Note 2 - Other Income from Settlement Agreement

9 Months Ended

Sep. 30, 2011

Other Income and Other Expense Disclosure [Text Block]

2. Other Income from Settlement Agreement - As described in more detail in Part II Other Information, Item 1 Legal Proceedings of this report, our ChemFree subsidiary is a party to an action it brought against J. Walter Co. Ltd. and J. Walter, Inc. in the United States District Court for the Northern District of Georgia. In 2007, ChemFree sought sanctions against J. Walter and the law firm then representing the defendants for asserting a frivolous defense and counterclaim.  On May 3, 2011, ChemFree entered into a Settlement Agreement with the defendants’ former attorneys whereby they agreed to pay $450,000 in settlement of ChemFree’s claim. The Settlement Agreement was approved by the court on May 6, 2011and the payment of $450,000 was received by ChemFree on May 9, 2011.  Accordingly, the company recorded $450,000 of income in the quarter ended June 30, 2011, which is included in the category Other Income in the Consolidated Statements of Operations for the year-to-date period ended September 30, 2011.