Note 7 - Assets Available for Sale

12 Months Ended

Nov. 30, 2016

Notes to Financial Statements

Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block]

(7) Assets Available for Sale

Major components of assets available for sale (excluding assets of discontinued operations as discussed in Note

2

“Discontinued Operations”) are:

	November 30, 2016		November 30, 2015
Ames, Iowa production facility	$	-	$	1,093,632
Monona, Iowa storage building		-		36,942
Ames, Iowa powder coat paint system		70,000		114,858.00
	$	70,000	$	1,245,432

Due to reduced demand for our reels produced by the Universal Harvester by Art’s Way subsidiary, we have been able to absorb the production of the reels in our Armstrong, Iowa facility. The Ames, Iowa facility was sold for

$1,192,000

in

February

2016.

After closing expenses, we recognized a gain of

$36,000.

Net proceeds from the sale of this facility were

$1,130,000.

The storage facility in Monona, Iowa is adjacent to our production facilities and was sold in

December

2015.

We recorded a gain of

$8,046

in

December

2015

after closing costs associated with the sale.

We continue to hold our powder coat system previously used in our Ames, Iowa location as available for sale. During fiscal

2016,

we recognized an impairment of

$44,858

related to this asset based on recent offers and comparable sales information.