Note 6 - Assets Available for Sale

12 Months Ended

Nov. 30, 2013

Assets Available For Sale [Abstract]

Assets Available For Sale [Text Block]

(6)           Assets Available for Sale

Major components of assets available for sale are:

	November 30, 2013		November 30, 2012
Salem, SD production facility	$	-	$	87,500
Armstrong, IA farm and pasture land		-		118,008
	$	-	$	205,508

The Company had been leasing approximately 88 acres of excess land to third parties for farming. In December of 2012, we sold this excess land as 3 separate tracts. Tract 1 was farmland northwest of the Armstrong Manufacturing plant located at 5556 Highway 9 in Armstrong, Iowa. Tract 2 was farmland north of railroad tracks that run on the north side of the Armstrong Manufacturing plant located at 5556 Highway 9 in Armstrong, Iowa. Tract 3 was pasture land east of the Armstrong Manufacturing plant located at 5556 Highway 9 in Armstrong, Iowa. The net gain on the sale of the three parcels totaled $639,000.

To better utilize our production facilities, our auger production was moved from our Salem, South Dakota facility to our West Union, Iowa production facility in July 2011. The Salem, South Dakota facility was sold in December 2012. An impairment of $95,000 was recognized in fiscal year 2012 on the production facility due to the Company’s carrying value exceeding the bid price. A net loss of $9,000 was recognized in December 2012, which consisted of the closing costs associated with the sale.

The net gain for the year ended November 30, 2013 on the sale of the Salem, South Dakota facility and the three tracts of land in Iowa totaled $630,000. The gain is recorded as an Other Income item in the accompanying statement of operations for the year ended November 30, 2013.