ACCOUNTS PAYABLE AND ACCRUALS	12 Months Ended
Feb. 28, 2012
Notes to Financial Statements
ACCOUNTS PAYABLE AND ACCRUALS	NOTE 3 – ACCOUNTS PAYABLE AND ACCRUALS: At February 29, 2012 and February 28, 2011, approximately $106,000 of accounts payable relates to intellectual property counsel fees and costs including approximately $68,000 of which that has been paid by and is therefore due to the Company’s Chairman and President for payments he has made on the Company’s behalf in prior years in an attempt to preserve certain intellectual property rights at that time. This officer ceased making such payments several years ago and, as such, the underlying intellectual property may be or become compromised. At February 29, 2012 and February 28, 2011, accrued expenses includes approximately $18,000 payable to a third party, guaranteed by our principal shareholder, for amounts paid to an account payable in October 2007 on our behalf. This amount is repayable if the proposed merger transaction with this party is not completed. This party subsequently merged with a third party and abandoned its possible transaction with the Company, however there has not been a demand for repayment of this amount. Further, the Company believes it has a claim for recovery of certain costs from this third party associated with a proposed transaction pursuant to understandings between the parties. At February 29, 2012 and February 28, 2011, accounts payable also includes approximately $14,000 related to certain pre-1997 accounts payable (Note 8). There was no activity in the restructuring accrual for the pre-1997 activities during the years ended February 29, 2012 and February 28, 2011. The Company periodically adjusts the accrual based on the status of the matters, any activity and the passage of time.

ACCOUNTS PAYABLE AND ACCRUALS

12 Months Ended

Feb. 28, 2012

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUALS:

At February 29, 2012 and February 28, 2011, approximately $106,000 of accounts payable relates to intellectual property counsel fees and costs including approximately $68,000 of which that has been paid by and is therefore due to the Company’s Chairman and President for payments he has made on the Company’s behalf in prior years in an attempt to preserve certain intellectual property rights at that time. This officer ceased making such payments several years ago and, as such, the underlying intellectual property may be or become compromised.

At February 29, 2012 and February 28, 2011, accrued expenses includes approximately $18,000 payable to a third party, guaranteed by our principal shareholder, for amounts paid to an account payable in October 2007 on our behalf. This amount is repayable if the proposed merger transaction with this party is not completed. This party subsequently merged with a third party and abandoned its possible transaction with the Company, however there has not been a demand for repayment of this amount. Further, the Company believes it has a claim for recovery of certain costs from this third party associated with a proposed transaction pursuant to understandings between the parties.

At February 29, 2012 and February 28, 2011, accounts payable also includes approximately $14,000 related to certain pre-1997 accounts payable (Note 8). There was no activity in the restructuring accrual for the pre-1997 activities during the years ended February 29, 2012 and February 28, 2011. The Company periodically adjusts the accrual based on the status of the matters, any activity and the passage of time.