• Filing Date: 2018-07-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 10 - Note Payable
3 Months Ended
May 31, 2018
Notes to Financial Statements  
Long-term Debt [Text Block]
NOTE
10
– NOTE PAYABLE
 
The Company’s long-term debt is comprised of a promissory note, the proceeds of which were loaned to SWRL and used to finance SWRL’s business acquisitions. As of
May 31, 2018,
$2.2
million was outstanding under this promissory note.
 
As of
May 31, 2018
and
February 28, 2018,
notes payable consisted of the following:
 
   
May 31, 2018
   
February 28, 2018
 
                 
Promissory note
  $
2,195,354
    $
2,529,309
 
Less: current maturities
   
(1,365,473
)    
(1,352,893
)
Long-term obligations
  $
829,881
    $
1,176,416
 
 
The following table summarizes annual maturities of our notes payable as of
May 31, 2018:
 
   
Amount
 
2019
  $
1,018,926
 
2020
   
1,176,428
 
Total minimum payments
   
2,195,354
 
Less: current maturities
   
(1,365,473
)
         
Long-term obligations
  $
829,881