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OTHER INCOME / EXPENSE
12 Months Ended
Dec. 31, 2011
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block]

NOTE H – OTHER INCOME / EXPENSE

 

Other income for Fiscal 2011 is comprised primarily of grant income of $10,000 related to a Columbia Economic Development Corporation (“CEDC”) grant, offset by $1,000 loss on sale of assets.

 

Other income for Fiscal 2010 is mainly comprised of grant income of $10,000 related to a CEDC grant, offset by $6,000 in state franchise tax penalty and interest expense.

 

The Company received a $100,000 grant from the CEDC that was dispersed to the Company in installments during the years ended December 31, 2002, 2003, and 2005. The grant is convertible to a loan based upon a percentage of the grant declining from 90% of the grant amount in 2003 to 0% in 2012. The unearned portion of the grant at December 31, 2011 and December 31, 2010 was $10,000 and $20,000, respectively. The grant is convertible to a loan only if the employment levels in the Kinderhook facility drop below 45 employees at any time during the year. The employment levels in the Kinderhook facility were 49 and 54 at December 31, 2011 and December 31, 2010, respectively. The grant income recognized in both Fiscal 2011 and Fiscal 2010 was $10,000.