Convertible Notes Payable

12 Months Ended

Feb. 28, 2022

Convertible Notes Payable [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 7 – CONVERTIBLE NOTES PAYABLE

Convertible notes payable consisted of the following:

	February 28, 2022		February 28, 2021
Convertible notes payable	$	1,402,971	$	1,402,971
Non-current		-		(1,402,971	)
Current	$	1,402,971	$	-

In Fiscal 2013 and 2014, the Company issued six convertible notes payable in the aggregate of $4,000,000. As of February 28, 2022 and 2021, the outstanding balance of the convertible notes payable amounted to $1,402,971. 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.

At February 28, 2022 and 2021, accrued interest on convertible notes payable totaled $284,063 and $213,884, respectively, and is included in accrued expenses (See Note 11).