Convertible Note Payable-Related Party

6 Months Ended

Aug. 31, 2022

Convertible Note Payable Related Party Abstract

CONVERTIBLE NOTE PAYABLE-RELATED PARTY

NOTE 7 – CONVERTIBLE NOTE PAYABLE-RELATED PARTY

Convertible note payable – related party consisted of the following:

	August 31, 2022		February 28, 2022
Convertible note payable	$	3,000,000	$	3,000,000
Non-current		-		-
Current	$	3,000,000	$	3,000,000

On January 24, 2017, the Company entered into a debt refinancing agreement with a former director and current shareholder of the Company. As part of the agreement, the Company issued a $3,000,000 convertible note. The convertible note is unsecured, bears interest at 5% per annum, is due February 2, 2023, and is convertible into shares of common stock at a conversion price of $1.40 per share, as adjusted.

At August 31, 2022 and February 28, 2022, accrued interest on convertible notes payable-related party totaled $638,527 and $562,911, respectively, and is included in accrued expenses (See Note 10).