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EXCEL - IDEA: XBRL DOCUMENT - Earn-A-Car Inc.Financial_Report.xls
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EX-31 - Earn-A-Car Inc.ex31-1.txt
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v2.4.0.6
DEBT AND OTHER OBLIGATION (Tables)
9 Months Ended
Nov. 30, 2012
DEBT AND OTHER OBLIGATION  
DEBT AND OTHER OBLIGATION
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
                                                                   ==========          ==========