $ - $ - $ 2,908,000 Farm equipment service parts 645,000 - - 645,000 Steel cutting tools and inserts - - 470,000 470,000 Modular buildings - 2,266,000 - 2,266,000 Modular building lease income - - - - Other 118,000 53,000 5,000 176,000 $ 3,671,000 $ 2,319,000 $ 475,000 $ 6,465,000 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 Nine Months Ended August 31, 2020 Agricultural Modular Buildings Tools Total Farm equipment $ 7,556,000 $ - $ - $ 7,556,000 Farm equipment service parts 1,844,000 - - 1,844,000 Steel cutting tools and inserts - - 1,648,000 1,648,000 Modular buildings - 5,155,000 - 5,155,000 Modular building lease income - 318,000 - 318,000 Other 295,000 102,000 19,000 416,000 $ 9,695,000 $ 5,575,000 $ 1,667,000 $ 16,937,000 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 |
Note 4 - Contract Receivables_2
Note 4 - Contract Receivables, Contract Assets and Contract Liabilities (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | August 31, 2020 November 30, 2019 Receivables $ 1,766,000 $ 1,703,000 Assets $ 122,000 $ 727,000 Liabilities $ 454,000 $ 89,000 |
Note 5 - Net Income (Loss) Pe_2
Note 5 - Net Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended August 31, 2020 August 31, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (423,611 ) $ (289,216 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,426,850 4,309,587 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,426,850 4,309,587 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.10 ) $ (0.07 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.10 ) $ (0.07 ) For the Nine Months Ended August 31, 2020 August 31, 2019 Numerator for basic and diluted net income (loss) per share: Net income (loss) $ (1,662,523 ) $ (1,251,190 ) Denominator: For basic net income (loss) per share - weighted average common shares outstanding 4,381,686 4,285,335 Effect of dilutive stock options - - For diluted net income (loss) per share - weighted average common shares outstanding 4,381,686 4,285,335 Net Income (Loss) per share - Basic: Net Income (Loss) per share $ (0.38 ) $ (0.29 ) Net Income (Loss) per share - Diluted: Net Income (Loss) per share $ (0.38 ) $ (0.29 ) |
Note 6 - Inventory (Tables)
Note 6 - Inventory (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 31, 2020 November 30, 2019 Raw materials $ 7,162,508 $ 7,156,001 Work in process 347,705 492,125 Finished goods 4,147,072 3,905,373 Gross inventory $ 11,657,285 $ 11,553,499 Less: Reserves (2,634,687 ) (2,774,992 ) Net Inventory $ 9,022,598 $ 8,778,507 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | August 31, 2020 November 30, 2019 Salaries, wages, and commissions $ 716,340 $ 555,201 Accrued warranty expense 278,518 203,185 Other 205,463 374,440 $ 1,200,321 $ 1,132,826 |
Note 8 - Assets Held for Lease
Note 8 - Assets Held for Lease (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Components of Assets Held for Lease [Table Text Block] | August 31, 2020 November 30, 2019 Modular Buildings $ 521,516 $ 713,782 Net assets held for lease $ 521,516 $ 713,782 |
Note 9 - Product Warranty (Tabl
Note 9 - Product Warranty (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | For the Three Months Ended August 31, 2020 August 31, 2019 Balance, beginning $ 268,233 $ 89,637 Settlements / adjustments (47,591 ) (42,691 ) Warranties issued 57,876 93,889 Balance, ending $ 278,518 $ 140,835 For the Nine Months Ended August 31, 2020 August 31, 2019 Balance, beginning $ 203,185 $ 96,786 Settlements / adjustments (113,313 ) (237,629 ) Warranties issued 188,646 281,678 Balance, ending $ 278,518 $ 140,835 |
Note 10 - Loan and Credit Agr_2
