Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Nov. 30, 2016
Nov. 30, 2015
Current assets:    
Cash & cash equivalents $ 309,280 $ 509,884
Accounts receivable, net of allowances of $957,029 and $912,688, respectively 2,147,680 2,112,055
Inventories, net of reserve for inventory obsolescence of $500,156 and $821,259, respectively 2,347,483 3,236,802
Prepaid expenses and sundry receivables 466,060 697,097
Prepaid and refundable income taxes 44,154 70,056
Deferred income taxes 2,148,764 2,254,322
Total Current Assets 7,463,421 8,880,216
Property and equipment, net of accumulated depreciation 235,203 205,034
Intangible assets, net of accumulated amortization 433,778 434,166
Deferred financing fees, net of accumulated amortization 259,587 0
Deferred income taxes 8,415,699 9,200,599
Other 430,544 430,544
Total Assets 17,238,232 19,150,559
Current Liabilities:    
Accounts payable & accrued liabilities 5,615,756 7,645,553
Capitalized lease obligations - current portion 3,721 9,531
Income tax payable 20,000 0
Line of credit 3,277,885 0
Line of credit - related party 0 2,700,000
Term loan - related party 0 1,000,000
Total Current Liabilities 8,917,362 11,355,084
Long-term accrued liabilities 264,126 1,242,282
Capitalized lease obligations 0 16,199
Long term- other 147,853 147,853
Total Liabilities 9,329,341 12,761,418
Shareholders' Equity:    
Preferred stock, $1.00 par, authorized 20,000,000 none issued 0 0
Additional paid-in capital 4,220,422 3,881,882
Retained earnings 3,618,402 2,437,192
Total Shareholders' Equity 7,908,891 6,389,141
Total Liabilities and Shareholders' Equity 17,238,232 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:    
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