SUBSEQUENT EVENTS

3 Months Ended

Oct. 31, 2011

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 11 – SUBSEQUENT EVENTS

On November 17, 2011, the Board of Directors declared a cash dividend in the amount of $0.04 per share, payable on December 20, 2010 to stockholders of record as of the close of business on December 9, 2011.

On November 18, 2011 the Company sold its corporate-owned offices in Chicago and Cleveland to a franchisee for $345.  The sale was financed through a promissory note with a maturity date of August 4, 2022.  The Company anticipates recording a basis in the asset sold of $74 in membership list and $75 of goodwill resulting in a gain of approximately $197 to be reflected in the second quarter of fiscal 2012.

On November 28, 2011, the Company and U.S. Bank entered into an Amendment to Loan Agreement and Note to extend the maturity date to November 30, 2012. There is no current outstanding balance on the line of credit.