artw20170831

Nature of Operations [Text Block]

)

Description of the Company

Unless otherwise

specified, as used in this Quarterly Report on Form

-Q, the terms “we,” “us,” “our,” “Art’s-Way,” and the “Company,” refer to Art’s-Way Manufacturing Co., Inc., a Delaware corporation headquartered in Armstrong, Iowa, and its wholly-owned subsidiaries.

We began operations as a farm equipment manufacturer in

1956.

Since that time, we have become a major worldwide manufacturer of agricultural equipment. Our principal manufacturing plant is

located in Armstrong, Iowa.

We have organized our business into

three

operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. Our agricultural products segment (“Manufacturing”) manufactures farm equipment under the Art’s-Way Manufacturing label and private labels. Our modular buildings segment (“Scientific”) manufactures modular buildings for various uses, commonly animal containment and research laboratories and our tools segment (“Metals”) manufactures steel cutting tools and inserts. During the

third

quarter of fiscal

2016,

we discontinued our pressurized vessels segment (“Vessels”) that manufactured pressurized vessels. For more information on discontinued operations, see Note

“Discontinued Operations.” For detailed financial information relating to segment reporting, see Note

“Segment Information.”

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Note 2 - Summary of Significant Account Policies

9 Months Ended

Aug. 31, 2017

Significant Accounting Policies [Text Block]

)

Summary of Significant Account Policies

Statement Presentation

The foregoing condensed

consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form

-K for the fiscal year ended

November 30, 2016.

The results of operations for the

three

and

nine

months ended

August 31, 2017

are

not

necessarily indicative of the results for the fiscal year ending

November 30, 2017

The financial books of

the Company’s Canadian operation are kept in the functional currency of Canadian dollars and the financial statements are converted to U.S. Dollars for consolidation. When consolidating the financial results of the Company into U.S. Dollars for reporting purposes, the Company uses the All-Current translation method. The All-Current method requires the balance sheet assets and liabilities to be translated to U.S. Dollars at the exchange rate as of quarter end. Stockholders’ equity is translated at historical exchange rates and retained earnings are translated at an average exchange rate for the period. Additionally, revenue and expenses are translated at average exchange rates for the periods presented. The resulting cumulative translation adjustment is carried on the balance sheet and is recorded in stockholders’ equity for

2017.

Since the Company believes that it is more likely than

not

that

income tax benefit will occur if the foreign equity is sold or liquidated, the cumulative translation adjustment has

not

been tax adjusted.

Estimates

The preparation of financial statemen

ts in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the

three

and

nine

months ended

August 31, 2017.

Actual results could differ from those estimates.

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Note 3 - Discontinued Operations

9 Months Ended

Aug. 31, 2017

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

)

Dis

continued 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. The Company’s plan is to dispose of these assets over the next several quarters. At this time, the Company is 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:

	Art's Way Vessels
	Three Months Ended
	August 31, 2017			August 31, 2016
Revenue from external customers	$	-		$	358,253

Gross Profit		-			(97,357	)
Operating Expense		17,082			104,113

Income (loss) from operations		(17,082	)		(201,470	)

Income (loss) before tax		(26,449	)		(207,203	)

	Art's Way Vessels
	Nine Months Ended
	August 31, 2017			August 31, 2016
Revenue from external customers	$	-		$	1,480,688

Gross Profit		-			(6,965	)
Operating Expense		40,905			362,859

Income (loss) from operations		(40,905	)		(369,824	)

Income (loss) before tax		(49,238	)		(387,321	)

The components of discontinued operations in the accompanying

Condensed Consolidated Balance Sheets are as follows:

	August 31, 2017		November 30, 2016
Cash	$	14,534	$	-
Accounts Receivable - Net		7,500		9,700
Property, plant, and equipment, net		1,714,198		1,745,528
Assets of discontinued operations	$	1,736,232	$	1,755,228

Accounts payable	$	-	$	1,588
Accrued expenses		38,042		50,061
Notes Payable		618,016		715,945
Liabilities of discontinued operations	$	656,058	$	767,594

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Note 4 - Net Income (Loss) Per Share of Common Stock

9 Months Ended

Aug. 31, 2017

Earnings Per Share [Text Block]

4 )	Net Income (Loss) Per Share of Common Stock

Basic net income

(loss) per common share has been computed on the basis of the weighted average number of common shares outstanding. Diluted net income (loss) per share has been computed on the basis of the weighted average number of common shares outstanding plus equivalent shares assuming exercise of stock options. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings (loss) per common share

Basic and diluted earnings

(loss) per common share have been computed based on the following as of

August 31, 2017

and

August 31, 2016:

	For the three months ended
	August 31, 2017			August 31, 2016
Numerator for basic and diluted (loss) earnings per common share:

Net (loss) income from continuing operations	$	41,648		$	(149,676	)
Net (loss) income from discontinued operations		(18,441	)		(138,603	)
Net (loss) income	$	23,207		$	(288,279	)

Denominator:
For basic (loss) earnings per share - weighted average common shares outstanding		4,161,421			4,105,704
Effect of dilutive stock options		-			-
For diluted (loss) earnings per share - weighted average common shares outstanding		4,161,421			4,105,704


Earnings (Loss) per share - Basic:
Continuing Operations	$	0.01		$	(0.04	)
Discontinued Operations	$	-		$	(0.03	)
Net Income (Loss) per share	$	0.01		$	(0.07	)

Earnings (Loss) per share - Diluted:
Continuing Operations	$	0.01		$	(0.04	)
Discontinued Operations	$	-		$	(0.03	)
Net Income (Loss) per share	$	0.01		$	(0.07	)

	For the nine months ended
	August 31, 2017			August 31, 2016
Numerator for basic and diluted (loss) earnings per common share:

Net (loss) income from continuing operations	$	(720,900	)	$	807
Net (loss) income from discontinued operations		(33,482	)		(264,685	)
Net (loss) income	$	(754,382	)	$	(263,878	)

Denominator:
For basic (loss) earnings per share - weighted average common shares outstanding		4,148,966			4,093,993
Effect of dilutive stock options		-			-
For diluted (loss) earnings per share - weighted average common shares outstanding		4,148,966			4,093,993


Earnings (Loss) per share - Basic:
Continuing Operations	$	(0.17	)	$	0.00
Discontinued Operations	$	(0.01	)	$	(0.06	)
Net Income (Loss) per share	$	(0.18	)	$	(0.06	)

Earnings (Loss) per share - Diluted:
Continuing Operations	$	(0.17	)	$	0.00
Discontinued Operations	$	(0.01	)	$	(0.06	)
Net Income (Loss) per share	$	(0.18	)	$	(0.06	)

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Note 5 - Inventory

9 Months Ended

Aug. 31, 2017

Inventory Disclosure [Text Block]

)

Inventory

Major classes of inventory are:

	August 31, 2017			November 30, 2016
Raw materials	$	8,977,615		$	8,568,624
Work in process		328,017			509,198
Finished goods		6,097,961			7,054,736
	$	15,403,593		$	16,132,558

Less: Reserves		(2,223,129	)		(2,603,206	)
	$	13,180,464		$	13,529,352

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Note 6 - Accrued Expenses

9 Months Ended

Aug. 31, 2017

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

)

Accrued Expenses

Major components of

accrued expenses are:

	August 31, 2017		November 30, 2016
Salaries, wages, and commissions	$	518,162	$	542,449
Accrued warranty expense		133,194		134,373
Other		382,338		342,234
	$	1,033,694	$	1,019,056

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Note 7 - Product Warranty

9 Months Ended

Aug. 31, 2017

Product Warranty Disclosure [Text Block]

