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Note 7 - Assets Held for Lease | 12 Months Ended
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Nov. 30, 2018
Notes to Financial Statements |
Disclosure of Assets Available for Sale, Not Part of Discontinued Operations [Text Block] |
( 7 ) | Assets Held for Lease
Major components of assets held for lease are:
|  | November 30, 2018 |  |  | November 30, 2017 |
West Union Facility |  | $ | 878,079 |  |  | $ | 1,118,330 |
Modular Buildings |  |  | 992,046 |  |  |  | 98,834 |
|  | $ | 1,870,125 |  |  | $ | 1,217,164 |
During the third quarter of the 2018 fiscal year, the Company discovered mold in its West Union facility. The Company incurred $235,000 of expense for mold remediation in the 2018 fiscal year. The Company also scrapped approximately $67,000 of inventory related to mold remediation. Both the remediation cost and inventory scrap have been included in other income (expense) on the consolidated statements of operations. At November 30, 2018 the Company was leasing 20,000 square feet of the West Union facility to third parties for storage purposes. On December 14, 2018, this facility and remaining assets was sold for $900,000. The Company recognized approximately $216,000 related to the impairment of this asset in the 2018 fiscal year, which was attributable to the selling price less commissions. The Company’s Modular Buildings segment enters into leasing arrangements with customers from time-to-time. The Company had seven small leased buildings at November 30, 2018 compared to one at November 30, 2017. Rents recognized from assets held for lease included in sales on the consolidated statements of operations during the 2018 fiscal year were $374,000 compared to $161,000 in the 2017 fiscal year. Rents recognized from assets held for lease included in other income (expense) on the consolidated statements of operations during the 2018 fiscal year were $44,000 compared to $234,000 in the 2017 fiscal year. Future minimum lease receipts from assets held for lease are as follows:
Year Ending November 30, |  | Amount |
2019 |  |  | 443,294 |
2020 |  |  | 90,411 |
Total |  |  | 533,705 |

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