Note 10 - Loan and Credit Agreements (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | August 31, 2020 November 30, 2019 Bank Midwest loan payable in monthly installments of $17,271 including interest at 5.00%, due October 1, 2037 $ 2,372,183 $ 2,435,993 Bank Midwest loan payable in one principal payment including interest at 1.00%, due April 20, 2022 1,242,900 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 24, 2021, due June 24, 2050 151,048 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 151,141 - U.S. Small Business Administration loan payable in monthly installments of $731 including interest at 3.75% beginning June 18, 2021, due June 18, 2050 151,141 - Total term debt $ 4,068,413 $ 2,435,993 Less current portion of term debt 91,632 85,401 Term debt, excluding current portion $ 3,976,781 $ 2,350,592 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2020 $ 21,592 2021 94,090 2022 1,346,926 2023 109,297 2024 120,223 2025 and thereafter 2,376,285 $ 4,068,413 |
Note 13 - Sales-type Leases (Ta
Note 13 - Sales-type Leases (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Sales-type Leases [Table Text Block] | August 31, 2020 November 30, 2019 Minimum lease receivable, current $ 49,352 $ 162,425 Unearned interest income, current (1,498 ) (14,420 ) Net investment in sales-type leases, current $ 47,854 $ 148,005 Minimum lease receivable, long-term $ - $ 5,851 Unearned interest income, long-term - (69 ) Net investment in sales-type leases, long-term $ - $ 5,782 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Year Ending November 30, Amount 2020 43,500 2021 5,852 Total $ 49,352 |
Note 14 - Operating Leases (Tab
Note 14 - Operating Leases (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Lessee, Operating Leases, Assets and Liabilities [Table Text Block] | August 31, 2020 Operating lease right-of-use assets $ 30,182 Current portion of operating lease liabilities $ 9,406 Long-term portion of operating lease liabilities 20,776 Total operating lease liabilities $ 30,182 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending November 30, 2020 2,712 2021 10,847 2022 10,847 2023 6,911 2024 1,631 Total lease payments 32,948 Less imputed interest (2,766 ) Total operating lease liabilities 30,182 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 9 Months Ended |
Aug. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended August 31, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 3,671,000 $ 2,319,000 $ 475,000 $ 6,465,000 Income (loss) from operations (210,000 ) (188,000 ) (115,000 ) (513,000 ) Income (loss) before tax (249,000 ) (152,000 ) (127,000 ) (528,000 ) Total Assets 13,387,000 3,272,000 2,661,000 19,320,000 Capital expenditures 149,000 13,000 40,000 202,000 Depreciation & Amortization 123,000 33,000 33,000 189,000 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 Nine Months Ended August 31, 2020 Agricultural Products Modular Buildings Tools Consolidated Revenue from external customers $ 9,695,000 $ 5,575,000 $ 1,667,000 $ 16,937,000 Income (loss) from operations (1,367,000 ) (306,000 ) (235,000 ) $ (1,908,000 ) Income (loss) before tax (1,531,000 ) (272,000 ) (266,000 ) $ (2,069,000 ) Total Assets 13,387,000 3,272,000 2,661,000 $ 19,320,000 Capital expenditures 447,000 124,000 43,000 $ 614,000 Depreciation & Amortization 377,000 172,000 99,000 $ 648,000 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 |
Note 1 - Description of the C_2
Note 1 - Description of the Company (Details Textual) | 3 Months Ended | 9 Months Ended |
May 18, 2020 | Aug. 31, 2020 | |
Number of Operating Segments | 3 | 3 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | |
May 18, 2020 | Aug. 31, 2020USD ($) | Dec. 01, 2019USD ($) | |
Number of Operating Segments | 3 | 3 | |
Operating Lease, Right-of-Use Asset | $ 30,182 | $ 34,316 | |
Operating Lease, Liability, Total | $ 30,182 | $ 34,316 | |
COVID 19 [Member] | |||
Percentage of Workforce in Self-quarantine | 17.00% |
Note 3 - Disaggregation of Re_3
Note 3 - Disaggregation of Revenue - Disaggregated Revenue From External Customer (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Revenue | $ 6,465,000 | $ 5,504,000 | $ 16,937,000 | $ 15,375,000 |
Farm Equipment [Member] | ||||
Revenue | 2,908,000 | 2,392,000 | 7,556,000 | 7,274,000 |
