while fiscal 2020 brought a net loss of $ 2,103,000 , we had approximately $ 1,000,000 of expense from non-cash inventory scrap as we continued to purge inventory from previous acquisitions . we also spent approximately $ 216,000 on pandemic expenses and $ 286,000 for the recruitment and training of key management positions . our bottom lines have suffered in recent years as we have tried to streamline our operations by addressing prior year acquisitions that have not served us well in poor market conditions . we expect to have access to capital as needed throughout fiscal 2021 through the sale of inventory and from the use our line of credit . on november 30 , 2020 we had $ 2,640,470 available on our line of credit . in 2020 , we were able to obtain $ 1,242,900 of funding from the small business administration 's paycheck protection program . these funds were fully forgiven in november 2020 and helped offset losses during the pandemic as we continued to employ our workforce in full . we also received three economic injury disaster loans for a total of $ 450,000. these loans have a 30 year payback period . despite the continued losses , our banking relationship has remained positive through transparency and continued communication . our ability to not overuse our line of credit in times of losses has provided us with the confidence that we can manage our cash use until market conditions improve and our product offering and dealer network grow . our working capital remained strong at approximately $ 4,137,000 in fiscal 2020 with a current ratio of 1.67. we also continue to maintain a debt to equity ratio below 1. we continue to put emphasis on reducing our inventory to more manageable levels to decrease carrying costs , implementing lean manufacturing practices , improving our inventory turnover , focusing our product offering , increasing our dealer network reach , and improving customer service . we do not foresee liquidity issues within the next twelve months . impact of covid-19 while the covid-19 pandemic had very little impact on our results of operations for the first quarter of fiscal 2020 , it did impact our results of operations for the rest of fiscal 2020 and we believe that it may continue to do so for the foreseeable future . from march 23 , 2020 until may 18 , 2020 the majority of our office staff in all three segments worked remotely with the exception of key operations support . at the height of the initial outbreak our workforce was down approximately 17 % due to self-quarantine . by the end of may 2020 our entire workforce had returned and operations have continued as normal with additional safety precautions in place . as covid-19 cases began to rise in november 2020 , we allowed employees that could perform their job functions remotely do so at their discretion . at this time approximately 75 % of our office staff is working remote at least part-time and this has had minimal effect on how we operate as a business . we expect that by the end of february 2021 remote employees will return full time to the office . future outbreaks could have a material effect on our operations and we are taking precautions to mitigate the spread of covid-19 . in our agricultural products segment , we did not experience any order cancellations ; however , calls for new whole goods slowed significantly in the second quarter of fiscal 2020 and many dealers held off on the shipping or pickup of their completed units . our sales levels were comparatively steady to the last few years in the third and fourth quarters of fiscal 2020 and we ultimately ended the year down 3.1 % on sales . prior to the initial lockdowns in march 2020 , we were anticipating an uptick in sales from recent years . we believe 2021 will bring better economic conditions for farmers because of stimulus payments received in 2020. we also believe that farmers were conservative in 2020 , using excess funds to pay down debt , and will be ready to spend in 2021 . 11 our modular buildings segment started fiscal 2020 with a more diverse backlog than we had at the beginning of fiscal 2019 ; however , we had some setbacks on site work as subcontractors were forced to quarantine after testing positive for covid-19 . our workers have been hesitant to travel during the pandemic and , as a result , we have had some challenges completing site work in the third and fourth quarters of fiscal 2020. because of covid-19 , many companies were hesitant to enter into long-term contracts in fiscal year 2020. as a result , our modular building rental fleet remained largely unused in fiscal 2020 which is evidenced by our decrease in lease revenue . our sales outlook for fiscal 2021 reflects a continued