Note 18 - Related Party Transactions |
9 Months Ended | ||
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Aug. 31, 2022 | |||
| Notes to Financial Statements | |||
| Related Party Transactions Disclosure [Text Block] |
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 $0.3 million for royalties due to the Company’s CTO, during the nine months ended August 31, 2022 and 2021, respectively. Balances payable to the CTO for royalties were $0 and $0.1 million as of August 31, 2022 and November 30, 2021, respectively. The Company terminated the royalty payments in December 2021 and the Company granted 200,000 RSUs during the three months ended August 31, 2022 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 $0.03 million and $0.01 million for the nine months ended August 31, 2022 and 2021, respectively. Sublease payments received were $7.0 thousand and $8.0 thousand for three months ended August 31, 2022 and 2021.
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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