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NOTE RECEIVABLE, RELATED PARTY
3 Months Ended
Aug. 31, 2015
NOTE RECEIVABLE, RELATED PARTY  
NOTE RECEIVABLE, RELATED PARTY

E. NOTE RECEIVABLE, RELATED PARTY

 

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.