MetaStat (MTST) 10-Q 14 Jan 15 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Nov. 30, 2014	Jan. 13, 2015	Nov. 30, 2013
Document And Entity Information
Entity Registrant Name	MetaStat, Inc.
Entity Central Index Key	1404943
Document Type	10-Q
Document Period End Date	30-Nov-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-26
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		27,463,411
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2014

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Nov. 30, 2014	Feb. 28, 2014
ASSETS
Cash and cash equivalents	$69,177	$483,408
Other receivable		20,000
Prepaid Insurance	58,802	12,073
Deferred financing cost		60,523
Marketable securities, at fair value	80,000
Other current assets	885
Total Current Assets	208,864	576,004
Equipment (net of accumulated depreciation of $74,450 and $34,192, respectively)	548,244	204,254
Refundable deposit	289,319	10,367
TOTAL ASSETS	1,046,427	790,625
Current Liabilities
Accounts payable	548,511	257,965
Accrued expense	37,190
Current portion of capital lease	99,965
Convertible notes (net od discount of $0 and $206,636, respectively)		2,475,717
Accrued interest payable		137,701
Total current liabilities	685,666	2,871,383
Long-term portion of capital lease	187,683
TOTAL LIABILITIES	873,349	2,871,383
STOCKHOLDERS' EQUITY (DEFICIT)
Series A convertible preferred stock ($0.0001 par value; 1,000,000 shares authorized; 874,257 and 0 shares issued and outstanding, respectively)	87
Common Stock ($0.0001 par value; 150,000,000 shares authorized; 27,413,181 and 21,573,899 shares issued and outstanding, respectively)	2,741	2,157
Additional paid-in-capital	17,841,622	8,644,760
Accumulated deficit	-17,671,372	-10,727,675
Total stockholders' equity (deficit)	173,078	-2,080,758
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$1,046,427	$790,625

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Nov. 30, 2014	Feb. 28, 2014
Statement of Financial Position [Abstract]
Accumulated depreciation	$74,450	$34,192
Discount	$0	$206,637
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	874,257	0
Preferred stock, shares outstanding	874,257	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	27,413,181	21,573,899
Common stock, shares outstanding	27,413,181	21,573,899

Unaudited_Condensed_Consolidat

Unaudited Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Income Statement [Abstract]
Revenue
Operating Expenses
General & administrative	1,080,222	794,156	2,882,899	2,608,123
Research & development	269,560	90,261	1,002,187	422,476
Total Operating Expenses	1,349,782	884,417	3,885,086	3,030,599
Other Expense (Income)
Interest expense	303	27,296	79,590	90,846
Accretion expense		196,190	539,319	559,496
Deferred financing costs amortization			60,523
Other income		-20	-3,159	-81
Brokerage fees and commissions	23,873		23,873
Loss on securities held for sale	33,707		33,707
Beneficial conversion feature			2,324,758
Total Other Expenses (Income)	57,883	223,466	3,058,611	650,261
NET LOSS	($1,407,665)	($1,107,883)	($6,943,697)	($3,680,860)
Basic & Diluted Net Loss Per Share	($0.05)	($0.05)	($0.29)	($0.17)
Weighted shares outstanding	26,694,923	21,469,435	24,230,086	21,413,084

Unaudited_Condensed_Consolidat1

Unaudited Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($6,943,697)	($3,680,860)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	40,258	10,342
Option expense	367,394	1,185,508
Common stock issued for services	806,245	284,200
Accretion of discount	539,319	559,496
Loss on securities held for sale	33,707
Beneficial conversion feature	2,324,759
Amortization of deferred financing costs	60,523
Net changes in operating assets and liabilities:
Other receivables	20,000
Prepaid expenses	47,111	51,186
Other assets	-885
Refundable deposit	-278,952	-4,667
Accounts payable	251,599	72,891
Accrued expense	37,190
Accrued interest	63,712	89,537
NET CASH USED IN OPERATING ACTIVITIES	-2,631,717	-1,432,367
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment	1,142,926
Purchase of equipment	65,645	165,409
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	1,077,281	-165,409
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of convertible debt	615,000	1,200,000
Proceeds from equity financing	750,000
Payments of convertible debt	-100,000
Payments of short-term debt	-93,840	-83,304
Payments of capital lease obligation	-30,955
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,140,205	1,116,696
NET DECREASE IN CASH	-414,231	-481,080
Cash at the beginning of the year	483,408	969,188
Cash at the end of the period	69,177	488,108
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Common stock and warrants issued for conversion of debt	3,558,413
Capital lease financing for fixed assets	318,603
Securities held-for-sale exchanged for common and preferred shares	1,000,000
Accrued offering costs	38,950
Securities exchanged for preferred shares	256,633
Financing of insurance premium through notes payable	93,840	93,840
Debt discount	$173,035	$629,332

DESCRIPTION_OF_BUSINESS_AND_GO

DESCRIPTION OF BUSINESS AND GOING CONCERN	9 Months Ended
	Nov. 30, 2014
Description Of Business And Going Concern
DESCRIPTION OF BUSINESS AND GOING CONCERN	MetaStat, Inc. (“we,” “us,” “our,” the “Company,” or “MetaStat”) is a molecular diagnostic company focused on the development and commercialization of novel diagnostics to provide physicians and patients actionable information regarding the risk of systemic metastasis. We believe cancer treatment strategies can be personalized and outcomes improved through new diagnostic tools that more accurately identify the aggressiveness and metastatic potential of primary tumors.
	Systemic metastasis, cancer that spreads from a primary tumor through the bloodstream to other areas of the body, is responsible for approximately 90% of all solid tumor cancer related deaths. However, for example, only 30-35% of breast cancer are biologically capable of metastatic spread yet the majority of these patients are treated with aggressive therapies that could be modified or eliminated if the true biologic nature of the disease could be identified.
	We are developing two epigenetic-based diagnostic assays called MetaSite Breast™ and MenaCalc™. Both our MetaSite Breast™ and MenaCalc™ diagnostic product lines are designed to accurately stratify patients based on their individual risk of metastasis and to allow oncologists to better "customize" cancer treatment decisions by positively identifying patients with a high-risk of metastasis who need aggressive therapy and by sparing patients with a low-risk of metastasis from the harmful side effects and expense of chemotherapy.
	Basis of Presentation
	The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MetaStat BioMedical, Inc., a Delaware corporation. All significant intercompany balances and transactions have been eliminated in consolidation.  These interim financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended February 28, 2014 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on June 13, 2014. These financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of November 30, 2014 and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. These interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Certain amounts in prior periods have been reclassified to conform to current presentation.
	Going Concern
	These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of November 30, 2014, the Company has an accumulated deficit of $17,671,372. 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 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 it’s business and operations, which could cause the price of its common stock to decline. It 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.
	Recent Accounting Pronouncement
	In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, "Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP.  In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014, however, early adoption is permitted. The Company has elected to early adopt the presentation and disclosure provisions of ASU 2014-10 for its unaudited condensed consolidated financial statements effective August 31, 2014.
	In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern in connection with preparing financial statements for each annual and interim reporting period.  ASU 2014-15 also provides guidance to determine whether to disclose information about relevant conditions and events when there is substantial doubt about an entity’s ability to continue as a going concern.  This update is effective for interim and annual reporting periods beginning December 15, 2016; early adoption is permitted.  We are currently evaluating the impact that this standard will have on our consolidated financial statements.

