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6 CAPITAL LEASE OBLIGATION
12 Months Ended
Feb. 28, 2018
Debt Disclosure [Abstract]  
CAPITAL LEASE OBLIGATION

NOTE 6:    CAPITAL LEASE OBLIGATIONS

 

The Company leases certain equipment under leases classified as capital leases. The leased equipment carried a cost of $26,000 and $26,000 as of February 28, 2018 and February 28, 2017, and is depreciated on a straight-line basis over 5 years. Total accumulated depreciation related to the leased equipment was $13,000 and $7,800 as of February 28, 2018 and February 28, 2017, respectively. Obligations outstanding as of February 28, 2018 and February 28, 2017 consisted of the following:

 

     

February 28,

2018 

     

February 28,

2017 

 

Capital lease for equipment requiring monthly payments of principal and

Interest of $546 through August 2020 bearing interest at an annual rate of 9.5% 

    16,914       22,918  
Total capital lease obligations, principal and interest      16,914       22,918  
Less amount representing interest      (2,430 )     (4,127 )
Total capital lease obligations, principal      14,484       18,791  
  Less current portion      (5,402 )     (4,047 )
  Long term portion    $ 9,802     $ 14,744  

 

Future maturities of the capital lease obligation as of February 28, 2018 are:

 

Fiscal Year Ending      
 February 28,   Amount  
       
2019     5,402  
2020     5,938  
2021     3,144  
Total   $ 14,484