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Note Receivable
3 Months Ended
Nov. 30, 2012
Note Receivable  
Note Receivable

D.  Note Receivable

 

Joseph Mullaney, the Company’s CEO, was extended a non-interest bearing note in the amount of $134,000 related to a stock transaction in May, 1998. The note is partially secured by the Company stock acquired in that transaction. The Company has accounted for the note as a fixed arrangement.