)

Product Warranty

The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is

one

year from the date of purchase. The Company

’s warranties require it to repair or replace defective products during the warranty period at

cost to the customer. The Company records a liability for estimated costs that

may

be incurred under its warranties. The costs are estimated based on historical experience and any specific warranty issues that have been identified. Although historical warranty costs have been within expectations, there can be

assurance that future warranty costs will

not

exceed historical amounts. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the balance as necessary. The accrued warranty balance is included in accrued expenses as shown in Note

Changes in the Company’s product warranty liability for the

three

and

nine

months ended

August 31, 2017

and

August 31, 2016

are as follows:

	For the three months ended
	August 31, 2017			August 31, 2016
Balance, beginning	$	152,964		$	140,674

Settlements / adjustments		(46,469	)		(36,896	)
Warranties issued		26,699			61,922
Balance, ending	$	133,194		$	165,700

	For the nine months ended
	August 31, 2017			August 31, 2016
Balance, beginning	$	134,373		$	176,531

Settlements / adjustments		(155,603	)		(186,179	)
Warranties issued		154,424			175,348
Balance, ending	$	133,194		$	165,700

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Note 8 - Loan and Credit Agreements

9 Months Ended

Aug. 31, 2017

Debt Disclosure [Text Block]

)

Loan and Credit Agreements

The Company

previously maintained a revolving line of credit and term loans with U.S. Bank. Pursuant to a Forbearance and Fourth Loan Modification Agreement dated

August 10, 2017

the (“Loan Modification”) entered into among U.S. Bank, as lender, the Company, as borrower, and Art’s-Way Scientific, Inc., Art’s-Way Vessels, Inc., and Ohio Metal Working Products/Art’s-Way, Inc., as guarantors, the agreements governing the U.S. Bank line of credit and certain term loans were amended. The description that follows reflects such arrangements as amended by the Loan Modification.

U.S. Bank

Revolving Line

of Credit

The Company

had a revolving line of credit (the “Line of Credit”) with U.S. Bank, which had an availability of

$4,500,000,

that was obtained on

May 1, 2013

.As of

August 31, 2017,

the Company had a principal balance of

$3,734,114

outstanding against the Line of Credit, with

$765,886

remaining available, limited by the borrowing base calculation. The maturity date of the Line of Credit was

September 25, 2017.

The Line of Credit was secured by real property and fixed asset collateral. The Line of Credit stated that the borrowing base will be an amount equal to the sum of

75%

of accounts receivable (discounted for aged accounts and customer balances exceeding

20%

of aggregate receivables), plus

50%

of inventory (this component could

not

exceed

$3,375,000

and only included finished goods and raw materials deemed to be in good condition and

not

obsolete), less any outstanding loan balance of the Line of Credit, undrawn amounts of outstanding letters of credit issued by U.S. Bank or any affiliate

, and any reserves that U.S. Bank deemed necessary to maintain. Monthly interest-only payments were required and the unpaid principal and accrued interest were due on the maturity date. The Company’s obligations under the Line of Credit were evidenced by a Revolving Credit Note effective

May 1, 2013,

a Revolving Credit Agreement dated

May 1, 2013,

as amended

, and certain other ancillary documents.

The Line of Credit

was subject to: (i) a minimum interest rate of

5.5%

per annum; and (ii) an unused fee which accrued at the rate of

0.25%

per annum on the average daily amount by which the amount available for borrowing under the Line of Credit exceeded the outstanding principal amount. As of

August 31, 2017,

the interest rate on the Line of Credit was the minimum of

5.5%.

U.S. Bank

Term Loans

May 10, 2012,

the Company obtained

$880,000

in long-term debt from U.S. Bank issued to acquire the building and property of Universal Harvester Co., Inc. located in Ames, Iowa (the “

U.S. Bank UHC Loan”), the assets and operations of which are now held by Art’s Way Manufacturing Co., Inc

. in Armstrong, Iowa. The maturity date of this loan was scheduled to be

May 10, 2017,

with a final payment of principal and accrued interest in the amount of

$283,500

due

May 10, 2017.

This loan accrued interest at a fixed rate of

3.15%

per annum. Following the Fourth Loan Modification the maturity date was

September 25, 2017,

and the interest rate was an annual rate equal to

2.0%

plus the prime rate, but

not

less than

5%.

The interest rate was to be adjusted each time that the prime rate changes. The principal balance of this loan was

$238,945

as of

August 31, 2017

. This loan was secured by a mortgage on the building and property acquired from Universal Harvester Co., Inc. in Ames, Iowa, pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company and U.S. Bank, dated

May 10, 2012,

which was released upon the sale of the Company’s Ames, Iowa facility. The U.S. Bank UHC Loan was also secured by a mortgage on the building and property in Monona, Iowa, pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company and U.S. Bank, dated

May 1, 2013

and a mortgage on the building and property owned by the Company in Dubuque, Iowa, pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company (as successor by merger to Art’s-Way Vessels, Inc.) and U.S. Bank, dated

May 1, 2013.

May 1, 2013,

the U.S. Bank UHC Loan and the

mortgage were amended to extend the mortgage to secure the

2013

Term Notes (defined below) in addition to the U.S. Bank UHC Loan.

Three of the Company

’s outstanding term loans were obtained from U.S. Bank on

May 1, 2013.

The principal balance of these loans totaled

$1,738,533

August 31, 2017.

Following the Fourth Loan Modification, the

2013

Term Notes accrued interest at a rate of

2.0%

plus the prime rate, with a minimum of

per annum. There was previously also a

fourth

term loan obtained from U.S. Bank on

May 1, 2013,

but the Company voluntarily paid off and terminated the note and the related Term Loan Agreement on

February 10, 2016.

The payoff amount of

$1,078,196

included principal and accrued and unpaid interest. As detailed in the Company’s debt summary below, monthly principal and interest payments in the aggregate amount of

$46,672

were required on the remaining

2013

Term Notes, with a revised maturity date of

September 25, 2017.

The

2013

Term Notes previously had a maturity date of

May 1, 2018.

The

Company obtained a term loan from U.S. Bank on

May 29, 2014

in the original principal amount of

$1,000,000

(the

“2014

Term Note”). The

2014

Term Note had a principal balance of

$874,263

August 31, 2017

. Following the Fourth Loan Modification, the

2014

Term Note accrued interest at a rate of

2.0%

plus the prime rate, with a minimum of

per annum. The Company took on the

2014

Term Note in order to partially pay down a draw on its revolving line of credit that it had used to finance the

purchase of the building and property of Ohio Metal Working Products Company in Canton, Ohio. The maturity date of the

2014

Term Note was

September 25, 2017.

This loan was secured by a mortgage on the building and property acquired from Ohio Metal Working Products Company in Canton, Ohio pursuant to a Mortgage, Security Agreement and Assignment of Rents between the Company and U.S. Bank, dated

May 29, 2014,

and was also subject to a Business Security Agreement between Ohio Metal Working Products/Art’s Way, Inc. (“Ohio Metal”) and U.S. Bank and a Continuing Guaranty (Unlimited) by Ohio Metal. Each of the Company’s term loans from U.S. Bank were governed by a Term Note and a Term Loan Agreement.

U.S. Bank Covenants

As amended by the Fourth Loan Modification the Company was required to maintain (i) fiscal

2017

third

quarter EBIDTA (with EBITDA meaning income, plus interest expense, plus income tax expense, plus depreciation expense, plus amortization expense, subject

to adjustments in U.S. Bank’s sole discretion) of

$411,000.

The Company was

not

in compliance with this covenant as of

August 31, 2017.

