Investment in Real Estate and Notes Payable

9 Months Ended

May 31, 2014

Investment In Real Estate And Notes Payable [Abstract]

Investment In Real Estates And Notes Payable [Text Block]

Investment in Real Estate and Notes Payable

In October 2012, the Company sold an apartment in Hong Kong, which was purchased in March 2010. The net proceeds from the sale of the apartment were $1,273,403, after repayment of the associated note payable, resulting in a gain of $480,108.

In November 2011 and September 2010, the Company borrowed $116,339 and $65,000 as notes payable from a financial institution at an interest rate of 4.5% and 6%, which notes are to be repaid in 36 and 24 monthly installments, respectively, and are secured by specific equipment purchased at our Pasadena facility. The $65,000 note payable was fully repaid during the three months ended November 30, 2012. The Company paid down $30,028 during the nine months ended May 31, 2014, and the current and long-term portions of the notes payable as of May 31, 2014 are $16,972 and $-0-, respectively.