Convertible Notes Payable

12 Months Ended

Feb. 28, 2023

Convertible Notes Payable [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 6 – CONVERTIBLE NOTES PAYABLE

Convertible notes payable consisted of the following:

	February 28, 2023		February 28, 2022
(amounts in thousands)
Convertible notes payable -past due	$	1,403	$	1,403
Non-current		-		-
Current	$	1,403	$	1,403

In Fiscal 2013 and 2014, the Company issued six convertible notes payable in the aggregate of $4,000. As of February 28, 2022 and 2021, the outstanding balance of the convertible notes payable amounted to $1,403. 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. As of February 28, 2023, the convertible notes of $1,403 and accrued interest of $354 have reached maturity and are past due.

At February 28, 2023 and 2022, accrued interest on convertible notes payable totaled approximately $354 and $284, respectively, and is included in accrued expenses (See Note 10).