Long Term Debt

9 Months Ended

Nov. 30, 2012

Notes to Financial Statements

Long Term Debt

NOTE 6: LONG TERM DEBT

Long-term debt consists of the following:

	November 30,		February 29,
	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.	$	1,988,683	$	2,035,579
Equipment loan, bank, collateralized by related office equipment, payable in monthly installments of principal and interest of $5,154 through June 2015.  Interest rate 2.12%.  48 month term.		155,400		198,920
Total long term debt		2,144,083		2,234,499
Due within one year		123,573		120,303
Due after one year	$	2,020,510	$	2,114,196