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Note Receivable
12 Months Ended
May 31, 2014
Receivables, Loans, Notes Receivable, and Others:  
Note Receivable

H. 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.