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Note 13 - Sales-type Leases | 6 Months Ended
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May 31, 2020
Notes to Financial Statements |
Lessor, Sales-type Leases [Text Block] |
| 13 ) | Sales-Type Leases
The Company accounts for leases of modular buildings to certain customers as sales-type leases. These leases have terms of up to 36 months and are collateralized by a security interest in the related modular building. The lessee has a bargain purchase option available at the end of the lease term. A minimum lease receivable is recorded net of unearned interest income and profit on sale at the time the Company’s obligation to the lessee is complete. Profit related to the sale of the building is recorded upon fulfillment of the Company’s obligation to the lessee. Modular buildings held for lease by the Modular Buildings segment are recorded at cost. Amortization of each modular building is calculated over the useful life of the building. Estimated useful life is three to five years. Lease revenue is accounted for on a straight-line basis over the term of the related lease agreement. Lease income for modular buildings is included in sales on the consolidated statements of operations. The components related to sales-type leases at May 31, 2020 and November 30, 2019 are as follows:
|  | May 31, 2020 |  |  | November 30, 2019 |
Minimum lease receivable, current |  | $ | 81,277 |  |  | $ | 162,425 |
Unearned interest income, current |  |  | (3,670 | ) |  |  | (14,420 | )
Net investment in sales-type leases, current |  | $ | 77,607 |  |  | $ | 148,005 |
Minimum lease receivable, long-term |  | $ | - |  |  | $ | 5,851 |
Unearned interest income, long-term |  |  | - |  |  |  | (69 | )
Net investment in sales-type leases, long-term |  | $ | - |  |  | $ | 5,782 |
There was no sales activity related to sales-type leases for the three and six months ended May 31, 2020 and May 31,2019. Future minimum lease receipts from sales-type leases are as follows:
Year Ending November 30, |  | Amount |
2020 |  | $ | 75,425 |
2021 |  |  | 5,852 |
Total |  | $ | 81,277 |

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- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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