NOTE PAYABLE FOR TREASURY STOCK REPURCHASE

3 Months Ended

Dec. 29, 2012

Notes Payable For Treasury Stock Repurchase [Text Block]

6. NOTE PAYABLE FOR TREASURY STOCK REPURCHASE

On December 12, 2011, the Company, in a private transaction, purchased 250,000 shares of its common stock at a price of $12.50 per share, or a total of $3,125,000. Upon the closing of the purchase, the Company paid the seller $1,000,000 in cash and issued an unsecured promissory note to the seller for $2,125,000 ($2,037,000 outstanding at December 29, 2012). The note bears interest at 0.19% per annum, and is payable in 24 equal monthly installments of $88,541, commencing on December 1, 2012.