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Due to Related Parties
6 Months Ended
Aug. 31, 2022
Related Party Transactions [Abstract]  
Due to Related Parties

6.Due to Related Parties

 

a)On March 24, 2021, the Company entered into a promissory note with the Chief Executive Officer (“CEO”) of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 24, 2022. As at August 31, 2022, the Company has recognized accrued interest of $1,438 (February 28, 2022 – $934), which is included in due to related parties. As at the date of filing, the note has not been repaid.

 

b)On September 7, 2021, the Company entered into a promissory note with the former CEO of the Company for $10,000, which was unsecured, bears interest of 10% per annum and was to mature on March 7, 2022. On March 2, 2022, the promissory note and accrued interest of $482 were forgiven as part of the Share Purchase and Separation Agreement described in Note 11. As at August 31, 2022, the Company has recognized accrued interest of $nil (February 28, 2022 – $477), which was included in due to related parties.
c)At August 31, 2022, the Company owed $nil (February 28, 2022 – $1,170) to the former CEO of the Company for expenses incurred or expensed paid on behalf of the Company, which was non-interest bearing, unsecured and due on demand. On March 2, 2022, these expenses of $1,170 were forgiven as part of the Share Purchase and Separation Agreement described in Note 11.

 

d)On September 7, 2021, the Company entered into a promissory note with the CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 7, 2022. As at August 31, 2022, the Company has recognized accrued interest of $981 (February 28, 2022 – $477) which is included in due to related parties. As at the date of filing, the note has not been repaid.

 

e)On February 11, 2022, the Company entered into a promissory note with the CEO of the Company for $20,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at August 31, 2022, the Company has recognized accrued interest of $1,102 (February 28, 2022 – $93), which is included in due to related parties. As at the date of filing, the note has not been repaid.

 

f)As at August 31, 2022, the Company was owed $3,700 (February 28, 2022 – $nil) from the CEO of the Company, which is unsecured, is non-interest bearing and due on demand.

 

g)On April 14, 2021, the Company entered into a promissory note with a Director of the Company for $26,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2021. During the year ended February 28, 2022, an addendum was entered into to extend the maturity date to October 13, 2023. As at August 31, 2022, the Company has recognized accrued interest of $3,590 (February 28, 2022 – $2,279), which is included in accounts payable and accrued liabilities

 

h)On February 11, 2022, the Company entered into a promissory note with a Director of the Company for $130,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at August 31, 2022, the Company has recognized accrued interest of $7,159 (February 28, 2022 – $605), which is included in accounts payable and accrued liabilities.

 

i)During the year ended February 28, 2022, a third-party lender purchased from a Director of the Company a promissory note in the amount of $15,000, which is unsecured, bears interest of 10% per annum and had an original maturity date of October 13, 2021. The maturity date was amended to October 13, 2023 during the year ended February 28, 2022. As at August 31, 2022, the Company has recognized accrued interest of $2,071 (February 28, 2022 – $1,315) which is included in accounts payable and accrued liabilities.

 

j)On May 2, 2022, the Company entered into a promissory note with a Director of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matures on March 2, 2023. As at August 31, 2022, the Company has recognized accrued interest of $829, which is included in accounts payable and accrued liabilities.

 

k)During the six months ended August 31, 2022, the Company incurred salary expenses of $nil (2021 – $60,261) to the former CEO of the Company.

 

l)During the six months ended August 31, 2022, the Company incurred salary expenses of $63,567 (R1,007,218) (2021 – $62,822 (R907,728)) to the CEO of the Company.

 

m)During the six months ended August 31, 2022, the Company incurred directors’ fees of $32,000 (2021 – $nil) to a Director of the Company.