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Long Term Debt | 12 Months Ended
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Feb. 28, 2014
Notes to Financial Statements |
Long Term Debt | NOTE 9: LONG-TERM DEBT Long-term debt consists of the following:
|  | February 28, |  |  | February 28, |
|  | 2014 |  |  | 2013 |
Note payable, individual, collateralized by land and buildings, payable in monthly installments of principal and interest of $14,446 through January 2031. Interest rate 5.5%. 20 year term. |  | $ | 0 |  |  | $ | 1,972,617 |
Equipment loan, bank, collateralized by related production equipment, payable in monthly installments of principal and interest of $5,158 through June 2015. Interest rate 2.12%. 48 month term. |  |  | 81,164 |  |  |  | 140,618 |
Note payable, bank, collateralized by land and buildings, payable in monthly installments of principal and interest of $16,358 through January 2024. Interest rate 4.15%. 10 year term. |  |  | 1,589,360 |  |  |  | 0 |
Total long term debt |  |  | 1,670,524 |  |  |  | 2,113,235 |
Due within one year |  |  | 191,466 |  |  |  | 125,999 |
Due after one year |  | $ | 1,479,058 |  |  | $ | 1,987,236 |
Long-term debt is payable as follows:
Fiscal Year ending February 28, |
2015 | 191,466
2016 | 158,014
2017 | 143,388
2018 | 149,698
2019 | 156,119
Thereafter | 871,839

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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