Note G - Certain Relationships and Transactions |
12 Months Ended |
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Sep. 30, 2011 | |
| Related Party Transactions Disclosure [Text Block] |
NOTE G
– CERTAIN RELATIONSHIPS AND TRANSACTIONS
On
June 28, 2007, we sold all of our interest in our Indian
subsidiary to an entity controlled by Anil K. Jain, our
former chief executive officer, on terms deemed by the
independent directors to be fair and reasonable to the
Company. The purchase price of $500,000 was
payable over five years and was fully secured by pledges of
Clearfield, Inc. stock and Dr. Jain’s payments under
his separation agreement, as well as by a guarantee from Dr.
Jain. The note was paid in full June 23, 2010 in the amount
of $400,000. Interest income related to this note in the
amount of $19,474 was recorded in the fiscal year ended
September 30, 2010.
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