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Condensed Consolidated Balance Sheets (Unaudited Current Period) - USD ($)
May 31, 2024
Nov. 30, 2023
Current assets:    
Cash $ 4,487 $ 4,014
Accounts receivable, net 2,646,960 3,432,216
Inventories, net 10,496,821 11,031,362
Cost and profit in excess of billings 34,797 289,282
Other current assets 416,108 296,662
Current assets of discontinued operations 22,837 31,958
Total current assets 13,622,010 15,085,494
Property, plant, and equipment, net 5,234,771 5,060,595
Assets held for lease, net 142,096 145,494
Deferred income taxes, net 2,638,123 2,503,213
Other assets 525,162 583,752
Other assets of discontinued operations 1,008,949 1,023,566
Total assets 23,171,111 24,402,114
Current liabilities:    
Accounts payable 1,019,151 2,256,502
Customer deposits 169,419 416,044
Billings in excess of cost and profit 1,992,459 351,289
Income taxes payable 5,000 5,000
Accrued expenses 1,024,040 1,399,232
Line of credit 3,950,437 4,413,520
Current portion of finance lease liabilities 255,677 257,454
Current portion of long-term debt 113,545 109,193
Current liabilities of discontinued operations 181,846 186,789
Total current liabilities 8,711,574 9,395,023
Long-term portion of operating lease liabilities 9,291 13,774
Long-term portion of finance lease liabilities 646,179 722,200
Long-term debt, excluding current portion 2,571,250 2,629,862
Total liabilities 11,938,294 12,760,859
Commitments and Contingencies (Notes 9, 11, 12 and 15)
Stockholders’ equity:    
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares on May 31, 2024 and November 30, 2023; issued and outstanding 0 shares on May 31, 2024 and November 30, 2023. 0 0
Common stock – $0.01 par value. Authorized 9,500,000 shares on May 31, 2024 and November 30, 2023; 5,184,172 issued on May 31, 2024 and 5,106,922 on November 30, 2023 51,842 51,069
Additional paid-in capital 4,965,248 4,838,425
Retained earnings 6,522,873 7,021,253
Treasury stock, at cost (112,714 shares on May 31, 2024 and 94,256 shares on November 30, 2023) (307,146) (269,492)
Total stockholders’ equity 11,232,817 11,641,255
Total liabilities and stockholders’ equity $ 23,171,111 $ 24,402,114