The main reason for the non-compliance result as of

August 31, 2017

was the decreased gross margins from continuing operations.

September 28, 2017,

the Company repaid its U.S. Bank debt in full in connection with its new credit facility with Bank Midwest, as discussed below.

Iowa Finance Authority Term Loan and Covenants

May 1, 2010,

the Company obtained a loan to finance the purchase of an additional facility located in West Union, Iowa to be

used as a distribution center, warehouse facility, and manufacturing plant for certain products under the Art’s-Way brand. The funds for this loan were made available by the Iowa Finance Authority by the issuance of tax exempt bonds. This loan had an original principal amount of

$1,300,000

, an interest rate of

3.5%

per annum and a maturity date of

June 1, 2020.

February 1, 2013,

the interest rate was decreased to

2.75%

per annum. The other terms of the loan remain unchanged.

This loan from the Iowa

Finance Authority, which has been assigned to The First National Bank of West Union (n/k/a Bank

), is governed by a Manufacturing Facility Revenue Note dated

May 28, 2010

as amended

February 1, 2013

and a Loan Agreement dated

May 1, 2010

and a First Amendment to Loan Agreement dated

February 1, 2013 (

collectively, “the IFA Loan Agreement”), which requires the Company to provide quarterly internally prepared financial reports and year-end audited financial statements and to maintain a minimum debt service coverage ratio of

1.5

1.0,

which is measured at

November 30

of each year. Among other covenants, the IFA Loan Agreement also requires the Company to maintain proper insurance on, and maintain in good repair, the West Union Facility, and continue to conduct business and remain duly qualified to do business in the State of Iowa. The loan is secured by a mortgage on the Company’s West Union Facility, pursuant to a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement dated

May 1, 2010

between the Company and The First National Bank of West Union (the “West Union Mortgage”).

If the Company

commits an event of default under the IFA Loan Agreement or the West Union Mortgage and does

not

cure the event of default within the time specified by the IFA Loan Agreement, the lender

may

cause the entire amount of the loan to be immediately due and payable and take any other action that it is lawfully permitted to take or in equity to enforce the Company’s performance.

The Company was in compliance with all covenants under the IFA Loan Agreement

except the debt service coverage ratio as measured on

November 30, 2016.

The First National Bank of West Union has issued a waiver, and the next measurement date is

November 30, 2017.

Debt Summary

A summary of the Company

’s term debt is as follows:

	August 31, 2017		November 30, 2016
U.S. Bank loan payable in monthly installments of $9,600 plus interest at 5. 5%, due September 25, 2017	$	546,392	$	632,126

U.S. Bank loan payable in monthly installments of $10,965 plus interest at 5. 5%, due September 25, 2017		618,016		715,945

U.S. Bank loan payable in monthly installments of $26,107 plus interest at 5. 5%, due September 25, 2017		574,125		808,096

U.S. Bank loan payable in monthly installments of $10,960 plus interest at 5. 5%, due September 25, 2017		238,945		337,147

U.S. Bank loan payable in monthly installments of $4,301 plus interest at 5. 5%, due September 25, 2017		874,263		904,751

Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020		409,745		512,935
Total term debt	$	3,261,486	$	3,911,000
Less current portion of term debt		2,374,665		1,807,937
Term debt of discontinued operations		618,016		715,945
Term debt, excluding current portion	$	268,805	$	1,387,118

Bank Midwest Revolving Line of Credit and Term Loans

September 28, 2017,

the Company entered into a credit facility with Bank Midwest, which supersedes and replaces in its entirety the U.S. Bank credit facility. The new Bank Midwest credit facility consists of a

$5,000,000

revolving line of credit, a

$2,600,000

term loan due

October 1, 2037,

and a

$600,000

term loan due

October 1, 2019.

The proceeds of the term loans were used to refinance all debt previously held by U.S. Bank in the amount of approximately

$6,562,030,

which consists of

$6,528,223

in unpaid principal and approximately

$33,807

in accrued and unpaid interest and fees. The revolving line of credit will be used for working capital purposes.

The maturity date of the revolving line of credit is

March 1, 2018.

Any unpaid principal amount borrowed on the revolving line of credit accrues interest at a floating rate per annum equal to

1.000%

above the Wall Street Journal rate published from time t

o time in the money rates section of the Wall Street Journal. The interest rate floor is set at

4.250%

per annum and the current interest rate is

5.250%

per annum. The revolving line of credit is payable upon demand by Bank Midwest, and monthly interest-only payments are required. If

earlier demand is made, the unpaid principal and accrued interest is due on the maturity date. The

$2,600,000

term loan accrues interest at a rate of

5.000%

for the

first

sixty

months. Thereafter, this loan will accrue interest at a floating rate per annum equal to

0.750%

above the Wall Street Journal rate published from time to time in the money rates section of the Wall Street Journal. The interest rate floor is set at

4.150%

per annum and the interest rate

may

only be adjusted by Bank Midwest once every

five

years. This loan is payable upon demand by Bank Midwest, and monthly payments of principal and interest are required. This loan will also be guaranteed by the United States Department of Agriculture (USDA), which requires an upfront guarantee fee of

$62,500

and an annual fee of

0.5%

of the unpaid balance. As part of the USDA guarantee requirements, shareholders owning more than

20%

are required to personally guarantee a portion of the loan as well, in an amount equal to their stock ownership percentage. J. Ward McConnell Jr. will be guaranteeing approximately

38%

of this loan, for a fee of

of the personally guaranteed amount. The

$600,000

term loan accrues interest at a rate of

5.000%,

and is payable upon demand by Bank Midwest. Monthly payments of principal and interest are required.

Each of the revolving line of credit and the term loans are governed by the terms of

a separate Promissory Note, dated

September 28, 2017,

entered into between the Company and Bank Midwest.

In connection with the

revolving line of credit, the Company, Art’s-Way Scientific Inc. and Ohio Metal Working Products/Art’s-Way Inc. each entered into a Commercial Security Agreement with Bank Midwest, dated

September 28, 2017,

pursuant to which each granted to Bank Midwest a

first

priority security interest in certain inventory, equipment, accounts, chattel paper, instruments, letters of credit and other assets to secure the obligations of the Company under the revolving line of credit. Each of Art’s-Way Scientific Inc. and Ohio Metal Working Products/Art’s-Way Inc. also agreed to guarantee the obligations of the Company pursuant to the revolving line of credit, as set forth in Commercial Guaranties, each dated

September 28, 2017.

To further secure the l

ine of credit, the Company has granted Bank Midwest a mortgage on its West Union, Iowa property and Ohio Metal Working Products/Art’s-Way Inc. has granted Bank Midwest a mortgage on its property located in Canton, Ohio. The

$2,600,000

term loan is secured by a mortgage on the Company’s Armstrong, Iowa and Monona, Iowa properties, and the

$600,000

term loan is secured by a mortgage on the Company’s Dubuque, Iowa property. Each mortgage is governed by the terms of a separate Mortgage, dated

September 28, 2017,

and each property is also subject to a separate Assignment of Rents, dated

September 28, 2017.

If the Company or its subsidiaries (as guarantors pursuant to the Commercial Guaranties) commits an event of default with respect to the

promissory notes and fails or is unable to cure that default, Bank Midwest

may

immediately terminate its obligation, if any, to make additional loans to the Company and

may

accelerate the Company’s obligations under the promissory notes. Bank Midwest shall also have all other rights and remedies for default provided by the Uniform Commercial Code, as well as any other applicable law and the various loan agreements. In addition, in an event of default, Bank Midwest

may

foreclose on the mortgaged property.

Bank Midwest Loan Covenants

The terms of these loan agreements require the Company to maintain a minimum working capital ratio of

1.75,

while maintaining a minimum of

$5,100,000

of working capital.

