Note 6 - Assets Available for Sale

12 Months Ended

Nov. 30, 2015

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

(6) Assets Available for Sale

Major components of assets available for sale are:

	November 30, 2015		November 30, 2014
Ames, Iowa production facility	$	1,093,632	$	-
Monona, Iowa storage building		36,942		-
Ames, Iowa powder coat paint system		114,858		-
	$	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 is currently under contract to be sold for $1,192,000 less closing expenses. Closing is subject to customary closing conditions and is expected to occur during the first quarter of fiscal 2016.

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.