0001493152-19-018626.txt : 20191202 0001493152-19-018626.hdr.sgml : 20191202 20191202150016 ACCESSION NUMBER: 0001493152-19-018626 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20190831 FILED AS OF DATE: 20191202 DATE AS OF CHANGE: 20191202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DigitalTown, Inc. CENTRAL INDEX KEY: 0001065598 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER & OFFICE EQUIPMENT [3570] IRS NUMBER: 411427445 STATE OF INCORPORATION: MN FISCAL YEAR END: 0229 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27225 FILM NUMBER: 191263056 BUSINESS ADDRESS: STREET 1: 477 PEACE PORTAL DRIVE, SUITE 506 CITY: BLAINE STATE: WA ZIP: 98230 BUSINESS PHONE: 425-577-7766 MAIL ADDRESS: STREET 1: 477 PEACE PORTAL DRIVE, SUITE 506 CITY: BLAINE STATE: WA ZIP: 98230 FORMER COMPANY: FORMER CONFORMED NAME: BDC Capital, Inc. DATE OF NAME CHANGE: 20050209 FORMER COMPANY: FORMER CONFORMED NAME: ENETPC INC DATE OF NAME CHANGE: 20001016 FORMER COMPANY: FORMER CONFORMED NAME: CYBERSTAR COMPUTER CORP DATE OF NAME CHANGE: 19990826 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: August 31, 2019

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 000-27225

 

DigitalTown, Inc.

(Exact name of registrant as specified in its charter)

 

Minnesota   41-1427445

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

506 - 477 Peace Portal Drive, Blaine, Washington   98230
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number: (425) 577-7766

 

Securities registered under Section 12(b) of the Exchange Act:

 

Title of

each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

N/A   N/A   N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer or a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

  Large Accelerated Filer [  ]   Accelerated Filer [  ]
  Non-accelerated Filer [X]   Smaller reporting company [X]
  Emerging growth company [  ]      

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [X] No [  ]

 

As of November 25, 2019, there were 2,562,664,837 shares of the registrant’s common stock outstanding.

 

 

 

   

 

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION 3
     
ITEM 1. Financial Statements (Unaudited) 3
  Condensed consolidated balance sheet as of August 31, 2019 and February 28, 2019 3
  Condensed consolidated statements of operations for the three and six months ended August 31, 2019 and 2018 4
  Condensed consolidated statement of equity/(deficit) for the six months ended August 31, 2019 5
  Condensed consolidated statements of cash flows for the sex months ended August 31, 2019 and 2018 6
  Notes to condensed consolidated financial statements 7
     
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32
     
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 36
     
ITEM 4. Controls and Procedures 36
     
PART II - OTHER INFORMATION 36
     
ITEM 1. Legal Proceedings 36
     
ITEM 1A Risk Factors 37
     
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
     
ITEM 3. Defaults Upon Senior Securities 37
     
ITEM 4. Mine Safety Disclosures 37
     
ITEM 5. Other Information 37
     
ITEM 6. Exhibits 37
     
SIGNATURES 38

 

 2 

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

DIGITALTOWN, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

   August 31, 2019   February 28, 2019 
   (Unaudited)     
ASSETS          
Current assets:          
Cash  $4,689   $15,271 
Accounts receivable, net   7,485    25,343 
Total current assets   12,174    40,614 
Property and equipment, net   -    19,208 
Total assets  $12,174   $59,822 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
Current liabilities:          
Accounts payable  $186,001   $551,387 
Accounts payable – related parties   365,729    213,566 
Deferred revenue   120,000    186,305 
Domain marketing development obligation   168,174    168,174 
Interest payable   57,487    46,235 
Accrued expenses - related parties   542,066    542,066 
Notes payable - related parties   171,342    1,025,200 
Convertible notes payable - third parties, net   120,578    246,175 
Liabilities held for sale   -    12,828 
Total current liabilities   1,731,377    2,991,936 
           
Commitments and contingencies          
Stockholders’ equity (deficit):          
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,664,876,270 and 146,740,570 shares issued and outstanding at August 31, 2019 and February 28, 2019, respectively   16,648,763    1,467,406 
Preferred stock, $0.01 par value, 20,000,000 shares authorized, 51 and 0 shares issued and outstanding at August 31, 2019 and February 28, 2019, respectively   1    - 
Additional paid-in-capital   38,346,411    51,411,971 
Stock payable   525,572    478,650 
Accumulated other comprehensive income   (1,819)   (819)
Accumulated deficit   (57,238,131)   (56,289,322)
Total stockholders’ equity (deficit)   (1,719,203)   (2,932,114)
Total liabilities and stockholders’ equity (deficit)  $12,174   $59,822 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 

 

 

DIGITALTOWN, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

 

   Three Months Ended August 31   Six Months Ended August 31 
   2019   2018   2019   2018 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
                 
Revenues   -   $20,047   $50,000   $41,972 
Cost of revenues   -    114,937    306    521,989 
Gross profit (loss)   -    (94,890)   49,694    (480,017)
                     
Operating expenses:                    
Selling, general and administrative expenses   263,007    1,511,914    605,381    2,687,358 
                     
Loss from operations   (263,007)   (1,606,804)   (555,687)   (3,167,375)
                     
Other income (expense):                    
Interest expense   (127,235)   (80,405)   (373,914)   (673,819)
Loss on disposal of asset   -    -    (19,208)   - 
Loss on debt settlement   -    (48,037)   -    (48,037)
Digital currency losses   -    (925,817)   -    (925,817)
Total other income (expense)   (127,235)   (1,054,259)   (393,122)   (1,647,673)
                     
Loss before income taxes   (390,242)   (2,661,063)   (948,809)   (4,815,048)
Income tax provision   -    -    -    - 
Net loss from continuing operations, net of income taxes   (390,242)   (2,661,063)   (948,809)   (4,815,048)
                     
Loss from discontinued operations   -    (71,453)   -    (173,610)
                     
Net loss  $(390,242)  $(2,732,516)  $(948,809)  $(4,988,658)
                     
Net loss per common share – basic and diluted  $(0.00)  $(0.02)  $(0.00)  $(0.05)
                     
Weighted average common shares outstanding – basic and diluted   1,266,642,830    126,564,143    778,308,162    106,720,550 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 

 

 

DIGITALTOWN, INC. AND SUBSIDIARIES

Consolidated Statement of Stockholders’ Equity (Deficit)

 

Six Months Ended August 31, 2019

(Unaudited)

 

                       Accumulated         
               Additional       Other         
   Common Stock   Preferred Stock   Paid-In   Stock   Comprehensive   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Payable   Loss   Deficit   Total 
Balance as of February 28, 2018   84,509,824   $845,098    -    -   $43,698,746   $2,221,603   $5,098   $(48,885,896)  $(2,115,351)
                                              
Common stock issued for stock payable   9,783,548    97,835    -                      -    1,730,365    (1,828,200)                             -    -    - 
Common stock issued for cash   15,097,113    150,971    -    -    919,574    -    -    -    1,070,545 
Common stock issued for cryptocurrency   11,385,590    113,856    -    -    1,545,144    -    -    -    1,659,000 
Stock issued for conversion of third-party debt   8,933,740    89,337    -    -    82,208    -    -    -    171,545 
Stock issued for conversion of accounts payable   252,500    2,525    -    -    16,675    42,500    -    -    61,700 
Stock issued for conversion of related party debt   9,880,274    98,803    -    -    889,225    -    -    -    988,028 
Stock issued for compensation   6,722,981    67,231    -    -    1,949,698    42,747    -    -    2,069,399 
Stock issued for finder fee   100,000    1,000    -    -    (1,000)   -    -    -    - 
Stock issued for debt discount   90,000    900    -    -    7,110    -    -    -    8,010 
Stock reclaimed for sale of domains   (15,000)   (150)   -    -    (2,850)   -    -    -    (3,000)
Contributed capital   -    -    -    -    20,000    -    -    -    20,000 
Beneficial conversion feature   -    -    -    -    536,951    -    -    -    536,951 
Imputed interest   -    -    -    -    20,125    -    -    -    20,125 
Foreign currency translation adjustment   -    -    -    -    -    -    (5,917)   -    (5,917)
Net Loss   -    -    -    -    -    -    -    (7,403,426)   (7,403,426)
Balance as of February 28, 2019   146,740,570   $1,467,406    -    -   $51,411,971    478,650   $(819)  $(56,289,322)  $(2,932,114)
                                              
Stock issued for conversion of third-party debt   1,455,895,580    14,558,955    -    -    (13,713,347)   496,513    -    -    1,342,121 
Stock issued for conversion of accounts payable   8,068,690    80,687    -    -    322,747    24,000    -    -    427,434 
Stock issued for compensation   54,171,430    541,715    -    -    153,268    (473,591)   -    -    221,392 
Beneficial conversion feature   -    -    -    -    70,000    -    -    -    70,000 
Imputed interest   -    -    -    -    2,773    -    -    -    2,773 
Foreign currency translation adjustment   -    -    -    -    -    -    (1,000)   -    (1,000)
Issuance of super-voting preferred shares   -    -    51    1    98,999    -    -    -    99,000 
Net Loss   -    -    -    -    -    -    -    (948,809)   (948,809)
Balance as of August 31, 2019   1,664,876,270   $16,648,763    51   $1   $38,346,411   $525,572   $(1,819)  $(57,238,131)  $(1,719,203)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 

 

 

DIGITALTOWN, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

 

   For the Six Months Ended August 31, 
   2019   2018 
  (Unaudited)   (Unaudited) 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss from discontinued operations   -   $(173,610)
Net loss from continuing operations  $(948,809)   (4,815,048)
Adjustments to reconcile net loss to net cash flows used in operating activities:          
Loss on debt settlement   -    48,037 
Loss on cryptocurrency sale   -    925,817 
Depreciation and amortization   -    3,885 
Debt discount amortization   312,283    652,540 
Loss on debt penalty   32,343    - 
Imputed interest   2,773    14,625 
Loss on disposal of fixed assets   19,208    - 
Stock based compensation   320,392    1,118,367 
Changes in operating assets and liabilities:          
Accounts receivable   17,858    6,108 
Prepaid expenses   -    38,677 
Accounts payable   62,049    204,764 
Accounts payable – related parties   152,163    340,545 
Accrued expenses   (49,842)   95,199 
Net cash used in operating activities   (79,582)   (1,540,094)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Cash received from sale of digital currencies   -    718,181 
Net cash provided by investing activities   -    718,181 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of common stock   -    827,396 
Borrowings on convertible notes   70,000    175,000 
Payments on convertible debt   -    (206,037)
Net cash provided by financing activities   70,000    796,359 
           
Foreign currency translation adjustment   (1,000)   (1,216)
           
Net change in cash and cash equivalents   (10,582)   (26,770)
Cash and cash equivalents, beginning of year   15,271    58,712 
Cash and cash equivalents, end of year  $4,689   $31,942 
           
Non-Cash Transactions:          
Issuance of common stock for stock payable  $694,983   $1,828,200 
Stock issued for digital currencies   -    1,659,000 
Stock issued for debt conversions   1,342,121    1,129,007 
Beneficial conversion feature   70,000    143,325 
Digital currency issued for AP settlement   -    15,080 
Stock issued for debt discount   -    8,010 
Stock retired for domain purchase   -    3,000 
Stock issued for finder’s fee   -    1,000 
Conversion of debt to common stock   -    - 
Stock payable for accounts payable   427,434    - 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 6 

 

 

DIGITALTOWN, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

August 31, 2019

 

Note 1. Basis of Presentation

 

The accompanying unaudited consolidated financial information has been prepared by DigitalTown, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“U.S.”) (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of this financial information have been included. Financial results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year as a whole or any other interim period. This financial information should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2019.

 

The Company’s fiscal year end is the last day in February. Our current fiscal year ends on February 29, 2020 and we refer to it as “fiscal 2020”. Last year, our fiscal year ended on February 28, 2019 and we refer to this year as “fiscal 2019”.

 

Note 2. Nature of Business and Summary of Significant Accounting Policies:

 

Nature of Business

 

The Company was founded in 1982 under the laws of the State of Minnesota as Command Small Computer Learning Center, Inc., a computer training company and operated under several different names in the computer hardware and training sector. In 2005, the Company began acquiring domain names. On March 1, 2007, the Company changed its name to DigitalTown, Inc. and began developing a business plan to develop a platform to monetize their domain names. DigitalTown currently provides turn-key hosted solutions to power a comprehensive platform for government entities, citizens and merchants. The easy to use platform helps city officials and local merchants manage a feature-rich Smart City for web and mobile devices and provides residents and visitors with access to Content, Community and Commerce. The Company’s headquarters are located in Blaine, WA. The Company’s common stock is traded on the OTC Markets under the ticker symbol of DGTW.

 

The Company’s consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit, recurring losses, and negative cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

 

At August 31, 2019, the Company had an accumulated deficit of $57,238,131. The Company anticipates that growth from its operations, expected future proceeds from additional financing through the sale of its common stock or other equity-based securities, and additional sales and/or leases of existing domain names will be sufficient to meet its working capital and capital expenditure needs through at least February 29, 2020. In the event that the Company is unable to obtain additional capital in the future, the Company would reduce operating expenses or cease operations altogether.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of DigitalTown, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in United States (U.S.) dollars and in accordance with accounting principles generally accepted in the United States, or GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.

 

Reclassifications

 

Certain prior period amounts in the consolidated statement of cash flows have been reclassified to conform to the current period presentation. Proceeds from related party notes payable received in the prior period have been reclassified from the prior period classification. These reclassifications had no impact on previously reported net income or accumulated deficit for any year.

 

 7 

 

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Accounts Receivable

 

Accounts receivable arise from the software licensing of our Rezserve subsidiary. The Company evaluates collectability of accounts receivable based on a combination of factors including the age of the receivable or a specific customer’s inability to meet its financial conditions. In these circumstances, the Company records an allowance to reduce the receivable to an amount it deems collectible. The Company has recorded an allowance for doubtful accounts as of August 31, 2019 and February 28, 2019 of $0 and $5,308, respectively.

 

Goodwill and Intangible Assets

 

Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets related to completed acquisitions. Goodwill has an indefinite life and is not amortized but instead tested for impairment annually, or more frequently if necessary.

 

Intangible assets are recorded at fair value and are comprised of amounts assigned to acquisition-related items, such as trade names, customer lists, non-compete agreements and intellectual property/technology. Intangible assets are considered either definite or indefinite lived assets. Definite lived intangible assets are amortized on a straight-line basis over their useful lives. Certain intangible assets may have an indefinite life and are not amortized, but rather evaluated for impairment annually.

 

We evaluate any goodwill and intangible assets for an impairment on an annual basis each fiscal year end. We also evaluate goodwill and intangible assets for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the goodwill and intangible assets below the carrying amounts. The Company had no goodwill or intangible assets in fiscal 2019 or in the first six months of fiscal 2020.

 

Revenue Recognition

 

Effective March 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

 

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the twelve months ended February 28, 2019.

 

The Company recognizes revenue when the following five criteria have been met:

 

  ● Identify the contract with a customer
  ● Identify the performance obligations in the contract
  ● Determine the transaction price
  ● Allocate the transaction price to each performance obligation in the contract
  ● Recognize revenue when each performance obligation is satisfied

 

The Company primarily recognizes revenue from sale of software licenses and related development services. Software licensing and development revenue is recognized as invoiced and over the course of the applicable agreements. In the event projects have multiple project milestones, revenue is recognized as milestones are achieved and invoices are submitted for payment.

 

The Company may also be merchant of record for merchant transactions processed on the DigitalTown platform. When this happens, revenue is recognized on the date of the transaction. The Company has experience in merchant transaction fraud mitigation. To the extent chargebacks become material, the Company will implement a formal practice for allowance for doubtful accounts.

 

 8 

 

 

Fair Value of Financial Instruments

 

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under U.S. GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

As of August 31, 2019 and February 28, 2019, the Company does not have any financial instruments that must be measured under the fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect the Company’s assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs during the first quarter of fiscal 2020 or the fiscal year 2019.

 

Cash Equivalents

 

The Company considers all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. As of August 31, 2019 and February 28, 2019, the Company had no cash equivalents.

 

Cash Deposits in Excess of Federally Insured Limits

 

The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are insured by the Federal Deposit Insurance Company and currently have insurance coverage up to $250,000. At August 31, 2019 and February 28, 2019, the Company did not have any deposit accounts in excess of federally insured limits.

 

Prepaid Domain Names

 

The annual domain name renewal fees are capitalized in the period of renewal then amortized over one year. Only the purchase of new domain names is capitalized. See Note 5 for further information.

 

Property and Equipment

 

Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized over the shorter of the useful life or the term of the related lease. The Company recorded $0 and $3,885 of depreciation expense for the first two quarters of fiscal years 2020 and 2019, respectively. Repairs and maintenance costs are expensed as incurred; major renewals and improvements are capitalized. As items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in operating income. All property and equipment was disposed of in the first quarter of fiscal 2020, which resulted in a loss on disposal of $19,208. See Note 4 for further information.

 

Income Taxes

 

Deferred tax assets (net of any valuation allowance) and liabilities resulting from temporary differences, net operating loss carryforwards and tax credit carryforwards are recorded using an asset-and-liability method. Deferred taxes relating to temporary differences and loss carryforwards are measured using the tax rate expected to be in effect when they are reversed or are realized.

 

 9 

 

 

Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be ultimately realized. The Company has recorded a full valuation allowance against the net deferred tax asset due to the uncertainty of realizing the related future benefits.

 

The Company accounts for income taxes pursuant to FASB guidance. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company believes its income tax filing positions and deductions will be sustained upon examination and, accordingly, no reserves or related accruals for interest and penalties have been recorded at August 31, 2019 or February 28, 2019. In accordance with the FASB guidance, the Company has adopted a policy under which, if required to be recognized in the future, interest related to the underpayment of income taxes will be classified as a component of interest expense and any related penalties will be classified in operating expenses in the statements of operations. The Company has three open years of tax returns subject to examination.

 

Stock-Based Compensation, Including Options and Warrants

 

Use of equity for compensation is a material part of the Company’s near-term strategy. The Company recognizes the cost of stock-based compensation plans and awards in operations on a straight-line basis over the respective vesting period of the awards. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors, consultants and advisors. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant.

 

The Company estimates the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model. This option pricing model involves a number of assumptions, including the expected lives of stock options, the volatility of the public market price for the Company’s common stock and interest rates. Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that are ultimately expected to vest.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification 606 (“ASC 606”)). ASU No. 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract and estimating the amount of variable consideration to include in the transaction price attributable to each separate performance obligation. Subsequent to the initial standards, the FASB has also issued several ASUs to clarify specific revenue recognition topics. This guidance is effective for the Company for its fiscal year 2019.

 

The Company adopted using the modified retrospective approach to initially apply the update and recognize the remaining contract value at the date of application. The Company does not expect the adoption of ASU 2014-09 to have any impact on its total cash flows from operating, investing or financing activities.

 

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the second step of the two-step goodwill impairment test. Under ASU 2017-04, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 does not amend the optional qualitative assessment of goodwill impairment. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019; early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has not elected early adoption of this standard and is currently in the process of evaluating the impact of adopting ASU 2017-04 and cannot currently estimate the financial statement impact of adoption.

 

In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” The amendments in this update provide guidance about which changes to the terms or conditions of a share-based award require an entity to apply modification accounting in Topic 718. The guidance will be effective for the Company for its fiscal year 2018, with early adoption permitted. The Company does not expect this ASU to materially impact the Company’s consolidated financial statements.

 

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In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under this guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company adopted this standard in the first quarter of fiscal 2020, and did not have a material impact on its consolidated financial statements, nor does it expect to going forward.

 

The Company believes there are no other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Note 3. Going Concern

 

The Company’s consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit, recurring losses, and negative cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

 

At August 31, 2019, the Company had an accumulated deficit of $57,238,131. The Company anticipates growth from its operations, expected future proceeds from additional financing through the sale of its common stock or other equity-based securities, and additional sales and/or leases of existing domain names will be sufficient to meet its working capital and capital expenditure needs through at least August 31, 2019. In the event that the Company is unable to obtain additional capital in the future, the Company would further reduce expenses or cease operations altogether.

 

Note 4. Property and Equipment

 

Property and equipment are as follows:

 

   August 31, 2019   February 28, 2019 
Office equipment and furniture   -   $47,914 
Less accumulated depreciation   -    (28,706)
Property and equipment, net   -   $19,208 

 

Depreciation expense for the first two quarters of fiscal years 2020 and 2019 was $0 and $3,885, respectively.

 

All office and equipment was disposed in the first quarter of fiscal 2020, which resulted in a loss on disposal of $19,208.

 

Note 5. Prepaid Domain Names

 

During the first two quarters of fiscal years 2020 and 2019, the Company incurred $0 and $30,656, respectively, of annual domain name renewal fees, specifically related to .CITY registrations. These amounts were recorded as prepaid domain name renewal fees, and are then amortized over one year on a straight-line basis. During the first two quarters of fiscal years 2020 and 2019, the Company recognized $0 and $45,676 of expense as cost of revenues related to this amortization. The Company had no remaining prepaid domain name renewal fees recorded on the balance sheet as of August 31, 2019 and February 28, 2019.

 

Note 6. Accrued Expenses and Deferred Revenue

 

Accrued Expenses

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

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On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.

 

Deferred Revenue

 

During fiscal 2019, the Company signed one customer agreement to build customized website and app products. The pilot project agreement consists of milestones and completion metrics to ensure that the requested services have been performed satisfactorily and to the customers’ full expectations. As the services requested by the customers have not yet been completed, a total of $120,000 and $186,305 have been recorded as deferred revenue as of August 31, 2019 and February 28, 2019, respectively.

 

During the first quarter of fiscal 2020, one of the customer agreements signed in fiscal 2018 was successfully completed, and $50,000 previously recorded as deferred revenue was recognized as revenue.

 

During the second quarter of fiscal 2020, the customer agreement signed in fiscal 2019 was converted to stock payable, and $16,305 previously recorded as deferred revenue was recorded as stock payable.

 

Domain Marketing Development Obligation

 

During fiscal 2019, the Company signed top-level domain marketing development fund agreements with owners of 2 top level domains, whereby the Company markets and purchases domain names on behalf of the owners. The owner pays us an upfront deposit to be used to purchase a predefined number of domains based on a set schedule. As of August 31, 2019 and February 28, 2019, the Company has collected $0 and $101,600, respectively, in cash related to these contracts. As some of the services requested by the owners have not yet been completed, a total of $168,174 has been recorded as domain marketing development obligation as of August 31, 2019 and February 28, 2019.

 

Note 7. Stockholders’ Equity

 

The Company’s primary means of generating operating capital and completing acquisitions has been through the use of issuing common stock.

 

Fiscal 2020 Stock Transactions

 

During the first six months of fiscal 2020, FirstFire Global Opportunities Fund LLC converted $149,426 of the principal amount of the July 10, 2018 note into 393,400,000 shares of the Company’s common stock, leaving a principal balance due of $28,388. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Crown Bridge Partners, LLC converted $70,029 of the principal amount and $3,407 in accrued interest of the September 27, 2018 note into 175,270,000 shares of the Company’s common stock, leaving a principal balance due of $17,685. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Auctus Fund, LLC converted $22,657 of the principal amount and $6,349 in accrued interest of the November 14, 2018 note into 205,128,492 shares of the Company’s common stock, leaving a principal balance due of $62,344. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, JSJ Investments Inc. converted $33,160 of the principal amount of the October 22, 2018 note into 116,000,000 shares of the Company’s common stock, leaving a principal balance due of $26,340. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, EMA Financial, LLC converted $47,453 of the principal amount of the October 22, 2018 note into 251,000,000 shares of the Company’s common stock, leaving a principal balance due of $38,240. There was no gain or loss due to the conversion being within the terms of the note.

 

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During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $85,000 of the principal amount and $5,100 in accrued interest of the September 17, 2018 note into 50,687,798 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $53,000 of the principal amount and $3,180 in accrued interest of the October 23, 2018 note into 65,062,290 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $9,500 of the principal amount of the January 22, 2019 note into 190,000,000 shares of the Company’s common stock, leaving a principal balance due of $3,000. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Clint Skidmore converted $110,000 of the principal amount of the December 22, 2017 convertible note into 4,400,000 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Dot London Domains converted $247,350 of the principal amount due on the Epik Holdings Inc. note dated September 12, 2018 into 4,947,000 shares of the Company’s common stock. Additionally, Minds and Machines converted $496,508 of the principal amount due on the Epik Holdings Inc. note to stock payable. As at August 31, 2019, the principal due on this note was $21,342.

 

In the first six months of fiscal 2020, the Company issued 8,068,690 shares for conversion of accounts payable of $403,434. The issuance had no gain or loss as the value of the shares equalled the accounts payable converted. An additional $24,000 of accounts payable was converted to stock payable during the second quarter of fiscal 2020.

 

During the first six months of fiscal 2020, the Company issued 51,927,594 shares of the Company’s common stock for stock payable of $473,591.

 

During the first six months of fiscal 2020, the Company issued 2,243,836 shares to a former employee for services provided to the Company. During the first six months of fiscal 2020, $221,392 was expensed related to these shares.

 

In July 2019, the Company issued 51 shares of the Company’s preferred stock to Sam Ciacco with super-voting characteristics, to facilitate an increase of the Authorized Common Stock limit, from 2 to 5 billion. The additional availability of shares allows the Company to continue meeting its obligations and secure its ability to fund minimum operating requirements.

 

Fiscal 2019 Stock Transactions

 

During fiscal 2019, the Company issued 36,266,251 shares of stock to various investors for stock payable of $1,828,200, cash of $1,070,545 and digital currencies of $1,659,000.

 

During fiscal 2019, the Company issued 6,716,932 shares to consultants and employees for services provided to the Company. During fiscal 2019, $1,104,832 was expensed related to these shares.

 

In the fourth quarter of fiscal 2019, the Company issued 252,500 shares for conversion of accounts payable of $19,200. The issuance had no gain or loss as the value of the shares equalled the accounts payable converted.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,028, to 5,380,274 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $150,000 convertible note with Darvin Habben, Chairman, to 1,500,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

 

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On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Donovan, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company issued 100,000 shares to an employee as a finder’s fee. The shares were valued at $1,000 and was recorded to additional paid in capital due to its related party nature.

 

During the first quarter of fiscal 2019, the Company sold 2 domains valued at $3,000 to one of the Company’s shareholders in exchange for 15,000 shares, which were returned to treasury.

 

During May 2018, PowerUp Lending Group Ltd. converted $75,000 of the principal amount, plus $4,500 in accrued and unpaid interest, of the October 30, 2017 note into 1,277,498 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During June and July 2018, PowerUp Lending Group Ltd. converted $58,000 of the principal amount, plus $3,480 in accrued and unpaid interest, of the November 30, 2017 note into 1,139,394 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion within the terms of the note.

 

During January and February 2019, FirstFire Global Opportunities Fund LLC converted $30,565 of the principal amount of the July 10, 2018 note into 6,516,848 shares of the Company’s common stock, leaving a principal balance due of $153,185. There was no gain or loss due to the conversion being within the terms of the note.

 

On July 10, 2018, the Company issued 90,000 shares of its common stock, valued at $8,010 based on the closing market price on the date of the note agreement, to FirstFire Global Opportunities Fund LLC as consideration for improved terms and conditions on their July 10, 2018 convertible note. The Company recorded a beneficial conversion feature of $143,325 with this note. See Note 13 for more information related to the convertible note.

 

Stock Warrants

 

The Company has regularly used warrants as a tool to attract and compensate advisors and directors of the board rather than to use cash. The Company feels this is an appropriate way to conserve cash and to incentivize its board of directors, advisors and consultants.

 

As of August 31, 2019, the Company had 6,080,000 warrants outstanding with an average exercise price of $0.14. The warrants expire between one and ten years from the date of issuance and have a weighted average remaining exercise period as of August 31, 2019 of 7.20 years.

 

The Company did not issue any warrants during the first two quarters of fiscal 2020.

 

The following table summarizes information about the Company’s stock warrant activity during the fiscal years 2020 and 2019:

 

   Number of Warrants 
Outstanding - February 28, 2018   9,044,740 
Granted   - 
Canceled or expired   (2,964,740)
Outstanding - February 28, 2019   6,080,000 
      
Granted   - 
Canceled or expired   - 
Outstanding - August 31, 2019   6,080,000 
Exercisable at August 31, 2019   6,080,000 

 

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The following table summarizes information about stock warrants outstanding as of August 31, 2019:

 

Exercise Price   Number Outstanding   Weighted Average Remaining Life (years)   Weighted Average Exercise Price   Number Exercisable   Weighted Average Exercisable Price 
$0.10    4,430,000    7.74   $0.10    4,430,000   $0.10 
$0.15    300,000    5.59   $0.15    300,000   $0.15 
$0.25    850,000    5.68   $0.25    850,000   $0.25 
$0.30    500,000    6.03   $0.30    500,000   $0.30 
$0.10 - $0.30    6,080,000    7.20   $0.14    6,080,000   $0.14 

 

Note 8. Stock Options

 

The Company has one stock option plan called The 2006 Employee Stock and Option Plan (the “2006 Plan”), which has reserved 5,000,000 shares of our common stock for issuance. The types of awards that could be granted under the 2006 Plan include incentive and non-qualified options to purchase shares of common stock, stock appreciation rights, restricted shares, restricted share units, performance awards and other types of stock-based awards. All grants are determined and approved by the Board of Directors. Through February 28, 2018, the Company has only granted non-qualified stock options under the 2006 Plan. The stock options may be granted to officers and employees of the Company. Options granted under the 2006 Plan have exercise prices and vesting terms approved by the Board of Directors at the time of each grant. Vesting terms of the outstanding options range from immediate to four years from the date of grant. The exercise period of the options range from five to ten years from the date of grant.

 

The Company records its stock-based compensation arrangements calculating the fair value of share-based payments, including grants of employee stock options and employee stock purchase plan shares, to be recognized in the consolidated statements of operations based on their grant date fair values. The fair value of the Company’s stock options have been estimated using the Black-Scholes pricing model, which requires assumptions as to expected dividends, the options expected life, volatility and risk-free interest rate at the time of the grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite vesting periods in the Company’s consolidated statements of operations.

 

The Company did not issue any stock options during the first six months of fiscal 2020. In the second quarter of fiscal 2020, 555,212 stock options expired.

 

On October 1, 2018, the Company issued 2,468,750 stock options with a fair value of $188,740 to three contractors to purchase shares of the Company’s common stock at a price of $0.05. These options vest immediately and are exercisable for five years.

 

On November 21, 2018, the Company issued 3,500,000 stock options with a fair value of $120,421 to three contractors to purchase shares of the Company’s common stock at a price of $0.05. These options vest immediately and are exercisable for five years.

 

On June 1, 2018, the Company issued 3,555,212 stock options with a fair value of $436,131 to one employee to purchase shares of the Company’s common stock at a price of $0.10. 3,000,000 options vest immediately and are exercisable for five years. 555,212 options vest over 12 months, and are exercisable for five years. In the third quarter of fiscal 2019, the Company expensed an additional $19,621 related to the proportioned vesting of the 555,212 options. The Company terminated this employee’s contract on November 30, 2018, resulting in only 276,845 of the 555,212 options vesting. The balance of 278,367 options have been forfeited.

