10-Q Filing

ARTS WAY MANUFACTURING CO INC CIK: 7623 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-010158`
Period End Date	20230228
Filing Date	20230413
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	artw20230228_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 31 Cash Flow Statement 66 Stockholders Equity 20

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.20K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$34.70K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$4.01K	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$5.05K	USD	Point-in-time
Preferred Stock, Shares Authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $36,201 and $34,699 in 2023 and 2022, respectively	`AccountsReceivableNetCurrent`	$2.72M	USD	Point-in-time
Preferred Stock, Shares Authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Accounts receivable-customers, net of allowance for doubtful accounts of $36,201 and $34,699 in 2023 and 2022, respectively	`AccountsReceivableNetCurrent`	$3.67M	USD	Point-in-time
Preferred Stock, Shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$10.61M	USD	Point-in-time
Preferred Stock, Shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$11.60M	USD	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$98.38K	USD	Point-in-time
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cost and profit in excess of billings	`ContractWithCustomerAssetNetCurrent`	$450.91K	USD	Point-in-time
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$436.38K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$343.62K	USD	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Common Stock, Shares Authorized (in shares)	`CommonStockSharesAuthorized`	9.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$15.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.13M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.01M	shares	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$6.18M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$6.33M	USD	Point-in-time
Common Stock, Shares, Issued (in shares)	`CommonStockSharesIssued`	5.10M	shares	Point-in-time
Treasury Stock, Shares, Total (in shares)	`TreasuryStockShares`	64,574.00	shares	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$400.32K	USD	Point-in-time
Treasury Stock, Shares, Total (in shares)	`TreasuryStockShares`	72,699.00	shares	Point-in-time
Assets held for lease, net	`AssetsHeldForLeaseNet`	$361.85K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.51M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$630.25K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$588.63K	USD	Point-in-time
Total assets	`Assets`	$25.60M	USD	Point-in-time
Total assets	`Assets`	$23.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.63M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$2.80M	USD	Point-in-time
Customer deposits	`ContractWithCustomerLiabilityCurrent`	$828.57K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$676.92K	USD	Point-in-time
Billings in excess of cost and profit	`ContractWithCustomerLiabilityCurrentBillingInExcessOfCostAndProfit`	$328.04K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.50K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.30M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.06M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.92M	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$172.62K	USD	Point-in-time
Current portion of finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$170.84K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$97.68K	USD	Point-in-time
Current portion of long-term debt	`LoansPayableCurrent`	$100.14K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.61M	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$21.42K	USD	Point-in-time
Long-term portion of operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.02K	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$558.29K	USD	Point-in-time
Long-term portion of finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$602.13K	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.90M	USD	Point-in-time
Long-term debt, excluding current portion	`LongTermDebtNoncurrent`	$2.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.06M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2023 and 2022; issued and outstanding 0 shares in 2023 and 2022.	`PreferredStockValue`	-	USD	Point-in-time
Undesignated preferred stock - $0.01 par value. Authorized 500,000 shares in 2023 and 2022; issued and outstanding 0 shares in 2023 and 2022.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2023 and 2022; issued 5,100,921 in 2023 and 5,013,671 in 2022	`CommonStockValue`	$51.01K	USD	Point-in-time
Common stock $0.01 par value. Authorized 9,500,000 shares in 2023 and 2022; issued 5,100,921 in 2023 and 5,013,671 in 2022	`CommonStockValue`	$50.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$7.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.75M	USD	Point-in-time
Treasury stock, at cost (72,699 shares in 2023 and 64,574 in 2022)	`TreasuryStockValue`	$221.29K	USD	Point-in-time
Treasury stock, at cost (72,699 shares in 2023 and 64,574 in 2022)	`TreasuryStockValue`	$200.96K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.54M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.98M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.15M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$25.60M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$23.95M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$7.89M	USD	1 Quarter
Sales	`Revenues`	$5.61M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.55M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.42M	USD	Annual
Gross profit	`GrossProfit`	$1.19M	USD	Annual
Gross profit	`GrossProfit`	$2.35M	USD	1 Quarter
Engineering	`EngineeringExpense`	$134.07K	USD	Annual
Engineering	`EngineeringExpense`	$128.29K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$594.26K	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$487.16K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.01M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.08M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.80M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.63M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-436.88K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$548.59K	USD	1 Quarter
