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Note 2 - Discontinued Operations | 12 Months Ended
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Nov. 30, 2023
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
(2) | Discontinued Operations
On June 7, 2023, the Company announced that it would be discontinuing the operations of its Tools 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 stockholder returns. A large portion of this segment's assets were disposed of in the 3rd quarter of fiscal 2023. The primary asset of this business, the real estate, is currently listed for sale. The company is working to finish liquidation over the next two fiscal quarters. The cessation of operations and liquidation of the Tools segment represents a strategic shift as a unique business unit of the Company. In accordance with Accounting Standard Code Topic 360, the Company has reclassified Tools as discontinued operations for all periods presented. The components of discontinued operations in the accompanying Consolidated Balance Sheets are as follows:
|  | November 30, 2023 |  |  | November 30, 2022 |
Accounts receivables |  | $ | - |  |  | $ | 255,508 |
Inventory |  |  | 18,013 |  |  |  | 1,004,844 |
Other current assets |  |  | 13,945 |  |  |  | 10,331 |
Current assets of discontinued operations |  | $ | 31,958 |  |  | $ | 1,270,683 |
|  | November 30, 2023 |  |  | November 30, 2022 |
Property, plant, and equipment, net |  | $ | 1,023,566 |  |  | $ | 1,233,692 |
Other assets |  |  | - |  |  |  | 155,534 |
Other assets of discontinued operations |  | $ | 1,023,566 |  |  | $ | 1,389,226 |
|  | November 30, 2023 |  |  | November 30, 2022 |
Accounts payable |  | $ | 3,539 |  |  | $ | 120,503 |
Accrued salaries, wages, and commissions |  |  | - |  |  |  | 81,026 |
Current portion of long-term debt |  |  | 160,599 |  |  |  | 2,870 |
Other current liabilities |  |  | 22,651 |  |  |  | 71,511 |
Current liabilities of discontinued operations |  | $ | 186,789 |  |  | $ | 275,910 |
|  | November 30, 2023 |  |  | November 30, 2022 |
Long-term portion of operating lease liabilities |  | $ | - |  |  | $ | 1,590 |
Long-term portion of finance lease liabilities |  |  | - |  |  |  | 126,720 |
Long-term debt, excluding current portion |  |  | - |  |  |  | 160,858 |
Long-term liabilities of discontinued operations |  | $ | - |  |  | $ | 289,168 |
The components of discontinued operations in the accompanying Consolidated Statement of Operations are as follows:
|  | Tools |
|  | Twelve Months Ended |
|  | November 30, 2023 |  |  | November 30, 2022 |
Sales |  | $ | 2,030,714 |  |  | $ | 2,753,485 |
Cost of goods sold |  |  | 2,122,287 |  |  |  | 2,385,409 |
Gross profit (loss) |  |  | (91,573 | ) |  |  | 368,076 |
Expenses: |  |  |  |  |  |  |  |
Engineering |  |  | - |  |  |  | - |
Selling |  |  | 156,682 |  |  |  | 263,578 |
General and administrative |  |  | 413,857 |  |  |  | 376,536 |
Total expenses |  |  | 570,539 |  |  |  | 640,114 |
Income from operations |  |  | (662,112 | ) |  |  | (272,038 | )
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  |  | (61,516 | ) |  |  | (49,684 | )
Other |  |  | 15,315 |  |  |  | (2,222 | )
Total other expense |  |  | (46,201 | ) |  |  | (51,906 | )
Income before income taxes |  |  | (708,313 | ) |  |  | (323,944 | )
Income tax benefit |  |  | (212,493 | ) |  |  | (47,620 | )
Net Income |  | $ | (495,820 | ) |  | $ | (276,324 | )
The reportable segment information of discontinued operations is as follows:
|  | Tools |
|  | Twelve Months Ended |
|  | November 30, 2023 |  |  | November 30, 2022 |
Revenue from external customers |  | $ | 2,031,000 |  |  | $ | 2,754,000 |
Gross Profit |  | $ | (92,000 | ) |  | $ | 368,000 |
Income (loss) from operations |  | $ | (662,000 | ) |  | $ | (272,000 | )
Income (loss) before tax |  | $ | (708,000 | ) |  | $ | (324,000 | )
Total Assets |  | $ | 1,056,000 |  |  | $ | 2,660,000 |
Capital expenditures (1) |  | $ | 16,000 |  |  | $ | 244,000 |
Depreciation & Amortization |  | $ | 135,000 |  |  | $ | 146,000 |
(1) FY 2022 capital expenditures include $166,000 of finance leased assets.

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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