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Note 7 - Assets Available for Sale | 12 Months Ended
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Nov. 30, 2016
Notes to Financial Statements |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] |
(7) | Assets Available for Sale
Major components of assets available for sale (excluding assets of discontinued operations as discussed in Note 2 “Discontinued Operations”) are:
|  | November 30, 2016 |  |  | November 30, 2015 |
Ames, Iowa production facility |  | $ | - |  |  | $ | 1,093,632 |
Monona, Iowa storage building |  |  | - |  |  |  | 36,942 |
Ames, Iowa powder coat paint system |  |  | 70,000 |  |  |  | 114,858.00 |
|  | $ | 70,000 |  |  | $ | 1,245,432 |
Due to reduced demand for our reels produced by the Universal Harvester by Art’s Way subsidiary, we have been able to absorb the production of the reels in our Armstrong, Iowa facility. The Ames, Iowa facility was sold for $1,192,000 in February 2016. After closing expenses, we recognized a gain of $36,000. Net proceeds from the sale of this facility were $1,130,000. The storage facility in Monona, Iowa is adjacent to our production facilities and was sold in December 2015. We recorded a gain of $8,046 in December 2015 after closing costs associated with the sale. We continue to hold our powder coat system previously used in our Ames, Iowa location as available for sale. During fiscal 2016, we recognized an impairment of $44,858 related to this asset based on recent offers and comparable sales information.

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