)

Revenue Recognition

The following table displays revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

	Three Months Ended May 31, 2019
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	2,879,000	$	-	$	-	$	2,879,000
Farm equipment service parts		665,000		-		-		665,000
Steel cutting tools and inserts		-		-		544,000		544,000
Modular buildings		-		1,368,000		-		1,368,000
Modular building lease income		-		168,000				168,000
Other		93,000		22,000		8,000		123,000
	$	3,637,000	$	1,558,000	$	552,000	$	5,747,000

	Three Months Ended May 31, 2018
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	3,123,000	$	-	$	-	$	3,123,000
Farm equipment service parts		698,000		-		-		698,000
Steel cutting tools and inserts		-		-		516,000		516,000
Modular buildings		-		734,000		-		734,000
Modular building lease income		-		67,000		-		67,000
Other		116,000		33,000		7,000		156,000
	$	3,937,000	$	834,000	$	523,000	$	5,294,000

	Six Months Ended May 31, 2019
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	4,881,000	$	-	$	-	$	4,881,000
Farm equipment service parts		1,216,000		-		-		1,216,000
Steel cutting tools and inserts		-		-		1,028,000		1,028,000
Modular buildings		-		2,163,000		-		2,163,000
Modular building lease income		-		348,000				348,000
Other		150,000		69,000		16,000		235,000
	$	6,247,000	$	2,580,000	$	1,044,000	$	9,871,000

	Six Months Ended May 31, 2018
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	6,373,000	$	-	$	-	$	6,373,000
Farm equipment service parts		1,286,000		-		-		1,286,000
Steel cutting tools and inserts		-		-		1,203,000		1,203,000
Modular buildings		-		1,407,000		-		1,407,000
Modular building lease income		-		116,000		-		116,000
Other		207,000		50,000		18,000		275,000
	$	7,866,000	$	1,573,000	$	1,221,000	$	10,660,000

The following table provides information about contract receivables, contract assets, and contract liabilities from contracts with customers included on the Condensed Consolidated Balance Sheets.

	May 31, 2019		November 30, 2018
Receivables	$	1,024,000	$	159,000
Assets		33,000		99,000
Liabilities		1,220,000		185,000

The amount of revenue recognized in the

first

six

months of fiscal

2019

that was included in a contract liability at

November 30, 2018

was

$185,014

compared to

$93,264

in the same period of fiscal

2018.

The significant change in contract receivables is due to a large milestone invoice from the modular buildings segment. This invoice also affected contract liabilities by increasing billings in excess of costs and estimated gross profit at

May 31, 2019.

Contract liabilities also increased due to equipment deposits received in the

first

quarter of fiscal

2019

from the

2019

beet program offering from the agricultural products segment. Swings in contract assets from

November 30, 2018

are due to changes in costs and estimated gross profit in excess of billings from the modular buildings segment.

The Company will utilize the practical expedient exception for these contracts and will report only on performance obligations greater than

one

year. As of

May 31, 2019,

the Company has

performance obligations with an original expected duration greater than

one

year.