Note 4 - Contract Receivables, Contract Assets and Contract Liabilities

9 Months Ended

Aug. 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.

	August 31, 2022		November 30, 2021
Receivables	$	3,820,000	$	2,663,000
Assets		194,000		177,000
Liabilities		1,604,000		559,000

The amount of revenue recognized in the first nine 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 nine months of fiscal 2021 while the contract liability balance on November 30, 2020 was $276,000.

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