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Long Term Debt (Tables) | 12 Months Ended
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Feb. 28, 2021
Long Term Debt Tables Abstract |
Long-term debt |
|  | February 28, 2021 |  |  | February 29, 2020 |
Note payable, bank, collateralized by land and buildings, payable in monthly installments of principal and interest of $16,358 through January 2024 with an interest rate of 4.15% and a 10-year term. |  | $ | — |  |  | $ | 707,716 |
Note Payable, bank, unsecured, Paycheck Protection Program funding, initially scheduled to be payable in monthly installments of principal and interest of $56,370 through April 2022. Interest rate 1%. 2-year term. Under the terms of the CARE Act, forgiveness for all or a portion of the loan may be granted based upon use of the loan proceeds for eligible payroll and related payroll costs and other qualified expenses. The Company has applied for forgiveness of this obligation. Under the Paycheck Protection Program Flexibility Act, payments of principal and interest shall be deferred until the date that the Small Business Administration remits the forgiveness amount to the Company’s lender or determines that some or all of the PPP loan is not eligible for forgiveness. If all or a portion of the loan is not forgiven, the unforgiven balance and accrued interest shall be payable during the remainder of the term of the loan. This loan was forgiven in its entirety by the SBA in April 2021. |  |  | 1,001,640 |  |  |  | — |
Total long-term debt |  |  | 1,001,640 |  |  |  | 707,716 |
Due within one year |  |  | — |  |  |  | 169,716 |
Due after one year |  | $ | 1,001,640 |  |  | $ | 538,000 |

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- Definition Long Term Debt + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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