)

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 August 31, 2019
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	2,392,000	$	-	$	-	$	2,392,000
Farm equipment service parts		666,000		-		-		666,000
Steel cutting tools and inserts		-		-		499,000		499,000
Modular buildings		-		1,607,000		-		1,607,000
Modular building lease income		-		165,000		-		165,000
Other		136,000		30,000		9,000		175,000
	$	3,194,000	$	1,802,000	$	508,000	$	5,504,000

	Three Months Ended August 31, 2018
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	3,005,000	$	-	$	-	$	3,005,000
Farm equipment service parts		768,000		-		-		768,000
Steel cutting tools and inserts		-		-		586,000		586,000
Modular buildings		-		568,000		-		568,000
Modular building lease income		-		126,000		-		126,000
Other		140,000		79,000		8,000		227,000
	$	3,913,000	$	773,000	$	594,000	$	5,280,000

	Nine Months Ended August 31, 2019
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	7,274,000	$	-	$	-	$	7,274,000
Farm equipment service parts		1,880,000		-		-		1,880,000
Steel cutting tools and inserts		-		-		1,527,000		1,527,000
Modular buildings		-		3,773,000		-		3,773,000
Modular building lease income		-		512,000		-		512,000
Other		287,000		97,000		25,000		409,000
	$	9,441,000	$	4,382,000	$	1,552,000	$	15,375,000

	Nine Months Ended August 31, 2018
	Agricultural		Modular Buildings		Tools		Total
Farm equipment	$	9,395,000	$	-	$	-	$	9,395,000
Farm equipment service parts		2,036,000		-		-		2,036,000
Steel cutting tools and inserts		-		-		1,789,000		1,789,000
Modular buildings		-		1,981,200		-		1,981,200
Modular building lease income		-		242,000		-		242,000
Other		347,000		122,800		27,000		496,800
	$	11,778,000	$	2,346,000	$	1,816,000	$	15,940,000

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

	August 31, 2019		November 30, 2018
Receivables	$	1,074,000	$	159,000
Assets		81,000		99,000
Liabilities		1,483,000		185,000

The amount of revenue recognized in the

first

nine

months of fiscal

2019

that was included in a contract liability at

November 30, 2018

was approximately

$185,000

compared to

$516,217

in the same period of fiscal

2018.

The significant change in contract receivables reflected above 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

August 31, 2019.

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

August 31, 2019,

the Company has

performance obligations with an original expected duration greater than

one

year.