EQUITY

EQUITY	9 Months Ended
	Nov. 30, 2014
Equity [Abstract]
EQUITY	Issuance of common stock for services
	On April 5, 2013, 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 and record the fair value of the shares when vesting becomes probable, which has not yet occurred. As of November 30, 2014, the Company has not recognized any stock-based compensation expense in connection with these shares.
	On April 9, 2013, 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. These shares were modified on October 14, 2014, which resulted in them being deemed fully vested then.  Prior to the modification, the Company had not recognized any stock compensation expense in connection with these shares as their vesting had not yet become probable. As a result, on the modification date, the Company recorded a stock-based compensation charge of $115,500 equal to the fair value of these shares on the date of the modification.
	On April 9, 2013, the Company issued 100,000 shares of common stock to an advisor for services that vested immediately. The fair value of the shares amounted to $250,000 on the grant date.  The Company recognized $250,000 of stock-based compensation expense related to these shares during the nine months ended November 30, 2013.
	On April 18, 2013, the Company issued 12,000 shares of common stock to a consultant for services that vested immediately. The fair value of the shares amounted to $34,200 on the grant date. The Company recognized $34,200 of stock-based compensation expense related to these shares during the nine months ended November 30, 2013.
	On March 2, 2014, the Company issued 50,000 shares of common stock to a consultant for services to be provided over a six-month period and that vested immediately. The fair value of the shares amounted to $67,500 on the grant date. This transaction was initially recorded a prepaid expense and amortized as stock-based compensation over the service period, resulting in $0 and $67,500 recognized during the three and nine months ended November 30, 2014, respectively.
	On June 9, 2014, the Company issued 250,000 shares of common stock to a consultant for services to be provided over a six-month period and that vested immediately. The fair value of the shares amounted to $285,025 on the grant date. $95,000 of stock-based compensation related to these shares were recognized in the three and six months ended August 31, 2014. On October 16, 2014, the Company and the consultant signed a termination agreement whereby each party agreed to terminate all rights and obligations and the consultant agreed to relinquish and cancel the 250,000 shares of common stock. The Company determined that the services were not performed and the stock-based compensation of $95,000 related to these shares was reversed out during the three and nine months ended November 30, 2014, respectively.
	On July 22, 2014, the Company issued 162,500 shares of common stock to members of its Board of Directors that vested immediately. The fair value of the shares amounted to $147,875 on the grant date, which $0 and $147,875 were recorded as a stock-based compensation during the three and nine months ended November 30, 2014, respectively.
	On October 14, 2014, the Company modified the vesting term of 100,000 shares of common stock previously issued to certain members of the board of directors in May 2012, which were to vest upon the listing of the Company’s common stock on a national securities exchange.  As a result of the modification, these shares were deemed fully vested on the date of modification.  Prior to the modification, the Company had not recognized any stock compensation expense in connection with these shares as their vesting had not yet become probable. As a result, on the modification date, the Company recorded a stock-based compensation charge of $77,000 equal to the fair value of these shares on the date of the modification.
	On October 14, 2014 the Company issued 310,000 shares of common stock to members of its Board of Directors that vested immediately. The fair value of the shares amounted to $238,700 on the grant date, which was recorded as a stock-based compensation during the three and nine months ended November 30, 2014.
	On October 14, 2014 the Company issued 194,805 shares of common stock to members of its Board of Directors that will vest on October 14, 2015. The fair value of the shares amounted to $150,000 on the grant date, of which $19,672 was recognized as stock-based compensation during the three and nine months ended November 30, 2014.
	On October 14, 2014 the Company issued 20,000 shares of common stock to a member of management that vest upon the Company’s common stock being listed on a national stock exchange such as the NASDAQ, New York Stock Exchange or NYSE MKT. The fair value of the shares amounted to $15,400 on the grant date. However, as of November 30, 2014, the Company has not recognized any stock compensation expense in connection with these shares and expects to recognize the compensation expense when vesting becomes probable, which has not yet occurred.
	Equity Financing
	On June 30, 2014, the Company issued 4,714,025 shares of common stock and 500,000 shares of Series A Convertible Preferred Stock, convertible at a 1-to-1 ratio into 500,000 shares of common stock to certain accredited investors that entered into a securities purchase agreement (the “Purchase Agreement”) whereby the Company received aggregate gross proceeds of $5,735,427, of which $4,092,427 represents the automatic conversion of outstanding convertible promissory notes with principal amounts totaling $3,357,000 as referenced in Note 5 below (the “Qualified Financing”). The net proceeds from this transaction amounted to $1,643,000. Included in the net proceeds is the receipt of $100,000 from an investor that was concurrently paid $100,000 for due diligence and legal fees by the Company. Approximately $1,000,000 of these proceeds are expected to be generated from the sale of marketable securities transferred to the Company by an investor (see Note 7).
	On July 14, 2014, the Company completed a second closing under the Purchase Agreement whereby the Company issued 188,182 shares of common stock for an aggregate purchase price of $207,000.
	On July 14, 2014, the Company completed a second closing under the Purchase Agreement whereby the Company issued 188,182 shares of common stock for an aggregate purchase price of $207,000.
	On October 24, 2014 the Company issued 374,257 shares of Series A Convertible Preferred Stock, convertible at a 1-to-1 ratio into 374,257 shares of common stock to a certain accredited investors that entered into a securities purchase agreement in exchange for the transfer to the Company of 1,069,305 freely tradable shares of common stock of Quantum Materials Corp. (QTMM”), a public reporting company which shares of common stock are eligible for quotation on the OTCQB. We recorded the issuance of the Series A Convertible Preferred Stock based on the fair value of the consideration received, which amounted to $256,633.
	Series A Convertible Preferred Stock
	Pursuant to the Certificate of Designation of Rights and Preferences of the Series A Preferred Stock, the terms of the Series A Preferred Stock are as follows:
	Ranking
	The Series A Preferred Stock will rank senior to the Common Stock with respect to distributions of assets upon the liquidation, dissolution or winding up of the Company.
	Dividends
	The Series A Preferred Stock are not entitled to any dividends.
	Liquidation Rights
	In the event of any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders shall be entitled to receive out of the assets of the Company, whether such assets are capital or surplus, for each Preferred Share an amount equal to the fair market value as determined in good faith by the Company’s board of directors.
	Voluntary Conversion; Anti-Dilution Adjustments
	Each Series A Preferred Stock shall be convertible into one share of Common Stock (the “Conversion Ratio”).  The Conversion Ratio is subject to customary adjustments for issuances of shares of Common Stock as a dividend or distribution on shares of the Common Stock, or mergers or reorganizations.
	Voting Rights
	The Series A Preferred Stock have no voting rights.  The Common Stock into which the Series A Preferred Stock is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding Common Stock, and none of the rights of the Series A Preferred Stock.
	Purchase Agreement with Lincoln Park Capital Fund, LLC
	On October 10, 2014, we entered into a purchase agreement (the “LPC Purchase Agreement”), together with a registration rights agreement (the “LPC Registration Rights Agreement”), with Lincoln Park Capital Fund, LLC (“LPC”).
	Under the terms and subject to the conditions of the LPC Purchase Agreement, we have the right to sell to and LPC is obligated to purchase up to $10 million in shares of our common stock subject to certain limitations, from time to time, over the 24-month period commencing on the date that a registration statement, which the Company agreed to file with the Securities and Exchange Commission (the “SEC”) pursuant to the LPC Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed. We may direct LPC, at its sole discretion and subject to certain conditions, to purchase up to 30,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase, increasing to up to 100,000 shares, depending upon the closing sale price of the common stock (such purchases, “Regular Purchases”). However, in no event shall a Regular Purchase be more than $500,000. The purchase price of shares of common stock related to the future funding will be based on the prevailing market prices of such shares at the time of sales, but in no event will shares be sold to LPC on a day the common stock closing price is less than the floor price as set forth in the LPC Purchase Agreement. In addition, we may direct LPC to purchase additional amounts as accelerated purchases if on the date of a Regular Purchase the closing sale price of the common stock is not below the threshold price as set forth in the LPC Purchase Agreement.  In connection with the LPC Purchase Agreement, the Company issued 200,000 shares of common stock as described above, and may issue up to 400,000 additional shares of common stock pro rata only if and as the $10 million is funded by LPC. The fair value of the 200,000 issued shares amounted to $140,000 on the grant date, which was recorded as a stock-based compensation during the three and nine months ended November 30, 2014 as the Company did not expect to close an offering with LPC within ninety days of the issuance of these shares.
	The LPC Purchase Agreement and the LPC Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. We have the right to terminate the LPC Purchase Agreement at any time, at no cost or penalty. Actual sales of shares of common stock to LPC under the LPC Purchase Agreement will depend on a variety of factors to be determined by us from time to time, including, among others, market conditions, the trading price of the common stock and determinations by us as to the appropriate sources of funding for us and our operations. There are no trading volume requirements or restrictions under the LPC Purchase Agreement. LPC has no right to require any sales by us, but is obligated to make purchases from us as it directs in accordance with the LPC Purchase Agreement. LPC has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of our shares.
	The net proceeds under the LPC Purchase Agreement to us will depend on the frequency and prices at which we sell shares of our common stock to LPC. We expect that any proceeds received by us from such sales to LPC under the LPC Purchase Agreement will be used for general corporate purposes and working capital requirements.
	As of November 30, 2014, we have not filed the registration statement in connection with the LPC Registration Rights Agreement, and have not directed any sales of common stock pursuant to the LPC Purchase Agreement.

