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Note 9 - Product Warranty | 12 Months Ended
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Nov. 30, 2023
Notes to Financial Statements |
Product Warranty Disclosure [Text Block] |
(9) | Product Warranty
The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one year from the date of purchase. The Company’s warranties require it to repair or replace defective products during the warranty period at no cost to the customer. Product warranty is included in the price of the product and provides assurance that the product will function in accordance with agreed-upon specifications. It does not represent a separate performance obligation under ASC 606. The Company records a liability for estimated costs that may be incurred under its warranties. The costs are estimated based on historical experience and any specific warranty issues that have been identified. Although historical warranty costs have been within expectations, there can be no assurance that future warranty costs will not exceed historical amounts. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the balance as necessary. Changes in the Company’s product warranty liability included in accrued expenses for the 2023 and 2022 fiscal years are as follows:
|  | For the Twelve Months Ended |
|  | November 30, 2023 |  |  | November 30, 2022 |
Balance, beginning |  | $ | 192,301 |  |  | $ | 201,850 |
Settlements / adjustments |  |  | (330,951 | ) |  |  | (349,889 | )
Warranties issued |  |  | 433,763 |  |  |  | 340,340 |
Balance, ending |  | $ | 295,113 |  |  | $ | 192,301 |

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