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Subsequent Events
6 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Subsequent Events

On April 28, 2015 the Board of Directors granted each director 2,000 restricted shares of Company common stock (12,000 shares total) for services as a director.

 

On March 3, 2015, the Company was notified from a shareholder of the Company that the shareholder had realized profits from their trades of the Company’s common stock during fiscal year 2014. During that year the shareholder was subject to Section 16 of the Exchange Act because the shareholder owned more than 10% of the shares of the Company common stock. The shareholder in compliance with Section 16(b) of the Exchange Act desired to return those profits to the Company. The shareholder is also a creditor of the Company. On April 21, 2015 the Company and the shareholder entered into an agreement whereby $215,236, the realized profit recognized by the shareholder, would be deducted from accumulated interest on a promissory note dated November 19, 2013 between the shareholder and the Company (the “Note”). Subsequent to March 31, 2015, the Company has deducted that amount from the accumulated interest under the Note.