Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Aug. 31, 2015
Nov. 30, 2014
Current assets:    
Cash & cash equivalents $ 316,898 $ 241,621
Accounts receivable, net of allowances of $335,840 and $2,967,668, respectively 3,941,302 2,248,301
Inventories, net of reserve for inventory obsolescence of $347,558 and $992,296, respectively 3,785,843 5,181,490
Prepaid expenses and sundry receivables 978,296 631,204
Prepaid and refundable income taxes 16,766 453,598
Deferred income taxes 1,159,051 2,883,285
Total Current Assets 10,198,156 11,639,499
Property and equipment, net of accumulated depreciation and amortization 243,386 1,108,600
Intangible assets, net of accumulated amortization 654,549 654,840
Deferred financing fees, net of accumulated amortization 342,866 1,341,458
Deferred income taxes 9,411,964 6,988,195
Other 430,544 0
Total Assets 21,281,465 21,732,592
Current Liabilities:    
Accounts payable & accrued liabilities 9,260,455 10,731,031
Capitalized lease obligations - current portion 8,302 7,642
Total current liabilities 9,268,757 10,738,673
Line of credit - related party 2,700,000 600,000
Term loan - related party 951,452 805,813
Other liabilities 174,915 0
Capitalized lease obligations 17,071 22,152
Total Liabilities 13,112,195 12,166,638
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 3,897,020 3,814,484
Retained earnings 4,202,183 5,681,403
Total Shareholders' Equity 8,169,270 9,565,954
Total Liabilities and Shareholders' Equity 21,281,465 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