decrease in demand , but sales activity saw a moderate increase near the end of fiscal 2020. in our tools segment , oil prices dropped significantly at the start of the pandemic , which caused our sales to drop significantly in the second quarter of fiscal 2020. the diversification of our business with our new oem customer helped us get through the oil and gas industry lows during that time ; however , since oil and gas prices have not yet reached their pre-pandemic levels , we have not seen our sales levels from these customers return . story_separator_special_tag our core product offering going forward includes products that we feel have strong demand , favorable margins and flow through our facility efficiently . we believe the gross margin improvements are a strong indicator of our ability to succeed as agricultural conditions continue to improve . our agricultural products segment 's operating expenses for the 2020 fiscal year were $ 4,483,000 compared to $ 3,796,000 for the 2019 fiscal year , an increase of $ 687,000 , or 18.1 % . approximately $ 115,000 of this increase is due to the hiring of a new territory development manager to increase sales and strengthen our dealer network . we also incurred $ 116,000 of additional recruitment expense in fiscal 2020 when compared to fiscal 2019 related to hiring a new ceo , supply chain manager and product manager . we incurred approximately $ 73,000 of expense paying dual salaries as we transitioned these new roles . we also incurred approximately $ 148,000 of pandemic expense as we increased employee incentives for working during the pandemic , conducted sitewide covid-19 testing and provided supplies to help keep our employees safe . we also incurred approximately $ 300,000 of additional bonus expense in fiscal 2020 recruiting new management talent , rewarding retiring management , and accruing bonuses for operational improvements during this agricultural downturn . this segment 's operating expenses for the 2020 fiscal year were 34.3 % of sales compared to 28.1 % of sales for the 2019 fiscal year . total loss from operations for our agricultural products segment during the 2020 fiscal year was $ ( 2,318,000 ) compared to an operating loss of $ ( 1,599,000 ) for the 2019 fiscal year , an increase in loss of $ 719,000. modular buildings . our modular buildings segment 's net sales for the 2020 fiscal year were $ 6,993,000 compared to $ 7,260,000 for the 2019 fiscal year , a decrease of $ 267,000 , or 3.7 % . the decrease in sales was attributable to decreased operating lease activity in fiscal 2020 and a large construction project nearing completion . gross profit for the 2020 fiscal year was ( 3.7 ) % compared to 16.1 % during the 2019 fiscal year . the decreased gross profit was due to margin deterioration on a large construction contract for expenses that were unforeseen . operating expenses for the 2020 fiscal year were 14.8 % of sales compared to 13.3 % for the 2019 fiscal year . the increase in operating expenses was due to $ 35,000 of pandemic expense related to employee incentives during covid-19 lockdowns and supplies needed to mitigate the spread of covid-19 . total loss from operations from our modular buildings segment during the 2020 fiscal year was $ ( 1,295,000 ) compared to an operating income of $ 208,000 in the 2019 fiscal year , an increase in loss of $ 1,503,000. our expected profits on a large construction project eroded in fiscal 2020 , but we look forward to a fresh start in fiscal 2021. tools . our tools segment 's net sales for the 2020 fiscal year were $ 2,330,000 compared to $ 2,121,000 for the 2019 fiscal year , an increase of $ 209,000 , or 9.9 % . the increase is primarily due to the addition of a large oem customer in the fourth quarter of fiscal 2019. we had projected larger revenue increases ; however , the covid-19 pandemic had a negative effect on our existing customer base , mainly the oil and gas industries . these sales have not fully recovered to date and we have relied heavily on our oem customer in recent months . we are focused on expanding our portfolio of customers to help us diversify our business as different industries experience booms and busts . gross profit for the 2020 fiscal year was 21.3 % compared to 26.4 % for the 2019 fiscal year . our decreased gross margin for the twelve months is attributable to the hiring of a floor supervisor to help us manage the higher volumes of sales we were expecting with the addition of our oem customer . this position is a necessary one to manage increased volumes through our shop floor and we are continuing to find ways to increase volumes to cover the expenses of this position . operating expenses were $ 792,000 for the 2020 fiscal year compared to $ 666,000 for the 2019 fiscal year , an increase of $ 126,000 , or 18.9 % . this increase in operating expenses is due primarily to approximately $ 79,000 of additional costs related to implementation of our oem line and $ 33,000 of pandemic expense related to the retention of employees during the pandemic and supply costs associated with mitigating the spread of covid-19 . 