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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Nov. 30, 2018
Aug. 31, 2018
Current assets:    
Cash $ 212,400 $ 4,888
Accounts receivable-customers, net of allowance for doubtful accounts of $24,630 and $32,298 in 2018 and 2017, respectively 1,910,294 2,141,167
Inventories, net 11,966,722 10,668,767
Cost and profit in excess of billings 65,146 79,602
Net investment in sales-type leases, current 142,242
Assets of discontinued operations 2,454
Other current assets 275,755 175,735
Total current assets 14,432,771 13,212,401
Property, plant, and equipment, net 5,946,957 5,654,140
Assets held for lease, net 1,217,164 1,663,855
Deferred income taxes 901,396 1,005,250
Goodwill 375,000 375,000
Net investment in sales-type leases, long-term 186,779
Other assets of discontinued operations 1,425,000
Other assets 81,545 77,824
Total assets 24,379,833 22,175,249
Current liabilities:    
Line of credit 2,462,530 2,693,530
Current portion of long-term debt 221,230 225,405
Accounts payable 673,653 846,596
Customer deposits 600,325 133,924
Billings in Excess of Cost and Profit 48,211 71,723
Accrued expenses 981,558 1,234,306
Liabilities of discontinued operations 59,149
Income taxes payable 3,100 3,500
Total current liabilities 5,049,756 5,208,984
Long-term liabilities    
Long-term liabilities of discontinued operations 590,366
Long-term debt, excluding current portion 2,748,677 2,580,387
Total liabilities 8,388,799 7,789,371
Commitments and Contingencies (Notes 8 and 9)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2018 and 2017; issued 0 shares in 2018 and 2017.
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2018 and 2017; issued 4,216,430 in 2018 and 4,158,752 in 2017 41,587 42,164
Additional paid-in capital 2,859,052 3,016,565
Retained earnings 13,353,830 11,354,884
Accumulated other comprehensive income (257,010)
Treasury stock, at cost (9,286 in 2018 and 1,954 in 2017 shares) (6,425) (27,735)
Total stockholders’ equity 15,991,034 14,385,878
Total liabilities and stockholders’ equity $ 24,379,833 $ 22,175,249