Note 12 - Related Party Transactions

3 Months Ended

Feb. 28, 2021

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

12 ) Related Party Transactions

During the

three

months ended

February 28, 2021

and

February

29,

2020,

the Company did

not

recognize any revenues from transactions with a related party, and

no

amounts in accounts receivable balances were due from a related party. From time to time, the Company purchases various supplies from related parties, which are companies owned by J. Ward McConnell, Jr., the Vice Chairman of the Company's Board of Directors. Marc McConnell, the Chairman of the Company's Board of Directors, also serves as President of these companies. J. Ward McConnell, Jr., as a shareholder owning more than

20%

of the Company's outstanding stock, was required to guarantee a portion of the Company's Term Loan in accordance with the USDA guarantee on the Company's Term Loan. J. Ward McConnell, Jr. is paid a monthly fee for his guarantee. In the

three

months ended

February 28, 2021,

the Company recognized

$4,669

of expense for transactions with related parties, compared to

$4,588

for the

three

months ended

February

29,

2020.

As of

February 28, 2021,

accrued expenses contained a balance of

$1,353

owed to a related party compared to

$1,454

on

February

29,

2020.