10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-008961`
Period End Date	20220228
Filing Date	20220414
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	artw20220228_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 28 Cash Flow Statement 66 Stockholders Equity 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$26.75K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.19K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$2.66K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.46K	USD	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $26,748 and $38,188 at February 28, 2022 and November 30, 2021, respectively	`AccountsReceivableNetCurrent`	$1.58M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	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 $26,748 and $38,188 at February 28, 2022 and November 30, 2021, respectively	`AccountsReceivableNetCurrent`	$2.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.21M	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
Inventories, net	`InventoryNet`	$9.70M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$177.28K	USD	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$145.64K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$627.46K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$121.17K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	4.58M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	44,532.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	54,938.00	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.26M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$5.24M	USD	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`	$2.62M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.73M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$299.03K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$278.41K	USD	Point-in-time
Total assets	`Assets`	$20.85M	USD	Point-in-time
Total assets	`Assets`	$20.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.74M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$278.51K	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$1.89M	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$280.76K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$368.51K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.50K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.21M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.07M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.15M	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$102.74K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$99.46K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.69M	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$142.39K	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$129.86K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$34.93K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$31.61K	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.61M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.87M	USD	Point-in-time
Commitments and Contingencies (Notes 8, 9, 10 and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 8, 9, 10 and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares at February 28, 2022 and November 30, 2021; issued and outstanding 0 shares at February 28, 2022 and November 30,2021.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares at February 28, 2022 and November 30, 2021; issued and outstanding 0 shares at February 28, 2022 and November 30,2021.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares at February 28, 2022 and November 30, 2021; issued 4,674,671 at February 28, 2022 and 4,583,504 at November 30, 2021	`CommonStockValue`	$46.75K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares at February 28, 2022 and November 30, 2021; issued 4,674,671 at February 28, 2022 and 4,583,504 at November 30, 2021	`CommonStockValue`	$45.84K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.66M	USD	Point-in-time
Treasury stock, at cost (54,938 shares at February 28, 2022 and 44,532 shares at November 30, 2021)	`TreasuryStockValue`	$143.43K	USD	Point-in-time
Treasury stock, at cost (54,938 shares at February 28, 2022 and 44,532 shares at November 30, 2021)	`TreasuryStockValue`	$108.52K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.35M	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`	$9.98M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$20.85M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$20.85M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$5.40M	USD	1 Quarter
Sales	`Revenues`	$5.61M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.42M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.19M	USD	1 Quarter
Engineering	`EngineeringExpense`	$134.07K	USD	1 Quarter
Engineering	`EngineeringExpense`	$121.39K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$487.16K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$472.97K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$816.84K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.41M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.63M	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-436.88K	USD	1 Quarter
Income (Loss) from operations	`OperatingIncomeLoss`	$-368.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.70K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.68K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-1.55K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$27.66K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-78.26K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-31.03K	USD	1 Quarter
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-515.13K	USD	1 Quarter
Income (Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-399.55K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-108.64K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-84.31K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-406.49K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-315.24K	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`IncomeLossFromContinuingOperations`	$-315.24K	USD	1 Quarter
Net income (loss)	`IncomeLossFromContinuingOperations`	$-406.49K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$62.05K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$69.96K	USD	1 Quarter
Increase (Decrease) in obsolete inventory reserves	`InventoryWriteDown`	$-216.79K	USD	1 Quarter
Increase (Decrease) in obsolete inventory reserves	`InventoryWriteDown`	$-140.49K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$8.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$167.54K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$161.11K	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	$4.16K	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	$4.21K	USD	1 Quarter
Increase (decrease) in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$25.20K	USD	1 Quarter
Increase (decrease) in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-11.44K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-109.04K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-97.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-684.38K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$349.73K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-76.95K	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	-	USD	1 Quarter
Net investment in sales-type leases	`IncreaseDecreaseInLeasingReceivables`	$-14.07K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$225.98K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$506.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-183.36K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-187.11K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$-397.92K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$119.40K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$1.18M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$1.62M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-500.00	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$3.90K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-81.26K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-193.15K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$681.30K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.17M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$174.13K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$163.93K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-174.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-155.93K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-924.00K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-484.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$11.95K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$21.87K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$23.03K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$18.30K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$34.91K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-524.17K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-993.88K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.21K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$803.00	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.89K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.46K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.89K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.68K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.46K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Interest	`InterestPaidNet`	$48.83K	USD	1 Quarter
Interest	`InterestPaidNet`	$69.75K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.98M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$43.76K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$35.06K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-315.24K	USD	1 Quarter
Balance	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.64M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.98M	USD	Point-in-time

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