Convertible Notes Payable

6 Months Ended

Aug. 31, 2022

Convertible Notes Payable Abstract

CONVERTIBLE NOTES PAYABLE

NOTE 6 – CONVERTIBLE NOTES PAYABLE

Convertible notes payable consisted of the following:

	August 31, 2022		February 28, 2022
Convertible notes payable	$	1,402,971	$	1,402,971
Non-current		-		-
Current	$	1,402,971	$	1,402,971

In Fiscal 2013 and 2014, the Company issued six convertible notes payable in the aggregate of $4,000,000. As of May 31, 2022 and February 28, 2022, 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 August 31, 2022 and February 28, 2022, accrued interest on convertible notes payable totaled $319,394 and $284,063, respectively, and is included in accrued expenses (See Note 10).