Prepaid and Other Current Assets

12 Months Ended

Feb. 28, 2022

Other Current Assets [Abstract]

PREPAID AND OTHER CURRENT ASSETS

NOTE 5 – PREPAID AND OTHER CURRENT ASSETS

Prepaid and other current assets consisted of the following:

	February 28, 2022		February 28, 2021
Prepaid annual software licenses	$	94,907	$	-
Prepaid commissions		73,390		63,500
Vendor advances		35,500		37,400
Other prepaid expenses		51,656		14,303
Total other current assets	$	255,453	$	115,203

Equity method investment (written off in fiscal 2020)

In March 2017, the Company entered into a joint venture (“Jiangsu Shengf”ng") with a Chinese company to build and distribute AuraGen® products in China. The Chinese partner owns 51% of Jiangsu Shengfeng and contributed facilities and equipment of approximately $9.75 million, and approximately $500,000 of working capital. The Company owns 49% of Jiangsu Shengfeng and contributed $250,000 of working capital as well as a limited license. In September, 2018, Jiangsu Shengfeng placed a $1,000,000 order with the Company which included an advance payment of $700,000. The Company failed to deliver products in accordance with the order received. In November 2019, the Company issued a note payable for the $700,000 due to Jiangsu Shengfeng (see Note 10) as part of an agreement for the repayment of the advance subject to Jiangsu Shengf’ng's continuance of operations. However, starting in January 2020, Jiangsu Shengfeng’s operations were shut down by governmental authorities due to the COVID-19 virus, and as of the date of this filing, its operations have not restarted. As of February 28, 2020, the Company wrote off its equity interest in Jiangsu Shengfeng.