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5 CAPITAL LEASE OBLIGATION
12 Months Ended
Feb. 28, 2019
Debt Disclosure [Abstract]  
CAPITAL LEASE OBLIGATION

NOTE 5:    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, 2019 and 2018, respectively and is depreciated on a straight-line basis over 5 years. Total accumulated depreciation related to the leased equipment was $13,000 and $13,000 as of February 28, 2019 and 2018, respectively. Obligations outstanding consisted of the following:

 

    February 28,
2019
  February 28,
2018

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% 

  $ 10,266     $ 16,914  
Total capital lease obligations, principal and interest     10,266       16,914  
Less amount representing interest     (1,146 )     (2,430 )
Total capital lease obligations, principal     9,120       14,484  
  Less current portion     (5,938 )     (5,402 )
  Long term portion   $ 3,182     $ 9,802  

 

Future maturities of the capital lease obligation as of February 28, 2019 are:

 

Fiscal Year Ending      
 February 28,   Amount  
       
2020   $ 5,938  
2021     3,182  
Total   $ 9,120