Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

v2.4.0.8
Related Party Transactions
12 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions
8. Related Party
Transactions

The Company leases warehouse and office space under an operating lease from the Sheila Steiner Revocable Trust. The trustees of this trust are Sheila Steiner, and her son, Michael S. Steiner. Michael S. Steiner is Chairman of the Board of Directors, President and a director of the Company. Michael S. Steiner, individually, is also a principal shareholder of the Company.

The lease was for an original three year term which commenced on November 1, 2005, with two three-year renewal options in favor of the Company. The Company has exercised the second renewal option, extending the lease until October 31, 2014. The lease provides for annual rent increases commencing November 1, 2006 of 3% over the rent in the prior year. The Company bears the cost of real estate taxes, utilities, maintenance, repairs and insurance. The Company believes that the terms of the lease are comparable to terms that would be obtained from an unaffiliated third party for similar property in a similar locale. Annual rental expense under this lease was approximately $123,200 in fiscal 2013 and $119,600 in fiscal 2012.

The Company paid a law firm, in which a director is Senior Counsel, approximately $60,000 and $59,300 in fiscal 2013 and 2012, respectively, for legal services performed.