Note 10 - Related Party Transactions

12 Months Ended

Nov. 30, 2022

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

(10) Related Party Transactions

During the 2022 and 2021 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 in which Marc McConnell, the Chairman of the Company’s Board of Directors, has an ownership interest and also serves as President. J. Ward McConnell Jr.’s estate, the J. Ward McConnell, Jr. Living Trust, is paid a monthly fee to guarantee a portion of the Company’s term debt in accordance with the USDA guarantee obtained on the Company’s term debt. In the 2022 fiscal year, the Company recognized $23,880 of expense for transactions with related parties, compared to $26,368 in the 2021 fiscal year. As of November 30, 2022, accrued expenses contained a balance of $1,348 owed to a related party compared to $1,407 on November 30, 2021.