MetaStat (MTST) 10-K 13 Jun 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Feb. 28, 2014	Jun. 11, 2014	Aug. 31, 2013
Document And Entity Information	'	'	'
Entity Registrant Name	'MetaStat, Inc.	'	'
Entity Central Index Key	'0001404943	'	'
Document Type	'10-K	'	'
Document Period End Date	28-Feb-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--02-28	'	'
Is Entity a Well-known Seasoned Issuer?	'No	'	'
Is Entity a Voluntary Filer?	'No	'	'
Is Entity's Reporting Status Current?	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$73,451,256
Entity Common Stock, Shares Outstanding	'	21,469,431	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2014	'	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Feb. 28, 2014	Feb. 28, 2013
ASSETS	'	'
Cash	$483,408	$969,188
Other receivable	20,000	'
Prepaid Insurance	12,073	'
Deferred financing cost	60,523	'
Total Current Assets	576,004	969,188
Equipment (net of accumulated depreciation of $34,192 and $12,396, respectively)	204,254	53,326
Refundable deposit	-10,367	'
TOTAL ASSETS	790,625	1,022,514
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	'	'
Accounts payable	257,965	168,005
Convertible debentures (net of discount of $206,636 and $71,543, respectively)	2,475,717	716,957
Accrued interest payable	137,701	1,940
TOTAL LIABILITIES	2,871,383	886,902
STOCKHOLDERS' (DEFICIT) EQUITY	'	'
Preferred stock (50,000,000 shares authorized; none shares issued and outstanding respectively)	'	'
Common stock (Common Stock, $0.0001 par value; 150,000,000 shares authorized; 21,573,899 and 21,054,418 shares issued and outstanding respectively)	2,157	2,106
Paid-in-capital	8,644,760	5,495,985
Deficit accumulated during development stage	-10,727,675	-5,362,479
Total (Deficit) Equity	-2,080,758	135,612
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$790,625	$1,022,514

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2014	Feb. 28, 2013
STOCKHOLDERS' EQUITY	'	'
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Accumulated depreciation	$34,192	$12,396
Convertible debentures, discount	$206,636	$71,543
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	21,573,899	21,054,418
Common stock, shares outstanding	21,573,899	21,054,418

Consolidated_Statements_of_Exp

Consolidated Statements of Expenses (Unaudited) (USD $)	12 Months Ended		55 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Revenue	'	'	'
Revenue	'	'	'
Total revenue	'	'	'
OPERATING EXPENSES	'	'	'
General & administrative	3,526,863	2,000,937	7,345,295
Research & development	824,336	516,798	2,365,539
Total Operating Expenses	4,351,199	2,517,735	9,710,834
OTHER EXPENSES (INCOME)	'	'	'
Interest income	-82	-596	-678
Accretion expense	829,969	1,500	831,469
Deferred financing costs amortization	14,159	'	14,159
Interest expense	137,098	1,940	139,038
Loss on extinguishment of debt	32,853	'	32,853
Total Other Expenses (Income)	1,013,997	2,844	1,016,841
NET LOSS	($5,365,196)	($2,520,579)	($10,727,675)
Net loss per share, basic and diluted	($0.25)	($0.12)	'
Weighted average of shares outstanding	21,169,091	20,882,199	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended		55 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net loss	($5,365,196)	($2,520,579)	'
Depreciation	21,796	11,125	34,192
Amortization of deferred financing costs	14,159	'	14,159
Warrants issued for services	42,993	228,689	421,681
Stock option expense	1,647,572	'	2,258,822
Common stock issued for services	299,200	11,075	452,055
Accretion expense	829,969	1,500	831,469
Changes in assets and liabilities	'	'	'
Other receivable	-20,000	'	-20,000
Prepaid insurance	81,766	'	81,766
Refundable deposit	-10,367	'	-10,367
Accounts payable	89,960	-123,854	257,965
Interest payable	135,761	1,940	137,701
NET CASH USED IN OPERATING ACTIVITIES	-2,199,534	-2,395,909	-6,235,379
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Purchase of equipment	-172,724	-45,243	-238,446
NET CASH USED IN INVESTING ACTIVITIES	-172,724	-45,243	-238,446
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from sale of stock	'	880,000	3,418,755
Proceeds from subscription receivables	'	865,000	865,000
Payments on short-term debt	-93,840	'	-93,840
Borrowings on convertible notes	2,055,000	787,000	2,842,000
Payment of financing costs	-74,682	'	-74,682
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,886,478	2,532,000	6,957,233
NET INCREASE (DECREASE) IN CASH	-485,780	90,848	483,408
Cash at the beginning of the year	969,188	878,340	'
Cash at the end of the year	483,408	969,188	483,408
SUPPLEMENTAL DISCLOSURES:	'	'	'
Interest Paid	3,278	'	3,278
Income taxes paid	'	'	'
Financing of insurance premiums	93,840	'	93,840
Recapitalization of PVSP shareholders	'	'	8
Warrants issued with convertible notes	357,145	71,543	428,688
Beneficial conversion feature in convertible notes	$532,210	$0	$532,210

Statement_of_Equity

Statement of Equity (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning Balance, Amount at Jul. 21, 2009	'	'	'	'
Beginning Balance, Shares at Jul. 21, 2009	'	'	'	'
Issue common stock to founders for cash at $.0001 per share, Shares	1,100,000	'	'	'
Issue common stock to founders for cash at $.0001 per share, Amount	110	-100	'	10
Sale of common stock for cash at $.0018 per share, Shares	660,000	'	'	'
Sale of common stock for cash at $.0018 per share, Amount	66	1,134	'	1,200
Sale of common stock for cash at $.023 per share, Shares	3,410	'	'	'
Sale of common stock for cash at $.023 per share, Amount	341	77,159	'	77,500
Net loss	'	'	-52,071	-52,071
Ending Balance, Amount at Feb. 28, 2010	517	78,193	-52,071	26,639
Ending Balance, Shares at Feb. 28, 2010	5,170,000	'	'	'
Sale of common stock for cash at $.023 per share, Shares	6,055,500	'	'	'
Sale of common stock for cash at $.023 per share, Amount	606	137,169	'	137,775
Issued common stock for services at $0.023 per share, Shares	3,290,570	'	'	'
Issued common stock for services at $0.023 per share, Amount	329	74,457	'	74,786
Sale of common stock for cash at $0.45 per share, Shares	515,900	'	'	'
Sale of common stock for cash at $0.45 per share, Amount	52	232,073	'	232,125
Sale of common stock for cash at $0.68 per share, Shares	212,668	'	'	'
Sale of common stock for cash at $0.68 per share, Amount	21	144,979	'	145,000
Net loss	'	'	-363,175	-363,175
Ending Balance, Amount at Feb. 28, 2011	15,252	666,871	-415,246	253,150
Ending Balance, Shares at Feb. 28, 2011	15,244,638	'	'	'
Sale of common stock for cash at $.023 per share, Shares	80,069	'	'	'
Sale of common stock for cash at $.023 per share, Amount	8	1,563	'	1,571
Sale of common stock for cash at $0.45 per share, Shares	103,004	'	'	'
Sale of common stock for cash at $0.45 per share, Amount	10	47,060	'	47,070
Sale of common stock for cash at $0.68 per share, Shares	2,781,539	'	'	'
Sale of common stock for cash at $0.68 per share, Amount	278	1,896,226	'	1,896,504
Subscription receivable, Shares	865,000	'	'	'
Subscription receivable, Amount	87	864,913	'	865,000
Warrants expense	'	149,999	'	149,999
Stock option expense	'	611,250	'	611,250
Issued common stock for services at $0.45 per share, Shares	160,158	'	'	'
Issued common stock for services at $0.45 per share, Amount	16	72,783	'	72,799
Recapitalization of PVSO shareholders, Shares	840,000	'	'	'
Recapitalization of PVSO shareholders, Amount	84	-84	'	'
Rounding, Amount	10	'	'	'
Net loss	'	'	-2,426,654	-2,426,654
Ending Balance, Amount at Feb. 29, 2012	2,008	4,310,581	-2,841,900	1,470,689
Ending Balance, Shares at Feb. 29, 2012	20,074,418	'	'	'
Sale of common stock for cash at $1.00 per share, Shares	880,000	'	'	'
Sale of common stock for cash at $1.00 per share, Amount	193	879,807	'	880,000
Shares issued for service, Shares	100,000	'	'	'
Shares issued for service, Amount	-95	11,170	'	11,075
Warrants issued	'	149,995	'	149,995
Debt discount	'	71,544	'	71,544
Warrants expense	'	78,694	'	78,694
Change in estimate for shares issued	'	-5,806	'	-5,806
Warrants issued with convertible notes	'	'	'	71,543
Beneficial conversion feature in convertible notes	'	'	'	0
Net loss	'	'	-2,520,579	-2,520,579
Ending Balance, Amount at Feb. 28, 2013	2,157	8,644,760	-10,727,675	135,612
Ending Balance, Shares at Feb. 28, 2013	21,576,899	'	'	'
Shares issued for service, Shares	430,013	'	'	'
Shares issued for service, Amount	42	299,158	'	299,200
Warrants issued	'	42,993	'	42,993
Stock option expense	'	1,647,572	'	1,647,572
Warrants issued in debt modification	'	126,381	'	126,381
Warrants issued with convertible notes	'	357,145	'	357,145
Beneficial conversion feature in convertible notes	'	532,210	'	532,210
Common stock issued in debt modification, Shares	92,468	'	'	'
Common stock issued in debt modification, Amount	9	143,316	'	143,325
Net loss	'	'	-5,365,196	-5,365,196
Ending Balance, Amount at Feb. 28, 2014	$2,157	$8,644,760	($10,727,675)	($2,080,758)
Ending Balance, Shares at Feb. 28, 2014	21,576,899	'	'	'

