Sales Performance - Consolidated corporate sales for the three months ended August 31, 2024 decreased by 2,542,000 (46.0%) compared to the same period in fiscal 2023[100] - Modular Buildings segment sales for the three months ended August 31, 2024 increased by 427,000 compared to net income of 1.7 million in cash after closing expenses[108] - The company expects 5,500,000 with Bank Midwest, with an outstanding principal balance of $3,867,437 as of August 31, 2024[109] - The revolving line of credit was renewed on March 4, 2024, and is scheduled to mature on March 30, 2025[109] - The company believes its current financing arrangements will provide sufficient cash to finance operations and pay debt when due during the next twelve months[109] - The company expects to continue to be able to procure financing upon reasonable terms[109] Financial Reporting and Controls - The company's disclosure controls and procedures were effective as of August 31, 2024[111] - The company's consolidated financial statements present fairly its financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States[111] - There were no changes in the company's internal controls over financial reporting that materially affected or are reasonably likely to materially affect its internal controls over financial reporting during the period covered by the report[112] - The company's condensed consolidated financial statements include balance sheets, statements of operations, cash flows, and notes to the financial statements[118] Legal and Stock Transactions - The company is not currently a party to any material pending legal proceedings[114] - The company did not make any purchases of its common stock during the third quarter of fiscal 2024[115]
Art’s-Way(ARTW) - 2024 Q3 - Quarterly Report