Farm Equipment Service Parts [Member] | ||||
Revenue | 645,000 | 666,000 | 1,844,000 | 1,880,000 |
Steel Cutting Tools and Inserts [Member] | ||||
Revenue | 470,000 | 499,000 | 1,648,000 | 1,527,000 |
Modular Buildings [Member] | ||||
Revenue | 2,266,000 | 1,607,000 | 5,155,000 | 3,773,000 |
Modular Buildings Lease Income [Member] | ||||
Revenue | 165,000 | 318,000 | 512,000 | |
Product and Service, Other [Member] | ||||
Revenue | 176,000 | 175,000 | 416,000 | 409,000 |
Agricultural Products [Member] | ||||
Revenue | 3,671,000 | 3,194,000 | 9,695,000 | 9,441,000 |
Agricultural Products [Member] | Farm Equipment [Member] | ||||
Revenue | 2,908,000 | 2,392,000 | 7,556,000 | 7,274,000 |
Agricultural Products [Member] | Farm Equipment Service Parts [Member] | ||||
Revenue | 645,000 | 666,000 | 1,844,000 | 1,880,000 |
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 | 118,000 | 136,000 | 295,000 | 287,000 |
Modular Buildings [Member] | ||||
Revenue | 2,319,000 | 1,802,000 | 5,575,000 | 4,382,000 |
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 | 2,266,000 | 1,607,000 | 5,155,000 | 3,773,000 |
Modular Buildings [Member] | Modular Buildings Lease Income [Member] | ||||
Revenue | 165,000 | 318,000 | 512,000 | |
Modular Buildings [Member] | Product and Service, Other [Member] | ||||
Revenue | 53,000 | 30,000 | 102,000 | 97,000 |
Tools [Member] | ||||
Revenue | 475,000 | 508,000 | 1,667,000 | 1,552,000 |
Tools [Member] | Farm Equipment [Member] | ||||
Revenue | ||||
Tools [Member] | Farm Equipment Service Parts [Member] | ||||
Revenue | ||||
Tools [Member] | Steel Cutting Tools and Inserts [Member] | ||||
Revenue | 470,000 | 499,000 | 1,648,000 | 1,527,000 |
Tools [Member] | Modular Buildings [Member] | ||||
Revenue | ||||
Tools [Member] | Modular Buildings Lease Income [Member] | ||||
Revenue | ||||
Tools [Member] | Product and Service, Other [Member] | ||||
Revenue | $ 5,000 | $ 9,000 | $ 19,000 | $ 25,000 |
Note 4 - Contract Receivables_3
Note 4 - Contract Receivables, Contract Assets and Contract Liabilities (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Nov. 30, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 89,000 | $ 185,000 |
Note 4 - Contract Receivables_4
Note 4 - Contract Receivables, Contract Assets and Contract Liabilities - Contract With Customers (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Receivables | $ 1,766,000 | $ 1,703,000 |
Assets | 122,000 | 727,000 |
Liabilities | $ 454,000 | $ 89,000 |
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, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Numerator for basic and diluted net income (loss) per share: | ||||
Net income (loss) | $ (423,611) | $ (289,216) | $ (1,662,523) | $ (1,251,190) |
Denominator: | ||||
For basic net income (loss) per share - weighted average common shares outstanding (in shares) | 4,426,850 | 4,309,587 | 4,381,686 | 4,285,335 |
Effect of dilutive stock options (in shares) | ||||
For diluted net income (loss) per share - weighted average common shares outstanding (in shares) | 4,426,850 | 4,309,587 | 4,381,686 | 4,285,335 |
Net Income (Loss) per share - Basic: | ||||
Net Income (Loss) per share (in dollars per share) | $ (0.10) | $ (0.07) | $ (0.38) | $ (0.29) |
Net Income (Loss) per share - Diluted: | ||||
Net Income (Loss) per share (in dollars per share) | $ (0.10) | $ (0.07) | $ (0.38) | $ (0.29) |
Note 6 - Inventory - Major Clas
Note 6 - Inventory - Major Classes of Inventory (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Raw materials | $ 7,162,508 | $ 7,156,001 |
Work in process | 347,705 | 492,125 |
Finished goods | 4,147,072 | 3,905,373 |
Gross inventory | 11,657,285 | 11,553,499 |
Less: Reserves | (2,634,687) | (2,774,992) |
Net Inventory | $ 9,022,598 | $ 8,778,507 |
Note 7 - Accrued Expenses - Maj
Note 7 - Accrued Expenses - Major Components of Accrued Expenses (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Salaries, wages, and commissions | $ 716,340 | $ 555,201 |
