Note 14 - Related Party Transactions

3 Months Ended

Feb. 29, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

14) Related Party Transactions

During the three months ended February 29, 2024, and February 28, 2023, 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 three months ended February 29, 2024, the Company recognized $3,931 of expense for transactions with related parties, respectively, compared to $4,170 for the three months ended February 28, 2023. As of February 29, 2024, accrued expenses contained a balance of $1,329 owed to a related party compared to $1,385 on February 28, 2023.