STOCK_OPTIONS

STOCK OPTIONS	9 Months Ended
	Nov. 30, 2014
Stock Options
STOCK OPTIONS	For the nine months ended November 30, 2013, 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 vested 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 had 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 129%; and (4) zero expected dividends.  During the three and nine months ended November 30, 2013, the Company recognized $158,199 and $474,596 of compensation expense related to these options.  During the three and nine months ended November 30, 2014, the Company did not recognize any compensation expense related to these options.
	For the nine months ended November 30, 2013, 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 vested 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 non-employee options was measured and recognized at each vesting date.  The aggregated fair value of the vested options on the third measurement date amounted to $891,512 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 2.56%; (2) an expected term of 9.60 years; (3) an expected volatility of 125%; and (4) zero expected dividends.  The Company recognized $180,599 and $710,912 in stock option expense for the three and nine months ended November 30, 2013, respectively. During the three and nine months ended November 30, 2014, the Company did not recognize any compensation expense related to these options.
	For the nine months ended November 30, 2014, 220,000 non-employee performance-based stock options vested with a value of $232,000.  These options vested based on the completion of a trial and subsequent publication of results on June 3, 2014. The Company recognized $0 and $232,000 in stock option expense for the three and nine months ended November 30, 2014.
	For the nine months ended November 30, 2014, an aggregate of 90,000 employee performance-based stock options vested with a value of $127,000. These options vested once certain milestones were completed by the employees, which included the completion of the research plan, lab setup, essential hires and investor presentation for the therapeutics program.  The Company recognized $0 and $127,000 in stock option expense for the three and nine months ended November 30, 2014.
	For the nine months ended November 30, 2014, 100,000 stock options issued to certain members of our Board of Directors with an exercise price equal to $3.25 were cancelled in an effort to reduce the fully-diluted share count and increase the number of available stock options. The Company determined that the transaction was not considered to be a modification of these stock-based awards. All stock-based compensation related to these options were recognized in the fiscal year ended February 28, 2014 and have not been reversed.
	For the three and nine months ended November 30, 2014, the Company issued options to purchase 600,000 shares of common stock at $1.10 per share to members of its management team. The options vest upon certain milestones being achieved as follows: (i) 200,000 stock options shall fully vest two years following the date of issuance; (ii) of the remaining 400,000 stock options, one-third shall vest once the Company’s CLIA laboratory is operational, one-third shall vest upon the Company’s first commercial sale, and one-third shall vest upon the Company achieving $25 million in sales for the prior twelve month period.  These options had a total fair value of $368,002 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 1.66%; (2) an expected term of 5.33 years; (3) an expected volatility of 116%; and (4) zero expected dividends.  The Company has recognized $8,393 in stock compensation expense in connection with the tranche with time-vesting condition of these options during the three and nine months ended November 30, 2014. The Company has not recognized any stock based compensation for the tranches with performance-vesting conditions, and expects to recognize the compensation expense when vesting become probable, which has not yet occurred.
	The following table summarizes common stock options issued and outstanding:
		Options		Weighted		Aggregate		Weighted
				average		intrinsic		average
				exercise		value		remaining
				price				contractual
								life (years)
	Outstanding at February 28, 2014		2,680,000	$	1.7	$	-		-
	Forfeited		425,000	$	1.59	$	-		-
	Issued		600,000	$	1.1	$	-		-
	Outstanding and expected to vest at November 30, 2014		2,855,000	$	1.59	$	-		8.49
	Exercisable at November 30, 2014		1,705,000	$	1.79	$			7.81
	As of November 30, 2014, 841,500 options are exercisable at $0.68 per share with a weighted average life of 7.11 years, 673,500 options are exercisable at $3.25 with a weighted average life of 8.35 years, and 190,000 options are exercisable at $1.50 with a weighted average life of 9.05 years. Additionally, 950,000 options with an exercise price of $1.36 and a weighted average life of 9.40 years have yet to vest.
	As of November 30, 2014, we had $119,607 of unrecognized stock-based compensation expected to be recognized over an average weighted period of 1.9 years and $240,000 of unrecognized stock-based compensation related to employee stock options whose recognition is dependent on certain milestones to be achieved.  Additionally, there were 550,000 stock options with a performance vesting condition that were granted to consultants which will be measured and recognized when vesting becomes probable.