15 trends and uncertainties we are subject to a number of trends and uncertainties that may affect our short-term or long-term liquidity , sales revenues , and operations . similar to other farm equipment manufacturers , we are affected by items unique to the farm industry , including fluctuations in farm income resulting from the change in commodity prices , crop damage caused by weather and insects , government farm programs , interest rate fluctuations , and other unpredictable variables . other uncertainties include our oem customers and the decisions they make regarding their current supply chain structure , inventory levels , and overall business conditions . management believes that our business is dependent on the farming industry for the bulk of our sales revenues . as such , our business tends to reap the benefits of increases in farm net income , as farmers tend to purchase equipment in lucrative times and forgo purchases in less profitable years . direct government payments have been increasing in the past two years and costs of agricultural production are increasing ; therefore , we anticipate that further increases in the value of production will benefit our business

liquidity and capital resources our main source of funds during the 2020 fiscal year was cash generated by financing activities . we received $ 1,242,900 of funding and forgiveness via a paycheck protection program loan and also $ 450,000 of funding from the economic injury disaster loan program in fiscal 2020. we did use approximately $ 856,000 of cash in operations in fiscal 2020 which was largely from costs of production for the agricultural products and modular building segments . we used approximately $ 693,000 of cash to update facilities and equipment which includes software and hardware related to information technology advances , office space updates , and manufacturing equipment improvements that enhance our efficiency . we have a bank midwest credit facility consisting of a $ 5,000,000 revolving line of credit , pursuant to which we had borrowed $ 2,359,530 , with $ 2,640,470 remaining , as of november 30 , 2020 , and one term loan , which had an outstanding principal balance of $ 2,350,593 as of november 30 , 2020. the revolving line of credit is being used for working capital purposes . we also have three economic injury disaster loans provided by the u.s. small business administration with an aggregate principal balance of $ 450,000 as of november 30 , 2020. our loans require us to comply with various covenants , including maintaining certain financial ratios and obtaining prior written consent from bank midwest forany investment in , acquisition of , or guaranty relating to another business or entity .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our main source of funds during the 2020 fiscal year was cash generated by financing activities . we received $ 1,242,900 of funding and forgiveness via a paycheck protection program loan and also $ 450,000 of funding from the economic injury disaster loan program in fiscal 2020. we did use approximately $ 856,000 of cash in operations in fiscal 2020 which was largely from costs of production for the agricultural products and modular building segments . we used approximately $ 693,000 of cash to update facilities and equipment which includes software and hardware related to information technology advances , office space updates , and manufacturing equipment improvements that enhance our efficiency . we have a bank midwest credit facility consisting of a $ 5,000,000 revolving line of credit , pursuant to which we had borrowed $ 2,359,530 , with $ 2,640,470 remaining , as of november 30 , 2020 , and one term loan , which had an outstanding principal balance of $ 2,350,593 as of november 30 , 2020. the revolving line of credit is being used for working capital purposes . we also have three economic injury disaster loans provided by the u.s. small business administration with an aggregate principal balance of $ 450,000 as of november 30 , 2020. our loans require us to comply with various covenants , including maintaining certain financial ratios and obtaining prior written consent from bank midwest forany investment in , acquisition of , or guaranty relating to another business or entity .
