NOTE 7 - PREFERRED STOCK

3 Months Ended

May 31, 2016

Disclosure Text Block Supplement [Abstract]

Preferred Stock [Text Block]

NOTE 7 – PREFERRED STOCK

The Class A preferred shares entitle the holders thereof to cumulative dividends of $0.10 per share annually and the right to convert the preferred shares into common shares at the rate of $0.29 per share. The shares were redeemable at the option of the Company at any time after August 30, 2005 at the redemption price of $1.00 per share plus payment of unpaid dividends.

Dividends on preferred shares are payable annually on July 31 of each year. During the quarter ended May 31, 2016, the Company accrued dividends payable of $7,898 (February 29, 2016: $31,591). Dividends are currently accruing and total $432,179.