Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Nov. 30, 2015
Nov. 30, 2014
Current assets:    
Cash & cash equivalents $ 509,884 $ 241,621
Accounts receivable, net of allowances of $912,688 and $2,967,668 respectively 2,112,055 2,248,301
Inventories, net of reserve for inventory obsolescence of $821,259 and $992,296, respectively 3,236,802 5,181,490
Prepaid expenses and sundry receivables 697,097 631,204
Prepaid and refundable income taxes 70,056 453,598
Deferred income taxes 2,254,322 2,883,285
Total Current Assets 8,880,216 11,639,499
Property and equipment, net of accumulated depreciation 205,034 1,108,600
Intangible assets, net of accumulated amortization 434,166 654,840
Deferred financing fees, net of accumulated amortization 0 1,341,458
Deferred income taxes 9,200,599 6,988,195
Other 430,544 0
Total Assets 19,150,559 21,732,592
Current Liabilities:    
Accounts payable & accrued liabilities 7,645,553 10,731,031
Capitalized lease obligations - current portion 9,531 7,642
Line of credit - related party 2,700,000 0
Term loan - related party 1,000,000 0
Total Current Liabilities 11,355,084 10,738,673
Long-term accrued liabilities 1,242,282  
Line of credit - related party 0 600,000
Term loan - related party 0 805,813
Capitalized lease obligations 16,199 22,152
Long term- other 147,853  
Total Liabilities 12,761,418 12,166,638
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 3,881,882 3,814,484
Retained earnings 2,437,192 5,681,403
Total Shareholders' Equity 6,389,141 9,565,954
Total Liabilities and Shareholders' Equity 19,150,559 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:    
Common Stock, Value, 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:    
Common Stock, Value, Issued $ 9,677 $ 9,677