Related Party Transactions

12 Months Ended

Feb. 28, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 17 – RELATED PARTY TRANSACTIONS

As of February 28, 2022 and 2021, Bettersea LLC (“Bettersea”) was an 11.0% and 10.4%, respectively, shareholder in the Company. For the years ended February 28, 2022 and 2021, the Company incurred total fees to Bettersea of $137,500 and $131,300, respectively, for consulting services. As of February 28, 2022 and 2021, a total of $218,507 and $602,501, respectively, was due to Bettersea and included in accounts payable and accrued expenses..

During fiscal 2022, the Company issued 1,285,714 shares of common stock with a fair value of $450,000 for the settlement of accounts payable of $450,000 due to Bettersea. Also during fiscal 2022, the Company issued 285,715 shares of common stock with a fair value of $100,000 for the settlement of accounts payable of $100,000 due to the Company’s President. During fiscal 2021, the Company issued 415,636 common shares with a fair value of $103,909 for the settlement of accounts payable of $103,909 due to a 50% owner of Bettersea. There were no gains or losses recognized on these transactions.