A maximum debt to worth ratio of

will be maintained as well, with a minimum of

40%

tangible balance sheet equity, with variations subject to mutual agreement. The Company is also required to maintain a minimum debt service coverage ratio of

1.25,

with at

0.10

tolerance. The Company will provide audited financial statements within

120

days of the fiscal year end.

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Note 9 - Assets Available for Sale and Assets Held for Lease

9 Months Ended

Aug. 31, 2017

Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block]

)

Assets

Available

for Sale

and Assets Held for Lease

Major components of assets available for sale

(excluding assets of discontinued operations as discussed in Note

“Discontinued Operations”) are:

	August 31, 2017		November 30, 2016
Ames, Iowa powder coat paint system	$	70,000	$	70,000
	$	70,000	$	70,000

Due to reduced demand for

reels produced by the Universal Harvester by Art’s Way subsidiary, the Company has been able to absorb the production of reels into its Armstrong, Iowa facility. The Company continues to hold the powder coat system previously used in its Ames, Iowa location as available for sale. During fiscal

2016,

the Company recognized an impairment of

$44,858

related to this asset based on recent offers and comparable sales information.

Major components of assets

held for lease are:

	August 31, 2017		November 30, 2016
West Union Facility	$	1,124,715	$	-
Modular Buildings		108,225		-
	$	1,232,940	$	-

The Company currently leases more than half of the West Union facility to

third

parties for storage purposes.

The Company

’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. A small leased facility was put into service in the

third

quarter of fiscal

2017.

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Note 10 - Recently Issued Accounting Pronouncements

9 Months Ended

Aug. 31, 2017

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

10 )	Recently Issued Accounting Pronouncements

Adopted Accounting

Pronouncements

Going Concern

August 2014,

the FASB issued ASU

No.

2014

15,

“

Presentation of Financial Statements – Going Concern” which is authoritative guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures, codified in ASC

205

40,

Going Concern

. The guidance provides a definition of the term substantial doubt, requires an evaluation every reporting period including interim periods, provides principles for considering the mitigating effect of management’s plans, requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, requires an express statement and other disclosures when substantial doubt is

not

alleviated, and requires an assessment for a period of

one

year after the date that the financial statements are issued (or available to be issued). ASU

No.

2014

is effective for annual reporting periods ending after

December 15, 2016.

The Company has adopted this guidance for the year ending

November 30, 2017,

and it will apply to each interim and annual period thereafter. Its adoption has

not

had a material impact on the Company’s consolidated financial statements other than the increased disclosures

Inventory

July 2015,

the FASB issued ASU

2015

11,

“

Inventory (Topic

330

),” which requires inventory measured using any method other than last-in,

first

-out or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than the lower of cost or market. ASU

No.

2015

is effective for fiscal years beginning after

December 15, 2016,

including interim periods within those years. The Company has adopted this guidance for the year ending

November 30, 2017

, including interim periods within that reporting period. The Company chose early adoption for this guidance, as its impact was expected

not

to be material, and it will allow the Company to focus more of its efforts on preparing for the adoption of more complex guidance. Its adoption has

not

had a material impact on the Company’s consolidated financial statements.

Income Taxes

November 2015,

the FASB issued ASU

2015

17,

“Income Taxes (Topic

740

)”, to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU

No.

2015

is effective for fiscal years beginning after

December 15, 2017

and interim periods within annual periods beginning after

December 15, 2018.

During the

first

quarter of fiscal

2017,

the Company elected to prospectively adopt ASU

2015

17,

thus reclassifying current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was

not

retrospectively adjusted. The Company chose early adoption for this guidance, as its impact was expected

not

to be material, and it will allow the Company to focus more of its efforts on preparing for the adoption of more complex guidance.

The adoption of this guidance had

impact on the Company’s consolidated statements of operations and comprehensive income.

Accounting Pronouncements

Not

Yet Adopted

Revenue from Contract

s with Customers

May 2014,

the FASB issued ASU

No.

2014

09,

“

Revenue from Contracts with Customers” which supersedes the guidance in “Revenue Recognition (Topic

605

)” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU

2014

is effective for annual reporting periods beginning after

December 15, 2017,

including interim periods within that reporting period

, and is to be applied retrospectively, with early application

not

permitted. The Company is evaluating the new standard, and at this time believes that its Scientific segment will be impacted most significantly by this standard. The Company believes that this segment will need to work to revise its standard contracts with customers to more clearly define the rights and considerations transferred at the various milestones identified in the contracts. The Company believes that the other segments already have the necessary tools to evaluate their revenues in a manner consistent with the application of this standard, and will have the ability to meet the disclosure requirements using current systems. The Company continues to research and assess the implications of the adoption of this standard on its consolidated financial statements.

Leases

February 2016,

the FASB issued ASU

2016

02,

“Leases (topic

842

)”, which requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of

twelve

months or greater. This guidance is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those years. The Company will adopt this guidance for the year

ending

November 30, 2020

including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 11 - Equity Incentive Plan and Stock Based Compensation

9 Months Ended

Aug. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11 )	Equity Incentive Plan and Sto ck Based Compensation

January 27, 2011,

the Board of Directors of the Company authorized and approved the Art

’s-Way Manufacturing Co., Inc.

2011

Equity Incentive Plan (the

“2011

Plan”). The

2011

Plan was approved by the stockholders on

April 28, 2011.

It replaced the Employee Stock Option Plan and the Directors’ Stock Option Plan (collectively, the “Prior Plans”), and

further stock options will be awarded under the Prior Plans. Awards to directors and executive officers under the

2011

Plan are governed by the forms of agreement approved by the Board of Directors.

The

2011

Plan permits the plan administrator to award nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, performance awards, and stock appreciation rights to employees (including officers), directors, and consultants.

The Board of Directors has approved a director compensation policy pursuant to which non-employee directors are automatically granted restricted stock awards of

1,000

shares of common stock annually or initially upon their election to the Board, which are fully vested. During the

first

nine

months of fiscal

2017,

53,700

restricted stock awards have been issued to various employees, directors, and consultants, which vest over the next

three

years, and

4,000

restricted stock awards have been forfeited due to employee terminations.

Stock options granted prior to

January 27, 2011

are governed by the applicable Prior Plan and the forms of agreement adopted thereunder.

Stock-bas

ed compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant vesting period. The Company estimates the fair value of each stock-based option award on the measurement date using the Black-Scholes option valuation model

, which incorporates assumptions as to stock price volatility, the expected life of the options, risk-free interest rate, and dividend yield. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical option exercise and termination data to estimate the expected term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issuance date.

stock options were granted during the

three

and

nine

months ended

August 31, 2017

or in the same respective periods of fiscal

2016.

The Company incurred a total of

$19,266

and

$92,225

of stock-based compensation expense for restricted stock awards during the

three

and

nine

months ended

August 31, 2017,

compared to

$31,417

and

$70,846

of stock-based compensation expense for restricted stock awards for the same respective periods of fiscal

2016

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 12 - Disclosures About the Fair Value of Financial Instruments

9 Months Ended

Aug. 31, 2017

Fair Value Disclosures [Text Block]

12 )	Disclosures About the Fair Value of Financial Instruments

The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. At

August 31, 2017,

and

November 30, 2016,

the carrying amount approximated fair value for cash, accounts receivable, accounts payable, notes payable to bank, and other current and long-term liabilities. The carrying amounts approximate fair value because of the short maturity of these instruments. The fair value of the Company’s installment term loans payable also approximate recorded value because the interest rates charged under the loan terms are

not

substantially different than current interest rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 13 - Segment Information

9 Months Ended

Aug. 31, 2017

Segment Reporting Disclosure [Text Block]

)

Segment Information

There are

three

reportable segments: agricultural products, modular

buildings and tools. The agricultural products segment fabricates and sells farming products as well as related equipment and replacement parts for these products in the United States and worldwide. The modular buildings segment manufactures and installs modular buildings for animal containment and various laboratory uses. The tools segment manufactures steel cutting tools and inserts.

