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Income Taxes
6 Months Ended
Aug. 31, 2016
Income Taxes [Abstract]  
INCOME TAXES

5.       INCOME TAXES

 

At August 31, 2016, the Company has net operating loss carryforwards of approximately $10,016,000 that expire through February 2028. Such net operating losses are available to offset future taxable income, if any. As the utilization of such net operating losses for tax purposes is not assured, the deferred tax asset has been fully reserved through the recording of a 100% valuation allowance. Should a cumulative change in the ownership of more than 50% occur within a three-year period, there could be an annual limitation on the use of the net operating loss carryforwards.

 

Net operating losses are subject to a twenty-year loss carryforward.  Of the Company’s $10,016,000 of net operating loss carryforwards as of August 31, 2016, approximately $1,254,000 expire in 2021, $1,248,000 expire in 2022, and $7,514,000 expire in 2028.