Note 17 - Related Party Transactions
|12 Months Ended|
Nov. 30, 2021
|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 with the exception of notes payable, and due on demand.
The Company expensed $0.4 million and $0.2 million for royalties due to the Company’s Chief Technology Officer (“CTO”) during the years ended November 30, 2021 and 2020, respectively. Balances payable to the CTO for royalties were $0.1 million and $0.2 million on November 30, 2021 and 2020, respectively. The Company also recorded stock-based compensation expense of $0.01 million and $0.02 million during the years ended November 30, 2021 and 2020, respectively, related to stock options granted to the CTO in 2018 to acquire 150,000 shares of common stock. See Note 15, “Stock-Based Compensation,” for additional information.
The Company issued 386,681 shares of common stock with a value of $0.7 million in connection with the Second Payment to Buys for the portfolio of registered patent rights (the “Buys Portfolio”) during the year ended November 30, 2020. See Note 9, “Patent Rights,” for additional information.
The Company leased office premises at Wakefield, Massachusetts for rent, utilities and maintenance charge of approximately $0.002 million per month from a corporation owned and controlled by the Company’s President and, effective April 1, 2019, CEO of the Company. This lease was terminated on June 30, 2020. The Company expensed $0.02 million for these items during the year ended November 30, 2020. The Company subleased office premises at its Massachusetts headquarters to a corporation owned and controlled by the same individual beginning July 1, 2020. Sublease payments received were $0.01 million and $0 for the years ended November 30, 2021 and November 30, 2020, respectively.
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