Note 11 - Note Payable

9 Months Ended

Nov. 30, 2014

NOTE 11 – NOTE PAYABLE

The Company’s long-term debt is comprised of a promissory note with Wells Fargo Bank, NA used to finance the Company’s business acquisitions (unpaid balance as of November 30, 2014, $6.4 million).

As of November 30, 2014 and February 28, 2014, notes payable consisted of the following:

	November 30, 2014			February 28, 2014

Promissory note	$	6,400,000		$	6,400,000
Less: current maturities		(1,010,317	)		(108,023	)
Long-term obligations	$	5,389,683		$	6,291,977

The following table summarizes annual maturities of our notes payable as of November 30, 2014:

	Amount
2015	$	108,000
2016		1,209,000
2017		1,256,000
2018		1,304,000
Thereafter		2,523,000
Total minimum payments		6,400,000
Less: current maturities		(1,010,317	)

Long-term obligations	$	5,389,683

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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