Note 4 - Contract Receivables, Contract Assets and Contract Liabilities

3 Months Ended

Feb. 28, 2022

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, 2022		November 30, 2021
Receivables	$	1,583,000	$	2,663,000
Assets		146,000		177,000
Liabilities		2,263,000		559,000

The amount of revenue recognized in the first three months of fiscal 2022 that was included in a contract liability at November 30, 2021 was approximately $415,000 compared to $265,000 in the same period of fiscal 2021. The decrease in contract receivables on February 28, 2022 is due to normal collection cycle of receivables in the first quarter of fiscal 2022. Contract liabilities increased significantly during the three months ended February 28, 2022 as the Company received a large amount of deposits from our fall 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, 2022, the Company has no performance obligations with an original expected duration greater than one year.