Quarterly report pursuant to Section 13 or 15(d)

Note 18 - Related Party Transactions

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Note 18 - Related Party Transactions
6 Months Ended
May 31, 2022
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

18.

RELATED PARTY TRANSACTIONS 

 

The following transactions are in the normal course of operations and are measured at the amount of consideration established and agreed to by related parties. Amounts due to related parties are unsecured, non-interest bearing and due on demand.

 

The Company expensed $0 and approximately $0.1 million for royalties due to the Company’s Chief Technology Officer ("CTO"), during the six months ended May 31, 2022 and 2021, respectively.  Balances payable to the CTO for royalties were $0 and $0.1 million as of May 31, 2022 and November 30, 2021, respectively.  The Company terminated the royalty payments in December 2021.  Refer to Note 21, "Commitments and Contingencies - Royalty Payments," for additional information.  The Company also recorded stock-based compensation expense of approximately $0 and $0.004 million during the six months ended May 31, 2022 and 2021, related to stock options granted to Buys in 2018 to acquire 150,000 shares of common stock.  See Note 11, "Intangible Assets," for additional information.  

 

The Company authorized the granting of 200,000 RSUs in exchange to waive all future rights and entitlements to the CTO.  Refer to Note 21, "Commitments and Contingencies - Royalty Payments," for additional information. 

 

The Company subleases office premises at its Massachusetts headquarters to a corporation owned and controlled by the Chief Executive Officer ("CEO") of the Company beginning July 1, 2020, with no stated termination date. Sublease payments received were $0.02 million and $0.01 million for the six months ended May 31, 2022 and 2021, respectively.  Sublease payments received were $0.01 million and $5.0 thousand for three months ended May 31, 2022 and 2021.