Note 15 - Related Party Transactions

12 Months Ended

Feb. 29, 2012

Related Party Transactions Disclosure [Text Block]

NOTE 15 – RELATED PARTY TRANSACTIONS

The Company has entered into Franchise Agreements and a Development Agreement with a member of the Company’s Board of Directors.  The Director operates two ALY locations under the Franchise Agreements and the Development Agreement provides for certain incentives if five locations are secured prior to February 1, 2013.

As of February 29, 2012, the Company had receivables of approximately $2,400 due from the Director associated with the director’s ownership and operation of the two current ALY locations.

Our President and Chief Executive Officer has members of his immediate family with ownership interests in retail marketing businesses.  These businesses have, on occasion, provided services to the Company and may provide services in the future.  As of February 29, 2012 and February 28, 2011, no amounts were recorded to accounts payable, or accounts receivable related to these services.  Transactions with these businesses have been immaterial to our results of operations.