DESCRIPTION_OF_BUSINESS_AND_GO

DESCRIPTION OF BUSINESS AND GOING CONCERN	12 Months Ended
	Feb. 28, 2014
Description Of Business And Going Concern	'
Note 1. DESCRIPTION OF BUSINESS AND GOING CONCERN	'
	MetaStat, Inc. (“we,” “us,” “our,” the “Company,” or “MetaStat”) formerly known as Photovoltaic Solar Cells Inc. (“PVSO”) was incorporated on March 28, 2007 under the laws of the State of Nevada.  From inception until November of 2008, PVSO’s business plan was to produce and market inexpensive solar cells and in November 2008, our board of directors determined that the implementation of our business plan was no longer financially feasible.  At such time, we discontinued the implementation of our prior business plan and pursued an acquisition strategy, whereby we sought to acquire a business. Based on these business activities, until February 27, 2012, we were considered a "blank check" company, with no or nominal assets (other than cash) and no or nominal operations.
	MetaStat BioMedical, Inc. (“MBM”) formerly known as MetaStat, Inc., our Delaware operating subsidiary, was incorporated in the state of Texas on July 22, 2009, re-incorporated in the State of Delaware on August 26, 2010, and since inception has been a Development Stage Enterprise as defined by the ASC 915-15. During this time MBM has devoted substantially all of its efforts to activities such as acquiring biomedical technology licenses, funding research and development, engaging in organizational activities, and raising capital. MBM was formed to allow cancer patients to benefit from the latest discoveries in how cancer spreads to other organs in the body.
	On February 27, 2012, we consummated a share exchange transaction as more fully described below, whereby we acquired all the outstanding shares of MBM and, MBM became our wholly owned subsidiary. From and after the share exchange, our business has been conducted through our wholly owned subsidiary, MBM, and the discussion of our business is that of our current business which is conducted through MBM.
	Prior to April 9, 2012, our company name was Photovoltaic Solar Cells, Inc. For the sole purpose of changing our name, on April 9, 2012, we merged with a newly-formed, wholly owned subsidiary incorporated under the laws of Nevada called MetaStat, Inc. As a result of the merger, our corporate name was changed to MetaStat, Inc.  In May 2012, we changed the name of our Delaware operating subsidiary to MetaStat BioMedical, Inc. from MetaStat, Inc.
	We are a development stage life sciences company focused on developing and commercializing novel diagnostic technologies and therapeutics for the early and reliable prediction and treatment of systemic metastasis - cancer that spreads from a primary tumor through the bloodstream to other areas of the body. Systemic metastasis is responsible for greater than 90% of all solid tumor cancer related deaths and as such, we believe more accurate risk stratification and effective treatment of metastatic disease and/or the prevention of systemic metastasis is needed to improve patient outcomes.
	Share Exchange Agreement
	On February 27, 2012 (the “Closing Date”), we entered into a Share Exchange Agreement (the “Exchange Agreement”) by and among us, MBM, the holders of all outstanding shares of MBM (the “MBM Shareholders”) and Waterford Capital Acquisition Co IX, LLC, our principal shareholder (the “Company Principal Shareholder”), whereby we acquired all of the outstanding shares of MBM (the “MBM Shares”) from the MBM Shareholders.  In exchange, we issued to the MBM Shareholders an aggregate of 18,369,421 shares of our common stock (the “Exchange Shares”), equal to 95.6% of our outstanding shares of common stock after such issuance. As a result of the transactions contemplated by the Exchange Agreement (collectively, the “Share Exchange”), MBM became our wholly owned subsidiary. Pursuant to the Exchange Agreement, we assumed warrants to purchase up to 780,511 shares of MBM’s common stock, with exercise prices ranging between $1.50 and $2.00 per share on a 2.2-for-1 basis, equivalent to 1,717,122 shares of our common stock with exercise prices ranging from $0.68 to $0.91 per share. Immediately prior to the Share Exchange, we converted approximately $336,075 of debt owed to the Company Principal Shareholder into 309,595 shares of our common stock (the “Debt Conversion”) and issued an aggregate of 36,000 shares of our common stock to certain of our officers, directors and consultants in consideration for services rendered to us, leaving 840,000 shares of our common stock outstanding immediately prior to the issuance of the Exchange Shares and showing on our Statement of Stockholders’ Equity as 840,000 shares as ‘recapitalization of PVSO shareholders’. Additionally, immediately prior to the Share Exchange, we issued five-year warrants to purchase up to an aggregate of 350,000 shares of our common stock at an exercise price of $1.40 per share, of which warrants to purchase 337,500 shares were issued for a purchase price of $21,000 and warrants to purchase 12,500 shares were issued for services rendered to us prior to the Share Exchange (the “Warrant Financing”). We used the proceeds of the Warrant Financing to pay off all of our liabilities prior to the Share Exchange.
	On the Closing Date, we assumed MBM’s 2012 Omnibus Securities and Incentive Plan (the “2012 Plan”) and reserved 1,116,789 shares of our common stock for the benefit of our employees, nonemployee directors and consultants. All 507,500 options outstanding under the 2012 Plan were converted, on a 2.2-for-1 basis, into the right to receive options to purchase up to 1,116,500 shares of our common stock with an exercise price of $0.68 per share.  On May 21, 2012, we increased the number of authorized and unissued shares of common stock reserved for issuance pursuant to the 2012 Plan to 3,316,789.
	Going Concern
	These accompanying financial statements have been prepared assuming that the Company will continue as going concern. For the period from July 22, 2009 (inception) to February 28, 2014, the Company has accumulated a deficit of $10,727,675, including a net loss of $5,365,196 for the year ended February 28, 2014, and has not generated revenues or positive cash flows from operations. The continuation of the Company as a going concern is dependent upon continued financial support from its shareholders, the ability of the Company to obtain necessary equity and/or debt financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company cannot make any assurances that additional financings will be available to it and, if available, completed on a timely basis, on acceptable terms or at all.  If the Company is unable to complete a debt or equity offering, or otherwise obtain sufficient financing when and if needed, it would negatively impact its business and operations and could also lead to the reduction or suspension of the Company’s operations and ultimately force the Company to cease operations. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Feb. 28, 2014
Summary Of Significant Accounting Policies	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of MetaStat, Inc. and its wholly-owned subsidiary, MetasStat BioMedical, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
	Cash and Cash Equivalents
	For purposes of the Statement of Cash Flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.
	The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risks on cash and cash equivalents.
	Equipment
	Equipment is stated at cost. The cost of equipment is depreciated over the estimated useful lives of the related assets. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Expenditures for major renewals or betterments that extend the useful lives of equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
	Long-lived Assets
	Long-lived assets are evaluated for impairment whenever events or conditions indicate that the carrying value of an asset may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. There were no events or conditions that indicated that impairment of long-lived assets may have occurred as of February 28, 2014 and 2013.
	Deferred Financing Costs
	Debt issuance costs are recorded as deferred financing costs and amortized over the maturity period of the related debt instrument using the effective interest method.
	Debt Instruments
	We analyze debt issuance for various features that would generally require either bifurcation and derivative accounting, or recognition of a debt discount or premium under authoritative guidance.
	Detachable warrants issued in conjunction with debt are measured at their relative fair value, if they are determined to be equity instrument, or their fair value, if they are determined to be liability instruments, and recorded as a debt discount.  Conversion features that are in the money at the commitment date constitute a beneficial conversion feature that is measured at its intrinsic value and are recognized as debt discount. Debt discount is amortized as accretion expense over the maturity period of the debt using the effective interest method. Contingent beneficial conversion features are recognized when the contingency has been resolved.
	Development Stage
	The Company complies with Statement of Financial Accounting Standard ASC 915-15 for its characterization of the Company as development stage.
	Revenues
	We currently do not have any revenues.  We expect to derive our revenues from sale of our products which are currently under development.
	Net Loss Per Share
	Basic net loss per common share is computed based on the weighted average number of common shares outstanding during the period.  Restricted shares issued with vesting condition that have not been met at the end of the period are excluded from the computation of the weighted average shares. As of February 28, 2014, 303,153 restricted shares of common stock were excluded from the computation of the weighted average shares.
	Diluted net loss per common share is calculated giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares generally consist of incremental shares issuable upon exercise of stock options and warrants and conversion of outstanding options and warrants and shares issuable from convertible securities.
	In computing diluted loss per share for the years ended February 28, 2014 and 2013, no effect has been given to the common shares issuable at the end of the period upon the conversion or exercise of the following securities as their inclusion would have been anti-dilutive:
		28-Feb-14		28-Feb-13
	Stock options		2,680,000		1,116,500
	Warrants		3,146,355		2,732,074
	Convertible notes		1,986,467		315,576
	Total		7,812,822		4,164,150
	Income Taxes
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to net operating loss carry forwards and temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. A valuation allowance is recorded if it more likely than not that some portion or all of the deferred tax assets will not be realized in future periods.
	Research and Development Costs
	Research and development costs are charged to operations when incurred and are included in operating expenses. Research and development costs consist principally of compensation cost for our employees and consultants that perform our research activities, the fees paid to maintain our licenses and the payments to third parties for clinical trial and additional product development and testing.  Research and development costs were $824,336 and $516,798 for the years ended February 28, 2014 and February 28, 2013, respectively, and $2,365,539 for the period from July 22, 2009 (inception) to February 28, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
	Stock-Based Compensation
	We account for share-based payments award issued to employees and members of our Board of Directors by measuring the fair value of the award on the date of grant and recognizing this fair value as stock-based compensation using a straight-line basis over the requisite service period, generally the vesting period.  For awards issued to non-employees, the measurement date is the date when the performance is complete or when the award vests, whichever is the earliest. Accordingly, non-employee awards are measured at each reporting period until the final measurement date. The fair value of the award is recognized as stock-based compensation over the requisite service period, generally the vesting period.
	For awards with performance conditions that affect their vesting, such as the occurrence of certain transactions or the achievement of certain operating or financial milestones, recognition of fair value of the award occurs when vesting becomes probable.  For awards with market condition that affect their vesting, the fair value of the award is recognized as stock-based compensation over the requisite service period, generally the vesting period.
	Reclassifications
	Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
	Recently Issued Accounting Pronouncements
	We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