Accrued warranty expense | 278,518 | 203,185 |
Other | 205,463 | 374,440 |
Accrued Liabilities, Current, Total | $ 1,200,321 | $ 1,132,826 |
Note 8 - Assets Held for Leas_2
Note 8 - Assets Held for Lease (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Lessor, Operating Lease, Payments to be Received, Total | $ 0 | $ 0 | ||
Sales [Member] | ||||
Operating Lease, Lease Income, Total | $ 0 | $ 164,508 | $ 318,227 | $ 512,017 |
Note 8 - Assets Held for Leas_3
Note 8 - Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Net assets held for lease | $ 5,389,801 | $ 5,362,907 |
Assets Leased to Others, Modular Buildings [Member] | ||
Net assets held for lease | 521,516 | 713,782 |
Assets Leased to Others [Member] | ||
Net assets held for lease | $ 521,516 | $ 713,782 |
Note 9 - Product Warranty (Deta
Note 9 - Product Warranty (Details Textual) | 9 Months Ended |
Aug. 31, 2020 | |
Standard Product Warrant Term (Year) | 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, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Balance, beginning | $ 268,233 | $ 89,637 | $ 203,185 | $ 96,786 |
Settlements / adjustments | (47,591) | (42,691) | (113,313) | (237,629) |
Warranties issued | 57,876 | 93,889 | 188,646 | 281,678 |
Balance, ending | $ 278,518 | $ 140,835 | $ 278,518 | $ 140,835 |
Note 10 - Loan and Credit Agr_3
Note 10 - Loan and Credit Agreements (Details Textual) | Jun. 24, 2020USD ($) | Jun. 18, 2020USD ($) | Apr. 20, 2020USD ($) | Feb. 13, 2019USD ($) | Sep. 28, 2017USD ($) | Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2019USD ($) | May 01, 2010USD ($) |
Long-term Debt, Total | $ 4,068,413 | $ 2,435,993 | |||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,242,900 | 1,692,900 | |||||||
Term Loan Due October 2037 [Member] | |||||||||
Long-term Debt, Total | $ 2,372,183 | $ 2,435,993 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||||
Debt Instrument, Periodic Payment, Total | $ 17,271 | $ 17,271 | |||||||
EIDL Assistance Program, Loan One [Member] | |||||||||
Proceeds from Issuance of Debt | $ 150,000 | ||||||||
EIDL Assistance Program, Loan Three [Member] | |||||||||
Debt Instrument, Periodic Payment, Total | $ 731 | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | ||||||||
Debt Instrument, Date of First Required Payment | Jun. 24, 2021 | ||||||||
EIDL Assistance Program, Loan Two [Member] | |||||||||
Debt Instrument, Periodic Payment, Total | 731 | ||||||||
Proceeds from Issuance of Debt | $ 150,000 | ||||||||
Economic Injury Distaster Loan Assistance Program [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||
Debt Instrument, Term (Year) | 30 years | ||||||||
EIDL Assistance Program, Loans One and Two [Member] | |||||||||
Debt Instrument, Date of First Required Payment | Jun. 18, 2021 | ||||||||
Bank Midwest [Member] | |||||||||
Long-term Line of Credit, Total | 1,767,530 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,232,470 | ||||||||
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 | ||||||||
Debt Instrument, Covenant, Annual Purchases or Sales Price of Equipment Before Requiring Bank Approval | $ 100,000 | ||||||||
Bank Midwest [Member] | Term Loan Due October 2037 [Member] | |||||||||
Long-term Debt, 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] | 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 | 4.25% | ||||||||
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% | ||||||||
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% | ||||||||
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, 2020 | Nov. 30, 2019 |
Term debt | $ 4,068,413 | $ 2,435,993 |
Less current portion of term debt | 91,632 | 85,401 |
Term debt, excluding current portion | 3,976,781 | 2,350,592 |
Term Loan Due October 2037 [Member] | ||
Term debt | 2,372,183 | 2,435,993 |
Term Loan Due April 2022 [Member] | ||
Term debt | 1,242,900 | |
SBA Loan One [Member] | ||
Term debt | 151,048 | |
