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Note 17 - Segment Information | 6 Months Ended
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May 31, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
| 17) | Segment Information
The Company has three reportable segments: Agricultural Products, Modular Buildings and Tools. The Agricultural Products segment manufactures and sells farm equipment and related replacement parts under the Art’s-Way Manufacturing label. The Modular Buildings segment manufactures and installs modular buildings for various uses, commonly animal containment and research laboratories. The Tools segment manufactures steel cutting tools and inserts. The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Management evaluates the performance of each segment based on profit or loss from operations before income taxes, exclusive of nonrecurring gains and losses. Approximate financial information with respect to the reportable segments is as follows.
|  | Three Months Ended May 31, 2022 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Tools |  |  | Consolidated |
Revenue from external customers |  | $ | 5,316,000 |  |  | $ | 1,209,000 |  |  | $ | 750,000 |  |  | $ | 7,275,000 |
Income (loss) from operations |  |  | 447,000 |  |  |  | (86,000 | ) |  |  | (40,000 | ) |  |  | 321,000 |
Income (loss) before tax |  |  | 366,000 |  |  |  | (93,000 | ) |  |  | (51,000 | ) |  |  | 222,000 |
Total Assets |  |  | 18,389,000 |  |  |  | 2,998,000 |  |  |  | 2,520,000 |  |  |  | 23,907,000 |
Capital expenditures |  |  | 321,000 |  |  |  | 10,000 |  |  |  | 4,000 |  |  |  | 335,000 |
Depreciation & Amortization |  | $ | 117,000 |  |  | $ | 33,000 |  |  | $ | 32,000 |  |  | $ | 182,000 |
|  | Three Months Ended May 31, 2021 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Tools |  |  | Consolidated |
Revenue from external customers |  | $ | 3,858,000 |  |  | $ | 1,194,000 |  |  | $ | 658,000 |  |  | $ | 5,710,000 |
Income (loss) from operations |  |  | 188,000 |  |  |  | (21,000 | ) |  |  | (18,000 | ) |  |  | 149,000 |
Income (loss) before tax |  |  | 137,000 |  |  |  | (28,000 | ) |  |  | (28,000 | ) |  |  | 81,000 |
Total Assets |  |  | 14,271,000 |  |  |  | 3,725,000 |  |  |  | 2,674,000 |  |  |  | 20,670,000 |
Capital expenditures |  |  | 155,000 |  |  |  | - |  |  |  | - |  |  |  | 155,000 |
Depreciation & Amortization |  | $ | 87,000 |  |  | $ | 27,000 |  |  | $ | 33,000 |  |  | $ | 147,000 |
|  | Six Months Ended May 31, 2022 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Tools |  |  | Consolidated |
Revenue from external customers |  | $ | 9,477,000 |  |  | $ | 2,077,000 |  |  | $ | 1,334,000 |  |  | $ | 12,888,000 |
Income (loss) from operations |  |  | 318,000 |  |  |  | (308,000 | ) |  |  | (126,000 | ) |  |  | (116,000 | )
Income (loss) before tax |  |  | 180,000 |  |  |  | (323,000 | ) |  |  | (150,000 | ) |  |  | (293,000 | )
Total Assets |  |  | 18,389,000 |  |  |  | 2,998,000 |  |  |  | 2,520,000 |  |  |  | 23,907,000 |
Capital expenditures |  |  | 474,000 |  |  |  | 24,000 |  |  |  | 11,000 |  |  |  | 509,000 |
Depreciation & Amortization |  | $ | 218,000 |  |  | $ | 67,000 |  |  | $ | 65,000 |  |  | $ | 350,000 |
|  | Six Months Ended May 31, 2021 |
|  | Agricultural Products |  |  | Modular Buildings |  |  | Tools |  |  | Consolidated |
Revenue from external customers |  | $ | 7,357,000 |  |  | $ | 2,485,000 |  |  | $ | 1,269,000 |  |  | $ | 11,111,000 |
Income (loss) from operations |  |  | (9,000 | ) |  |  | (187,000 | ) |  |  | (24,000 | ) |  |  | (220,000 | )
Income (loss) before tax |  |  | (76,000 | ) |  |  | (199,000 | ) |  |  | (44,000 | ) |  |  | (319,000 | )
Total Assets |  |  | 14,271,000 |  |  |  | 3,725,000 |  |  |  | 2,674,000 |  |  |  | 20,670,000 |
Capital expenditures |  |  | 310,000 |  |  |  | 9,000 |  |  |  | - |  |  |  | 319,000 |
Depreciation & Amortization |  | $ | 185,000 |  |  | $ | 56,000 |  |  | $ | 67,000 |  |  | $ | 308,000 |
*The consolidated total in the tables is a sum of segment figures and may not tie to actual figures in the condensed consolidated financial statements due to rounding.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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