Long Term Debt

3 Months Ended

May 31, 2012

Notes to Financial Statements

Long Term Debt

NOTE 6: LONG TERM DEBT

Long-term debt consists of the following:

	May 31,		February 29,
	2012		2012
Note payable, individual, collateralized by land and buildings, payable in monthly installments of principal and interest of $14,446 through January 2031.  Interest rate 5.5%.  20 year term.	$	2,020,161	$	2,035,579
Equipment loan, bank, collateralized by related production equipment, payable in monthly installments of principal and interest of $5,158 through June 2015.  Interest rate 2.12%. 48 month term.		184,477		198,920
Total long term debt		2,204,638		2,234,499
Due within one year		122,031		120,303
Due after one year	$	2,082,607	$	2,114,196