SBA Loan Two [Member] | ||
Term debt | 151,141 | |
SBA Loan Three [Member] | ||
Term debt | $ 151,141 |
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, 2020 | Nov. 30, 2019 | |
Term Loan Due October 2037 [Member] | ||
Debt instrument, periodic payment | $ 17,271 | $ 17,271 |
Debt instrument, interest rate, stated percentage | 5.00% | 5.00% |
Term Loan Due April 2022 [Member] | ||
Debt instrument, interest rate, stated percentage | 1.00% | |
SBA Loan One [Member] | ||
Debt instrument, periodic payment | $ 731 | |
Debt instrument, interest rate, stated percentage | 3.75% | |
SBA Loan Two [Member] | ||
Debt instrument, periodic payment | $ 731 | |
Debt instrument, interest rate, stated percentage | 3.75% | |
SBA Loan Three [Member] | ||
Debt instrument, periodic payment | $ 731 | |
Debt instrument, interest rate, stated percentage | 3.75% |
Note 10 - Loan and Credit Agr_6
Note 10 - Loan and Credit Agreements - Summary of Minimum Maturities of Term Debt (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
2020 | $ 21,592 | |
2021 | 94,090 | |
2022 | 1,346,926 | |
2023 | 109,297 | |
2024 | 120,223 | |
2025 and thereafter | 2,376,285 | |
Long-term Debt, Total | $ 4,068,413 | $ 2,435,993 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Revenue from Related Parties | $ 0 | $ 0 | $ 0 | $ 0 |
Due from Related Parties, Total | 0 | 0 | 0 | 0 |
Related Party Transaction, Expenses from Transactions with Related Party | 4,865 | 6,624 | 14,767 | 21,273 |
Due to Related Parties, Total | $ 1,527 | $ 1,581 | $ 1,527 | $ 1,581 |
J. Ward McConnell Jr. [Member] | ||||
Related Party, Ownership Percentage | 20.00% | 20.00% |
Note 13 - Sales-type Leases (De
Note 13 - Sales-type Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | |
Sales-type Lease, Lease Income, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Maximum [Member] | Assets Leased to Others, Modular Buildings [Member] | ||||
Lessor, Sales-type Lease, Term of Contract (Month) | 3 years | 3 years | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Minimum [Member] | Assets Leased to Others, Modular Buildings [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Note 13 - Sales-type Leases - C
Note 13 - Sales-type Leases - Components Related to Sales-type Leases (Details) - USD ($) | Aug. 31, 2020 | Nov. 30, 2019 |
Minimum lease receivable, current | $ 49,352 | $ 162,425 |
Unearned interest income, current | (1,498) | (14,420) |
Net investment in sales-type leases, current | 47,854 | 148,005 |
Minimum lease receivable, long-term | 5,851 | |
Unearned interest income, long-term | (69) | |
Net investment in sales-type leases, long-term | $ 5,782 |
Note 13 - Sales-type Leases - F
Note 13 - Sales-type Leases - Future Minimum Lease Receipts (Details) | Aug. 31, 2020USD ($) |
2020 | $ 43,500 |
2021 | 5,852 |
Total | $ 49,352 |
Note 14 - Operating Leases (Det
Note 14 - Operating Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2020 | Feb. 29, 2020 | Dec. 01, 2019 | Nov. 30, 2019 | |
Operating Lease, Right-of-Use Asset | $ 30,182 | $ 30,182 | $ 34,316 | ||
Operating Lease, Liability, Current | 9,406 | 9,406 | |||
Operating Lease, Liability, Noncurrent | 20,776 | 20,776 | |||
Lease, Cost, Total | $ 4,208 | $ 17,840 | |||
Operating Lease, Weighted Average Remaining Lease Term (Month) | 3 years 30 days | 3 years 30 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.50% | |||
Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 30,182 | $ 30,182 | |||
Accrued Expenses [Member] | |||||
Operating Lease, Liability, Current | $ 9,406 | $ 9,406 | |||
Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 1 year | ||||
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Month) | 5 years |
Note 14 - Operating Leases - Co
Note 14 - Operating Leases - Components of Operating Leases (Details) - USD ($) | Aug. 31, 2020 | Dec. 01, 2019 | Nov. 30, 2019 |
Operating lease right-of-use assets | $ 30,182 | $ 34,316 | |
Current portion of operating lease liabilities | 9,406 | ||
