Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT

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LONG-TERM DEBT
12 Months Ended
Feb. 28, 2015
LONG-TERM DEBT [Abstract]  
LONG-TERM DEBT

NOTE 5

LONG-TERM DEBT

 

In February 2009, the Company was granted a loan from a now former director of the Company for $0.7 million, 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 was repaid in full in May, 2013.