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Note 15 - Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

15. RELATED PARTY

 

During the three months ended March 31, 2025 and three months ended March 31, 2024, the Company leased portions of its corporate headquarters to Puppy Toes, Inc., a company owned by the Chief Executive Officer and his wife, and to Centurion Counsel, Inc., which is owned by Puppy Toes, Inc. Rent billed to these entities from the Company totaled $3,378 and $2,688, respectively. 

 

Additionally, we received full payroll reimbursement for employee services provided to Centurion Counsel and Puppy Toes, Inc. during the three months ended March 31, 2025 and 2024, which totaled approximately $23,640 and $35,916, respectively. These reimbursements were at cost and were not marked up or discounted. As of March 31, 2025 and December 31, 2024, we had  reimbursement receivable balances of approximately $9,811 and $12,376 which were paid in full during April 2025 and January 2024, respectively.

 

During the three months ended March 31, 2024, the Company used the services of a former officer and director, Larry Dubose, for consulting on our Model Home Partnerships, and the setup of Dubose Model Home Investors #207. The Company paid Mr. Dubose a total of $131,250 in consulting payments for the three months ended March 31, 2024.  Additionally, a trust controlled by Mr. Dubose is an investor in many of our Model Home Partnerships, and as such received pro-rata distributions and return of capital payments during the three months ended March 31, 2024, totaling $67,262. During the three months ended March 31, 2025, the Company paid Mr. Dubose $12,500 in consulting fees and $3,780 in pro-rata distributions and return of capital payments.  Mr. Dubose is the father-in-law of Steve Hightower, the President of our Model Home Division and a director.

 

For the fiscal year ended December 31, 2024, the Company paid to Mr. Dubose, inclusive of the payments made in the quarter ended March 31, 2024 described above, $191,250.  Through his ownership of a trust that is an investor in many of our Model Home Partnerships, Mr. Dubose received pro-rata distributions and return of capital payments of $101,889 during the year ended December 31, 2024, inclusive of pro-rata distributions and return of capital payments received in the three months ended March 31, 2024 described above.