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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
May 31, 2022
Nov. 30, 2021
Current assets:    
Cash $ 4,975 $ 2,658
Accounts receivable-customers, net of allowance for doubtful accounts of $35,061 and $38,188 at May 31, 2022 and November 30, 2021, respectively 2,480,606 2,663,030
Inventories, net 10,887,195 9,210,103
Cost and profit in excess of billings 522,228 177,284
Other current assets 874,853 121,170
Total current assets 14,769,857 12,174,245
Property, plant, and equipment, net 5,432,516 5,237,328
Assets held for lease, net 521,555 521,555
Deferred income taxes 2,685,630 2,621,886
Other assets 632,186 299,034
Total assets 24,041,744 20,854,048
Current liabilities:    
Accounts payable 2,524,286 1,737,091
Customer deposits 1,819,509 278,509
Billings in excess of cost and profit 83,989 280,761
Income taxes payable 5,000 5,500
Accrued expenses 982,959 1,162,373
Line of credit 4,703,225 4,074,530
Current portion of finance lease liabilities 116,311 48,591
Current portion of long-term debt 116,146 99,462
Total current 10,351,425 7,686,817
Long-term liabilities    
Long-term portion of finance lease liabilities 425,650 142,386
Long-term portion of operating lease liabilities 29,111 34,931
Long-term debt, excluding current portion 2,930,014 2,635,467
Total liabilities 13,736,200 10,499,601
Commitments and Contingencies (Notes 8, 9, 10 and 13)
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares at May 31, 2022 and November 30, 2021; issued and outstanding 0 shares at May 31, 2022 and November 30, 2021 0 0
Common stock – $0.01 par value. Authorized 9,500,000 shares at May 31, 2022 and November 30, 2021; issued 4,704,671 at May 31, 2022 and 4,583,504 in November 30, 2021 47,047 45,835
Additional paid-in capital 4,034,102 3,760,649
Retained earnings 6,425,351 6,656,487
Treasury stock, at cost (64,574 shares at May 31, 2022 and 44,532 shares at November 30, 2021) (200,956) (108,524)
Total stockholders’ equity 10,305,544 10,354,447
Total liabilities and stockholders’ equity $ 24,041,744 $ 20,854,048