LICENSE_AGREEMENT_AND_COMMITME

LICENSE AGREEMENT AND COMMITMENTS	12 Months Ended
	Feb. 28, 2014
Research and Development [Abstract]	'
LICENSE AGREEMENT AND COMMITMENTS	'
	License Agreement
	The Company entered in to a Patent and Technology License Agreement (the “License Agreement”) with the Albert Einstein College of Medicine of Yeshiva University, Massachusetts Institute of Technology, Cornell University, and the IFO-Regina Elena Cancer Institute (together the “Licensors”) during August 2010.  In conjunction with entering into the License Agreement, the Company also entered into a Stock Subscription Agreement (the “Subscription Agreement”) and a Stockholders Agreement (the “Stockholders Agreement”) with the Licensors, which included provisions such as participation rights in future financings, co-sale rights, and certain limited anti-dilution rights.  The License Agreement grants the Company a world-wide exclusive license to materials and methods for use in the diagnosis and treatment of metastatic spread of solid tumor cancers.  In return, the Company has agreed to grant Company equity to the Licensors, to reimburse the Licensors patent expenses thus far incurred, to pay all future patent expenses, pay a royalty on any sales of product using licensed technology, as well as certain minimum royalties and milestone payments.
	Pursuant to the License Agreement, we are also obligated to make the following royalties and payments to the Licensors:
	•	Royalty payment of a specified percentage of net sales.
	•	Minimum royalty payment of a specified percentage of net sales in case MetaStat pays royalties to unaffiliated third parties for patent rights.
	•	Issue 30% of MBM’s outstanding common stock to the Licensors calculated on a fully diluted, as converted basis. Accordingly, on August 26, 2010 MBM issued 3,290,570 common shares valued at $74,786.
	•	Non-refundable license fee of $25,000 upon execution of License Agreement.
	•	License maintenance fee of $30,000 on each of the first, second, third and fourth anniversary of the License Agreement. The payment may be credited against royalties made during the twelve month period.
	•	License maintenance fee of $50,000, and $75,000 on the fifth and sixth anniversaries of the License Agreement, respectively. Each payment may be credited against royalties made during each such twelve month period.
	•	License maintenance fee of $100,000 on the seventh and each subsequent anniversary of the License Agreement. Each payment may be credited against royalties made during each such twelve month period.
	License payments are expensed as incurred and recorded in research and development expense.
	Second License Agreement and Third License Agreement
	Additionally, effective in March 2012, we entered into two additional license agreements with Einstein. The second license agreement with Einstein (the “Second License Agreement”) and the third license agreement with Einstein (the “Third License Agreement”) both cover pending patent applications, patent disclosures, cell lines and technology surrounding discoveries in the understanding of the underlying mechanisms of systemic metastasis in solid epithelial cancers. The Second License Agreement and the Third License Agreement both require certain customary payments such as a license signing fee, reimbursement of patent expenses, annual license maintenance fees, milestone payments, and the payment of royalties on sales of products or services covered under such agreements.
	Pursuant to the Second License Agreement, we are also obligated to make the following royalties and payments to the Einstein:
	•	Royalty payment of a specified percentage of net sales.
	•	Minimum royalty payment of a specified percentage of net sales in case MetaStat pays royalties to unaffiliated third parties for patent rights.
	•	Non-refundable license fee of $15,000 upon execution of Second License Agreement.
	•	License maintenance fee of $12,000 on each of the first and second anniversary of the Second License Agreement. The payment may be credited against royalties made during the twelve month period.
	•	License maintenance fee of $30,000, on each of the third, and forth anniversary of the Second License Agreement and $50,000 on the fifth anniversary of the Second License Agreement and $75,000 on the sixth anniversary of the Second License Agreement, respectively. Each payment may be credited against royalties made during each such twelve month period.
	•	License maintenance fee of $100,000 on the seventh and each subsequent anniversary of the Second License Agreement. Each payment may be credited against royalties made during each such twelve month period.
	Pursuant to the Third License Agreement, we are also obligated to make the following royalties and payments to the Einstein:
	•	Royalty payment of a specified percentage of net sales.
	•	Minimum royalty payment of a specified percentage of net sales in case MetaStat pays royalties to unaffiliated third parties for patent rights.
	•	Non-refundable license fee of $15,000 upon execution of Third License Agreement.
	•	License maintenance fee of $12,000 on each of the first and second anniversary of the Third License Agreement. The payment may be credited against royalties made during the twelve month period.
	•	License maintenance fee of $30,000, on each of the third, and forth anniversary of the Third License Agreement and $50,000 on the fifth anniversary of the Third License Agreement and $75,000 on the sixth anniversary of the Third License Agreement, respectively. Each payment may be credited against royalties made during each such twelve month period.
	•	License maintenance fee of $100,000 on the seventh and each subsequent anniversary of the Third License Agreement. Each payment may be credited against royalties made during each such twelve month period.
	License payments are expensed as incurred and recorded in research and development expense.
	2014 Alt. Spl. License Agreements
	On December 7, 2013, we entered into two separate worldwide exclusive license agreements with M.I.T. and its David H. Koch Institute for Integrative Cancer Research at M.I.T. and its Department of Biology, Einstein, and Montefiore Medical Center (“Montefiore” and, together with M.I.T. and Einstein, the “Alt. Spl. Licensors”). The diagnostic license agreement (the “Alt. Spl. Diagnostic License Agreement”) covers pending patent applications, patent disclosures, and technology surrounding discoveries of alternatively spliced mRNA and protein isoform markers for the diagnosis and prognosis of cancer through the epithelial to mesenchymal transition (“EMT”) in epithelial solid tumor cancers. The therapeutic license agreement (the “Alt. Spl. Therapeutic License Agreement” and, together with the Diagnostic License Agreement, the “2014 Alt. Spl. License Agreements”) covers pending patent applications, patent disclosures, and technology surrounding discoveries of alternatively spliced mRNA and protein isoform markers for the treatment and/or prevention of cancer through the EMT in epithelial solid tumor cancers. The 2014 Alt. Spl. License Agreements call for certain customary payments such as a license signing fee, reimbursement of patent expenses, annual license maintenance fees, milestone payments, and the payment of royalties on sales of products or services covered under the agreement.
	Pursuant to the Diagnostic Alt. Splicing Agreement, we are obligated to make the following royalties and payments to the MIT:
	•	Royalty payment of a specified percentage of net sales.
	•	Minimum royalty payment of a specified percentage of net sales in case MetaStat pays royalties to unaffiliated third parties for patent rights.
	•	Non-refundable license fees of $15,000 upon execution of the Therapeutic Alt. Spl. Agreement
	•	License Maintenance fee of $10,000, $15,000, $25,000, $37,500, and $50,000 beginning on January 1, 2015 and on the second, third, fourth, and fifth anniversary respectively. Each payment will be credited against royalties made during each such twelve month period.
	•	License maintenance fee of $50,000 each year thereafter that the license is in effect. Each payment will be credited against royalties made during each such twelve month period.
	Pursuant to the Therapeutic Alt. Splicing Agreement, we are obligated to make the following royalties and payments to the MIT:
	•	Royalty payment of a specified percentage of net sales.
	•	Minimum royalty payment of a specified percentage of net sales in case MetaStat pays royalties to unaffiliated third parties for patent rights.
	•	Non-refundable license fees of $5,000 upon execution of the Therapeutic Alt. Spl. Agreement
	•	No license maintenance fees shall be due for as long as the Diagnostic Alt. Spl. License Agreement is in effect.
	License payments are expensed as incurred and recorded in research and development expense.
	Lease Agreements
	Effective as of September 1, 2013, the Company entered into an agreement of lease with Long Island High Technology Incubator, Inc. in connection with the Company’s new drug discovery research facility located in Stony Brook, New York. The term of the lease is for one year, from September 1, 2013 through August 31, 2014, and the rent payable thereunder is $28,000 per year, payable in monthly installments of $2,333.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Feb. 28, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	During the fiscal years ended February 28, 2014, and February 28, 2013, MetaStat incurred net losses and, therefore, has no tax liability.
	The difference between income taxes at the statutory federal income tax rate and income taxes reported in the statements of operations are attributable to the following:
		28-Feb-14			28-Feb-13
	Income tax benefit at the federal statutory rate		34	%		34	%
	Permanent differences		(3.62	%)		-3.24	%
	Increase in valuation allowance		(30.38	%)		(30.76	%)
	Provision for income tax		0	%		0	%
	As at February 28, 2014, and February 28, 2013, deferred tax assets (liabilities) consisted of the following:
		2014			2013
	Net operating loss carryforwards	$	2,830,058		$	1,573,290
	Stock-based compensation		904,278			246,238
			3,734,336			1,819.53
	Depreciation		-10,273			-10,273
			3,724,063			1,809,255
	Less: Valuation allowance		-3,724,063			(1,809,255	)
	Net deferred tax asset	$	-		$	-
	In assessing the realization of deferred tax assets, management determines whether it is more likely than not some, or all, of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the carryforward period as well as the period in which those temporary differences become deductible. Management considers the reversal of taxable temporary differences, projected taxable income and tax planning strategies in making this assessment. Based upon historical losses and the possibility of continued taxable losses over the periods that the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deferred tax assets and thus recorded a valuation allowance against the entire net deferred tax asset balance. The valuation allowance increased by $1,914,808 and $1,132,682 in the years ended February 28, 2014 and 2013, respectively.
	At February 28, 2014, the cumulative federal and state net operating loss carry-forwards are $7,372,397 and $5,445,159, respectively and, and will expire between 2029 and 2034.
	The Internal Revenue Code (“IRC”) limits the amount of net operating loss carryforwards that a company may use in a given year in the event of certain cumulative changes in ownership over a three-year period as described in Section 382 of the IRC. We have not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership could limit our utilization of the net operating losses, and could be triggered by subsequent sales of securities by the Company or its stockholders.
	The Company records interest and penalties related to unrecognized tax benefits within income tax expense.  The Company had not accrued any interest or penalties related to unrecognized benefits.  No amounts were provided for unrecognized tax benefits attributable to uncertain tax positions as of February 28, 2014 and 2013. The Company is no longer subject to Federal income tax assessment for years before 2010.  However, since the Company has incurred net operating losses every year since inception, all of its income tax returns are subject to examination and adjustments by the Internal Revenue Service for at least three years following the year in which the tax attributes are utilized.

