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Non-Recurring Transactions
12 Months Ended
Feb. 28, 2021
Non Recurring Transactions [Abstract]  
NON-RECURRING TRANSACTIONS

NOTE 12 – NON-RECURRING TRANSACTIONS


During Fiscal 2021, the Company recorded non-recurring transactions due primarily to the cancellation of liabilities following the expiration of the statute of limitations on such debt. Notes payable and accrued interest of approximately $877,000 were cancelled on debt previously reported as owed to McCleod ($692,000), Veen ($134,000) and Sook ($51,000) and recorded as a gain on extinguishment of debt in the Statement of Operations for Fiscal 2021. Other income for Fiscal 2021 of approximately $2,720,000 consists primarily of the cancellation of accrued payroll of $2,345,000 and accounts payable of $339,000 due to the expiration of the statute of limitations on such debt. Included in other income was a legal settlement of $46,000.