Related Parties Transactions

9 Months Ended

Nov. 30, 2016

Related Parties Transactions [Abstract]

RELATED PARTIES TRANSACTIONS

NOTE 12 – RELATED PARTIES TRANSACTIONS

At November 30, 2016, the balance reflected in Notes Payable and accrued interest-related party, current, includes $14,929,649 of unsecured notes payable plus accrued interest of $8,673,811 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 $14,880,372 plus accrued interest of $7,680,164 as of February 29, 2016. During the nine months ended November 30, 2016 and November 30, 2015, interest amounting to $993,647 and $1,089,203 respectively, was incurred on these notes. The balance also includes $82,000 of unsecured notes payable plus accrued interest of $29,141 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 $3,529,473 and $3,418,738 plus accrued interest of $1,004,675 and $784,934 with interest at a rate of 10% per annum as of November 30, 2016 and February 29, 2016, respectively.

At November 30, 2016, the balance reflected in Convertible Note Payable and accrued interest-related party, long term, includes $1,964,240 of secured convertible notes payable net of discounts of $35,760 plus accrued interest of $970,172 to Mr. Kopple, a member of our Board of Directors.