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6 CAPITAL LEASE OBLIGATION
12 Months Ended
Feb. 28, 2015
Debt Disclosure [Abstract]  
CAPITAL LEASE OBLIGATION

NOTE 6:    CAPITAL LEASE OBLIGATION

 

Obligations outstanding as of February 28, 2015 and 2014 consisted of the following:

 

  February 28,   February 28,  
  2015   2014  

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%

  $ 9,720     $ 13,924  
  Less current portion     (5,639 )     (5,030 )
  Long term portion   $ 4,081     $ 8,894  

 

Future maturities of the capital lease obligation as of February 28, 2015 are $5,639 in fiscal year 2016 and $4,081 in fiscal year 2017.

 

As of February 28, 2015, the Company had a line of credit agreement totaling $500,000, with no outstanding borrowings as of February 28, 2015.  The line expires on September 1, 2015. During the fourth quarter of the fiscal year ending February 28, 2015, our bank notified us that our line of credit would no longer be accessible by us.  This situation is not material to our operations.  However, we plan to request that our bank restore our line of credit as soon as we return to a net profit position for at least one fiscal quarter.