Note 14 - Restructuring Charges

12 Months Ended

Feb. 28, 2013

Restructuring and Related Activities Disclosure [Text Block]

NOTE 14 – RESTRUCTURING CHARGES

As discussed in Note 1, on January 14, 2013, “Newco” entered into an agreement to acquire substantially all of the franchise rights of Yogurtini. In addition, on January 14, 2013, the Company entered into two agreements to sell all of its membership interests in Newco and substantially all of its assets in ALY to U-Swirl, Inc., in exchange for a 60% controlling equity interest in U-Swirl, Inc. Upon completion of these transactions, the management of U-Swirl, Inc. is responsible for operations at all company-owned Aspen Leaf Yogurt locations and the selling and support of franchise locations. Associated with this transaction, the Company recorded net restructuring charges of $635,168 as of February 28, 2013.

Restructuring charges incurred at February 28, 2013 were comprised of the following:

Professional fees	$	337,599
Severance compensation		28,155
Previously deferred revenue		(44,000	)
Provision for termination of contractual obligations		185,414
Other		128,000

Total	$	635,168

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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