 

The Company utilized the following key assumptions in computing the fair value of the options using the Black-Scholes pricing model:

 

   June 1 2018   June 1 2018   October 1 2018   November 21 2018 
Weighted-average volatility   223%   223%   208%   192%
Expected dividends   None    None    None    None 
Expected term (in years)   2.50    3.00    3.00    3.00 
Weighted-average risk-free interest rate   2.61%   2.61%   2.96%   2.89%

 

The Company recorded stock-based compensation expense of $0 and $0 for all outstanding options for fiscal quarter 2020 and fiscal year 2019, respectively.

 

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The following table summarizes information about the Company’s stock options as of August 31, 2019:

 

   Number of Options   Weighted Average Exercise Price 
Outstanding - February 28, 2018   6,235,159   $0.16 
Granted   9,523,962   $0.07 
Canceled or expired   (1,035,159)  $0.10 
Outstanding - February 28, 2019   14,723,962   $0.10 
Granted   -    - 
Canceled or expired   (555,212)  $0.10 
Outstanding - August 31, 2019   14,168,750   $0.10 
Exercisable at August 31, 2019   14,168,750   $0.10 

 

The following table summarizes information about stock options outstanding as of August 31, 2019:

 

Exercise Price   Number Outstanding   Weighted Average Remaining Life (years)   Weighted Average Exercise Price   Number Exercisable   Weighted Average Exercisable Price 
$0.05    5,968,750    4.17   $0.05    5,968,750   $0.05 
$0.10    6,850,000    4.17   $0.10    6,850,000   $0.10 
$0.15    200,000    6.27   $0.15    200,000   $0.15 
$0.30    700,000    5.92   $0.30    700,000   $0.30 
$0.54    375,000    4.43   $0.54    375,000   $0.54 
$1.00    75,000    2.11   $1.00    75,000   $1.00 
$0.10 - $1.00    14,168,750    4.61   $0.10    14,168,750   $0.10 

 

Note 9. Related Party Transactions

 

Accounts Payable – Related Parties

 

As of August 31, 2019, the Company owes $94,800 to Sam Ciacco related to accounting and executive management provided during the period November 1, 2018 to August 31, 2019.

 

As of August 31, 2019, the Company owes $20,000 to Kevin Wilson related to executive management provided during the period May 1, 2019 to August 31, 2019.

 

As of May 31, 2019, the Company owes $95,000 to Jeffrey Mills related to consulting services provided during the period December 1, 2018 to April 30, 2019.

 

As of May 31, 2019, the Company owes $35,000 to Darvin Habben related to consulting services provided during the period December 1, 2018 to April 30, 2019, plus an additional $20,929 in operating expenses paid by Darvin Habben on behalf of the Company.

 

As of May 31, 2019, the Company owes $30,000 to James Parsons related to consulting services provided during the period December 1, 2018 to April 30, 2019.

 

During the second quarter of 2019, Robert Monster deferred his salary payments to assist with cash conservation. As at August 31, 2019, $70,000 has been accrued as payable to Robert Monster.

 

Convertible Notes Payable – Related Party

 

On September 14, 2016, subject to a stock purchase agreement, the Company signed a secured convertible note of $400,000 with Clint Skidmore, founder of Rezserve Technology Ltd (“Rezserve”). The interest free note is due and payable within one year, at which time it can be converted into up to 1,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. The Company evaluated the note and determined that as the fixed exercise price exceeded the closing market price on the note issuance date, that no beneficial conversion feature was present.

 

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On December 22, 2017, the Company formalized its agreement to extend and convert the original convertible note of $400,000 for Clint Skidmore to October 31, 2018, original founder of Rezserve Technologies Ltd. The Company has repaid $80,000 to Clint Skidmore, and converted $210,000 of the note to 1,100,000 shares of the Company’s common stock, resulting in a loss on conversion of $13,000. At February 28, 2019, the Company owes $110,000 to Clint Skidmore, bearing no interest. This note had imputed interest expense of $11,500 in fiscal 2019 and $2,773 in the first quarter of fiscal 2020.

 

On August 16, 2019, the Company converted the $110,000 convertible note with Clint Skidmore to 4,400,000 shares of the Company’s common stock at a conversion price of $0.025, fully extinguishing this note.

 

On June 9, 2017, the Company signed a convertible note of $500,000 with Darvin Habben, Chairman. This note is due and payable within one year, bears interest of 8%, and can be converted into up to 2,000,000 shares of the Company’s common stock at a conversion price of $0.25 per share. The Company recorded a debt discount equal to $300,000 due to this conversion feature. The note had accrued interest of $28,932 as of February 28, 2018. The debt discount had a balance at February 28, 2018 of $191,507. The Company recorded debt discount amortization expense of $108,493 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,027, to 5,380,274 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $191,507 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception.

 

Promissory Notes Payable - Related Party

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Derek Schumann, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Derek Schumann in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Greg Foss, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Greg Foss in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

On July 27, 2017, the Company signed a promissory note of $150,000 with Darvin Habben, CEO. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Darvin Habben in connection with this note, with an exercise price of $0.10, and expiry date of July 27, 2027. The Company recorded a warrant discount equal to $150,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $150,000 promissory note with Darvin Habben, Chairman, to 1,500,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $105,616 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $2,875 during the quarter ended May 31, 2018.

 

On September 12, 2018, the Company issued a promissory note to Epik Holdings Inc. for $765,200 for conversion of accounts payable - related party. The note bears interest at 4%, and matures on September 12, 2019.

 

During the second quarter of fiscal 2020, the Company converted $743,858 of the September 12, 2018 note into 76,278,041 shares of the Company’s common stock, leaving a principal balance due of $21,342. The note had accrued interest of $11,069 as of August 31, 2019.

 

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On November 15, 2018, the Company issued a promissory note to Robert Monster for $150,000 for conversion of outstanding severance owed. The note bears interest at 15%, and matures on November 15, 2019. The note had accrued interest of $17,815 and a principal balance of $150,000 as of August 31, 2019.

 

Sales of Common Stock

 

During the first quarter of fiscal 2019, the Company sold an aggregate of 2,950,000 shares to five of the Company’s board members at the price of $295,000.

 

Employment Agreements

 

During fiscal 2019, the Company signed employment agreements with two members of senior management, neither of which are still active. All employment agreements were for a period of approximately 12 to 24 months.

 

Directors and Officers

 

In February 2019, all non-executive directors received a stock grant of 25,000,000 shares. This resulted in a stock-based compensation expense of $200,000 in fiscal 2019. The value of the price per share was determined based on the closing market price on the date of grant.

 

In the third quarter of fiscal 2019, three newly appointed Directors received a prorated stock grant based on 600,000 annualized shares. This resulted in a stock-based compensation expense of $68,379 in fiscal 2019.

 

On June 1, 2018, the Company issued 3,555,212 stock options with a fair value of $436,131 to one employee, whom was also a director, to purchase shares of the Company’s common stock at a price of $0.10. 3,000,000 options vest immediately and are exercisable for five years. 555,212 options vest over 12 months, and are exercisable for five years. The Company terminated this employee’s contract on November 30, 2018, resulting in only 276,845 of the 555,212 options vesting. The balance of 278,367 options have been forfeited.

 

CEO Employment Agreement Share Issuance

 

The Company expensed $221,392 in stock-based compensation in the first quarter of fiscal 2020, and expensed $160,000 in annual salary and $476,534 in stock-based compensation in fiscal 2019, related to the employment agreement with Robert Monster, the Company’s former CEO. Robert Monster’s employment with the Company was terminated on September 13, 2018, and his stock-based compensation will continue vesting until May 31, 2019. As of May 31, 2019, Robert Monster’s stock-based compensation has completely vested.

 

The Company expensed $80,000 in annual salary and $163,897 in stock option awards in fiscal 2019 related to the employment agreement with George Nagy, CEO. George Nagy’s tenure was from September 13, 2018 to December 20, 2018.

 

The Company expensed $60,000 in executive management expense in fiscal 2020 related to the consulting agreement with Sam Ciacco, CEO.

 

CEO Accrued Salary Conversion

 

On February 16, 2018, Robert Monster, CEO converted $70,000 of his accrued salary into 700,000 shares of common stock and 700,000 stock options with an exercise price of $0.10 and a vesting period of 12 months. The shares and options were valued on the conversion date in the amounts of $161,000 and $92,507, respectively.

 

Accrued Expenses - Related Parties

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

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The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.

 

Note 10. Income Taxes

 

The Company accounts for income taxes under standards issued by the FASB. Under those standards, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations.

 

No provision for federal income taxes has been recorded due to the net operating loss carry forwards totaling $20,423,957 as of August 31, 2019 that will offset future taxable income. The available net operating loss carry forwards will expire in various years through 2039. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future tax loss carry forwards.

 

The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company’s loss before income taxes. The components of these differences are as follows at August 31, 2019 and February 28, 2019:

 

  

August 31, 2019

   February 28, 2019 
Net tax loss carry-forwards  $20,546,349   $20,331,988 
Statutory rate   21%   21%
Expected tax recovery   4,314,733    4,269,717 
Change in valuation allowance   (4,314,733)   (4,269,717)
Income tax provision  $    $- 
           
Components of deferred tax asset:          
Non capital tax loss carry forwards  $4,314,733   $4,269,717 
Less: valuation allowance  (4,314,733)   (4,269,717)
Net deferred tax asset  $-   $- 

 

Note 11. Commitments and Contingencies

 

Litigation

 

The Company, in the normal course of business, is a party to various ordinary course claims and legal proceedings. In the opinion of management, the ultimate resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations.

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.

 

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Lease Commitments

 

As of August 31, 2019, there are no operating leases in place.

 

Note 12. Earnings (Loss) Per Share

 

The Company computes earnings per share using two different methods, basic and diluted, and presents per share data for all periods in which statements of operations are presented. Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding.

 

Due to the recent net losses generated by the Company, there are no dilutive elements. Therefore, basic and diluted EPS are the same.

 

The following tables provide a reconciliation of the numerators and denominators used in calculating basic and diluted earnings (loss) per share for the first six months of fiscal years 2020 and 2019:

 

   Fiscal 2020   Fiscal 2019 
Basic earnings (loss) per share calculation:          
Net loss to common shareholders  $(948,809)  $(4,988,658)
Weighted average number of common shares outstanding   778,308,162    106,720,550 
Basic net loss per share  $(0.00)  $(0.05)
           
Diluted earnings (loss) per share calculation:          
Net loss to common shareholders  $(948,809)  $(4,988,658)
Weighted average number of common shares outstanding   778,308,162    106,720,550 
Stock options (1)   -    - 
Warrants (2)   -    - 
Diluted weighted average common shares outstanding   778,308,162    106,720,550 
Diluted net loss per share  $(0.00)  $(0.05)

 

(1) At August 31, 2019 and August 31, 2018, there were 14,168,750 and 9,790,371, respectively, of stock options equivalent to common shares outstanding. The stock options are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
   
(2) At August 31, 2019 and August 31, 2018, there were outstanding warrants equivalent to 6,080,000 and 9,044,740 common shares, respectively. The warrants are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.

 

Note 13. Debt

 

Notes Payable - Related Party

 

Clint Skidmore – Note

 

On September 14, 2016, subject to a stock purchase agreement, the Company signed a secured convertible note of $400,000 with Clint Skidmore, founder of Rezserve Technology Ltd (“Rezserve”). The interest free note is due and payable within one year, at which time it can be converted into up to 1,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. The Company evaluated the note and determined that as the fixed exercise price exceeded the closing market price on the note issuance date, that no beneficial conversion feature was present.

 

On December 22, 2017, the Company formalized its agreement to extend and convert the original convertible note of $400,000 for Clint Skidmore to October 31, 2018, original founder of Rezserve Technologies Ltd. The Company has repaid $80,000 to Clint Skidmore, and converted $210,000 of the note to 1,100,000 shares of the Company’s common stock, resulting in a loss on conversion of $13,000. At May 31, 2019, the Company owes $110,000 to Clint Skidmore, bearing no interest. This note had imputed interest expense of $11,500 in fiscal 2019, and $2,773 in the first quarter of fiscal 2020.

 

On August 16, 2019, the Company converted the $110,000 convertible note with Clint Skidmore to 4,400,000 shares of the Company’s common stock at a conversion price of $0.025, fully extinguishing this note.

 

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Epik Holdings Inc. – Note

 

On September 12, 2018, the Company issued a promissory note to Epik Holdings Inc. for $765,200 for conversion of accounts payable - related party. The note bears interest at 4%, and matures on September 12, 2019. During the first six months of fiscal 2020, the Company converted $247,350 with Dot London Domains for 4,947,000 shares of the Company’s common stock on behalf of Epik Holdings Inc. Also during this period, the Company converted $496,508 with Minds and Machines for $496,508 of stock payable on behalf of Epik Holdings Inc. The note had a principal balance of $21,342 as of August 31, 2019.

 

Rob Monster – Note

 

On November 15, 2018, the Company issued a promissory note to Robert Monster for $150,000 for conversion of outstanding severance owed. The note bears interest at 15%, and matures on November 15, 2019. The note had accrued interest of $17,815 and a principal balance of $150,000 as of August 31, 2019.

 

Darvin Habben – Note

 

On June 9, 2017, the Company signed a convertible note of $500,000 with Darvin Habben, Chairman. This note is due and payable within one year, bears interest of 8%, and can be converted into up to 2,000,000 shares of the Company’s common stock at a conversion price of $0.25 per share. The Company recorded a debt discount equal to $300,000 due to this conversion feature. The note had accrued interest of $28,932 as of February 28, 2018. The debt discount had a balance at February 28, 2018 of $191,507. The Company recorded debt discount amortization expense of $108,493 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,027.40, to 5,380,274 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $191,507 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception.

 

Promissory Note Payable - Related Party

 

Derek Schumann – Note

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Derek Schumann, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Derek Schumann in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature. The note had imputed interest of $6,110 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $69,452. The Company recorded warrant discount amortization expense of $30,548 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

Greg Foss – Note

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Greg Foss, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Greg Foss in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature. The note had imputed interest of $6,110 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $69,452. The Company recorded warrant discount amortization expense of $30,548 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

Darvin Habben – Note

 

On July 27, 2017, the Company signed a promissory note of $150,000 with Darvin Habben, Chairman. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Darvin Habben in connection with this note, with an exercise price of $0.10, and expiry date of July 27, 2027. The Company recorded a warrant discount equal to $150,000 due to this warrant feature. The note had imputed interest of $8,877 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $105,616. The Company recorded warrant discount amortization expense of $44,384 during the year ended February 28, 2018.

 

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On May 9, 2018, the Company converted the $150,000 promissory note with Carvin Habben, Chairman, to 1,500,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $105,616 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $2,875 during the quarter ended May 31, 2018.

 

Convertible Note Payable - Third Party

 

PowerUp Lending - Note 1

 

On October 30, 2017, the Company issued a convertible note to PowerUp Lending Group Ltd. for $75,000 of cash consideration. The note bears interest at 12%, matures on October 30, 2018, and is convertible after 180 days into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion. The Company recorded a debt discount equal to $47,951 due to this conversion feature.

 

On May 3, 2018, PowerUp Lending Group Ltd. converted $12,000 of the principal amount of the October 30, 2017 note into 170,940 shares of the Company’s common stock, leaving a principal balance due of $63,000.

 

On May 7, 2018, PowerUp Lending Group Ltd. converted $13,000 of the principal amount of the October 30, 2017 note into 213,115 shares of the Company’s common stock, leaving a principal balance due of $50,000.

 

On May 10, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the October 30, 2017 note into 245,902 shares of the Company’s common stock, leaving a principal balance due of $35,000.

 

On May 15, 2018, PowerUp Lending Group Ltd. converted $20,000 of the principal amount of the October 30, 2017 note into 327,869 shares of the Company’s common stock, leaving a principal balance due of $15,000.

 

On May 16, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount, plus $4,500 in accrued and unpaid interest, of the October 30, 2017 note into 319,672 shares of the Company’s common stock, fully extinguishing this note.

 

The Company recorded debt discount amortization expenses of $32,055 related to this note during the first quarter of fiscal 2019.

 

PowerUp Lending - Note 2

 

On November 30, 2017, the Company issued a convertible note to PowerUp Lending Group Ltd. for $58,000 of cash consideration. The note bears interest at 12%, matures on November 30, 2018, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $28,754 due to this conversion feature. The note had accrued interest of $3,456 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $19,213. The Company recorded debt discount amortization expense of $9,541 during the quarter ended May 31, 2018.

 

On June 14, 2018, PowerUp Lending Group Ltd. converted $20,000 of the principal amount of the November 30, 2017 note into 309,119 shares of the Company’s common stock, leaving a principal balance due of $38,000.

 

On June 20, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the November 30, 2017 note into 196,592 shares of the Company’s common stock, leaving a principal balance due of $23,000.

 

On June 29, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the November 30, 2017 note into 257,290 shares of the Company’s common stock, leaving a principal balance due of $8,000.

 

On July 20, 2018, PowerUp Lending Group Ltd. converted $8,000 of the principal amount, plus $3,480 in accrued and unpaid interest, of the November 30, 2017 note into 376,393 shares of the Company’s common stock, fully extinguishing this note.

 

During the second quarter of fiscal 2019, the Company recorded debt discount amortization expenses of $19,213, representing the debt discount balance, due to the extinguishment of this note.

 

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PowerUp Lending - Note 3

 

On January 18, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $53,000 of cash consideration. The note bears interest at 12%, matures on January 18, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $33,164 due to this conversion feature. The note had accrued interest of $2,304 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $21,608. The Company recorded debt discount amortization expense of $8,471 during the quarter ended May 31, 2018.

 

On July 11, 2018, the Company paid $78,323 to PowerUp Lending Group Ltd., representing $53,000 for the principal of the January 18, 2018 note, $3,099 in accrued and unpaid interest, and $22,224 in losses on settlement of debt. The Company recorded debt discount amortization expense of $21,608, representing the debt discount balance, due to the extinguishment of this note.

 

PowerUp Lending - Note 4

 

On September 17, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $85,000 of cash consideration. The note bears interest at 12%, matures on September 17, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $85,000 due to this conversion feature. The Company recorded debt discount amortization expense of $38,192 during fiscal 2019, and $46,808 during the first quarter of fiscal 2020.

On March 21, 2019, Power Up Lending Group Ltd. converted $18,130 of the principal amount of the September 17, 2018 note into 7,554,167 shares of the Company’s common stock, leaving a principal balance due of $66,870.

 

On March 25, 2019, Power Up Lending Group Ltd. converted $13,600 of the principal amount of the September 17, 2018 note into 7,555,556 shares of the Company’s common stock, leaving a principal balance due of $53,270.

 

On March 27, 2019, Power Up Lending Group Ltd. converted $13,595 of the principal amount of the September 17, 2018 note into 7,552,778 shares of the Company’s common stock, leaving a principal balance due of $39,675.

 

On March 29, 2019, Power Up Lending Group Ltd. converted $16,620 of the principal amount of the September 17, 2018 note into 9,233,333 shares of the Company’s common stock, leaving a principal balance due of $23,055.

 

On April 1, 2019, Power Up Lending Group Ltd. converted $14,770 of the principal amount of the September 17, 2018 note into 9,231,250 shares of the Company’s common stock, leaving a principal balance due of $8,285.

 

On April 4, 2019, Power Up Lending Group Ltd. converted $8,285 of the principal amount, plus $5,100 in accrued and unpaid interest, of the September 17, 2018 note into 9,560,714 shares of the Company’s common stock, fully extinguishing this note.

 

PowerUp Lending - Note 5

 

On October 23, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $53,000 of cash consideration. The note bears interest at 12%, matures on October 23, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $49,926 due to this conversion feature. The Company recorded debt discount amortization expense of $20,583 during fiscal 2019, and $32,417 during the first quarter of fiscal 2020.

 

On April 26, 2019, Power Up Lending Group Ltd. converted $12,900 of the principal amount of the October 23, 2018 note into 11,727,273 shares of the Company’s common stock, leaving a principal balance due of $40,100.

 

On April 30, 2019, Power Up Lending Group Ltd. converted $11,500 of the principal amount of the October 23, 2018 note into 11,734,694 shares of the Company’s common stock, leaving a principal balance due of $28,600.

 

On May 2, 2019, Power Up Lending Group Ltd. converted $10,000 of the principal amount of the October 23, 2018 note into 11,764,706 shares of the Company’s common stock, leaving a principal balance due of $18,600.

 

On May 3, 2019, Power Up Lending Group Ltd. converted $8,600 of the principal amount of the October 23, 2018 note into 11,780,822 shares of the Company’s common stock, leaving a principal balance due of $10,000.

 

On May 6, 2019, Power Up Lending Group Ltd. converted $8,600 of the principal amount of the October 23, 2018 note into 11,780,822 shares of the Company’s common stock, leaving a principal balance due of $1,400.

 

On May 8, 2019, Power Up Lending Group Ltd. converted $1,400 of the principal amount, plus $3,180 in accrued and unpaid interest, of the October 23, 2018 note into 6,273,973 shares of the Company’s common stock, fully extinguishing this note.

 

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PowerUp Lending - Note 6

 

On January 22, 2019, the Company issued a convertible note to PowerUp Lending Group Ltd. for $12,500 of cash consideration. The note bears interest at 12%, matures on January 22, 2020, and is convertible after 180 days into common stock at 50% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $12,500 due to this conversion feature. The note had accrued interest of $942 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $4,932. The Company recorded debt discount amortization expense of $1,267 during the quarter ended February 28, 2019, and $6,301 during the first two quarters ended August 31, 2019.

On August 22, 2019, Power Up Lending Group Ltd. converted $3,500 of the principal amount of the January 22, 2019 note into 70,000,00 shares of the Company’s common stock, leaving a principal balance due of $9,000.

 

On August 26, 2019, Power Up Lending Group Ltd. converted $2,500 of the principal amount of the January 22, 2019 note into 50,000,00 shares of the Company’s common stock, leaving a principal balance due of $6,500.

 

On August 29, 2019, Power Up Lending Group Ltd. converted $3,500 of the principal amount of the January 22, 2019 note into 70,000,00 shares of the Company’s common stock, leaving a principal balance due of $3,000.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

PowerUp Lending - Note 7

 

On May 9, 2019, the Company issued a convertible note to PowerUp Lending Group Ltd. for $45,000 of cash consideration. The note bears interest at 12%, matures on May 9, 2020, and is convertible after 180 days into common stock at 55% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00006. The Company recorded a debt discount equal to $45,000 due to this conversion feature. The note had accrued interest of $1,687 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $30,945. The Company recorded debt discount amortization expense of $14,055 during the first two quarters of fiscal 2020.

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Crown Bridge - Note 1

 

On January 30, 2018, the Company issued a convertible note to Crown Bridge Partners, LLC. for $55,000 of cash consideration. The note bears interest at 10%, matures on January 30, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $33,246 due to this conversion feature. The Company also recorded a $3,000 debt discount due to issuance fees. The note had accrued interest of $1,812 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $24,305. The Company recorded debt discount amortization expense of $9,062 during the quarter ended May 31, 2018.

 

On July 25, 2018, the Company paid $83,312 to Crown Bridge Partners, LLC., representing $55,000 for the principal of the January 30, 2018 note, $2,499 in accrued and unpaid interest, and $25,813 in losses on settlement of debt. The Company recorded debt discount amortization expense of $24,305, representing the debt discount balance, due to the extinguishment of this note.

 

Crown Bridge - Note 2

 

On September 27, 2018, the Company issued a convertible note to Crown Bridge Partners, LLC. for $55,000 of cash consideration. The note bears interest at 10%, matures on September 29, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $52,000 due to this conversion feature. The Company also recorded a $3,000 debt discount due to issuance fees. The note had accrued interest of $0 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $4,068. The Company recorded debt discount amortization expense of $27,726 during the first two quarters of fiscal 2020.

 

On April 4, 2019, Crown Bridge Partners, LLC converted $9,022 of the principal amount of the September 27, 2018 note into 9,200,000 shares of the Company’s common stock, leaving a principal balance due of $45,978.

 

On April 12, 2019, Crown Bridge Partners, LLC converted $10,111 of the principal amount of the September 27, 2018 note into 11,790,000 shares of the Company’s common stock, leaving a principal balance due of $35,867.

 

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On April 23, 2019, Crown Bridge Partners, LLC converted $10,956 of the principal amount of the September 27, 2018 note into 12,380,000 shares of the Company’s common stock, leaving a principal balance due of $25,411.

 

On May 3, 2019, Crown Bridge Partners, LLC converted $7,852 of the principal amount of the September 27, 2018 note into 13,580,000 shares of the Company’s common stock, leaving a principal balance due of $17,930.

 

On May 9, 2019, Crown Bridge Partners, LLC converted $6,745 of the principal amount of the September 27, 2018 note into 17,250,000 shares of the Company’s common stock, leaving a principal balance due of $11,185.

 

On May 16, 2019, Crown Bridge Partners, LLC converted $8,509 of the principal amount of the September 27, 2018 note into 21,450,000 shares of the Company’s common stock, leaving a principal balance due of $3,177.

 

On May 21, 2019, Crown Bridge Partners, LLC converted $3,177 of the principal amount and $3,407 of accrued and unpaid interest of the September 27, 2018 note into 25,300,000 shares of the Company’s common stock, leaving a principal balance due of $0, not including default penalties and interest.

 

On May 21, 2019, Crown Bridge Partners, LLC imposed $32,343 in additional default penalties as allowed under their note, increasing the principal balance to $32,343.

 

On May 22, 2019, Crown Bridge Partners, LLC converted $7,550 of the principal default amount of the September 27, 2018 note into 30,000,000 shares of the Company’s common stock, leaving a principal default balance due of $24,793.

 

On May 28, 2019, Crown Bridge Partners, LLC converted $7,108 of the principal default amount of the September 27, 2018 note into 34,320,000 shares of the Company’s common stock, leaving a principal default balance due of $17,685.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

FirstFire Global Opportunities - Note 1

 

On July 10, 2018, the Company issued a convertible note and 90,000 shares of its common stock to FirstFire Global Opportunities Fund LLC for $183,750 of cash consideration. The note bears interest at 10%, matures on July 10, 2019, and is convertible into common stock at the lower of $0.20 per share or 75% of the lowest closing market prices of the previous 10 trading days prior to conversion. The Company recorded a debt discount equal to $143,325 due to a ratchet triggering event also on July 10, 2018, which lowered the conversion price to $0.05 per share. The Company recorded a $8,750 debt discount representing the original issue discount. The Company also recorded a $8,010 debt discount due to the 90,000 shares issued. On January 23, 2019, the convertible note was amended to increase the principal by $5,000 for $5,000 of cash consideration. The Company recorded a further debt discount of $5,000 related to the conversion feature of the January 23, 2019 amendment. On August 6, 2019, the convertible note was amended to increase the principal by $25,000 for $25,000 of cash consideration. The Company recorded a further debt discount of $2,000 related to the conversion feature of the August 6, 2019 amendment. The note had accrued interest of $16,436 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $0. The Company recorded debt discount amortization expense of $105,383 during fiscal 2019, and $85,415 during the first two quarters of fiscal 2020.

 

On January 11, 2019, FirstFire Global Opportunities Fund LLC converted $10,000 of the principal amount of the July 10, 2018 note into 1,086,065 shares of the Company’s common stock, leaving a principal balance due of $173,750.

 

On February 7, 2019, FirstFire Global Opportunities Fund LLC converted $10,000 of the principal amount of the July 10, 2018 note into 1,930,783 shares of the Company’s common stock, leaving a principal balance due of $163,750.

 

On February 21, 2019, FirstFire Global Opportunities Fund LLC converted $10,565 of the principal amount of the July 10, 2018 note into 3,500,000 shares of the Company’s common stock, leaving a principal balance due of $153,185.

 

On March 6, 2019, FirstFire Global Opportunities Fund LLC converted $10,431 of the principal amount of the July 10, 2018 note into 4,700,000 shares of the Company’s common stock, leaving a principal balance due of $142,754.

 

On March 18, 2019, FirstFire Global Opportunities Fund LLC converted $10,230 of the principal amount of the July 10, 2018 note into 5,000,000 shares of the Company’s common stock, leaving a principal balance due of $132,524.

 

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On March 25, 2019, FirstFire Global Opportunities Fund LLC converted $11,328 of the principal amount of the July 10, 2018 note into 6,000,000 shares of the Company’s common stock, leaving a principal balance due of $121,196.

 

On March 29, 2019, FirstFire Global Opportunities Fund LLC converted $11,938 of the principal amount of the July 10, 2018 note into 8,000,000 shares of the Company’s common stock, leaving a principal balance due of $109,258.

 

On April 8, 2019, FirstFire Global Opportunities Fund LLC converted $6,600 of the principal amount of the July 10, 2018 note into 6,000,000 shares of the Company’s common stock, leaving a principal balance due of $102,658.

 

On May 9, 2019, FirstFire Global Opportunities Fund LLC converted $6,204 of the principal amount of the July 10, 2018 note into 9,500,000 shares of the Company’s common stock, leaving a principal balance due of $96,084.

 

On May 14, 2019, FirstFire Global Opportunities Fund LLC converted $7,313 of the principal amount of the July 10, 2018 note into 10,900,000 shares of the Company’s common stock, leaving a principal balance due of $88,770.

 

On May 16, 2019, FirstFire Global Opportunities Fund LLC converted $6,812 of the principal amount of the July 10, 2018 note into 12,400,000 shares of the Company’s common stock, leaving a principal balance due of $81,958.

 

On May 20, 2019, FirstFire Global Opportunities Fund LLC converted $4,920 of the principal amount of the July 10, 2018 note into 14,100,000 shares of the Company’s common stock, leaving a principal balance due of $77,038.

 

On May 21, 2019, FirstFire Global Opportunities Fund LLC converted $9,276 of the principal amount of the July 10, 2018 note into 24,300,000 shares of the Company’s common stock, leaving a principal balance due of $67,762.

 

On May 23, 2019, FirstFire Global Opportunities Fund LLC converted $12,478 of the principal amount of the July 10, 2018 note into 31,200,000 shares of the Company’s common stock, leaving a principal balance due of $55,284.

 

On May 24, 2019, FirstFire Global Opportunities Fund LLC converted $11,353 of the principal amount of the July 10, 2018 note into 34,300,000 shares of the Company’s common stock, leaving a principal balance due of $43,931.

 

On May 28, 2019, FirstFire Global Opportunities Fund LLC converted $7,584 of the principal amount of the July 10, 2018 note into 36,000,000 shares of the Company’s common stock, leaving a principal balance due of $36,347.

 

On June 13, 2019, FirstFire Global Opportunities Fund LLC converted $9,780 of the principal amount of the July 10, 2018 note into 45,000,000 shares of the Company’s common stock, leaving a principal balance due of $26,567.

 

On June 17, 2019, FirstFire Global Opportunities Fund LLC converted $10,756 of the principal amount of the July 10, 2018 note into 49,000,000 shares of the Company’s common stock, leaving a principal balance due of $15,811.

 

On June 18, 2019, FirstFire Global Opportunities Fund LLC converted $7,767 of the principal amount of the July 10, 2018 note into 49,000,000 shares of the Company’s common stock, leaving a principal balance due of $8,044.

