RECEIVABLES FROM EMPLOYEES IN RESPECT OF STOCK OPTION EXERCISES

3 Months Ended

Dec. 31, 2011

Receivables From Employees In Respect Of Stock Option Exercises [Text Block]

6. RECEIVABLES FROM EMPLOYEES IN RESPECT OF STOCK OPTION EXERCISES

Receivables from employees in respect of stock option exercises due from the former President of the Company totaled $29,000 at October 1, 2011. Such amounts were forgiven during the quarter ended December 31, 2011 in connection with his resignation.