Note 17 - Related Party Transactions |
12 Months Ended | ||||||||||||||||||||||||||||
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Dec. 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 former 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. It also changed some terms of the original leases including rent on the master lease suite, 3% escalators and agreements on work to be done by the Company and the tenant. 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 twelve months ended December 31, 2025 and 2024, the Company received rental revenue of $55,784 and $54,160, respectively.
The independent members of the Board of the Company approved all of the leasing transaction described above.
The former Chairman was also a partner of the firm LambZankel, LLP that provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease.
Following the annual meeting on November 5, 2025, Paul Lamb is longer a director and thus is longer deemed a “related person” (see Note 15 – Governance).
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