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Long Term Debt
 12 Months Ended
Feb. 28, 2015
Notes to Financial Statements  
Long Term Debt

NOTE 9: LONG-TERM DEBT

 

Long-term debt consists of the following:

 

   February 28, 
   2015   2014 
         
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.  $20,542   $81,164 
           
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.   1,457,379    1,589,360 
           
Total long term debt   1,477,921    1,670,524 
Due within one year   158,184    191,466 
Due after one year  $1,319,737   $1,479,058 

 

Long-term debt is payable as follows:

 

Fiscal Year ending February 28,  
2016 158,184
2017 143,388
2018 149,698
2019 156,119
2020 162,817
Thereafter 707,715