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NOTE RECEIVABLE
3 Months Ended
May 31, 2013
Note Receivable [Abstract]  
NOTE RECEIVABLE
(6) NOTE RECEIVABLE
 
The amount of $10,000 shown on the consolidated balance sheets at May 31, 2013, and February 28, 2013, termed Note Receivable represents a note from a non-related person dated January 28, 2013, due April 28, 2013, at 5% annual interest. The note is currently past due and remains outstanding. At February 29, 2012, we showed $581,096 on the consolidated balance sheet as a Note Receivable representing a note, including interest at 5%, with a non-related partnership, which was originally dated January 8, 2008, and renewed with a guaranty and security agreement on January 23, 2009. We instituted collection proceedings which resulted in an agreed final judgment against the debtor on April 7, 2010, for the full amount of the note plus accrued interest on that date, attorneys’ fees, costs and post-judgment interest at the highest rate allowable by law. On May 15, 2012, we settled the judgment for $350,000, which resulted in a loss of $231,096. The loss is shown on the consolidated statement of income for the First Quarter of last year.