Transactions with Related Persons |
9 Months Ended |
|---|---|
May 31, 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 $60,625 and $72,393 for the three months ended May 31, 2026 and 2025, respectively, and $204,775 and $209,093 for the nine months ended May 31, 2026 and 2025, respectively. As of May 31, 2026, the Company recognized a related party payable to Sierchio Law, LLP of $63,125, including $60,625 related to legal services and $2,500 related to the quarterly board fee for the three months ended May 31, 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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