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Related Party Transactions
3 Months Ended
Jun. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]
NOTE 12 - Related Party Transactions


The Company receives a monthly management fee of $21,000 from Kent International for management services.  These services include, among other things, preparation of periodic and other filings with the Securities and Exchange Commission, evaluating merger and acquisition proposals, providing internal accounting services and shareholder relations.  This arrangement may be terminated at will by either party.  The monthly management fee revenue and offsetting expense is eliminated during consolidation.  The Company is the beneficial owner of approximately 53.44% of Kent International’s outstanding Common Stock at June 30, 2011.  Paul O. Koether, Chairman of the Company is also the Chairman of Kent International and the beneficial owner of or authorized proxy for approximately 50.62% of the Company’s outstanding common stock.  Bryan P. Healey, President and Chief Financial Officer and Director of the Company is also the Chief Financial Officer and Director of Kent International as well as the son-in-law of Paul O. Koether.


The Company and its consolidated subsidiaries reimburse an affiliate, Bedminster Management Corp., for the allocated direct cost of group health insurance and office supplies.  These reimbursements were $21,559 and $41,326 in the three and six months ended June 30, 2011, respectively and $16,689 and $34,245 in the three and six months ended June 30, 2010, respectively.