Note 13 - Related Party Transactions

6 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

1

3

.  Related Party Transactions

In

November 2018,

the Company engaged Taglich Brothers Inc, on a non-exclusive basis, to perform advisory and investment banking services to identify possible acquisition target possibilities. Michael Taglich, a director and shareholder of the Company, is the President and Chairman of Taglich Brothers Inc. Fees for the services were

$8

per month for

three

months and

$5

thereafter, cancellable at any time. Taglich Brothers Inc. could also earn a success fee ranging from

$200

for a revenue target acquisition of under

$5

million up to

$1

million for an acquisition target over

$200

million. In connection with the asset purchase of Stantive, during the

second

quarter of the Company’s

2019

fiscal year, The Taglich Brothers earned a success fee of

$200.

Michael Taglich also purchased

350

units in the amount of

$350

of Series C Preferred Convertible stock and associated warrants in the private transaction consummated on

March 13, 2019.

Mr. Taglich’ purchase was subject to stockholder approval pursuant to Nasdaq Marketplace Rule

5635

(c), for which approval by the stockholders of the Company was obtained on

April 26, 2019.