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OTHER INCOME / EXPENSE
12 Months Ended
Dec. 31, 2012
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block]

NOTE H – OTHER INCOME / EXPENSE

 

Other income in Fiscal 2012 and 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.

 

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, 2012 and December 31, 2011 was $0 and $10,000, respectively. The grant was convertible to a loan only if the employment levels in the Kinderhook facility dropped below 45 employees at any time during the year. The employment levels in the Kinderhook facility were 47 and 49 at December 31, 2012 and December 31, 2011, respectively. The grant income recognized in both Fiscal 2012 and Fiscal 2011 was $10,000.