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FAIR VALUE (Tables) | 12 Months Ended
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Feb. 28, 2013
FAIR VALUE |
Schedule of available-for-sale securities measured and recorded at fair value for which there are quoted prices in active markets on a recurring basis |
Balance as of February 28, 2010 |  | $ | 1,918,156 |
Disposed |  | (1,470,660 | )
Changes in fair value |  | 2,850 |
Foreign exchange difference |  | 15,363 |
Balance as of February 28, 2011 |  | $ | 465,709 |
Changes in fair value |  | (121,895 | )
Foreign exchange difference |  | 17,989 |
Balance as of February 29, 2012 |  | $ | 361,803 |
Changes in fair value |  | 34,331 |
Foreign exchange difference |  | 3,821 |
Balance as of February 28, 2013 |  | $ | 399,955 |
Schedule of additional information concerning the Group's available-for-sale securities |
|  | As of February 2 9, 201 2 |  | As of February 2 8, 201 3 |
|  |  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |  |
|  |  |  | unrealized |  | unrealized |  |  |  |  |  | unrealized |  | unrealized |  |  |
|  | Cost |  | gains |  | (losses) |  | Fair value |  | Cost |  | gains |  | (losses) |  | Fair value |
Mutual fund |  | $ | 374,569 |  | $ | — |  | $ | (12,766 | ) | $ | 361,803 |  | $ | 378,390 |  | 21,565 |  | $ | — |  | $ | 399,955 |
Schedule of long-term investments |
|  | As of |  | As of |
|  | February 2 9, |  | February 2 8, |
|  | 20 12 |  | 201 3 |
Long-term investment in Century Mingde (1) |  | $ | — |  | $ | 2,411,073 |
Long-term investment in a third-party online platform (2) |  | — |  | 3,080,000 |
|  | $ | — |  | $ | 5,491,073 |
(1) In March 2012, the Group acquired 6% equity interest in Century Mingde, a private company that engages in providing summer and winter camp training service in China with a cash consideration of $2,411,073. At the end of each reporting period, the Group calculates the fair value of these investments by using income approach discounted cash flow method. The discounted cash flow analysis requires the use of significant unobservable inputs (Level 3 inputs), including projected revenue, operating expenses, capital expenditures and a discount rate calculated based on the weighted average cost of capital. As of February 28, 2013, the net present value derived from such discounted cash flow model based on a discount rate of 19% approximated the initial purchase price. (2) In February 2013, the Group acquired 16.85% equity interest in a third-party online education platform, a private company incorporated in the Cayman Islands, by purchasing 2,200,000 Series A preferred shares for a total cash consideration of $3,080,000. As the transaction date was close to the fiscal year end, the initial purchase price is considered the fair value of this investment.
Schedule of information about inputs for the fair value measurements of the Group's assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition |
|  | Fair Value Measurement at Reporting Date Using |
|  |  |  | Quoted Prices in |  | Significant Other |  | Significant |
|  | February 29, |  | Active Market for |  | Observable |  | Unobservable |
Description |  | 2012 |  | Identical Assets |  | Inputs |  | Inputs |
|  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Available for sale securities |  | $ | 361,803 |  | $ | 361,803 |  | — |  | — |
Long-term investments |  | — |  | — |  | — |  | — |
Total |  | $ | 361,803 |  | $ | 361,803 |  | — |  | — |
|  | Fair Value Measurement at Reporting Date Using |
|  |  |  | Quoted Prices in |  | Significant Other |  | Significant |
|  | February 28, |  | Active Market for |  | Observable |  | Unobservable |
Description |  | 201 3 |  | Identical Assets |  | Inputs |  | Inputs |
|  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Available for sale securities |  | $ | 399,955 |  | $ | 399,955 |  | — |  | — |
Long-term investments |  | $ | 5,491,073 |  | — |  | — |  | $ | 5,491,073 |
Total |  | $ | 5,891,028 |  | $ | 399,955 |  | — |  | $ | 5,491,073 |

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-1 -Paragraph 21 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 19, 20, 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 17 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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