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SALE-LEASEBACK TRANSACTION - OPERATING LEASE
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 28, 2014
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| SALE-LEASEBACK TRANSACTION - OPERATING LEASE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
| SALE-LEASEBACK TRANSACTION - OPERATING LEASE |
On February 25, 1999, the Company entered into a sale-leaseback arrangement whereby the Company sold its land and building at 24 Carpenter Road in Chester, New York and leased it back for a period of 20 years. The leaseback is accounted for as an operating lease. The gain of $449,617 realized in this transaction has been deferred and is amortized to income in proportion to rental expense over the term of the related lease.
At February 28, 2014, minimum future rental payments are:
Rent expense for the years ended February 28, 2014, and February 28, 2013, aggregated $132,504. |
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