Note 4 - Contract Receivables, Contract Assets and Contract Liabilities

6 Months Ended

May 31, 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.

	May 31, 2022		November 30, 2021
Receivables	$	2,481,000	$	2,663,000
Assets		522,000		177,000
Liabilities		1,903,000		559,000

The amount of revenue recognized in the first six months of fiscal 2022 that was included in a contract liability on November 30, 2021 was approximately $559,000. $276,000 of revenue was recognized in the first six months of fiscal 2021 while the contract liability balance at November 30, 2020 was $474,000. The decrease in contract receivables on May 31, 2022 is due to normal collection cycle of receivables in the first two quarters of fiscal 2022. Contract liabilities increased significantly during the six months ended May 31, 2022 as the Company received a large amount of deposits on its fall and spring early order programs.

The Company utilizes the practical expedient exception for these contracts and will report only on performance obligations greater than one year. As of May 31, 2022, the Company has no performance obligations with an original expected duration greater than one year.