Convertible Note Payable-Related Party

12 Months Ended

Feb. 28, 2023

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:

	February 28, 2023		February 28, 2022
(amounts in thousands)
Convertible note payable -past due	$	3,000	$	3,000
Non-current		-		-
Current	$	3,000	$	3,000

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 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. As of February 28, 2023, the convertible note of $3,000 and related accrued interest of $713 has reached maturity and is past due.

At February 28, 2023 and 2022, accrued interest on convertible notes payable-related party totaled approximately $713 and $563, respectively, and is included in accrued expenses (See Note 10).