Long-term portion of operating lease liabilities | 20,776 | ||
Total operating lease liabilities | $ 30,182 | $ 34,316 |
Note 14 - Operating Leases - Ma
Note 14 - Operating Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) | Aug. 31, 2020 | Dec. 01, 2019 |
2020 | $ 2,712 | |
2021 | 10,847 | |
2022 | 10,847 | |
2023 | 6,911 | |
2024 | 1,631 | |
Total lease payments | 32,948 | |
Less imputed interest | (2,766) | |
Total operating lease liabilities | $ 30,182 | $ 34,316 |
Note 15 - Equity Incentive Pl_2
Note 15 - Equity Incentive Plan and Stock Based Compensation (Details Textual) - USD ($) | Feb. 25, 2020 | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2019 | Jan. 27, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 0 | 0 | 14,471 | 8,589 | |||
Share-based Payment Arrangement, Expense, Net of Shares Repurchased | $ 169,126 | $ 142,647 | |||||
Non-qualified Stock Units to Non-employee Directors Annually or Upon Election [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000 | 1,000 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 4,833 | 2,400 | |||||
Share-based Payment Arrangement, Expense | $ 42,910 | $ 40,601 | $ 195,662 | $ 160,045 | |||
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 (in shares) | 128,750 | 72,437 | |||||
Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | 21,000 | |||||
The 2020 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 9 Months Ended |
Aug. 31, 2020 | |
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, 2020 | Aug. 31, 2019 | Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2019 | |
Revenue from external customers | $ 6,464,854 | $ 5,503,622 | $ 16,936,510 | $ 15,375,104 | |
Income (loss) from operations | (513,294) | (304,844) | (1,907,607) | (1,396,980) | |
Total Assets | 19,319,678 | 19,319,678 | $ 19,346,938 | ||
Capital expenditures | 614,443 | 367,450 | |||
Depreciation & Amortization | 648,084 | 774,068 | |||
Operating Segments [Member] | |||||
Revenue from external customers | 6,465,000 | 5,504,000 | 16,937,000 | 15,375,000 | |
Income (loss) from operations | (513,000) | (305,000) | (1,908,000) | (1,397,000) | |
Income (loss) before tax | (528,000) | (370,000) | (2,069,000) | (1,610,000) | |
Total Assets | 19,320,000 | 20,868,000 | 19,320,000 | 20,868,000 | |
Capital expenditures | 202,000 | 182,000 | 614,000 | 367,000 | |
Depreciation & Amortization | 189,000 | 224,000 | 648,000 | 774,000 | |
Operating Segments [Member] | Agricultural Products [Member] | |||||
Revenue from external customers | 3,671,000 | 3,194,000 | 9,695,000 | 9,441,000 | |
Income (loss) from operations | (210,000) | (435,000) | (1,367,000) | (1,334,000) | |
Income (loss) before tax | (249,000) | (496,000) | (1,531,000) | (1,527,000) | |
Total Assets | 13,387,000 | 14,383,000 | 13,387,000 | 14,383,000 | |
Capital expenditures | 149,000 | 92,000 | 447,000 | 201,000 | |
Depreciation & Amortization | 123,000 | 126,000 | 377,000 | 375,000 | |
Operating Segments [Member] | Modular Buildings [Member] | |||||
Revenue from external customers | 2,319,000 | 1,802,000 | 5,575,000 | 4,382,000 | |
Income (loss) from operations | (188,000) | 146,000 | (306,000) | (14,000) | |
Income (loss) before tax | (152,000) | 151,000 | (272,000) | (4,000) | |
Total Assets | 3,272,000 | 3,917,000 | 3,272,000 | 3,917,000 | |
Capital expenditures | 13,000 | 75,000 | 124,000 | 123,000 | |
Depreciation & Amortization | 33,000 | 66,000 | 172,000 | 303,000 | |
Operating Segments [Member] | Tools [Member] | |||||
Revenue from external customers | 475,000 | 508,000 | 1,667,000 | 1,552,000 | |
Income (loss) from operations | (115,000) | (16,000) | (235,000) | (49,000) | |
Income (loss) before tax | (127,000) | (25,000) | (266,000) | (79,000) | |
Total Assets | 2,661,000 | 2,568,000 | 2,661,000 | 2,568,000 | |
Capital expenditures | 40,000 | 15,000 | 43,000 | 43,000 | |
Depreciation & Amortization | $ 33,000 | $ 32,000 | $ 99,000 | $ 96,000 |