 

On June 26, 2019, FirstFire Global Opportunities Fund LLC converted $4,656 of the principal amount of the July 10, 2018 note into 48,000,000 shares of the Company’s common stock, leaving a principal balance due of $3,388.

 

On August 6, 2019, the convertible note to FirstFire Global Opportunities Fund LLC dated July 10, 2018 was amended to increase the principal by $25,000 for $25,000 of cash consideration, increasing the principal balance due to $28,388.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

EMA Financial - Note 1

 

On October 22, 2018, the Company issued a convertible note to EMA Financial, LLC for $53,000 of cash consideration. The note bears interest at 10%, matures on October 22, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 15 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $53,000 due to this conversion feature. The note had accrued interest of $3,349 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $7,551. The Company recorded debt discount amortization expense of $18,732 during fiscal 2019, and $26,718 during the first two quarters of fiscal 2020.

 

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On May 3, 2019, EMA Financial LLC converted $5,105 of the principal amount of the October 25, 2018 note into 13,000,000 shares of the Company’s common stock, leaving a principal balance due of $73,968, including additional $25,000 default amounts.

 

On May 9, 2019, EMA Financial LLC converted $8,832 of the principal amount of the October 25, 2018 note into 16,000,000 shares of the Company’s common stock, leaving a principal balance due of $65,994.

 

On May 14, 2019, EMA Financial LLC converted $9,259 of the principal amount of the October 25, 2018 note into 20,000,000 shares of the Company’s common stock, leaving a principal balance due of $56,734.

 

On May 21, 2019, EMA Financial LLC converted $6,223 of the principal amount of the October 25, 2018 note into 22,000,000 shares of the Company’s common stock, leaving a principal balance due of $50,511.

 

On June 13, 2019, EMA Financial LLC converted $5,947 of the principal amount of the October 25, 2018 note into 37,000,000 shares of the Company’s common stock, leaving a principal balance due of $44,564.

 

On June 24, 2019, EMA Financial LLC imposed $4,250 in additional default penalties as allowed under their note, increasing the principal balance to $48,814.

 

On June 24, 2019, EMA Financial LLC converted $4,015 of the principal amount of the October 25, 2018 note into 53,000,000 shares of the Company’s common stock, leaving a principal balance due of $44,799.

 

On July 1, 2019, EMA Financial LLC converted $4,567 of the principal amount of the October 25, 2018 note into 59,000,000 shares of the Company’s common stock, leaving a principal balance due of $40,231.

 

On July 1, 2019, EMA Financial LLC converted $1,991 of the principal amount of the October 25, 2018 note into 31,000,000 shares of the Company’s common stock, leaving a principal balance due of $38,240.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

JSJ Investments - Note 1

 

On October 22, 2018, the Company issued a convertible note to JSJ Investments Inc. for $59,500 of cash consideration. The note bears interest at 12%, matures on October 22, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $57,000 due to this conversion feature. The Company also recorded a $2,500 debt discount due to issuance fees. The note had accrued interest of $5,119 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $8,477. The Company recorded debt discount amortization expense of $21,029 during fiscal 2019, and $29,995 during the first two quarters of fiscal 2020.

 

On May 6, 2019, JSJ Investments Inc. converted $8,137 of the principal amount of the October 22, 2018 note into 15,067,787 shares of the Company’s common stock, leaving a principal balance due of $51,363.

 

On May 16, 2019, JSJ Investments Inc. converted $8,741 of the principal amount of the October 22, 2018 note into 20,087,963 shares of the Company’s common stock, leaving a principal balance due of $42,622.

 

On May 21, 2019, JSJ Investments Inc. converted $7,637 of the principal amount of the October 22, 2018 note into 24,245,023 shares of the Company’s common stock, leaving a principal balance due of $34,985.

 

On May 28, 2019, JSJ Investments Inc. converted $6,736 of the principal amount of the October 22, 2018 note into 35,389,771 shares of the Company’s common stock, leaving a principal balance due of $28,249.

 

On June 21, 2019, JSJ Investments Inc. converted $1,909 of the principal amount of the October 22, 2018 note into 21,209,456 shares of the Company’s common stock, leaving a principal balance due of $26,340.

 

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The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Auctus Fund - Note 1

 

On November 14, 2018, the Company issued a convertible note to Auctus Fund, LLC for $85,000 of cash consideration. The note bears interest at 12%, matures on November 14, 2019, and is convertible into common stock at 61% of the lowest trading price of the previous 25 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $77,750 due to this conversion feature. The Company also recorded a $7,250 debt discount due to issuance fees. The note had accrued interest of $1,070 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $17,466. The Company recorded debt discount amortization expense of $24,685 during fiscal 2019, and $42,849 during the first two quarters of fiscal 2020.

 

On May 17, 2019, Auctus Fund, LLC converted $2,334 of the principal amount and $5,086 of accrued and unpaid interest of the November 14, 2018 note into 21,998,800 shares of the Company’s common stock, leaving a principal balance due of $82,666.

 

On May 28, 2019, Auctus Fund, LLC converted $7,440 of the principal amount and $299 of accrued and unpaid interest of the November 14, 2018 note into 34,328,200 shares of the Company’s common stock, leaving a principal balance due of $75,227.

 

On June 6, 2019, Auctus Fund, LLC converted $6,162 of the principal amount and $223 of accrued and unpaid interest of the November 14, 2018 note into 43,027,563 shares of the Company’s common stock, leaving a principal balance due of $69,065.

 

On July 3, 2019, Auctus Fund, LLC converted $3,943 of the principal amount and $613 of accrued and unpaid interest of the November 14, 2018 note into 63,199,100 shares of the Company’s common stock, leaving a principal balance due of $65,122.

 

On July 9, 2019, Auctus Fund, LLC converted $2,778 of the principal amount and $128 of accrued and unpaid interest of the November 14, 2018 note into 42,574,829 shares of the Company’s common stock, leaving a principal balance due of $62,344.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Promissory Note Payable - Third Party

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Donovan Olson. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Donovan Olson in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Donovan Olson, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

Note 14. Transactions with Former Officer and Current Shareholder

 

The Company was founded in 1982 and managed by Richard Pomije since at least 1987. On May 17, 2015, Mr. Pomije resigned as CEO of the Company and on June 1, 2015, he resigned as the CFO and Chairman. At the time of his resignation, the Company and the Board of Directors were not aware of any continuing employment agreement. The Company released Mr. Pomije on September 11, 2015 concurrent with his closing of the Burnsville, MN office.

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

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The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018.

 

On May 9, 2019, Mr. Pomije agreed to extend scheduling deadlines by 60 days to negotiate a settlement prior to trial. After three months of discussions, Mr. Pomije indicated he was unwilling to settle the matter and would pursue the matter further through the courts. He also indicated his intention to bring additional claims against the Company, its current board members, past board members and officers of the Company if certain demands were not met.

 

Note 15. Digital Currencies

 

The Company has entered into stock purchase agreements with investors, and has accepted digital currencies as a form of payment from these investors, in exchange for shares of the Company’s common stock.

 

On May 15, 2018, the Company issued 11,385,590 shares of stock to Catena Fund One, LP for 1,050,000 RHOC (RChain Coins). The market price of RHOC on May 15, 2018 was $1.58 per RHOC, resulting in a value of $1,659,000.

 

On May 16, 2018, the Company sold 63,291.13924 RHOCs at $1.56 for $100,000, resulting in a loss on exchange of $1,282.

 

On May 31, 2018, market price of RHOC was $1.38, resulting in an unrealized loss on exchange of $196,070, which is represented as Accumulated Other Comprehensive Income in the equity section of the balance sheet.

 

Our primary market risk exposure with regard to digital currencies is the volatility in trading prices from day to day, which would only impact the gain/loss recognized at time of exchange on such instruments. As of August 31, 2019, the Company held no digital currencies.

 

Note 16. Discontinued Operations

 

Appointment.com Disposal

 

On October 9, 2018, the Appointment.com division was sold to an arms length third party for $150,000 in cash consideration, less closing costs of $17,028, resulting in a net gain on disposal of asset of $132,972 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for Appointment.com:

 

   For the Six Months Ended August 31, 
   2019   2018 
         
Revenues   -   $43,726 
Cost of revenues   -    18,850 
Gross profit (loss)   -   $24,876 
           
Operating expenses:          
Selling, general and administrative expenses   -    4,500 
           
Income (loss) from operations   -    20,376 
           
Income tax provision   -      
Net income (loss)   -   $20,376 

 

got.law Disposal

 

On December 11, 2018, the got.law division was sold to related party for $1 in cash consideration and $20,000 in forgiveness of debt, resulting in a gain on disposal of asset of $20,001 in fiscal 2019. This gain was recorded to additional paid in capital as it represented contributed capital due to its related party nature.

 

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There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for got.law:

 

   For the Six Months Ended August 31, 
   2019   2018 
         
Revenues   -   $116 
Cost of revenues   -    87,121 
Gross profit (loss)   -   $(87,005)
           
Operating expenses:          
Selling, general and administrative expenses   -    31,063 
           
Income (loss) from operations   -    (118,068)
           
Income tax provision   -    - 
Net income (loss)   -   $(118,068)

 

Rezserve Disposal

 

On February 26, 2019, the Company sold the assets of its fully owned subsidiary, Rezserve Technologies Ltd., to an arms length third party for $30,000 in cash consideration, resulting in a gain on disposal of asset of $30,000 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for Rezserve:

 

   For the Six Months Ended August 31, 
   2019   2018 
         
Revenues   -   $53,334 
Cost of revenues   -    37,467 
Gross profit (loss)   -   $15,867 
           
Operating expenses:          
Selling, general and administrative expenses   -    49,928 
           
Income (loss) from operations   -    (34,061)
           
Income tax provision   -    - 
Net income (loss)   -   $(34,061)

 

Comencia Disposal

 

On February 26, 2019, the Company sold the assets of its fully owned subsidiary, Comencia Inc., to an arms length third party for $30,000 in cash consideration, resulting in a gain on disposal of asset of $30,000 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

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The following table summarizes the income (loss) from discontinued operations for Comencia:

 

   For the Six Months Ended August 31, 
   2019   2018 
         
Revenues   -   $45,617 
Cost of revenues   -    73,420 
Gross profit (loss)   -    (27,803)
           
Operating expenses:          
Selling, general and administrative expenses   -    14,055 
           
Income from operations   -    (41,858)
           
Income tax provision   -    - 
Net income (loss)   -   $(41,858)

 

Note 17. Subsequent Events

 

Borrowings

 

On November 6, 2019, the convertible note to FirstFire Global Opportunities Fund LLC dated July 10, 2018 was amended to increase the principal by $35,000 for $35,000 of cash consideration.

 

Note Conversions

 

PowerUp Lending - Note 6

 

On September 3, 2019, Power Up Lending Group Ltd. converted $3,000 of the principal amount, plus $750 in accrued and unpaid interest, of the January 22, 2019 note into 75,000,000 shares of the Company’s common stock, fully extinguishing this note.

 

EMA Financial - Note 1

 

On September 12, 2019, EMA Financial LLC converted $2,359 of the principal amount of the October 25, 2018 note into 70,000,000 shares of the Company’s common stock, leaving a principal balance due of $35,881.

 

On September 24, 2019, EMA Financial LLC converted $2,727 of the principal amount of the October 25, 2018 note into 78,000,000 shares of the Company’s common stock, leaving a principal balance due of $33,154.

 

JSJ Investments - Note 1

 

On September 12, 2019, JSJ Investments Inc. converted $3,836 of the principal amount of the October 22, 2018 note into 85,255,113 shares of the Company’s common stock, leaving a principal balance due of $22,503.

 

On September 23, 2019, JSJ Investments Inc. converted $4,505 of the principal amount of the October 22, 2018 note into 100,110,889 shares of the Company’s common stock, leaving a principal balance due of $17,998.

 

On October 9, 2019, JSJ Investments Inc. converted $4,898 of the principal amount of the October 22, 2018 note into 108,838,322 shares of the Company’s common stock, leaving a principal balance due of $13,100.

 

Auctus Fund - Note 1

 

On September 11, 2019, Auctus Fund, LLC converted $641 of the principal amount and $1,899 of accrued and unpaid interest of the November 14, 2018 note into 76,012,000 shares of the Company’s common stock, leaving a principal balance due of $61,703.

 

On October 2, 2019, Auctus Fund, LLC converted $3,082 of the principal amount and $852 of accrued and unpaid interest of the November 14, 2018 note into 110,837,250 shares of the Company’s common stock, leaving a principal balance due of $58,622.

 

On November 18, 2019, Auctus Fund, LLC converted $1,342 of the principal amount and $1,812 of accrued and unpaid interest of the November 14, 2018 note into 121,799,000 shares of the Company’s common stock, leaving a principal balance due of $57,280.

 

Stock Transactions

 

In September 2019, 71,935,993 shares of the Company’s common stock were issued for $528,385 of stock payable.

 

There were no additional significant subsequent events through December 2, 2019, the date the financial statements were issued.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following is a discussion of the financial condition as of August 31, 2019 and its results of operations of the Company for the six months ended August 31, 2019 and 2018, which should be read in conjunction with, and is qualified in its entirety by, the financial statements and notes thereto included elsewhere in this report and the audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended February 28, 2019.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 

This Form 10-Q for the quarter ended August 31, 2019, contains forward-looking statements. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may,” “shall,” “could,” “expect,” “estimate,” “anticipate,” “predict,” “probable,” “should,” “continue,” or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management and are considered by management to be reasonable. Our future operating results, however, may be materially different and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.

 

GENERAL

 

DigitalTown, Inc. (“The Company”, “We”, “Us”, “Our” and “DigitalTown”) provides turn-key hosted solutions to power a comprehensive platform for government entities, citizens and merchants. Our solutions improve the quality of life for residents and visitors through integrated technology for economic development, civic engagement, digital inclusion and smart tourism for cities around the world. The easy to use platform helps city officials and local merchants manage a feature-rich Smart City for web and mobile devices, and provides residents and visitors with access to Content, Community and Commerce.

 

The Company’s fiscal year end is the last day in February. Our current fiscal year ends on February 29, 2020 and we refer to it as “fiscal 2020”. Last year, our fiscal year ended on February 28, 2019 and we refer to this year as “fiscal 2019”.

 

Market Opportunity

 

We provide an integrated search, community, and commerce platform for both web and mobile devices. DigitalTown powers connected online communities that enable members of a community to find information and acquire the goods and services they need locally when possible. The DigitalTown platform is intended to improve how the local economy consumes and transacts. It does this by helping local community citizens interact with city government, as well as local merchants. Residents and visitors are able to use the DigitalTown powered search engine to access content, community and commerce from an easy search tool. If there are local vendors that can fulfill a product or service that relates to a search term, then those options are presented to the user. Local vendors can also become direct merchants on the platform, effectively allowing the local town to be its own hub for mass commerce.

 

The Strategic Importance of Local Online Economic Development

 

The DigitalTown platform elevates local communities to an advanced state of technical capability. To date, most cities have historically taken a hands-off approach towards the Internet. However, we believe city management will further consider the Internet as an integral part of their strategic plan for economic growth.

 

The continued expansion of big box retailers and steep growth of national eCommerce has created an increased number of challenges for locally owned small businesses. This requires a new approach to online economic development – one that equips local merchants with the means to compete locally and sell nationally. DigitalTown provides a cost-effective solution to help local businesses compete against entities with greater reach, scale and resources.

 

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Why the DigitalTown solution makes sense now

 

The DigitalTown platform is a cost-effective solution for enabling a community to become a smart community, which we define as connected to shared content and local commerce. A key enabler for this capability is the continued growth of smartphones that are powered by common frameworks, such as Apple iOS and Android. The use of smartphones has enabled individuals to communicate and transact in real-time anywhere they choose using their smartphone, which serves as a proxy for identity, reputation, preferences and method of payment. In effect, the smartphone has become the Digital Wallet. We believe this opportunity is global and our approach, which emphasizes public-private partnerships, will enable accelerated adoption particularly in rural communities where trust of technology is lower, the need is potentially the greatest, and economic models are at the greatest risk.

 

How the DigitalTown SmartCity Platform is part of the new SmartWeb

 

A core component of the DigitalTown approach is to build branded web destinations that are intuitive to discover. Part of what makes this possible is the emergence of new domain extensions that are descriptive. For example, .CITY routes a visitor to a website about a city and .MENU routes a user to a website about restaurants in that city. Due to management’s long-standing relation with domain registry operators, the Company will seek to bring structure to the emerging landscape of domain extensions, while at the same time emphasizing distribution of a unified mobile application to work as a digital companion alongside the growing network of direct navigation brands.

 

The DigitalTown Platform

 

The DigitalTown platform supports powerful online and mobile communities. We tap into locally relevant news and content in order to keep community members informed. We provide community tools to keep community members connected. We enable commerce and fulfillment in local communities thereby helping residents to buy locally while equipping merchants to sell locally, nationally and even globally.

 

Content Search

 

The DigitalTown search engine serves as the core of the local experience. Whereas most residents may go once or twice per year to the official city site, the DigitalTown-powered search engine is designed for daily use as a preferred homepage for local residents and businesses. This will be accomplished through a combination of marketing and education to residents. In addition, we believe adoption can happen through building a strong level of trust with the residents, since our platform will be endorsed or supported by the local government whom the residents know. This compares to large national companies with limited to no connection to the local residents.

 

Community

 

Consumers are already familiar with social networking through applications like Facebook and Twitter. The integrated DigitalTown web service and mobile app make it easy to stay informed, as well as to connect and communicate with other members of a given community. Community members can message, join groups, shop online, and make payments.

 

Commerce

 

The DigitalTown platform provides merchants with a turn-key solution for online commerce. Once the approved merchant loads SKU’s and inventory available for sale, the merchants can begin selling without any setup fees or capital investment costs. Transaction processing services are provided by DigitalTown, thereby eliminating the need for each retailer to secure a merchant processing account. The community may also enable a private currency for use within the community.

 

Courier and Delivery Management

 

In a growing number of participating cities, an integrated courier and delivery application is included, enabling approved delivery service providers to be notified about items from merchants to be picked up and delivered to the customer, thereby enabling any approved merchant to also offer delivery services to the end-customer. Delivery time is chosen by the customer and can be hours to days.

 

Administration

 

The DigitalTown platform provides integrated administrative tools for managing Content, Community and Commerce, making it easy to administer. The administrative tools are designed to be the back end of the smart community. For example, administrators can create Frequently Asked Questions (FAQ) that are then presented through the site search. This FAQ article is then systematically provided as information when a user makes an inquiry that matches the keywords into the search box on the site.

 

Intellectual Property

 

Domain Name Portfolio. The Company is developing a proprietary platform for Smart City Management. As part of this platform rollout, the Company has secured approximately 13,000 of the .CITY domains that map to significant population centers. DigitalTown has methodically secured the .CITY domains through both acquisition from existing registrants, or via direct purchase from the operator of the .CITY registrar.

 

 33 

 

 

Software: The Company has developed a proprietary platform for enabling any city to become a Smart City, incorporating advanced features for economic development, community engagement and digital inclusion. In addition, the Company has completed acquisitions of 7 software companies: Cloud.Market, Software Masters, Inc, Rezserve Technologies Ltd, Appointment.com, Comencia Inc, Congo Ltd. and CityInformation BV, each of which brought significant intellectual property and is in process of being fully integrated into the DigitalTown platform. The Company continues to invest in software with an emphasis on capital efficiency and return on investment.

 

Dispositions

 

In late fiscal 2019, the Company sold the balance of its useful assets, including 4 of the above-mentioned previously acquired software companies that had not been integrated into the DigitalTown platform. The Company is also no longer acquiring or renewing its domain name portfolio.

 

RESULTS OF OPERATIONS

 

THREE MONTHS ENDED AUGUST 31, 2019 AND 2018

 

During the second quarter of fiscal 2020, the Company recorded no revenues, cost of revenues, or gross profit compared to revenues of $20,047 and cost of revenues of $114,937 for a gross loss of $94,890 during the second quarter of fiscal 2019.

 

The Company’s operating expenses are currently all related to general and administrative activity. These expenses were $263,007 in the second quarter of fiscal 2020 compared to $1,511,914 in the second quarter of fiscal 2019, a decrease of $1,248,907. Our stock-based compensation expense was $134,000 for the second quarter of fiscal 2020 as compared to $639,496 for the second quarter of fiscal 2019, a decrease of $505,496.

 

The Company’s loss from discontinued operations was $0 in the second quarter of fiscal 2020, compared to $71,453 in the second quarter of fiscal 2019, a decrease of $71,453.

 

The Company’s overall net loss from continuing operations for the current second quarter decreased by $2,270,821 to $390,242. The decrease was mainly due to a decrease in stock compensation expense, a decrease in debt and warrant discount amortization, a decrease in prepaid annual domain name renewal fees, and the decrease in general and administrative expenses.

 

SIX MONTHS ENDED AUGUST 31, 2019 AND 2018

 

During the first six months of fiscal 2020, the Company recorded revenues of $50,000 and cost of revenues of $306 for a gross profit of $49,694 compared to revenues of $41,972 and cost of revenues of $521,989 for a gross loss of $480,017 during the first six months of fiscal 2019. For the first six months of fiscal 2020, revenues mainly consisted of development fees. Cost of revenues consisted of amortization of prepaid annual domain name renewal fees of $0 and $302,989, development expense of $0 and $217,278, and merchant processing fees of $306 and $1,722, for the first six months of fiscal years 2020 and 2019, respectively.

 

The Company’s operating expenses are currently all related to selling, general and administrative activity. These expenses were $605,381 in the first six months of fiscal 2020 compared to $2,687,358 in the first six months of fiscal 2019, a decrease of $2,081,977. Our stock-based compensation expense decreased by $797,975 to $320,392 for the first six months of fiscal 2020, as compared to $1,118,367 for the first six months of fiscal 2019.

 

The Company’s loss from discontinued operations was $0 in the first six months of fiscal 2020, compared to $173,610 in the first six months of fiscal 2019, a decrease of $173,610.

 

The Company’s overall net loss for the first six months of fiscal 2020 decreased by $4,039,849 to $948,809, as compared to the first six months of fiscal 2019. The decrease was mainly due to a decrease in stock compensation expense, a decrease in debt and warrant discount amortization, a decrease in prepaid annual domain name renewal fees, and the decrease in general and administrative expenses.

 

LIQUIDITY AND CAPITAL RESOURCES

 

The Company’s cash position at August 31, 2019 was $4,689, a decrease of $10,582 from $15,271 at February 28, 2019. During the first six months of fiscal 2020, net cash used in operating activities was $79,582 compared to net cash used of $1,540,094 for the first six months of fiscal 2019. When comparing the two periods, the decrease in net cash used in operating activities of $1,460,512 for the first six months of fiscal 2020 is primarily due to a decrease of cash operating expenses.

 

 34 

 

 

Net cash provided by investing activities was $0 and $718,181 for first six months of fiscal years 2020 and 2019, respectively. In the second quarter of fiscal 2019, the Company received cash from the sale of digital currencies.

 

Net cash provided by financing activities for the first quarter of fiscal 2020 was $70,000, compared to $796,359 in the first quarter of fiscal 2019, which consisted mainly of borrowings on convertible notes.

 

Monthly cash operating expenses for the first quarter of fiscal 2020, were approximately $40,000 per month. Based on current projections, the Company’s monthly cash operating expenses going forward should be approximately $40,000 per month.

 

We believe our current cash reserves, the amounts we expect from future proceeds from the issuance of our common stock and the sale of existing domain names should be sufficient to enable us to operate for the next 12 months. In the event that we are unable to operate profitably or raise additional capital through the sale of our common stock, we would be forced to further reduce operating expenses or cease operations altogether.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Critical Accounting Policies

 

Effective March 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the first quarter of fiscal 2020 or the twelve months ended February 28, 2019.

 

The discussion and analysis of DigitalTown, Inc.’s financial condition and results of operations are based on our audited financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses and related disclosure of contingent assets and liabilities. Management reviews its estimates on an ongoing basis. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. While DigitalTown Inc.’s significant accounting policies are described in more detail in Note 1 to its financial statements, management believes the following accounting policies to be critical to the judgments and estimates used in the preparation of its financial statements:

 

Prepaid Domain Names

 

The annual domain name renewal fees are currently amortized over one year and the purchase of any new domain names are the only amounts capitalized. See Note 5 for further information.

 

Stock-Based Compensation

 

The Company recognizes the cost of stock-based compensation plans and awards in operations on a straight-line basis over the respective vesting period of the awards. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors, consultants and advisors. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant.

 

The Company estimates the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model. This option pricing model involves a number of assumptions, including the expected lives of stock options, the volatility of the public market price for the Company’s common stock and interest rates. Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that are ultimately expected to vest.

 

 35 

 

 

Recently Issued Accounting Pronouncements

 

Information regarding recently issued accounting pronouncements is included in Note 1 to the consolidated financial statements in “Item 1 - Financial Statements” in this Quarterly Report on Form 10-Q.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

The Company has entered into stock purchase agreements with investors, and has accepted digital currencies as a form of payment from these investors, in exchange for shares of the Company’s common stock. Our primary market risk exposure with regard to digital currencies is the volatility in trading prices from day to day, which would only impact the gain/loss recognized at time of exchange on such instruments. As of August 31, 2019, the Company did not hold any digital currencies.

 

The Company has not entered into, and does not expect to enter into, financial instruments for trading or hedging purposes. The Company does not currently anticipate entering into interest rate swap and/or similar instruments. Our primary market risk exposure with regard to financial instruments is to changes in interest rates, which would only impact interest income earned on such instruments. As of August 31, 2019, the Company did not have any material currency exchange or interest rate risk exposure.

 

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness, as of August 31, 2019, of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”). The purpose of this evaluation was to determine whether as of the evaluation date our disclosure controls and procedures were effective to provide reasonable assurance that the information we are required to disclose in our filings with the Securities and Exchange Commission (“SEC”), under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on their evaluation, our management has concluded, as discussed below, that material weaknesses existed in our internal control over financial reporting as of August 31, 2019 and as a result, our disclosures controls and procedures were not effective. Notwithstanding the material weaknesses that existed as of August 31, 2019, our chief executive officer and chief financial officer has concluded that the financial statements included in this Annual Report on Form 10-K present fairly, in all material aspects, the financial position, results of operations and cash flows of the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Changes in Internal Controls over Financial Reporting

 

Management continues to evaluate the Company’s internal controls over financial reporting to ensure that the design and implementation of corrective procedures are adequate to remediate the previously identified material weaknesses from our Form 10-K at February 28, 2019. Due to the small number of employees dealing with general administrative and financial matters and the expenses associated with increases to remediate the disclosure controls and procedures that have been identified, the Company continued to operate without changes to its internal controls over financial reporting for the period covered by this Quarterly Report on Form 10-Q while continuing to evaluate and improve to remediate the material weaknesses at an appropriate cost benefit basis.

 

During the fiscal quarter ended August 31, 2019, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II

 

ITEM 1. LEGAL PROCEEDINGS

 

DigitalTown, Inc. is, from time to time, a party to litigation arising in the normal course of its business. The Company believes that none of these actions will have a material adverse effect on its financial condition or results of operations.

 

 36 

 

 

ITEM 1A. RISK FACTORS

 

The most significant risk factors applicable to the Company are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended February 28, 2019. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Please see the following Notes to our unaudited financial statements included in this Quarterly Report on Form 10-Q for details on our issuances of unregistered shares of equity securities during the six months ended August 31, 2019. We issued shares of our common stock pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as transactions not involving a public offering.

 

Note 6. Accrued Expenses and Deferred Revenue (Deferred Revenue); Note 7. Stockholders’ Equity (Fiscal 2020 Stock Transactions); Note 9. Related Party Transactions (Convertible Notes Payable – Related Party); Note 9. Related Party Transactions (Promissory Notes Payable - Related Party); Note 9. Related Party Transactions (Sales of Common Stock); Note 17. Subsequent Events (Note Conversions); and Note 17. Subsequent Events (Stock Transactions).

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

  (a) All information required to be disclosed on a report on Form 8-K during the period ended May 31, 2018, has previously been reported.
     
  (b) There have been no material changes to the procedures by which security holders may recommend nominees to the registrant’s board of directors.

 

ITEM 6. EXHIBITS

 

Exhibit 3.1  

Certificate of Amendment dated June 14, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 17, 2019)

Exhibit 31.1   Certification pursuant to 18 U.S.C. Section 1350 Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Executive Officer*
Exhibit 31.2   Certification pursuant to 18 U.S.C. Section 1350 Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer*
Exhibit 32.1   Certification pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley Act of 2002 - Chief Executive Officer+
Exhibit 32.2   Certification pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer+
101.INS   XBRL Instance Document*
101.SCH   XBRL Taxonomy Extension Schema Document*
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB   XBRL Taxonomy Extension Labels Linkbase Document*
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document*

 

* Filed herewith

 

+ In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

 

 37 

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  DigitalTown, Inc.
     
Dated: December 2, 2019 By: /s/ Sam Ciacco
    Sam Ciacco
    Chief Executive Officer and Chairman
    (Principal Executive Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

 

Dated: December 2, 2019 By: /s/ Sam Ciacco
    Sam Ciacco
    Chief Executive Officer and Chairman
    (Principal Executive Officer)
     
Dated: December 2, 2019 By: /s/ Kevin Wilson
   

Kevin Wilson

Chief Financial Officer

    (Principal Financial Officer)

 

 38 

 

 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

DIGITALTOWN, INC. FORM 10-Q

FOR THE QUARTER ENDED AUGUST 31, 2019

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Sam Ciacco, Chief Executive Officer, certify that:

 

1.I have reviewed this report on Form 10-Q of DigitalTown, Inc. (the registrant);
   
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-a15(f) and 15d-15(f) for the registrant and have:

 

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others, particularly during the period in which this report is being prepared;
   
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
d.disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s current fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and;

 

5.I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

 

a.All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.

 

December 2, 2019 By: /s/ Sam Ciacco
    Sam Ciacco
    Chief Executive Officer
    (Principal Executive Officer)

 

   
 

 

 EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

DIGITALTOWN, INC. FORM 10-Q

FOR THE QUARTER ENDED AUGUST 31, 2019

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Kevin Wilson, Chief Financial Officer, certify that:

 

1.I have reviewed this report on Form 10-Q of DigitalTown, Inc. (the registrant);
   
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-a15(f) and 15d-15(f) for the registrant and have:

 

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to me by others, particularly during the period in which this report is being prepared;
   
b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
d.disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s current fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and;

 

5.I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

 

a.All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls.

 

December 2, 2019 By: /s/ Kevin Wilson
    Kevin Wilson
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

   
 

 

 EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

DIGITALTOWN, INC. FORM 10-Q

FOR THE QUARTER ENDED AUGUST 31, 2019

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Sam Ciacco, certify that:

 

1.I am the Chief Executive Officer of DigitalTown, Inc.
   
2.Attached to this certification is Form 10-Q for the quarter ended August 31, 2019, a periodic report (the “periodic report”) filed by the issuer with the Securities Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”), which contains condensed financial statements.
   
