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Note 2 - Discontinued Operations | 12 Months Ended
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Nov. 30, 2018
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
| ( 2 ) | Discontinued Operations
Effective October 31, 2016, the Company discontinued the operations of its Pressurized Vessels segment in order to focus its efforts and resources on the business segments that have historically been more successful and that are expected to present greater opportunities for meaningful long-term shareholder returns. In January 2018, the Company accepted an offer on the real estate assets of its Pressurized Vessels segment for $1,500,000, which was below the carrying value of the real estate assets at that time. Based on these facts the Company recorded an impairment of the real estate assets of approximately $289,000 for the 2017 fiscal year, which reduced the value to $1,425,000, which is the value the Company expected to receive after commissions on the sale of these real estate assets. On March 29, 2018, the remaining assets of the Pressurized Vessels segment, consisting of these real estate assets, were disposed of at a selling price of $1,500,000. As the Pressurized Vessels segment was a unique business unit of the Company, its liquidation was a strategic shift. In accordance with ASC Topic 360, the Company has classified the Pressurized Vessels segment as discontinued operations for all periods presented. Income from discontinued operations, before income taxes, in the accompanying consolidated statements of operations is comprised of the following:
|  | Twelve Months Ended |
|  | November 30, 2018 |  |  | November 30, 2017 |
Revenue from external customers |  | $ | - |  |  | $ | - |
Gross profit |  |  | - |  |  |  | - |
Total operating expense |  |  | 51,133 |  |  |  | 357,709 |
(Loss) from operations |  |  | (51,133 | ) |  |  | (357,709 | )
(Loss) before tax |  |  | (67,177 | ) |  |  | (400,739 | )
The components of discontinued operations in the accompanying consolidated balance sheets are as follows:
|  | November 30, 2018 |  |  | November 30, 2017 |
Cash |  | $ | - |  |  | $ | 2,454 |
Property, plant, and equipment, net |  |  | - |  |  |  | 1,425,000 |
Assets of discontinued operations |  | $ | - |  |  | $ | 1,427,454 |
Accrued expenses |  | $ | - |  |  | $ | 49,931 |
Notes payable |  |  | - |  |  |  | 599,584 |
Liabilities of discontinued operations |  | $ | - |  |  | $ | 649,515 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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