Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Aug. 31, 2016
Nov. 30, 2015
Current assets:    
Cash & cash equivalents $ 575,588 $ 509,884
Accounts receivable, net of allowances of $745,277 and $912,688, respectively 2,140,770 2,112,055
Inventories, net of reserve for inventory obsolescence of $331,585 and $821,259, respectively 2,943,198 3,236,802
Prepaid expenses and sundry receivables 426,026 697,097
Prepaid and refundable income taxes 52,004 70,056
Deferred income taxes 1,905,892 2,254,322
Total Current Assets 8,043,478 8,880,216
Property and equipment, net of accumulated depreciation 246,939 205,034
Intangible assets, net of accumulated amortization 433,875 434,166
Deferred financing fees, net of accumulated amortization 291,153 0
Deferred income taxes 9,003,544 9,200,599
Other 430,544 430,544
Total Assets 18,449,533 19,150,559
Current Liabilities:    
Accounts payable & accrued liabilities 6,574,170 7,645,553
Capital lease obligation - current portion 3,658 9,531
Line of credit 3,868,296 0
Line of credit - related party 0 2,700,000
Term loan - related party 0 1,000,000
Total Current Liabilities 10,446,124 11,355,084
Long term accrued liabilities 278,665 1,242,282
Capitalized lease obligations 647 16,199
Long term - other 147,853 147,853
Total Liabilities 10,873,289 12,761,418
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 4,120,566 3,881,882
Retained earnings 3,385,611 2,437,192
Total Shareholders' Equity 7,576,244 6,389,141
Total Liabilities and Shareholders' Equity 18,449,533 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