BUSINESS DESCRIPTION AND GOING CONCERN	12 Months Ended
Feb. 28, 2012
Notes to Financial Statements
BUSINESS DESCRIPTION AND GOING CONCERN	NOTE 1 - BUSINESS DESCRIPTION AND GOING CONCERN: Company Activities - Magna-Lab Inc. and Subsidiary (collectively, the “Company”) is focused on engaging in a “reverse merger” transaction with an unrelated business that could benefit from the Company’s public reporting status. Additional activities have included preserving cash, attempting to raise capital to support its activities and continuing its public reporting. The Company was previously engaged in research, development and commercialization activities until it ceased such activities during the period September 2002 through March 2003 since the Company was unable to secure financing to support its planned activities. The Company’s efforts to enter into a strategic arrangement or to seek other means to realize value for its cardiac diagnostic technologies through sale, license or otherwise have been unsuccessful. Going Concern Consideration - As indicated in the accompanying consolidated financial statements, at February 29, 2012, the Company had approximately $7,000 in cash and approximately $803,000 in negative working capital and stockholders’ deficit. For the year ended February 29, 2012, the Company had a net loss of approximately $84,000 and utilized approximately $43,000 in cash for operations. Further, losses are continuing subsequent to February 29, 2012. These factors, among others, indicate that the Company is in need of additional financing in order to continue its planned activities for the fiscal year that began on March 1, 2012. The Company’s plans to deal with this uncertainty are described above in “Company Activities.” Management’s plans to raise capital or merge with an unrelated business have not been successful to date and there can be no assurance that management’s plans can be realized at all. These factors, among others, indicate that the Company may be unable to continue operations as a going concern. No adjustment has been made in the accompanying consolidated financial statements to the amounts and classification of assets and liabilities which could result should the Company be unable to continue as a going concern.

BUSINESS DESCRIPTION AND GOING CONCERN

12 Months Ended

Feb. 28, 2012

NOTE 1 - BUSINESS DESCRIPTION AND GOING CONCERN:

Company Activities - Magna-Lab Inc. and Subsidiary (collectively, the “Company”) is focused on engaging in a “reverse merger” transaction with an unrelated business that could benefit from the Company’s public reporting status. Additional activities have included preserving cash, attempting to raise capital to support its activities and continuing its public reporting.

The Company was previously engaged in research, development and commercialization activities until it ceased such activities during the period September 2002 through March 2003 since the Company was unable to secure financing to support its planned activities. The Company’s efforts to enter into a strategic arrangement or to seek other means to realize value for its cardiac diagnostic technologies through sale, license or otherwise have been unsuccessful.

Going Concern Consideration - As indicated in the accompanying consolidated financial statements, at February 29, 2012, the Company had approximately $7,000 in cash and approximately $803,000 in negative working capital and stockholders’ deficit. For the year ended February 29, 2012, the Company had a net loss of approximately $84,000 and utilized approximately $43,000 in cash for operations. Further, losses are continuing subsequent to February 29, 2012. These factors, among others, indicate that the Company is in need of additional financing in order to continue its planned activities for the fiscal year that began on March 1, 2012. The Company’s plans to deal with this uncertainty are described above in “Company Activities.” Management’s plans to raise capital or merge with an unrelated business have not been successful to date and there can be no assurance that management’s plans can be realized at all. These factors, among others, indicate that the Company may be unable to continue operations as a going concern. No adjustment has been made in the accompanying consolidated financial statements to the amounts and classification of assets and liabilities which could result should the Company be unable to continue as a going concern.