EQUIPMENT

6 Months Ended

Aug. 31, 2015

Property, Plant and Equipment [Abstract]

EQUIPMENT

Equipment consists of the following:

	Estimated  Useful Lives	August 31,  2015			February 28,  2015
Research equipment	7 years	$	590,372		$	548,991
Computer equipment	5 years		73,704			73,704
			664,076			622,695
Accumulated depreciation and amortization			(121,864	)		(96,089	)
Equipment, net		$	542,212		$	526,606

Depreciation and amortization expense was $23,812 and $9,350 for the three months ended August 31, 2015 and 2014, respectively. Depreciation of equipment utilized in research and development activities is included in research and development expenses and amounted to $20,126 and $5,665 for the three months ended August 31, 2015 and 2014, respectively. All other depreciation is included in general and administrative expense and amounted to $3,686 and $3,685 for the three months ended August 31, 2015 and 2014, respectively.

Depreciation and amortization expense was $48,657 and $18,572 for the six months ended August 31, 2015 and 2014, respectively. Depreciation of equipment utilized in research and development activities is included in research and development expenses and amounted to $41,286 and $11,330 for the six months ended August 31, 2015 and 2014, respectively. All other depreciation is included in general and administrative expense and amounted to $7,371 and $7,242 for the six months ended August 31, 2015 and 2014, respectively.

On March 26, 2014, we entered into an agreement to finance the purchase of research equipment for a purchase price of $318,603. The terms of the agreement require a down payment of $21,115 and 36 monthly payments of $10,260. The agreement further requires a security deposit of $238,952, which will be refunded to the Company in three equal installments upon the payment of the twelfth, the twenty-fourth and the thirty-sixth monthly payments. This security deposit has been satisfied by the Company. As further security, a personal guaranty was required of our former chief executive officer. On July 9, 2015, we prepaid all the remaining installments due under the agreement through an application of the security deposit.