3.I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that

 

●The periodic report containing the condensed financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, and
   
●The information in the periodic report fairly presents, in all material respects, the consolidated financial condition and results of operations of the issuer for the periods presented.

 

December 2, 2019 By: /s/ Sam Ciacco
    Sam Ciacco
    Chief Executive Officer
    (Principal Executive Officer)

 

   
 

 

 EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

DIGITALTOWN, INC. FORM 10-Q

FOR THE QUARTER ENDED AUGUST 31, 2019

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Kevin Wilson, certify that:

 

1.I am the Chief Financial Officer of DigitalTown, Inc.
   
2.Attached to this certification is Form 10-Q for the quarter ended August 31, 2019, a periodic report (the “periodic report”) filed by the issuer with the Securities Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”), which contains condensed financial statements.
   
3.I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that

 

●The periodic report containing the condensed financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, and
   
●The information in the periodic report fairly presents, in all material respects, the consolidated financial condition and results of operations of the issuer for the periods presented.

 

December 2, 2019 By: /s/ Kevin Wilson
    Kevin Wilson
    Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

   
 

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Nature of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Aug. 31, 2019
Accounting Policies [Abstract]  
Nature of Business

Nature of Business

 

The Company was founded in 1982 under the laws of the State of Minnesota as Command Small Computer Learning Center, Inc., a computer training company and operated under several different names in the computer hardware and training sector. In 2005, the Company began acquiring domain names. On March 1, 2007, the Company changed its name to DigitalTown, Inc. and began developing a business plan to develop a platform to monetize their domain names. DigitalTown currently provides turn-key hosted solutions to power a comprehensive platform for government entities, citizens and merchants. The easy to use platform helps city officials and local merchants manage a feature-rich Smart City for web and mobile devices and provides residents and visitors with access to Content, Community and Commerce. The Company’s headquarters are located in Blaine, WA. The Company’s common stock is traded on the OTC Markets under the ticker symbol of DGTW.

 

The Company’s consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit, recurring losses, and negative cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

 

At August 31, 2019, the Company had an accumulated deficit of $57,238,131. The Company anticipates that growth from its operations, expected future proceeds from additional financing through the sale of its common stock or other equity-based securities, and additional sales and/or leases of existing domain names will be sufficient to meet its working capital and capital expenditure needs through at least February 29, 2020. In the event that the Company is unable to obtain additional capital in the future, the Company would reduce operating expenses or cease operations altogether.
Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements include the accounts of DigitalTown, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in United States (U.S.) dollars and in accordance with accounting principles generally accepted in the United States, or GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications

Reclassifications

 

Certain prior period amounts in the consolidated statement of cash flows have been reclassified to conform to the current period presentation. Proceeds from related party notes payable received in the prior period have been reclassified from the prior period classification. These reclassifications had no impact on previously reported net income or accumulated deficit for any year.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounts Receivable

Accounts Receivable

 

Accounts receivable arise from the software licensing of our Rezserve subsidiary. The Company evaluates collectability of accounts receivable based on a combination of factors including the age of the receivable or a specific customer’s inability to meet its financial conditions. In these circumstances, the Company records an allowance to reduce the receivable to an amount it deems collectible. The Company has recorded an allowance for doubtful accounts as of August 31, 2019 and February 28, 2019 of $0 and $5,308, respectively.
Goodwill and Intangible Assets

Goodwill and Intangible Assets

 

Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets related to completed acquisitions. Goodwill has an indefinite life and is not amortized but instead tested for impairment annually, or more frequently if necessary.

 

Intangible assets are recorded at fair value and are comprised of amounts assigned to acquisition-related items, such as trade names, customer lists, non-compete agreements and intellectual property/technology. Intangible assets are considered either definite or indefinite lived assets. Definite lived intangible assets are amortized on a straight-line basis over their useful lives. Certain intangible assets may have an indefinite life and are not amortized, but rather evaluated for impairment annually.

 

We evaluate any goodwill and intangible assets for an impairment on an annual basis each fiscal year end. We also evaluate goodwill and intangible assets for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the goodwill and intangible assets below the carrying amounts. The Company had no goodwill or intangible assets in fiscal 2019 or in the first six months of fiscal 2020.
Revenue Recognition

Revenue Recognition

 

Effective March 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

 

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the twelve months ended February 28, 2019.

 

The Company recognizes revenue when the following five criteria have been met:

 

  ● Identify the contract with a customer
  ● Identify the performance obligations in the contract
  ● Determine the transaction price
  ● Allocate the transaction price to each performance obligation in the contract
  ● Recognize revenue when each performance obligation is satisfied

 

The Company primarily recognizes revenue from sale of software licenses and related development services. Software licensing and development revenue is recognized as invoiced and over the course of the applicable agreements. In the event projects have multiple project milestones, revenue is recognized as milestones are achieved and invoices are submitted for payment.

 

The Company may also be merchant of record for merchant transactions processed on the DigitalTown platform. When this happens, revenue is recognized on the date of the transaction. The Company has experience in merchant transaction fraud mitigation. To the extent chargebacks become material, the Company will implement a formal practice for allowance for doubtful accounts.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under U.S. GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

As of August 31, 2019 and February 28, 2019, the Company does not have any financial instruments that must be measured under the fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect the Company’s assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs during the first quarter of fiscal 2020 or the fiscal year 2019.
Cash Equivalents

Cash Equivalents

 

The Company considers all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. As of August 31, 2019 and February 28, 2019, the Company had no cash equivalents.
Cash Deposits in Excess of Federally Insured Limits

Cash Deposits in Excess of Federally Insured Limits

 

The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are insured by the Federal Deposit Insurance Company and currently have insurance coverage up to $250,000. At August 31, 2019 and February 28, 2019, the Company did not have any deposit accounts in excess of federally insured limits.
Prepaid Domain Names

Prepaid Domain Names

 

The annual domain name renewal fees are capitalized in the period of renewal then amortized over one year. Only the purchase of new domain names is capitalized. See Note 5 for further information.
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized over the shorter of the useful life or the term of the related lease. The Company recorded $0 and $3,885 of depreciation expense for the first two quarters of fiscal years 2020 and 2019, respectively. Repairs and maintenance costs are expensed as incurred; major renewals and improvements are capitalized. As items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in operating income. All property and equipment was disposed of in the first quarter of fiscal 2020, which resulted in a loss on disposal of $19,208. See Note 4 for further information.
Income Taxes

Income Taxes

 

Deferred tax assets (net of any valuation allowance) and liabilities resulting from temporary differences, net operating loss carryforwards and tax credit carryforwards are recorded using an asset-and-liability method. Deferred taxes relating to temporary differences and loss carryforwards are measured using the tax rate expected to be in effect when they are reversed or are realized.

 

Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be ultimately realized. The Company has recorded a full valuation allowance against the net deferred tax asset due to the uncertainty of realizing the related future benefits.

 

The Company accounts for income taxes pursuant to FASB guidance. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company believes its income tax filing positions and deductions will be sustained upon examination and, accordingly, no reserves or related accruals for interest and penalties have been recorded at August 31, 2019 or February 28, 2019. In accordance with the FASB guidance, the Company has adopted a policy under which, if required to be recognized in the future, interest related to the underpayment of income taxes will be classified as a component of interest expense and any related penalties will be classified in operating expenses in the statements of operations. The Company has three open years of tax returns subject to examination.
Stock-Based Compensation, Including Options and Warrants

Stock-Based Compensation, Including Options and Warrants

 

Use of equity for compensation is a material part of the Company’s near-term strategy. The Company recognizes the cost of stock-based compensation plans and awards in operations on a straight-line basis over the respective vesting period of the awards. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors, consultants and advisors. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant.

 

The Company estimates the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model. This option pricing model involves a number of assumptions, including the expected lives of stock options, the volatility of the public market price for the Company’s common stock and interest rates. Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that are ultimately expected to vest.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification 606 (“ASC 606”)). ASU No. 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract and estimating the amount of variable consideration to include in the transaction price attributable to each separate performance obligation. Subsequent to the initial standards, the FASB has also issued several ASUs to clarify specific revenue recognition topics. This guidance is effective for the Company for its fiscal year 2019.

 

The Company adopted using the modified retrospective approach to initially apply the update and recognize the remaining contract value at the date of application. The Company does not expect the adoption of ASU 2014-09 to have any impact on its total cash flows from operating, investing or financing activities.

 

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the second step of the two-step goodwill impairment test. Under ASU 2017-04, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 does not amend the optional qualitative assessment of goodwill impairment. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019; early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has not elected early adoption of this standard and is currently in the process of evaluating the impact of adopting ASU 2017-04 and cannot currently estimate the financial statement impact of adoption.

 

In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” The amendments in this update provide guidance about which changes to the terms or conditions of a share-based award require an entity to apply modification accounting in Topic 718. The guidance will be effective for the Company for its fiscal year 2018, with early adoption permitted. The Company does not expect this ASU to materially impact the Company’s consolidated financial statements.

 

In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under this guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company adopted this standard in the first quarter of fiscal 2020, and did not have a material impact on its consolidated financial statements, nor does it expect to going forward.

 

The Company believes there are no other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.
XML 13 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Transactions with Former Officer and Current Shareholder
 6 Months Ended
Aug. 31, 2019
Transactions With Former Officer And Current Shareholder  
Transactions with Former Officer and Current Shareholder

Note 14. Transactions with Former Officer and Current Shareholder

 

The Company was founded in 1982 and managed by Richard Pomije since at least 1987. On May 17, 2015, Mr. Pomije resigned as CEO of the Company and on June 1, 2015, he resigned as the CFO and Chairman. At the time of his resignation, the Company and the Board of Directors were not aware of any continuing employment agreement. The Company released Mr. Pomije on September 11, 2015 concurrent with his closing of the Burnsville, MN office.

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018.

 

On May 9, 2019, Mr. Pomije agreed to extend scheduling deadlines by 60 days to negotiate a settlement prior to trial. After three months of discussions, Mr. Pomije indicated he was unwilling to settle the matter and would pursue the matter further through the courts. He also indicated his intention to bring additional claims against the Company, its current board members, past board members and officers of the Company if certain demands were not met.
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Income Taxes (Tables)
 6 Months Ended
Aug. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provisions

The components of these differences are as follows at August 31, 2019 and February 28, 2019:

 

    August 31, 2019     February 28, 2019  
Net tax loss carry-forwards   $ 20,546,349     $ 20,331,988  
Statutory rate     21 %     21 %
Expected tax recovery     4,314,733       4,269,717  
Change in valuation allowance     (4,314,733 )     (4,269,717 )
Income tax provision   $       $ -  
                 
Components of deferred tax asset:                
Non capital tax loss carry forwards   $ 4,314,733     $ 4,269,717  
Less: valuation allowance     (4,314,733 )     (4,269,717 )
Net deferred tax asset   $ -     $ -  
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Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings (loss) Per Share (Details) (Parenthetical) - shares
Aug. 31, 2019
Aug. 31, 2018
Earnings Per Share [Abstract]    
Number of options outstanding 14,168,750 9,790,371
Number of warrants outstanding 6,080,000 9,044,740
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Stock Options - Schedule of Options Activity (Details)
Nov. 21, 2018
Oct. 02, 2018
Jun. 02, 2018
Stock Option [Member]      
Weighted-average volatility     223.00%
Expected dividends    
Expected term (in years)     2 years 6 months
Weighted-average risk-free interest rate     2.61%
Stock Option One [Member]      
Weighted-average volatility     223.00%
Expected dividends    
Expected term (in years)     3 years
Weighted-average risk-free interest rate     2.61%
Stock Option Two [Member]      
Weighted-average volatility   208.00%  
Expected dividends    
Expected term (in years)   3 years  
Weighted-average risk-free interest rate   2.96%  
Stock Option Three [Member]      
Weighted-average volatility 192.00%    
Expected dividends    
Expected term (in years) 3 years    
Weighted-average risk-free interest rate 2.89%    
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Income Taxes (Details Narrative) - USD ($)
 6 Months Ended
Aug. 31, 2019
Feb. 28, 2019
Income Tax Disclosure [Abstract]    
Net operating loss carry forwards $ 20,546,349 $ 20,331,988
Net operating loss carry forwards, expiry description The available net operating loss carry forwards will expire in various years through 2039.  
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Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Details) - USD ($)
 6 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Rezserve Technologies Ltd [Member]    
Revenues $ 53,334
Cost of revenues 37,467
Gross profit (loss) 15,867
Selling, general and administrative expenses 49,928
Income (loss) from operations (34,061)
Income tax provision
Net income (loss) (34,061)
Comencia Inc [Member]    
Revenues 45,617
Cost of revenues 73,420
Gross profit (loss) (27,803)
Selling, general and administrative expenses 14,055
Income (loss) from operations (41,858)
Income tax provision
Net income (loss) (41,858)
Appointment.com Disposal [Member]    
Revenues 43,726
Cost of revenues 18,850
Gross profit (loss) 24,876
Selling, general and administrative expenses 4,500
Income (loss) from operations 20,376
Income tax provision
Net income (loss) 20,376
Got.Law Disposal [Member]    
Revenues 116
Cost of revenues 87,121
Gross profit (loss) (87,005)
Selling, general and administrative expenses 31,063
Income (loss) from operations (118,068)
Income tax provision
Net income (loss) $ (118,068)

XML 22 R50.htm IDEA: XBRL DOCUMENT v3.19.3
Debt (Details Narrative)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 29, 2019
USD ($)
shares
Aug. 26, 2019
USD ($)
shares
Aug. 22, 2019
USD ($)
shares
Aug. 16, 2019
USD ($)
$ / shares
shares
Aug. 06, 2019
USD ($)
Jul. 20, 2019
USD ($)
$ / shares
shares
Jul. 09, 2019
USD ($)
shares
Jul. 03, 2019
USD ($)
shares
Jul. 01, 2019
USD ($)
shares
Jun. 26, 2019
USD ($)
shares
Jun. 24, 2019
USD ($)
shares
Jun. 21, 2019
USD ($)
shares
Jun. 18, 2019
USD ($)
shares
Jun. 17, 2019
USD ($)
shares
Jun. 13, 2019
USD ($)
shares
Jun. 06, 2019
USD ($)
shares
May 28, 2019
USD ($)
shares
May 24, 2019
USD ($)
shares
May 23, 2019
USD ($)
shares
May 22, 2019
USD ($)
shares
May 21, 2019
USD ($)
shares
May 20, 2019
USD ($)
shares
May 17, 2019
USD ($)
shares
May 16, 2019
USD ($)
shares
May 14, 2019
USD ($)
shares
May 09, 2019
USD ($)
Tradingdays
$ / shares
shares
May 08, 2019
USD ($)
shares
May 06, 2019
USD ($)
shares
May 03, 2019
USD ($)
shares
May 02, 2019
USD ($)
shares
Apr. 30, 2019
USD ($)
shares
Apr. 26, 2019
USD ($)
shares
Apr. 23, 2019
USD ($)
shares
Apr. 12, 2019
USD ($)
shares
Apr. 08, 2019
USD ($)
shares
Apr. 04, 2019
USD ($)
shares
Apr. 01, 2019
USD ($)
shares
Mar. 29, 2019
USD ($)
shares
Mar. 27, 2019
USD ($)
shares
Mar. 25, 2019
USD ($)
shares
Mar. 21, 2019
USD ($)
shares
Mar. 18, 2019
USD ($)
shares
Mar. 06, 2019
USD ($)
shares
Feb. 21, 2019
USD ($)
shares
Feb. 07, 2019
USD ($)
shares
Jan. 23, 2019
USD ($)
Jan. 22, 2019
USD ($)
Tradingdays
$ / shares
Jan. 11, 2019
USD ($)
shares
Nov. 15, 2018
USD ($)
Nov. 14, 2018
USD ($)
Tradingdays
$ / shares
Oct. 23, 2018
USD ($)
Tradingdays
$ / shares
Oct. 22, 2018
USD ($)
Tradingdays
$ / shares
Sep. 27, 2018
USD ($)
Tradingdays
$ / shares
Sep. 17, 2018
USD ($)
Tradingdays
$ / shares
Sep. 12, 2018
USD ($)
shares
Jul. 25, 2018
USD ($)
Jul. 20, 2018
USD ($)
shares
Jul. 11, 2018
USD ($)
Jul. 10, 2018
USD ($)
Tradingdays
$ / shares
shares
Jun. 29, 2018
USD ($)
shares
Jun. 20, 2018
USD ($)
shares
Jun. 14, 2018
USD ($)
shares
May 16, 2018
USD ($)
shares
May 15, 2018
USD ($)
shares
May 10, 2018
USD ($)
shares
May 09, 2018
USD ($)
$ / shares
shares
May 07, 2018
USD ($)
shares
May 03, 2018
USD ($)
shares
Jan. 30, 2018
USD ($)
Tradingdays
$ / shares
Jan. 18, 2018
USD ($)
Tradingdays
$ / shares
Dec. 22, 2017
USD ($)
shares
Nov. 30, 2017
USD ($)
Tradingdays
$ / shares
Oct. 30, 2017
USD ($)
Tradingdays
Jul. 27, 2017
USD ($)
$ / shares
shares
Jul. 20, 2017
USD ($)
$ / shares
shares
Jun. 09, 2017
USD ($)
$ / shares
shares
Sep. 14, 2016
USD ($)
$ / shares
shares
Aug. 31, 2019
USD ($)
$ / shares
May 31, 2019
USD ($)
Feb. 28, 2019
USD ($)
shares
Aug. 31, 2018
USD ($)
May 31, 2018
USD ($)
shares
Aug. 31, 2019
USD ($)
$ / shares
shares
Aug. 31, 2018
USD ($)
Feb. 28, 2018
USD ($)
Debt conversion, shares | shares                                                                                                                                                               252,500          
Debt converted into shares, value                                                                                                                                                               $ 19,200     $ 8,068,690    
Imputed interest                                                                                                                                                                     2,773 $ 14,625  
Amortization of debt discount                                                                                                                                                                     $ 312,283 652,540  
Warrant exercise price | $ / shares                                                                                                                                                           $ 0.14         $ 0.14    
Proceeds from convertible notes payable                                                                                                                                                                     $ 70,000 175,000  
Loss on settlement of debt                                                                                                                                                               $ (48,037)   (48,037)  
Epik Holdings Inc [Member] | Stock Payable [Member]                                                                                                                                                                          
Debt converted into shares, value                                                                                                                                                                     496,508    
Darvin Habben [Member] | Convertible Notes Payable [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                                                                                                                       2,000,000           5,380,274      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                   $ 0.25                  
Imputed interest                                                                                                                                                                         $ 8,877
Debt interest rate                                                                                                                                                       8.00%                  
Debt discount                                                                                                                                                                         191,507
Amortization of debt discount                                                                                                                                                                   $ 191,507     108,493
Warrant discount                                                                                                                                                                         105,616
Warrant discount amortization expense                                                                                                                                                                         44,384
Convertible notes principal balance                                                                                                                                   $ 500,000                   $ 500,000                  
Minds and Machines [Member] | Epik Holdings Inc [Member]                                                                                                                                                                          
Debt converted into shares, value                                                                                                                                                                     496,508    
FirstFire Global Opportunities Fund LLC [Member]                                                                                                                                                                          
Number of shares issued | shares                                                                                                                     90,000                                                    
Darvin Habben [Member] | Convertible Notes Payable [Member]                                                                                                                                                                          
Debt principal, value                                                                                                                                                       $ 500,000                  
Debt conversion, shares | shares                                                                                                                                                       2,000,000                  
Conversion price per share | $ / shares                                                                                                                                                       $ 0.25                  
Debt interest rate                                                                                                                                                       8.00%                  
Debt discount                                                                                                                                                       $ 300,000                  
Convertible Note [Member] | Darvin Habben [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                                                                                                   5,380,274                                      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                                      
Debt converted into shares, value                                                                                                                                   $ 500,000                                      
Accrued interest                                                                                                                                   $ 38,027                                     28,932
Debt discount                                                                                                                                                                         191,507
Amortization of debt discount                                                                                                                                                                   191,507     108,493
Promissory Notes Payable [Member] | Derek Schumann [Member]                                                                                                                                                                          
Debt principal, value                                                                                                                                                     $ 100,000                    
Debt conversion, shares | shares                                                                                                                                   1,000,000                                      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                                      
Debt converted into shares, value                                                                                                                                   $ 100,000                                      
Imputed interest                                                                                                                                                                   1,917     6,110
Amortization of debt discount                                                                                                                                                                   69,452     30,548
Number of warrants issued | shares                                                                                                                                   1,000,000                 1,000,000                    
Warrant exercise price | $ / shares                                                                                                                                   $ 0.10                 $ 0.10                    
Warrant expiry date                                                                                                                                                     Jul. 20, 2027                    
Warrant discount                                                                                                                                                     $ 100,000                   69,452
Promissory Notes Payable [Member] | Greg Foss [Member]                                                                                                                                                                          
Debt principal, value                                                                                                                                                     $ 100,000                    
Debt conversion, shares | shares                                                                                                                                   1,000,000                                      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                                      
Debt converted into shares, value                                                                                                                                   $ 100,000                                      
Imputed interest                                                                                                                                                                   1,917     6,110
Amortization of debt discount                                                                                                                                                                   69,452      
Number of warrants issued | shares                                                                                                                                   1,000,000                 1,000,000                    
Warrant exercise price | $ / shares                                                                                                                                   $ 0.10                 $ 0.10                    
Warrant expiry date                                                                                                                                                     Jul. 20, 2027                    
Warrant discount                                                                                                                                                     $ 100,000                   69,452
Warrant discount amortization expense                                                                                                                                                                         $ 30,548
Promissory Notes Payable [Member] | Darvin Habben [Member]                                                                                                                                                                          
Debt principal, value                                                                                                                                                   $ 150,000                      
Debt conversion, shares | shares                                                                                                                                   1,500,000                                      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                                      
Debt converted into shares, value                                                                                                                                   $ 150,000                                      
Imputed interest                                                                                                                                                                   2,875      
Amortization of debt discount                                                                                                                                                                   105,616      
Number of warrants issued | shares                                                                                                                                   1,500,000               1,000,000                      
Warrant exercise price | $ / shares                                                                                                                                   $ 0.10               $ 0.10                      
Warrant expiry date                                                                                                                                                   Jul. 27, 2027                      
Warrant discount                                                                                                                                                   $ 150,000                      
Promissory Notes Payable [Member] | Epik Holdings Inc [Member]                                                                                                                                                                          
Debt principal, value                                                                                                             $ 765,200                                             21,342         $ 21,342    
Debt conversion, shares | shares                                                                                                             76,278,041                                                       4,947,000    
Debt converted into shares, value                                                                                                             $ 743,858                                                       $ 247,350    
Debt interest rate                                                                                                             4.00%                                                            
Debt maturity date                                                                                                             Sep. 12, 2019                                                            
Promissory Note [Member] | Robert Monster [Member]                                                                                                                                                                          
Debt principal, value                                                                                                 $ 150,000                                                         150,000         150,000    
Debt interest rate                                                                                                 15.00%                                                                        
Debt maturity date                                                                                                 Nov. 15, 2019                                                                        
Accrued interest                                                                                                                                                           17,815         17,815    
Convertible Notes Payable One [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                                                                                             319,672 327,869 245,902   213,115 170,940                                  
Debt converted into shares, value                                                                                                                             $ 15,000 $ 20,000 $ 15,000   $ 13,000 $ 12,000                                  
Debt interest rate                                                                                                                                                 12.00%                        
Debt maturity date                                                                                                                                                 Oct. 30, 2018                        
Accrued interest                                                                                                                             $ 4,500                                            
Debt discount                                                                                                                                                 $ 47,951                        
Amortization of debt discount                                                                                                                                                             $ 32,055            
Proceeds from convertible notes payable                                                                                                                                                 $ 75,000                        
Debt conversion description                                                                                                                                                 The note bears interest at 12%, matures on October 30, 2018, and is convertible after 180 days into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion.                        
Debt conversion threshold percentage                                                                                                                                                 61.00%                        
Debt trading days | Tradingdays                                                                                                                                                 10                        
Convertible notes principal balance                                                                                                                               $ 15,000 $ 35,000   $ 50,000 $ 63,000                                  
Convertible Notes Payable One [Member] | Crown Bridge Partners, LLC [Member]                                                                                                                                                                          
Repayment of debt                                                                                                               $ 83,312                                                          
Debt interest rate                                                                                                                                         10.00%                                
Debt maturity date                                                                                                                                         Jan. 30, 2019                                
Accrued interest                                                                                                               2,499                                                   1,812      
Debt discount                                                                                                                                         $ 33,246                         24,305      
Amortization of debt discount                                                                                                                                                                   9,062      
Proceeds from convertible notes payable                                                                                                                                         $ 55,000                                
Debt conversion threshold percentage                                                                                                                                         61.00%                                
Debt trading days | Tradingdays                                                                                                                                         20                                
Fixed floor price per share | $ / shares                                                                                                                                         $ 0.0001                                
Debt issuance fees                                                                                                                                         $ 3,000                                
Loss on settlement of debt                                                                                                               $ 25,813                                                          
Convertible Notes Payable One [Member] | EMA Financial, LLC [Member]                                                                                                                                                                          
Debt conversion, shares | shares                 31,000,000                                                                                                                                                        
Debt converted into shares, value                 $ 1,991                                                                                                                                                        
Convertible notes principal balance                 $ 38,240                                                                                                                                                        
Convertible Notes Payable Two [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                                                                                 376,393     257,290 196,592 309,119                                              
Debt converted into shares, value                                                                                                                 $ 8,000     $ 15,000 $ 15,000 $ 20,000                                              
Debt interest rate                                                                                                                                               12.00%                          
Debt maturity date                                                                                                                                               Nov. 30, 2018                          
Accrued interest                                                                                                                 $ 3,480                                                 3,456      
Debt discount                                                                                                                                               $ 28,754                   19,213      
Amortization of debt discount                                                                                                                                                           19,213       9,541      
Proceeds from convertible notes payable                                                                                                                                               $ 58,000                          
Debt conversion description                                                                                                                                               The note bears interest at 12%, matures on November 30, 2018, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009.                          
Debt conversion threshold percentage                                                                                                                                               61.00%                          
Debt trading days | Tradingdays                                                                                                                                               10                          
Convertible notes principal balance                                                                                                                       $ 8,000 $ 23,000 $ 38,000                                              
Fixed floor price per share | $ / shares                                                                                                                                               $ 0.00009                          
Convertible Notes Payable Two [Member] | Crown Bridge Partners, LLC [Member]                                                                                                                                                                          
Debt principal, value                                         $ 0                                                                                                                                
Debt conversion, shares | shares                                 34,320,000     30,000,000 25,300,000     21,450,000   17,250,000     13,580,000       12,380,000 11,790,000   9,200,000                                                                                                  
Debt converted into shares, value                                 $ 7,108     $ 7,550 $ 3,177     $ 8,509   $ 6,745     $ 7,852       $ 10,956 $ 10,111   $ 9,022                                                                                                  
Debt interest rate                                                                                                         10.00%                                                                
Debt maturity date                                                                                                         Sep. 29, 2019                                                                
Accrued interest                                         3,407                                                                                                                 0         0    
Debt discount                                                                                                         $ 52,000                                                 4,068         4,068    
Amortization of debt discount                                                                                                                                                                     27,726    
Proceeds from convertible notes payable                                                                                                         $ 55,000                                                                
Debt conversion description                                                                                                         The note bears interest at 10%, matures on September 29, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001.                                                                
Debt conversion threshold percentage                                                                                                         61.00%                                                                
Debt trading days | Tradingdays                                                                                                         20                                                                
Convertible notes principal balance                                 $ 17,685     $ 24,793       $ 3,177   $ 11,185     $ 17,930       $ 25,411 $ 35,867   $ 45,978                                                                                                  
Fixed floor price per share | $ / shares                                                                                                         $ 0.0001                                                                
Debt issuance fees                                                                                                         $ 3,000                                                                
Debt penalties                                         32,343                                                                                                                                
Convertible Notes Payable Two [Member] | Crown Bridge Partners, LLC [Member] | Maximum [Member]                                                                                                                                                                          
Debt principal, value                                         $ 32,343                                                                                                                                
Convertible Notes Payable Three [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Loss on conversion of debt                                                                                                                   $ 22,224                                                      
Debt interest rate                                                                                                                                           12.00%                              
Debt maturity date                                                                                                                                           Jan. 18, 2019                              
Accrued interest                                                                                                                   3,099                                               2,304      
Debt discount                                                                                                                                           $ 33,164                       21,608      
Amortization of debt discount                                                                                                                   21,608                                               8,471      
Proceeds from convertible notes payable                                                                                                                   $ 78,323                       $ 53,000                              
Debt conversion description                                                                                                                                           The note bears interest at 12%, matures on January 18, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009.                              
Debt conversion threshold percentage                                                                                                                                           61.00%                              
Debt trading days | Tradingdays                                                                                                                                           10                              
Fixed floor price per share | $ / shares                                                                                                                                           $ 0.00009                              
Convertible Notes Payable Four [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                                       9,560,714 9,231,250 9,233,333 7,552,778 7,555,556 7,554,167                                                                                        
Debt converted into shares, value                                                                       $ 8,285 $ 14,770 $ 16,620 $ 13,595 $ 13,600 $ 18,130                                                                                        
Debt interest rate                                                                                                           12.00%                                                              
Debt maturity date                                                                                                           Sep. 17, 2019                                                              
Accrued interest                                                                       $ 5,100                                                                                                  
Debt discount                                                                                                           $ 85,000                                                              
Amortization of debt discount                                                                                                                                                                     46,808 38,192  
Proceeds from convertible notes payable                                                                                                           $ 85,000                                                              
Debt conversion description                                                                                                           The note bears interest at 12%, matures on September 17, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009.                                                              
Debt conversion threshold percentage                                                                                                           61.00%                                                              
Debt trading days | Tradingdays                                                                                                           10                                                              
Convertible notes principal balance                                                                         $ 8,285 $ 23,055 $ 39,675 $ 53,270 $ 66,870                                                                                        
Fixed floor price per share | $ / shares                                                                                                           $ 0.00009                                                              
Convertible Notes Payable Five [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt conversion, shares | shares                                                     6,273,973 11,780,822 11,780,822 11,764,706 11,734,694 11,727,273                                                                                                          
Debt converted into shares, value                                                     $ 1,400 $ 8,600 $ 8,600 $ 10,000 $ 11,500 $ 12,900                                                                                                          
Debt interest rate                                                                                                     12.00%                                                                    
Debt maturity date                                                                                                     Oct. 23, 2019                                                                    
Accrued interest                                                     $ 3,180                                                                                                                    
Debt discount                                                                                                     $ 49,926                                                                    
Amortization of debt discount                                                                                                                                                                     32,417 20,583  
Proceeds from convertible notes payable                                                                                                     $ 53,000                                                                    
Debt conversion description                                                                                                     The note bears interest at 12%, matures on October 23, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009.                                                                    
Debt conversion threshold percentage                                                                                                     61.00%                                                                    
Debt trading days | Tradingdays                                                                                                     10                                                                    
Convertible notes principal balance                                                       $ 1,400 $ 10,000 $ 18,600 $ 28,600 $ 40,100                                                                                                          
Fixed floor price per share | $ / shares                                                                                                     $ 0.00009                                                                    
Convertible Notes Payable SIx [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt conversion, shares | shares 7,000,000 5,000,000 7,000,000                                                                                                                                                                    
Debt converted into shares, value $ 3,500 $ 2,500 $ 3,500                                                                                                                                                                    
Debt interest rate                                                                                             12.00%                                                                            
Debt maturity date                                                                                             Jan. 22, 2020                                                                            
Accrued interest                                                                                                                                                           942         942    
Debt discount                                                                                             $ 12,500                                                             4,932         4,932    
Amortization of debt discount                                                                                                                                                               $ 1,267     6,301    
Proceeds from convertible notes payable                                                                                             $ 12,500                                                                            
Debt conversion description                                                                                             The note bears interest at 12%, matures on January 22, 2020, and is convertible after 180 days into common stock at 50% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00009.                                                                            
Debt conversion threshold percentage                                                                                             50.00%                                                                            
Debt trading days | Tradingdays                                                                                             20                                                                            
Convertible notes principal balance $ 3,000 $ 6,500 $ 9,000                                                                                                                                                                    
Fixed floor price per share | $ / shares                                                                                             $ 0.00009                                                                            
Convertible Notes Payable Seven [Member] | PowerUp Lending Group Ltd. [Member]                                                                                                                                                                          
Debt interest rate                                                   12.00%                                                                                                                      
Debt maturity date                                                   May 09, 2020                                                                                                                      
Accrued interest                                                                                                                                                           1,687         1,687    
Debt discount                                                   $ 45,000                                                                                                       30,945         30,945    
Amortization of debt discount                                                                                                                                                                     14,055    
Proceeds from convertible notes payable                                                   $ 45,000                                                                                                                      
Debt conversion description                                                   The note bears interest at 12%, matures on May 9, 2020, and is convertible after 180 days into common stock at 55% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00006.                                                                                                                      
Debt conversion threshold percentage                                                   55.00%                                                                                                                      
Debt trading days | Tradingdays                                                   20                                                                                                                      
Fixed floor price per share | $ / shares                                                   $ 0.00006                                                                                                                      
Convertible Notes Payable [Member] | FirstFire Global Opportunities Fund LLC [Member]                                                                                                                                                                          
Debt conversion, shares | shares                   48,000,000     49,000,000 49,000,000 45,000,000   36,000,000 34,300,000 31,200,000   24,300,000 14,100,000   12,400,000 10,900,000 9,500,000                 6,000,000     8,000,000   6,000,000   5,000,000 4,700,000 3,500,000 1,930,783     1,086,065                                                                          
Conversion price per share | $ / shares                                                                                                                     $ 0.20                                                    
Debt converted into shares, value                   $ 4,656     $ 7,767 $ 10,756 $ 9,780   $ 7,584 $ 11,353 $ 12,478   $ 9,276 $ 4,920   $ 6,812 $ 7,313 $ 6,204                 $ 6,600     $ 11,938   $ 11,328   $ 10,230 $ 10,431 $ 10,565 $ 10,000     $ 10,000                                                                          
Debt interest rate                                                                                                                     10.00%                                                    
Debt maturity date                                                                                                                     Jul. 10, 2019                                                    
Accrued interest                                                                                                                                                           16,436         16,436    
Debt discount         $ 2,000                                                                                 $ 5,000                         $ 8,750                                     0         0    
Debt discount, shares | shares                                                                                                                     90,000                                                    
Debt discount, value                                                                                                                     $ 8,010                                                    
Amortization of debt discount                                                                                                                                                                     85,415 105,383  
Proceeds from convertible notes payable         25,000                                                                                 5,000                         $ 183,750                                                    
Debt conversion threshold percentage                                                                                                                     75.00%                                                    
Debt trading days | Tradingdays                                                                                                                     10                                                    
Convertible notes principal balance         28,388         $ 3,388     $ 8,044 $ 15,811 $ 26,567   $ 36,347 $ 43,931 $ 55,284   $ 67,762 $ 77,038   $ 81,958 $ 88,770 $ 96,084                 $ 102,658     $ 109,258   $ 121,196   $ 132,524 $ 142,754 $ 153,185 $ 163,750     $ 173,750                                                                          
Number of shares issued | shares                                                                                                                     90,000                                                    
Increase in debt principal amount         $ 25,000                                                                                 $ 5,000                                                                              
Convertible Notes Payable [Member] | EMA Financial, LLC [Member]                                                                                                                                                                          
Debt conversion, shares | shares                 59,000,000   53,000,000       37,000,000           22,000,000       20,000,000 16,000,000     13,000,000                                                                                                                
Debt converted into shares, value                 $ 4,567   $ 4,015       $ 5,947           $ 6,223       $ 9,259 $ 8,832     $ 5,105                                                                                                                
Debt interest rate                                                                                                       10.00%                                                                  
Debt maturity date                                                                                                       Oct. 22, 2019                                                                  
Accrued interest                                                                                                                                                           3,349         3,349    
Debt discount                                                                                                       $ 53,000                                                   7,551         7,551    
Amortization of debt discount                                                                                                                                                                     26,718 18,732  
Proceeds from convertible notes payable                                                                                                       $ 53,000                                                                  
Debt conversion threshold percentage                                                                                                       61.00%                                                                  
Debt trading days | Tradingdays                                                                                                       15                                                                  
Convertible notes principal balance                 $ 40,231   44,799       $ 44,564           $ 50,511       $ 56,734 $ 65,994     73,968                                                                                                                
Fixed floor price per share | $ / shares                                                                                                       $ 0.0001                                                                  
Debt penalties                     4,250                                                                                                                                                    
Increase in debt principal amount                     $ 48,814                                                                                                                                                    
Debt default amount                                                         $ 25,000                                                                                                                
Convertible Notes Payable [Member] | JSJ Investments Inc [Member]                                                                                                                                                                          
Debt conversion, shares | shares                       21,209,456         35,389,771       24,245,023     20,087,963       15,067,787                                                                                                                  
Debt converted into shares, value                       $ 1,909         $ 6,736       $ 7,637     $ 8,741       $ 8,137                                                                                                                  
Debt interest rate                                                                                                       12.00%                                                                  
Debt maturity date                                                                                                       Oct. 22, 2019                                                                  
Accrued interest                                                                                                                                                           5,119         5,119    
Debt discount                                                                                                       $ 57,000                                                   8,477         8,477    
Amortization of debt discount                                                                                                                                                                     29,995 21,029  
Proceeds from convertible notes payable                                                                                                       $ 59,500                                                                  
Debt conversion description                                                                                                       The note bears interest at 12%, matures on October 22, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001.                                                                  
Debt conversion threshold percentage                                                                                                       61.00%                                                                  
Debt trading days | Tradingdays                                                                                                       20                                                                  
Convertible notes principal balance                       $ 26,340         $ 28,249       $ 34,985     $ 42,622       $ 51,363                                                                                                                  
Fixed floor price per share | $ / shares                                                                                                       $ 0.0001                                                                  
Debt issuance fees                                                                                                       $ 2,500                                                                  
Convertible Notes Payable [Member] | Auctus Fund, LLC [Member]                                                                                                                                                                          
Debt conversion, shares | shares             42,574,829 63,199,100               43,027,563 34,328,200           21,998,800                                                                                                                            
Debt converted into shares, value             $ 2,778 $ 3,943               $ 6,162 $ 7,440           $ 2,334                                                                                                                            
Debt interest rate                                                                                                   12.00%                                                                      
Debt maturity date                                                                                                   Nov. 14, 2019                                                                      
Accrued interest             128 613               223 299           5,086                                                                                                             1,070         1,070    
Debt discount                                                                                                   $ 77,750                                                       $ 17,466         17,466    
Amortization of debt discount                                                                                                                                                                     42,849 24,685  
Proceeds from convertible notes payable                                                                                                   $ 85,000                                                                      
Debt conversion threshold percentage                                                                                                   61.00%                                                                      
Debt trading days | Tradingdays                                                                                                   25                                                                      
Convertible notes principal balance             $ 62,344 $ 65,122               $ 69,065 $ 75,227           $ 82,666                                                                                                                            
Fixed floor price per share | $ / shares                                                                                                   $ 0.0001                                                                      
Debt issuance fees                                                                                                   $ 7,250                                                                      
Convertible Notes Payable [Member] | Ratchet Triggering Event [Member] | FirstFire Global Opportunities Fund LLC [Member]                                                                                                                                                                          
Debt discount                                                                                                                     $ 143,325                                                    
Reduction in conversion price per share | $ / shares                                                                                                                     $ 0.05                                                    
Promissory Note Payable [Member] | Donovan Olson [Member]                                                                                                                                                                          
Debt principal, value           $ 100,000                                                                                                                                                              
Debt conversion, shares | shares                                                                                                                                   1,000,000                                      
Conversion price per share | $ / shares                                                                                                                                   $ 0.10                                      
Debt converted into shares, value                                                                                                                                   $ 100,000                                      
Imputed interest                                                                                                                                                                   1,917      
Amortization of debt discount                                                                                                                                                                   $ 69,452      
Number of warrants issued | shares           1,000,000                                                                                                                                                              
Warrant exercise price | $ / shares           $ 0.10                                                                                                                                                              
Warrant expiry date           Jul. 20, 2027                                                                                                                                                              
Warrant discount           $ 100,000                                                                                                                                                              
Stock Purchase Agreement [Member] | Convertible Note [Member] | Clint Skidmore [Member]                                                                                                                                                                          
Debt principal, value                                                                                                                                             $ 400,000           $ 400,000                
Debt conversion, shares | shares       4,400,000                                                                                                                                     1,100,000           1,000,000                
Conversion price per share | $ / shares       $ 0.025                                                                                                                                                 $ 0.40                
Repayment of debt                                                                                                                                             $ 80,000                            
Debt converted into shares, value       $ 110,000                                                                                                                                     210,000                            
Loss on conversion of debt                                                                                                                                             $ 13,000                            
Convertible note balance                                                                                                                                                             $ 110,000            
Imputed interest                                                                                                                                                                     $ 2,773 $ 11,500  
XML 23 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Nature of Business and Summary of Significant Accounting Policies
 6 Months Ended
Aug. 31, 2019
Accounting Policies [Abstract]  
Nature of Business and Summary of Significant Accounting Policies