WARRANTS

WARRANTS	9 Months Ended
	Nov. 30, 2014
Warrants
WARRANTS	For the nine months ended November 30, 2013, the Company issued 70,000 warrants in connection with the issuance of Convertible Notes referenced in Note 5 below. These warrants were issued between March 1, 2013 and May 14, 2013, are exercisable at $3.00 per share and expire between March 1, 2017 and May 14, 2017. These warrants vested immediately. The warrants do not contain any provision that would require liability treatment, therefore they were classified as equity in the Condensed Consolidated Balance Sheet.
	For the nine months ended November 30, 2013, in connection with the issuance of the Convertible Notes referenced in Note 5 below, 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 vested 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.
	For the nine months ended November 30, 2014, the Company issued 25,000 warrants in connection with the issuance of Convertible Notes referenced in Note 5 below. These warrants were issued on March 4, 2014, are exercisable at $2.10 per share and expire on March 4, 2019. These warrants vested immediately. The warrants do not contain any provision that would require liability treatment, therefore they were classified as equity in the Condensed Consolidated Balance Sheet.
	For the nine months ended November 30, 2014, the Company issued 155,000 warrants in connection with the issuance of Convertible Notes referenced in Note 5 below. These warrants were issued between May 22, 2014 and June 26, 2014, are exercisable at $1.50 per share and expire between May 22, 2019 and June 26, 2019. These warrants vested immediately. The warrants do not contain any provision that would require liability treatment, therefore they were classified as equity in the Condensed Consolidated Balance Sheet.
	For the nine months ended November 30, 2014, the Company issued 3,066,000 warrants in connection with the closing of the Qualified Financing as described in Note 2. These warrants were issued on June 30, 2014, are exercisable at $1.50 per share and expire on June 30, 2018. These warrants vested immediately. The warrants do not contain any provision that would require liability treatment, therefore they were classified as equity in the Condensed Consolidated Balance Sheet.
	The following table summarizes common stock purchase warrants issued and outstanding:
			Warrants				Weighted				Aggregate				Weighted
							average				intrinsic				average
							exercise				value				remaining
							price								contractual
															life (years)
	Outstanding at February 28, 2014			3,146,355			$	1.24			$	-				-
	Issued			3,246,000			$	1.5			$	-				3.63
	Outstanding at November 30, 2014			6,392,355			$	1.37			$	-				2.93
	Warrants exercisable at November 30, 2014 are:
	Exercise prices				Number of shares				Weighted average remaining life (years)				Exercisable number of shares
	$	0.68				220,000				1.96				220,000
	$	0.91				1,497,124				2.17				1,497,124
	$	1.4				786,250				1.74				786,250
	$	1.5				3,371,000				3.52				3,371,000
	$	2.1				472,001				3.19				472,001
	$	2.5				25,980				3.12				25,980
	$	3				20,000				2.17				20,000

CONVERTIBLE_NOTES

CONVERTIBLE NOTES	9 Months Ended
	Nov. 30, 2014
Debt Disclosure [Abstract]
CONVERTIBLE NOTES	2013 Notes
	From January to May 2013, the Company issued convertible promissory notes in the aggregate principal amount of $1,487,000, originally due December 31, 2013 (the “2013 Notes”).
	The 2013 Notes bore interest at the rate of 8% per annum, matured on December 31, 2013 and ranked senior to the Company’s currently issued and outstanding indebtedness and 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 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”) would have automatically converted 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 an aggregate of 148,700 detachable warrants. 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. During the three months ended May 31, 2014, the Company repaid the principal amount of $100,000 plus accrued interest of $8,828 of 2013 Notes to a holder thereof.
	The Company 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 nine months ended November 30, 2014, the Company recorded $159,647 of accretion expense related to the Amended 2013 Notes.
	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 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 $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”).
	During the nine months ended November 30, 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 four-year period.
	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.
	May 2014 Notes
	During the nine months ended November 30, 2014, the Company issued convertible promissory notes in the aggregate principal amount of $465,000 with 155,000 detachable warrants that can be exercised at $1.50 per share within a five-year period (the “May 2014 Notes”).
	The May 2014 Notes bear interest at the rate of 8% per annum, mature on 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.
	Debt Discount and beneficial conversion feature
	The detachable warrants issued in connection with the 2013 Notes, the 2014 Notes, the Additional 2014 Notes, and the May 2014 Notes (collectively the “Convertible Notes”) were recorded as a debt discount based on their relative fair value.
	The detachable warrants issued during the nine months ended November 30, 2013 had a weighted-average fair value of $199,234 as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 0.58 %; (2) an expected term of 4 years; (3) an expected volatility of 140.6%; and (4) zero expected dividends.
	The detachable warrants issued during the nine months ended November 30, 2014 had a weighted-average fair value of $127,289, as calculated using the Black-Scholes model. Assumptions used in the Black-Scholes model included: (1) a discount rate of 1.64 %; (2) an expected term of 5 years; (3) an expected volatility of 116.8%; and (4) zero expected dividends.
	The relative fair value of the warrants and the intrinsic value of the beneficial conversion feature for the convertible notes issued during the nine months ended November 30, 2014 and 2013 totaled $173,035 and $629,332 respectively, and was recorded as a discount to the convertible debt.
	During the nine months ended November 30, 2014 and 2013, $379,672 and $559,496, respectively, was recognized as accretion expense related to the debt discount.
	Automatic Exchange of the Convertible Notes
	On June 30, 2014, the Company completed the Qualified Financing whereby all outstanding Convertible Notes with aggregate principal amounts totaling $3,357,000 were automatically exchanged into the securities offered in the Qualified Financing.  The exchange also included approximately $201,000 of accrued interest.  As of November 30, 2014, the Company has no Convertible Notes outstanding
	On June 30, 2014, as a result of the exchange of the Convertible Notes in the Qualified Financing, the Company recorded an expense amounting to $2,324,760 related to the recognition of a contingent beneficial conversion feature.  The expense was measured at the intrinsic value of the beneficial conversion feature for each of the Convertible Notes at their respective measurement date.

EQUIPMENT

EQUIPMENT	9 Months Ended
	Nov. 30, 2014
Property, Plant and Equipment [Abstract]
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 has been satisfied by the Company. As further security, a personal guaranty was required of our chief executive officer.
	On September 1, 2014, we opened our diagnostic laboratory in Boston MA. As such, we have begun to enter into arrangements for the acquisition of additional laboratory equipment, computer hardware and software, leasehold improvements and office equipment. We cannot at this time provide assurances that we will be able to enter into agreements with vendors on terms commercially favorable to us or that we will be able to enter into such arrangements without securing additional financing.

SECURITES_HELD_FOR_SALE

SECURITES HELD FOR SALE	9 Months Ended
	Nov. 30, 2014
Notes to Financial Statements
SECURITIES HELD FOR SALE	As part of the June 30, 2014 equity financing (see Note 2), the Company received 4,800,000 shares of common stock of Quantum Materials Corp (“Consideration Shares”) in lieu of $1,000,000 of cash proceeds from an investor. In the event the Company does not receive gross proceeds of at least $1,000,000 from the sale of the Consideration Shares by the earliest to occur of (i) September 28, 2014 or (ii) the date the Company has sold of the Consideration Shares, then the investor shall make a payment to the Company equal to the difference between $1,000,000 and the aggregate gross proceeds received by the Company from the sale of the Consideration Shares.  In the event the Company received gross proceeds of at least $1,000,000 from the sale of the Consideration Shares within the 90 days following the closing date of the equity financing, the Company shall immediately cease to sell the Consideration Shares and return all the unsold Consideration Shares to the investor and any proceeds from the sale of the Consideration Shares in excess of the $1,000,000.
	The Company elected to account for the Consideration Shares and the related liability to the investor at fair value.  As such any changes in fair value of the Consideration Shares and the related liability, which are expected to offset each other, are recorded in earnings. The Consideration Shares and the related liability due to investor are financial instruments which are considered Level 1 in the fair value hierarchy and whose value is based on quoted prices in active market.
	During the nine months ended November 30, 2014, the Company generated approximately $1 million of gross proceeds from the sale of the Consideration Shares. On October 14, 2014, the Company entered into an agreement with the investor whereby the remaining 1,069,305 Consideration Shares were to remain with the Company in exchange of the issuance of Series A Convertible Preferred Stock (see Note 2). As of November 30, 2014, the Company was still holding 400,000 Consideration Shares with an aggregate fair value of $80,000.  During the three and nine months ended November 30, 2014, the Company incurred a loss of $33,707 on the holding and selling of the securities.

