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Note 11 - Related Party Transactions | 12 Months Ended
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Nov. 30, 2018
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
( 11 ) | Related Party Transactions
During the 2018 and 2017 fiscal years, the Company did not recognize any revenues 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., our Vice Chairman of the Board of Directors. Also, 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. Mr. McConnell is paid a monthly fee for his guarantee. In the 2018 fiscal year, the Company recognized $25,773 of expense with related parties, compared to $8,281 in 2017. As of November 30, 2018, accrued expenses contained a balance of $1,568 owed to a related party compared to $1,621 on November 30, 2017.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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