Note 2. Nature of Business and Summary of Significant Accounting Policies:

 

Nature of Business

 

The Company was founded in 1982 under the laws of the State of Minnesota as Command Small Computer Learning Center, Inc., a computer training company and operated under several different names in the computer hardware and training sector. In 2005, the Company began acquiring domain names. On March 1, 2007, the Company changed its name to DigitalTown, Inc. and began developing a business plan to develop a platform to monetize their domain names. DigitalTown currently provides turn-key hosted solutions to power a comprehensive platform for government entities, citizens and merchants. The easy to use platform helps city officials and local merchants manage a feature-rich Smart City for web and mobile devices and provides residents and visitors with access to Content, Community and Commerce. The Company’s headquarters are located in Blaine, WA. The Company’s common stock is traded on the OTC Markets under the ticker symbol of DGTW.

 

The Company’s consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit, recurring losses, and negative cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

 

At August 31, 2019, the Company had an accumulated deficit of $57,238,131. The Company anticipates that growth from its operations, expected future proceeds from additional financing through the sale of its common stock or other equity-based securities, and additional sales and/or leases of existing domain names will be sufficient to meet its working capital and capital expenditure needs through at least February 29, 2020. In the event that the Company is unable to obtain additional capital in the future, the Company would reduce operating expenses or cease operations altogether.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of DigitalTown, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in United States (U.S.) dollars and in accordance with accounting principles generally accepted in the United States, or GAAP. All material intercompany accounts and transactions have been eliminated in consolidation.

 

Reclassifications

 

Certain prior period amounts in the consolidated statement of cash flows have been reclassified to conform to the current period presentation. Proceeds from related party notes payable received in the prior period have been reclassified from the prior period classification. These reclassifications had no impact on previously reported net income or accumulated deficit for any year.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Accounts Receivable

 

Accounts receivable arise from the software licensing of our Rezserve subsidiary. The Company evaluates collectability of accounts receivable based on a combination of factors including the age of the receivable or a specific customer’s inability to meet its financial conditions. In these circumstances, the Company records an allowance to reduce the receivable to an amount it deems collectible. The Company has recorded an allowance for doubtful accounts as of August 31, 2019 and February 28, 2019 of $0 and $5,308, respectively.

 

Goodwill and Intangible Assets

 

Goodwill represents the excess of purchase price over the fair value of net tangible and identifiable intangible assets related to completed acquisitions. Goodwill has an indefinite life and is not amortized but instead tested for impairment annually, or more frequently if necessary.

 

Intangible assets are recorded at fair value and are comprised of amounts assigned to acquisition-related items, such as trade names, customer lists, non-compete agreements and intellectual property/technology. Intangible assets are considered either definite or indefinite lived assets. Definite lived intangible assets are amortized on a straight-line basis over their useful lives. Certain intangible assets may have an indefinite life and are not amortized, but rather evaluated for impairment annually.

 

We evaluate any goodwill and intangible assets for an impairment on an annual basis each fiscal year end. We also evaluate goodwill and intangible assets for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the goodwill and intangible assets below the carrying amounts. The Company had no goodwill or intangible assets in fiscal 2019 or in the first six months of fiscal 2020.

 

Revenue Recognition

 

Effective March 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.

 

There was no impact on the Company’s financial statements as a result of adopting Topic 606 for the twelve months ended February 28, 2019.

 

The Company recognizes revenue when the following five criteria have been met:

 

  ● Identify the contract with a customer
  ● Identify the performance obligations in the contract
  ● Determine the transaction price
  ● Allocate the transaction price to each performance obligation in the contract
  ● Recognize revenue when each performance obligation is satisfied

 

The Company primarily recognizes revenue from sale of software licenses and related development services. Software licensing and development revenue is recognized as invoiced and over the course of the applicable agreements. In the event projects have multiple project milestones, revenue is recognized as milestones are achieved and invoices are submitted for payment.

 

The Company may also be merchant of record for merchant transactions processed on the DigitalTown platform. When this happens, revenue is recognized on the date of the transaction. The Company has experience in merchant transaction fraud mitigation. To the extent chargebacks become material, the Company will implement a formal practice for allowance for doubtful accounts.

 

Fair Value of Financial Instruments

 

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under U.S. GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

As of August 31, 2019 and February 28, 2019, the Company does not have any financial instruments that must be measured under the fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect the Company’s assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs during the first quarter of fiscal 2020 or the fiscal year 2019.

 

Cash Equivalents

 

The Company considers all highly liquid investments with original maturity of three months or less when purchased to be cash equivalents. As of August 31, 2019 and February 28, 2019, the Company had no cash equivalents.

 

Cash Deposits in Excess of Federally Insured Limits

 

The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are insured by the Federal Deposit Insurance Company and currently have insurance coverage up to $250,000. At August 31, 2019 and February 28, 2019, the Company did not have any deposit accounts in excess of federally insured limits.

 

Prepaid Domain Names

 

The annual domain name renewal fees are capitalized in the period of renewal then amortized over one year. Only the purchase of new domain names is capitalized. See Note 5 for further information.

 

Property and Equipment

 

Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized over the shorter of the useful life or the term of the related lease. The Company recorded $0 and $3,885 of depreciation expense for the first two quarters of fiscal years 2020 and 2019, respectively. Repairs and maintenance costs are expensed as incurred; major renewals and improvements are capitalized. As items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in operating income. All property and equipment was disposed of in the first quarter of fiscal 2020, which resulted in a loss on disposal of $19,208. See Note 4 for further information.

 

Income Taxes

 

Deferred tax assets (net of any valuation allowance) and liabilities resulting from temporary differences, net operating loss carryforwards and tax credit carryforwards are recorded using an asset-and-liability method. Deferred taxes relating to temporary differences and loss carryforwards are measured using the tax rate expected to be in effect when they are reversed or are realized.

 

Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be ultimately realized. The Company has recorded a full valuation allowance against the net deferred tax asset due to the uncertainty of realizing the related future benefits.

 

The Company accounts for income taxes pursuant to FASB guidance. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company believes its income tax filing positions and deductions will be sustained upon examination and, accordingly, no reserves or related accruals for interest and penalties have been recorded at August 31, 2019 or February 28, 2019. In accordance with the FASB guidance, the Company has adopted a policy under which, if required to be recognized in the future, interest related to the underpayment of income taxes will be classified as a component of interest expense and any related penalties will be classified in operating expenses in the statements of operations. The Company has three open years of tax returns subject to examination.

 

Stock-Based Compensation, Including Options and Warrants

 

Use of equity for compensation is a material part of the Company’s near-term strategy. The Company recognizes the cost of stock-based compensation plans and awards in operations on a straight-line basis over the respective vesting period of the awards. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, directors, consultants and advisors. The compensation expense for the Company’s stock-based payments is based on estimated fair values at the time of the grant.

 

The Company estimates the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model. This option pricing model involves a number of assumptions, including the expected lives of stock options, the volatility of the public market price for the Company’s common stock and interest rates. Stock-based compensation expense recognized during the period is based on the value of the portion of stock-based payment awards that are ultimately expected to vest.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification 606 (“ASC 606”)). ASU No. 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract and estimating the amount of variable consideration to include in the transaction price attributable to each separate performance obligation. Subsequent to the initial standards, the FASB has also issued several ASUs to clarify specific revenue recognition topics. This guidance is effective for the Company for its fiscal year 2019.

 

The Company adopted using the modified retrospective approach to initially apply the update and recognize the remaining contract value at the date of application. The Company does not expect the adoption of ASU 2014-09 to have any impact on its total cash flows from operating, investing or financing activities.

 

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes the second step of the two-step goodwill impairment test. Under ASU 2017-04, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 does not amend the optional qualitative assessment of goodwill impairment. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019; early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has not elected early adoption of this standard and is currently in the process of evaluating the impact of adopting ASU 2017-04 and cannot currently estimate the financial statement impact of adoption.

 

In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” The amendments in this update provide guidance about which changes to the terms or conditions of a share-based award require an entity to apply modification accounting in Topic 718. The guidance will be effective for the Company for its fiscal year 2018, with early adoption permitted. The Company does not expect this ASU to materially impact the Company’s consolidated financial statements.

 

In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under this guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company adopted this standard in the first quarter of fiscal 2020, and did not have a material impact on its consolidated financial statements, nor does it expect to going forward.

 

The Company believes there are no other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.
XML 24 R39.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders Equity - Summary of Stock Warrants Outstanding (Details) - Warrant [Member] - $ / shares
 6 Months Ended
Aug. 31, 2019
Feb. 28, 2019
Feb. 28, 2018
Number Outstanding 6,080,000 6,080,000 9,044,740
Weighted Average Remaining Life (years) 7 years 2 months 12 days    
Weighted Average Exercise Price $ 0.14    
Number Exercisable 6,080,000    
Weighted Average Exercisable Price 0.14    
Minimum [Member]      
Exercise Price $ 0.10    
Maximum [Member]      
Exercise Price 0.30    
Exercise Price Range One [Member]      
Exercise Price $ 0.10    
Number Outstanding 4,430,000    
Weighted Average Remaining Life (years) 7 years 8 months 26 days    
Weighted Average Exercise Price $ 0.10    
Number Exercisable 4,430,000    
Weighted Average Exercisable Price 0.10    
Exercise Price Range Two [Member]      
Exercise Price $ 0.15    
Number Outstanding 300,000    
Weighted Average Remaining Life (years) 5 years 7 months 2 days    
Weighted Average Exercise Price $ 0.15    
Number Exercisable 300,000    
Weighted Average Exercisable Price 0.15    
Exercise Price Range Three [Member]      
Exercise Price $ 0.25    
Number Outstanding 850,000    
Weighted Average Remaining Life (years) 5 years 8 months 5 days    
Weighted Average Exercise Price $ 0.25    
Number Exercisable 850,000    
Weighted Average Exercisable Price 0.25    
Exercise Price Range Four [Member]      
Exercise Price $ 0.30    
Number Outstanding 500,000    
Weighted Average Remaining Life (years) 6 years 11 days    
Weighted Average Exercise Price $ 0.30    
Number Exercisable 500,000    
Weighted Average Exercisable Price 0.30    
XML 25 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Income Statement [Abstract]        
Revenues $ 20,047 $ 50,000 $ 41,972
Cost of revenues 114,937 306 521,989
Gross profit (loss) (94,890) 49,694 (480,017)
Operating expenses:        
Selling, general and administrative expenses 263,007 1,511,914 605,381 2,687,358
Loss from operations (263,007) (1,606,804) (555,687) (3,167,375)
Other income (expense):        
Interest expense (127,235) (80,405) (373,914) (673,819)
Loss on disposal of asset (19,208)
Loss on debt settlement (48,037) (48,037)
Digital currency losses (925,817) (925,817)
Total other income (expense) (127,235) (1,054,259) (393,122) (1,647,673)
Loss before income taxes (390,242) (2,661,063) (948,809) (4,815,048)
Income tax provision
Net loss from continuing operations, net of income taxes (390,242) (2,661,063) (948,809) (4,815,048)
Loss from discontinued operations (71,453) (173,610)
Net loss $ (390,242) $ (2,732,516) $ (948,809) $ (4,988,658)
Net loss per common share - basic and diluted $ 0.00 $ (0.02) $ (0.00) $ (0.05)
Weighted average common shares outstanding - basic and diluted 1,266,642,830 126,564,143 778,308,162 106,720,550
XML 26 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 31, 2019
May 31, 2019
Aug. 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Feb. 28, 2019
Accumulated deficit $ (57,238,131)     $ (57,238,131)   $ (56,289,322)
Allowance for doubtful accounts 0     0   $ 5,308
Cash, FDIC insured amount 250,000     250,000    
Depreciation expense       0 $ 3,885  
Loss on disposal on property and equipment $ (19,208) $ (19,208)  
Minimum [Member]            
Property and equipment useful lives       P3Y    
Maximum [Member]            
Property and equipment useful lives       P5Y    
XML 27 R35.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Domain Names (Details Narrative) - USD ($)
 6 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Prepaid Domain Names    
Annual domain renewal fees $ 0 $ 30,656
Cost of revenues $ 0 $ 45,676
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.19.3
Income Taxes
 6 Months Ended
Aug. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10. Income Taxes

 

The Company accounts for income taxes under standards issued by the FASB. Under those standards, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations.

 

No provision for federal income taxes has been recorded due to the net operating loss carry forwards totaling $20,423,957 as of August 31, 2019 that will offset future taxable income. The available net operating loss carry forwards will expire in various years through 2039. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future tax loss carry forwards.

 

The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company’s loss before income taxes. The components of these differences are as follows at August 31, 2019 and February 28, 2019:

 

    August 31, 2019     February 28, 2019  
Net tax loss carry-forwards   $ 20,546,349     $ 20,331,988  
Statutory rate     21 %     21 %
Expected tax recovery     4,314,733       4,269,717  
Change in valuation allowance     (4,314,733 )     (4,269,717 )
Income tax provision   $       $ -  
                 
Components of deferred tax asset:                
Non capital tax loss carry forwards   $ 4,314,733     $ 4,269,717  
Less: valuation allowance     (4,314,733 )     (4,269,717 )
Net deferred tax asset   $ -     $ -  
XML 29 R12.htm IDEA: XBRL DOCUMENT v3.19.3
Accrued Expenses and Deferred Revenue
 6 Months Ended
Aug. 31, 2019
Accrued Expenses And Deferred Revenue  
Accrued Expenses and Deferred Revenue

Note 6. Accrued Expenses and Deferred Revenue

 

Accrued Expenses

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.

 

Deferred Revenue

 

During fiscal 2019, the Company signed one customer agreement to build customized website and app products. The pilot project agreement consists of milestones and completion metrics to ensure that the requested services have been performed satisfactorily and to the customers’ full expectations. As the services requested by the customers have not yet been completed, a total of $120,000 and $186,305 have been recorded as deferred revenue as of August 31, 2019 and February 28, 2019, respectively.

 

During the first quarter of fiscal 2020, one of the customer agreements signed in fiscal 2018 was successfully completed, and $50,000 previously recorded as deferred revenue was recognized as revenue.

 

During the second quarter of fiscal 2020, the customer agreement signed in fiscal 2019 was converted to stock payable, and $16,305 previously recorded as deferred revenue was recorded as stock payable.

 

Domain Marketing Development Obligation

 

During fiscal 2019, the Company signed top-level domain marketing development fund agreements with owners of 2 top level domains, whereby the Company markets and purchases domain names on behalf of the owners. The owner pays us an upfront deposit to be used to purchase a predefined number of domains based on a set schedule. As of August 31, 2019 and February 28, 2019, the Company has collected $0 and $101,600, respectively, in cash related to these contracts. As some of the services requested by the owners have not yet been completed, a total of $168,174 has been recorded as domain marketing development obligation as of August 31, 2019 and February 28, 2019.
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Subsequent Events (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 18, 2019
Nov. 06, 2019
Oct. 09, 2019
Oct. 02, 2019
Sep. 24, 2019
Sep. 23, 2019
Sep. 12, 2019
Sep. 11, 2019
Sep. 03, 2019
Sep. 30, 2019
Feb. 28, 2019
Aug. 31, 2019
Aug. 31, 2018
Cash consideration from convertible debt                       $ 70,000 $ 175,000
Debt conversion, shares                     252,500    
Subsequent Event [Member]                          
Stock issued for stock payable, shares                   71,935,993      
Value of stock payable                   $ 528,385      
Subsequent Event [Member] | FirstFire Global Opportunities Fund LLC [Member] | Debt Principal Increased [Member]                          
Debt principal, value   $ 35,000                      
Original debt issuance date   Jul. 10, 2018                      
Cash consideration from convertible debt   $ 35,000                      
Subsequent Event [Member] | PowerUp Lending Group Ltd. [Member] | PowerUp Lending - Note 6 [Member]                          
Original debt issuance date                 Jan. 22, 2019        
Debt conversion, original debt, amount                 $ 3,000        
Debt note accrued and unpaid interest                 $ 750        
Debt conversion, shares                 75,000,000        
Subsequent Event [Member] | EMA Financial, LLC [Member] | EMA Financial - Note 1 [Member]                          
Debt principal, value         $ 33,154   $ 35,881            
Original debt issuance date         Oct. 25, 2018   Oct. 25, 2018            
Debt conversion, original debt, amount         $ 2,727   $ 2,359            
Debt conversion, shares         78,000,000   70,000,000            
Subsequent Event [Member] | JSJ Investments Inc [Member] | JSJ Investments - Note 1 [Member]                          
Debt principal, value     $ 13,100     $ 17,998 $ 22,503            
Original debt issuance date     Oct. 22, 2018     Oct. 22, 2018 Oct. 22, 2018            
Debt conversion, original debt, amount     $ 4,898     $ 4,505 $ 3,836            
Debt conversion, shares     108,838,322     100,110,889 85,255,113            
Subsequent Event [Member] | Auctus Fund, LLC [Member] | Auctus Fund - Note 1 [Member]                          
Debt principal, value $ 57,280     $ 58,622       $ 61,703          
Original debt issuance date Nov. 14, 2018     Nov. 14, 2018       Nov. 14, 2018          
Debt conversion, original debt, amount $ 1,342     $ 3,082       $ 641          
Debt note accrued and unpaid interest $ 1,812     $ 852       $ 1,899          
Debt conversion, shares 121,799,000     110,837,250       76,012,000          

XML 32 R51.htm IDEA: XBRL DOCUMENT v3.19.3
Transactions with Former Officer and Current Shareholder (Details Narrative) - USD ($)
 3 Months Ended
Apr. 18, 2018
Dec. 05, 2016
May 31, 2018
Aug. 31, 2019
Feb. 28, 2019
Feb. 28, 2017
Accrued payable       $ 542,066 $ 542,066  
Mr. Richard Pomije [Member]            
Description of employment agreement   Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable        
Accrued professional fees           $ 260,900
Damages awarded, value $ 256,488          
Attorney's fees and costs 296,488          
Damages awarded value $ 552,976          
Payment of related party debt     $ 10,910      
Accrued payable       $ 542,066    
XML 33 R5.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
Common Stock [Member]
Preferred Stock [Member]
Additional Paid-In Capital [Member]
Stock Payable [Member]
Accumulated Other Comprehensive Loss [Member]
Accumulated Deficit [Member]
Total
Beginning Balance at Feb. 28, 2018 $ 845,098 $ 43,698,746 $ 2,221,603 $ 5,098 $ (48,885,896) $ (2,115,351)
Beginning Balance, shares at Feb. 28, 2018 84,509,824          
Common stock issued for stock payable $ 97,835 1,730,365 (1,828,200)
Common stock issued for stock payable, shares 9,783,548          
Common stock issued for cash $ 150,971 919,574 1,070,545
Common stock issued for cash, shares 15,097,113          
Common stock issued for cryptocurrency $ 113,856 1,545,144 1,659,000
Common stock issued for cryptocurrency, shares 11,385,590          
Stock issued for conversion of third-party debt $ 89,337 82,208 171,545
Stock issued for conversion of third-party debt, shares 8,933,740          
Stock issued for conversion of accounts payable $ 2,525 16,675 42,500 61,700
Stock issued for conversion of accounts payable, shares 252,500          
Stock issued for conversion of related party debt $ 98,803 889,225 988,028
Stock issued for conversion of related party debt, shares 9,880,274          
Stock issued for compensation $ 67,231 1,949,698 42,747 2,069,399
Stock issued for compensation, shares 6,722,981          
Stock issued for finder fee $ 1,000 (1,000)
Stock issued for finder fee, shares 100,000          
Stock issued for debt discount $ 900 7,110 8,010
Stock issued for debt discount, shares 90,000          
Stock reclaimed for sale of domains $ (150) (2,850) (3,000)
Stock reclaimed for sale of domains, shares (15,000)          
Contributed capital 20,000 20,000
Beneficial conversion feature 536,951 536,951
Imputed interest 20,125 20,125
Foreign currency translation adjustment (5,917) (5,917)
Net Loss (7,403,426) (7,403,426)
Ending Balance at Feb. 28, 2019 $ 1,467,406 51,411,971 478,650 (819) (56,289,322) (2,932,114)
Ending Balance, shares at Feb. 28, 2019 146,740,570          
Stock issued for conversion of third-party debt $ 14,558,955 (13,713,347) 496,513 1,342,121
Stock issued for conversion of third-party debt, shares 1,455,895,580            
Stock issued for conversion of accounts payable $ 80,687 322,747 24,000 427,434
Stock issued for conversion of accounts payable, shares 8,068,690          
Stock issued for compensation $ 541,715 153,268 (473,591) 221,392
Stock issued for compensation, shares 54,171,430          
Beneficial conversion feature 70,000 70,000
Imputed interest 2,773 2,773
Foreign currency translation adjustment (1,000) (1,000)
Issuance of super-voting preferred shares $ 1 98,999 99,000
Issuance of super-voting preferred shares, shares 51          
Net Loss (948,809) (948,809)
Ending Balance at Aug. 31, 2019 $ 16,648,763 $ 1 $ 38,346,411 $ 525,572 $ (1,819) $ (57,238,131) $ (1,719,203)
Ending Balance, shares at Aug. 31, 2019 1,664,876,270 51          
XML 34 R30.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Tables)
 6 Months Ended
Aug. 31, 2019
Rezserve Technologies Ltd [Member]  
Summary of Income (loss) from Discontinued Operations

The following table summarizes the income (loss) from discontinued operations for Rezserve:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 53,334  
Cost of revenues     -       37,467  
Gross profit (loss)     -     $ 15,867  
                 
Operating expenses:                
Selling, general and administrative expenses     -       49,928  
                 
Income (loss) from operations     -       (34,061 )
                 
Income tax provision     -       -  
Net income (loss)     -     $ (34,061 )
Appointment.com Disposal [Member]  
Summary of Income (loss) from Discontinued Operations

The following table summarizes the income (loss) from discontinued operations for Appointment.com:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 43,726  
Cost of revenues     -       18,850  
Gross profit (loss)     -     $ 24,876  
                 
Operating expenses:                
Selling, general and administrative expenses     -       4,500  
                 
Income (loss) from operations     -       20,376  
                 
Income tax provision     -          
Net income (loss)     -     $ 20,376  
Got.Law Disposal [Member]  
Summary of Income (loss) from Discontinued Operations

The following table summarizes the income (loss) from discontinued operations for got.law:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 116  
Cost of revenues     -       87,121  
Gross profit (loss)     -     $ (87,005 )
                 
Operating expenses:                
Selling, general and administrative expenses     -       31,063  
                 
Income (loss) from operations     -       (118,068 )
                 
Income tax provision     -       -  
Net income (loss)     -     $ (118,068 )
XML 35 R34.htm IDEA: XBRL DOCUMENT v3.19.3
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Aug. 31, 2019
Feb. 28, 2019
Property, Plant and Equipment [Abstract]    
Office equipment and furniture $ 47,914
Less accumulated depreciation (28,706)
Property and equipment, net $ 19,208
XML 36 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - shares
 6 Months Ended
Aug. 31, 2019
Nov. 25, 2019
Document And Entity Information    
Entity Registrant Name DigitalTown, Inc.  
Entity Central Index Key 0001065598  
Document Type 10-Q  
Document Period End Date Aug. 31, 2019  
Amendment Flag false  
Current Fiscal Year End Date --02-29  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Shell Company true  
Entity Common Stock, Shares Outstanding   2,562,664,837
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2020  
XML 37 R9.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern
 6 Months Ended
Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 3. Going Concern

 

The Company’s consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit, recurring losses, and negative cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

 

At August 31, 2019, the Company had an accumulated deficit of $57,238,131. The Company anticipates growth from its operations, expected future proceeds from additional financing through the sale of its common stock or other equity-based securities, and additional sales and/or leases of existing domain names will be sufficient to meet its working capital and capital expenditure needs through at least August 31, 2019. In the event that the Company is unable to obtain additional capital in the future, the Company would further reduce expenses or cease operations altogether.
XML 38 R38.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders Equity - Summary of Stock Warrant Activity (Details) - Warrant [Member] - shares
 6 Months Ended 12 Months Ended
Aug. 31, 2019
Feb. 28, 2019
Number of Warrants Outstanding - Beginning 6,080,000 9,044,740
Number of Warrants Granted
Number of Warrants Canceled or expired (2,964,740)
Number of Warrants Outstanding - Ending 6,080,000 6,080,000
Exercisable at End of Year 6,080,000  
XML 39 R17.htm IDEA: XBRL DOCUMENT v3.19.3
Commitments and Contingencies
 6 Months Ended
Aug. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 11. Commitments and Contingencies

 

Litigation

 

The Company, in the normal course of business, is a party to various ordinary course claims and legal proceedings. In the opinion of management, the ultimate resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations.