NET_LOSS_PER_SHARE

NET LOSS PER SHARE	9 Months Ended
	Nov. 30, 2014
Accounting Policies [Abstract]
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 November 30, 2014 and 2013, 367,818 and 403,013 restricted shares of common stock were excluded from the computation of the weighted average shares, respectively.
	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 periods ended November 30, 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:
		30-Nov-14		30-Nov-13
	Stock options		2,855,000		1,940,000
	Warrants		6,392,355		2,893,887
	Convertible notes		-		830,615
	Series A Convertible Preferred Stock		874,257		-
	Total		10,121,612		5,664,615

COMMITMENT

COMMITMENT	9 Months Ended
	Nov. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT	On August 28, 2014, the Company entered into an agreement of lease with Zoom Group, LLC in connection with the Company’s diagnostic laboratory and office space located in Boston, MA. The term of the lease is for two years, from September 1, 2014 through August 31, 2016, and the basic rent payable thereunder is $10,280 per month for the first year and $10,588 per month for the second year. Additional monthly payments under the lease agreement shall include tax payments and operational costs. Additionally, the Company paid a $40,000 security deposit in connection with entering into the lease.
	On November 1, 2014, the Company entered into a sub-lease agreement for one office suite at 1410 Broadway, 23rd Floor, New York, NY 10018. The initial term of the sub-lease agreement is three (3) months ending on January 31, 2015, which may be extended on a month-to-month basis. The basic rent for the office suite is $2,200 per month.

LICENSE_DEVELOPMENT_AND_COMMER

LICENSE, DEVELOPMENT AND COMMERCIALIZATION AGREEMENT WITH ASET THERAPEUTICS, LLC	9 Months Ended
	Nov. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
LICENSE, DEVELOPMENT AND COMMERCIALIZATION AGREEMENT WITH ASET THERAPEUTICS, LLC	On November 25, 2014, we entered into a License, Development and Commercialization Agreement (the “ASET License Agreement”) with ASET Therapeutics LLC (“ASET” or the “Licensee”), a private third party entity affiliated with one of the Company’s directors.  The ASET License Agreement sets forth the rights and obligations of the parties with respect to the grant by the Company to the Licensee of an exclusive license of certain of Company’s therapeutic assets and an exclusive sublicense, with the right to sublicense through multiple tiers, of all rights and obligations under the Company’s existing Therapeutic License Agreement dated as of as of December 7, 2013 with the Massachusetts Institute of Technology and its David H. Koch Institute for Integrative Cancer Research at MIT and its Department of Biology (“MIT”), Albert Einstein College of Medicine of Yeshiva University, and Montefiore Medical Center (the “Therapeutic License Agreement”).
	The licensed technology includes: (i) Alternative Splicing Event (ASE) technology based on International Patent Application WO 2012/116248 A1 entitled "Alternatively Spliced mRNA Isoforms as Prognostic and Therapeutic Tools for Metastatic Breast Cancer and Other Invasive/Metastatic Cancers"; and (ii) Technology and know-how stemming from all ASE discovery work carried out in our labs at SUNY Stony Brook from September 2013 through November 25, 2014. The ASET License Agreement provides that the Company has the right to commercialize any companion diagnostic or biomarker (the “Companion Diagnostics”) arising from the work performed by the Licensee under the ASET License Agreement, pursuant to an exclusive sublicense.
	The ASET License Agreement calls for certain customary payments such as annual license maintenance payments ranging from $5,000 to $25,000 and milestone payments upon the achievement of specified regulatory and sales milestones.  The ASET License Agreement also requires the payment by ASET of a low single-digit royalty on net sales, at such time, if ever, as ASET’s products are fully developed, receive the required regulatory approvals and are commercialized.
	MIT shall retain the sole and exclusive right to file, prosecute and maintain the MIT patent rights in accordance with the Therapeutic License Agreement.  ASET shall have the first right to file, prosecute and maintain at its expense, the MetaStat patent rights not covered by the Therapeutic License Agreement and any patent application(s) or patent(s) arising from joint inventions, using patent counsel selected by ASET.  In addition, ASET shall have the first right to initiate and prosecute such legal action or to control the defense of any declaratory judgment action relating to the parties’ patent rights in the territory in the field.  ASET and MetaStat shall jointly bear the expense of such legal action.
	Pursuant to the Memorandum of Understanding between the Company and ASET (as assignee), as amended (the “MOU”), ASET is obligated to invest an aggregate of $1.25 million in new equity in the Company, $250,000 of which was invested in the Qualified Financing (Note 2) with the balance to be invested in a separate financing on substantially similar terms on or before December 31, 2015.  In the event that ASET does not satisfy its investment obligation, the ASET License Agreement will terminate and the assets will automatically revert back to the Company.  The MOU also required ASET to pay for all costs and expenses of the SUNY Stony Brook facility, up to a maximum of $50,000 per month, from October 15, 2014 until the transfer of such assets under the ASET License Agreement. In addition, ASET agreed to reimburse the Company $150,000 for certain costs incurred at such facility by March 1, 2015.
	Pursuant to the MOU, the Company is obligated to make a $1 million preferred stock equity investment in exchange for a 20% equity interest in ASET (on a fully diluted, as converted basis) on or before December 31, 2015.  The Company will maintain its 20% equity ownership in ASET until such time that ASET raises an aggregate of $4,000,000 in equity or in a financing in which ASET issues securities convertible into equity (including the $1 million received from the Company, but excluding any proceeds received by ASET from the sale of the Company’s securities), after which it will be diluted proportionately with all other equity holders of ASET. The Company will have the right to maintain its equity position in ASET by participating in future financings; provided, however, that such right will terminate in the event the Company does not make a minimum investment in a future financing of ASET equal to at least the lesser of (i) $250,000 and (ii) an amount required to maintain its 20% equity ownership interest.
	The MOU also provides that so long as the Company owns at least ten percent (10%) of the outstanding equity interests of ASET, the Company will have the right to designate one member of the ASET’s board of directors or similar governing body and that the Company’s current chief executive officer shall provide an oversight function to ASET for a period of six months following the execution of the ASET License Agreement.
	We determined that ASET meets the criteria for variable interest entities (“VIEs”), which are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. ASET has not been consolidated by the Company based on our determination that the Company is not the primary beneficiary.
	The primary beneficiary is the party who has both the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.
	Our determination of whether we are the primary beneficiary of the VIE is based upon the facts and circumstances for the VIE and requires significant judgment regarding whether we have power to direct the VIE’s most significant activities, which includes, but is not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees.
	In accordance with the MOU, during the quarter ended November 30, 2014, we received payments in the aggregate of $75,000 from ASET as a reimbursement of research and development expenses incurred from October 15, 2014 through November 25, 2014. These payments are presented as a reduction of the research and development expense for the three and nine months ended November 30, 2014.

