Related Parties Transactions

12 Months Ended

Feb. 29, 2016

Related Parties Transactions [Abstract]

RELATED PARTIES TRANSACTIONS

NOTE 7 - RELATED PARTIES TRANSACTIONS

At February 29, 2016, the balance in Notes Payable and accrued interest-related party, current, includes $14,880,372 of unsecured notes payable plus accrued interest of $7,680,164 to Mr. Breslow, a member of our Board of Directors, payable on demand, bearing interest at a rate of 10% per annum. The payable balance of $14,235,960 plus accrued interest of $6,220,790 as of February 28, 2015. During the years ended February 28, 2015 and February 28, 2014, interest amounting to $1,459,374 and $1,395,855 respectively, was incurred on these notes. The balance also includes $82,000 of unsecured notes payable plus accrued interest of $23,704 and $15,594 to our CEO pursuant to a demand note entered into on April 5, 2014 and an unsecured note payable to Mr. Kopple, another member of our Board of Directors in the total amounts of $3,418,738 and $3,047,856 plus accrued interest of $784,934 and $302,874 pursuant to 10% demand note payable as of February 28, 2016 and 2015 respectively.

At February 29, 2016, the balance in Convertible note payable and accrued interest-related party, long term, includes $1,839,156 of secured convertible notes payable net of discounts of $160,844 plus accrued interest of $721,268 to Mr. Kopple, a member of our Board of Directors. On June 20, 2014, $500,000 of the original note was converted into a portion of a 10% demand note.