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Commitments and Contingencies | 9 Months Ended
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Aug. 31, 2019
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies | NOTE 16—COMMITMENTS AND CONTINGENCIES: The Company leases certain of its facilities, equipment, and automobiles under operating lease agreements, which expire in various periods through 2029. Future minimum contractually required cash payment obligations under non-cancellable lease agreements as of August 31, 2019 were as follows:
Fiscal Years Ending November 30, |  |  |  |
2019 (remaining three months) |  | $ | 55,403 |
2020 |  |  | 198,627 |
2021 |  |  | 158,847 |
2022 |  |  | 118,613 |
2023 |  |  | 82,579 |
Thereafter |  |  | 116,853 |
Total minimum lease payments |  | $ | 730,922 |
During the three and nine months ended August 31, 2019, rent expense was $66,749 and $197,646, respectively. During the three and nine months ended August 31, 2018, rent expense was $26,943 and $88,258, respectively. Sublease income was immaterial for each of the periods presented and is immaterial for the amounts entitled to be received in future periods under non-cancellable sublease arrangements. The Company was contingently liable as of August 31, 2019 under agreements to repurchase repossessed inventory acquired by flooring companies as a result of default on floor plan financing arrangements by the Company's customers. These arrangements are described in Note 9 and do not have expiration dates. As the Company does not have access to information regarding the amount of inventory purchased from the Company, still on hand with the customer at any point in time, the Company’s repurchase obligations relating to inventory cannot be reasonably estimated. Losses, if any, would be the difference between the repossession cost and the resale value of the inventory. There have been no repurchases through August 31, 2019 under these agreements and the Company is not aware of any pending customer defaults or repossession obligations. The Company believes that, based on historical experience, the likelihood of a material loss pursuant to these inventory repurchase obligations is remote. From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the ultimate liabilities could differ from the amounts recorded. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company's results of operations, financial position or cash flows.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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