Art’s-Way Manufacturing Co Inc 2025年季度报告

Trading Symbol(s)Name of each exchange on which registeredCommon stock $0.01 par valueARTWIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Smaller reporting company☒Emerging growth company☐ complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Financial StatementsCondensed Consolidated Balance Sheets as of May 31, 2025 and November 30, 2024Condensed Consolidated Statements of Operations for the Three-month and Six-month periods ended May 31. Condensed Consolidated Statements of Stockholders’Equity for the Six-month periods ended May 31 2025and May 31, 2024 Notes to Unaudited Condensed Consolidated Financial StatementsManagement’s Discussion and Analysis of Financial Condition and Results of Operations Unregistered Sales of Equity Securities and Use of Proceeds ExhibitsSIGNATURES 3 992Supplemental disclosures of non-cash operating activities: Amortization of operating lease ROU assets (included in other assets)$13,774$ Unless otherwise specified, as used in this Quarterly Report on Form10-Q, the terms “we,” “us,” “our,” “Art’s-Way,” andthe “Company” refer to Art’s-Way Manufacturing Co., Inc., a Delaware corporation headquartered in Armstrong, Iowa,and its wholly owned subsidiaries. The Company has organized its business intotwooperating segments. Management separately evaluates the financialresults of each segment because each is a strategic business unit offering different products and requiring differenttechnology and marketing strategies. The Agricultural Products segment manufactures and sells farm equipment andrelated replacement parts under the Art’s-Way Manufacturing label and private labels. The Modular Buildings segment the Company'sthirdoperating segment. The Tools segment wasfirstreported in discontinued operations beginningwiththethreeand ninemonth periods endingAugust 31, 2023.The remaining assets and liabilities of the Tools discontinued operations, see Note3"Discontinued Operations." 2)Summary of Significant Accounting PoliciesStatement Presentation Company’s Annual Report on Form10-K for the fiscal year endedNovember 30, 2024. The results of operations for the endingNovember 30,2025. liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during thethreeandsixmonths endedMay 31, 2025. Actual results could differ from those estimates. Allowance for Credit LossesThe Company uses aging categories to estimate expected credit losses on trade receivables. The Company considers thefollowing factors in its analysis: historical loss experience, forward-looking macroeconomic factors, company credit riskincluding previous delinquencies, disputed amounts, and the intent and ability to pay. The Company's typicalcredit termsare Net30,however,it alsooffers terms up to360days on floor plan units. The Company considers trade receivablesgreater than30days past due, but isnotrequired to disclose past due receivables with an original term less thanone The Company carries contract assets related to its Modular Buildings segment in the form of costs and profit in excess ofbillings. These contract assets are typically converted to trade receivables in30to90days, depending on contract Consolidated Appropriations Act of2021.The purpose of the Employee Retention Credit wasto encourage employers tokeep employees on the payroll, even if they werenotworking during the covered period because of the coronavirus occurring onJuly 14, 2023.Just over a year later, onOctober 21, 2024,we completed the sale of the remaining real estateassociated with our Tools segmentfor $1,800,000. The assets and liabilities of this segment were gone prior toNovember30, 2024and arenolonger reported in discontinued operations in ourfinancial statements moving forward.The cessation of operations and liquidation of the Tools segmentas a unique business unitof the Company, represented astrategic shift in the Company's operations.In accordance with Accounting Standards Codification ("ASC")Topic360,the Company has reclassified Tools as discontinued operations for all periods presented. Segment information as ofMay 31, 2024for discontinued operations wasas follows:ToolsThree MonthsEnded Loss before taxTotal Assets ToolsSix MonthsEnded InOctober 2023,the FASBissued ASU2