Note 15 - Related Party Transactions |
3 Months Ended | ||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||
| Related Party Transactions Disclosure [Text Block] |
The Company has entered into various leasing arrangements with a not-for-profit organization of which the Company’s Chairman, Paul Lamb, serves as Chairman and a director but receives no compensation or any other financial benefit.
In March 2022, a Consolidated Lease Agreement was signed between the Company and the not-for-profit organization that extended the lease to December 2027 and included a 3% annual escalator. The signed Consolidated Lease Agreement reflects a below market lease of $8,829 annually and $44,144 during the extended period. A summary of the additional rent under the new arrangement is as follows:
During the three months ended March 31, 2025, the Company received rental revenue of $13,946 from the aforementioned lease.
The independent members of the Board of the Company approved the leasing transaction described above.
The Chairman is also a partner of the firm LambZankel, LLP that provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease. |
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