EQUITY

EQUITY	12 Months Ended
	Feb. 28, 2014
Equity [Abstract]	'
EQUITY	'
	On February 27, 2012, we entered into the Exchange Agreement with MBM by issuing 18,369,421 shares of our common stock in exchange for the MBM Shares. Immediately prior to the Share Exchange, we had 840,000 shares outstanding which have been recorded as recapitalization of shareholders on MetaStat’s books at par.
	During the year ended February 29, 2012, the Company sold 865,000 shares of common stock for proceeds of $865,000 which was received subsequent to February 29, 2012.
	During the year ended February 28, 2013, the Company sold 880,000 shares of common stock for total proceeds of $880,000. Additionally, the Company issued 100,000 shares of restricted common stock to members of the board of directors for services for a total expense of $5,270.
	During the year ended February 28, 2014, the Company issued 153,013 shares of common stock to members of its scientific advisory board and clinical advisory board vesting upon the listing of the Company’s common stock on a national exchange and achieving certain levels of trading. The Company will measure the fair value of the shares when vesting becomes probable. As of February 28, 2014, the Company has not recognized any expense in connection with these shares.
	During the year ended February 28, 2014, the Company issued 150,000 shares of common stock to a member of its Board of Directors vesting upon the earlier of the Company achieving $5,000,000 in gross sales or a change in control. The Company valued the shares for a total fair value of $375,000 on the grant date. As of February 28, 2014, the Company has not recognized any expense in connection with these shares.
	During the year ended February 28, 2014, the Company issued 112,000 shares of common stock to an advisor and a consultant for services that vested immediately. The aggregate grant-date fair value of the shares amounted to $284,200 and was recognized as expense during the year ended February 28, 2014. $187,500 was allocated to research and development expenses and $96,700 was allocated to general and administrative expenses.
	During the year ended February 28, 2014, the Company issued 12,000 shares of common stock to a consultant as settlement of an obligation. The fair value of the shares amounted to $15,000.
	During the year ended February 28, 2014, the Company issued 92,468 shares of the Company’s common stock to the holders of an aggregate of $1,387,000 principal amount of 2013 Notes for certain amendments to the 2013 Notes (the “Note Amendments”). See Note 8 for more details on this transaction.

STOCK_OPTIONS

STOCK OPTIONS	12 Months Ended
	Feb. 28, 2014
Stock Options	'
STOCK OPTIONS	'
	Under our 2012 Plan, which is administrated by the compensation committee of the Board of Directors, we have reserved 3,116,789 shares of common stock available for issuance and we may grant to employees, non-employee directors and consultants, equity incentives in the form of, among other, stock options, restricted stock, and stock appreciation rights. As of February 28, 2014, we had a total of 33,776 shares of common stock that remained available for issuance under the 2012 Plan.
	During January 2012, the Company issued options to purchase 1,116,500 shares of common stock at $0.68 per share to its President, members of its scientific advisory board and clinical advisory board, and several consultants involved in the Company’s ongoing research related to cancer. All of the options except 220,000 vest immediately and expire on January 6, 2022. These options that vested immediately have a fair value of $611,250, as calculated using the Black-Scholes model. Assumption used in the Black-Scholes model included: (1) a discount rate of 1.98%; (2) an expected term of 10 years; (3) an expected volatility of 403%; and (4) zero expected dividends. The unvested options were granted to a consultant and vest upon the successful conclusion of the Company’s 500-patient MetaSite Breast trial, as determined by the compensation committee of the Board of Directors in its reasonable discretion.  These unvested options will be measured and recognized when vesting is probable.
	During the year ended February 28, 2014, the Company issued options to purchase 300,000 shares of common stock at $3.25 per share to members of its management team and its Board of Directors. The options vest in four equal installments on each of May 31, 2013, August 31, 2013, November 30, 2013 and February 28, 2014 and expire on April 5, 2023. These options have a total fair value of $632,794 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 0.68%; (2) an expected term of 5.25 years; (3) an expected volatility of 128.9%; and (4) zero expected dividends.  For the year ended February 28, 2014, the Company recognized $632,794 in expense for these options.
	During the year ended February 28, 2014, the Company issued options to purchase 523,500 shares of common stock at $3.25 per share to members of its scientific advisory board and clinical advisory board and a consultant. The options vest in four equal installments on each of May 31, 2013, August 31, 2013, November 30, 2013 and February 28, 2014 and expire on April 5, 2023. Compensation expense related to these options was measured at each vesting date.  The aggregated fair value of these options on the measurement dates amounted to $872,528 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 2.59%; (2) an expected term of 9.48 years; (3) an expected volatility of 123.6%; and (4) zero expected dividends.  For the year ended February 28, 2014, the Company recognized $872,528 in expense for these options.
	During the year ended February 28, 2014, the Company issued options to purchase 190,000 shares of common stock at $1.50 per share to employees. The options vest based on certain performance-based milestones and expire on December 16, 2023. These options have a total fair value of $270,274 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 1.12%; (2) an expected term of 10 years; (3) an expected volatility of 121.5%; and (4) zero expected dividends.  As of February 28, 2014, the Company did not recognize any expense for these options.
	During the year ended February 28, 2014, the Company issued options to purchase 550,000 shares of common stock at $1.50 per share to a consultant. 100,000 options vest immediately and 450,000 options vest upon the Company achieving certain performance-based milestones, and expire on December 16, 2023. The options that vested immediately have a total fair value of $142,250 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 1.12%; (2) an expected term of 10 years; (3) an expected volatility of 121.5%; and (4) zero expected dividends.  For the options with vesting contingent on achieving certain performance-based milestones, the Company will measure the fair value of these options and recognize the compensation expense when vesting becomes probable.  For the options that vested immediately, the Company recognized $142,250 in expense during the year ended February 28, 2014.
	During the year ended February 28, 2014, stock option expense of $1,540,884 and $106,688 was recorded in general and administrative expenses and in research and development expenses, respectively.
	The following table summarizes common stock options issued and outstanding:
		Options		Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual life (years)
	Outstanding at February 28, 2013		1,116,500	$	0.68		-		-
	Granted		1,563,500	$	2.42		-		-
	Outstanding and expected to vest at February 28, 2014		2,680,000	$	1.7	$	599,025		8.78
	Exercisable at February 28, 2014		1,820,000	$	1.89	$	599,025		8.53
	As of February 28, 2014, 896,500 options are exercisable at $0.68 per share with a weighted average life of 7.86 years, 823,500 options are exercisable at $3.25 with a weighted average life of 9.10 years, and 100,000 options are exercisable at $1.50 with a weighted average life of 9.80 years. Additionally, 220,000 options with an exercise price of $0.68 and a weighted average life of 7.86 years have yet to vest and 640,000 options with an exercise price of $1.50 and a weighted average life of 9.80 years have yet to vest.
	As of February 28, 2014, we had $270,274 of unrecognized compensation related to stock options whose recognition is dependent on certain milestones to be achieved.  Additionally, there were 670,000 stock options with a performance vesting condition that were granted to consultants which will be measured and recognized when vesting becomes probable.

WARRANTS

WARRANTS	12 Months Ended
	Feb. 28, 2014
Warrants	'
WARRANTS	'
	On November 14, 2011, MBM entered into consulting agreement with an advisor and issued warrants to purchase 220,000 shares of common stock at $0.68 per share that vested immediately. The fair value of these warrants was determined to be $149,999, as calculated using the Black-Scholes model. Assumption used in the Black-Scholes model included: (1) a discount rate of 0.91%; (2) an expected term of 5 years; (3) an expected volatility of 403%; and (4) zero expected dividends.
	On January 31, 2012, MBM granted 1,497,124 warrants together with shares of common stock issued on January 31, 2012 exercisable at $0.91 per share and expiring on January 31, 2017.  On February 27, 2012, the Company also granted 216,250 warrants together with shares of common stock exercisable at $1.40 per share and expiring on February 27, 2016.
	Immediately prior to the Share Exchange, PVSO issued 350,000 warrants exercisable at $1.40 per share.
	On October 4, 2012, we issued 150,000 warrants to a consultant exercisable at $1.50 per share.  The fair value of these warrants was determined to be $149,995, as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 0.63%; (2) an expected term of 4 years; (3) an expected volatility of 420%; and (4) zero expected dividends.
	During the year ended February 28, 2013, we issued 220,000 warrants together with shares of common stock issued on May 1, 2012 exercisable at $1.40 per share and expiring on May 1, 2016.
	During the year ended February 28, 2013, we issued 78,700 detachable warrants with convertible notes.  See Note 8 for more details on these transactions.
	During the year ended February 28, 2014, the Company entered into a consulting agreement whereby the Company issued to the consultant 17,500 common stock purchase warrants with a term of four years and an exercise price equal to $2.50 per share.  The fair value of these warrants was determined to be $17,495, as calculated using the Black-Scholes model. Average assumptions used in the Black-Scholes model included: (1) a discount rate of 1.09%; (2) an expected term of 4 years; (3) an expected volatility of 121%; and (4) zero expected dividends.
	During the year ended February 28, 2014, we issued 295,833 detachable warrants with convertible notes.  We also issued 93,468 warrants in connection with an amendment of certain convertible notes during the year ended February 28, 2014.  See Note 8 for more details on these transactions.
	In connection with the issuance of convertible notes, the Company issued placement agent warrants to purchase an aggregate of 8,480 shares of common stock.  These placement agent warrants are exercisable at $2.50 per share, have a term of 5 years and a cashless exercise feature and vest immediately. The fair value of these warrants was determined to be $25,498, as calculated using the Black-Scholes model. Average assumptions used in the Black-Scholes model included: (1) a discount rate of 0.74%; (2) an expected term of 5 years; (3) an expected volatility of 134%; and (4) zero expected dividends.
	The following table summarizes common stock purchase warrants issued and outstanding as of February 2014 and 2013:
			Warrants				Weighted average exercise price				Aggregate intrinsic value				Weighted average remaining contractual life (years)
	Outstanding at February 28, 2013			2,732,074			$	1.13			$	-				-
	Issued			414,281			$	2.28				-				-
	Outstanding at February 28, 2014			3,146,355			$	1.24			$	807,096				2.97
	The following table summarizes common stock purchase warrants exercisable at February 28, 2014:
	Exercise prices				Number of shares				Weighted average remaining life (years)				Exercisable number of shares
	$	0.68				220,000				2.71				220,000
	$	0.91				1,497,124				2.93				1,497,124
	$	1.4				786,250				2.49				786,250
	$	1.5				150,000				2.6				150,000
	$	2.1				447,001				4.13				447,001
	$	2.5				25,980				3.87				25,980
	$	3				20,000				2.92				20,000

