Discontinued Operations

12 Months Ended

Feb. 28, 2014

Discontinued Operations [Text Block]

5.

Discontinued Operations

During the period ended February 28, 2014, the Company’s management elected to discontinue the operations of its pharmaceutical business, divest itself of the balance of its pharmaceutical assets and engage in the digital media business. As such, all assets, liabilities and expenses of the pharmaceutical business have been presented as discontinued operations in the consolidated financial statements. A summary of those assets and liabilities as of February 28, 2014 and February 28, 2013 and revenues and expenses as of February 28, 2014 and 2012 and from Inception March 18, 2005 through February 28, 2014:

		February 28,
		2014		2013
Assets from Discontinued Operations
Accounts receivable, net of reserves	$	-	$	50,556
Intangible assets, net (available for sale)		-		200,000
Total Assets	$	-	$	250,556
Liabilities from Discontinued Operations
Accounts payable and accrued liabilities	$	109,449	$	119,382

							For the Period
							From Inception
							March 18, 2005
							Through
		For the Years Ended					February 28,
		February 28,					2014
		2014			2013		(Unaudited)
Net Revenues	$	1,893		$	77,938	$	1,127,689
Expenses
Cost of goods sold		1,886			52,359		359,246
Amortization expense		-			86,486		226,266
Consulting fees		1,619			3,333		622,069
Marketing		2,311			33,144		629,348
Write down of mineral property acquisition costs		-			-		5,000
Mineral property expenses		-			-		15,124
Impairment of product rights		200,000			456,554		656,554
General and administrative		-			284,651		2,342,134
Total Expenses		205,816			916,527		4,855,741
Other Income
Gain on sale of product rights		-			-		64,900
Other income		12,442			891,965		904,407
Net Income (Loss) From Discontinued Operations	$	(191,481	)	$	53,37 6	$	(2,758,745	)