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EXCEL - IDEA: XBRL DOCUMENT - ALTEX INDUSTRIES INCFinancial_Report.xls
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EX-32 - SECTION 1350 CERTIFICATIONS - ALTEX INDUSTRIES INCaltex10kexh32.htm
EX-31 - RULE 13A-14(A)/15D-14(A) CERTIFICATIONS - ALTEX INDUSTRIES INCaltex10kexh31.htm
10-K - ALTEX INDUSTRIES, INC., 10K 2012-09-30 - ALTEX INDUSTRIES INCaltex10k.htm
v2.4.0.6
Note 3 - Related Party Transactions Disclosure
12 Months Ended
Sep. 30, 2012
Notes  
Note 3 - Related Party Transactions Disclosure

Note 3 - Related Party Transactions. Effective October 1, 2011, the Company entered into a five year employment agreement with its president which provides for a base salary of $200,000 annually, plus escalations of not less than 3% annually. The agreement contains provisions providing for payments to the president in the event of his disability or termination of his employment. The agreement also provides that he will receive an annual bonus equal to no less than 20% of the Company’s earnings before income tax, payable, at his election, in cash or common stock of the Company at then fair market value. On August 31, 2011, the Company entered into a letter of intent, subject to negotiation of definitive agreements, regarding a potential $500,000 investment in a company in which the president’s brother-in-law owned 19% of the issued and outstanding common stock. In connection with the letter of intent, the Company transferred $500,000 to the target company. On October 21, 2011, the parties terminated negotiations, and the target company returned the $500,000 to the Company. At September 30, 2012, other accrued expenses of $195,000 includes $176,000 in salary payable to the Company’s president, pursuant to his employment agreement, that the president has elected to defer.