NOTES PAYABLE - RELATED PARTY

12 Months Ended

Feb. 28, 2013

NOTES PAYABLE - RELATED PARTY [Abstract]

NOTES PAYABLE - RELATED PARTY

NOTE 7 – NOTES PAYABLE – RELATED PARTY

At February 28, 2013 the balance consists of $13,819,960 of unsecured notes payable plus accrued interest of $3,445,506 to a member of our Board of Directors, payable on demand, bearing interest at a rate of 10% per annum. At February 29, 2012 the balance consists of $10,425,000 of unsecured notes payable plus accrued interest of $2,137,743 to a member of our Board of Directors, payable on demand, bearing interest at a rate of 10% per annum.During the years ended February 28, 2013 and February 29, 2012, interest amounting to $1,307,763 and $944,632 respectively, was incurred on these notes and is included in accrued interest.