TERMINATION_OF_THIRD_LICENSE_A

TERMINATION OF THIRD LICENSE AGREEMENT	9 Months Ended
	Nov. 30, 2014
Research and Development [Abstract]
TERMINATION OF THIRD LICENSE AGREEMENT	On October 31, 2014, we provided the Licensee notice to terminate the License Agreement dated January 3, 2012, in connection with the patent application entitled “An In Vivo Quantitative Screening Test For Anti-Metastasis Treatment Efficacy” (the “Third License Agreement”). All obligations pursuant to the Third License Agreement have been satisfied.  Management determined that the intellectual property covered by the Third License Agreement was non-essential to its business and not related to its focus on the commercialization of its epigenetic-based diagnostics.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Nov. 30, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Completion of Series B Convertible Preferred Financing
	On December 31, 2014, we entered into a securities purchase agreement (the “Series B Purchase Agreement”) with a number of new and existing accredited investors (collectively, the “Series B Investors”) pursuant to which the Company may sell units, for a price of $5,500 per unit, up to an aggregate purchase price $3,492,500. Each unit comprised of a) one share of Series B convertible preferred stock (the “Series B Preferred Shares”) convertible into the Company’s common stock (the “Series B Conversion Shares”) at $0.55 per share in a private placement (the “Series B Private Placement”) and b) one series A warrants (the “Series A Warrants”) to purchase 7,500 shares of common stock at an initial exercise price per share of $0.70.  Series B Investors who purchased a minimum of $500,000 of units on or before December 31, 2014 shall also receive a series B warrants (the “Series B Warrants” and, together with the Series A Warrants, the “Warrants”) to purchase 2,500 shares of common stock at an initial exercise price per share of $0.55.  The Warrants expire on March 31, 2020.
	Pursuant to the initial closing under the Series B Purchase Agreement, we issued approximately 229 Series B Preferred Shares convertible into 2,286,363 shares of common stock, Series A Warrants to purchase 1,714,771 shares of common stock and Series B Warrants to purchase 455,000 shares of common stock for an aggregate purchase price of $1,257,500, of which $90,000 was paid through the conversion of outstanding indebtedness and accrued liabilities due to certain members of our board of directors and management.  The Series B Purchase Agreement provides that the Company may raise an additional $2,235,000 in the Series B Private Placement at any time through March 31, 2015.
	In connection with the initial closing of the Series B Private Placement, we paid to a placement agent a cash fee of $80,080 and will issue 145,600 placement agent warrants.  The placement agent warrants shall have the same terms as the Series A Warrants.  In addition, the placement agent received a non-accountable expense allowance of $25,000, which is equal to 50% of the total expense allowance to be paid.
	Along with the Series B Purchase Agreement, we entered into a registration rights agreement with the Series B Investors.  If the Company does not file a registration statement within 30 days of the final closing of the Series B  Private Placement to register the shares the Series B Preferred Shares can be converted into and the Warrants can be exercised into, it will be subject to late registration payments to be paid to the Series B Investors.

DESCRIPTION_OF_BUSINESS_AND_GO1

DESCRIPTION OF BUSINESS AND GOING CONCERN (Policies)	9 Months Ended
	Nov. 30, 2014
Description Of Business And Going Concern Policies
Basis of Presentation
	Basis of Presentation
	The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MetaStat BioMedical, Inc., a Delaware corporation. All significant intercompany balances and transactions have been eliminated in consolidation.  These interim financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended February 28, 2014 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on June 13, 2014. These financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of November 30, 2014 and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. These interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Certain amounts in prior periods have been reclassified to conform to current presentation.
	.
Going Concern
	Going Concern
	These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of November 30, 2014, the Company has an accumulated deficit of $17,671,372. 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 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 it’s business and operations, which could cause the price of its common stock to decline. It 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.
Recent Accounting Pronouncement
	Recent Accounting Pronouncement
	In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, "Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP.  In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014, however, early adoption is permitted. The Company has elected to early adopt the presentation and disclosure provisions of ASU 2014-10 for this unaudited condensed consolidated financial statements.
	In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern” (“ASU 2014-15”), which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern in connection with preparing financial statements for each annual and interim reporting period.  ASU 2014-15 also provides guidance to determine whether to disclose information about relevant conditions and events when there is substantial doubt about an entity’s ability to continue as a going concern.  This update is effective for interim and annual reporting periods beginning December 15, 2016; early adoption is permitted.  We are currently evaluating the impact that this standard will have on our consolidated financial statements.

STOCK_OPTIONS_Tables

STOCK OPTIONS (Tables)	9 Months Ended
	Nov. 30, 2014
Stock Options Tables
Common stock options issued and outstanding		Options		Weighted		Aggregate		Weighted
				average		intrinsic		average
				exercise		value		remaining
				price				contractual
								life (years)
	Outstanding at February 28, 2014		2,680,000	$	1.7	$	-		-
	Forfeited		425,000	$	1.59	$	-		-
	Issued		600,000	$	1.1	$	-		-
	Outstanding and expected to vest at November 30, 2014		2,855,000	$	1.59	$	-		8.49
	Exercisable at November 30, 2014		1,705,000	$	1.79	$			7.81

WARRANTS_Tables

WARRANTS (Tables)	9 Months Ended
	Nov. 30, 2014
Warrants Tables
Common stock purchase warrants issued and outstanding			Warrants				Weighted				Aggregate				Weighted
							average				intrinsic				average
							exercise				value				remaining
							price								contractual
															life (years)
	Outstanding at February 28, 2014			3,146,355			$	1.24			$	-				-
	Issued			3,246,000			$	1.5			$	-				3.63
	Outstanding at November 30, 2014			6,392,355			$	1.37			$	-				2.93
Warrants exercisable	Exercise prices				Number of shares				Weighted average remaining life (years)				Exercisable number of shares
	$	0.68				220,000				1.96				220,000
	$	0.91				1,497,124				2.17				1,497,124
	$	1.4				786,250				1.74				786,250
	$	1.5				3,371,000				3.52				3,371,000
	$	2.1				472,001				3.19				472,001
	$	2.5				25,980				3.12				25,980
	$	3				20,000				2.17				20,000

CONVERTIBLE_NOTES_Tables

CONVERTIBLE NOTES (Tables)	9 Months Ended
	Nov. 30, 2014
Convertible Notes Tables
Computation of loss on extinguishment	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.