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.

 

Lease Commitments

 

As of August 31, 2019, there are no operating leases in place.
XML 40 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders' Equity
 6 Months Ended
Aug. 31, 2019
Equity [Abstract]  
Stockholders' Equity

Note 7. Stockholders’ Equity

 

The Company’s primary means of generating operating capital and completing acquisitions has been through the use of issuing common stock.

 

Fiscal 2020 Stock Transactions

 

During the first six months of fiscal 2020, FirstFire Global Opportunities Fund LLC converted $149,426 of the principal amount of the July 10, 2018 note into 393,400,000 shares of the Company’s common stock, leaving a principal balance due of $28,388. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Crown Bridge Partners, LLC converted $70,029 of the principal amount and $3,407 in accrued interest of the September 27, 2018 note into 175,270,000 shares of the Company’s common stock, leaving a principal balance due of $17,685. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Auctus Fund, LLC converted $22,657 of the principal amount and $6,349 in accrued interest of the November 14, 2018 note into 205,128,492 shares of the Company’s common stock, leaving a principal balance due of $62,344. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, JSJ Investments Inc. converted $33,160 of the principal amount of the October 22, 2018 note into 116,000,000 shares of the Company’s common stock, leaving a principal balance due of $26,340. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, EMA Financial, LLC converted $47,453 of the principal amount of the October 22, 2018 note into 251,000,000 shares of the Company’s common stock, leaving a principal balance due of $38,240. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $85,000 of the principal amount and $5,100 in accrued interest of the September 17, 2018 note into 50,687,798 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $53,000 of the principal amount and $3,180 in accrued interest of the October 23, 2018 note into 65,062,290 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, PowerUp Lending Group Ltd. converted $9,500 of the principal amount of the January 22, 2019 note into 190,000,000 shares of the Company’s common stock, leaving a principal balance due of $3,000. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Clint Skidmore converted $110,000 of the principal amount of the December 22, 2017 convertible note into 4,400,000 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During the first six months of fiscal 2020, Dot London Domains converted $247,350 of the principal amount due on the Epik Holdings Inc. note dated September 12, 2018 into 4,947,000 shares of the Company’s common stock. Additionally, Minds and Machines converted $496,508 of the principal amount due on the Epik Holdings Inc. note to stock payable. As at August 31, 2019, the principal due on this note was $21,342.

 

In the first six months of fiscal 2020, the Company issued 8,068,690 shares for conversion of accounts payable of $403,434. The issuance had no gain or loss as the value of the shares equalled the accounts payable converted. An additional $24,000 of accounts payable was converted to stock payable during the second quarter of fiscal 2020.

 

During the first six months of fiscal 2020, the Company issued 51,927,594 shares of the Company’s common stock for stock payable of $473,591.

 

During the first six months of fiscal 2020, the Company issued 2,243,836 shares to a former employee for services provided to the Company. During the first six months of fiscal 2020, $221,392 was expensed related to these shares.

 

In July 2019, the Company issued 51 shares of the Company’s preferred stock to Sam Ciacco with super-voting characteristics, to facilitate an increase of the Authorized Common Stock limit, from 2 to 5 billion. The additional availability of shares allows the Company to continue meeting its obligations and secure its ability to fund minimum operating requirements.

 

Fiscal 2019 Stock Transactions

 

During fiscal 2019, the Company issued 36,266,251 shares of stock to various investors for stock payable of $1,828,200, cash of $1,070,545 and digital currencies of $1,659,000.

 

During fiscal 2019, the Company issued 6,716,932 shares to consultants and employees for services provided to the Company. During fiscal 2019, $1,104,832 was expensed related to these shares.

 

In the fourth quarter of fiscal 2019, the Company issued 252,500 shares for conversion of accounts payable of $19,200. The issuance had no gain or loss as the value of the shares equalled the accounts payable converted.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,028, to 5,380,274 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $150,000 convertible note with Darvin Habben, Chairman, to 1,500,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Donovan, to 1,000,000 shares of its common stock, fully extinguishing this note. The issuance had no gain or loss as the value of the shares issued equalled the debt converted.

 

On May 9, 2018, the Company issued 100,000 shares to an employee as a finder’s fee. The shares were valued at $1,000 and was recorded to additional paid in capital due to its related party nature.

 

During the first quarter of fiscal 2019, the Company sold 2 domains valued at $3,000 to one of the Company’s shareholders in exchange for 15,000 shares, which were returned to treasury.

 

During May 2018, PowerUp Lending Group Ltd. converted $75,000 of the principal amount, plus $4,500 in accrued and unpaid interest, of the October 30, 2017 note into 1,277,498 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion being within the terms of the note.

 

During June and July 2018, PowerUp Lending Group Ltd. converted $58,000 of the principal amount, plus $3,480 in accrued and unpaid interest, of the November 30, 2017 note into 1,139,394 shares of the Company’s common stock, fully extinguishing this note. There was no gain or loss due to the conversion within the terms of the note.

 

During January and February 2019, FirstFire Global Opportunities Fund LLC converted $30,565 of the principal amount of the July 10, 2018 note into 6,516,848 shares of the Company’s common stock, leaving a principal balance due of $153,185. There was no gain or loss due to the conversion being within the terms of the note.

 

On July 10, 2018, the Company issued 90,000 shares of its common stock, valued at $8,010 based on the closing market price on the date of the note agreement, to FirstFire Global Opportunities Fund LLC as consideration for improved terms and conditions on their July 10, 2018 convertible note. The Company recorded a beneficial conversion feature of $143,325 with this note. See Note 13 for more information related to the convertible note.

 

Stock Warrants

 

The Company has regularly used warrants as a tool to attract and compensate advisors and directors of the board rather than to use cash. The Company feels this is an appropriate way to conserve cash and to incentivize its board of directors, advisors and consultants.

 

As of August 31, 2019, the Company had 6,080,000 warrants outstanding with an average exercise price of $0.14. The warrants expire between one and ten years from the date of issuance and have a weighted average remaining exercise period as of August 31, 2019 of 7.20 years.

 

The Company did not issue any warrants during the first two quarters of fiscal 2020.

 

The following table summarizes information about the Company’s stock warrant activity during the fiscal years 2020 and 2019:

 

    Number of Warrants  
Outstanding - February 28, 2018     9,044,740  
Granted     -  
Canceled or expired     (2,964,740 )
Outstanding - February 28, 2019     6,080,000  
         
Granted     -  
Canceled or expired     -  
Outstanding - August 31, 2019     6,080,000  
Exercisable at August 31, 2019     6,080,000  

 

The following table summarizes information about stock warrants outstanding as of August 31, 2019:

 

Exercise Price     Number Outstanding     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Number Exercisable     Weighted Average Exercisable Price  
$ 0.10       4,430,000       7.74     $ 0.10       4,430,000     $ 0.10  
$ 0.15       300,000       5.59     $ 0.15       300,000     $ 0.15  
$ 0.25       850,000       5.68     $ 0.25       850,000     $ 0.25  
$ 0.30       500,000       6.03     $ 0.30       500,000     $ 0.30  
$ 0.10 - $0.30       6,080,000       7.20     $ 0.14       6,080,000     $ 0.14  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Aug. 31, 2019
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings (loss) Per Share

The following tables provide a reconciliation of the numerators and denominators used in calculating basic and diluted earnings (loss) per share for the first six months of fiscal years 2020 and 2019:

 

    Fiscal 2020     Fiscal 2019  
Basic earnings (loss) per share calculation:                
Net loss to common shareholders   $ (948,809 )   $ (4,988,658 )
Weighted average number of common shares outstanding     778,308,162       106,720,550  
Basic net loss per share   $ (0.00 )   $ (0.05 )
                 
Diluted earnings (loss) per share calculation:                
Net loss to common shareholders   $ (948,809 )   $ (4,988,658 )
Weighted average number of common shares outstanding     778,308,162       106,720,550  
Stock options (1)     -       -  
Warrants (2)     -       -  
Diluted weighted average common shares outstanding     778,308,162       106,720,550  
Diluted net loss per share   $ (0.00 )   $ (0.05 )

 

(1) At August 31, 2019 and August 31, 2018, there were 14,168,750 and 9,790,371, respectively, of stock options equivalent to common shares outstanding. The stock options are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
   
(2) At August 31, 2019 and August 31, 2018, there were outstanding warrants equivalent to 6,080,000 and 9,044,740 common shares, respectively. The warrants are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
XML 42 R25.htm IDEA: XBRL DOCUMENT v3.19.3
Property and Equipment (Tables)
 6 Months Ended
Aug. 31, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment are as follows:

 

    August 31, 2019     February 28, 2019  
Office equipment and furniture     -     $ 47,914  
Less accumulated depreciation     -       (28,706 )
Property and equipment, net     -     $ 19,208  
XML 43 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Digital Currencies
 6 Months Ended
Aug. 31, 2019
Digital Currencies  
Digital Currencies

Note 15. Digital Currencies

 

The Company has entered into stock purchase agreements with investors, and has accepted digital currencies as a form of payment from these investors, in exchange for shares of the Company’s common stock.

 

On May 15, 2018, the Company issued 11,385,590 shares of stock to Catena Fund One, LP for 1,050,000 RHOC (RChain Coins). The market price of RHOC on May 15, 2018 was $1.58 per RHOC, resulting in a value of $1,659,000.

 

On May 16, 2018, the Company sold 63,291.13924 RHOCs at $1.56 for $100,000, resulting in a loss on exchange of $1,282.

 

On May 31, 2018, market price of RHOC was $1.38, resulting in an unrealized loss on exchange of $196,070, which is represented as Accumulated Other Comprehensive Income in the equity section of the balance sheet.

 

Our primary market risk exposure with regard to digital currencies is the volatility in trading prices from day to day, which would only impact the gain/loss recognized at time of exchange on such instruments. As of August 31, 2019, the Company held no digital currencies.
XML 44 R40.htm IDEA: XBRL DOCUMENT v3.19.3
Stock Options (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2018
Nov. 21, 2018
Oct. 02, 2018
Jun. 02, 2018
Aug. 31, 2019
Nov. 30, 2018
Aug. 31, 2019
Aug. 31, 2018
Stock-based compensation expense             $ 320,392 $ 1,118,367
Stock Option [Member]                
Stock options expired              
Stock-based compensation expense             $ 0  
Stock Option [Member] | Three Contractors [Member]                
Stock options issued to purchase common shares   3,500,000 2,468,750          
Fair value of stock option   $ 120,421 $ 188,740          
Common stock price per share   $ 0.05 $ 0.05          
Stock option exercisable period   5 years 5 years          
Stock Option [Member] | One Employee [Member]                
Stock options issued to purchase common shares       3,555,212        
Fair value of stock option       $ 436,131        
Common stock price per share       $ 0.10        
Stock option exercisable period       5 years        
Stock option vested 555,212     3,000,000   555,212    
Expenses incurred in relation to vesting of options           $ 19,621    
Vesting to terminated employees shares 276,845              
Stock option forfeited 278,367              
Stock Option [Member] | One Employee [Member] | Twelve Months [Member]                
Stock option exercisable period       5 years        
Stock option vested       555,212        
Stock option vested period       12 months        
Stock Option [Member] | Fiscal 2020 [Member]                
Stock options expired         555,212    
Stock-based compensation expense         $ 0      
2006 Employee Stock and Option Plan [Member]                
Reserved shares         5,000,000   5,000,000  
2006 Employee Stock and Option Plan [Member] | Minimum [Member]                
Exercise period range             5 years  
2006 Employee Stock and Option Plan [Member] | Maximum [Member]                
Exercise period range             10 years  
XML 45 R44.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 16, 2019
Nov. 30, 2018
Nov. 15, 2018
Sep. 12, 2018
Jun. 02, 2018
May 09, 2018
Apr. 18, 2018
Feb. 16, 2018
Dec. 22, 2017
Jul. 27, 2017
Jul. 20, 2017
Jun. 09, 2017
Dec. 05, 2016
Sep. 14, 2016
Feb. 28, 2019
Aug. 31, 2019
May 31, 2019
Feb. 28, 2019
Nov. 30, 2018
May 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Feb. 28, 2019
Feb. 28, 2018
Debt conversion, shares                                   252,500            
Debt conversion, amount                                   $ 19,200     $ 8,068,690      
Imputed interest                                         2,773 $ 14,625    
Accrued interest                             $ 542,066 $ 542,066   $ 542,066     542,066   $ 542,066  
Debt discount amortization expense                                         $ 312,283 652,540    
Warrant exercise price                               $ 0.14         $ 0.14      
Share-based arrangement, expense                                         $ 320,392 $ 1,118,367    
Common stock par value                             $ 0.01 $ 0.01   $ 0.01     $ 0.01   $ 0.01  
Subscription receivable                                    
Stock Option [Member]                                                
Granted shares                                           9,523,962  
Share-based arrangement, expense                                         $ 0      
Stock options issued to purchase common shares                             14,168,750       14,168,750    
Stock option vested   276,845                                            
Stock options exercised   555,212                                            
Directors and Officers [Member]                                                
Granted shares                             25,000,000       600,000          
Share-based arrangement, expense                             $ 200,000       $ 68,379          
One Employee [Member]                                                
Stock options issued to purchase common shares         3,555,212                                      
Fair value of stock option         $ 436,131                                      
Common stock par value         $ 0.10                                      
Option forfeited         278,367                                      
Common Stock [Member]                                                
Common stock, aggregate shares sold                                       2,950,000        
Proceeds from issuance or sale of equity                                       $ 295,000        
Five Years [Member] | One Employee [Member]                                                
Stock options issued to purchase common shares         3,000,000                                      
Twelve Months [Member] | One Employee [Member]                                                
Stock options issued to purchase common shares         555,212                                      
Stock exercisable period         5 years                                      
Epik Holdings Inc [Member] | Promissory Notes Payable [Member]                                                
Accrued expenses - related parties                               $ 11,069         $ 11,069      
Debt conversion, shares       76,278,041                                 4,947,000      
Debt conversion, amount       $ 743,858                                 $ 247,350      
Interest rate on debt instrument       4.00%                                        
Maturity date       Sep. 12, 2019                                        
Accounts payable - related party       $ 765,200                                        
Debt principal, value       $ 765,200                       21,342         21,342      
Sam Ciacco [Member]                                                
Related party transaction                                         94,800      
Sam Ciacco [Member] | Consulting Agreement [Member]                                                
Related party expenses                                         60,000      
Kevin Wilson [Member]                                                
Related party transaction                                         20,000      
Jeffrey Mills [Member]                                                
Consulting services                                 $ 95,000              
Darvin Habben [Member]                                                
Operating expenses                                 20,929              
Consulting services                                 35,000              
Darvin Habben [Member] | Promissory Notes Payable [Member]                                                
Debt conversion, shares           1,500,000                                    
Debt instrument, conversion price           $ 0.10                                    
Debt conversion, amount           $ 150,000                                    
Imputed interest                                       2,875        
Debt discount amortization expense                                       $ 105,616        
Promissory note payable           $ 150,000       $ 150,000                            
Warrant issued           1,500,000       1,000,000                            
Warrant exercise price           $ 0.10       $ 0.10                            
Warrant expiry date                   Jul. 27, 2027                            
Warrant discount                   $ 150,000                            
Debt principal, value                   $ 150,000                            
Darvin Habben [Member] | Convertible Notes Payable [Member]                                                
Convertible notes payable           $ 500,000           $ 500,000                        
Debt conversion, shares                       2,000,000               5,380,274        
Debt instrument, conversion price           $ 0.10           $ 0.25                        
Imputed interest                                               8,877
Convertible debt beneficial conversion feature                       $ 300,000                        
Interest rate on debt instrument                       8.00%                        
Accrued interest                                               28,932
Debt discount                                               191,507
Debt discount amortization expense                                       $ 191,507       108,493
Accrued interest converted amount                                       38,027        
Warrant discount                                               105,616
James Parsons [Member]                                                
Consulting services                                 30,000              
Robert Monster [Member]                                                
Accrued expenses - related parties                               70,000         70,000      
Robert Monster [Member] | Chief Executive Officer [Member]                                                
Debt conversion, shares               700,000                                
Share-based arrangement, expense                                 221,392           $ 476,534  
Stock exercisable period               1 year                                
Stock exercisable price               $ 0.10                                
Stock options exercised               700,000                                
Related party expenses                                 160,000           80,000  
Accrued salary               $ 70,000                                
Conversion shares, value                               161,000             92,507  
Robert Monster [Member] | Promissory Notes Payable [Member]                                                
Accrued expenses - related parties                               17,815         17,815      
Interest rate on debt instrument     15.00%                                          
Maturity date     Nov. 15, 2019                                          
Promissory note payable     $ 150,000                                          
Debt principal, value                               150,000         150,000      
Skidmore [Member] | Convertible Notes Payable [Member]                                                
Debt conversion, shares 4,400,000                                              
Debt instrument, conversion price $ 0.025                                              
Debt conversion, amount $ 110,000                                              
Skidmore [Member] | Rezserve Technologies Ltd [Member] | Convertible Notes Payable [Member]                                                
Related party transaction                                             110,000  
Imputed interest expense                                 $ 2,773           11,500  
Skidmore [Member] | Stock Purchase Agreement [Member] | Rezserve Technologies Ltd [Member] | Convertible Notes Payable [Member]                                                
Convertible notes payable                           $ 400,000                    
Debt conversion, shares                           1,000,000                    
Debt instrument, conversion price                           $ 0.40                    
Skidmore [Member] | Agreement to Extend[Member] | Rezserve Technologies Ltd [Member] | Convertible Notes Payable [Member]                                                
Convertible notes payable                 $ 400,000                              
Debt conversion, shares                 1,100,000                              
Repayments of related party debt                 $ 80,000                              
Debt conversion, amount                 210,000                              
Loss on conversion debt amount                 $ 13,000                              
Derek Schumann [Member] | Promissory Notes Payable [Member]                                                
Debt conversion, shares           1,000,000                                    
Debt instrument, conversion price           $ 0.10                                    
Debt conversion, amount           $ 100,000                                    
Imputed interest                                       1,917       6,110
Debt discount amortization expense                                       69,452       30,548
Promissory note payable           $ 100,000         $ 100,000                          
Warrant issued           1,000,000         1,000,000                          
Warrant exercise price           $ 0.10         $ 0.10                          
Warrant expiry date                     Jul. 20, 2027                          
Warrant discount                     $ 100,000                         69,452
Debt principal, value                     100,000                          
Greg Foss [Member] | Promissory Notes Payable [Member]                                                
Debt conversion, shares           1,000,000                                    
Debt instrument, conversion price           $ 0.10                                    
Debt conversion, amount           $ 100,000                                    
Imputed interest                                       1,917       6,110
Debt discount amortization expense                                       69,452        
Promissory note payable           $ 100,000         $ 100,000                          
Warrant issued           1,000,000         1,000,000                          
Warrant exercise price           $ 0.10         $ 0.10                          
Warrant expiry date                     Jul. 20, 2027                          
Warrant discount                     $ 100,000                         $ 69,452
Debt principal, value                     $ 100,000                          
George Nagy [Member] | Chief Executive Officer [Member]                                                
Fair value of stock option                             $ 163,897     $ 163,897         $ 163,897  
Richard Pomije [Member] | Employment Agreement [Member]                                                
Accrued expenses - related parties                               $ 542,066         $ 542,066      
Repayments of related party debt                                       $ 10,910        
Debt instrument term                         1 year                      
Subscription receivable                         $ 260,900                      
Damages awarded, value             $ 256,488                                  
Attorney's fees and costs             296,488                                  
Damages awarded value including attorney's fees and costs             $ 552,976                                  
XML 46 R48.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings (loss) Per Share (Details) - USD ($)
 6 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Earnings Per Share [Abstract]    
Net loss to common shareholders $ (948,809) $ (4,988,658)
Weighted average number of common shares outstanding 778,308,162 106,720,550
Basic net loss per share $ 0.00 $ (0.05)
Net loss to common shareholders $ (948,809) $ (4,988,658)
Weighted average number of common shares outstanding 778,308,162 106,720,550
Stock options [1]
Warrants [2]
Diluted weighted average common shares outstanding 778,308,162 106,720,550
Diluted net loss per share $ 0.00 $ (0.05)
[1] At August 31, 2019 and August 31, 2018, there were 14,168,750 and 9,790,371, respectively, of stock options equivalent to common shares outstanding. The stock options are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
[2] At August 31, 2019 and August 31, 2018, there were outstanding warrants equivalent to 6,080,000 and 9,044,740 common shares, respectively. The warrants are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
XML 47 R53.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Details Narrative) - USD ($)
Dec. 11, 2018
Oct. 09, 2018
Feb. 26, 2019
Rezserve Technologies Ltd [Member]      
Disposal group, cash consideration     $ 30,000
Gain on disposal of asset     30,000
Comencia Inc [Member]      
Disposal group, cash consideration     30,000
Gain on disposal of asset     $ 30,000
Appointment.com Disposal [Member]      
Disposal group, cash consideration   $ 150,000  
Closing costs on disposal   17,028  
Gain on disposal of asset   $ 132,972  
Got.Law Disposal [Member]      
Disposal group, cash consideration $ 1    
Gain on disposal of asset 20,001    
Forgiveness of debt $ 20,000    
XML 48 R15.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions
 6 Months Ended
Aug. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

Note 9. Related Party Transactions

 

Accounts Payable – Related Parties

 

As of August 31, 2019, the Company owes $94,800 to Sam Ciacco related to accounting and executive management provided during the period November 1, 2018 to August 31, 2019.

 

As of August 31, 2019, the Company owes $20,000 to Kevin Wilson related to executive management provided during the period May 1, 2019 to August 31, 2019.

 

As of May 31, 2019, the Company owes $95,000 to Jeffrey Mills related to consulting services provided during the period December 1, 2018 to April 30, 2019.

 

As of May 31, 2019, the Company owes $35,000 to Darvin Habben related to consulting services provided during the period December 1, 2018 to April 30, 2019, plus an additional $20,929 in operating expenses paid by Darvin Habben on behalf of the Company.

 

As of May 31, 2019, the Company owes $30,000 to James Parsons related to consulting services provided during the period December 1, 2018 to April 30, 2019.

 

During the second quarter of 2019, Robert Monster deferred his salary payments to assist with cash conservation. As at August 31, 2019, $70,000 has been accrued as payable to Robert Monster.

 

Convertible Notes Payable – Related Party

 

On September 14, 2016, subject to a stock purchase agreement, the Company signed a secured convertible note of $400,000 with Clint Skidmore, founder of Rezserve Technology Ltd (“Rezserve”). The interest free note is due and payable within one year, at which time it can be converted into up to 1,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. The Company evaluated the note and determined that as the fixed exercise price exceeded the closing market price on the note issuance date, that no beneficial conversion feature was present.

 

On December 22, 2017, the Company formalized its agreement to extend and convert the original convertible note of $400,000 for Clint Skidmore to October 31, 2018, original founder of Rezserve Technologies Ltd. The Company has repaid $80,000 to Clint Skidmore, and converted $210,000 of the note to 1,100,000 shares of the Company’s common stock, resulting in a loss on conversion of $13,000. At February 28, 2019, the Company owes $110,000 to Clint Skidmore, bearing no interest. This note had imputed interest expense of $11,500 in fiscal 2019 and $2,773 in the first quarter of fiscal 2020.

 

On August 16, 2019, the Company converted the $110,000 convertible note with Clint Skidmore to 4,400,000 shares of the Company’s common stock at a conversion price of $0.025, fully extinguishing this note.

 

On June 9, 2017, the Company signed a convertible note of $500,000 with Darvin Habben, Chairman. This note is due and payable within one year, bears interest of 8%, and can be converted into up to 2,000,000 shares of the Company’s common stock at a conversion price of $0.25 per share. The Company recorded a debt discount equal to $300,000 due to this conversion feature. The note had accrued interest of $28,932 as of February 28, 2018. The debt discount had a balance at February 28, 2018 of $191,507. The Company recorded debt discount amortization expense of $108,493 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,027, to 5,380,274 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $191,507 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception.

 

Promissory Notes Payable - Related Party

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Derek Schumann, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Derek Schumann in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Greg Foss, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Greg Foss in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

On July 27, 2017, the Company signed a promissory note of $150,000 with Darvin Habben, CEO. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Darvin Habben in connection with this note, with an exercise price of $0.10, and expiry date of July 27, 2027. The Company recorded a warrant discount equal to $150,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $150,000 promissory note with Darvin Habben, Chairman, to 1,500,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $105,616 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $2,875 during the quarter ended May 31, 2018.

 

On September 12, 2018, the Company issued a promissory note to Epik Holdings Inc. for $765,200 for conversion of accounts payable - related party. The note bears interest at 4%, and matures on September 12, 2019.

 

During the second quarter of fiscal 2020, the Company converted $743,858 of the September 12, 2018 note into 76,278,041 shares of the Company’s common stock, leaving a principal balance due of $21,342. The note had accrued interest of $11,069 as of August 31, 2019.

 

On November 15, 2018, the Company issued a promissory note to Robert Monster for $150,000 for conversion of outstanding severance owed. The note bears interest at 15%, and matures on November 15, 2019. The note had accrued interest of $17,815 and a principal balance of $150,000 as of August 31, 2019.

 

Sales of Common Stock

 

During the first quarter of fiscal 2019, the Company sold an aggregate of 2,950,000 shares to five of the Company’s board members at the price of $295,000.

 

Employment Agreements

 

During fiscal 2019, the Company signed employment agreements with two members of senior management, neither of which are still active. All employment agreements were for a period of approximately 12 to 24 months.

 

Directors and Officers

 

In February 2019, all non-executive directors received a stock grant of 25,000,000 shares. This resulted in a stock-based compensation expense of $200,000 in fiscal 2019. The value of the price per share was determined based on the closing market price on the date of grant.

 

In the third quarter of fiscal 2019, three newly appointed Directors received a prorated stock grant based on 600,000 annualized shares. This resulted in a stock-based compensation expense of $68,379 in fiscal 2019.

 

On June 1, 2018, the Company issued 3,555,212 stock options with a fair value of $436,131 to one employee, whom was also a director, to purchase shares of the Company’s common stock at a price of $0.10. 3,000,000 options vest immediately and are exercisable for five years. 555,212 options vest over 12 months, and are exercisable for five years. The Company terminated this employee’s contract on November 30, 2018, resulting in only 276,845 of the 555,212 options vesting. The balance of 278,367 options have been forfeited.

 

CEO Employment Agreement Share Issuance

 

The Company expensed $221,392 in stock-based compensation in the first quarter of fiscal 2020, and expensed $160,000 in annual salary and $476,534 in stock-based compensation in fiscal 2019, related to the employment agreement with Robert Monster, the Company’s former CEO. Robert Monster’s employment with the Company was terminated on September 13, 2018, and his stock-based compensation will continue vesting until May 31, 2019. As of May 31, 2019, Robert Monster’s stock-based compensation has completely vested.

 

The Company expensed $80,000 in annual salary and $163,897 in stock option awards in fiscal 2019 related to the employment agreement with George Nagy, CEO. George Nagy’s tenure was from September 13, 2018 to December 20, 2018.

 

The Company expensed $60,000 in executive management expense in fiscal 2020 related to the consulting agreement with Sam Ciacco, CEO.

 

CEO Accrued Salary Conversion

 

On February 16, 2018, Robert Monster, CEO converted $70,000 of his accrued salary into 700,000 shares of common stock and 700,000 stock options with an exercise price of $0.10 and a vesting period of 12 months. The shares and options were valued on the conversion date in the amounts of $161,000 and $92,507, respectively.

 

Accrued Expenses - Related Parties

 

On December 5, 2016, Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017.

