Related Parties Transactions

3 Months Ended

May 31, 2015

Related Parties Transactions [Abstract]

RELATED PARTIES TRANSACTIONS

NOTE 12 – RELATED PARTIES TRANSACTIONS

At May 31, 2015, the balance reflected in Notes Payable and accrued interest-related party, current, includes $14,485,960 of unsecured notes payable plus accrued interest of $6,580,552 to Mr. Breslow, a member of our Board of Directors, payable on demand, bearing interest at a rate of 10% per annum. The balance of $14,235,960 plus accrued interest of $6,220,790 as of February 28, 2015. During the three months ended May 31, 2015 and May 31, 2014, interest amounting to $359,762 and $346,782 respectively, was incurred on these notes. The balance also includes $82,000 of unsecured notes payable plus accrued interest of $17,638 and $15,594 to our CEO pursuant to a demand note entered into on April 5, 2013 and an unsecured note payable to Mr. Kopple, another member of our Board of Directors in the total amount of $3,125,205 and $3,047,856 plus accrued interest of $354,396 and $302,874 with interest at a rate of 10% per annum as of May 31, 2015 and February 28, 2015, respectively.

At May 31, 2015, the balance reflected in Convertible note payable and accrued interest-related party, long term, includes $1,714,073 of secured convertible notes payable net of discounts of $285,927 plus accrued interest of $498,528 to Mr. Kopple, a member of our Board of Directors.