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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
May 31, 2019
Nov. 30, 2018
Current assets:    
Cash $ 4,401 $ 3,512
Accounts receivable-customers, net of allowance for doubtful accounts of $29,153 and $25,100 in 2019 and 2018, respectively 2,667,764 1,537,113
Inventories, net 10,105,263 10,257,102
Cost and profit in excess of billings 32,527 99,287
Net investment in sales-type leases, current 145,799 123,055
Other current assets 266,107 125,089
Total current assets 13,221,861 12,145,158
Property, plant, and equipment, net 5,468,238 5,647,485
Assets held for lease, net 805,498 1,870,125
Deferred income taxes 1,711,958 1,432,422
Net investment in sales-type leases, long-term 77,607 153,787
Other assets 73,843 76,497
Total assets 21,359,005 21,325,474
Current liabilities:    
Accounts payable 936,036 802,062
Customer deposits 512,286 145,632
Billings in excess of cost and profit 851,206 185,014
Income taxes payable 3,855 6,400
Accrued expenses 795,615 893,284
Line of credit 3,599,530 3,505,530
Current portion of long-term debt 83,250 227,459
Total current liabilities 6,781,778 5,765,381
Long-term liabilities    
Long-term debt, excluding current portion 2,393,502 2,523,018
Total liabilities 9,175,280 8,288,399
Commitments and Contingencies (Notes 9 and 10)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2019 and 2018; issued 0 shares in 2019 and 2018.
Common stock – $0.01 par value. Authorized 9,500,000 shares in 2019 and 2018; issued 4,309,587 in 2019 and 4,225,050 in 2018 43,096 42,250
Additional paid-in capital 3,174,230 3,055,632
Retained earnings 9,004,954 9,966,928
Treasury stock, at cost (14,779 in 2019 and 9,286 in 2018 shares) (38,555) (27,735)
Total stockholders’ equity 12,183,725 13,037,075
Total liabilities and stockholders’ equity $ 21,359,005 $ 21,325,474