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RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 30, 2013
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 Operations for the 26-weeks ended March 31, 2012.


Employee loans totaled approximately $321,000 and $339,000 at March 30, 2013 and September 29, 2012. Such amounts are payable on demand and bear interest at the minimum statutory rate (0.22% at March 30, 2013 and 0.19% at September 29, 2012).