v2.4.0.6
Note Payable to Shareholder and Advance from Shareholder
9 Months Ended
Nov. 30, 2012
Debt Disclosure [Abstract]  
Note Payable to Shareholder and Advance from Shareholder Disclosure [Text Block]

Note 6 - Note Payable to Shareholder and Advance from Shareholder

 

The Company issued a $100,000 principal amount unsecured promissory note to A. Lorne Weil, one of the Company’s Initial Shareholders and its Non-Executive Chairman of the Board, on November 8, 2011. The note was non-interest bearing and was payable on the earlier of (i) November 8, 2012, (ii) the consummation of the Public Offering or (iii) the date on which the Company determined not to proceed with the Public Offering. The parties to the notes informally agreed to extend their payable date past the Public Offering. The note was repaid in full on May 25, 2012. Due to the short term nature, the fair value of the note approximated the carrying amount.

 

In addition, on March 15, 2012, the shareholder paid expenses on behalf of the Company in the amount of $71,250 for various NASDAQ fees. The liability was repaid in full on August 24, 2012.