Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT

v2.4.0.6
LONG-TERM DEBT
12 Months Ended
Feb. 29, 2012
LONG-TERM DEBT [Abstract]  
LONG-TERM DEBT

NOTE 5

LONG-TERM DEBT


Long-term debt consists of the following at:


               

 

 

February 29, 2012

 

February 28, 2011

 

 

 

 

 

 

 

 

 

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.

 

 

479,249

 

 

518,259

 

Other

 

 

3,551

 

 

5,480

 

 

 

 

482,800

 

 

523,739

 

Less current portion

 

 

43,494

 

 

40,939

 

Long-term portion

 

$

439,306

 

$

482,800

 


Aggregate maturities as required on long-term debt at February 29, 2012 are:


         

2013

 

 

43,494

 

2014

 

 

45,445

 

2015

 

 

46,683

 

2016

 

 

49,562

 

2017

 

 

52,619

 

Thereafter

 

 

244,997

 

Total

 

$

482,800