Convertible Notes Payable, Past Due |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Past Due [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
CONVERTIBLE NOTES PAYABLE, PAST DUE | NOTE 2 – CONVERTIBLE NOTES PAYABLE, PAST DUE
Convertible notes payable consisted of the following:
In Fiscal 2013 and 2014, the Company issued six convertible notes payable in the aggregate of $4,000. The notes are unsecured, bear interest at 5% per annum and are convertible to shares of common stock at a conversion price of $1.40 per share, as adjusted. The notes were originally due in 2014 to 2017, and were all amended in 2018 and the maturity date for all the notes was changed to January 11, 2023.
As of August 31, 2023 and February 28, 2023, the outstanding balance of the convertible notes payable amounted to $1,403 and are past due. |