Note 3 - Discontinued Operations

3 Months Ended

Feb. 28, 2017

Notes to Financial Statements

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

3) Discontinued Operations

Effective

October

31,

2016,

the Company discontinued the operations of its Vessels segment in order to focus its efforts and resources on the business segments that have historically been more successful and that are expected to present greater opportunities for meaningful long-term shareholder returns. Our plan is to dispose of these assets over the next several quarters. At this time, we are working to dispose of the remaining assets, primarily the real estate.

As Vessels was a unique business unit of the Company, its liquidation was a strategic shift. In accordance with Accounting Standard Code Topic

360,

the Company has classified Vessels as discontinued operations for all periods presented.

Income from discontinued operations, before income taxes in the accompanying Condensed Consolidated Statements of Operations is comprised of the following:

	Three Months Ended
	February 28, 2017			February 29, 2016
Revenue from external customers	$	-		$	679,316
Gross Profit		-			74,417
Operating Expense		32			146,160
Income (loss) from operations		(32	)		(71,743	)
Income (loss) before tax		4,877			(75,124	)

The components of discontinued operations in the accompanying Condensed Consolidated Balance Sheets are as follows:

	February 28, 2017		November 30, 2016
Accounts Receivable - Net	$	7,500	$	9,700
Property, plant, and equipment, net		1,716,565		1,745,528
Assets of discontinued operations	$	1,724,065	$	1,755,228
Accounts payable	$	-	$	1,588
Accrued expenses		33,570		50,061
Notes Payable		683,665		715,945
Liabilities of discontinued operations	$	717,235	$	767,594