Note 3 - Related Party Transactions Disclosure

12 Months Ended

Sep. 30, 2023

Notes

Note 3 - Related Party Transactions Disclosure

Note 3 - Related Party Transactions. Effective October 1, 2021, the Company renewed its employment agreement with its president. The agreement has an initial term of five years and provides an annual base salary equal to the maximum annual contribution to a Health Flexible Spending Arrangement (FSA) and an annual bonus of no less than 20% of the Company's earnings before tax, payable, at the president’s election, in either cash or common stock of the Company at then fair market value. The Company matches any contribution that the president makes to the Company’s FSA. The agreement contains provisions providing for payments to the president in the event of his disability or termination of his employment. At September 30, 2023, accrued expense, related party, includes $1,087,000 in salary payable to the Company’s president, pursuant to his employment agreement, that the president has elected to defer, as well as $53,000 in related accrued payroll tax. The Company’s president may require the Company to pay the unpaid salary and payroll tax liability at any time.