The accounting policies applied to determine the segment information are the same as those described in the summary of

significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes, exclusive of nonrecurring gains and losses.

Approximate financial information with respect to the reportabl

e segments is as follows. The tables below exclude income and balance sheet data from discontinued operations. See Note

“Discontinued Operations.”

	Three Months Ended August 31, 2017
	Agricultural Products		Modular Buildings			Tools		Consolidated
Revenue from external customers	$	5,065,000	$	767,000		$	718,000	$	6,550,000
Income (loss) from operations		118,000		(37,000	)		28,000	$	109,000
Income (loss) before tax		123,000		(45,000	)		15,000	$	93,000
Total Assets		18,941,000		3,094,000			2,721,000	$	24,756,000
Capital expenditures		61,000		117,000			-	$	178,000
Depreciation & Amortization		125,000		17,000			32,000	$	174,000

	Three Months Ended August 31, 2016
	Agricultural Products			Modular Buildings			Tools			Consolidated
Revenue from external customers	$	4,992,000		$	910,000		$	530,000		$	6,432,000
Income (loss) from operations		(116,000	)		(59,000	)		(42,000	)	$	(217,000	)
Income (loss) before tax		(91,000	)		(65,000	)		(68,000	)	$	(224,000	)
Total Assets		21,209,000			2,887,000			2,654,000		$	26,750,000
Capital expenditures		31,000			-			22,000		$	53,000
Depreciation & Amortization		117,000			15,000			32,000		$	164,000

	Nine Months Ended August 31, 2017
	Agricultural Products			Modular Buildings			Tools			Consolidated
Revenue from external customers	$	11,595,000		$	2,043,000		$	2,022,000		$	15,660,000
Income (loss) from operations		(758,000	)		(209,000	)		3,000		$	(964,000	)
Income (loss) before tax		(743,000	)		(237,000	)		(30,000	)	$	(1,010,000	)
Total Assets		18,941,000			3,094,000			2,721,000		$	24,756,000
Capital expenditures		265,000			117,000			90,000		$	472,000
Depreciation & Amortization		372,000			46,000			95,000		$	513,000

	Nine Months Ended August 31, 2016
	Agricultural Products		Modular Buildings		Tools			Consolidated
Revenue from external customers	$	12,757,000	$	3,102,000	$	1,583,000		$	17,442,000
Income (loss) from operations		36,000		154,000		(123,000	)	$	67,000
Income (loss) before tax		24,000		140,000		(163,000	)	$	1,000
Total Assets		21,209,000		2,887,000		2,654,000		$	26,750,000
Capital expenditures		60,000		-		55,000		$	115,000
Depreciation & Amortization		377,000		46,000		93,000		$	516,000

Consolidated figures in the table are comprised of the sum of the segments and

may

not

agree to the total in the financial statements due to rounding.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 14 - Going Concern

9 Months Ended

Aug. 31, 2017

Substantial Doubt about Going Concern [Text Block]

)

Going Concern

The Company

’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. During fiscal

2017,

the Company has incurred operating losses from continuing operations, which has depleted working capital.

Management has successfully implemented several strategies aimed at alleviating the Company

’s working capital shortages for the duration of the decreased economic cycle. The Company has decreased its administrative expenses in the last several quarters, and has also successfully refinanced nearly all of its bank debt with longer amortizations and reduced required payments. Also, at this time,

two

of the Company’s real estate holdings are available for sale,

one

classified as discontinued operations assets, and

one

classified as held for lease, which, if sold, would decrease its bank borrowings and fund working capital for a time. Management believes these strategies will enable the Company to continue as a going concern.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 15 - Subsequent Event

9 Months Ended

Aug. 31, 2017

Subsequent Events [Text Block]

)

Subsequent Event

September 28, 2017

the Company entered into a credit facility with Bank Midwest, which terminated the loan agreements with US Bank.

Under the new credit facility, monthly debt service amounts to Bank Midwest will be approximately

$20,500,

compared to

$65,300

of monthly payments to US Bank under the previous credit facility. The Bank Midwest credit facility also provides for a line of credit of

$5,000,000,

compared to the

$4,500,000

line of credit with US Bank. Details on the terms of the debt agreements are described more fully in Note

Management evaluated all other activity of the Company and concluded that

additional subsequent events have occurred that would require recognition in the condensed consolidated financial statements.

XML 33 R22.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Aug. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Statement Presentation The foregoing condensed consolidated financial statements of the Company are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. The financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10 -K for the fiscal year ended November 30, 2016. The results of operations for the three and nine months ended August 31, 2017 are not necessarily indicative of the results for the fiscal year ending November 30, 2017 . The financial books of the Company’s Canadian operation are kept in the functional currency of Canadian dollars and the financial statements are converted to U.S. Dollars for consolidation. When consolidating the financial results of the Company into U.S. Dollars for reporting purposes, the Company uses the All-Current translation method. The All-Current method requires the balance sheet assets and liabilities to be translated to U.S. Dollars at the exchange rate as of quarter end. Stockholders’ equity is translated at historical exchange rates and retained earnings are translated at an average exchange rate for the period. Additionally, revenue and expenses are translated at average exchange rates for the periods presented. The resulting cumulative translation adjustment is carried on the balance sheet and is recorded in stockholders’ equity for 2017. Since the Company believes that it is more likely than not that no income tax benefit will occur if the foreign equity is sold or liquidated, the cumulative translation adjustment has not been tax adjusted.
Use of Estimates, Policy [Policy Text Block]	Estimates The preparation of financial statemen ts in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the three and nine months ended August 31, 2017. Actual results could differ from those estimates.

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 3 - Discontinued Operations (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block]

	Art's Way Vessels
	Three Months Ended
	August 31, 2017			August 31, 2016
Revenue from external customers	$	-		$	358,253

Gross Profit		-			(97,357	)
Operating Expense		17,082			104,113

Income (loss) from operations		(17,082	)		(201,470	)

Income (loss) before tax		(26,449	)		(207,203	)

	Art's Way Vessels
	Nine Months Ended
	August 31, 2017			August 31, 2016
Revenue from external customers	$	-		$	1,480,688

Gross Profit		-			(6,965	)
Operating Expense		40,905			362,859

Income (loss) from operations		(40,905	)		(369,824	)

Income (loss) before tax		(49,238	)		(387,321	)

Disposal Groups, Including Discontinued Operations [Table Text Block]

	August 31, 2017		November 30, 2016
Cash	$	14,534	$	-
Accounts Receivable - Net		7,500		9,700
Property, plant, and equipment, net		1,714,198		1,745,528
Assets of discontinued operations	$	1,736,232	$	1,755,228

Accounts payable	$	-	$	1,588
Accrued expenses		38,042		50,061
Notes Payable		618,016		715,945
Liabilities of discontinued operations	$	656,058	$	767,594

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 11
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 4 - Net Income (Loss) Per Share of Common Stock (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the three months ended
	August 31, 2017			August 31, 2016
Numerator for basic and diluted (loss) earnings per common share:

Net (loss) income from continuing operations	$	41,648		$	(149,676	)
Net (loss) income from discontinued operations		(18,441	)		(138,603	)
Net (loss) income	$	23,207		$	(288,279	)

