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Employment Agreements
12 Months Ended
Aug. 31, 2014
Compensation Related Costs [Abstract]  
Employment Agreements

NOTE 19 - EMPLOYMENT AGREEMENTS

 

On March 22, 2013, Wayne Erwin, the Company’s Chief Executive Officer, signed a three year employment agreement. The agreement provides for an annual salary of $120,000 along with a monthly auto allowance and health insurance allowance totaling $1,250. Annual increases are to be approved by the Company’s Board of Directors or Compensation Committee. During fiscal 2014 and 2013, $120,000 and 52,500 was expensed as salary, respectively.

 

On April 1, 2013, Michael Kramarz, the Company’s Chief Financial Officer, signed a three year employment agreement. The agreement provides for an annual salary of $58,000 along with a monthly auto allowance and health insurance allowance totaling $500. Annual increases are to be approved by the Company’s Board of Directors or Compensation Committee. On October 1, 2013, the Company’s Board of Directors approved a salary increase to $80,000 per year. During fiscal 2014 and 2013, $80,225 and 80,066 was expensed as salary, respectively.

 

On August 1, 2013, Vickie Hart, the President of Amian Angels Inc., signed a three year employment agreement. The agreement provides for an annual salary of $52,000 along with a monthly health insurance allowance totaling $400. Annual increases are to be approved by the Company’s Board of Directors or Compensation Committee. During fiscal 2014 and 2013, $59,615 and nil was expensed as salary, respectively.

 

On July 16, 2014, Harold Halman, the President of our Medical Products Segment, signed a three year employment agreement. The agreement provides for an annual salary of $85,000, along with a monthly auto allowance and health insurance allowance totaling $1,300 plus bonus allowances. Annual increases are to be approved by the Company’s Board of Directors or Compensation Committee. During fiscal 2014 and 2013, $10,625 and nil was expensed as salary, respectively.