Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
May 31, 2016
Nov. 30, 2015
Current assets:    
Cash & cash equivalents $ 207,757 $ 509,884
Accounts receivable, net of allowances of $645,515 and $912,688, respectively 1,858,078 2,112,055
Inventories, net of reserve for inventory obsolescence of $462,205 and $821,259, respectively 3,131,279 3,236,802
Prepaid expenses and sundry receivables 907,469 697,097
Prepaid and refundable income taxes 71,466 70,056
Deferred income taxes 1,944,310 2,254,322
Total Current Assets 8,120,359 8,880,216
Property and equipment, net of accumulated depreciation 193,535 205,034
Intangible assets, net of accumulated amortization 433,972 434,166
Deferred financing fees, net of accumulated amortization 324,427 0
Deferred income taxes 9,143,787 9,200,599
Other 430,544 430,544
Total Assets 18,646,624 19,150,559
Current Liabilities:    
Accounts payable & accrued liabilities 7,248,019 7,645,553
Capital lease obligation - current portion 3,533 9,531
Line of credit 3,790,096 0
Line of credit - related party 0 2,700,000
Term loan - related party 0 1,000,000
Total Current Liabilities 11,041,648 11,355,084
Long term accrued liabilities 298,051 1,242,282
Capitalized lease obligations 1,908 16,199
Long term - other 147,853 147,853
Total Liabilities 11,489,460 12,761,418
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 4,022,858 3,881,882
Retained earnings 3,064,239 2,437,192
Total Shareholders' Equity 7,157,164 6,389,141
Total Liabilities and Shareholders' Equity 18,646,624 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