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Note 9 - Common Stock Payable
3 Months Ended
May 31, 2022
Notes to Financial Statements  
Common Stock Payable - Contracts/Agreements and Deposits Received on Subscription Agreements [Text Block]

NOTE 9 COMMON STOCK PAYABLE

 

Common Stock Payable for Contracts/Agreements

 

Common stock payable for contracts/agreements consist of 1 million shares owed to Raul Factor per the joint venture agreement (Note 11) and 1 million shares owed to landlord for rent at February 28, 2021. On June 7, 2021, 6,667 shares were issued to the landlord. These shares were adjusted to its fair value of $600,000 on June 7, 2021, and $150,000 was recognized as unrealized gain on that date. The Company also recognized a gain on the issuance of these shares in the amount of $360,000. At May 31, 2022 and February 28, 2022, the fair value of the remaining shares owed to Raul Factor were adjusted to its fair value of $301,800 and $380,000 based on the closing price of the stock on those dates. The Company recognized unrealized gain on common stock payable of $78,200 and $50,000 during the three months ended May 31, 2022 and 2021, respectively. At May 31, 2022 and February 28, 2022 the Company also owed 3,424,934 and 3,354,037 shares, respectively to various people which was valued at the market rates at May 31, 2022 and February 28, 2022 totaling $1,634,718 and $1,610,107, respectively.

 

 

Common Stock Payable Deposits Received on Subscriptions Agreements

 

Common stock payable for deposits received on stock subscription agreements consist of 48,898,440 shares owed to various investors who have paid for these shares. At February 28, 2022, the fair value of the these shares were adjusted to its fair value of $18,515,734 based on the closing price of the stock on that date. The Company recognized unrealized gain (loss) on common stock payable of $10,096,456 and $(5,748,276) during years ended February 28, 2022 and 2021, respectively along with unrealized gain (loss) on common stock payable of (4,014,631) for quarter ending May 31, 2022.