RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Aug. 31, 2015 | |
| RELATED PARTY TRANSACTIONS [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 2 RELATED PARTY TRANSACTIONS
CONSULTING SERVICES
On December 20, 2013, we executed an agreement effective March 1, 2014, with a Company director, Dr. Mark Baker, to provide clinical research and support services related to new and enhanced applications for the FREEDOM60® Syringe Infusion System. Authorized by the Board of Directors, the agreement provides for payment of 420,000 shares of common stock valued at $0.20 per share over a three-year period. Amortization amounted to $7,000 and $14,000 for the three and six months ended August 31, 2015 and 2014, respectively. In August, 2014, Dr. Baker was paid a previously approved bonus of $25,000 to assist him in covering taxes due on the grant of common stock. LEASED AIRCRAFT The Company leases an aircraft from a company controlled by the president. The lease payments aggregated were $5,375 and $10,750 for the three and six months ended August 31, 2015, and 2014, respectively. The original lease agreement has expired and the Company is currently on a month-to-month basis for rental payments. |