Note 11 - Related Party Transactions

12 Months Ended

Nov. 30, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

( 11 ) Related Party Transactions

During the

2019

and

2018

fiscal years, the Company did

not

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 owned by J. Ward McConnell, Jr., the Vice Chairman of the Company’s Board of Directors. Marc McConnell, the Chairman of the Company’s Board of Directors also serves as President of these companies. J. Ward McConnell, Jr. as a shareholder owning more than

20%

of the Company’s outstanding stock, was required to guarantee a portion of the Company’s term debt in accordance with the USDA guarantee on the Company’s term loan. J. Ward McConnell, Jr. is paid a monthly fee for his guarantee. In the

2019

fiscal year, the Company recognized

$26,506

of expense for transactions with related parties, compared to

$25,773

in

2018.

As of

November 30, 2019,

accrued expenses contained a balance of

$1,517

owed to a related party compared to

$1,568

on

November 30, 2018.