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Note 15 - Related Party Transactions
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12 Months Ended |
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May 31, 2012
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| Related Party Transactions Disclosure [Text Block] |
15.
RELATED
PARTY TRANSACTIONS
Since
acquiring Artisanal, Mr. Dowe’s wife, Janet L. Dowe,
has periodically provided legal and administrative services
to the company for a consulting fee of $5,000 per
month. The fees paid to Mrs. Dowe for services
rendered to Artisanal are approved by our Board of
Directors, except for Mr. Dowe who is not entitled to vote
on these matters. Effective January 1, 2010,
Mrs. Dowe became a part-time employee of Artisanal at an
annual salary of $60,000. Effective April 22,
2011, she became a full-time employee at an annual salary
of $120,000.
With
respect to the foregoing transactions, we believe that the
terms of these transactions were as fair to us as could be
obtained from an unrelated third party. Future
transactions with affiliates including loans will be on
terms no less favorable than can be obtained from
unaffiliated parties and will be approved by a majority of
the independent disinterested members of our board of
directors.
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