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 Suspicious Activity Report : while fiscal 2020 brought a net loss of $ 2,103,000 , we had approximately $ 1,000,000 of expense from non-cash inventory scrap as we continued to purge inventory from previous acquisitions . we also spent approximately $ 216,000 on pandemic expenses and $ 286,000 for the recruitment and training of key management positions . our bottom lines have suffered in recent years as we have tried to streamline our operations by addressing prior year acquisitions that have not served us well in poor market conditions . we expect to have access to capital as needed throughout fiscal 2021 through the sale of inventory and from the use our line of credit . on november 30 , 2020 we had $ 2,640,470 available on our line of credit . in 2020 , we were able to obtain $ 1,242,900 of funding from the small business administration 's paycheck protection program . these funds were fully forgiven in november 2020 and helped offset losses during the pandemic as we continued to employ our workforce in full . we also received three economic injury disaster loans for a total of $ 450,000. these loans have a 30 year payback period . despite the continued losses , our banking relationship has remained positive through transparency and continued communication . our ability to not overuse our line of credit in times of losses has provided us with the confidence that we can manage our cash use until market conditions improve and our product offering and dealer network grow . our working capital remained strong at approximately $ 4,137,000 in fiscal 2020 with a current ratio of 1.67. we also continue to maintain a debt to equity ratio below 1. we continue to put emphasis on reducing our inventory to more manageable levels to decrease carrying costs , implementing lean manufacturing practices , improving our inventory turnover , focusing our product offering , increasing our dealer network reach , and improving customer service . we do not foresee liquidity issues within the next twelve months . impact of covid-19 while the covid-19 pandemic had very little impact on our results of operations for the first quarter of fiscal 2020 , it did impact our results of operations for the rest of fiscal 2020 and we believe that it may continue to do so for the foreseeable future . from march 23 , 2020 until may 18 , 2020 the majority of our office staff in all three segments worked remotely with the exception of key operations support . at the height of the initial outbreak our workforce was down approximately 17 % due to self-quarantine . by the end of may 2020 our entire workforce had returned and operations have continued as normal with additional safety precautions in place . as covid-19 cases began to rise in november 2020 , we allowed employees that could perform their job functions remotely do so at their discretion . at this time approximately 75 % of our office staff is working remote at least part-time and this has had minimal effect on how we operate as a business . we expect that by the end of february 2021 remote employees will return full time to the office . future outbreaks could have a material effect on our operations and we are taking precautions to mitigate the spread of covid-19 . in our agricultural products segment , we did not experience any order cancellations ; however , calls for new whole goods slowed significantly in the second quarter of fiscal 2020 and many dealers held off on the shipping or pickup of their completed units . our sales levels were comparatively steady to the last few years in the third and fourth quarters of fiscal 2020 and we ultimately ended the year down 3.1 % on sales . prior to the initial lockdowns in march 2020 , we were anticipating an uptick in sales from recent years . we believe 2021 will bring better economic conditions for farmers because of stimulus payments received in 2020. we also believe that farmers were conservative in 2020 , using excess funds to pay down debt , and will be ready to spend in 2021 . 11 our modular buildings segment started fiscal 2020 with a more diverse backlog than we had at the beginning of fiscal 2019 ; however , we had some setbacks on site work as subcontractors were forced to quarantine after testing positive for covid-19 . our workers have been hesitant to travel during the pandemic and , as a result , we have had some challenges completing site work in the third and fourth quarters of fiscal 2020. because of covid-19 , many companies were hesitant to enter into long-term contracts in fiscal year 2020. as a result , our modular building rental fleet remained largely unused in fiscal 2020 which is evidenced by our decrease in lease revenue . our sales outlook for fiscal 2021 reflects a continued decrease in demand , but sales activity saw a moderate increase near the end of fiscal 2020. in our tools segment , oil prices dropped significantly at the start of the pandemic , which caused our sales to drop significantly in the second quarter of fiscal 2020. the diversification of our business with our new oem customer helped us get through the oil and gas industry lows during that time ; however , since oil and gas prices have not yet reached their pre-pandemic levels , we have not seen our sales levels from these customers return . story_separator_special_tag our core product offering going forward includes products that we feel have strong demand , favorable margins and flow through our facility efficiently . we believe the gross margin improvements