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Condensed Consolidated Balance Sheets (Unaudited Current Period) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Current assets:    
Cash $ 5,119 $ 4,014
Accounts receivable, net 2,943,202 3,432,216
Inventories, net 10,691,065 11,031,362
Cost and profit in excess of billings 25,957 289,282
Other current assets 361,074 296,662
Current assets of discontinued operations 22,837 31,958
Total current assets 14,049,254 15,085,494
Property, plant, and equipment, net 5,180,769 5,060,595
Assets held for lease, net 115,291 145,494
Deferred income taxes, net 2,648,325 2,503,213
Other assets 476,085 583,752
Other assets of discontinued operations 1,001,640 1,023,566
Total assets 23,471,364 24,402,114
Current liabilities:    
Accounts payable 870,275 2,256,502
Customer deposits 162,927 416,044
Billings in excess of cost and profit 2,521,851 351,289
Income taxes payable 5,000 5,000
Accrued expenses 1,105,374 1,399,232
Line of credit 3,867,437 4,413,520
Current portion of finance lease liabilities 240,849 257,454
Current portion of long-term debt 114,537 109,193
Current liabilities of discontinued operations 175,279 186,789
Total current liabilities 9,063,529 9,395,023
Long-term portion of operating lease liabilities 7,009 13,774
Long-term portion of finance lease liabilities 590,676 722,200
Long-term debt, excluding current portion 2,543,307 2,629,862
Total liabilities 12,204,521 12,760,859
Commitments and Contingencies (Notes 9, 11, 12 and 15)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares on August 31, 2024 and November 30, 2023; issued and outstanding 0 shares on August 31, 2024 and November 30, 2023. 0 0
Common stock – $0.01 par value. Authorized 9,500,000 shares on August 31, 2024 and November 30, 2023; 5,189,172 issued on August 31, 2024 and 5,106,922 on November 30, 2023 51,892 51,069
Additional paid-in capital 5,025,396 4,838,425
Retained earnings 6,496,701 7,021,253
Treasury stock, at cost (112,714 shares on August 31, 2024 and 94,256 shares on November 30, 2023) (307,146) (269,492)
Total stockholders’ equity 11,266,843 11,641,255
Total liabilities and stockholders’ equity $ 23,471,364 $ 24,402,114