Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Aug. 31, 2018
Nov. 30, 2017
Current assets:    
Cash and cash equivalents $ 463,952 $ 140,243
Accounts receivable, net of allowances of $790,855 and $540,361, respectively 2,617,810 2,585,517
Inventories, net 3,342,070 1,878,831
Prepaid expenses and sundry receivables 815,573 642,000
Prepaid and refundable income taxes 27,784 38,153
Total Current Assets 7,267,189 5,284,744
Property and equipment, net of accumulated depreciation 95,030 140,929
Intangible assets, net of accumulated amortization 436,670 432,320
Deferred financing fees, net of accumulated amortization 175,002 133,322
Deferred income taxes 6,498,480 9,502,319
Other 436,745 436,825
Total Assets 14,909,116 15,930,459
Current Liabilities:    
Accounts payable and accrued liabilities 4,750,784 3,617,543
Income tax payable 950 0
Line of credit 619,679 2,016,355
Note payable - current portion 375,000 0
Total Current Liabilities 5,746,413 5,633,898
Long term accrued liabilities 244,864 220,509
Notes payable 937,500 0
Long term - other 168,859 168,859
Total Liabilities 7,097,636 6,023,266
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 6,004,001 4,387,543
Retained earnings 1,732,912 5,449,583
Total Shareholders' Equity 7,811,480 9,907,193
Total Liabilities and Shareholders' Equity 14,909,116 15,930,459
Common stock, $.01 par, authorized 15,000,000 shares, issued and outstanding 6,488,982 and 6,038,982 shares, respectively    
Shareholders' Equity:    
Value of common stock issued 64,890 60,390
Class A common stock, $.01 par, authorized 5,000,000 shares, issued and outstanding 967,702 and 967,702 shares, respectively    
Shareholders' Equity:    
Value of common stock issued $ 9,677 $ 9,677