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Note 2 - Discontinued Operations | 12 Months Ended
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Nov. 30, 2024
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, was sold in October of 2024 for $1,800,000. The Company recorded a gain on the disposal of the real estate of $683,685 included in income (loss) from discontinued operations before income taxes on the Consolidated Statements of Operations. The Company's net book value of the asset at the time of sale was $996,768 and the Company paid $119,547 in closing costs including real estate agent commission, legal fees and property taxes. The Company's assets and liabilities from this segment were gone prior to November 30, 2024. The cessation of operations and liquidation of the Tools segment represented a strategic shift for the Company. In accordance with ASC Topic 360, the Company presented Tools as discontinued operations for all periods in this report. The components of discontinued operations in the accompanying Consolidated Balance Sheets are as follows:
|  | November 30, 2023 |
Inventory |  | $ | 18,013 |
Other current assets |  |  | 13,945 |
Current assets of discontinued operations |  | $ | 31,958 |
|  | November 30, 2023 |
Property, plant, and equipment, net |  | $ | 1,023,566 |
Other assets |  |  | - |
Other assets of discontinued operations |  | $ | 1,023,566 |
|  | November 30, 2023 |
Accounts payable |  | $ | 3,539 |
Current portion of long-term debt |  |  | 160,599 |
Other current liabilities |  |  | 22,651 |
Current liabilities of discontinued operations |  | $ | 186,789 |
The components of discontinued operations in the accompanying Consolidated Statement of Operations are as follows:
|  | Tools |
|  | Twelve Months Ended |
|  | November 30, 2024 |  |  | November 30, 2023 |
Sales |  | $ | - |  |  | $ | 2,030,714 |
Cost of goods sold |  |  | 108,618 |  |  |  | 2,122,287 |
Gross profit (loss) |  |  | (108,618 | ) |  |  | (91,573 | )
Expenses: |  |  |  |  |  |  |  |
Engineering |  |  | - |  |  |  | - |
Selling |  |  | 253 |  |  |  | 156,682 |
General and administrative |  |  | 9,012 |  |  |  | 413,857 |
Total expenses |  |  | 9,265 |  |  |  | 570,539 |
Loss from operations |  |  | (117,883 | ) |  |  | (662,112 | )
Other income (expense): |  |  |  |  |  |  |  |
Interest expense |  |  | (49,188 | ) |  |  | (61,516 | )
Gain (loss) on disposal of real estate |  |  | 683,685 |  |  |  | - |
Other |  |  | 558 |  |  |  | 15,315 |
Total other income (expense) |  |  | 635,055 |  |  |  | (46,201 | )
Income (loss) before income taxes |  |  | 517,172 |  |  |  | (708,313 | )
Income tax expense (benefit) |  |  | 115,330 |  |  |  | (212,493 | )
Net income (loss) |  | $ | 401,842 |  |  | $ | (495,820 | )
The reportable segment information of discontinued operations is as follows:
|  | Tools |
|  | Twelve Months Ended |
|  | November 30, 2024 |  |  | November 30, 2023 |
Revenue from external customers |  | $ | - |  |  | $ | 2,031,000 |
Gross Profit |  | $ | (109,000 | ) |  | $ | (92,000 | )
Income (loss) from operations |  | $ | (118,000 | ) |  | $ | (662,000 | )
Income (loss) before tax |  | $ | 517,000 |  |  | $ | (708,000 | )
Total Assets |  | $ | - |  |  | $ | 1,056,000 |
Capital expenditures |  | $ | - |  |  | $ | 16,000 |
Depreciation & Amortization |  | $ | 27,000 |  |  | $ | 135,000 |

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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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