are a strong indicator of our ability to succeed as agricultural conditions continue to improve . our agricultural products segment 's operating expenses for the 2020 fiscal year were $ 4,483,000 compared to $ 3,796,000 for the 2019 fiscal year , an increase of $ 687,000 , or 18.1 % . approximately $ 115,000 of this increase is due to the hiring of a new territory development manager to increase sales and strengthen our dealer network . we also incurred $ 116,000 of additional recruitment expense in fiscal 2020 when compared to fiscal 2019 related to hiring a new ceo , supply chain manager and product manager . we incurred approximately $ 73,000 of expense paying dual salaries as we transitioned these new roles . we also incurred approximately $ 148,000 of pandemic expense as we increased employee incentives for working during the pandemic , conducted sitewide covid-19 testing and provided supplies to help keep our employees safe . we also incurred approximately $ 300,000 of additional bonus expense in fiscal 2020 recruiting new management talent , rewarding retiring management , and accruing bonuses for operational improvements during this agricultural downturn . this segment 's operating expenses for the 2020 fiscal year were 34.3 % of sales compared to 28.1 % of sales for the 2019 fiscal year . total loss from operations for our agricultural products segment during the 2020 fiscal year was $ ( 2,318,000 ) compared to an operating loss of $ ( 1,599,000 ) for the 2019 fiscal year , an increase in loss of $ 719,000. modular buildings . our modular buildings segment 's net sales for the 2020 fiscal year were $ 6,993,000 compared to $ 7,260,000 for the 2019 fiscal year , a decrease of $ 267,000 , or 3.7 % . the decrease in sales was attributable to decreased operating lease activity in fiscal 2020 and a large construction project nearing completion . gross profit for the 2020 fiscal year was ( 3.7 ) % compared to 16.1 % during the 2019 fiscal year . the decreased gross profit was due to margin deterioration on a large construction contract for expenses that were unforeseen . operating expenses for the 2020 fiscal year were 14.8 % of sales compared to 13.3 % for the 2019 fiscal year . the increase in operating expenses was due to $ 35,000 of pandemic expense related to employee incentives during covid-19 lockdowns and supplies needed to mitigate the spread of covid-19 . total loss from operations from our modular buildings segment during the 2020 fiscal year was $ ( 1,295,000 ) compared to an operating income of $ 208,000 in the 2019 fiscal year , an increase in loss of $ 1,503,000. our expected profits on a large construction project eroded in fiscal 2020 , but we look forward to a fresh start in fiscal 2021. tools . our tools segment 's net sales for the 2020 fiscal year were $ 2,330,000 compared to $ 2,121,000 for the 2019 fiscal year , an increase of $ 209,000 , or 9.9 % . the increase is primarily due to the addition of a large oem customer in the fourth quarter of fiscal 2019. we had projected larger revenue increases ; however , the covid-19 pandemic had a negative effect on our existing customer base , mainly the oil and gas industries . these sales have not fully recovered to date and we have relied heavily on our oem customer in recent months . we are focused on expanding our portfolio of customers to help us diversify our business as different industries experience booms and busts . gross profit for the 2020 fiscal year was 21.3 % compared to 26.4 % for the 2019 fiscal year . our decreased gross margin for the twelve months is attributable to the hiring of a floor supervisor to help us manage the higher volumes of sales we were expecting with the addition of our oem customer . this position is a necessary one to manage increased volumes through our shop floor and we are continuing to find ways to increase volumes to cover the expenses of this position . operating expenses were $ 792,000 for the 2020 fiscal year compared to $ 666,000 for the 2019 fiscal year , an increase of $ 126,000 , or 18.9 % . this increase in operating expenses is due primarily to approximately $ 79,000 of additional costs related to implementation of our oem line and $ 33,000 of pandemic expense related to the retention of employees during the pandemic and supply costs associated with mitigating the spread of covid-19 . 15 trends and uncertainties we are subject to a number of trends and uncertainties that may affect our short-term or long-term liquidity , sales revenues , and operations . similar to other farm equipment manufacturers , we are affected by items unique to the farm industry , including fluctuations in farm income resulting from the change in commodity prices , crop damage caused by weather and insects , government farm programs , interest rate fluctuations , and other unpredictable variables . other uncertainties include our oem customers and the decisions they make regarding their current supply chain structure , inventory levels , and overall business conditions . management believes that our business is dependent on the farming industry for the bulk of our sales revenues . as such , our business tends to reap the benefits of increases in farm net income , as farmers tend to purchase equipment in lucrative times and forgo purchases in less profitable years . direct government payments have been increasing in the past two years and costs of agricultural production are increasing ; therefore , we anticipate that further increases in the value of production will benefit our business