CONVERTIBLE_NOTES

CONVERTIBLE NOTES	12 Months Ended
	Feb. 28, 2014
Debt Disclosure [Abstract]	'
CONVERTIBLE NOTES	'
	2013 Notes
	During the years ended February 28, 2014 and 2013, we issued convertible promissory notes in the aggregate principal amount of $700,000 and $787,000, respectively, originally due December 31, 2013 (the “2013 Notes”).
	The 2013 Notes bear interest at the rate of 8% per annum, mature on December 31, 2013 and rank senior to the Company’s currently issued and outstanding indebtedness and equity securities.  Upon the closing by us of an equity or equity based financing or a series of equity or equity based financings (a “Qualified Financing”) resulting in gross proceeds to us of at least $3,500,000 in the aggregate, inclusive of the 2013 Notes, the outstanding principal amount of the 2013 Notes together with all accrued and unpaid interest thereunder (the “Outstanding Balance”) shall automatically convert into such securities, including warrants, as are issued in the Qualified Financing, the amount of which shall be determined in accordance with the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x (1.15) / (the per security price of the securities sold in the Qualified Financing).  Commencing six months following the issuance date of the 2013 Notes, the noteholders have the right, at their option, to convert the Outstanding Balance into shares of common stock at a conversion price of $2.50 per share.
	Along with the 2013 Notes, we also issued to the noteholders 70,000 and 78,700 detachable warrants during the years ended February 28, 2014 and 2013, respectively.  The warrants had an original exercise price of $3.00 per share and can be exercised within a four year period.
	On December 31, 2013, the Company entered into certain amendments to its outstanding 2013 Notes with the holders of an aggregate of $1,387,000 principal amount of 2013 Notes (the “Amendments”), whereby the holders of the 2013 Notes extended the maturity date of the 2013 Notes to June 30, 2014 from December 31, 2013.   In consideration for entering into the Amendments, the Company (i) reduced the conversion price of the 2013 Notes to $1.50 per share from $2.50 per share, (ii) reduced the exercise price for an aggregate of 128,700 warrants issued in connection with the issuance of the 2013 Notes to $2.10 per share from $3.00 per share, (iii) issued an aggregate of 92,468 common stock purchase warrants with an exercise price of $2.10 per share and a term of four years, and (iv) issued an aggregate of 92,468 shares of the Company’s common stock.
	We determined the Amendments constituted a substantive modification of the notes and, as a result, we accounted for this transaction as extinguishment of debt instrument and the issuance of a new debt instrument (“Amended 2013 Notes”), which resulted in a loss on extinguishment of $32,853 being recognized.  The loss on extinguishment was computed as follows:
	Fair value of Amended 2013 Notes (1)	$	1,243,482
	Fair value of non-cash consideration issued to the creditor (2)		269,707
	Reacquisition price		1,513,189
	Carrying value of the debt at modification		1,480,336
	Loss on extinguishment	$	32,853
	(1)   Fair value was determined using level 2 inputs, specifically prices for a subsequent issuance of comparable debt instruments.
	(2)   Consist of $143,325 fair value of common stock issued and $126,382 fair value of warrants issued and warrants modified.  The warrants were valued using a Black-Scholes model with the following inputs: (1) a discount rate of 1.27%; (2) an expected term of 4.00 years; (3) an expected volatility of 121%; and (4) zero expected dividends.
	During the year ended February 28, 2014, we recorded $77,207 of accretion expense related to the Amended 2013 Notes.
	In March 2014, the Company repaid the principal amount of $100,000 plus accrued interest of 2013 Notes to a holder thereof.
	2014 Notes
	In November 2013, the Company issued convertible promissory notes in the aggregate principal amount of $500,000 with 83,333 detachable warrants that can be exercised at $2.10 per share within a four year period (the “2014 Notes”).
	The 2014 Notes bear interest at the rate of 8% per annum, mature on May 31, 2014 and rank pari passu to the 2013 Notes and senior to the Company’s currently issued and outstanding and equity securities.  Upon the closing by MetaStat of an equity or equity based financing or a series of equity or equity based financings (a “Qualified Financing”) resulting in gross proceeds to the Company of at least $3,500,000 in the aggregate inclusive of the 2013 Notes and the 2014 Notes, the outstanding principal amount of the 2014 Notes together with all accrued and unpaid interest thereunder (the “Outstanding Balance”) shall automatically convert into such securities, including warrants, as are issued in the Qualified Financing, the amount of which shall be determined in accordance with the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x (1.15) / (the per security price of the securities sold in the Qualified Financing).  Commencing six months following the issuance date of the 2014 Notes, the noteholders have the right, at their option, to convert the Outstanding Balance into shares of common stock at a conversion price of $1.50 per share.
	Additional 2014 Notes
	In January and February 2014, the Company issued convertible promissory notes in the aggregate principal amount of $855,000 with 142,500 detachable warrants that can be exercised at $2.10 per share within a five-year period (the “Additional 2014 Notes”).
	The Additional 2014 Notes bear interest at the rate of 8% per annum, mature on June 30, 2014 and rank pari passu to the Company’s issued and outstanding convertible promissory notes and senior to the Company’s issued and outstanding equity securities.  Upon the closing by the Company of an equity or equity based financing or a series of equity or equity based financings (a “Qualified Financing”) resulting in gross proceeds to the Company of at least $5,000,000 in the aggregate, and the Company, prior to or concurrent with the completion of the Qualified Financing (the “Qualified Financing Threshold Amount”), the outstanding principal amount of the Additional 2014 Notes, together with all accrued and unpaid interest thereunder (the “Outstanding Balance”), shall automatically convert into such securities, including warrants of the Company, as are issued in the Qualified Financing, the amount of which shall be determined in accordance with the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x (1.15) / (the per security price of the securities sold in the Qualified Financing). For purposes of determining whether the Qualified Financing Threshold Amount has been satisfied, such amount shall include (i) the Outstanding Balance of the Additional 2014 Notes (each pursuant to the formula stated above) then outstanding, and (ii) the outstanding principal amount of the 2013 Notes and 2014 Notes together with all accrued and unpaid interest thereunder (pursuant to the same formula as stated above and therein).  Following the issuance date of the Additional 2014 Notes, the lenders have the right, at their option, to convert the Outstanding Balance into shares of common stock at a conversion price of $1.50 per share.
	Debt Discount and beneficial conversion feature
	The detachable warrants issued in connection with the 2013 Notes, the 2014 Notes and the Additional 2014 Notes (collectively the “Convertible Notes”) were recorded as a debt discount based on their relative fair value.
	The detachable warrants issued during the year ended February 28, 2013 had a weighted-average fair value of $1.00, as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 0.63%; (2) an expected term of 4 years; (3) an expected volatility of 420%; and (4) zero expected dividends.
	The detachable warrants issued during the year ended February 28, 2014 had a weighted-average fair value of $1.48, as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 0.88%; (2) an expected term of 4 years; (3) an expected volatility of 129%; and (4) zero expected dividends.
	During the year ended February 28, 2013, the relative fair value of the detachable warrants of $71,543 was recorded as a discount to convertible debt.
	During the year ended February 28, 2014, the relative fair value of the detachable warrants of $357,145 was recorded as a discount to convertible debt.  An additional debt discount of $532,210 was recorded to recognize the intrinsic value of the beneficial conversion feature. Any contingent beneficial conversion feature related to the automatic conversion of the Convertibles Notes would be recognized when and if a Qualified Financing occurs based on its intrinsic value at the commitment date.
	During the year ended February 28, 2014 and 2013, $752,762 and $1,500, respectively, was recognized as accretion expense related to the debt discount.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Feb. 28, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	Disclosure and measurement of fair value of our financial instruments reflect the amounts that we estimate to receive in connection with the sale of an asset or paid in connection with the transfer of a liability, when applicable, in an orderly transaction between market participants at the measurement date (exit price).  For financial assets and liabilities that are periodically re-measured to fair value, we disclose a fair value hierarchy that prioritizes the use of inputs used in the applicable valuation techniques into the following three levels:
		·	Level 1 – quoted prices in active markets for identical assets and liabilities;
		·	Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable, and;
		·	Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
	As of February 28, 2014, the Amended 2013 Notes had a carrying value of $1,320,689, which approximated its fair value based on Level 2 inputs.
	The recorded value of certain financial assets and liabilities, which consist primarily of cash and cash equivalents, receivables, other current assets, and accounts payable and accrued expenses approximate the fair value at February 28, 2014 and 2013 based upon the short-term nature of the assets and liabilities.  Based on borrowing rates currently available to the Company for loans with similar terms, and the remaining short term period outstanding, the carrying value of 2014 Notes and the Additional 2014 Notes approximates fair value.

