Note 3 - Related Party Transactions Disclosure

12 Months Ended

Sep. 30, 2016

Notes

Note 3 - Related Party Transactions Disclosure

Note 3 - Related Party Transactions. Effective October 1, 2016, the Company renewed its employment agreement with its president. The agreement has an initial term of five years and provides an annual base salary equal to the maximum annual contribution to a Health Flexible Spending Arrangement (“FSA”) and an annual bonus of no less than 20% of the Company's earnings before tax, payable, at the president’s election, in either cash or common stock of the Company at then fair market value. The Company will match any contribution that the president makes to the Company’s FSA. The agreement contains provisions providing for payments to the president in the event of his disability or termination of his employment. At September 30, 2016, other accrued expense includes $1,024,000 in salary payable to the Company’s president that the president has elected to defer.

In 2016 and 2015, the Company expended $16,000 and $4,000 to acquire 188,780 and 52,089 shares of common stock, respectively. These 188,780 and 52,089 treasury shares were retired in 2016 and 2015, respectively.