v3.22.2.2
FINANCIAL INSTRUMENTS
6 Months Ended
Aug. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

Note 9 – FINANCIAL INSTRUMENTS

 

The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

 

 

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The carrying amounts reported in the condensed balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments.

 

 

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The estimated fair value of our term notes payable is estimated by management to approximate $35,475,900 and $24,521,600 as of August 31, 2022 and February 28, 2022, respectively. The term notes payable reflected on the Company’s condensed balance sheets were $36,000,000 and $25,000,100 as of August 31, 2022 and February 28, 2022, respectively. Management's estimates are based on the obligations' characteristics, including floating interest rate, maturity, and collateral.