NET_LOSS_PER_SHARE_Tables

NET LOSS PER SHARE (Tables)	9 Months Ended
	Nov. 30, 2014
Accounting Policies [Abstract]
Anti-dilutive securities		30-Nov-14		30-Nov-13
	Stock options		2,855,000		1,940,000
	Warrants		6,392,355		2,893,887
	Convertible notes		-		830,615
	Series A Convertible Preferred Stock		874,257		-
	Total		10,121,612		5,664,615

DESCRIPTION_OF_BUSINESS_AND_GO2

DESCRIPTION OF BUSINESS AND GOING CONCERN (Details Narrative) (USD $)	9 Months Ended
	Nov. 30, 2014	Feb. 28, 2014
Description Of Business And Going Concern Details Narrative
Date of incorporation	28-Mar-07
Going Concern
Accumulated deficit	($17,671,372)	($10,727,675)

EQUITY_Details_Narrative

EQUITY (Details Narrative) (USD $)	9 Months Ended	1 Months Ended	9 Months Ended	3 Months Ended
	Nov. 30, 2014	Jan. 14, 2015	Nov. 30, 2013	Nov. 30, 2014
Minimum [Member]
Consideration shares sold	30,000
Maximum [Member]
Consideration shares sold	100,000
Lincoln Park Capital Purchase Agreement
Common stock issued		200,000
Fair value		$140,000
Stock compensation expense		140,000
Second Closing [Member]
Common stock issued	188,182
Net Proceeds from sale of stock	207,000
Advisory And Clinical [Member]
Restricted stock issued	153,013
Director [Member]
Common stock issued	150,000
Achievement goal	5,000,000
Fair value	375,000
Stock compensation expense	115,500
Consultant and Advisor [Member]
Common stock issued	100,000
Fair value	250,000
Stock compensation expense	250,000		0
Consultant [Member]
Common stock issued	50,000		12,000
Fair value	67,500		34,200
Stock compensation expense	67,500		0	0
Consultant 2 [Member]
Common stock issued	250,000
Fair value	285,025
Stock compensation expense				95,000
Director 2 [Member]
Common stock issued	162,500
Fair value	147,875
Stock compensation expense	147,875			147,875
October Modification [Member]
Vested shares	100,000
Stock compensation expense	77,000
October Director Grant1 [Member]
Common stock issued	310,000
Fair value	238,700
Stock compensation expense	238,700
October Director Grant2 [Member]
Common stock issued	194,805
Fair value	150,000
Stock compensation expense	19,672
October Management Grant [Member]
Common stock issued	20,000
Fair value	15,400
EquityFinancing Investor [Member]
Common stock issued	4,714,025
Preferred stock issued	500,000
Conversion ratio	1-to-1 ratio
Gross Proceeds from sale of stock	5,735,427
Proceeds from conversion of outstanding convertible notes	4,092,427
Principal amount of notes converted	3,357,000
Net Proceeds from sale of stock	1,643,000
Fees payable to investor	100,000
Proceeds expected	1,000,000
EquityFinancing Investor 2 [Member]
Common stock issued	374,257
Shares acquired	1,069,305
Fair value	256,633

STOCK_OPTIONS_Details

STOCK OPTIONS (Details) (USD $)	9 Months Ended
	Nov. 30, 2014
Options Outstanding
Outstanding at Beginning of Period	2,680,000
Forfeited	425,000
Issued	600,000
Outstanding and expected to vest at End of Period	2,855,000
Exercisable at End of period	170,500
Weighted Average Exercise Price
Outstanding at Beginning of Period	$1.70
Granted
Exercised
Forfeited	$1.59
Issued	$1.10
Expired
Outstanding and expected to vest at End of Period	$1.59
Exercisable at End of period	$1.79
Outstanding at Beginning of Period
Granted
Exercised
Forfeited
Expired
Outstanding and expected to vest at End of Period
Exercisable at End of period
Weighted Average Remaining Contractual Term
Outstanding and expected to vest at End of Period	8 years 5 months 27 days
Exercisable at End of period	7 years 9 months 22 days

STOCK_OPTIONS_Details_Narrativ

STOCK OPTIONS (Details Narrative) (USD $)	9 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2013	Feb. 28, 2014
Stock option expected term	7 years 9 months 22 days
Outstanding options exercisable/vested	$1.59	$1.59			$1.70
Outstanding options price per share	$1.79	$1.79
Unrecognized compensation expense	$270,274	$270,274
Unmeasured compensation shares	550,000	550,000
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				129.00%
Stock option expected dividends				0
Stock option expense			158,199	316,398
Option $3.25 (2) [Member]
Stock options issued				523,500
Stock option price per share				$3.25
Stock options fair value				891,512
Stock option discount rate				2.56%
Stock option expected term				9 years 7 months 6 days
Stock option expected volatility				125.00%
Stock option expected dividends				0
Stock option expense			180,599	710,912
Non-Employee Options [Member]
Stock options vested	220,000	220,000
Stock options fair value	232,000	232,000
Stock option expense	0	0
Employee Stock Option [Member]
Stock options vested	90,000	90,000
Stock options fair value	127,000	127,000
Stock option expense	72,000	127,000
Unrecognized compensation expense	119,607	119,607
Unrecognized compensation expense contingent on milestones	240,000	240,000
Director Options [Member]
Stock options cancelled	100,000	100,000
Stock option price per share	$3.25	$3.25
Management Options [Member]
Stock options issued	600,000	600,000
Stock option price per share	$1.10	$1.10
Stock options fair value	368,002	368,002
Stock option discount rate	16.60%
Stock option expected term	10 years
Stock option expected volatility	116.00%
Stock option expected dividends	0
Stock option expense	$8,393	$8,393
Option $0.68 [Member]
Outstanding options exercisable/vested	$841,500	$841,500
Outstanding options price per share	$0.68	$0.68
Outstanding options weighted average life	7 years 1 month 9 days
Option $1.50 (2) [Member]
Outstanding options exercisable/vested	$190,000	$190,000
Outstanding options price per share	$1.36	$1.36
Outstanding options weighted average life	9 years 0 months 18 days
Outstanding options not yet vested	950,000	950,000
Outstanding options weighted average life, Nonvested	9 years 4 months 24 days

WARRANTS_Details

WARRANTS (Details) (Warrant [Member], USD $)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Warrant [Member]
Warrants Outstanding
Outstanding at Beginning of Period	3,146,355	6,392,355
Issued	3,246,000
Outstanding at End of Period	6,392,355	6,392,355
Weighted Average Exercise Price
Outstanding at Beginning of Period	$1.24	$1.37
Issued	$1.50
Outstanding at End of Period	$1.37	$1.37
Average Intrensic Value
Outstanding at Beginning of Period
Issued
Outstanding at End of Period
Weighted Average Remaining Contractual Term
Issued	3 years 7 months 17 days
Outstanding at End of Period	2 years 11 months 5 days

WARRANTS_Details_1

WARRANTS (Details 1) (USD $)	9 Months Ended
	Nov. 30, 2014	Feb. 28, 2014
Exercise prices	$1.59	$1.70
Number of shares	2,855,000	2,680,000
WarrantExercisableOne [Member]
Exercise prices	$0.68
Number of shares	220,000
Weighted average remaining life (years)	1 year 11 months 16 days
Exercisable number of shares	220,000
WarrantExercisableTwo [Member]
Exercise prices	$0.91
Number of shares	1,497,124
Weighted average remaining life (years)	2 years 2 months 1 day
Exercisable number of shares	1,497,124
WarrantExercisableThree [Member]
Exercise prices	$1.40
Number of shares	786,250
Weighted average remaining life (years)	1 year 8 months 27 days
Exercisable number of shares	786,250
WarrantExercisable Four [Member]
Exercise prices	$1.50
Number of shares	3,371,000
Weighted average remaining life (years)	3 years 6 months 7 days
Exercisable number of shares	3,371,000
WarrantExercisable Five [Member]
Exercise prices	$2.10
Number of shares	472,001
Weighted average remaining life (years)	3 years 2 months 9 days
Exercisable number of shares	172,001
WarrantExercisableSix [Member]
Exercise prices	$2.50
Number of shares	25,980
Weighted average remaining life (years)	3 years 1 month 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 2 months 1 day
Exercisable number of shares	20,000

