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NOTE RECEIVABLE
3 Months Ended
Aug. 31, 2013
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.