XML 22 R9.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Note 3 - Discontinued Operations | 3 Months Ended
--- | ---
Feb. 29, 2024
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
| 3) | 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 listed for sale as of February 29, 2024. The cessation of operations and liquidation of the Tools segment represented 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 Condensed Consolidated Balance Sheets are as follows:
|  | February 29, 2024 |  |  | November 30, 2023 |
Inventory |  | $ | 18,013 |  |  | $ | 18,013 |
Other current assets |  |  | 5,077 |  |  |  | 13,945 |
Current assets of discontinued operations |  | $ | 23,090 |  |  | $ | 31,958 |
|  | February 29, 2024 |  |  | November 30, 2023 |
Property, plant, and equipment, net |  | $ | 1,016,257 |  |  | $ | 1,023,566 |
Other assets of discontinued operations |  | $ | 1,016,257 |  |  | $ | 1,023,566 |
|  | February 29, 2024 |  |  | November 30, 2023 |
Accounts payable |  | $ | 2,112 |  |  | $ | 3,539 |
Current portion of long-term debt |  |  | 159,512 |  |  |  | 160,599 |
Other current liabilities |  |  | 17,079 |  |  |  | 22,651 |
Current liabilities of discontinued operations |  | $ | 178,703 |  |  | $ | 186,789 |
Segment information as of February 29, 2024 and February 28, 2023 for discontinued operations is as follows:
|  | Tools |
|  | Three Months Ended |
|  | February 29, 2024 |  |  | February 28, 2023 |
Revenue from external customers |  | $ | - |  |  | $ | 808,000 |
Gross Profit (loss) |  | $ | (27,000 | ) |  | $ | 162,000 |
Operating Expense |  | $ | 10,000 |  |  | $ | 157,000 |
Income (loss) from operations |  | $ | (37,000 | ) |  | $ | 5,000 |
Income (loss) before tax |  | $ | (50,000 | ) |  | $ | (10,000 | )
Capital expenditures |  | $ | - |  |  | $ | 18,000 |
Depreciation & Amortization |  | $ | 7,000 |  |  | $ | 37,000 |
Recently Issued Accounting Pronouncements Recently Adopted Pronouncement Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 adds a current expected credit loss (“CECL”) impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for smaller reporting entities for fiscal years beginning after December 15, 2022, including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2016-13 in the period presented. The Company has not made a cumulative-effect adjustment to retained earnings. Accounting Pronouncements Not Yet Adopted Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures.” ASU 2023-07 adds enhanced disclosures about significant segment expenses, clarifies circumstances in which an entity can disclose multiple segment measures of profit and loss and provides new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. An entity will be required to recast any changes to segment information for prior periods presented. The Company will adopt ASU 2023-07 in fiscal 2025. The Company does not expect the application ASU 2023-07 to have a significant impact on segment disclosures.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration