Note 8 - Assets Available for Sale

3 Months Ended

Feb. 29, 2016

Notes to Financial Statements

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

8) Assets Available for Sale

Major components of assets available for sale are:

	February 29, 2016		November 30, 2015
Ames, Iowa production facility	$	-	$	1,093,632
Monona, Iowa storage building		-		36,942
Ames, Iowa powder coat paint system		114,858		114,858
	$	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 was sold on February 10, 2016 for $1,192,000. After closing expenses, we recognized a gain on this sale of $36,000. The proceeds of this sale were used to pay down term debt, as previously discussed in Note 7.

The storage facility in Monona, Iowa is adjacent to our production facilities, and was sold in December 2015. We recorded a gain of $4,000 in December 2015 after closing costs associated with the sale.