RELATED PARTY TRANSACTIONS

3 Months Ended

Dec. 29, 2012

Related Party Transactions Exculding Stock Option Receivable [Text Block]

7. RELATED PARTY TRANSACTIONS

The Company’s former President and Chief Operating Officer resigned effective January 1, 2012. In connection therewith, the Company forgave loans due totaling $66,000 ($29,000 for stock option exercises receivable and $37,000 for other loans) and has recorded additional compensation in the amount of $475,400 in accordance with his separation agreement and release. Such amounts are included in General and Administrative Expenses in the Consolidated Condensed Statement of Income for the 13-weeks ended December 31, 2011.

Employee loans totaled approximately $339,000 at both December 29, 2012 and September 29, 2012. Such amounts are payable on demand and bear interest at the minimum statutory rate (0.19% at December 29, 2012 and September 29, 2012).