Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v2.4.0.6
LONG-TERM DEBT (Tables)
 12 Months Ended
Feb. 28, 2013
LONG-TERM DEBT [Abstract]  
Schedule of Long-Term Debt

Long-term debt consists of the following at February 28, 2013 and February 29, 2012:


               

 

 

February 28, 2013

 

February 29, 2012

 

 

 

 

 

 

 

 

 

In February 2009, the Company was granted a loan from a director of the Company for $672,663, payable in 144 monthly installments of $5,754 at a rate of 6.00% interest. The Company issued the director 755,000 shares of common stock at the price of $0.11 per share in June 2009 further to reduce the debt. The loan will mature in February 2021.

 

 

437,832

 

 

479,249

 

Other

 

 

1,474

 

 

3,551

 

 

 

 

439,306

 

 

482,800

 

Less current portion

 

 

45,445

 

 

43,494

 

Long-term portion

 

$

393,861

 

$

439,306

 


Schedule of Long-Term Debt Maturities

Aggregate maturities as required on long-term debt at February 28, 2013 are:


         

2014

 

$

45,445

 

2015

 

 

46,683

 

2016

 

 

49,562

 

2017

 

 

52,619

 

2018

 

 

55,865

 

Thereafter

 

 

189,132

 

Total

 

$

439,306