Related Parties Transactions

3 Months Ended

May 31, 2016

Related Parties Transactions [Abstract]

RELATED PARTIES TRANSACTIONS

NOTE 12 – RELATED PARTIES TRANSACTIONS

At May 31, 2016, the balance reflected in Notes Payable and accrued interest-related party, current, includes $14,903,252 of unsecured notes payable plus accrued interest of $8,054,541 to Mr. Brelow, a member of our Board of Directors, payable on demand, bearing interest at a rate of 10% per annum. The balance of $14,880,372 plus accrued interest of $7,680,164 as of February 29, 2016. During the three months ended May 31, 2015 and May 31, 2015, interest amounting to $374,378 and $359,762 respectively, was incurred on these notes. The balance also includes $82,000 of unsecured notes payable plus accrued interest of $25,748 and $23,704 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 $3,424,064 and $3,418,738 plus accrued interest of $867,234 and $784,934 with interest at a rate of 10% per annum as of May 31, 2016 and February 29, 2016, respectively.

At May 31, 2016, the balance reflected in Convertible note payable and accrued interest-related party, long term, includes $1,880,851 of secured convertible notes payable net of discounts of $119,149 plus accrued interest of $796,063 to Mr. Kopple, a member of our Board of Directors.