Note 14 - Related Party Transactions |
6 Months Ended | |||
|---|---|---|---|---|
May 31, 2025 | ||||
| Notes to Financial Statements | ||||
| Related Party Transactions Disclosure [Text Block] |
During the three and six months ended May 31, 2025, and May 31, 2024, the Company did 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. 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 and six months ended May 31, 2025, the Company recognized $3,175 and $6,530 of expense for transactions with related parties compared to $3,749 and $7,680 for the three and six months ended May 31, 2024. As of May 31, 2025, accrued expenses contained a balance of $1,077 owed to a related party compared to $1,272 on May 31, 2024. |