XML 48 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Feb. 28, 2014
Feb. 28, 2013
Feb. 29, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,454,105) $ (2,877,025) $ (3,123,478)
Adjustments to reconcile net loss to operating activities:      
Depreciation 211,574 253,190 266,150
Loss on disposal of property & equipment 998 0 0
Realized loss (gain) on investment securities 0 (22) 185,456
Impairment of investments in policies 297,610 745,402 906,451
Income from investments in policies (94,735) (3,716,225) (809,218)
Earnings from life settlements trust (114,886) (458,377) (28,807)
Deferred income taxes (1,205,892) 2,557,055 753,317
Increase in allowance for premium advances 346,320 511,414 575,025
Income from assignment of income stream (5,254,500) 0 0
Loss on settlement of note receivable 0 231,096 0
(Increase) decrease in operating assets:      
Accounts receivable 54,098 41,394 433,738
Note receivable 1,088 340,000 0
Income taxes receivable (payable) 3,445,564 (1,659,388) (2,767,111)
Prepaid expenses 3,520 247,084 (378,174)
Artifacts & other (3,150) 0 0
Premium advances, net 1,907,054 (2,591,934) (1,287,358)
Increase (decrease) in operating liabilities:      
Accounts payable (682,432) 881,247 (1,455,319)
Accrued liabilities (17,822) (233,873) 400,398
Accrued settlement expense (28,623) (345,170) 137,821
Deferred policy monitoring costs 1,245,032 363,289 (196,585)
Net cash used in operating activities (2,343,287) (5,710,843) (6,387,694)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in certificates of deposit (250,000) (501,468) (111)
Proceeds from certificates of deposit 500,728 0 0
Proceeds from sales of marketable securities 0 400,022 4,663,547
Purchases of property and equipment (5,686) (93,798) (47,291)
Proceeds from life settlements trust 227,508 691,682 84,443
Proceeds from assignment of income stream 5,254,500 0 0
Investment in life settlements trust (47,695) (609,371) (190,782)
Proceeds from sales of investments in policies 146,530 9,817,929 1,027,018
Maturities of investments in policies 37,298 52,034 293,545
Purchases of investments in policies and capitalized premiums (298,844) (369,611) (769,835)
Net cash provided by investing activities 5,564,339 9,387,419 5,060,534
CASH FLOWS FROM FINANCING ACTIVITIES:      
Dividends paid (4,661,900) (7,463,685) (14,920,716)
Net cash used in financing activities (4,661,900) (7,463,685) (14,920,716)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,440,848) (3,787,109) (16,247,876)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 7,575,579 11,362,688 27,610,564
CASH AND CASH EQUIVALENTS, END OF YEAR 6,134,731 7,575,579 11,362,688
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest paid 77 1,342 5,694
Income taxes paid $ 54,319 $ 366,620 $ 634,866