Denominator:
For basic (loss) earnings per share - weighted average common shares outstanding		4,161,421			4,105,704
Effect of dilutive stock options		-			-
For diluted (loss) earnings per share - weighted average common shares outstanding		4,161,421			4,105,704


Earnings (Loss) per share - Basic:
Continuing Operations	$	0.01		$	(0.04	)
Discontinued Operations	$	-		$	(0.03	)
Net Income (Loss) per share	$	0.01		$	(0.07	)

Earnings (Loss) per share - Diluted:
Continuing Operations	$	0.01		$	(0.04	)
Discontinued Operations	$	-		$	(0.03	)
Net Income (Loss) per share	$	0.01		$	(0.07	)

	For the nine months ended
	August 31, 2017			August 31, 2016
Numerator for basic and diluted (loss) earnings per common share:

Net (loss) income from continuing operations	$	(720,900	)	$	807
Net (loss) income from discontinued operations		(33,482	)		(264,685	)
Net (loss) income	$	(754,382	)	$	(263,878	)

Denominator:
For basic (loss) earnings per share - weighted average common shares outstanding		4,148,966			4,093,993
Effect of dilutive stock options		-			-
For diluted (loss) earnings per share - weighted average common shares outstanding		4,148,966			4,093,993


Earnings (Loss) per share - Basic:
Continuing Operations	$	(0.17	)	$	0.00
Discontinued Operations	$	(0.01	)	$	(0.06	)
Net Income (Loss) per share	$	(0.18	)	$	(0.06	)

Earnings (Loss) per share - Diluted:
Continuing Operations	$	(0.17	)	$	0.00
Discontinued Operations	$	(0.01	)	$	(0.06	)
Net Income (Loss) per share	$	(0.18	)	$	(0.06	)

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 5 - Inventory (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Inventory, Current [Table Text Block]

	August 31, 2017			November 30, 2016
Raw materials	$	8,977,615		$	8,568,624
Work in process		328,017			509,198
Finished goods		6,097,961			7,054,736
	$	15,403,593		$	16,132,558

Less: Reserves		(2,223,129	)		(2,603,206	)
	$	13,180,464		$	13,529,352

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 6 - Accrued Expenses (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Accrued Liabilities [Table Text Block]

	August 31, 2017		November 30, 2016
Salaries, wages, and commissions	$	518,162	$	542,449
Accrued warranty expense		133,194		134,373
Other		382,338		342,234
	$	1,033,694	$	1,019,056

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Note 7 - Product Warranty (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Product Warranty Liability [Table Text Block]

	For the three months ended
	August 31, 2017			August 31, 2016
Balance, beginning	$	152,964		$	140,674

Settlements / adjustments		(46,469	)		(36,896	)
Warranties issued		26,699			61,922
Balance, ending	$	133,194		$	165,700

	For the nine months ended
	August 31, 2017			August 31, 2016
Balance, beginning	$	134,373		$	176,531

Settlements / adjustments		(155,603	)		(186,179	)
Warranties issued		154,424			175,348
Balance, ending	$	133,194		$	165,700

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 8 - Loan and Credit Agreements (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Debt [Table Text Block]

	August 31, 2017		November 30, 2016
U.S. Bank loan payable in monthly installments of $9,600 plus interest at 5. 5%, due September 25, 2017	$	546,392	$	632,126

U.S. Bank loan payable in monthly installments of $10,965 plus interest at 5. 5%, due September 25, 2017		618,016		715,945

U.S. Bank loan payable in monthly installments of $26,107 plus interest at 5. 5%, due September 25, 2017		574,125		808,096

U.S. Bank loan payable in monthly installments of $10,960 plus interest at 5. 5%, due September 25, 2017		238,945		337,147

U.S. Bank loan payable in monthly installments of $4,301 plus interest at 5. 5%, due September 25, 2017		874,263		904,751

Iowa Finance Authority loan payable in monthly installments of $12,500 including interest at 2.75%, due June 1, 2020		409,745		512,935
Total term debt	$	3,261,486	$	3,911,000
Less current portion of term debt		2,374,665		1,807,937
Term debt of discontinued operations		618,016		715,945
Term debt, excluding current portion	$	268,805	$	1,387,118

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 9 - Assets Available for Sale and Assets Held for Lease (Tables)

9 Months Ended

Aug. 31, 2017

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

	August 31, 2017		November 30, 2016
Ames, Iowa powder coat paint system	$	70,000	$	70,000
	$	70,000	$	70,000

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

	August 31, 2017		November 30, 2016
West Union Facility	$	1,124,715	$	-
Modular Buildings		108,225		-
	$	1,232,940	$	-

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 13 - Segment Information (Tables)

9 Months Ended

Aug. 31, 2017

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended August 31, 2017
	Agricultural Products		Modular Buildings			Tools		Consolidated
Revenue from external customers	$	5,065,000	$	767,000		$	718,000	$	6,550,000
Income (loss) from operations		118,000		(37,000	)		28,000	$	109,000
Income (loss) before tax		123,000		(45,000	)		15,000	$	93,000
Total Assets		18,941,000		3,094,000			2,721,000	$	24,756,000
Capital expenditures		61,000		117,000			-	$	178,000
Depreciation & Amortization		125,000		17,000			32,000	$	174,000

	Three Months Ended August 31, 2016
	Agricultural Products			Modular Buildings			Tools			Consolidated
Revenue from external customers	$	4,992,000		$	910,000		$	530,000		$	6,432,000
Income (loss) from operations		(116,000	)		(59,000	)		(42,000	)	$	(217,000	)
Income (loss) before tax		(91,000	)		(65,000	)		(68,000	)	$	(224,000	)
Total Assets		21,209,000			2,887,000			2,654,000		$	26,750,000
Capital expenditures		31,000			-			22,000		$	53,000
Depreciation & Amortization		117,000			15,000			32,000		$	164,000

	Nine Months Ended August 31, 2017
	Agricultural Products			Modular Buildings			Tools			Consolidated
Revenue from external customers	$	11,595,000		$	2,043,000		$	2,022,000		$	15,660,000
Income (loss) from operations		(758,000	)		(209,000	)		3,000		$	(964,000	)
Income (loss) before tax		(743,000	)		(237,000	)		(30,000	)	$	(1,010,000	)
Total Assets		18,941,000			3,094,000			2,721,000		$	24,756,000
Capital expenditures		265,000			117,000			90,000		$	472,000
Depreciation & Amortization		372,000			46,000			95,000		$	513,000

	Nine Months Ended August 31, 2016
	Agricultural Products		Modular Buildings		Tools			Consolidated
Revenue from external customers	$	12,757,000	$	3,102,000	$	1,583,000		$	17,442,000
Income (loss) from operations		36,000		154,000		(123,000	)	$	67,000
Income (loss) before tax		24,000		140,000		(163,000	)	$	1,000
Total Assets		21,209,000		2,887,000		2,654,000		$	26,750,000
Capital expenditures		60,000		-		55,000		$	115,000
Depreciation & Amortization		377,000		46,000		93,000		$	516,000

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 1 - Description of the Company (Details Textual)	9 Months Ended
Note 1 - Description of the Company (Details Textual)	Aug. 31, 2017
Number of Operating Segments	3