EQUIPMENT

EQUIPMENT	12 Months Ended
	Feb. 28, 2014
Property, Plant and Equipment [Abstract]	'
EQUIPMENT	'
	Equipment consists of the following:
		Estimated Useful lives	February 28, 2014			February 28, 2013
	Research equipment	7 years	$	165,537		$	-
	Computer and software equipment	5 years		72,909			65,722
				238,446			65,722
	Accumulated depreciation and amortization			(34,192	)		(12,396	)
	Equipment, net		$	204,254		$	53,326
	Depreciation of equipment utilized in research and development activities is included in research and development expenses. All other depreciation is included in general and administrative expense. Depreciation and amortization expense was $21,796 and $11,125 for the years ended February 28, 2014 and 2013, respectively, and $34,192 for the period from July 22, 2009 (inception) to February 28, 2014.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Feb. 28, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	Waterford Capital Acquisition Co. IX, LLC
	During January and February 2012, we borrowed approximately $336,075 from Waterford Capital Acquisition Co. IX, LLC, and accounted for these as advances prior to the Share Exchange.  Immediately prior to the Share Exchange, this debt was converted into 309,595 shares of our common stock.
	Consulting Services
	During the years ended February 28, 2014 and 2013, we paid one of our shareholders an aggregate of $110,000 and $72,000 of consulting fees for financial advisory services,
	Additionally, pursuant to the 2012 Plan we issued this shareholder (i) 165,000 stock options with an exercise price equal to $0.68 on February 27, 2012 and (ii) 100,000 options with an exercise price of $3.25 on April 5, 2013.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Feb. 28, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	Lease Agreement
	On March 1, 2014 we entered into a six-month lease arrangement for 550 square feet of offices at 1510 Broadway, 23rd Floor, New York, NY 10018 for $5,700 per month for our management and administrative facilities. The lease agreement will automatically renew for successive periods under the same terms unless alternative arrangements have been made in writing at least sixty days prior to the end date.
	Additional 2014 Notes
	In March 2014, the Company issued Additional 2014 Notes in the aggregate principal amount of $150,000 with 25,000 detachable warrants that can be exercised at $2.10 per share within a five-year period.
	May 2014 Notes
	In May and June 2014, we entered into separate convertible note and warrant purchase agreements with certain accredited investors for the issuance and sale in a private placement consisting of, in the aggregate: (a) $165,000 principal amount of convertible promissory notes (the “May 2014 Notes”) convertible into shares of our common stock (the “Common Stock”), and (b) five-year warrants to purchase up to 55,001 shares of Common Stock at an exercise price of $1.50 per share, for aggregate gross proceeds of $165,000.
	The May 2014 Notes bear interest at the rate of 8% per annum, mature on June 30 and August 15, 2014 and rank pari passu to the Company’s currently issued and outstanding 2013 Notes, 2014 Notes, and Additional 2014 Notes and senior to the Company’s issued and outstanding equity securities. Upon the closing by the Company of an equity or equity based financing or a series of equity or equity based financings (a “Qualified Financing”) resulting in gross proceeds to the Company of at least $5,000,000 in the aggregate and the Company, prior to or concurrent with the completion of the Qualified Financing, (the “Qualified Financing Threshold Amount”), the outstanding principal amount of the May 2014 Notes together with all accrued and unpaid interest (the “Outstanding Balance”) shall automatically convert into such securities, including Warrants of the Company as are issued in the Qualified Financing, the amount of which shall be determined in accordance with the following formula: (the Outstanding Balance as of the closing of the Qualified Financing) x (1.15) / (the per security price of the securities sold in the Qualified Financing). For purposes of determining whether the Qualified Financing Threshold Amount has been satisfied, such amount shall include (i) the Outstanding Balance of the May 2014 Notes, (ii) the outstanding principal amount of the 2013 Notes, (iii) the outstanding principal amount of the 2014 Notes, and (iv) the outstanding principal amount of the Additional 2014 Notes, together with all accrued and unpaid interest thereunder.
	Investor Relations Agreements
	On March 2, 2014, we entered into a services agreement with an investor relations firm to perform certain investor relations, public relations, Internet development, communications and consulting services. The services agreement has an initial term of six months. We paid an initial retainer of $22,500 upon execution of the services agreement and are required to make three consecutive monthly payments of $7,500. In addition, we issued 50,000 shares of restricted stock to the investor relations firm in connection with entering into the services agreement.
	Effective June 9, 2014, we entered into a consulting agreement with an investor relations firm to perform investor relation services. The consulting agreement has a term of six months. We are required to issue 250,000 shares of restricted shares of common stock upon signing of the agreement and shall pay a cash fee of $250,000 upon completion of a financing resulting in gross proceeds to us of at least $2,000,000.
	Laboratory Equipment
	On March 26, 2014, we entered into an agreement with HealthCare Equipment Funding located in Roswell, Georgia to finance the purchase of a Perkin Elmer Vectra 2.0 microscope for a purchase price of $318,603. The terms of the agreement require a down payment of $21,115 and 36 monthly payments of $10,260. The agreement further requires a security deposit of $238,952, which will be refunded to the Company in three equal installments upon the payment of the twelfth, the twenty-fourth and the thirty-sixth monthly payments. This security deposit was due and payable on May 1, 2014, however has been extended by mutual agreement of the parties. As further security, personal guaranties were required of our chief executive officer and chief financial officer.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Feb. 28, 2014
Summary Of Significant Accounting Policies Policies	'
Going Concern	'
	These accompanying financial statements have been prepared assuming that the Company will continue as going concern. For the period from July 22, 2009 (inception) to February 28, 2014, the Company has accumulated a deficit of $10,727,675, including a net loss of $5,365,196 for the year ended February 28, 2014, and has not generated revenues or positive cash flows from operations. The continuation of the Company as a going concern is dependent upon continued financial support from its shareholders, the ability of the Company to obtain necessary equity and/or debt financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company cannot make any assurances that additional financings will be available to it and, if available, completed on a timely basis, on acceptable terms or at all.  If the Company is unable to complete a debt or equity offering, or otherwise obtain sufficient financing when and if needed, it would negatively impact its business and operations and could also lead to the reduction or suspension of the Company’s operations and ultimately force the Company to cease operations. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Principles of Consolidation	'
	The consolidated financial statements include the accounts of MetaStat, Inc. and its wholly-owned subsidiary, MetasStat BioMedical, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and cash equivalents	'
	For purposes of the Statement of Cash Flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.
	The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risks on cash and cash equivalents.
Equipment	'
	Equipment is stated at cost. The cost of equipment is depreciated over the estimated useful lives of the related assets. Depreciation is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes. Expenditures for major renewals or betterments that extend the useful lives of equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
Long-lived assets	'
	Long-lived assets are evaluated for impairment whenever events or conditions indicate that the carrying value of an asset may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. There were no events or conditions that indicated that impairment of long-lived assets may have occurred as of February 28, 2014 and 2013.
Deferred Financing Costs	'
	Debt issuance costs are recorded as deferred financing costs and amortized over the maturity period of the related debt instrument using the effective interest method.
Debt Instruments	'
	We analyze debt issuance for various features that would generally require either bifurcation and derivative accounting, or recognition of a debt discount or premium under authoritative guidance.
	Detachable warrants issued in conjunction with debt are measured at their relative fair value, if they are determined to be equity instrument, or their fair value, if they are determined to be liability instruments, and recorded as a debt discount.  Conversion features that are in the money at the commitment date constitute a beneficial conversion feature that is measured at its intrinsic value and are recognized as debt discount. Debt discount is amortized as accretion expense over the maturity period of the debt using the effective interest method. Contingent beneficial conversion features are recognized when the contingency has been resolved.
Development Stage	'
	The Company complies with Statement of Financial Accounting Standard ASC 915-15 for its characterization of the Company as development stage.
Revenues	'
	We currently do not have any revenues.  We expect to derive our revenues from sale of our products which are currently under development.
Net Loss Per Share	'
	Basic net loss per common share is computed based on the weighted average number of common shares outstanding during the period.  Restricted shares issued with vesting condition that have not been met at the end of the period are excluded from the computation of the weighted average shares. As of February 28, 2014, 303,153 restricted shares of common stock were excluded from the computation of the weighted average shares.
	Diluted net loss per common share is calculated giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares generally consist of incremental shares issuable upon exercise of stock options and warrants and conversion of outstanding options and warrants and shares issuable from convertible securities.
	In computing diluted loss per share for the years ended February 28, 2014 and 2013, no effect has been given to the common shares issuable at the end of the period upon the conversion or exercise of the following securities as their inclusion would have been anti-dilutive:
		28-Feb-14		28-Feb-13
	Stock options		2,680,000		1,116,500
	Warrants		3,146,355		2,732,074
	Convertible notes		1,986,467		315,576
	Total		7,812,822		4,164,150
Income Taxes	'
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to net operating loss carry forwards and temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. A valuation allowance is recorded if it more likely than not that some portion or all of the deferred tax assets will not be realized in future periods.
Research and Development Costs	'
	Research and development costs are charged to operations when incurred and are included in operating expenses. Research and development costs consist principally of compensation cost for our employees and consultants that perform our research activities, the fees paid to maintain our licenses and the payments to third parties for clinical trial and additional product development and testing.  Research and development costs were $824,336 and $516,798 for the years ended February 28, 2014 and February 28, 2013, respectively, and $2,365,539 for the period from July 22, 2009 (inception) to February 28, 2014.
Use of Estimates	'
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Stock-Based Compensation	'
	We account for share-based payments award issued to employees and members of our Board of Directors by measuring the fair value of the award on the date of grant and recognizing this fair value as stock-based compensation using a straight-line basis over the requisite service period, generally the vesting period.  For awards issued to non-employees, the measurement date is the date when the performance is complete or when the award vests, whichever is the earliest. Accordingly, non-employee awards are measured at each reporting period until the final measurement date. The fair value of the award is recognized as stock-based compensation over the requisite service period, generally the vesting period.
	For awards with performance conditions that affect their vesting, such as the occurrence of certain transactions or the achievement of certain operating or financial milestones, recognition of fair value of the award occurs when vesting becomes probable.  For awards with market condition that affect their vesting, the fair value of the award is recognized as stock-based compensation over the requisite service period, generally the vesting period.
Reclassifications	'
	Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
Recently Issued Accounting Pronouncements	'
	We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Feb. 28, 2014
Summary Of Significant Accounting Policies Tables	'
Antidilutive shares excluded from computing diluted loss per share	'
		28-Feb-14		28-Feb-13
	Stock options		2,680,000		1,116,500
	Warrants		3,146,355		2,732,074
	Convertible notes		1,986,467		315,576
	Total		7,812,822		4,164,150

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Feb. 28, 2014
Income Tax Disclosure [Abstract]	'
Statutory federal tax rate reconciliation	'
		28-Feb-14			28-Feb-13
	Income tax benefit at the federal statutory rate		34	%		34	%
	Permanent differences		(3.62	%)		-3.24	%
	Increase in valuation allowance		(30.38	%)		(30.76	%)
	Provision for income tax		0	%		0	%
Deferred tax assets	'
		2014			2013
	Net operating loss carryforwards	$	2,830,058		$	1,573,290
	Stock-based compensation		904,278			246,238
			3,734,336			1,819.53
	Depreciation		-10,273			-10,273
			3,724,063			1,809,255
	Less: Valuation allowance		-3,724,063			(1,809,255	)
	Net deferred tax asset	$	-		$	-

STOCK_OPTIONS_Tables

STOCK OPTIONS (Tables)	12 Months Ended
	Feb. 28, 2014
Stock Options Tables	'
Common stock options issued and outstanding	'
		Options		Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual life (years)
	Outstanding at February 28, 2013		1,116,500	$	0.68		-		-
	Granted		1,563,500	$	2.42		-		-
	Outstanding and expected to vest at February 28, 2014		2,680,000	$	1.7	$	599,025		8.78
	Exercisable at February 28, 2014		1,820,000	$	1.89	$	599,025		8.53

WARRANTS_Tables

WARRANTS (Tables)	12 Months Ended
	Feb. 28, 2014
Warrants Tables	'
Common stock purchase warrants issued and outstanding	'
			Warrants				Weighted average exercise price				Aggregate intrinsic value				Weighted average remaining contractual life (years)
	Outstanding at February 28, 2013			2,732,074			$	1.13			$	-				-
	Issued			414,281			$	2.28				-				-
	Outstanding at February 28, 2014			3,146,355			$	1.24			$	807,096				2.97
Warrants exercisable	'
	Exercise prices				Number of shares				Weighted average remaining life (years)				Exercisable number of shares
	$	0.68				220,000				2.71				220,000
	$	0.91				1,497,124				2.93				1,497,124
	$	1.4				786,250				2.49				786,250
	$	1.5				150,000				2.6				150,000
	$	2.1				447,001				4.13				447,001
	$	2.5				25,980				3.87				25,980
	$	3				20,000				2.92				20,000

