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Condensed Consolidated Balance Sheets (Unaudited Current Period) - USD ($)
Feb. 28, 2025
Nov. 30, 2024
Current assets:    
Cash $ 4,133 $ 1,860
Accounts receivable, net 1,407,411 2,372,876
Inventories, net 10,881,082 10,327,913
Cost and profit in excess of billings 288,141 213,195
Other current assets 419,933 208,465
Total current assets 13,000,700 13,124,309
Property, plant, and equipment, net 5,015,290 5,150,870
Assets held for lease, net 134,788 89,033
Deferred income taxes, net 2,455,387 2,440,297
Other assets 398,429 436,175
Total assets 21,004,594 21,240,684
Current liabilities:    
Accounts payable 945,216 944,448
Customer deposits 991,664 180,597
Billings in excess of cost and profit 1,155,622 1,929,151
Income taxes payable 5,000 5,500
Accrued expenses 856,888 1,303,718
Line of credit 2,199,437 1,928,437
Current portion of finance lease liabilities 223,593 220,908
Current portion of long-term debt 121,663 119,734
Total current liabilities 6,499,083 6,632,493
Long-term portion of operating lease liabilities 2,364 4,700
Long-term portion of finance lease liabilities 477,783 534,436
Long-term debt, excluding current portion 1,944,621 1,975,232
Total liabilities 8,923,851 9,146,861
Commitments and Contingencies (Notes 9, 11, 12 and 15)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares on February 28, 2025 and November 30, 2024; issued and outstanding 0 shares on February 28, 2025 and November 30, 2024. 0 0
Common stock – $0.01 par value. Authorized 9,500,000 shares on February 28, 2025 and November 30, 2024; 5,200,173 issued on February 28, 2025 and 5,149,173 on November 30, 2024 52,002 51,492
Additional paid-in capital 5,064,558 5,020,849
Retained earnings 7,272,871 7,328,628
Treasury stock, at cost (113,589 shares on February 28, 2025 and 112,714 shares on November 30, 2024) (308,688) (307,146)
Total stockholders’ equity 12,080,743 12,093,823
Total liabilities and stockholders’ equity $ 21,004,594 $ 21,240,684