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 3 - Discontinued Operations - Income from Discontinued Operations before Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Income (loss) before tax	$ (26,449)	$ (207,203)	$ (49,238)	$ (387,321)
Discontinued Operations, Held-for-sale [Member] \| Vessels Segment [Member]
Revenue from external customers		358,253		1,480,688
Gross Profit		(97,357)		(6,965)
Operating Expense	17,082	104,113	40,905	362,859
Income (loss) from operations	(17,082)	(201,470)	(40,905)	(369,824)
Income (loss) before tax	$ (26,449)	$ (207,203)	$ (49,238)	$ (387,321)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 3 - Discontinued Operations - Components of Discontinued Operations (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Notes Payable	$ 618,016	$ 715,945
Discontinued Operations, Held-for-sale [Member] \| Vessels Segment [Member]
Cash	14,534
Accounts Receivable - Net	7,500	9,700
Property, plant, and equipment, net	1,714,198	1,745,528
Assets of discontinued operations	1,736,232	1,755,228
Accounts payable		1,588
Accrued expenses	38,042	50,061
Notes Payable	618,016	715,945
Liabilities of discontinued operations	$ 656,058	$ 767,594

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 4 - Net Income (Loss) Per Share of Common Stock - Basic and Diluted Earnings Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Numerator for basic and diluted (loss) earnings per common share:
Net (loss) income from continuing operations	$ 41,648	$ (149,676)	$ (720,900)	$ 807
Net (loss) income from discontinued operations	(18,441)	(138,603)	(33,482)	(264,685)
Net (loss) income	$ 23,207	$ (288,279)	$ (754,382)	$ (263,878)
Denominator:
Effect of dilutive stock options (in shares)
For diluted (loss) earnings per share - weighted average common shares outstanding (in shares)	4,161,421	4,105,704	4,148,966	4,093,993
For basic (loss) earnings per share - weighted average common shares outstanding (in shares)	4,161,421	4,105,704	4,148,966	4,093,993
Earnings (Loss) per share - Basic:
Discontinued Operations (in dollars per share)		$ (0.03)	$ (0.01)	$ (0.06)
Net Income (Loss) per share (in dollars per share)	0.01	(0.07)	(0.18)	(0.06)
Continuing Operations (in dollars per share)	0.01	(0.04)	(0.17)	0
Earnings (Loss) per share - Diluted:
Discontinued Operations (in dollars per share)		(0.03)	(0.01)	(0.06)
Net Income (Loss) per share (in dollars per share)	0.01	(0.07)	(0.18)	(0.06)
Continuing Operations (in dollars per share)	$ 0.01	$ (0.04)	$ (0.17)	$ 0

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 5 - Inventory - Major Classes of Inventory (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Raw materials	$ 8,977,615	$ 8,568,624
Work in process	328,017	509,198
Finished goods	6,097,961	7,054,736
	15,403,593	16,132,558
Less: Reserves	(2,223,129)	(2,603,206)
	$ 13,180,464	$ 13,529,352

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 6 - Accrued Expenses - Major Components Of Accrued Expenses (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Salaries, wages, and commissions	$ 518,162	$ 542,449
Accrued warranty expense	133,194	134,373
Other	382,338	342,234
Total accrued liabilities, current	$ 1,033,694	$ 1,019,056

XML 48 R37.htm IDEA: XBRL DOCUMENT

Note 7 - Product Warranty (Details Textual)	9 Months Ended
Note 7 - Product Warranty (Details Textual)	Aug. 31, 2017
Standard Product Warrant Term	1 year

XML 49 R38.htm IDEA: XBRL DOCUMENT

Note 7 - Product Warranty - Changes In Product Warranty Liability (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Balance, beginning	$ 152,964	$ 140,674	$ 134,373	$ 176,531
Settlements / adjustments	(46,469)	(36,896)	(155,603)	(186,179)
Warranties issued	26,699	61,922	154,424	175,348
Balance, ending	$ 133,194	$ 165,700	$ 133,194	$ 165,700

XML 50 R39.htm IDEA: XBRL DOCUMENT

Note 8 - Loan and Credit Agreements (Details Textual)						3 Months Ended	9 Months Ended		12 Months Ended
Note 8 - Loan and Credit Agreements (Details Textual)	Sep. 28, 2017 USD ($)	Aug. 31, 2017 USD ($)	May 10, 2017 USD ($)	Feb. 10, 2016 USD ($)	May 10, 2012 USD ($)	Aug. 31, 2017 USD ($)	Aug. 31, 2017 USD ($)	Aug. 31, 2016 USD ($)	Nov. 30, 2016 USD ($)	May 29, 2014 USD ($)	May 01, 2013 USD ($)	Feb. 01, 2013	May 01, 2010 USD ($)
Repayments of Long-term Debt							$ 551,585	$ 1,730,774
Long-term Debt		$ 3,261,486				$ 3,261,486	3,261,486		$ 3,911,000
US Bank [Member]
Debt Instrument, Periodic Payment						65,300
US Bank [Member] \| Subsequent Event [Member]
Repayments of Lines of Credit	$ 6,562,030
Repayments of Lines of Credit, Unpaid Principal	6,528,223
Repayments of Lines of Credit, Accrued and Unpaid Interest and Fees	33,807
Bank Midwest [Member] \| Subsequent Event [Member]
Debt Instrument, Periodic Payment	$ 20,500
Debt Instrument, Covenant, Minimum Working Capital Ratio	0.0175
Debt Instrument, Covenant, Minimum Working Capital	$ 5,100,000
Debt Instrument, Covenant, Maximum Debt to Worth Ratio	1
Debt Instrument, Covenant, Minimum Tangible Balance Sheet Equity, Percentage	40.00%
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio	1.25
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio, Tolerance	0.1
Revolving Credit Facility [Member] \| US Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity		4,500,000				4,500,000	4,500,000
Revolving Credit Facility [Member] \| Bank Midwest [Member] \| Subsequent Event [Member]
Line of Credit Facility, Interest Rate During Period	5.25%
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Revolving Credit Facility [Member] \| Bank Midwest [Member] \| Wall Street Journal Rate [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility [Member] \| Bank Midwest [Member] \| Minimum [Member] \| Subsequent Event [Member]
Line of Credit Facility, Interest Rate During Period	4.25%
The Line of Credit [Member] \| Revolving Credit Facility [Member] \| US Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity											$ 4,500,000
Long-term Line of Credit		3,734,114				3,734,114	3,734,114
Line of Credit Facility, Remaining Borrowing Capacity		$ 765,886				$ 765,886	$ 765,886
Line of Credit Facility Borrowing Capacity Borrowing Base Percentage of Accounts Receivable		75.00%				75.00%	75.00%
Line of Credit Facility Borrowing Capacity Borrowing Base Minimum Percentage of Aggregate Receivables		20.00%				20.00%	20.00%
Line of Credit Facility Borrowing Capacity Borrowing Base Percentage of Inventory		50.00%				50.00%	50.00%
Line of Credit Facility Borrowing Capacity Borrowing Base Maximum Inventory Amount		$ 3,375,000				$ 3,375,000	$ 3,375,000
The Line of Credit [Member] \| Revolving Credit Facility [Member] \| US Bank [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.50%				5.50%	5.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage							0.25%
US Bank UHC Loan [Member] \| US Bank [Member]
Debt Instrument, Periodic Payment			$ 283,500
Debt Instrument, Interest Rate, Stated Percentage					3.15%
Debt Instrument, Face Amount					$ 880,000
Long-term Debt		$ 238,945				$ 238,945	$ 238,945
US Bank UHC Loan [Member] \| US Bank [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					2.00%
US Bank UHC Loan [Member] \| US Bank [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage					5.00%
The 2013 Term Notes [Member] \| US Bank [Member]
Repayments of Long-term Debt				$ 1,078,196
Debt Instrument, Periodic Payment							46,672
Long-term Debt		$ 1,738,533				$ 1,738,533	$ 1,738,533
The 2013 Term Notes [Member] \| US Bank [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%
The 2013 Term Notes [Member] \| US Bank [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%				5.00%	5.00%
The 2014 Term Note [Member] \| US Bank [Member]
Debt Instrument, Face Amount										$ 1,000,000
Long-term Debt		$ 874,263				$ 874,263	$ 874,263
The 2014 Term Note [Member] \| US Bank [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%
The 2014 Term Note [Member] \| US Bank [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%				5.00%	5.00%
Line of Credit, 2013 Term Notes, and 2014 Term Notes [Member] \| US Bank [Member]
Debt Instrument, Requirement, Minimum EBIDTA		$ 411,000				$ 411,000	$ 411,000
Iowa Finance Authority Term Loan [Member]
Debt Instrument, Periodic Payment							$ 12,500		$ 12,500
Debt Instrument, Interest Rate, Stated Percentage		2.75%				2.75%	2.75%		2.75%
Long-term Debt		$ 409,745				$ 409,745	$ 409,745		$ 512,935
Iowa Finance Authority Term Loan [Member] \| The First National Bank of West Union [Member]
Debt Instrument, Covenant Debt Service Coverage Ratio												1.5
Debt Instrument, Interest Rate, Stated Percentage												2.75%	3.50%
Debt Instrument, Face Amount													$ 1,300,000
Term Loan Due October 2037 [Member] \| Bank Midwest [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Long-term Debt	$ 2,600,000
Term Loan Due October 2037 [Member] \| Bank Midwest [Member] \| Subsequent Event [Member] \| United States Department of Agriculture [Member]
Upfront Guarantee Fee	$ 62,500
Guarantee Fee, Annual Fee, Percentage	0.50%
Guarantee Requirement, Personally Guarantee, Shareholders Ownership Percentage	20.00%
Term Loan Due October 2037 [Member] \| Bank Midwest [Member] \| Subsequent Event [Member] \| J. Ward McConnell Jr. [Member]
Personally Guaranteed, Percentage of Loan	38.00%
Personally Guaranteed, Fee, Percentage of Guaranteed Amount	2.00%
Term Loan Due October 2037 [Member] \| Bank Midwest [Member] \| Wall Street Journal Rate [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Term Loan Due October 2037 [Member] \| Bank Midwest [Member] \| Minimum [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.15%
Term Loan Due October 2019 [Member] \| Bank Midwest [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Long-term Debt	$ 600,000