WARRANTS_Details_Narrative

WARRANTS (Details Narrative) (USD $)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Expected dividends	$127,289	$199,234
Warrant Issuance 1 [Member]
Granted Warrants	25,000
Exercise prices	$2.10
Warrant expiration date	4-Mar-19
Warrant Issuance 2 [Member]
Granted Warrants	155,000
Exercise prices	$1.50
Warrant expiration date	26-Jun-19
Warrant Issuance 3 [Member]
Granted Warrants	3,066,000
Exercise prices	$1.50
Warrant expiration date	30-Jun-18
Placement Agent [Member]
Granted Warrants		8,480
Warrant term		5 years
Fair value		25,498
Discount rate		74.00%
Expected volatility		134.00%
Expected dividends		$0
Warrant [Member]
Granted Warrants		70,000
Exercise prices		$3
Warrant expiration date		14-May-17

CONVERTIBLE_NOTES_Details

CONVERTIBLE NOTES (Details) (USD $)	9 Months Ended
	Nov. 30, 2014
Convertible Notes Details
Fair value of Amended 2013 Notes	$1,243,482
Fair value of non-cash consideration issued to the creditor	269,707
Reacquisition price	1,513,189
Carrying value of the debt at modification	1,480,336
Loss on extinguishment	$32,853

CONVERTIBLE_NOTES_Details_Narr

CONVERTIBLE NOTES (Details Narrative) (USD $)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Loss on extinguishment of debt	($1,480,336)
Debt discount due to beneficial conversion feature	173,035	629,332
Accretion	159,647
Accretion - discount	379,672	559,496
Principal repaid	100,000
Accrued interest	201,000
Loss on extinguishment	32,853
Automatic conversion of convertible promissory notes	3,357,000
Beneficial conversion expense	2,324,760
Detachable warrants weighted average fair value	127,289	199,234
2013 Notes (1) [Member]
Convertible promissory notes issued	1,487,000
Convertible note interest rate	8.00%
Gross proceeds minimum aggregate	3,500,000
Per security price of securities sold in Qualified Financing	$1.15
Conversion price right	$2.50
The 2013 Notes (2) [Member]
Convertible promissory notes issued	148,700
Warrant exercise price	$3
Expected term	4 years
Gross proceeds minimum aggregate	3,500,000
Per security price of securities sold in Qualified Financing	$1.15
Conversion price right	$2.50
The 2013 Notes (3) [Member]
Convertible promissory notes issued	1,387,000
Warrant exercise price	$3
Amended exercise price	$2.10
Amended note principal balance	128,700
Shares issued pursuant to amendment	92,468
Loss on extinguishment of debt	32,853
Expected term	4 years
Principal repaid	100,000
Accrued interest	8,828
Amended conversion price	$1.50
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
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
Additional Notes [Member]
Convertible promissory notes issued	150,000
Warrants issued	25,000
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
May 2014 Notes [Member]
Convertible promissory notes issued	65,000
Convertible note interest rate	8.00%
Warrants issued	155,000
Warrant exercise price	$1.50
Gross proceeds minimum aggregate	$5,000,000
Per security price of securities sold in Qualified Financing	$1.15

EQUIPMENT_Details_Narrative

EQUIPMENT (Details Narrative) (USD $)	9 Months Ended
	Nov. 30, 2014
Property, Plant and Equipment [Abstract]
Microscope purchase price	$318,603
Down payment for microscope	21,115
Monthly payment	10,260
Number of payments	36
Security deposit	$238,952

SECURITIES_HELD_FOR_SALE_Detai

SECURITIES HELD FOR SALE (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013	Feb. 28, 2014
Notes to Financial Statements
Shares received from Quantum			4,800,000
Proceed minimum			$1,000,000
Receivable from investor	1,000,000		1,000,000
Proceeds from sale of consideration shares			1,142,926
Exchange shares	1,069,305		1,069,305
Fair value of unsold consideration shares	80,000		80,000
Loss on sale of securities	$33,707		$33,707

NET_LOSS_PER_SHARE_Details

NET LOSS PER SHARE (Details)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Anti-dilutive securities	10,121,612	5,664,615
Stock Option [Member]
Anti-dilutive securities	2,855,000	1,940,000
Warrants [Member]
Anti-dilutive securities	6,392,355	2,893,887
Convertible Note [Member]
Anti-dilutive securities		830,615
Series A Preferred Stock [Member]
Anti-dilutive securities	874,257

NET_LOSS_PER_SHARE_Details_Nar

NET LOSS PER SHARE (Details Narrative)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
Anti-dilutive securities	10,121,612	5,664,615
Restricted Stock [Member]
Anti-dilutive securities	367,818	403,013

COMMITMENT_Details_Narrative

COMMITMENT (Details Narrative) (USD $)	9 Months Ended
	Nov. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Lease term	2 years
Lease expiration date	31-Aug-16
Monthly rent payment, year one	$10,280
Monthly rent payment, year two	10,588
Security deposit	$40,000

LICENSE_DEVELOPMENT_AND_COMMER1

LICENSE, DEVELOPMENT AND COMMERCIALIZATION AGREEMENT WITH ASET THERAPEUTICS, LLC (Details Narrative) (USD $)	9 Months Ended	10 Months Ended
	Nov. 30, 2014	Nov. 30, 2014
Investment amount received	$250,000
Reimbursement revenue	75,000
Investment required by company	1,000,000	1,000,000
Costs and Expenses [Member]
Reimbursement revenue	150,000
Research and Development Expense [Member]
Reimbursement revenue	75,000
Minimum [Member]
Other Commitment Due	5,000	5,000
Investment amount received	1,250,000	1,250,000
Equity ownership	20.00%	20.00%
Maximum [Member]
Other Commitment Due	25,000	25,000
Maximum [Member] | Costs and Expenses [Member]
Reimbursement revenue	$50,000

SUBSEQUENT_EVENTS_Details_Narr

SUBSEQUENT EVENTS (Details Narrative) (USD $)	9 Months Ended		1 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Jan. 13, 2015
Proceeds from sale of consideration shares	$1,142,926
Minimum [Member]
Proceeds from sale of consideration shares			2,235,000
Maximum [Member]
Proceeds from sale of consideration shares			3,492,500
Securities Sold under Agreements to Repurchase [Member]
Unit sale price			$5,500
Series B price			$0.55
Series B shares issued			229
Series B conversion feature			2,286,363
Warrant price			$0.70
Warrants issued			1,714,771
Proceeds from sale of consideration shares			1,257,500
Conversion of debt			90,000
Placement agent cash fee			80,080
Placement agent warrants issued			145,600
Placement agent expense allowance			$25,000