EQUIPMENT_Tables

EQUIPMENT (Tables)	12 Months Ended
	Feb. 28, 2014
Property, Plant and Equipment [Abstract]	'
Equipment	'
		Estimated Useful lives	February 28, 2014			February 28, 2013
	Research equipment	7 years	$	165,537		$	-
	Computer and software equipment	5 years		72,909			65,722
				238,446			65,722
	Accumulated depreciation and amortization			(34,192	)		(12,396	)
	Equipment, net		$	204,254		$	53,326

DESCRIPTION_OF_BUSINESS_AND_GO1

DESCRIPTION OF BUSINESS AND GOING CONCERN (Details Narrative) (USD $)	7 Months Ended	12 Months Ended
	Feb. 28, 2010	Feb. 28, 2014	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2011	Feb. 28, 2012	Feb. 28, 2012	Feb. 28, 2012
						MBM Agreement [Member]	Minimum [Member]	Minimum [Member]
Date of incorporation	'	28-Mar-07	'	'	'	'	'	'
Share Exchange Agreement	'	'	'	'	'	'	'	'
Common stock issued pursuant to agreement	'	'	'	'	'	18,369,421	'	'
Shares issued rate of outstanding stock	'	'	'	'	'	95.60%	'	'
Warrants assumed	'	'	'	'	'	780,511	'	'
Warrant exercise price	'	'	'	'	'	'	$1.50	$2
Warrant value in shares	'	'	'	'	'	$1,717,122	'	'
Debt converted	'	'	'	'	'	336,075	'	'
Shares issued upon debt exchange	'	'	'	'	'	309,595	'	'
Shares issued for services	'	'	'	'	'	36,000	'	'
Remaining common stock outstanding prior to Exchange	'	'	'	'	'	840,000	'	'
Five-year warrant share conversion into common shares	'	'	'	'	'	350,000	'	'
Five-year warrant exercise price	'	'	'	'	'	$1.40	'	'
Warrant purchase price	'	'	'	'	'	21,000	'	'
Warrants received for services	'	'	'	'	'	12,500	'	'
Reserved shares under employee benefit plan	'	'	'	'	'	1,116,789	'	'
Converted options	'	'	'	'	'	507,500	'	'
Option purchase right, total shares	'	'	'	'	'	1,116,500	'	'
Option purchase right, exercise price per share	'	'	'	'	'	$0.68	'	'
Stock reserved following closing date	'	'	'	'	'	3,316,789	'	'
Going Concern	'	'	'	'	'	'	'	'
Accumulated deficit	'	-10,727,675	'	'	'	'	'	'
Net loss	($52,071)	($5,365,196)	($2,520,579)	($2,426,654)	($363,175)	'	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	7,812,822	4,164,150
Stock Options [Member]	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	2,680,000	1,116,500
Warrants [Member]	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	3,146,355	2,732,074
Convertible notes [Member]	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	1,986,467	315,576

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended		55 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Summary Of Significant Accounting Policies Details Narrative	'	'	'
Antidilutive common stock excluded from weighted average shares	303,153	'	303,153
Research & development	$824,336	$516,798	$2,365,539

LICENSE_AGREEMENT_AND_COMMITME1

LICENSE AGREEMENT AND COMMITMENTS (Details Narrative) (USD $)	3 Months Ended	12 Months Ended
	Jun. 11, 2014	Feb. 28, 2014
Lease term	'6 months	'1 year
Lease expiration date	'	31-Aug-14
Rent payable yearly	'	$28,000
Rent payable, monthly installment rate	'	2,333
License Agreement [Member]	'	'
Percent of outstanding common stock to be issued	'	30.00%
Common shares issued	'	3,290,570
Issued shares, value	'	74,786
License fee due upon execution	'	25,000
License maintenance fee due at one year	'	30,000
License maintenance fee due at two years	'	30,000
License maintenance fee due at three years	'	30,000
License maintenance fee due at four years	'	30,000
License maintenance fee due at five years	'	50,000
License maintenance fee due at six years	'	75,000
License maintenance fee due thereafter	'	100,000
Shares issued per antidilution right	'	160,158
License Agreement 2 [Member]	'	'
License fee due upon execution	'	15,000
License maintenance fee due at one year	'	12,000
License maintenance fee due at two years	'	12,000
License maintenance fee due at three years	'	30,000
License maintenance fee due at four years	'	30,000
License maintenance fee due at five years	'	50,000
License maintenance fee due at six years	'	75,000
License maintenance fee due thereafter	'	100,000
License Agreement 3 [Member]	'	'
License fee due upon execution	'	15,000
License maintenance fee due at one year	'	12,000
License maintenance fee due at two years	'	12,000
License maintenance fee due at three years	'	30,000
License maintenance fee due at four years	'	30,000
License maintenance fee due at five years	'	50,000
License maintenance fee due at six years	'	75,000
License maintenance fee due thereafter	'	100,000
License Agreement 4 [Member]	'	'
License fee due upon execution	'	15,000
License maintenance fee due at one year	'	10,000
License maintenance fee due at two years	'	15,000
License maintenance fee due at three years	'	25,000
License maintenance fee due at four years	'	37,500
License maintenance fee due at five years	'	50,000
License maintenance fee due thereafter	'	$50,000

INCOME_TAXES_Details

INCOME TAXES (Details)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Income Tax Disclosure [Abstract]	'	'
Income tax benefit at the federal statutory rate	34.00%	34.00%
Permanent differences	-3.62%	-3.24%
Increase in valuation allowance	-30.38%	-30.76%
Provision for income tax	0.00%	0.00%

INCOME_TAXES_Details_1

INCOME TAXES (Details 1) (USD $)	Feb. 28, 2014	Feb. 28, 2013
Income Tax Disclosure [Abstract]	'	'
Net operating loss carryforwards	$2,830,058	$1,573,290
Stock-based compensation	904,278	246,238
Deferred tax asset before depreciation	3,734,336	1,819,528
Depreciation	-10,273	-10,273
Deferred tax asset	3,724,063	1,809,255
Less: Valuation allowance	-3,724,063	-1,809,255
Net deferred tax asset	'	'

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Income Tax Disclosure [Abstract]	'	'
Valuation allowance increase	$1,914,808	$1,132,682
Cumulative net operating loss carry-forward, federal	7,372,397	'
Cumulative net operating loss carry-forward, state	$5,445,159	'
Carryforward expiration date	'Between 2029 and 2034.	'
Income tax years subject to IRA and state tax audit	'The Company is no longer subject to Federal income tax assessment for years before 2010. However, since the Company has incurred net operating losses every year since inception, all of its income tax returns are subject to examination and adjustments by the Internal Revenue Service for at least three years following the year in which the tax attributes are utilized	'

EQUITY_Details_Narrative

EQUITY (Details Narrative) (USD $)	12 Months Ended			55 Months Ended	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2014	Feb. 28, 2012	Feb. 28, 2014	Feb. 28, 2014	Feb. 28, 2014	Feb. 28, 2014	Feb. 28, 2014
					MBM Agreement [Member]	Advisory And Clinical [Member]	Director [Member]	Consultant and Advisor [Member]	Consultant [Member]	2013 Note Holder [Member]
Share Exchange Agreement	'	'	'	'	'	'	'	'	'	'
Common stock issued pursuant to agreement	'	'	'	'	18,369,421	'	'	'	'	'
Remaining common stock outstanding prior to Exchange	'	'	'	'	840,000	'	'	'	'	'
Common stock sold for proceeds	'	880,000	865,000	'	'	'	'	'	'	'
Proceeds from sale of common stock	'	$880,000	$865,000	$3,418,755	'	'	'	'	'	'
Issuance of restricted stock to board of directors for services	'	100,000	'	'	'	'	'	'	'	'
Expense of restricted stock issuance	'	5,270	'	'	'	'	'	'	'	'
Common stock issued	'	'	'	'	'	'	150,000	112,000	12,000	92,468
Restricted stock issued	'	'	'	'	'	153,013	'	'	'	'
Achievement goal	'	'	'	'	'	'	5,000,000	'	'	'
Fair value	'	'	'	'	'	'	375,000	284,200	15,000	'
Stock compensation expense	'	'	'	'	'	'	'	284,200	'	'
Allocated to research and development expense	824,336	516,798	'	2,365,539	'	'	'	187,500	'	'
Allocated to general and administrative expense	3,526,863	2,000,937	'	7,345,295	'	'	'	96,700	'	'
Convertible promissory notes issued	'	'	'	'	'	'	'	'	'	$1,387,000

STOCK_OPTIONS_Details

STOCK OPTIONS (Details) (USD $)	12 Months Ended
	Feb. 28, 2014
Options Outstanding	'
Outstanding at Beginning of Period	1,116,500
Granted	15,653,500
Outstanding and expected to vest at End of Period	2,680,000
Exercisable at End of period	1,820,000
Weighted Average Exercise Price	'
Outstanding at Beginning of Period	$0.68
Granted	$2.42
Outstanding and expected to vest at End of Period	$1.70
Exercisable at End of period	$1.89
Outstanding at Beginning of Period	'
Granted	'
Outstanding and expected to vest at End of Period	599,025
Exercisable at End of period	$599,025
Weighted Average Remaining Contractual Term	'
Outstanding and expected to vest at End of Period	'8 years 9 months 11 days
Exercisable at End of period	'8 years 6 months 11 days