Interest expense	`InterestExpense`	$127.50K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.70K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$-1.55K	USD	Annual
Other	`OtherNonoperatingIncomeExpense`	$12.31K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-78.26K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-115.19K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$433.39K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-515.13K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$-108.64K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$91.18K	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net Income (loss)	`NetIncomeLoss`	$342.21K	USD	Annual
Net Income (loss)	`NetIncomeLoss`	$342.21K	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net Income (loss)	`NetIncomeLoss`	$-406.49K	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`IncomeLossFromContinuingOperations`	$342.21K	USD	1 Quarter
Net income (loss)	`IncomeLossFromContinuingOperations`	$-406.49K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$68.89K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$69.96K	USD	1 Quarter
Decrease in obsolete inventory reserves	`InventoryWriteDown`	$-140.49K	USD	1 Quarter
Decrease in obsolete inventory reserves	`InventoryWriteDown`	$-27.09K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$2.90K	USD	1 Quarter
Gain on disposal of property, plant, and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$167.54K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$238.90K	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	$4.21K	USD	1 Quarter
Accrued interest on deferred debt payments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAccruedInterestOnDeferredDebtPayments`	-	USD	1 Quarter
Increase (Decrease) in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.50K	USD	1 Quarter
Increase (Decrease) in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-11.44K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$91.14K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-109.04K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$945.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.09M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$966.12K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$349.73K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$506.29K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$92.76K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-128.66K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-183.36K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$119.40K	USD	1 Quarter
Contracts in progress, net	`IncreaseDecreaseInOtherOperatingLiabilities`	$701.41K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$1.97M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$1.62M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	-	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-500.00	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$18.22K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-193.15K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.17M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.27M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$174.13K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$313.66K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.90K	USD	1 Quarter
Net proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.76K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-174.13K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-924.00K	USD	1 Quarter
Net change in line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-868.94K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$11.95K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$42.05K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$27.55K	USD	1 Quarter
Repayment of term debt	`RepaymentsOfLongTermDebt`	$23.03K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$34.91K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$20.33K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-958.88K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-993.88K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.04K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$803.00	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.46K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.01K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.05K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.46K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.01K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.05K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.66K	USD	Point-in-time
Interest	`InterestPaidNet`	$69.75K	USD	1 Quarter
Interest	`InterestPaidNet`	$122.31K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$46.00	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Amortization of operating lease ROU assets (included in other assets)	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$3.32K	USD	1 Quarter
Amortization of operating lease ROU assets (included in other assets)	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance, November 30, 2021	`StockholdersEquity`	$11.54M	USD	Point-in-time
Balance, November 30, 2021	`StockholdersEquity`	$9.98M	USD	Point-in-time
Balance, November 30, 2021	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance, November 30, 2021	`StockholdersEquity`	$11.15M	USD	Point-in-time
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$35.06K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$48.55K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net (loss)	`NetIncomeLoss`	$342.21K	USD	Annual
Net (loss)	`NetIncomeLoss`	$342.21K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net (loss)	`NetIncomeLoss`	$342.21K	USD	Annual
Net (loss)	`NetIncomeLoss`	$342.21K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	Annual
Net (loss)	`NetIncomeLoss`	$-406.49K	USD	1 Quarter
Balance, February 28, 2022	`StockholdersEquity`	$11.54M	USD	Point-in-time
Balance, February 28, 2022	`StockholdersEquity`	$9.98M	USD	Point-in-time
Balance, February 28, 2022	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balance, February 28, 2022	`StockholdersEquity`	$11.15M	USD	Point-in-time

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