Note 10 - Related Party Transactions

12 Months Ended

Nov. 30, 2021

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

(10) Related Party Transactions

During the 2021 and 2020 fiscal years, 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 previously owned by the late J. Ward McConnell, Jr., the former Vice Chairman of the Company’s Board of Directors and currently owned by his son, Marc McConnell, the Chairman of the Company’s Board of Directors, who 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 debt in accordance with the USDA guarantee on the Company’s term loan. J. Ward McConnell, Jr. Living Trust is paid a monthly fee for the guarantee. In the 2021 fiscal year, the Company recognized $26,368 of expense for transactions with related parties, compared to $19,232 in the 2020 fiscal year. As of November 30, 2021, accrued expenses contained a balance of $1,407 owed to a related party compared to $1,464 on November 30, 2020.