Note 4 - Contract Receivables, Contract Assets and Contract Liabilities

3 Months Ended

Feb. 28, 2021

Notes to Financial Statements

Contract Receivable, Contract Assets, and Contract Liabilities [Text Block]

4 ) Contract Receivables, Contract Assets and Contract Liabilities

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

	February 28, 2021		November 30, 2020
Receivables	$	1,681,000	$	2,391,000
Assets		294,000		56,000
Liabilities		1,458,000		276,000

The amount of revenue recognized in the

first

three

months of fiscal

2021

that was included in a contract liability at

November 30, 2020

was approximately

$265,000

compared to

$89,000

in the same period of fiscal

2020.

The decrease in contract receivables at

February 28, 2021

is due to collection of receivables in the

first

quarter of fiscal

2021.

Contract assets and contract liabilities increased during the

three

months ended

February 28, 2021

as the Company completed progress on construction contracts in the modular buildings segment and received a large amount of deposits from an early order program.

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

one

year. As of

February 28, 2021,

the Company has

no

performance obligations with an original expected duration greater than

one

year.