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Related Party transactions
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12 Months Ended |
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May 31, 2011
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| Related Party Transactions Disclosure [Text Block] |
16.
RELATED
PARTY TRANSACTIONS
The
wife of Daniel W. Dowe, the Company’s Chief
Executive Officer and Chief Financial Officer,
periodically provides legal and administrative services
to the Company. For the years ended May 31, 2011 and
2010, Mrs. Dowe received $65,000 and $60,000,
respectively for legal and administrative services
performed throughout the year.
Beginning
in July 2008, one of the Company’s directors,
Jeffrey Roberts, began providing consulting services to
the Company. Effective January 2009, Mr.
Roberts received a monthly fee of $2400 plus expenses.
Mr. Roberts meets with various cheese producers
throughout the United States to find new products and, in
particular, products to be sold exclusively under the
Company’s brand. For the years ended May
31, 2011 and May 31, 2010, Mr. Roberts received
approximately $0 and $7,367, respectively, for his
services and out-of-pocket expenses.
With
respect to the foregoing transactions, the Company
believes that the terms of these transactions were as
fair to the Company as could be obtained from an
unrelated third party. Future transactions
with affiliates including loans will be on terms no less
favorable than could be obtained from unaffiliated
parties and will be approved by a majority of the
independent disinterested members of the board of
directors.
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