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Note 9 - Accrued Payroll Taxes
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9 Months Ended |
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Feb. 29, 2012
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| Notes To Financial Statements | |
| Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
9.
ACCRUED
PAYROLL TAXES
The
Company is in arrears with paying payroll taxes of
$951,332. Of this amount approximately $480,000 relates
to the parent Company's operations prior to the acquisition of
Artisanal Cheese LLC. The balance relates to more recent payroll
taxes which are attributable in part to the increased seasonal
workforce. The Company is currently negotiating with the
relevant tax authorities to work out a payment program for the
taxes owed.
In
addition, we are currently raising funds through a senior secured
bridge loan (see Liquidity and Financial Resources) to pay down the
arrears. Our plan is to make a downpayment and then
making double weekly tax payments until the arrears are
paid.
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