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Note 14 - Related Party Transactions
 3 Months Ended
Feb. 28, 2025
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

 

 

14)

Related Party Transactions

 

During the three months ended February 28, 2025, and February 29, 2024, 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 Company's chairman and principal executive officer, 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 28, 2025, the Company recognized $3,355 of expense for transactions with related parties compared to $3,931 for the three months ended February 29, 2024. As of February 28, 2025, accrued expenses contained a balance of $1,131 owed to a related party compared to $1,329 on February 29, 2024.