 

On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. Mr. Pomije was awarded $256,488 as damages, and $296,488 as attorney’s fees and costs, for a total award of $552,976. During the quarter ending May 31, 2018, $10,910 was paid to Mr. Richard Pomije. As at August 31, 2019, $542,066 has been accrued as payable to Mr. Pomije.

 

The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije’s judgement on June 13, 2018. See Note 14 for additional information about transactions between the Company and its former officer.
XML 49 R11.htm IDEA: XBRL DOCUMENT v3.19.3
Prepaid Domain Names
 6 Months Ended
Aug. 31, 2019
Prepaid Domain Names  
Prepaid Domain Names

Note 5. Prepaid Domain Names

 

During the first two quarters of fiscal years 2020 and 2019, the Company incurred $0 and $30,656, respectively, of annual domain name renewal fees, specifically related to .CITY registrations. These amounts were recorded as prepaid domain name renewal fees, and are then amortized over one year on a straight-line basis. During the first two quarters of fiscal years 2020 and 2019, the Company recognized $0 and $45,676 of expense as cost of revenues related to this amortization. The Company had no remaining prepaid domain name renewal fees recorded on the balance sheet as of August 31, 2019 and February 28, 2019.
XML 50 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Debt
 6 Months Ended
Aug. 31, 2019
Debt Disclosure [Abstract]  
Debt

Note 13. Debt

 

Notes Payable - Related Party

 

Clint Skidmore – Note

 

On September 14, 2016, subject to a stock purchase agreement, the Company signed a secured convertible note of $400,000 with Clint Skidmore, founder of Rezserve Technology Ltd (“Rezserve”). The interest free note is due and payable within one year, at which time it can be converted into up to 1,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. The Company evaluated the note and determined that as the fixed exercise price exceeded the closing market price on the note issuance date, that no beneficial conversion feature was present.

 

On December 22, 2017, the Company formalized its agreement to extend and convert the original convertible note of $400,000 for Clint Skidmore to October 31, 2018, original founder of Rezserve Technologies Ltd. The Company has repaid $80,000 to Clint Skidmore, and converted $210,000 of the note to 1,100,000 shares of the Company’s common stock, resulting in a loss on conversion of $13,000. At May 31, 2019, the Company owes $110,000 to Clint Skidmore, bearing no interest. This note had imputed interest expense of $11,500 in fiscal 2019, and $2,773 in the first quarter of fiscal 2020.

 

On August 16, 2019, the Company converted the $110,000 convertible note with Clint Skidmore to 4,400,000 shares of the Company’s common stock at a conversion price of $0.025, fully extinguishing this note.

 

Epik Holdings Inc. – Note

 

On September 12, 2018, the Company issued a promissory note to Epik Holdings Inc. for $765,200 for conversion of accounts payable - related party. The note bears interest at 4%, and matures on September 12, 2019. During the first six months of fiscal 2020, the Company converted $247,350 with Dot London Domains for 4,947,000 shares of the Company’s common stock on behalf of Epik Holdings Inc. Also during this period, the Company converted $496,508 with Minds and Machines for $496,508 of stock payable on behalf of Epik Holdings Inc. The note had a principal balance of $21,342 as of August 31, 2019.

 

Rob Monster – Note

 

On November 15, 2018, the Company issued a promissory note to Robert Monster for $150,000 for conversion of outstanding severance owed. The note bears interest at 15%, and matures on November 15, 2019. The note had accrued interest of $17,815 and a principal balance of $150,000 as of August 31, 2019.

 

Darvin Habben – Note

 

On June 9, 2017, the Company signed a convertible note of $500,000 with Darvin Habben, Chairman. This note is due and payable within one year, bears interest of 8%, and can be converted into up to 2,000,000 shares of the Company’s common stock at a conversion price of $0.25 per share. The Company recorded a debt discount equal to $300,000 due to this conversion feature. The note had accrued interest of $28,932 as of February 28, 2018. The debt discount had a balance at February 28, 2018 of $191,507. The Company recorded debt discount amortization expense of $108,493 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $500,000 convertible note with Darvin Habben, Chairman, along with accrued and unpaid interest of $38,027.40, to 5,380,274 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $191,507 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception.

 

Promissory Note Payable - Related Party

 

Derek Schumann – Note

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Derek Schumann, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Derek Schumann in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature. The note had imputed interest of $6,110 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $69,452. The Company recorded warrant discount amortization expense of $30,548 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Derek Schumann, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

Greg Foss – Note

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Greg Foss, Director. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Greg Foss in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature. The note had imputed interest of $6,110 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $69,452. The Company recorded warrant discount amortization expense of $30,548 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Greg Foss, Director, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.

 

Darvin Habben – Note

 

On July 27, 2017, the Company signed a promissory note of $150,000 with Darvin Habben, Chairman. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Darvin Habben in connection with this note, with an exercise price of $0.10, and expiry date of July 27, 2027. The Company recorded a warrant discount equal to $150,000 due to this warrant feature. The note had imputed interest of $8,877 as of February 28, 2018. The warrant discount had a balance at February 28, 2018 of $105,616. The Company recorded warrant discount amortization expense of $44,384 during the year ended February 28, 2018.

 

On May 9, 2018, the Company converted the $150,000 promissory note with Carvin Habben, Chairman, to 1,500,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $105,616 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $2,875 during the quarter ended May 31, 2018.

 

Convertible Note Payable - Third Party

 

PowerUp Lending - Note 1

 

On October 30, 2017, the Company issued a convertible note to PowerUp Lending Group Ltd. for $75,000 of cash consideration. The note bears interest at 12%, matures on October 30, 2018, and is convertible after 180 days into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion. The Company recorded a debt discount equal to $47,951 due to this conversion feature.

 

On May 3, 2018, PowerUp Lending Group Ltd. converted $12,000 of the principal amount of the October 30, 2017 note into 170,940 shares of the Company’s common stock, leaving a principal balance due of $63,000.

 

On May 7, 2018, PowerUp Lending Group Ltd. converted $13,000 of the principal amount of the October 30, 2017 note into 213,115 shares of the Company’s common stock, leaving a principal balance due of $50,000.

 

On May 10, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the October 30, 2017 note into 245,902 shares of the Company’s common stock, leaving a principal balance due of $35,000.

 

On May 15, 2018, PowerUp Lending Group Ltd. converted $20,000 of the principal amount of the October 30, 2017 note into 327,869 shares of the Company’s common stock, leaving a principal balance due of $15,000.

 

On May 16, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount, plus $4,500 in accrued and unpaid interest, of the October 30, 2017 note into 319,672 shares of the Company’s common stock, fully extinguishing this note.

 

The Company recorded debt discount amortization expenses of $32,055 related to this note during the first quarter of fiscal 2019.

 

PowerUp Lending - Note 2

 

On November 30, 2017, the Company issued a convertible note to PowerUp Lending Group Ltd. for $58,000 of cash consideration. The note bears interest at 12%, matures on November 30, 2018, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $28,754 due to this conversion feature. The note had accrued interest of $3,456 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $19,213. The Company recorded debt discount amortization expense of $9,541 during the quarter ended May 31, 2018.

 

On June 14, 2018, PowerUp Lending Group Ltd. converted $20,000 of the principal amount of the November 30, 2017 note into 309,119 shares of the Company’s common stock, leaving a principal balance due of $38,000.

 

On June 20, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the November 30, 2017 note into 196,592 shares of the Company’s common stock, leaving a principal balance due of $23,000.

 

On June 29, 2018, PowerUp Lending Group Ltd. converted $15,000 of the principal amount of the November 30, 2017 note into 257,290 shares of the Company’s common stock, leaving a principal balance due of $8,000.

 

On July 20, 2018, PowerUp Lending Group Ltd. converted $8,000 of the principal amount, plus $3,480 in accrued and unpaid interest, of the November 30, 2017 note into 376,393 shares of the Company’s common stock, fully extinguishing this note.

 

During the second quarter of fiscal 2019, the Company recorded debt discount amortization expenses of $19,213, representing the debt discount balance, due to the extinguishment of this note.

 

PowerUp Lending - Note 3

 

On January 18, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $53,000 of cash consideration. The note bears interest at 12%, matures on January 18, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $33,164 due to this conversion feature. The note had accrued interest of $2,304 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $21,608. The Company recorded debt discount amortization expense of $8,471 during the quarter ended May 31, 2018.

 

On July 11, 2018, the Company paid $78,323 to PowerUp Lending Group Ltd., representing $53,000 for the principal of the January 18, 2018 note, $3,099 in accrued and unpaid interest, and $22,224 in losses on settlement of debt. The Company recorded debt discount amortization expense of $21,608, representing the debt discount balance, due to the extinguishment of this note.

 

PowerUp Lending - Note 4

 

On September 17, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $85,000 of cash consideration. The note bears interest at 12%, matures on September 17, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $85,000 due to this conversion feature. The Company recorded debt discount amortization expense of $38,192 during fiscal 2019, and $46,808 during the first quarter of fiscal 2020.

On March 21, 2019, Power Up Lending Group Ltd. converted $18,130 of the principal amount of the September 17, 2018 note into 7,554,167 shares of the Company’s common stock, leaving a principal balance due of $66,870.

 

On March 25, 2019, Power Up Lending Group Ltd. converted $13,600 of the principal amount of the September 17, 2018 note into 7,555,556 shares of the Company’s common stock, leaving a principal balance due of $53,270.

 

On March 27, 2019, Power Up Lending Group Ltd. converted $13,595 of the principal amount of the September 17, 2018 note into 7,552,778 shares of the Company’s common stock, leaving a principal balance due of $39,675.

 

On March 29, 2019, Power Up Lending Group Ltd. converted $16,620 of the principal amount of the September 17, 2018 note into 9,233,333 shares of the Company’s common stock, leaving a principal balance due of $23,055.

 

On April 1, 2019, Power Up Lending Group Ltd. converted $14,770 of the principal amount of the September 17, 2018 note into 9,231,250 shares of the Company’s common stock, leaving a principal balance due of $8,285.

 

On April 4, 2019, Power Up Lending Group Ltd. converted $8,285 of the principal amount, plus $5,100 in accrued and unpaid interest, of the September 17, 2018 note into 9,560,714 shares of the Company’s common stock, fully extinguishing this note.

 

PowerUp Lending - Note 5

 

On October 23, 2018, the Company issued a convertible note to PowerUp Lending Group Ltd. for $53,000 of cash consideration. The note bears interest at 12%, matures on October 23, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 10 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $49,926 due to this conversion feature. The Company recorded debt discount amortization expense of $20,583 during fiscal 2019, and $32,417 during the first quarter of fiscal 2020.

 

On April 26, 2019, Power Up Lending Group Ltd. converted $12,900 of the principal amount of the October 23, 2018 note into 11,727,273 shares of the Company’s common stock, leaving a principal balance due of $40,100.

 

On April 30, 2019, Power Up Lending Group Ltd. converted $11,500 of the principal amount of the October 23, 2018 note into 11,734,694 shares of the Company’s common stock, leaving a principal balance due of $28,600.

 

On May 2, 2019, Power Up Lending Group Ltd. converted $10,000 of the principal amount of the October 23, 2018 note into 11,764,706 shares of the Company’s common stock, leaving a principal balance due of $18,600.

 

On May 3, 2019, Power Up Lending Group Ltd. converted $8,600 of the principal amount of the October 23, 2018 note into 11,780,822 shares of the Company’s common stock, leaving a principal balance due of $10,000.

 

On May 6, 2019, Power Up Lending Group Ltd. converted $8,600 of the principal amount of the October 23, 2018 note into 11,780,822 shares of the Company’s common stock, leaving a principal balance due of $1,400.

 

On May 8, 2019, Power Up Lending Group Ltd. converted $1,400 of the principal amount, plus $3,180 in accrued and unpaid interest, of the October 23, 2018 note into 6,273,973 shares of the Company’s common stock, fully extinguishing this note.

 

PowerUp Lending - Note 6

 

On January 22, 2019, the Company issued a convertible note to PowerUp Lending Group Ltd. for $12,500 of cash consideration. The note bears interest at 12%, matures on January 22, 2020, and is convertible after 180 days into common stock at 50% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00009. The Company recorded a debt discount equal to $12,500 due to this conversion feature. The note had accrued interest of $942 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $4,932. The Company recorded debt discount amortization expense of $1,267 during the quarter ended February 28, 2019, and $6,301 during the first two quarters ended August 31, 2019.

On August 22, 2019, Power Up Lending Group Ltd. converted $3,500 of the principal amount of the January 22, 2019 note into 70,000,00 shares of the Company’s common stock, leaving a principal balance due of $9,000.

 

On August 26, 2019, Power Up Lending Group Ltd. converted $2,500 of the principal amount of the January 22, 2019 note into 50,000,00 shares of the Company’s common stock, leaving a principal balance due of $6,500.

 

On August 29, 2019, Power Up Lending Group Ltd. converted $3,500 of the principal amount of the January 22, 2019 note into 70,000,00 shares of the Company’s common stock, leaving a principal balance due of $3,000.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

PowerUp Lending - Note 7

 

On May 9, 2019, the Company issued a convertible note to PowerUp Lending Group Ltd. for $45,000 of cash consideration. The note bears interest at 12%, matures on May 9, 2020, and is convertible after 180 days into common stock at 55% of the lowest closing market prices of the previous 20 trading days prior to conversion, with a fixed price floor of $0.00006. The Company recorded a debt discount equal to $45,000 due to this conversion feature. The note had accrued interest of $1,687 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $30,945. The Company recorded debt discount amortization expense of $14,055 during the first two quarters of fiscal 2020.

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Crown Bridge - Note 1

 

On January 30, 2018, the Company issued a convertible note to Crown Bridge Partners, LLC. for $55,000 of cash consideration. The note bears interest at 10%, matures on January 30, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $33,246 due to this conversion feature. The Company also recorded a $3,000 debt discount due to issuance fees. The note had accrued interest of $1,812 as of May 31, 2018. The debt discount had a balance at May 31, 2018 of $24,305. The Company recorded debt discount amortization expense of $9,062 during the quarter ended May 31, 2018.

 

On July 25, 2018, the Company paid $83,312 to Crown Bridge Partners, LLC., representing $55,000 for the principal of the January 30, 2018 note, $2,499 in accrued and unpaid interest, and $25,813 in losses on settlement of debt. The Company recorded debt discount amortization expense of $24,305, representing the debt discount balance, due to the extinguishment of this note.

 

Crown Bridge - Note 2

 

On September 27, 2018, the Company issued a convertible note to Crown Bridge Partners, LLC. for $55,000 of cash consideration. The note bears interest at 10%, matures on September 29, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $52,000 due to this conversion feature. The Company also recorded a $3,000 debt discount due to issuance fees. The note had accrued interest of $0 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $4,068. The Company recorded debt discount amortization expense of $27,726 during the first two quarters of fiscal 2020.

 

On April 4, 2019, Crown Bridge Partners, LLC converted $9,022 of the principal amount of the September 27, 2018 note into 9,200,000 shares of the Company’s common stock, leaving a principal balance due of $45,978.

 

On April 12, 2019, Crown Bridge Partners, LLC converted $10,111 of the principal amount of the September 27, 2018 note into 11,790,000 shares of the Company’s common stock, leaving a principal balance due of $35,867.

 

On April 23, 2019, Crown Bridge Partners, LLC converted $10,956 of the principal amount of the September 27, 2018 note into 12,380,000 shares of the Company’s common stock, leaving a principal balance due of $25,411.

 

On May 3, 2019, Crown Bridge Partners, LLC converted $7,852 of the principal amount of the September 27, 2018 note into 13,580,000 shares of the Company’s common stock, leaving a principal balance due of $17,930.

 

On May 9, 2019, Crown Bridge Partners, LLC converted $6,745 of the principal amount of the September 27, 2018 note into 17,250,000 shares of the Company’s common stock, leaving a principal balance due of $11,185.

 

On May 16, 2019, Crown Bridge Partners, LLC converted $8,509 of the principal amount of the September 27, 2018 note into 21,450,000 shares of the Company’s common stock, leaving a principal balance due of $3,177.

 

On May 21, 2019, Crown Bridge Partners, LLC converted $3,177 of the principal amount and $3,407 of accrued and unpaid interest of the September 27, 2018 note into 25,300,000 shares of the Company’s common stock, leaving a principal balance due of $0, not including default penalties and interest.

 

On May 21, 2019, Crown Bridge Partners, LLC imposed $32,343 in additional default penalties as allowed under their note, increasing the principal balance to $32,343.

 

On May 22, 2019, Crown Bridge Partners, LLC converted $7,550 of the principal default amount of the September 27, 2018 note into 30,000,000 shares of the Company’s common stock, leaving a principal default balance due of $24,793.

 

On May 28, 2019, Crown Bridge Partners, LLC converted $7,108 of the principal default amount of the September 27, 2018 note into 34,320,000 shares of the Company’s common stock, leaving a principal default balance due of $17,685.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

FirstFire Global Opportunities - Note 1

 

On July 10, 2018, the Company issued a convertible note and 90,000 shares of its common stock to FirstFire Global Opportunities Fund LLC for $183,750 of cash consideration. The note bears interest at 10%, matures on July 10, 2019, and is convertible into common stock at the lower of $0.20 per share or 75% of the lowest closing market prices of the previous 10 trading days prior to conversion. The Company recorded a debt discount equal to $143,325 due to a ratchet triggering event also on July 10, 2018, which lowered the conversion price to $0.05 per share. The Company recorded a $8,750 debt discount representing the original issue discount. The Company also recorded a $8,010 debt discount due to the 90,000 shares issued. On January 23, 2019, the convertible note was amended to increase the principal by $5,000 for $5,000 of cash consideration. The Company recorded a further debt discount of $5,000 related to the conversion feature of the January 23, 2019 amendment. On August 6, 2019, the convertible note was amended to increase the principal by $25,000 for $25,000 of cash consideration. The Company recorded a further debt discount of $2,000 related to the conversion feature of the August 6, 2019 amendment. The note had accrued interest of $16,436 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $0. The Company recorded debt discount amortization expense of $105,383 during fiscal 2019, and $85,415 during the first two quarters of fiscal 2020.

 

On January 11, 2019, FirstFire Global Opportunities Fund LLC converted $10,000 of the principal amount of the July 10, 2018 note into 1,086,065 shares of the Company’s common stock, leaving a principal balance due of $173,750.

 

On February 7, 2019, FirstFire Global Opportunities Fund LLC converted $10,000 of the principal amount of the July 10, 2018 note into 1,930,783 shares of the Company’s common stock, leaving a principal balance due of $163,750.

 

On February 21, 2019, FirstFire Global Opportunities Fund LLC converted $10,565 of the principal amount of the July 10, 2018 note into 3,500,000 shares of the Company’s common stock, leaving a principal balance due of $153,185.

 

On March 6, 2019, FirstFire Global Opportunities Fund LLC converted $10,431 of the principal amount of the July 10, 2018 note into 4,700,000 shares of the Company’s common stock, leaving a principal balance due of $142,754.

 

On March 18, 2019, FirstFire Global Opportunities Fund LLC converted $10,230 of the principal amount of the July 10, 2018 note into 5,000,000 shares of the Company’s common stock, leaving a principal balance due of $132,524.

 

On March 25, 2019, FirstFire Global Opportunities Fund LLC converted $11,328 of the principal amount of the July 10, 2018 note into 6,000,000 shares of the Company’s common stock, leaving a principal balance due of $121,196.

 

On March 29, 2019, FirstFire Global Opportunities Fund LLC converted $11,938 of the principal amount of the July 10, 2018 note into 8,000,000 shares of the Company’s common stock, leaving a principal balance due of $109,258.

 

On April 8, 2019, FirstFire Global Opportunities Fund LLC converted $6,600 of the principal amount of the July 10, 2018 note into 6,000,000 shares of the Company’s common stock, leaving a principal balance due of $102,658.

 

On May 9, 2019, FirstFire Global Opportunities Fund LLC converted $6,204 of the principal amount of the July 10, 2018 note into 9,500,000 shares of the Company’s common stock, leaving a principal balance due of $96,084.

 

On May 14, 2019, FirstFire Global Opportunities Fund LLC converted $7,313 of the principal amount of the July 10, 2018 note into 10,900,000 shares of the Company’s common stock, leaving a principal balance due of $88,770.

 

On May 16, 2019, FirstFire Global Opportunities Fund LLC converted $6,812 of the principal amount of the July 10, 2018 note into 12,400,000 shares of the Company’s common stock, leaving a principal balance due of $81,958.

 

On May 20, 2019, FirstFire Global Opportunities Fund LLC converted $4,920 of the principal amount of the July 10, 2018 note into 14,100,000 shares of the Company’s common stock, leaving a principal balance due of $77,038.

 

On May 21, 2019, FirstFire Global Opportunities Fund LLC converted $9,276 of the principal amount of the July 10, 2018 note into 24,300,000 shares of the Company’s common stock, leaving a principal balance due of $67,762.

 

On May 23, 2019, FirstFire Global Opportunities Fund LLC converted $12,478 of the principal amount of the July 10, 2018 note into 31,200,000 shares of the Company’s common stock, leaving a principal balance due of $55,284.

 

On May 24, 2019, FirstFire Global Opportunities Fund LLC converted $11,353 of the principal amount of the July 10, 2018 note into 34,300,000 shares of the Company’s common stock, leaving a principal balance due of $43,931.

 

On May 28, 2019, FirstFire Global Opportunities Fund LLC converted $7,584 of the principal amount of the July 10, 2018 note into 36,000,000 shares of the Company’s common stock, leaving a principal balance due of $36,347.

 

On June 13, 2019, FirstFire Global Opportunities Fund LLC converted $9,780 of the principal amount of the July 10, 2018 note into 45,000,000 shares of the Company’s common stock, leaving a principal balance due of $26,567.

 

On June 17, 2019, FirstFire Global Opportunities Fund LLC converted $10,756 of the principal amount of the July 10, 2018 note into 49,000,000 shares of the Company’s common stock, leaving a principal balance due of $15,811.

 

On June 18, 2019, FirstFire Global Opportunities Fund LLC converted $7,767 of the principal amount of the July 10, 2018 note into 49,000,000 shares of the Company’s common stock, leaving a principal balance due of $8,044.

 

On June 26, 2019, FirstFire Global Opportunities Fund LLC converted $4,656 of the principal amount of the July 10, 2018 note into 48,000,000 shares of the Company’s common stock, leaving a principal balance due of $3,388.

 

On August 6, 2019, the convertible note to FirstFire Global Opportunities Fund LLC dated July 10, 2018 was amended to increase the principal by $25,000 for $25,000 of cash consideration, increasing the principal balance due to $28,388.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

EMA Financial - Note 1

 

On October 22, 2018, the Company issued a convertible note to EMA Financial, LLC for $53,000 of cash consideration. The note bears interest at 10%, matures on October 22, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 15 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $53,000 due to this conversion feature. The note had accrued interest of $3,349 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $7,551. The Company recorded debt discount amortization expense of $18,732 during fiscal 2019, and $26,718 during the first two quarters of fiscal 2020.

 

On May 3, 2019, EMA Financial LLC converted $5,105 of the principal amount of the October 25, 2018 note into 13,000,000 shares of the Company’s common stock, leaving a principal balance due of $73,968, including additional $25,000 default amounts.

 

On May 9, 2019, EMA Financial LLC converted $8,832 of the principal amount of the October 25, 2018 note into 16,000,000 shares of the Company’s common stock, leaving a principal balance due of $65,994.

 

On May 14, 2019, EMA Financial LLC converted $9,259 of the principal amount of the October 25, 2018 note into 20,000,000 shares of the Company’s common stock, leaving a principal balance due of $56,734.

 

On May 21, 2019, EMA Financial LLC converted $6,223 of the principal amount of the October 25, 2018 note into 22,000,000 shares of the Company’s common stock, leaving a principal balance due of $50,511.

 

On June 13, 2019, EMA Financial LLC converted $5,947 of the principal amount of the October 25, 2018 note into 37,000,000 shares of the Company’s common stock, leaving a principal balance due of $44,564.

 

On June 24, 2019, EMA Financial LLC imposed $4,250 in additional default penalties as allowed under their note, increasing the principal balance to $48,814.

 

On June 24, 2019, EMA Financial LLC converted $4,015 of the principal amount of the October 25, 2018 note into 53,000,000 shares of the Company’s common stock, leaving a principal balance due of $44,799.

 

On July 1, 2019, EMA Financial LLC converted $4,567 of the principal amount of the October 25, 2018 note into 59,000,000 shares of the Company’s common stock, leaving a principal balance due of $40,231.

 

On July 1, 2019, EMA Financial LLC converted $1,991 of the principal amount of the October 25, 2018 note into 31,000,000 shares of the Company’s common stock, leaving a principal balance due of $38,240.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

JSJ Investments - Note 1

 

On October 22, 2018, the Company issued a convertible note to JSJ Investments Inc. for $59,500 of cash consideration. The note bears interest at 12%, matures on October 22, 2019, and is convertible into common stock at 61% of the lowest 3 closing market prices of the previous 20 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $57,000 due to this conversion feature. The Company also recorded a $2,500 debt discount due to issuance fees. The note had accrued interest of $5,119 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $8,477. The Company recorded debt discount amortization expense of $21,029 during fiscal 2019, and $29,995 during the first two quarters of fiscal 2020.

 

On May 6, 2019, JSJ Investments Inc. converted $8,137 of the principal amount of the October 22, 2018 note into 15,067,787 shares of the Company’s common stock, leaving a principal balance due of $51,363.

 

On May 16, 2019, JSJ Investments Inc. converted $8,741 of the principal amount of the October 22, 2018 note into 20,087,963 shares of the Company’s common stock, leaving a principal balance due of $42,622.

 

On May 21, 2019, JSJ Investments Inc. converted $7,637 of the principal amount of the October 22, 2018 note into 24,245,023 shares of the Company’s common stock, leaving a principal balance due of $34,985.

 

On May 28, 2019, JSJ Investments Inc. converted $6,736 of the principal amount of the October 22, 2018 note into 35,389,771 shares of the Company’s common stock, leaving a principal balance due of $28,249.

 

On June 21, 2019, JSJ Investments Inc. converted $1,909 of the principal amount of the October 22, 2018 note into 21,209,456 shares of the Company’s common stock, leaving a principal balance due of $26,340.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Auctus Fund - Note 1

 

On November 14, 2018, the Company issued a convertible note to Auctus Fund, LLC for $85,000 of cash consideration. The note bears interest at 12%, matures on November 14, 2019, and is convertible into common stock at 61% of the lowest trading price of the previous 25 trading days prior to conversion, with a fixed floor price of $0.0001. The Company recorded a debt discount equal to $77,750 due to this conversion feature. The Company also recorded a $7,250 debt discount due to issuance fees. The note had accrued interest of $1,070 as of August 31, 2019. The debt discount had a balance at August 31, 2019 of $17,466. The Company recorded debt discount amortization expense of $24,685 during fiscal 2019, and $42,849 during the first two quarters of fiscal 2020.

 

On May 17, 2019, Auctus Fund, LLC converted $2,334 of the principal amount and $5,086 of accrued and unpaid interest of the November 14, 2018 note into 21,998,800 shares of the Company’s common stock, leaving a principal balance due of $82,666.

 

On May 28, 2019, Auctus Fund, LLC converted $7,440 of the principal amount and $299 of accrued and unpaid interest of the November 14, 2018 note into 34,328,200 shares of the Company’s common stock, leaving a principal balance due of $75,227.

 

On June 6, 2019, Auctus Fund, LLC converted $6,162 of the principal amount and $223 of accrued and unpaid interest of the November 14, 2018 note into 43,027,563 shares of the Company’s common stock, leaving a principal balance due of $69,065.

 

On July 3, 2019, Auctus Fund, LLC converted $3,943 of the principal amount and $613 of accrued and unpaid interest of the November 14, 2018 note into 63,199,100 shares of the Company’s common stock, leaving a principal balance due of $65,122.

 

On July 9, 2019, Auctus Fund, LLC converted $2,778 of the principal amount and $128 of accrued and unpaid interest of the November 14, 2018 note into 42,574,829 shares of the Company’s common stock, leaving a principal balance due of $62,344.

 

The Company evaluated the convertible note and determined that the shares issuable pursuant to the conversion option were determinate due to the fixed conversion price and, as such, does not constitute a derivative liability as the Company has sufficient authorized shares.

 

Promissory Note Payable - Third Party

 

On July 20, 2017, the Company signed a promissory note of $100,000 with Donovan Olson. This interest free note is due and payable within one year and bears no interest. The Company issued 1,000,000 warrants to Donovan Olson in connection with this note, with an exercise price of $0.10, and expiry date of July 20, 2027. The Company recorded a warrant discount equal to $100,000 due to this warrant feature.

 

On May 9, 2018, the Company converted the $100,000 promissory note with Donovan Olson, to 1,000,000 shares of its common stock at a conversion price of $0.10 per share. The company recorded debt discount amortization expense of $69,452 during the quarter ended May 31, 2018, related to this debt’s conversion recorded at inception. The note had imputed interest of $1,917 during the quarter ended May 31, 2018.
XML 51 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Basis of Presentation
 6 Months Ended
Aug. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Note 1. Basis of Presentation

 

The accompanying unaudited consolidated financial information has been prepared by DigitalTown, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“U.S.”) (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of this financial information have been included. Financial results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year as a whole or any other interim period. This financial information should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2019.

