Note 6 - Assets Held for Lease

12 Months Ended

Nov. 30, 2022

Notes to Financial Statements

Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block]

(6) Assets Held for Lease

Major components of assets held for lease are:

	November 30, 2022		November 30, 2021
Modular Buildings	$	400,325	$	521,555
Total assets held for lease	$	400,325	$	521,555

The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had five buildings in assets held for lease for the year ending November 30, 2022 and seven buildings for the year ended November 30, 2021.

Two modular buildings held for lease were sold in fiscal 2022 for $383,904. The company incurred a gain of approximately $150,069 on the sale of the assets.

Rents recognized in sales were related to the leasing of modular buildings as a part of the normal course of business operations of the Modular Buildings segment. There were $61,534 of rents recognized from assets held for lease included in sales on the Consolidated Statements of Operations during the 2022 fiscal year compared to none in the 2021 fiscal year.

The future minimum lease receipts from assets held for lease on November 30, 2022 are as follows:

Year Ending November 30,	Amount
2023	$	67,941
Total		67,941