7. RELATED PARTY TRANSACTIONS

6 Months Ended

Aug. 31, 2015

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 7:    RELATED PARTY TRANSACTIONS

During the three month periods ended August 31, 2015 and 2014, payments totaling $25,000 and $24,000, respectively, and during the six month periods ended August 31, 2015 and 2014, payments totaling $75,000 and $74,000, respectively, were made to TAM Irrevocable Trust ("TAM") for consulting services, in which Cari Beck, is a trustee as well as the daughter of the Company's President.  

During the three month periods ended August 31, 2015 and 2014, TAM purchased, on behalf of the Company, $208,000 and $0, respectively, of raw materials from a vendor with which it already had a business relationship. During the six month periods ended August 31, 2015 and 2014, TAM purchased, on behalf of the Company, $393,000 and $0, respectively, of raw materials, and paid $3,500 and $0, respectively, for related tooling to a vendor with which it already had a business relationship. The Company reimbursed TAM for these outlays in full during the six months ended August 31, 2015.

During the six month period ending August 31, 2014, the Company paid $150,000 to TAM for purchase of intellectual property retained by TAM when the Company was organized in 1998.