 

The Company’s fiscal year end is the last day in February. Our current fiscal year ends on February 29, 2020 and we refer to it as “fiscal 2020”. Last year, our fiscal year ended on February 28, 2019 and we refer to this year as “fiscal 2019”.
XML 52 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern (Details Narrative) - USD ($)
Aug. 31, 2019
Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ (57,238,131) $ (56,289,322)
XML 53 R36.htm IDEA: XBRL DOCUMENT v3.19.3
Accrued Expenses and Deferred Revenue (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 18, 2018
Dec. 05, 2016
Aug. 31, 2019
May 31, 2019
May 31, 2018
Aug. 31, 2019
Feb. 28, 2018
Feb. 28, 2019
Feb. 28, 2017
Subscription receivable          
Accrued expenses - related parties     542,066     542,066   542,066  
Deferred revenue     120,000     120,000   186,305  
Proceeds from domain marketing development obligation           0 $ 101,600    
Domain marketing developments obligations     168,174     $ 168,174   $ 168,174  
Customer Agreements [Member]                  
Litigation settlement paid     $ 16,305 $ 50,000          
Mr. Pomije [Member]                  
Employment agreement description   The Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable.              
Subscription receivable                 $ 260,900
Damages awarded value $ 256,488       $ 552,976        
Attorney's fees and costs $ 296,488                
Litigation settlement paid         $ 10,910        
XML 54 R3.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Aug. 31, 2019
Feb. 28, 2019
Statement of Financial Position [Abstract]    
Common stock, shares par value $ 0.01 $ 0.01
Common stock, shares authorized 2,000,000,000 2,000,000,000
Common stock, shares issued 1,664,876,270 146,740,570
Common stock, shares outstanding 1,664,876,270 146,740,570
Preferred stock, shares par value $ 0.01 $ 0.01
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 51 0
Preferred stock, shares outstanding 51 0
XML 55 R27.htm IDEA: XBRL DOCUMENT v3.19.3
Stock Options (Tables)
 6 Months Ended
Aug. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Options Activity

The Company utilized the following key assumptions in computing the fair value of the options using the Black-Scholes pricing model:

 

    June 1 2018     June 1 2018     October 1 2018     November 21 2018  
Weighted-average volatility     223 %     223 %     208 %     192 %
Expected dividends     None       None       None       None  
Expected term (in years)     2.50       3.00       3.00       3.00  
Weighted-average risk-free interest rate     2.61 %     2.61 %     2.96 %     2.89 %
Summary of Stock Options

The following table summarizes information about the Company’s stock options as of August 31, 2019:

 

    Number of Options     Weighted Average Exercise Price  
Outstanding - February 28, 2018     6,235,159     $ 0.16  
Granted     9,523,962     $ 0.07  
Canceled or expired     (1,035,159 )   $ 0.10  
Outstanding - February 28, 2019     14,723,962     $ 0.10  
Granted     -       -  
Canceled or expired     (555,212 )   $ 0.10  
Outstanding - August 31, 2019     14,168,750     $ 0.10  
Exercisable at August 31, 2019     14,168,750     $ 0.10  
Summary of Stock Options Outstanding

The following table summarizes information about stock options outstanding as of August 31, 2019:

 

Exercise Price     Number Outstanding     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Number Exercisable     Weighted Average Exercisable Price  
$ 0.05       5,968,750       4.17     $ 0.05       5,968,750     $ 0.05  
$ 0.10       6,850,000       4.17     $ 0.10       6,850,000     $ 0.10  
$ 0.15       200,000       6.27     $ 0.15       200,000     $ 0.15  
$ 0.30       700,000       5.92     $ 0.30       700,000     $ 0.30  
$ 0.54       375,000       4.43     $ 0.54       375,000     $ 0.54  
$ 1.00       75,000       2.11     $ 1.00       75,000     $ 1.00  
$ 0.10 - $1.00       14,168,750       4.61     $ 0.10       14,168,750     $ 0.10  
XML 56 R23.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events
 6 Months Ended
Aug. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 17. Subsequent Events

 

Borrowings

 

On November 6, 2019, the convertible note to FirstFire Global Opportunities Fund LLC dated July 10, 2018 was amended to increase the principal by $35,000 for $35,000 of cash consideration.

 

Note Conversions

 

PowerUp Lending - Note 6

 

On September 3, 2019, Power Up Lending Group Ltd. converted $3,000 of the principal amount, plus $750 in accrued and unpaid interest, of the January 22, 2019 note into 75,000,000 shares of the Company’s common stock, fully extinguishing this note.

 

EMA Financial - Note 1

 

On September 12, 2019, EMA Financial LLC converted $2,359 of the principal amount of the October 25, 2018 note into 70,000,000 shares of the Company’s common stock, leaving a principal balance due of $35,881.

 

On September 24, 2019, EMA Financial LLC converted $2,727 of the principal amount of the October 25, 2018 note into 78,000,000 shares of the Company’s common stock, leaving a principal balance due of $33,154.

 

JSJ Investments - Note 1

 

On September 12, 2019, JSJ Investments Inc. converted $3,836 of the principal amount of the October 22, 2018 note into 85,255,113 shares of the Company’s common stock, leaving a principal balance due of $22,503.

 

On September 23, 2019, JSJ Investments Inc. converted $4,505 of the principal amount of the October 22, 2018 note into 100,110,889 shares of the Company’s common stock, leaving a principal balance due of $17,998.

 

On October 9, 2019, JSJ Investments Inc. converted $4,898 of the principal amount of the October 22, 2018 note into 108,838,322 shares of the Company’s common stock, leaving a principal balance due of $13,100.

 

Auctus Fund - Note 1

 

On September 11, 2019, Auctus Fund, LLC converted $641 of the principal amount and $1,899 of accrued and unpaid interest of the November 14, 2018 note into 76,012,000 shares of the Company’s common stock, leaving a principal balance due of $61,703.

 

On October 2, 2019, Auctus Fund, LLC converted $3,082 of the principal amount and $852 of accrued and unpaid interest of the November 14, 2018 note into 110,837,250 shares of the Company’s common stock, leaving a principal balance due of $58,622.

 

On November 18, 2019, Auctus Fund, LLC converted $1,342 of the principal amount and $1,812 of accrued and unpaid interest of the November 14, 2018 note into 121,799,000 shares of the Company’s common stock, leaving a principal balance due of $57,280.

 

Stock Transactions

 

In September 2019, 71,935,993 shares of the Company’s common stock were issued for $528,385 of stock payable.

 

There were no additional significant subsequent events through December 2, 2019, the date the financial statements were issued.
XML 57 R42.htm IDEA: XBRL DOCUMENT v3.19.3
Stock Options - Summary of Stock Options (Details) - $ / shares
 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2018
Aug. 31, 2019
Feb. 28, 2019
Number of Options, Outstanding Beginning 9,790,371    
Number of Options, Outstanding Ending   14,168,750  
Stock Option [Member]      
Number of Options, Outstanding Beginning   14,723,962 6,235,159
Number of Options, Granted   9,523,962
Number of Options, Canceled or expired   (555,212) (1,035,159)
Number of Options, Outstanding Ending   14,168,750 14,723,962
Number of Options, Exercisable   14,168,750
Weighted Average Exercise Price, Outstanding, Beginning   $ 0.10 $ 0.16
Weighted Average Exercise Price, Granted   0.07
Weighted Average Exercise Price, Canceled or expired   0.10 0.10
Weighted Average Exercise Price, Outstanding Ending   0.10 0.10
Weighted Average Exercise Price, Exercisable at End of Year   $ 0.10
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Income Taxes - Schedule of Income Tax Provisions (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Feb. 28, 2019
Income Tax Disclosure [Abstract]          
Net tax loss carry-forwards $ 20,546,349   $ 20,546,349   $ 20,331,988
Statutory rate     21.00%   21.00%
Expected tax recovery     $ 4,314,733   $ 4,269,717
Change in valuation allowance     (4,314,733)   (4,269,717)
Income tax provision
Non capital tax loss carry forwards 4,314,733   4,314,733   4,269,717
Less: valuation allowance (4,314,733)   (4,314,733)   (4,269,717)
Net deferred tax asset    
XML 60 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders' Equity (Tables)
 6 Months Ended
Aug. 31, 2019
Equity [Abstract]  
Summary of Stock Warrant Activity

The following table summarizes information about the Company’s stock warrant activity during the fiscal years 2020 and 2019:

 

    Number of Warrants  
Outstanding - February 28, 2018     9,044,740  
Granted     -  
Canceled or expired     (2,964,740 )
Outstanding - February 28, 2019     6,080,000  
         
Granted     -  
Canceled or expired     -  
Outstanding - August 31, 2019     6,080,000  
Exercisable at August 31, 2019     6,080,000  
Summary of Stock Warrants Outstanding

The following table summarizes information about stock warrants outstanding as of August 31, 2019:

 

Exercise Price     Number Outstanding     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Number Exercisable     Weighted Average Exercisable Price  
$ 0.10       4,430,000       7.74     $ 0.10       4,430,000     $ 0.10  
$ 0.15       300,000       5.59     $ 0.15       300,000     $ 0.15  
$ 0.25       850,000       5.68     $ 0.25       850,000     $ 0.25  
$ 0.30       500,000       6.03     $ 0.30       500,000     $ 0.30  
$ 0.10 - $0.30       6,080,000       7.20     $ 0.14       6,080,000     $ 0.14  
XML 61 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations
 6 Months Ended
Aug. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

Note 16. Discontinued Operations

 

Appointment.com Disposal

 

On October 9, 2018, the Appointment.com division was sold to an arms length third party for $150,000 in cash consideration, less closing costs of $17,028, resulting in a net gain on disposal of asset of $132,972 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for Appointment.com:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 43,726  
Cost of revenues     -       18,850  
Gross profit (loss)     -     $ 24,876  
                 
Operating expenses:                
Selling, general and administrative expenses     -       4,500  
                 
Income (loss) from operations     -       20,376  
                 
Income tax provision     -          
Net income (loss)     -     $ 20,376  

 

got.law Disposal

 

On December 11, 2018, the got.law division was sold to related party for $1 in cash consideration and $20,000 in forgiveness of debt, resulting in a gain on disposal of asset of $20,001 in fiscal 2019. This gain was recorded to additional paid in capital as it represented contributed capital due to its related party nature.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for got.law:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 116  
Cost of revenues     -       87,121  
Gross profit (loss)     -     $ (87,005 )
                 
Operating expenses:                
Selling, general and administrative expenses     -       31,063  
                 
Income (loss) from operations     -       (118,068 )
                 
Income tax provision     -       -  
Net income (loss)     -     $ (118,068 )

 

Rezserve Disposal

 

On February 26, 2019, the Company sold the assets of its fully owned subsidiary, Rezserve Technologies Ltd., to an arms length third party for $30,000 in cash consideration, resulting in a gain on disposal of asset of $30,000 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for Rezserve:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 53,334  
Cost of revenues     -       37,467  
Gross profit (loss)     -     $ 15,867  
                 
Operating expenses:                
Selling, general and administrative expenses     -       49,928  
                 
Income (loss) from operations     -       (34,061 )
                 
Income tax provision     -       -  
Net income (loss)     -     $ (34,061 )

 

Comencia Disposal

 

On February 26, 2019, the Company sold the assets of its fully owned subsidiary, Comencia Inc., to an arms length third party for $30,000 in cash consideration, resulting in a gain on disposal of asset of $30,000 in fiscal 2019.

 

There are no assets and no liabilities held for sale on August 31, 2019.

 

The following table summarizes the income (loss) from discontinued operations for Comencia:

 

    For the Six Months Ended August 31,  
    2019     2018  
             
Revenues     -     $ 45,617  
Cost of revenues     -       73,420  
Gross profit (loss)     -       (27,803 )
                 
Operating expenses:                
Selling, general and administrative expenses     -       14,055  
                 
Income from operations     -       (41,858 )
                 
Income tax provision     -       -  
Net income (loss)     -     $ (41,858 )
XML 62 R43.htm IDEA: XBRL DOCUMENT v3.19.3
Stock Options - Summary of Stock Options Outstanding (Details)
 6 Months Ended
Aug. 31, 2019
$ / shares
shares
Number Outstanding | shares 14,168,750
Weighted Average Remaining Life (years) 4 years 7 months 10 days
Weighted Average Exercise Price $ 0.10
Number Exercisable | shares 14,168,750
Weighted Average Exercisable Price $ 0.10
Minimum [Member]  
Exercise Price 0.10
Maximum [Member]  
Exercise Price 1.00
Exercise Price Range One [Member]  
Exercise Price $ 0.05
Number Outstanding | shares 5,968,750
Weighted Average Remaining Life (years) 4 years 2 months 1 day
Weighted Average Exercise Price $ 0.05
Number Exercisable | shares 5,968,750
Weighted Average Exercisable Price $ 0.05
Exercise Price Range Two [Member]  
Exercise Price $ 0.10
Number Outstanding | shares 6,850,000
Weighted Average Remaining Life (years) 4 years 2 months 1 day
Weighted Average Exercise Price $ 0.10
Number Exercisable | shares 6,850,000
Weighted Average Exercisable Price $ 0.10
Exercise Price Range Three [Member]  
Exercise Price $ 0.15
Number Outstanding | shares 200,000
Weighted Average Remaining Life (years) 6 years 3 months 8 days
Weighted Average Exercise Price $ 0.15
Number Exercisable | shares 200,000
Weighted Average Exercisable Price $ 0.15
Exercise Price Range Four [Member]  
Exercise Price $ 0.30
Number Outstanding | shares 700,000
Weighted Average Remaining Life (years) 5 years 11 months 1 day
Weighted Average Exercise Price $ 0.30
Number Exercisable | shares 700,000
Weighted Average Exercisable Price $ 0.30
Exercise Price Range Five [Member]  
Exercise Price $ 0.54
Number Outstanding | shares 375,000
Weighted Average Remaining Life (years) 4 years 5 months 5 days
Weighted Average Exercise Price $ 0.54
Number Exercisable | shares 375,000
Weighted Average Exercisable Price $ 0.54
Exercise Price Range Six [Member]  
Exercise Price $ 1.00
Number Outstanding | shares 75,000
Weighted Average Remaining Life (years) 2 years 1 month 9 days
Weighted Average Exercise Price $ 1.00
Number Exercisable | shares 75,000
Weighted Average Exercisable Price $ 1.00
XML 63 R47.htm IDEA: XBRL DOCUMENT v3.19.3
Commitments and Contingencies (Details Narrative) - Mr. Richard Pomije [Member] - USD ($)
 3 Months Ended 6 Months Ended
Apr. 18, 2018
Dec. 05, 2016
May 31, 2018
Aug. 31, 2019
Loss contingency, damages sought, value $ 296,488      
Damages awarded, value 552,976      
Loss contingency, damages paid, value 256,488      
Employment Agreement [Member]        
Loss contingency, damages sought, value   $ 260,900    
Litigation, employment agreement description   Richard Pomije filed a lawsuit against the Company. Mr. Pomije asserts an employment agreement existed and a continuing obligation of the Company in the form of a monthly salary for a 1 year term from May 18, 2015 to May 17, 2016 was due in addition to a stock subscription receivable. Mr. Pomije claims the Company owes him $260,900, which had been fully accrued for by the Company as of February 28, 2017. On April 18, 2018, Mr. Richard Pomije was granted a judgement for the lawsuit he filed against the Company on December 5, 2016. The Company filed an appeal on June 13, 2018. On April 1, 2019, the Court of Appeals issued its Unpublished Opinion in favor of the Company with respect to its appeal filed against Mr. Richard Pomije's judgement on June 13, 2018.    
Damages awarded, value 256,488     $ 542,066
Attorney's fees and costs 296,488      
Damages awarded value including attorney's fees and costs $ 552,976      
Loss contingency, damages paid, value     $ 10,910  
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.19.3
Digital Currencies (Details Narrative) - USD ($)
 12 Months Ended
May 31, 2018
May 16, 2018
May 15, 2018
Feb. 28, 2019
Common stock, shares issued value       $ 1,070,545
Stock Purchase Agreements [Member] | Catena Fund One, LP [Member]        
Common stock shares issued     11,385,590  
Stock Purchase Agreements [Member] | RChain Coins [Member]        
Common stock shares issued     1,050,000  
Market price per share $ 1.38   $ 1.58  
Common stock, shares issued value     $ 1,659,000  
Sale of stock, shares   63,291.13924    
Sale of stock, price per share   $ 1.56    
Sale of stock, value   $ 100,000    
Loss on exchange   $ 1,282    
Unrealized loss on exchange $ 196,070      
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Earnings (Loss) Per Share
 6 Months Ended
Aug. 31, 2019
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

Note 12. Earnings (Loss) Per Share

 

The Company computes earnings per share using two different methods, basic and diluted, and presents per share data for all periods in which statements of operations are presented. Basic earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding.

 

Due to the recent net losses generated by the Company, there are no dilutive elements. Therefore, basic and diluted EPS are the same.

 

The following tables provide a reconciliation of the numerators and denominators used in calculating basic and diluted earnings (loss) per share for the first six months of fiscal years 2020 and 2019:

 

    Fiscal 2020     Fiscal 2019  
Basic earnings (loss) per share calculation:                
Net loss to common shareholders   $ (948,809 )   $ (4,988,658 )
Weighted average number of common shares outstanding     778,308,162       106,720,550  
Basic net loss per share   $ (0.00 )   $ (0.05 )
                 
Diluted earnings (loss) per share calculation:                
Net loss to common shareholders   $ (948,809 )   $ (4,988,658 )
Weighted average number of common shares outstanding     778,308,162       106,720,550  
Stock options (1)     -       -  
Warrants (2)     -       -  
Diluted weighted average common shares outstanding     778,308,162       106,720,550  
Diluted net loss per share   $ (0.00 )   $ (0.05 )

 

(1) At August 31, 2019 and August 31, 2018, there were 14,168,750 and 9,790,371, respectively, of stock options equivalent to common shares outstanding. The stock options are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
   
(2) At August 31, 2019 and August 31, 2018, there were outstanding warrants equivalent to 6,080,000 and 9,044,740 common shares, respectively. The warrants are anti-dilutive at August 31, 2019 and August 31, 2018 and therefore, have been excluded from diluted earnings (loss) per share.
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Stock Options
 6 Months Ended
Aug. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock Options

Note 8. Stock Options

 

The Company has one stock option plan called The 2006 Employee Stock and Option Plan (the “2006 Plan”), which has reserved 5,000,000 shares of our common stock for issuance. The types of awards that could be granted under the 2006 Plan include incentive and non-qualified options to purchase shares of common stock, stock appreciation rights, restricted shares, restricted share units, performance awards and other types of stock-based awards. All grants are determined and approved by the Board of Directors. Through February 28, 2018, the Company has only granted non-qualified stock options under the 2006 Plan. The stock options may be granted to officers and employees of the Company. Options granted under the 2006 Plan have exercise prices and vesting terms approved by the Board of Directors at the time of each grant. Vesting terms of the outstanding options range from immediate to four years from the date of grant. The exercise period of the options range from five to ten years from the date of grant.

 

The Company records its stock-based compensation arrangements calculating the fair value of share-based payments, including grants of employee stock options and employee stock purchase plan shares, to be recognized in the consolidated statements of operations based on their grant date fair values. The fair value of the Company’s stock options have been estimated using the Black-Scholes pricing model, which requires assumptions as to expected dividends, the options expected life, volatility and risk-free interest rate at the time of the grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite vesting periods in the Company’s consolidated statements of operations.

 

The Company did not issue any stock options during the first six months of fiscal 2020. In the second quarter of fiscal 2020, 555,212 stock options expired.

 

On October 1, 2018, the Company issued 2,468,750 stock options with a fair value of $188,740 to three contractors to purchase shares of the Company’s common stock at a price of $0.05. These options vest immediately and are exercisable for five years.

 

On November 21, 2018, the Company issued 3,500,000 stock options with a fair value of $120,421 to three contractors to purchase shares of the Company’s common stock at a price of $0.05. These options vest immediately and are exercisable for five years.

 

On June 1, 2018, the Company issued 3,555,212 stock options with a fair value of $436,131 to one employee to purchase shares of the Company’s common stock at a price of $0.10. 3,000,000 options vest immediately and are exercisable for five years. 555,212 options vest over 12 months, and are exercisable for five years. In the third quarter of fiscal 2019, the Company expensed an additional $19,621 related to the proportioned vesting of the 555,212 options. The Company terminated this employee’s contract on November 30, 2018, resulting in only 276,845 of the 555,212 options vesting. The balance of 278,367 options have been forfeited.

 

The Company utilized the following key assumptions in computing the fair value of the options using the Black-Scholes pricing model:

 

    June 1 2018     June 1 2018     October 1 2018     November 21 2018  
Weighted-average volatility     223 %     223 %     208 %     192 %
Expected dividends     None       None       None       None  
Expected term (in years)     2.50       3.00       3.00       3.00  
Weighted-average risk-free interest rate     2.61 %     2.61 %     2.96 %     2.89 %

 

The Company recorded stock-based compensation expense of $0 and $0 for all outstanding options for fiscal quarter 2020 and fiscal year 2019, respectively.

 

The following table summarizes information about the Company’s stock options as of August 31, 2019:

 

    Number of Options     Weighted Average Exercise Price  
Outstanding - February 28, 2018     6,235,159     $ 0.16  
Granted     9,523,962     $ 0.07  
Canceled or expired     (1,035,159 )   $ 0.10  
Outstanding - February 28, 2019     14,723,962     $ 0.10  
Granted     -       -  
Canceled or expired     (555,212 )   $ 0.10  
Outstanding - August 31, 2019     14,168,750     $ 0.10  
Exercisable at August 31, 2019     14,168,750     $ 0.10  

 

The following table summarizes information about stock options outstanding as of August 31, 2019:

 

Exercise Price     Number Outstanding     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Number Exercisable     Weighted Average Exercisable Price  
$ 0.05       5,968,750       4.17     $ 0.05       5,968,750     $ 0.05  
$ 0.10       6,850,000       4.17     $ 0.10       6,850,000     $ 0.10  
$ 0.15       200,000       6.27     $ 0.15       200,000     $ 0.15  
$ 0.30       700,000       5.92     $ 0.30       700,000     $ 0.30  
$ 0.54       375,000       4.43     $ 0.54       375,000     $ 0.54  
$ 1.00       75,000       2.11     $ 1.00       75,000     $ 1.00  
$ 0.10 - $1.00       14,168,750       4.61     $ 0.10       14,168,750     $ 0.10  
XML 67 R10.htm IDEA: XBRL DOCUMENT v3.19.3
Property and Equipment
 6 Months Ended
Aug. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 4. Property and Equipment

 

Property and equipment are as follows:

 

    August 31, 2019     February 28, 2019  
Office equipment and furniture     -     $ 47,914  
Less accumulated depreciation     -       (28,706 )
Property and equipment, net     -     $ 19,208  

 

Depreciation expense for the first two quarters of fiscal years 2020 and 2019 was $0 and $3,885, respectively.

 

All office and equipment was disposed in the first quarter of fiscal 2020, which resulted in a loss on disposal of $19,208.
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 31, 2019
May 31, 2019
Aug. 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Feb. 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES            
Net loss from discontinued operations   $ (71,453) $ (173,610)  
Net loss from continuing operations (390,242)   (2,661,063) (948,809) (4,815,048)  
Adjustments to reconcile net loss to net cash flows used in operating activities:            
Loss on debt settlement   48,037 48,037  
Loss on cryptocurrency sale       925,817  
Depreciation and amortization       3,885  
Debt discount amortization       312,283 652,540  
Loss on debt penalty       32,343  
Imputed interest       2,773 14,625  
Loss on disposal of fixed assets $ 19,208 19,208  
Stock based compensation       320,392 1,118,367  
Changes in operating assets and liabilities:            
Accounts receivable       17,858 6,108  
Prepaid expenses       38,677  
Accounts payable       62,049 204,764  
Accounts payable - related parties       152,163 340,545  
Accrued expenses       (49,842) 95,199  
Net cash used in operating activities       (79,582) (1,540,094)  
CASH FLOWS FROM INVESTING ACTIVITIES            
Cash received from sale of digital currencies       718,181  
Net cash provided by investing activities       718,181  
CASH FLOWS FROM FINANCING ACTIVITIES            
Proceeds from issuance of common stock       827,396  
Borrowings on convertible notes       70,000 175,000  
Payments on convertible debt       (206,037)  
Net cash provided by financing activities       70,000 796,359  
Foreign currency translation adjustment       (1,000) (1,216)  
Net change in cash and cash equivalents       (10,582) (26,770)  
Cash and cash equivalents, beginning of year   $ 15,271   15,271 58,712 $ 58,712
Cash and cash equivalents, end of year $ 4,689   $ 31,942 4,689 31,942 $ 15,271
Non-Cash Transactions:            
Issuance of common stock for stock payable       694,983 1,828,200  
Stock issued for digital currencies       1,659,000  
Stock issued for debt conversions       1,342,121 1,129,007  
Beneficial conversion feature       70,000 143,325  
Digital currency issued for AP settlement       15,080  
Stock issued for debt discount       8,010  
Stock retired for domain purchase       3,000  
Stock issued for finder's fee       1,000  
Conversion of debt to common stock        
Stock payable for accounts payable       $ 427,434  
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Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 31, 2019
May 31, 2019
Aug. 31, 2018
Aug. 31, 2019
Aug. 31, 2018
Property, Plant and Equipment [Abstract]          
Depreciation Expense       $ 0 $ 3,885
Loss on disposal on property and equipment $ (19,208) $ (19,208)
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Stockholders' Equity (Details Narrative) - USD ($)
 1 Months Ended 2 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 10, 2018
May 09, 2018
Jul. 31, 2019
May 31, 2018
Feb. 28, 2019
Jul. 31, 2018
Feb. 28, 2019
Aug. 31, 2019
Aug. 31, 2018
Feb. 28, 2019
Debt instrument conversion amount             $ 19,200 $ 8,068,690    
Common stock shares issued for debt conversion             252,500      
Accounts payable               403,434    
Conversion of accounts payable               24,000    
Common stock issued for stock payable               473,591    
Common stock issued for stock payable, shares               $ 51,927,594    
Common stock, shares authorized     2,000,000,000   2,000,000,000   2,000,000,000 2,000,000,000   2,000,000,000
Issuance of common stock for stock payable               $ 694,983 $ 1,828,200  
Digital currencies         $ 1,659,000   $ 1,659,000     $ 1,659,000
Common stock shares issued as finder's fee, shares   100,000                
Common stock shares issued as finder's fee, value   $ 1,000                
Issuance of treasury stock reissued, amount             $ 3,000      
Issuance of treasury stock reissued, shares             15,000      
Warrants outstanding               6,080,000 9,044,740  
Warrant average exercisable price               $ 0.14    
Warrant maturity date description               The warrants expire between one and ten years from the date of issuance and have a weighted average remaining exercise period as of August 31, 2019 of 7.20 years.    
Warrants term               7 years 2 months 12 days    
Maximum [Member]                    
Common stock, shares authorized     5,000,000,000              
Preferred Stock [Member]                    
Common stock shares issued                  
Epik Holdings Inc [Member]                    
Due to related party               $ 21,342    
Clint Skidmore [Member] | December 22, 2017 Note [Member]                    
Debt instrument conversion amount               $ 110,000    
Common stock shares issued for debt conversion               4,400,000    
Former Employee [Member]                    
Common stock shares issued for services, shares               2,243,836    
Expenses of common stock shares issued for services               $ 221,392    
Sam Ciacco [Member] | Preferred Stock [Member]                    
Common stock shares issued     51              
Investor [Member]                    
Common stock issued for stock payable                   $ 1,070,545
Common stock issued for stock payable, shares                   36,266,251
Issuance of common stock for stock payable                   $ 1,828,200
Consultants and Employees [Member]                    
Common stock shares issued for services, shares                   6,716,932
Expenses of common stock shares issued for services                   $ 1,104,832
Darvin Habben [Member] | Convertible [Member]                    
Debt instrument conversion amount   500,000                
Common stock shares issued for unpaid interest, amount   $ 38,028                
Common stock shares issued for unpaid interest, shares   5,380,274                
Darvin Habben [Member] | Convertible One [Member]                    
Debt instrument conversion amount   $ 150,000                
Common stock shares issued for debt conversion   1,500,000                
Derek Schumann [Member]                    
Debt instrument conversion amount   $ 100,000                
Common stock shares issued for debt conversion   1,000,000                
Greg Foss [Member]                    
Debt instrument conversion amount   $ 100,000                
Common stock shares issued for debt conversion   1,000,000                
Donovan [Member]                    
Debt instrument conversion amount   $ 100,000                
Common stock shares issued for debt conversion   1,000,000                
FirstFire Global Opportunities Fund LLC [Member]                    
Common stock shares issued 90,000                  
Issuance of common stock for stock payable $ 8,010                  
Beneficial conversion feature $ 143,325                  
FirstFire Global Opportunities Fund LLC [Member] | July 10, 2018 Note [Member]                    
Debt instrument conversion amount         $ 30,565     $ 149,426    
Common stock shares issued for debt conversion         6,516,848     393,400,000    
Debt principal, value         $ 153,185   $ 153,185 $ 28,388   $ 153,185
Crown Bridge Partners, LLC [Member] | September 27, 2018 Note [Member]                    
Debt instrument conversion amount               $ 70,029    
Common stock shares issued for debt conversion               175,270,000    
Debt principal, value               $ 17,685    
Accrued interest               3,407    
Auctus Fund, LLC [Member] | November 14, 2018 Note [Member]                    
Debt instrument conversion amount               $ 22,657    
Common stock shares issued for debt conversion               205,128,492    
Debt principal, value               $ 62,344    
Accrued interest               6,349    
JSJ Investments Inc [Member] | October 22, 2018 Note [Member]                    
Debt instrument conversion amount               $ 33,160    
Common stock shares issued for debt conversion               116,000,000    
Accrued interest               $ 26,340    
EMA Financial, LLC [Member] | October 22, 2018 Note [Member]                    
Debt instrument conversion amount               $ 47,453    
Common stock shares issued for debt conversion               251,000,000    
Debt principal, value               $ 38,240    
PowerUp Lending Group Ltd. [Member] | September 17, 2018 Note [Member]                    
Debt instrument conversion amount               $ 85,000    
Common stock shares issued for debt conversion               50,687,798    
Accrued interest               $ 5,100    
PowerUp Lending Group Ltd. [Member] | October 23, 2018 Note [Member]                    
Debt instrument conversion amount               $ 53,000    
Common stock shares issued for debt conversion               65,062,290    
Accrued interest               $ 3,180    
PowerUp Lending Group Ltd. [Member] | January 22, 2019 Note [Member]                    
Debt instrument conversion amount               $ 9,500    
Common stock shares issued for debt conversion               190,000,000    
PowerUp Lending Group Ltd. [Member] | October 30, 2017 Note [Member]                    
Debt instrument conversion amount       $ 75,000            
Common stock shares issued for debt conversion       1,277,498            
Accrued interest       $ 4,500            
PowerUp Lending Group Ltd. [Member] | November 30, 2017 Note [Member]                    
Debt instrument conversion amount           $ 58,000        
Common stock shares issued for debt conversion           1,139,394        
Accrued interest           $ 3,480        
PowerUp Lending Group Ltd 2 [Member] | January 22, 2019 Note [Member]                    
Debt principal, value               $ 3,000    
Dot London Domains [Member] | Epik Holdings Inc [Member] | September 12, 2018 Note [Member]                    
Debt instrument conversion amount               $ 247,350    
Common stock shares issued for debt conversion               4,947,000    
Minds and Machines [Member] | Epik Holdings Inc [Member]                    
Debt instrument conversion amount               $ 496,508    
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Condensed Consolidated Balance Sheets - USD ($)
Aug. 31, 2019
Feb. 28, 2019
Current assets:    
Cash $ 4,689 $ 15,271
Accounts receivable, net 7,485 25,343
Total current assets 12,174 40,614
Property and equipment, net 19,208
Total assets 12,174 59,822
Current liabilities:    
Accounts payable 186,001 551,387
Accounts payable - related parties 365,729 213,566
Deferred revenue 120,000 186,305
Domain marketing development obligation 168,174 168,174
Interest payable 57,487 46,235
Accrued expenses - related parties 542,066 542,066
Notes payable - related parties 171,342 1,025,200
Convertible notes payable - third parties, net 120,578 246,175
Liabilities held for sale 12,828
Total current liabilities 1,731,377 2,991,936
Commitments and contingencies
Stockholders' equity (deficit):    
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 1,664,876,270 and 146,740,570 shares issued and outstanding at August 31, 2019 and February 28, 2019, respectively 16,648,763 1,467,406
Preferred stock, $0.01 par value, 20,000,000 shares authorized, 51 and 0 shares issued and outstanding at August 31, 2019 and February 28, 2019, respectively 1
Additional paid-in-capital 38,346,411 51,411,971
Stock payable 525,572 478,650
Accumulated other comprehensive income (1,819) (819)
Accumulated deficit (57,238,131) (56,289,322)
Total stockholders' equity (deficit) (1,719,203) (2,932,114)
Total liabilities and stockholders' equity (deficit) $ 12,174 $ 59,822