7 RELATED PARTY TRANSACTIONS

12 Months Ended

Feb. 28, 2014

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 7:   RELATED PARTY TRANSACTIONS

During the year ended February 28, 2014 and 2013, the Company paid certain expenses of approximately $14,000 and $0 on behalf of Carl Palmer, Chairman, President and Director of the Company, which will be repaid. This amount is included in related party receivables on the accompanying consolidated balance sheets.

The Company paid consulting fees to the Company’s primary shareholder (the TAM Irrevocable Trust, in which Cari Beck is the trustee as well as a daughter of Carl Palmer, an officer and Board member) totaling $138,000 and $117,000 during the years ended February 28, 2014 and 2013, respectively, which are included as a component of selling, general and administrative expenses on the consolidated statements of income.