• Filing Date: 2019-07-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Note 10 - Note Payable
3 Months Ended
May 31, 2019
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, 2019,
approximately
$830,000
was outstanding under this promissory note. This promissory note matures in
January 2020.
 
Additionally, the promissory note is subject to various financial ratio and leverage covenants. As of
May 31, 2019,
the Company was in compliance with all such covenants.
 
As of
May 31, 2019
and
February 28, 2019,
notes payable consisted of the following:
 
   
May 31, 2019
   
February 28, 2019
 
Promissory note
  $
829,941
    $
1,176,488
 
Less: current maturities
   
(829,941
)    
(1,176,488
)
Long-term obligations
  $
-
    $
-