Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
May. 31, 2015
Nov. 30, 2014
Current assets:    
Cash & cash equivalents $ 308,083 $ 241,621
Accounts receivable, net of allowances of $993,137 and $2,967,668, respectively 3,167,245 2,248,301
Inventories, net of reserve for inventory obsolescence of $393,240 and $992,296, respectively 4,065,049 5,181,490
Prepaid expenses and sundry receivables 1,295,961 631,204
Prepaid and refundable income taxes 171,236 453,598
Deferred income taxes 1,096,588 2,883,285
Total Current Assets 10,104,162 11,639,499
Property and equipment, net of accumulated depreciation and amortization 257,862 1,108,600
Intangible assets, net of accumulated amortization 654,646 654,840
Deferred financing fees, net of accumulated amortization 675,730 1,341,458
Deferred income taxes 9,543,769 6,988,195
Other 75,994 0
Total Assets 21,312,163 21,732,592
Current Liabilities:    
Accounts payable & accrued liabilities 9,587,909 10,731,031
Capitalized lease obligations - current portion 7,921 7,642
Total current liabilities 9,595,830 10,738,673
Line of credit - related party 2,700,000 600,000
Term loan - related party 902,906 805,813
Capitalized lease obligations 17,920 22,152
Total Liabilities 13,216,656 12,166,638
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 3,873,146 3,814,484
Retained earnings 4,152,294 5,681,403
Total Shareholders' Equity 8,095,507 9,565,954
Total Liabilities and Shareholders' Equity 21,312,163 21,732,592
Common stock, $.01 par, authorized 15,000,000 shares, issued and outstanding 6,038,982 and 6,038,982 shares, respectively    
Shareholders' Equity:    
Value of common stock issued 60,390 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