XML 51 R40.htm IDEA: XBRL DOCUMENT

Note 8 - Loan and Credit Agreements - Summary Of Term Debt (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Term debt	$ 3,261,486	$ 3,911,000
Less current portion of term debt	2,374,665	1,807,937
Term debt of discontinued operations	618,016	715,945
Term debt, excluding current portion	268,805	1,387,118
US Bank Loan 2 [Member]
Term debt	546,392	632,126
US Bank Loan 3 [Member]
Term debt	618,016	715,945
US Bank Loan 4 [Member]
Term debt	574,125	808,096
US Bank Loan 5 [Member]
Term debt	238,945	337,147
US Bank Loan 6 [Member]
Term debt	874,263	904,751
Iowa Finance Authority Term Loan [Member]
Term debt	$ 409,745	$ 512,935

XML 52 R41.htm IDEA: XBRL DOCUMENT

Note 8 - Loan and Credit Agreements - Summary Of Term Debt (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Aug. 31, 2017	Nov. 30, 2016
US Bank Loan 2 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, periodic payment	$ 9,600	$ 9,600
US Bank Loan 3 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, periodic payment	$ 10,965	$ 10,965
US Bank Loan 4 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, periodic payment	$ 26,107	$ 26,107
US Bank Loan 5 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, periodic payment	$ 10,960	$ 10,960
US Bank Loan 6 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, periodic payment	$ 4,301	$ 4,301
Iowa Finance Authority Term Loan [Member]
Debt instrument, interest rate, stated percentage	2.75%	2.75%
Debt instrument, periodic payment	$ 12,500	$ 12,500

XML 53 R42.htm IDEA: XBRL DOCUMENT

Note 9 - Assets Available for Sale and Assets Held for Lease (Details Textual)	12 Months Ended
	Nov. 30, 2016 USD ($)
Ames, Iowa Powder Coat Print System [Member]
Asset Impairment Charges	$ 44,858

XML 54 R43.htm IDEA: XBRL DOCUMENT

Note 9 - Assets Available for Sale and Assets Held for Lease - Major Components Assets Available for Sale (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Assets available for sale	$ 70,000	$ 70,000
Ames, Iowa Powder Coat Print System [Member]
Assets available for sale	$ 70,000	$ 70,000

XML 55 R44.htm IDEA: XBRL DOCUMENT

Note 9 - Assets Available for Sale and Assets Held for Lease - Summary of Assets Held for Lease (Details) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Assets held for lease	$ 1,232,940
West Union Facility [Member]
Assets held for lease	1,124,715
Modular Buildings [Member]
Assets held for lease	$ 108,225

XML 56 R45.htm IDEA: XBRL DOCUMENT

Note 11 - Equity Incentive Plan and Stock Based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016	Jan. 27, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0	0
Allocated Share-based Compensation Expense	$ 19,266	$ 31,417	$ 92,225	$ 70,846
Non-qualified Stock Units to Non-employee Directors Annually or Upon Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					1,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Restricted Stock [Member] \| Employees, Directors, and Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			53,700
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			4,000

XML 57 R46.htm IDEA: XBRL DOCUMENT

Note 13 - Segment Information (Details Textual)	9 Months Ended
Note 13 - Segment Information (Details Textual)	Aug. 31, 2017
Number of Reportable Segments	3

XML 58 R47.htm IDEA: XBRL DOCUMENT

Note 13 - Segment Information - Segment Reporting Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Aug. 31, 2017

Aug. 31, 2016

Aug. 31, 2017

Aug. 31, 2016

Nov. 30, 2016

$ 26,491,778

$ 27,242,590

472,031

$ 114,376

516,642

516,904

6,549,772

$ 6,431,217

15,660,294

17,441,869

Operating Segments [Member]

109,240

(217,165)

(964,576)

67,372

^[1]

93,000

(224,000)

(1,010,000)

1,000

^[1]

24,756,000

26,750,000

24,756,000

26,750,000

^[1]

178,000

53,000

472,000

115,000

^[1]

174,000

164,000

513,000

516,000

^[1]

6,550,000

6,432,000

15,660,000

17,442,000

Operating Segments [Member] | Agricultural Products [Member]

^[1]

109,000

(217,000)

(964,000)

67,000

^[1]

123,000

(91,000)

(743,000)

24,000

^[1]

18,941,000

21,209,000

18,941,000

21,209,000

^[1]

61,000

31,000

265,000

60,000

^[1]

125,000

117,000

372,000

377,000

^[1]

5,065,000

4,992,000

11,595,000

12,757,000

Operating Segments [Member] | Modular Buildings [Member]

^[1]

118,000

(116,000)

(758,000)

36,000

^[1]

(45,000)

(65,000)

(237,000)

140,000

^[1]

3,094,000

2,887,000

3,094,000

2,887,000

^[1]

117,000

^[1]

17,000

15,000

46,000

^[1]

767,000

910,000

2,043,000

3,102,000

Operating Segments [Member] | Tools [Member]

^[1]

(37,000)

(59,000)

(209,000)

154,000

^[1]

15,000

(68,000)

(30,000)

(163,000)

^[1]

2,721,000

2,654,000

2,721,000

2,654,000

^[1]

22,000

90,000

55,000

^[1]

32,000

95,000

93,000

^[1]

718,000

530,000

2,022,000

1,583,000