10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-008649`
Period End Date	20210228
Filing Date	20210409
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	artw-20210228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 28 Cash Flow Statement 64 Stockholders Equity 12

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$51.17K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.97K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.89K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.68K	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $25,974 and $51,175 in 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$1.68M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $25,974 and $51,175 in 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$2.39M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$7.76M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.76M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$293.50K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$56.03K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Net investment in sales-type leases, current	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent`	$14.28K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Net investment in sales-type leases, current	`CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent`	$28.35K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$61.28K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$295.72K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.56M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.47M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.30M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.22M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	35,097.00	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.22M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	40,667.00	shares	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$521.55K	USD	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$521.55K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.77M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$93.76K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$81.64K	USD	Point-in-time
Total assets	`Assets`	$18.78M	USD	Point-in-time
Total assets	`Assets`	$18.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.77M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$1.38M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$198.22K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$115.78K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$276.23K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$1.88M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.36M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$91.34K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$94.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.16M	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$15.87K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.34K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.34K	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.70M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.15M	USD	Point-in-time
Commitments and Contingencies (Notes 7, 9 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 7, 9 and 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2021 and 2020; issued and outstanding 0 shares in 2021 and 2020.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2021 and 2020; issued and outstanding 0 shares in 2021 and 2020.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares; issued 4,563,504 and 4,470,004 at February 28, 2021 and November 30, 2020, respectively	`CommonStockValue`	$44.70K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares; issued 4,563,504 and 4,470,004 at February 28, 2021 and November 30, 2020, respectively	`CommonStockValue`	$45.63K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.56M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.13M	USD	Point-in-time
Treasury stock, at cost (40,667 in 2021 and 35,097 in 2020 shares)	`TreasuryStockValue`	$96.35K	USD	Point-in-time
Treasury stock, at cost (40,667 in 2021 and 35,097 in 2020 shares)	`TreasuryStockValue`	$78.05K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.64M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.78M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$5.03M	USD	1 Quarter
Sales	`Revenues`	$5.40M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.36M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$977.16K	USD	1 Quarter
Engineering	`EngineeringExpense`	$109.85K	USD	1 Quarter
Engineering	`EngineeringExpense`	$121.39K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$455.68K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$472.97K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$816.84K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$881.32K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.41M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.45M	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-469.70K	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-368.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.68K	USD	1 Quarter
Interest expense	`InterestExpense`	$83.27K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$9.20K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$27.66K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-31.03K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-74.08K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-543.77K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-399.55K	USD	1 Quarter
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-84.31K	USD	1 Quarter
Income tax (benefit)	`IncomeTaxExpenseBenefit`	$-106.58K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-437.19K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-315.24K	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`IncomeLossFromContinuingOperations`	$-437.19K	USD	1 Quarter
Net (loss)	`IncomeLossFromContinuingOperations`	$-315.24K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$37.58K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$62.05K	USD	1 Quarter
Decrease in obsolete inventory reserves	`InventoryWriteDown`	$-216.79K	USD	1 Quarter
Decrease in obsolete inventory reserves	`InventoryWriteDown`	$-118.97K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.25K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$8.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$161.11K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$227.46K	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	-	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	$4.16K	USD	1 Quarter
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$10.21K	USD	1 Quarter
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.20K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-97.41K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-125.25K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$987.52K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-684.38K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$416.95K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-76.95K	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-14.07K	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-37.23K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$191.48K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$225.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-187.11K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$349.26K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-397.92K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$559.25K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$1.18M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$116.91K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$3.90K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$17.58K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-36.98K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-81.26K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$681.30K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-960.13K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$163.93K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$267.14K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.25K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-265.89K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-155.93K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.27M	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-484.00K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$20.78K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$21.87K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$19.06K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$18.30K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.23M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-524.17K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$142.00	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.21K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.89K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.29K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.89K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.15K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.29K	USD	Point-in-time
Interest	`InterestPaidNet`	$48.83K	USD	1 Quarter
Interest	`InterestPaidNet`	$77.24K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.09K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.37M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$43.76K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$18.52K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-437.19K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-315.24K	USD	1 Quarter
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.37M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.