Note 3 - Related Party Transactions Disclosure

12 Months Ended

Sep. 30, 2015

Notes

Note 3 - Related Party Transactions Disclosure

Note 3 - Related Party Transactions. Effective October 1, 2011, the Company entered into a five year employment agreement with its president which provides for a base salary of $200,000 annually, plus escalations of not less than 3% annually. The agreement contains provisions providing for payments to the president in the event of his disability or termination of his employment. The agreement also provides that he will receive an annual bonus equal to no less than 20% of the Company’s earnings before income tax, payable, at his election, in cash or common stock of the Company at then fair market value. At September 30, 2015, other accrued expense includes $802,000 in salary payable to the Company’s president that the president has elected to defer.

In 2015 and 2014, the Company expended $4,000 and $29,000 to acquire 52,089 and 254,567 shares of common stock, respectively.  These 52,089 and 254,567 treasury shares were retired in 2015 and 2014, respectively.