STOCK_OPTIONS_Details_Narrativ

STOCK OPTIONS (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Reserved for issuance	3,116,789	'
Remain available for issuance	33,776	'
Stock option expected term	'8 years 6 months 11 days	'
Outstanding options exercisable/vested	$1.70	$0.68
Outstanding options price per share	$1.89	'
Unrecognized compensation expense	$270,274	'
General and Administrative Expense [Member]	'	'
Stock option expense	1,540,884	'
Research and Development Expense [Member]	'	'
Stock option expense	106,688	'
Option $0.68 [Member]	'	'
Stock options issued	11,116,500	'
Stock option price per share	$0.68	'
Stock options fair value	611,250	'
Stock option discount rate	1.98%	'
Stock option expected term	'10 years	'
Stock option expected volatility	403.00%	'
Stock option expected dividends	'	'
Outstanding options exercisable/vested	$896,500	'
Outstanding options price per share	$0.68	'
Outstanding options weighted average life	'7 years 10 months 12 days	'
Outstanding options not yet vested	220,000	'
Outstanding options weighted average life, Nonvested	'7 years 10 months 12 days	'
Option $3.25 (1) [Member]	'	'
Stock options issued	300,000	'
Stock option price per share	$3.25	'
Stock options fair value	632,794	'
Stock option discount rate	0.68%	'
Stock option expected term	'5 years 3 months	'
Stock option expected volatility	128.90%	'
Stock option expected dividends	0	'
Stock option expense	632,794	'
Outstanding options weighted average life	'9 years 9 months 16 days	'
Option $3.25 (2) [Member]	'	'
Stock options issued	523,500	'
Stock option price per share	$3.25	'
Stock options fair value	872,528	'
Stock option discount rate	2.59%	'
Stock option expected term	'9 years 5 months 28 days	'
Stock option expected volatility	123.60%	'
Stock option expected dividends	0	'
Stock option expense	872,528	'
Option $3.25 [Member]	'	'
Outstanding options exercisable/vested	$823,500	'
Outstanding options price per share	$3.25	'
Option $1.50 (1) [Member]	'	'
Stock options issued	190,000	'
Stock option price per share	$1.50	'
Stock options fair value	270,274	'
Stock option discount rate	1.12%	'
Stock option expected term	'10 years	'
Stock option expected volatility	121.50%	'
Stock option expected dividends	0	'
Outstanding options weighted average life	'9 years 9 months 16 days	'
Outstanding options weighted average life, Nonvested	'9 years 9 months 16 days	'
Option $1.50 (2) [Member]	'	'
Stock options issued	550,000	'
Stock option price per share	$1.50	'
Stock options fair value	142,250	'
Stock option discount rate	1.12%	'
Stock option expected term	'10 years	'
Stock option expected volatility	121.50%	'
Stock option expected dividends	0	'
Stock option expense	$142,250	'
Outstanding options exercisable/vested	$100,000	'
Outstanding options not yet vested	450,000	'
Option $1.50 (Aggregate) [Member]	'	'
Outstanding options exercisable/vested	$100,000	'
Outstanding options not yet vested	640,000	'

WARRANTS_Details

WARRANTS (Details) (Warrants [Member], USD $)	12 Months Ended
	Feb. 28, 2014
Warrants [Member]	'
Warrants Outstanding	'
Outstanding at Beginning of Period	2,732,072
Issued	414,281
Outstanding at End of Period	3,146,355
Weighted Average Exercise Price	'
Outstanding at Beginning of Period	$1.13
Issued	$2.28
Outstanding at End of Period	$1.24
Average Intrensic Value	'
Outstanding at Beginning of Period	$6,514,888
Issued	'
Outstanding at End of Period	$807,096
Weighted Average Remaining Contractual Term	'
Outstanding at Beginning of Period	'2 years 11 months 27 days
Outstanding at End of Period	'2 years 11 months 27 days

WARRANTS_Details_1

WARRANTS (Details 1) (USD $)	Feb. 28, 2014	Feb. 28, 2013
Exercise prices	$1.70	$0.68
Number of shares	2,680,000	1,116,500
WarrantExercisableOneMember	'	'
Exercise prices	$0.68	'
Number of shares	220,000	'
Weighted average remaining life (years)	'2 years 8 months 16 days	'
Exercisable number of shares	220,000	'
WarrantExercisableTwoMember	'	'
Exercise prices	$0.91	'
Number of shares	1,497,122	'
Weighted average remaining life (years)	'2 years 11 months 5 days	'
Exercisable number of shares	1,497,122	'
WarrantExercisableThreeMember	'	'
Exercise prices	$1.40	'
Number of shares	786,250	'
Weighted average remaining life (years)	'2 years 5 months 27 days	'
Exercisable number of shares	786,250	'
WarrantExercisableFourMember	'	'
Exercise prices	$1.50	'
Number of shares	150,000	'
Weighted average remaining life (years)	'2 years 7 months 6 days	'
Exercisable number of shares	150,000	'
WarrantExercisableFiveMember	'	'
Exercise prices	$2.10	'
Number of shares	447,001	'
Weighted average remaining life (years)	'4 years 1 month 17 days	'
Exercisable number of shares	447,001	'
WarrantExercisableSixMember	'	'
Exercise prices	$2.50	'
Number of shares	25,980	'
Weighted average remaining life (years)	'3 years 10 months 13 days	'
Exercisable number of shares	25,980	'
WarrantExercisableSeven [Member]	'	'
Exercise prices	$3	'
Number of shares	20,000	'
Weighted average remaining life (years)	'2 years 11 months 1 day	'
Exercisable number of shares	20,000	'

WARRANTS_Details_Narrative

WARRANTS (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2014
Expected term	'8 years 6 months 11 days
WarrantExercisableOne [Member]	'
Shares issued	220,000
Exercise price	0.68
Fair value	149,999
Discount rate	0.91%
Expected term	'5 years
Expected volatility	403.00%
Expected dividends	0
WarrantExercisableTwo [Member]	'
Shares issued	1,497,122
Exercise price	0.91
Equity Issuance 8 [Member]	'
Shares issued	216,250
Exercise price	1.4
Equity Issuance 9 [Member]	'
Shares issued	350,000
Exercise price	1.4
WarrantExercisable Four [Member]	'
Shares issued	150,000
Exercise price	1.5
Fair value	149,995
Discount rate	0.63%
Expected term	'4 years
Expected volatility	420.00%
Expected dividends	0
Equity Issuance 10 [Member]	'
Shares issued	220,000
Exercise price	1.4
Equity Issuance 11 [Member]	'
Shares issued	78,700
Equity Issuance 12 [Member]	'
Shares issued	17,500
Exercise price	2.5
Fair value	17,495
Discount rate	0.11%
Expected term	'4 years
Expected volatility	121.00%
Expected dividends	0
Equity Issuance 13 [Member]	'
Shares issued	295,833
Equity Issuance 14 [Member]	'
Shares issued	8,480
Exercise price	2.5
Fair value	25,498
Discount rate	0.74%
Expected term	'5 years
Expected volatility	134.00%
Expected dividends	0

CONVERTIBLE_NOTES_Details_Narr

CONVERTIBLE NOTES (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2014
2013 Notes (1) [Member]	'
Convertible promissory notes issued	$700,000
Convertible note interest rate	8.00%
Warrants issued	70,000
Warrant exercise price	$3
Amended exercise price	$2.10
Amended note principal balance	1,387,000
Shares issued pursuant to amendment	92,468
Loss on extinguishment of debt	32,853
Weighted average fair value	$1
Discount rate	0.63%
Expected term	'4 years
Volatility rate	129.00%
Warrants valued at a discount to convertible debt	71,543
Accretion - discount	752,762
Principal repaid	100,000
Convertible note maturity date	31-Dec-13
Gross proceeds minimum aggregate	3,500,000
Per security price of securities sold in Qualified Financing	$1.15
Conversion price right	$2.50
Amended conversion price	$1.50
The 2013 Notes (2) [Member]	'
Convertible promissory notes issued	787,000
Convertible note interest rate	8.00%
Warrants issued	78,700
Accretion - discount	77,207
Convertible note maturity date	31-Dec-13
Gross proceeds minimum aggregate	3,500,000
Per security price of securities sold in Qualified Financing	$1.15
2014 Notes (1) [Member]	'
Convertible promissory notes issued	500,000
Convertible note interest rate	8.00%
Warrants issued	83,333
Warrant exercise price	$2.10
Weighted average fair value	$1.48
Discount rate	0.88%
Expected term	'4 years
Volatility rate	129.00%
Warrants valued at a discount to convertible debt	357,145
Debt discount due to beneficial conversion feature	532,210
Accretion - discount	1,500,000
Convertible note maturity date	31-May-14
Gross proceeds minimum aggregate	3,500,000
Per security price of securities sold in Qualified Financing	$1.15
Conversion price right	$1.50
The 2014 Notes (2) [Member]	'
Convertible promissory notes issued	855,000
Convertible note interest rate	8.00%
Warrants issued	142,500
Warrant exercise price	$2.10
Gross proceeds minimum aggregate	$5,000,000
Per security price of securities sold in Qualified Financing	$1.15
Conversion price right	$1.50

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details Narrative) (USD $)	Feb. 28, 2014
Fair Value Disclosures [Abstract]	'
Fair value Level 2 Notes	$1,320,689

EQUIPMENT_Details

EQUIPMENT (Details) (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Equipment, gross	$238,446	$65,722
Accumulated depreciation and amortization	-34,192	-12,396
Equipment, net	204,254	53,326
Research Equipment [Member]	'	'
Estimated useful life	'P7Y	'
Equipment, gross	165,537	'
Computer Equipment [Member]	'	'
Estimated useful life	'P5Y	'
Equipment, gross	$72,909	$65,722

EQUIPMENT_Details_Narrative

EQUIPMENT (Details Narrative) (USD $)	12 Months Ended		55 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Property, Plant and Equipment [Abstract]	'	'	'
Depreciation	$21,796	$11,125	$34,192

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Feb. 28, 2014
Waterford [Member]	'
Proceeds from issuance of related party debt	$336,075
Shares issued following conversion of debt	309,595
Consulting [Member]	'
Consulting fees	110,000
Stock options issued	165,000
Stock option price per share	$0.68
Consulting 2 [Member]	'
Consulting fees	$72,000
Stock options issued	100,000
Stock option price per share	$3.25

SUBSEQUENT_EVENTS_Details_Narr

SUBSEQUENT EVENTS (Details Narrative) (USD $)	3 Months Ended	12 Months Ended
	Jun. 11, 2014	Feb. 28, 2014
Lease term	'6 months	'1 year
Rent payable	$5,700	'
AdditionalNotes [Member]	'	'
Convertible promissory notes issued	150,000	'
Warrants issued	25,000	'
Warrants exercise price	$2.10	'
Additional Notes 2 [Member]	'	'
Convertible promissory notes issued	165,000	'
Warrants issued	55,001	'
Warrants exercise price	$1.50	'
Aggregate gross proceeds	165,000	'
Notes interest rate	8.00%	'
Convertible note maturity date	15-Aug-14	'
Gross proceeds minimum aggregate	5,000,000	'
Per security price of securities sold in Qualified Financing	$1.15	'
Investor Relations Agreements [Member]	'	'
Services agreement retainer	22,500	'
Monthly services agreement fee payable	7,500	'
Restricted stock issued with services agreement	50,000	'
Investor Relations Agreement (2) Member	'	'
Restricted stock issued with services agreement	250,000	'
Consulting agreement term	'6 months	'
Cash fee payable following financing	250,000	'
Proceeds from financings upon completion	2,000,000	'
Equipment Purchase Agreement [Member]	'	'
Equipment purchase agreement price	318,603	'
Equipment down payment	21,115	'
Equipment monthly payments	10,260	'
Equipment security deposit	$238,952	'