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EXCEL - IDEA: XBRL DOCUMENT - Earn-A-Car Inc.Financial_Report.xls
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v2.4.0.6
DEBT AND OTHER OBLIGATIONS
9 Months Ended
Nov. 30, 2012
DEBT AND OTHER OBLIGATIONS  
DEBT AND OTHER OBLIGATIONS
5. DEBT AND OTHER OBLIGATIONS
 
Debt and other obligations consist of the following:
 
                                                                   November 30,        February 29,
                                                                      2012                2012
                                                                   ----------          ----------
Loan payable - individual - unsecured, interest bearing,           $   22,744          $   26,546
no fixed repayment terms
 
Loan payable - individual - unsecured, interest bearing,
no fixed repayment terms                                               11,372                  --
 
Loan payable - individual - unsecured, interest bearing,
no fixed repayment terms                                               56,859              66,366
 
Loan payable - individual - unsecured, interest bearing,
no fixed repayment terms                                               43,781              90,257
 
Loan payable - individual - unsecured, interest bearing,
no fixed repayment terms                                               71,795             104,373
 
Loan payable - other - unsecured, interest bearing, no
fixed repayment terms                                                 204,317             252,488
 
Loan payable - bank- Secured by company vehicles, bearing
an interest rate of JIBAR plus 5% per annum,
payable in quarterly installments beginning 9/30/12                 2,606,034                  --
 
Loan payable - Jay & Jayendra (Pty) Ltd. Secured by
company vehicles, bearing an interest rate of the prime
rate, payable within 12 months                                             --             159,278
 
Loan payable - other - unsecured, 2% per month interest,
repayable within 60 days after year end, subject to
default immediate repayment stipulation                                    --             119,458
 
Loan payable - other - unsecured, interest bearing, no
fixed repayment terms                                                  28,087              60,285
 
Loan payable- other- from EAC Inc per trial balance PBC                27,500                   0
                                                                   ----------          ----------
Total                                                              $3,072,489          $  879,051
 
Current portion of loans payable                                      710,736             152,243
                                                                   ----------          ----------
 
Long-term portion of loans payable                                 $2,361,753          $  726,808
                                                                   ==========          ==========
 
Expected maturities of debt and other obligations outstanding at November 30,
2012 are as follows:
 
                                      Loan Amounts       Lease Amounts            Total
                                      ------------       -------------         ----------
Year ending November 30, 2013          $  710,736          $  453,116          $1,163,852
Year ending November 30, 2014             975,147             362,987           1,338,134
Year ending November 30, 2015             947,648             291,215           1,238,863
Year ending November 30, 2016                  --             108,122             108,122
Year ending November 30, 2017                  --                  --                  --
Thereafter                                438,958                  --             438,958
                                       ----------          ----------          ----------
      Total                            $3,072,489          $1,215,440          $4,287,929
                                       ==========          ==========          ==========
 
Installment sales and lease contracts are secured by installment sales and
finance lease agreements over revenue generating vehicles, having 2012 carrying
values of $1,961,559 and $370,640 respectively. These installment sales and
lease contracts are repayable in monthly installments for 2012 of $16,704 and
$1,115 respectively.