Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Feb. 29, 2016
Nov. 30, 2015
Current assets:    
Cash & cash equivalents $ 321,676 $ 509,884
Accounts receivable, net of allowances of $847,987 and $912,688, respectively 2,302,925 2,112,055
Inventories, net of reserve for inventory obsolescence of $604,176 and $821,259, respectively 3,092,169 3,236,802
Prepaid expenses and sundry receivables 700,162 697,097
Prepaid and refundable income taxes 73,834 70,056
Deferred income taxes 2,171,664 2,254,322
Total Current Assets 8,662,430 8,880,216
Property and equipment, net of accumulated depreciation 201,339 205,034
Intangible assets, net of accumulated amortization 434,068 434,166
Deferred financing fees, net of accumulated amortization 355,993 0
Deferred income taxes 9,156,928 9,200,599
Other 430,544 430,544
Total Assets 19,241,302 19,150,559
Current Liabilities:    
Accounts payable & accrued liabilities 7,276,342 7,645,553
Capital lease obligation - current portion 3,443 9,531
Line of credit 4,485,248 0
Line of credit - related party 0 2,700,000
Term loan - related party 0 1,000,000
Total Current Liabilities 11,765,033 11,355,084
Long term accrued liabilities 662,590 1,242,282
Capitalized lease obligations 2,827 16,199
Long term - other 147,853 147,853
Total Liabilities 12,578,303 12,761,418
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 3,952,370 3,881,882
Retained earnings 2,640,562 2,437,192
Total Shareholders' Equity 6,662,999 6,389,141
Total Liabilities and Shareholders' Equity 19,241,302 19,150,559
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