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Consolidated Balance Sheets - USD ($)
Nov. 30, 2019
Nov. 30, 2018
Current assets:    
Cash $ 3,145 $ 3,512
Accounts receivable-customers, net of allowance for doubtful accounts of $22,925 and $25,100 in 2019 and 2018, respectively 1,679,975 1,537,113
Inventories, net 8,778,507 10,257,102
Cost and profit in excess of billings 726,667 99,287
Net investment in sales-type leases, current 148,005 123,055
Other current assets 70,931 125,089
Total current assets 11,407,230 12,145,158
Property, plant, and equipment, net 5,362,907 5,647,485
Assets held for lease, net 713,782 1,870,125
Deferred income taxes 1,786,048 1,432,422
Net investment in sales-type leases, long-term 5,782 153,787
Other assets 71,189 76,497
Total assets 19,346,938 21,325,474
Current liabilities:    
Accounts payable 1,205,313 802,062
Customer deposits 105,363 145,632
Billings in excess of cost and profit 88,931 185,014
Income taxes payable 6,400 6,400
Accrued expenses 1,132,826 893,284
Line of credit 2,578,530 3,505,530
Current portion of long-term debt 85,401 227,459
Total current liabilities 5,202,764 5,765,381
Long-term liabilities    
Long-term debt, excluding current portion 2,350,592 2,523,018
Total liabilities 7,553,356 8,288,399
Commitments and Contingencies (Notes 9, 10 and 17)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2019 and 2018; issued and outstanding 0 shares in 2019 and 2018.
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2019 and 2018; issued 4,321,087 in 2019 and 4,225,050 in 2018 43,211 42,250
Additional paid-in capital 3,250,087 3,055,632
Retained earnings 8,547,342 9,966,928
Treasury stock, at cost (18,842 in 2019 and 9,286 in 2018 shares) (47,058) (27,735)
Total stockholders’ equity 11,793,582 13,037,075
Total liabilities and stockholders’ equity $ 19,346,938 $ 21,325,474