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6 NOTES PAYABLE AND CAPITAL LEASE OBLIGATION
12 Months Ended
Feb. 28, 2014
Debt Disclosure [Abstract]  
6 NOTES PAYABLE AND CAPITAL LEASE OBLIGATION

NOTE 6:    NOTES PAYABLE AND CAPITAL LEASE OBLIGATION

 

Obligations outstanding as of February 28, 2014 and 2013 consisted of the following:

 

    February 28,     February 28,  
    2014     2013  

Capital lease for equipment requiring monthly payments of principal and

interest of $491 through October 2016 bearing interest at an annual rate of 7.5%

   $ 13,924      $ 18,591  
  Less current portion     (5,030 )     (4,581 )
  Long term portion   $ 8,894     $ 14,010  

 

Future maturities of the capital lease obligation as of February 28, 2014 are $5,030 in 2015, $5,420 in 2016 and $3,474 in 2017.

 

As of February 28, 2014, the Company has a line of credit with a bank for borrowings up to $500,000, with no outstanding borrowings as of February 28, 2014.  The line expires on June 30, 2014.