Note 3 - Discontinued Operations

3 Months Ended

Feb. 28, 2018

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

)

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. Its 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

January 2018,

the Company accepted an offer on the real estate assets for

$1,500,000,

which was below the carrying value at that time. Based on these facts the Company recorded an impairment of the real estate of approximately

$289,000

in the fiscal year ended

November 30, 2017,

which reduced the value to

$1,425,000,

which is the value the Company expects to receive after commissions on the sale of this asset. On March

29,

2018

we disposed of the remaining assets at a selling price of

$1,500,000.

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, 2018			February 28, 2017
Revenue from external customers	$	-		$	-
Gross Profit		-			-
Operating Expense		43,458			32
Income (loss) from operations		(43,458	)		(32	)
Income (loss) before tax		(51,590	)		4,877

The components of discontinued operations in the accompanying

Condensed Consolidated Balance Sheets are as follows:

	February 28, 2018		November 30, 2017
Cash	$	4,855	$	2,454
Property, plant, and equipment, net		1,425,000		1,425,000
Assets of discontinued operations	$	1,429,855	$	1,427,454

Accounts payable	$	655	$	-
Accrued expenses		39,222		49,931
Notes Payable		597,323		599,584
Liabilities of discontinued operations	$	637,200	$	649,515