Transactions with Related Persons |
6 Months Ended |
|---|---|
Feb. 28, 2026 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Persons | NOTE 6 - Transactions with Related Persons
A related party with respect to the Company is generally defined as any person (i) (and, if a natural person, inclusive of his or her immediate family) that holds 10% or more of the Company’s securities, (ii) that is part of the Company’s management, (iii) that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Joseph Sierchio, one of the Company’s directors, has maintained his role as the Company’s general counsel since 2005. Currently, Mr. Sierchio, as principal of Sierchio Law, LLP, serves as the Company’s general counsel on an hourly basis at the rate of $750 per hour. Fees for legal services billed by Sierchio Law, LLP totaled approximately $68,425 and $75,000 for the three months ended February 28, 2026 and 2025, respectively, and $142,825 and $136,700 for the six months ended February 28, 2026 and 2025, respectively. As of February 28, 2026, the Company recognized a related party payable to Sierchio Law, LLP of $70,925, including $68,425 related to legal services and $2,500 related to the quarterly board fee for the three months ended February 28, 2026. As of August 31, 2025, the Company recognized a related party payable to Sierchio Law, LLP of $54,625, including $52,125 related to legal services and $2,500 related to the quarterly board fee for the three months ended August 31, 2025.
All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business.
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