XML 60 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Feb. 29, 2012
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES  
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12.                              ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

 

Accrued expenses and other current liabilities consisted of the following:

 

 

 

As of

 

As of

 

 

 

February 28,

 

February 29,

 

 

 

2011

 

2012

 

 

 

 

 

 

 

Accrued employee payroll and welfare benefits

 

$

4,815,701

 

$

9,614,318

 

Other taxes payable

 

1,770,780

 

2,362,052

 

Proceeds from employees’ transferring stocks (1)

 

—

 

885,869

 

Professional service fee payable

 

684,931

 

478,890

 

Enrollment fees collected for sponsors

 

307,536

 

281,293

 

Accrued teaching material costs

 

—

 

465,627

 

Accrued advertising expenses

 

—

 

231,600

 

Payable for acquisition of Wuhan Jianghan School

 

33,783

 

35,274

 

Payable for investment in Holiday School

 

—

 

95,337

 

Others

 

441,249

 

833,930

 

 

 

 

 

 

 

 

 

Total

 

$

8,053,980

 

$

15,284,190

 

 

(1)         During the year ended February 29, 2012, the Company acts as a custodian for non-vested shares awards granted to employees under the 2010 Share Incentive Plan. Subsequent to the vesting of such awards and at the request of an employee, the Company will sell the related shares and take delivery of the sale proceeds; upon the payment of related withholding taxes, the proceeds are forwarded to the employee, which is generally within a few weeks.