NOTES PAYABLE RELATED PARTY

9 Months Ended

Nov. 30, 2011

NOTES PAYABLE - RELATED PARTY [Abstract]

NOTES PAYABLE - RELATED PARTY

NOTE 7 – NOTES PAYABLE – RELATED PARTY

Related party notes payable consisted of the following:

	November 30, 2011		February 28, 2011
Demand  note payable, at 10%, due on demand to a member of our board of directors.	$	8,500,000	$	8,500,000
Demand  note payable, at 10%, due on demand to a member of our board of directors.		975,000		-
Convertible note payable, at 10%, convertible into common stock at $0.75 per share plus accrued interest, due on demand to our CEO. This note was converted into 540,661 shares at face value plus $45,496 of accrued interest as of November 30, 2011.		-		360,000
Convertible note payable, at 10%, convertible into common stock at $0.75 per share plus accrued interest, due on demand to our former president. This note was converted into 105,413 shares at face value plus $11,331of accrued interest as of November 30, 2011.		-		50,000
Accrued interest		1,892,506		1,238,352
	$	11,367,506	$	10,148,352